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The end of the franc is big to the Treasury. The latest * franc notes were redeemable at branches of the Bank of France until February 17 at midnight. Ten days after the end of the countdown, the institution is taking stock. A total of 1.5 million tickets have been reported for a total value of 378 million francs (57.6 million), from 1 September 2011 and the deadline of February 17. According to the Bank of France, there is 55 million franc banknotes in circulation, hidden under the mattress, forgotten in old bags or kept by collectors nostalgic. A nest egg estimated at 526 million euros.

And this balance, called "base emission" will be donated to the State. Indeed, the notes and coins in circulation are considered a debt, on the liability side of the central bank. "To annulerla debt, the value of the tickets not presented for exchange is repaid to the State," said the Bank of France in a newsletter. All these francs lost, forgotten or become so jealously preserved revenue to the exchequer.

The countryside of the Banque de France will not have been very successful, despite his repeated reminders to the holders of francs in recent months and the creation of a dedicated website (www.jechangemesfrancs.com). The franc banknotes still in circulation became indeed a treasure of 602 million euros in late 2010. Yet the French had thrown at the offices of the institution's approach to the deadline. "Just under 200,000 cuts were exchanged in December 2011, but nearly 367,000 in January 2012 and 733,000 cuts on the first 17 days of February," says the Bank of France payday loan. A record was set on February 17, with 91,000 tickets reported.  

The large denomination reported mass

For latecomers or those who have not managed to get hold of these small economies too well hidden, they have "no choice but to keep their tickets as a souvenir or sell to coin collectors," warns we at the Bank of France. But beware, all tickets will not take the value. "Better to have kept the cuts of 20 francs or 50 francs Debussy Saint-Exupery," advises Michael Prior, specialist of currencies within the Compagnie Générale de Bourse (CGB.fr). Now demonetized, only small values ​​will make a "margin buxom." A lesson that apprentices numismatists have understood. "Two thirds of the reported cuts are notes of 200 francs and 500 francs," says the Bank of France, which states that "the average volume of trade amounted to 15 tickets per transaction, for an average value of 3627 francs (553 euros). "

* The range of notes that can be exchanged against euro: CHF 20 bills bearing the image of Debussy, equivalent to 3.05 euros, the "Saint-Exupery" 50 francs (7.62 euros) , the "Cezanne" of 100 francs (15.24 euros), "Gustave Eiffel" of 200 francs (30.49 euros) and the "Pierre et Marie Curie" of 500 francs (76.22 euros).

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If the information in the Journal du Dimanche are confirmed, the football lovers will applaud, but Canal + déchantera. The newspaper, al Jazeera, which is expected to launch its two sports channels in May or June, could offer a monthly subscription fee "of 12 to 13 euros." Much less than the estimates that were circulating lately, between 20 and 25 euros. And unless the subscription to Canal + at 39.90 euros per month … without Foot +.

The names of these two French channels remain secret, but they could be called "Bein a Sport" and "Bein Sport 2", which can not translate "Be in the sport." So low a rate would be the bargain of Al Jazeera, which has earned,'' with obtaining some of the Ligue 1, Champions League and Europa League, a real place in the dissemination of football in France. Whatever the final verdict of the subscription price, which is currently still negotiating with broadcasters, the director of Al Jazeera Sport France, promised a "very attractive price, below market price payday loans."

This is necessary because the fans of round balloons will find in offering al Jazeera Sport to complement the supply of Canal +, which will provide two posters of missing Ligue 1 per day. However, Al Jazeera appears to have won a range of content much higher than it has announced yet. If the Qatari channel has denied having obtained the rights to Euro 2012 and 2016, she would have bought the rights to the Spanish league (still held by Canal +), and is in advanced negotiations for the German Bundesliga and Italian Serie A. And may soon get ahead of the London Olympics.

The first string, called Premium, should disseminate the main posters, said the JDD. While the latter "should provide about 30% exclusive content, the rest are reruns of the first."

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Friday night to Saturday was quieter at the meeting, but the measures in favor of Purchasing Power announced Friday night failed to extinguish the fire of protest against the "cost of living." Among the nudges forward, lower gasoline prices, freezing or lower prices of 40 basic commodities, and a social tariff for electricity.

