International & World Report

Navigate troubled markets, a fierce industrial competition and the need to "respect its property interests." The State shareholder is, once again, the experience of a difficult environment – under the sharp eye of Jean-Dominique Comolli, Commissioner of State Holdings, appointed in September 2010. The annual report of the Agency for State holdings (EPA) provides an overview of contrasts.

In terms of numbers, the net result of 57 companies (660 billion euros in total assets combined) in which the state is now stood at 7.9 billion euros in 2010, "a slight increase over that observed in 2009 "(7.4 billion), the report of the EPA.

Under the fiscal 2010, the State should receive 4.4 billion euros in dividends in 2011, "which is the level of dividends received in 2010."The rate of distribution to the State recorded a moderate decline from 59.5% in 2010 to 55.7% in 2011. However, it remains higher than for large companies in the CAC 40.

In a context of bearish markets, the portfolio of listed state accounted for 69 billion market capitalization at September 1, 2011 (as against 88 billion at September 1, 2010)."The value of the portfolio is highly concentrated EPA under the EDF, which fell by 35.17% over the period," says the document.

The evolution of the portfolio reflects in fact "a wide variety of situations" from positive performance in aeronautics / defense to significant reductions of "cyclical" (motor transport) or the financial sector.

A government that is perfect

Governance side, the state shareholder wants to be perfect, either in terms of earnings, mix, or territory. Thus, the overall percentage of women board is 15% in companies where the state is a shareholder. This rate rises to 20% for its own representatives.The state ownership "ensure that executive compensation is directly linked to their performance," says he, too.

The State shall last to the industrial development strategy of companies in which it operates. In 2010, Nicolas Sarkozy had called for a competent administrator in industrial systematically accompanies the representative of the EPA in the boards of industrial enterprises. It's done.

And since last year, the owners of the companies concerned are not a "regular" with the Minister of Economy. The main objective is to promote the activity in France.The results of the investigation Bercy last two years are quite encouraging: investment on French territory increased by 7.3% between 2009 and 2010 – even though they are very different industries – and jobs back less and less each year.

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The French continue to create companies. "We should reach 500,000 this year, including 300,000 creations autoentrepreneur. This reflects a certain optimism about tough economic times, "says Alain Belais, Executive Director of the Agency for start-ups (PACE). According to INSEE, 364,891 new businesses were created between January and late August. Creation of two is a autoentreprise. In Paris, 22,053 new companies were registered.

New entrepreneurs are both men and women in their fifties forced to find new life as young people tempted by the low wage labor. According to a poll Ifop for CCI Undertake 52% of those under age 25 are eager to start their company. According to PACE, 78,000 under 30 years embarked on this adventure in 2008, including 30,000 under 25 years despite the difficulties.65% of those who do not start bank lending. More than one in two with less than 8000 euros. The change is dramatic since 2001, when France only records slightly more than 200,000 creations.

However, the figures for the first eight months of this year were down 10% over the same period last year. The balance will be down in 2011 compared to 2010 which was a historic year with 622,000 creations, thanks to the tremendous popularity of the regime of autoentrepreneur introduced on 1 January 2009. The autoentrepreneur accounted for 58% of new artists last year.

But the French are less likely to be tempted. The number of new autoentrepreneur slowed since the beginning of the year. "The slowdown is quite natural. This system has reached its cruising speed after exceptional growth.Autoentrepreneur those who remain and those who choose this diet have taken the measure of their commitments. They are here to stay, "says Alain Belais.

The French discovered the limitations of this status. It provides a second activity and to test an idea. There are limits annual sales: 81,500 euros in trade, 32,600 euros in services. Anxious to appease the artisans who denounce their unfair competition, the government imposed new obligations on autoentrepreneur.

Since 1 January 2011, they pay a certain sum for vocational training. They must report their sales even if they do not conduct business. Of the 738,351 autoentrepreneur reported, only 277,000 were active in the second quarter. They achieved a turnover of one billion.287,600 were active in the first quarter and achieved 963 million in sales. In 2010, 383,000 active autoentrepreneur reported a turnover of 3.2 billion. Is an annual average of 8310 euros per person. In 2009, 162,100 were made to have one billion in sales. Is 6294 euros per person. The success of the autoentrepreneur has not dampened the appetite of the French for the self-employed status. According to figures published by the end of September ACOSS, 621,000 people have chosen this status since 1 January 2009.

Finding the right financing

This enthusiasm for starting a business due to the numerous reforms for several years to simplify administration. Networks that accompany the new entrepreneurs to help them build a case or grow their businesses also play a key role.Chambers of commerce are very active. Initiate the network relies on the expertise of volunteer business leaders. France Active 6700 projects funded in 2010.

