Daily International Headlines

Publicis is about to sign a check for 16 million euros to its chief executive, Maurice Levy. According to reports in The Tribune, confirmed in a statement by the advertising group on Monday evening, it would be a deferred compensation that would be in addition to regular pay.

Publicis said that this remuneration "corresponds to a share of his compensation levied since 2003 and for which payment has been deferred – as retention" to be paid in 2012. The group says it is neither a "golden parachute" or "severance pay". The sum, which was approved in general meeting and "was the subject of regular communications through the reference document of Publicis Groupe," should be paid "in the coming months."

A conditional bonus

According to reports in The Tribune, confirmed by Publicis, the bonus was subject to certain conditions, including those that Maurice Levy performs its CEO until late 2011 and reach its financial targets. These conditions "have been met," says this newspaper free credit report and score.

This bonus will then be added to the regular pay of the CEO. So far, it was divided into three parts: a fixed, variable, and a deferred portion linked to company performance from 2003 to the end of his term in late 2011. At its renewal in November for four years as president of the Corporate Executive Board, Maurice Levy gave up, from 2012, at a fixed retaining only pay for performance. "Note that when he left the group, he will receive in addition a non-competition indemnity of 5.4 million euros," the newspaper said.

This information comes just months after Maurice Levy called France's wealthiest to pay extra tax. The boss of Publicis, however, has argued against the proposal of François Hollande to tax at 75% on incomes above one million euros per year.

ALSO READ:

"The salaries of top managers rising again

"Levy" Taxing financial transactions is courageous "

The battle lasted for over six months, since June 2011, in fact, when the government replaced Lauvergeon at the end of his term as head of Areva Oursel by Luke. End of a contract that should have resulted in payment of compensation: 1 million – a year's gross salary excluding bonuses – which s'joutent 500,000 euros, financial compensation to a non-compete.

The economy minister has, according to our information, initialed the settlement agreement on the starting conditions of Lauvergeon. The text had been sent on January 23 for signature no later than March 23. Baroin has indicated in writing that "the implementation of the proposals of the supervisory board being the settlement agreement does not call for opposition (his) hand." It now belongs to Jean-Cyril Spinetta, Chairman of the Supervisory Board of the nuclear group, to implement this protocol.

The former president and CEO of Areva will therefore receive 1.5 million euros in total. This episode comes settle several months of tensions: Anne Lauvergeon had brought the matter before the courts, while Areva had suspended payment of its compensation to the conclusion of the internal investigations conducted on the controversial acquisition of the mining company UraMin in 2007. The audits, made last month, have finally opened the door to any civil or criminal proceedings from Areva.

French automaker Renault has officially Wednesday at the Geneva Motor Show the price of its electric ZOE. The small city of Diamond brand will be marketed to 15,700 euros, 5000 euros of government assistance included. This price does not however take into account the battery. The latter will be rented 79 euros per month, with a 36-month commitment.

This rate is very close to that of the new hybrid diesel city cars soon to be marketed in Europe. Thus Toyota Yaris hybrid to offer its 16,500 euro bonus of 2,000 euros deducted.

Citroen for his part immediately responded by lowering prices of its C-ZERO. It is now available from 22,500 euros with the bonus, but with the battery included. For the version with the battery lease, the price starts at 16,300 euros – including bonuses – with a rental at 80 euros per month, for a period of 48 months.  

The ZOE is part of the range "electric" Renault, which includes zero CO2 emission versions of the sedan Fluence and Kangoo utility, and the only electric quadricycle Twizy. The group has big plans for this range. With its partner Nissan, and it has 1.5 million vehicles pass within four years.

For now, the launch of electric cars seems difficult. Earlier this week, General Motors has announced the freeze on production for the next five weeks of its Chevrolet Volt to avoid accumulation of unsold stocks. Last year, the group has sold a little more than 7000, against a target of 10,000.

ALSO READ:

"GM suspends production of its Volt electric

The energy performance assessment (ECD), supposed to establish the level of energy consumption of housing, has once again a slap on the wrist. A few months ago, the consumer association UFC-Que Choisir was already putting into question the seriousness of the calculations showing that the same property could be classified very differently according to the professional performing the calculating. Most recently, this is the DGCCRF (Directorate General for Competition, Consumption and Fraud) who pinned this young profession. Indeed, last year, Fraud checked 559 real estate professionals in the diagnosis (energy efficiency, asbestos, lead …) and almost 60% of them (337) were not in compliance with legislation, especially for ECD. Among the most recurrent problems: the lack of certification of professional competence and a lack of explanation and display of prices, or even "deception". Another common concern: the lack of impartiality of diagnosticians vis-à-vis real estate agents or developers.