Measures "insufficient" and "incomplete," according to the protesters. The meeting recorded an unemployment rate of 29.5% and explodes 60% for people under 25 years. Social minima are the same in the mainland but the cost of living is more expensive.

• Decreased 8 cents per liter of petrol and diesel

From 1 March until the end of the year, the price of gasoline at the pump will be reduced by 8 cents per liter. The question of fuel is essential for Reunion, forced to move by car or scooter as public transport is scarce and disorganized. In the department, a liter of gasoline costs 1.66 Unleaded 95 euro more than the French average of 1.58 euro (absolute record at February 17, 2012), but the diesel will cost "only" 1.29 (1.42 against euro on average throughout France).

Each month, fuel prices at the Meeting are set by prefectural order, depending on the variation in supply costs. This discount of eight cents and will be decided each month and achieved through a reduction of taxation. It will be financed by a renunciation of communities and the Chamber of Commerce to certain taxes, while importers of petroleum products will agree an effort.  

In France, for every liter of gasoline paid, the TIPP (domestic tax on petroleum products) is 60 cents for Unleaded and 42 cents for diesel. In some cases – this is the meeting – a fraction of the TIPP has been attributed to the regions, which may modulate the rate. Moreover, the prefect wants the establishment of a new storage of fuels, to create competition against the monopoly of the single fuel distribution company on the island.

In addition, the UMP president of the regional council, Didier Robert, will remove the "dock dues" on fuel, local taxes related 24 million euros per year, collected by the Region and then shared with other communities.

• Gel or lower prices for basic commodities

The price of forty staples will be either a decline or a gel. The list will be developed with retailers and consumers and published Thursday.

The council said that among these products, there would be "ten countries products, that is to say, as locally produced milk, oil, diapers, bleach, pork or chicken, which decline by 20 to 30%. " An effort of 23 million euros for this community, chaired by Nassimah Dindar, who is also counting on an effort by producers. Negotiations should continue throughout the weekend.

At the meeting, the social minima are the same in the mainland. Among the 830,000 inhabitants on the island, 52% live below the poverty line, or with less than 795 euros. 30% are unemployed. Among youth under 25%, the unemployment rate explodes to 60%. Now the population is young at the meeting: 56% had less than thirty years. However, prices of consumer goods, from food to clothing, there are more expensive than in the mainland, since most are imported. According to figures from INSEE, prices in 2009 were 15.6% higher at the meeting in the mainland. In 2010, the gap narrowed to 12.4%, for an average consumer basket, including rent. By comparison, in Guadeloupe, prices are 14.8% higher on average than in metropolitan France (in 2010), 16.9% more expensive in Martinique and 19.6% in Guyana.

• A social tariff for electricity

The effort on the forehead of electricity would represent a decrease of about 40% of the invoice concerned Reunion. The prefect said the families receiving the minimum social wage and minimum wage up to 1.4 are affected by this social tariff. These rates apply EDF funded by the General Council.

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"The state has little ability to influence prices of petrol

The Petroplus refinery in Petit Couronne, shut down since the bankruptcy of the Swiss group in early January, temporarily restart soon. This is the result of a six-month contract signed with the oil company Shell, announced by unions last Monday, and confirmed Friday by Nicolas Sarkozy.

Visiting Petit Couronne, the Head of State said that the 50 million needed to restart the refinery will be released. The Anglo-Dutch oil group, which operated the site until it was sold to Petroplus in 2008, will spend his next 20 million euros. "In summary, the refinery will restart, there is money to work, there is a job for six months, and in Parliament there is a text that does not take the 200 million that represent stocks, "said Nicolas Sarkozy.  

Buyers

According to the contract, Shell will provide the site to refine crude oil, and eventually take charge of marketing the finished products. Two months to two and a half months will be necessary however to restart the activity. "It is therefore expected that the Petit Couronne refinery begins to refine crude oil stream May," Petroplus said on Friday.

Beyond these six months, the future site of Petit Couronne remains uncertain. "We must now be fought on the most difficult, which is the buyer," said the head of state. According to AFP, employees fear that the contract subcontracted to impair acquisition of the site.