Their strength is to help designers to obtain bank financing they would have had a hard time get to know only because solid build file. The unemployed are not forgotten. Adie, who is the leader of microcredit in France, has launched a fund for unsecured loans for troubled youth. Lafarge, the Deposit, Laser and other finance it. But the French passion for business has its limits. Most creations are no employees. In 2010, this proportion reached 95%. And the companies that launched at least one employee had an average of three employees.It is true that running a very small business or microenterprises employing fewer than 10 employees making more than 2 million euros in turnover remains a risky venture for a simple reason: their leaders have difficulty finding bank financing .

Protect its heritage

Separate personal and professional is possible.

Artisans, merchants, professionals can take from 1 January the status of individual entrepreneur Limited (EIRL). This scheme allows the contractor to protect his family by separating his business assets known as "assets used" and their personal assets. Specifically, the entrepreneur chooses the new status does not lose his personal assets in bankruptcy. It does not take risks on the part of his property invested in the company.Despite the very favorable reception of professional organizations, starting the EIRL is slow. Only 3500 individual entrepreneurs had adopted July 31. The legal and tax developments that have been made should make it more attractive.

The supplementary budget in July 2011 provides tax neutrality. Individual entrepreneurs who choose EIRL are free to opt for taxation of corporate income tax. Those who choose this option do not pay payroll taxes on their actual earnings. For their part, banks have pledged not to limit the credit they give to people who choose EIRL status and do not require additional guarantees.

Struggling to complete their funding, local authorities could smile again. Traveling in Indre-et-Loire, Prime Minister Francois Fillon said on Friday the release of three billion euros in loans to help local communities. "The funding needs of communities must be met to enable them to carry out their investments, said the Prime Minister. That's why I decided that the Deposit would set up a budget of three billion euros to fund loans to local authorities between now and the end of the year. "Pending the establishment of a new entity formed by the CDC and the Postal Bank, the Deposit will therefore over the funding of local authorities so far provided by the dismantling of which Dexia is accurate.

According to a survey conducted in September by several associations of elected representatives, many local authorities face difficulties in borrowing from banks. "This is almost systematic refusal when the community does not have long-term loans or do not wish to subscribe again," the study said adding that the banks argue the new Basel banking standards 3 with elected officials to justify the shortage cheap business cards.

These standards penalize long-term financing that are not backed by stable resources such as bank deposits. "Basically, this means that we can not lend unless the borrower has savings," noted a banker."Now communities spared nothing."

The device will be launched "based on that the government had set up in 2008 and had been able to satisfy the financing needs of communities at the time the bank has showed signs of drying up," said the Prime Minister.

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Trinity Place is not exactly the Tahrir Square, but the mood is not very different: the protesters want to express their ras-le-bol against those in power. United States, it is against the bankers and Wall Street financiers that discontent is rising. A popular movement calling itself "Mind Wall Street" apparent since Saturday in the heart of the financial district after taking the form of social networks.

Demonstrators protest hearing to December against what they denounced as the culture of "money", "greed" and "corruption" of Wall Street and asking Barack Obama to establish a commission putting "an end to influence of Wall Street on politics in Washington. "

Saturday, those with transforming the world capital of finance in place Tahrir U.S. were only slightly more than a thousand.Sunday, they were more than half and Monday, hundreds of "outraged", especially young people, continued to protest under heavy police surveillance. Some, including the long-term unemployed, a new phenomenon in the United States-had even slept the night on benches. We are far from the ambition of the movement: "20,000 people together, invade all of southern Manhattan, set up tents, mobile kitchens, barricades and hold peaceful Wall Street for months," and claims are at least different – from Tax the rich (heard by Barack Obama) to better education and greater respect for the environment through support for Palestine.

Social unrest

But the move reflects a real social unrest in a country where social inequality exacerbated by the crisis are becoming more glaring as Washington is incapable of falling unemployment rate below 9%. Ironically, New York is not Cairo and it is unclear how the movement could grow against the police operation from the authorities. The New York Mayor Michael Bloomberg, known for his patience limited to public expressions of discontent, summarized its limits: "If they want to protest, they have the right, we will be happy to allow them to do so in specific locations (…) they can demonstrate provided they do respect the rights of those who do not show. "

Monday for the third consecutive day, the police strictly controlled the entrance to Wall Street financiers on presentation of their business card, to the delight of some employees of companies like Deutsche Bank and Bank of New York. During the weekend, police had cleverly divided the pedestrian crossings on Wall Street so that demonstrators can never enter. All banks are not installed on Wall Street. JP Morgan, Morgan Stanley, Citigroup and Bank of America, which announced the dismissal of 30,000 people in the coming years, have their headquarters earlier in Manhattan. In New York, the police presence was strengthened this week due to the expected arrival of heads of state from more than 120 countries, including that of Barack Obama on Monday.