Several companies, such as the Swiss group Klesch, the investment fund and the American Goldsmith Global Emerging Markets (GEM Group), have already expressed interest in all or part of the group Petroplus. The takeover candidates have until March 15 to submit their tenders.

Gone is the political consensus that prevailed in France last year about the need to save Greece. Tuesday, the Socialist deputies abstained on two bills used to be validated by France on European Stability Mechanism (SPM). And Socialist senators will do the same next week. With 500 billion euros, MES must nevertheless serve from July, firewall Standing against the sovereign debt crisis in the euro area.

Socialists do not disagree that the SS as the budgetary stability pact European carrier with greater discipline on public accounts. And they consider that the MES and form a pact. This treaty "as it stands today does not provide strong commitment to growth," said Tuesday, Jean-Marc Ayrault, president of the PS group in the Assembly. A position in line with that of Francois Hollande, who wants to renegotiate the December European, to add a section on growth.

Heavier debt

"The refusal of the Socialists to vote MES is a serious fault which shows their bigotry," retorted Tuesday, Francois Fillon before the UMP group. Anyway, the MES should be approved by France, the Assembly, dominated by the UMP, having the last word on a left-wing majority in the Senate.

The MES is the latest tools devised to solve the debt crisis. It will function as the EFSF (European Financial Stability Fund), it will eventually replace: it will borrow in the markets and then help the troubled country payday loans for self employed. These are the European countries which will mean the MES in equity, to 80 billion euros. France will contribute 16.3 billion by 2017, including 6.5 billion this year. This will weigh down all our debt, which has already reached 1.7 trillion. And this bill is not isolated.

As part of the first aid to Greece decided in spring 2010, France has already lent directly to the country 11.3 billion on a commitment of 16.8 billion euros. Public debt has been weighed down by 11.3 billion.

France will contribute more importantly, valued at 23.4 billion euros, the second Greek rescue plan which should amount to 107 billion euros for euro area Member States. The hex will help the European Financial Stability Fund, which lends to States in difficulties with the guarantee of the Member States. Its borrowings weigh down the public debt. Because of all the commitments of EFSF on Portugal, Ireland and Greece, the French public debt should be weighed down by 38.5 billion. So that the total bill for France's aid to European countries in difficulty should go well beyond 50 billion!

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Wal-Mart finally head out of water. Weighed down by its difficulties in the U.S., its biggest market, the worldwide distribution resumed late last year with growth in the country. Between October and December as its sales rose 1.5% to comparable number of stores. This is the second consecutive quarter after nine quarters of decline.

The pickup in sales in the U.S., particularly noticeable during the holiday season, has allowed the group to achieve a total turnover of 444 billion dollars last year, up 5.9%. "The plan Bill Simon and his team have established a year ago was the right, welcomed Tuesday the CEO of Wal-Mart, Mike Duke. We listened to our customers. "

The group, which saw the attendance of its U.S. stores to leave, was first delivered to the center of its priorities on its promise of low prices every day, applying the motto "Every Day Low Prices". It has invested $ 100 million in the fourth quarter price and reduces its margin at year end. This has not prevented its profits to grow by 2.2% over 2011. "Our leadership made the difference in price across the United States, while many families have to adapt to a new era," said Mike Duke.

10,000 references rays

Wal-Mart has also called into rays 10 000 references, reviewed the development of its stores and improved product availability, through weekly audits of its linear. The U.S. giant has continued its openings, focusing on hypermarkets, which are the "best way to gain market share", and small sizes.

This revival is a hope for the other two global retail giants Carrefour and Tesco. As Wal-Mart, they must challenge their domestic market. Engaged in sustained development abroad, often funded by the profits earned at home, the three giants have somewhat neglected their bases and are resting on their laurels. Wal-Mart and Tesco do two thirds of their sales in their home market, Carrefour and 40%. They retain a market share above 20% in their home market, it is eroded year after year. At the times of most innovative retailers, like Target in the U.S. and Leclerc in France with his drives, or by competitors offering a higher quality, such as Waitrose in Britain.