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Party in May to conquer the mobile market, La Poste is a misfortune! The group has attracted 150,000 customers in three months. "We had anticipated 25,000 sales per month, we are at 50,000, is two times more than expected," revealed to Figaro Jacques Rapoport, Deputy Director General of La Poste Group and CEO of La Poste. And if postal workers were starting the first customers, they are now a minority.

This success has also led to stock shortages, some bugs and a saturation of computer centers. "We suffered a bit but it is now settled," said Jacques Rapoport, who is reviewing its objectives and is on the rise now "300,000 to 400,000 customers by the end of the year, against 210,000 originally planned."

No typical profile for the client to the mobile station, which is recruited from all social classes and age.Offers balanced, "there are so many packages with high-end smartphones that prepaid kits. The social package (10 euros for 45 minutes of calls and 60 SMS, Ed) also works well with 10% of sales, "said Jacques Rapoport. "The smaller are welcome here. But we are not the operator of the poor. We are committed to serve all customers. "Finally, subscriptions (most profitable) are in the majority compared to prepaid. Another lesson: while the Post was the first to launch non-binding offers, customers prefer offers mostly sold with a phone and then a commitment.

This initial assessment also confirms the importance played by the network of post offices which carries 75% of sales, the remaining 25% being done by Internet and telephone quick payday loans. "They want us to believe that everything is sold on the Internet. This is not reality.Consumers want the closeness and service. Seen in the return of small businesses face the hypermarkets, the return of customers in bank branches. In mobile, our presence throughout is a huge asset, "said Jacques Rapoport.

Hopes in rural areas

And the band accelerates: already in 1000 the largest post offices, the mobile will be distributed in 450 additional offices on 12 September and another 450 in November. It will even be sold in 70 small rural offices in September, they will not physically products, but customers can order and be delivered the next day by Chronopost. While the offices of small towns have sold more mobile than those in larger cities, La Poste Mobile high hopes on rural areas. "At the end 2012, 10,000 post offices will distribute the mobile offering.By itself, the Post will have more outlets that Orange, SFR and Bouygues together, "said Jacques Rapoport. The mobile station will also develop synergies with La Banque Postale, in line with the special youth launched in late August that offers a discount of 40 euros on the price of the mobile.

The mobile station should be profitable in 2013. Both shareholders and SFR Post rub their hands.

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Firefighters desperately looking for financial markets. For a month, the Cac 40, which recorded its ninth session Thursday consecutive decline, has lost 17%! And the stock market this week might conclude on the tenth. Shortly after opening, the stock market index fell by 2.09% to 3250.95 points.

On other European financial centers, the atmosphere is also depressed: the Footsie-100 from the London Stock Exchange 2.58% to 5254.11 loose points, the DAX 30 Frankfurt Stock Exchange fall 3.85% to 6167.96 points, the FTSE MIB in Milan leaves 3.44% to 15,573.84 points, the Madrid Ibex 35 yields 1.96% to 8516.20 points, the Bel 20 in Brussels is down 3, 61% to 2143.45 points.

In anticipation of U.S. employment figures

That can extinguish the fire which engulfed global stock markets? The President of the European Central Bank, Jean-Claude Trichet, it is tested in an exercise it is broken.Without having reassured, he did not panic by not clarifying his intentions on debt buybacks. "It's the return of the behavior of crisis," says Aurel BGC in it.

Consequence: the main European stock markets fell 3% to 4%, Wall Street plunged 5%, Asian stock markets slumped 2% to 5%, oil is trading around 85 dollars a barrel and not to vicinity of $ 100 as there are about ten days, and gold flies to 1700 dollars per ounce. A scenario that is not yet catastrophic according Volokhine Gregori, president of Meeschaert Capital Markets. "We're not on a" bear market "(bear market over a long period), he says.We will be there when the stock markets lose 20% per week. "

After the publication of interim results of the banks, the speech of Jean-Claude Trichet, investors will monitor closely the figures for employment and unemployment in the United States for the month of July (1430). "This does not fundamentally change the market trends, said Grigory Volokhine Business on BFM.

The trade deficit declined in June

Most investors expect to know if there will be further monetary easing to support the U.S. economy and if European countries are finally going their act together. " Same story on the side of Aurel BGC. "Even a figure in line with expectations should not prevent markets brooding, said Christian Parisot, chief economist at Aurel BGC.Hopefully a little bounce if it exceeds the expectations. "

Other macroeconomic news: the trade deficit of France. He was greatly reduced in June to 5.598 billion euros, after 6.415 billion in May, according to data released Friday by Customs.

On the corporate side, the last two banks issued after market close on Thursday night: Natixis and Dexia.

Natixis: -3.29% to 2.676 euros

Natixis on Thursday posted a net profit above expectations in the second quarter thanks to a sharp increase in the contribution of results from regional banks of its parent BPCE (People's Bank – Savings Bank).

Dexia: -6.88% to 1.54 euros

Dexia announced the heaviest loss in its history, a performance due to both the sale of a portfolio of toxic assets – centerpiece of its restructuring plan – and its contribution to the aid plan on sovereign debt Greek.

Carrefour: 18.56 euros stable

Carrefour announced a new reorganization of its management, including replacing its chief financial officer, when the group just straightening operations in France and suffered a major strategic setback in Brazil.

LVMH: -2.30% to 112.55 euros

LVMH said Thursday it had received approval from Consob, the Italian stock market authority, for offering Italian jeweler Bulgari on which he announced the takeover in March.

Vicat: -5.47% to 44.24 euros

Vicat said Thursday expect a slight reduction of its operating margin in 2011 due to the revolution in Egypt, the rising energy costs and start-up costs of factories in India.

Careful, this is the verdict seems to be emerging markets about the compromise between Republicans and Democrats to raise the debt ceiling. European shares closed sharply lower on Monday and Wall Street is in the red at mid-session.

European leaders hailed the recovery of 2.4 trillion dollars in the legal limit of U.S. debts. Enough to hold until 2013, after the U.S. presidential election in November 2012 of. "This plan raises considerable uncertainty that hovered in recent days on the market about a risk of recession in the United States, welcomes Philippe Waechter, head of economic research at Natixis AM. While no agreement was reached before Aug. 2, the federal government could not spend what he earns, which would have sealed the growth. "But economists remain cautious: the lack of plan detail and ambition.

• Two uncertainties

The plan presented by President Barack Obama and the Democratic and Republican negotiators is still a project that has not passed by Congress. "The Republicans may be unhappy with the cuts in the defense budget. (…) In addition, any tax increase is explicitly provided, which could make it difficult to convince a sufficient number of Democrats to vote the text, "Analysis Paul Mortimer-Lee, chief economist at BNP Paribas IPC.

Second unknown, raised by Inna Mufteeva, economist at Natixis, "no timetable has been issued for budget cuts. These cuts should not be introduced too fast, Barack Obama assured, but it would be interesting to know when. "Especially the plan, based solely on spending cuts and no tax increase, is likely to influence an already weak growth.

• A plan insufficient

"The total savings proposed, or 2.4 trillion dollars, is insufficient to put the U.S. budget on track," said Paul Mortimer-Lee. The rating agency Standard & Poor's estimated 4 trillion in savings over 10 years are needed to reduce the U.S. debt.

• The main decisions postponed

Almost two-thirds of the austerity measures -1.5 trillion dollars over a total of 2.4 trillion-flow from the proposals of the committee for the opportunity to be presented in November. Result, "there are still too many uncertainties about possible future tax and budget cuts, concerned about Paul Mortimer-Lee. This uncertainty will penalize investment decisions and hiring companies. Growth will suffer.The compromise presented Sunday night therefore merely postpone the problem, and not far beyond. "

• Questions about Washington's ability to make decisions

"Initially, Obama targeted Republicans as a plan of 4,000 billion dollars, said Philippe Waechter. As they differed on how to achieve their ambition has melted over the negotiations, to agree in the end the lowest common denominator (2400 billion dollars in savings). "

So lacking in the original goal to doubt the effectiveness of the American political system. "If there were only Republicans and Democrats agreed was found. But the presence of extremists of the Tea Party has changed the situation, forcing the Republicans to more than intransigence, Philippe Waechter analysis. It has changed the political system in the United States.Part of the Republicans wanted something other than what was negotiated usual, causing the blockage. "

This could happen in the future, warned Standard & Poor's in a note dated July 14: "The inability to reach an agreement today leads us to believe that there will be no more coming years. "This argument could lose its" AAA "in the United States.

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Asian stock markets continue to ride a wave of optimism after the Greek Parliament voted Wednesday austerity plan imposed on the country. Allowing it to qualify for the new tranche of international financial assistance of 110 billion euros was granted last year. As clashes continue between now expected between demonstrators and police, MPs are now called to vote on the bill of the plan voted on yesterday.