"Previously, it was enough to build more stores to attract new consumers, says Cynthia Renfrow, distribution specialist at SAS. Today, a distributor must continually reinvent itself to remain attractive to the consumer, become demanding and less loyal. "Proof of a delay: in these three giants, the Internet sales are still marginal.

Attention to price

The gap with competitors has widened in recent times due to an accumulation of failures. Lars Olofsson, head of Carrefour, has thus failed to "re-enchant" hypermarkets hexagonal group for the French fry, increasingly attracted by the shops, he also ended up neglecting the price positioning of the sign. In recent weeks, a campaign on the top 500 consumer products is trying to fix this. "To improve its price image can only be a long process," stressed the consultants OC & C Strategy.

Tesco must still wait. Despite an investment in September of £ 500 million to bring down prices of 3000 products, the company revealed in mid-January sales season catastrophic. "Volumes have increased but they did not offset the deflation that resulted," was justified Philip Clarke, Tesco's CEO. April 18, the sign must submit new initiatives that focus on a more welcoming stores, become soulless machines in the eyes of more and more customers, by means of reducing costs to show profitability to rival envy of any French distributor (12.9% last year).

Across the Atlantic, the service also becomes the watchword. Wal-Mart comes to end a tradition for thirty years. His "greeters" who welcomed guests at the entrance of the store employees are now in store, including boxes next to reduce the waiting time. It also weighs in consumer choice to attend a store over another.

U.S. giant to conquer Washington

While Wal-Mart just to enter the market of the City of New York, the leader in the distribution at low prices is welcomed with open arms in Washington. The Bentonville giant plans to open as many as six stores in the U.S. capital in the coming months.

After eight years of effort and public relations campaign to counter the opposition of unions and small businesses, Wal-Mart has also managed to open a superstore last year in Chicago. However this type of operation "seduction", supported by donations of millions of dollars in municipal initiatives and local charities, has yet resulted in any specific project in any of the five boroughs of New York. The union influence on local politicians remains a problem. Wal-Mart, whose employees are not represented by a union, is the bane of the American left.

To continue growing in the U.S., the group, the country's largest private employer, must absolutely adapt its model to the cities. The American empire of Wal-Mart, consisting of 4,400 stores, is about to be saturated rural and suburban areas. To exceed $ 264 billion in sales last year reached the U.S., Wal-Mart to "urbanize".

The largest private employer

This requirement meets the ambitions of the Democratic mayor of Washington, Vincent Gray. From the most impoverished neighborhoods of the capital is, it has itself requested the head of Wal-Mart as the company adds two to four stores planned. Washington DC is not New York City. The District of Columbia suffers from unemployment, lack of education and sub-urban development as the Bronx and Queens. The arrival of Wal-Mart stores with 11,150 m2 between 7430 and 1800 will create jobs and generate $ 15 million in taxes on their sales. These shopping centers are more modest than the "super centers" massive Wal-Mart, well known to American suburbs and beyond 24,000 m2.

Neighborhoods targeted by Wal-Mart in Washington are poorly equipped shops. The meager purchasing power, crime and poor infrastructure have much to do. Despite the suspicion that Wal-Mart draws, with its reputation for low wages, with benefits at least, the enormous means the distributor can play a key role in the recovery of abandoned properties. Among these selected sites in Washington, found for example a former car dealership and a large area. In these areas, it is better "a Wal-Mart job than no job at all."

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Reportedly, Numericable raised 360 million euros in bond markets. The transaction, closed on February 15, allows it to loosen the stranglehold of debt: the group now has five more years, until February 2019, to repay debt that reached 2.35 billion euros and is of Numericable one of the largest LBOs (leveraged buy-back) of France.

"We raised exactly 360.2 million euros in the bond market at high rates in London. The transaction was underwritten by specialized institutions that are often investment funds. Demand exceeded our supply, reaching 570 million euros, which is a good performance on chaotic financial markets, "said Le Figaro Eric Denoyer, CEO of Numericable.

This leaves the amount of refinancing debt and requires Numericable unchanged interest rates higher. But, in return, it moves the "wall" of repayment of 1.3 billion euros expected in 2014. "There is more wall. This successful issue brightens our future. Like a squirrel, the company was forced to put money aside in case the markets are bad. Now we can devote all our strength to develop the business and invest in the deployment of very high speed. We will have a more balanced and repayment dates extremely softer, "said Eric Denoyer.

700 million in 2016

Thus, in 2012, Numericable will pay 37 million euros in 2013 and less than 50 million. The next big date, over 700 million euros, will arrive in 2016. Another advantage with this operation, Numericable improves its credit rating. Standard & Poor's had rated CCC +, the middle of the speculative grade (junk bonds), went up the rating to B, and Moody's to B2. Numericable will now be obliged to publish quarterly figures.

The financial noose loosened, the company, which was said cornered, moves forward. "Especially since the earthquake that has hit the mobile market since the arrival of Free Mobile does not touch the fixed market and Internet access. We have not seen massive churn that we have put in a defensive situation, "says Eric Denoyer. In the mobile activity remains marginal Numericable with 50,000 subscribers at the end of September. The mobile is designed to complement the fixed customers who ask: "If we do not propose, we would lose a sale of five, says Eric Denoyer. Paralyzed by the price war on mobile, our competitors will invest less in the fixed heart of our business. For us it is an indisputable source of opportunities. "Numericable put on the new box, launched in January, and content" premium ".

The group claims to hold 70% of French customers to offer subscribers more than 50 megabits. Its subscription offering at very high speed fiber has already attracted 475,000 subscribers.

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TF1 was at the helm in 2011 despite the effects of the economic crisis on the advertising revenue of the flagship early in the second half. Advertising revenues of the latter have certainly declined over the year from 2.9% to 1.5 billion euros, mainly due to lower volume of 5%. But as for M6, it is other activities including digital channels-including TMC and NT1-which helped to stabilize the group's revenues. The activity of the cluster channels rose 42.3% to 184 million euros.

Finally, Internet advertising was up 24.3% to 27.1 million euros. The TF1 Group is therefore pleased to be able to better balance its revenue sources. Allowing Nonce Paolini, CEO of the group, displaying a beautiful "serenity" for 2012 and welcome a board now truly "rich media".

Lower cost of grid

At the same time, the group decided to better control its costs in terms of programs. By choosing a strict financial orthodoxy and that an improvement in operating profitability, the TF1 Group decided to reduce the cost of grid flagship of its chain of 950 to 905 million euros. In three years, the cost of grid was reduced by 12.2%. For the two years 2012-2013, TF1 will contain program spending to 930 million euros.

Financial analysts, Nonce Paolini noted that this was more of a "value for contracts" that a divestment. The chain hopes to always carry the rights to broadcast the Euro 2012 football. If this happens, the chain will focus its savings on the year 2013.

Diversifications in the Internet, movies, music, distance selling and now the press rose 4% to 1.115 billion euros, including through the acquisition of shares in the free daily Metro France. But also due to good performance of the subsidiary MyTF1 "whose result was multiplied by three in 2011, while that of TF1 was the Company by two through musical activities and performances," said Regis Ravanas, Deputy Director General support for diversification.

However, the collapse of the video market weighed on audiovisual rights subsidiary whose revenues fell by 19.2% to 115.5 million euros. On this occasion, Philippe Denery, the group finance director, recalls that "the profitability of the physical video is now equivalent to the video on demand pay." The DVD releases of the untouchables and polishes should help redress the balance in 2012.

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For a company almost dead and buried a decade ago, the resurrection is spectacular. Asian and hot blood is not for nothing. Living in Singapore, the specialist regional aircraft propeller ATR is expected to announce Thursday that the order of 27 additional aircraft by the airline Lion Air. The contract will eventually fleet of low-cost Indonesian ATR 60, the largest in the world.

Lion Air "gives us weight in Asia, it strengthens our position," commented Filippo Bagnato, the president of the manufacturer of turboprop aircraft. The Asia Pacific is the land of growing the business owned 50-50 by EADS and the Italian group Finmeccanica. In recent years, Asia has accounted for 40% of sales of ATR, which have doubled in five years, to 260 aircraft.

Indonesia, with its 17,000 islands, is an ideal market for such devices, but there is also Malaysia and the Philippines that develop.