The Nikkei 225 gained 0.36% to 9832.72 points. The increase is significantly more pronounced in Chinese markets: the Hang Seng in Hong Kong climbed 1.70% to 22,436.80 points and the CSI 300 in Shanghai rises from 1.51% to 3045.50 points.

On the other Asian financial centers, the trend is similar. The Taiwan TAIEX advances 0.43% at 8610.54 points.In Australia, the S & P / ASX 200 is 1.49% at 4597.10 points, the FTSE Singapore Straits Times gained 1.04% to 3111.73 points and in India, the BSE Sensex was up 0.24% to 18,738 points.

South Korea, Asia's fourth largest economy, has lowered its growth forecast for 2011 to 4.5% against 5% originally planned, due to rising oil prices. In addition, inflation is expected to reach 4% for the year, against 3% originally planned. The Kospi gained 0.47% to 2104.21 points.

A successful introduction to Buy Your Dreams

This good news from Greece strongly supports the bank stocks. In Hong Kong, HSBC Holdings climbed 2.17% to 77.6 Hong Kong dollars and Bank of Communications is 1.91% to 7.46 Hong Kong dollars.In Japan, Mitsubishi UFJ Financial Group climbed 2.35% to 391 yen and Sumitomo Mitsui Financial Group was up 1.97% to 2485 yen.

Note that the Stock Exchange of Shenzhen (southern China), the action of the automaker Build Your Dreams (BYD), in which the American billionaire Warren Buffett owns 9.89%, soared 43.7% to 25.87 yuan for the IPO.

In addition, the South Korean giant Samsung Electronics filed a complaint against Apple to prevent it from importing to the United States several of its most famous products manufactured abroad. At the Seoul Stock Exchange, Samsung lost 0.84% ​​to 826 won.

Oil prices without direction

Oil prices were without leadership in electronic trading Thursday in Asia after sharp rise in the day following the adoption by the Greek Parliament of a tight budget, analysts said.In morning trading, a barrel of "light sweet crude" for delivery in August took 15 cents to 94.92 dollars. That of Brent North Sea crude for August delivery fell by 32 cents to 112.08 dollars.

While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country online payday loan lenders. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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This is no time to feast on world markets and the Paris Bourse was not really moving. This Friday, the CAC 40 opens just in balance, rising a timid 0.08% at 4008.43 points, retaining the symbolic threshold of 4000 points, and was saved yesterday after a lackluster session. The signals sent from Wall Street are not encouraging, nor those sent by the Asian markets on Friday morning.

Prudence therefore prevents excessive risk taking. Especially as investors await the release earlier this afternoon by the U.S. Department of Labor's highly anticipated monthly report on employment. He should come to confirm the trend shown in recent days across the Atlantic by the wrong numbers ADP and weekly jobless claims.Still on macroeconomic, the French budget deficit stood at 33.6 billion euros at end-March against 28.9 billion a year earlier, according to data released Friday by the Budget Ministry.

German industrial production for March is also expected.

Side currency, the euro rising slightly against the dollar at 1.4566 dollar. The European currency plummeted against the greenback following the announcement by the ECB yesterday kept the interest rates at their current levels until at least July. On the commodity front, the dollar's rebound has led to a plunge the entire sector. Oil has fallen below including $ 100 in New York, while silver lost 13% and 4% gold.

Values ​​to follow

Total

The oil company should react to the sharp drop in oil prices flexcheck cash advance.

Alcatel-Lucent

The telecommunications equipment has greatly reduced its losses in the first quarter to 10 million euros, against 515 million a year ago, and has recorded an increase of 15.2% of its turnover to $ 3.7 billion euros.

Carrefour

In an interview with Les Echos, the CEO, Lars Olofsson, made the revitalization of hypermarkets in France and its priority does not like the boss for France, whose departure was announced Thursday, is replaced by a French.

Eiffage

The group announced an increase of 13.2% of its backlog as of April 1, to 11.7 billion euros and confirmed its target of sales in 2011.

Icade, Veolia Environment

The group was selected by Veolia Environnement as exclusive partner for project implementation, the order of 100.000 square meters, designed to accommodate the consolidation of about 3000 to 4000 in Aubervilliers (Seine et Marne). Exclusive negotiations which are expected to undertake to reach a decision by early 2012, said the land in a statement.

Wendel

The group has announced organic growth of 9.9% of its sales in the first quarter to 1.44 billion euros, its holdings, including construction companies, which have benefited from economic recovery.

French cement publish today its first quarter results. Euler Hermes and Gascony will lift the veil on the turnover of the first quarter.

Sanofi-Aventis and CNP Assurances hold their general meeting.