Driven by Asia and Latin America essentially moribund in 2005 the company has regained color. The increase in oil prices has saved. So, for small distances, companies are moving away from jets jet fuel efficient and are turning to turboprops that are on average 50% less, according to calculations of ATR. "For flights of less than an hour, the ATR is perfect, says CEO of Lion Air, Pak Rusdi Kirana, we can increase the frequencies, which brings us closer to customers, while lowering the cost seat kilometer. "

Project aircraft with greater capacity

In 2011 "the year of thirty years of business," ATR has sold 157 aircraft, while the previous record was only 113. And, today, its order book shows overall levels of "historical" representing three years of production payday loans. On this record, ATR has to push the pace. In a production of 54 aircraft per year in 2011, the manufacturer wants to increase to 85 in 2014. The turnover in 2011 was 1.3 billion euros. It should swell to two billion in 2015, four times more than in 2005.

Last year, ATR has rolled its main competitor, Bombardier. With 157 units sold as against 7. "The year 2011 was special. But ATR control on average 70% of handset market less than 90 seats, "says one. Late 2011, the backlog reached a historical high of 224 units or three years of production.

Not to miss the train of the future, now working on an ATR aircraft project increased capacity from 90 to 100 seats against 70 to 92 seats for the ATR 600-72, the largest unit its range today. "There is a strong demand for this format, Asia or elsewhere," says Filippo Bagnato, speaking of a project matured, but "no decision taken yet, although it could happen this year." It is estimated that 3000 had the turboprop market in the next twenty years, one third will be 90-seat aircraft.

For now, provides the CEO, an industrial base in Asia is not valid. And ATR, China is both a land of dreams and forbidden. For purposes veiled to protect the turboprop they build, the Chinese have imposed 24% tax for planes under 90 seats

.

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M6 owes much to digital. Proof of this are the annual results of 2011. Despite a sales decrease of 2.8% to 1.421 billion euros, the group chaired by Nicolas de Tavernost shows an increase in operating profit of 1.2%, to 245 million euros. The current operating margin reached 17.2% and, against 16.6% a year earlier. Something to tell Jerome Lefebure, Chief Financial Officer M6, that "2011 has seen improved profitability in a difficult environment." These are the revenues of digital channels – which mainly W9 – that show the best growth. They have actually increased by 9.3%, to 184.6 million euros.

At the same time, the M6 ​​has seen its advertising revenue climb 0.9% to 675.9 million euros. This performance is due primarily to the hearings the flagship of the group rose from 10.4 to 10.8% audience share in 2011. The year just ended has been one where the former "small chain that goes" consolidated its status as a major general channel history. It has established itself the third French broadcasting chain, before France 3, the regional chain with 6,500 employees. It must be said that the subsidiary of RTL Group has surfed the power of a major traffic areas of television-the tranche from 7:45 p.m. to 8:30 p.m., but also a political event programming, including movies, who s 'was positive. Indeed, far from marrying a strict financial logic of cost containment, M6 has invested in programs as shown by the 4.4% increase in the cost of grid in 2011 amounted to 333.9 million. Performance advertising M6 would have been even better without the difficulties encountered during a particularly tense fourth quarter of 2011. The global economic and trade policy of the group that was to protect the value of its screens by keeping advertising rates, resulted in a wait-and even resistance from many advertisers. This was particularly true of those from the sectors of food and maintenance.

Arrival of Robin Leproux

However, the picture was more mixed as regards the "diversification and audiovisual rights", ie, activities that do not concern the business of television. The turnover of the latter is down 7.3% in 2011. The fault lies in the particular field of video distribution and theatrical releases which suffered last year, lack of product appeal. It was not until the fourth quarter and the release of Twilight 4, to ward off the bad performance of the first three quarters of 2011. Added to this is the cessation of certain activities or the supply reduction in distance selling.

However, this erosion of sales does not penalize the profitability of these activities, including margin increased by 1.6 points to 11.3%. The difficulties of the football club Girondins de Bordeaux have also sealed the group's non-advertising revenues. 2012, 25 years of M6, marks a major change in leadership since Catherine Lenoble leaves the head of the advertising. It will be replaced by Robin Leproux, RTL and former PSG, appointed vice-chairman of the executive in charge of business operations and development.

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