In the 2011 assessment of its action, the DGCCRF reveals that complaints related to real estate, the work and repairs carried out in homes and other home services represent 20.7% of the total. This is what motivated these targeted controls the policeman of the competition, knowing that housing is the largest item of household expenditure accounting for nearly 30% of their income. As has been noted by the DGCCRF in its controls, most disputes involve rates unclear or lack of independence of the diagnostician. On this last point, it is recalled that under Article L.271-6 of the Code of Construction and Housing, he "should have no link likely to prejudice its impartiality and its independence or with the provider or their agent. " Indeed, any fees that may affect such real estate agents would be likely to inflate the final bill the customer.

ALSO READ:

"Housing: 30% of French people have a real estate project

"House prices fall campaign

SERVICE:

"All ads with Explorimmo

FOLLOW THE FIGARO Immobiler ON:

"Twitter: @ LeFigaro_Immo

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).

ALSO READ:

"The Franks are selling like hotcakes on the Internet

"What to do with your last franc notes

"VIDEO – The French wait patiently and exchanged their francs

Not easy to swap clothes for those of David over Goliath without being criticized. For nearly twenty-five years, Apple has enjoyed the affection – not to speak of passion – to some extent by this small company, the maverick world of personal computers and a thorn in Microsoft Almighty .

In less than a year, Apple acquired the status of the business world's most expensive, top selling smartphones in the fourth quarter 2011, a number of computers at HP (by adding the sales of iPad and Mac) . The Apple brand has always had detractors. Its success has added to criticism, particularly those concerning working conditions in its Chinese subcontractors. These are nothing new, but the good financial results of Apple have redoubled the ardor of his detractors. In late January, the New York Times has published a lengthy investigation dependent, widely broadcast on the Net.

Working conditions of employees of Chinese subcontractors Apple are regularly placed on the hot seat. The U.S. media decry the use of children and failure to follow safety rules (poisonings and explosions occurred in Chinese factories).

Sorry, this video is not available on your device.

Indecision on the Paris Bourse. After opening sharply higher the CAC 40 has erased most of its gains and slipped into the red. By mid-afternoon he sails around the equilibrium (-0.15% to 2816.50 points). The technical rebound was short-lived deal with a series of bad news from the euro area. . As the day they are still unable to overcome their fears about the outcome of the crisis.

The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

U.S. banks are "facing a high risk 'of deterioration in their credit rating in case of worsening of the debt crisis in the euro area, Fitch launched last night. Markets, the reaction was immediate: Morgan Stanley tumbled nearly 8%, Goldman Sachs 4.2% 4.1% Citigroup, JPMorgan Chase and Bank of America 3.7%, and Wells Fargo 1.4% against a decline of 1.58% for the benchmark, the Dow Jones.

The influential rating agency estimates that "unless the crisis in the euro area is resolved in time and in a sustainable manner, the credit outlook of the banking sector should be degraded." And Fitch added that if the institution's exposures to the U.S. European debts are manageable, "an amplification of contagion is a real problem."

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

• Discount of up to 60% of the Greek debt

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Recapitalization of banks to the tune of 108 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.

"We have made some progress on the banks" and "we have laid the groundwork for an agreement" which will still be subject to "discussions between heads of state" and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter.

But according to European diplomats, "there is no agreement on the recapitalization, it gets stuck a little payday advances." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF)." On the other hand, "the ministers are trying to agree on the minimum capital."The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

ALSO READ:

"GRAPHICS – The crisis of the euro, or the history of contagion

"SPECIAL – Banks in turmoil

"Paris and Berlin are seeking a solution for banks

Marrakech in March will be a new palace, the Palais Namaskar, the latest addition to the prestigious collection of luxury hotels OetkerD family, which already has four locations: the Bristol in Paris, the Château Saint-Martin in Vence, the Hotel du Cap Eden Roc at the tip of Cap d'Antibes, and finally, the Brenners Park Hotel in Baden-Baden in Germany. Located 15 minutes from the Jema el-Fna, the hotel offers 41 villas and suites, most with private pool. There will be two restaurants, a lounge bar, spa, and can accommodate up to 250 people for receptions.

For the first time, the family Oetker will only manage the facility. Its owner, businessman Philippe Soulier – who made his fortune in shipping in Nigeria – has invested 50 million euros and left a free hand to his designer Imaad Rahmouni. "I told him no limit lines, or budget," says he."The result is a look at oriental, contemporary, in an idyllic, says Alain Brière, vice president of sales and marketing. Prices will be from 1000 euros per night per villa. "

Within months of Marrakech, the Oetker family will settle in … Abu Dhabi, where Bristol is preparing to open a second location in its name, a first for the Parisian palace. Opening in 2014 for this hotel of 184 rooms belonging to Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Public Works of the UAE.

Inventor of baking powder

"Our ambition is to enrich our collection of ten hotels in ten years, announced Marrenbach Frank, president of Oetker Collection. We have a view of another hotel in France.Our priority destinations are Europe (London, Istanbul, Milan, Rome), the Middle East (Muskat) and New York, of course faxless cash advances. "" We had applied for the Hotel de la Marine, "said Didier Le Calvez, CEO of Bristol, which ensures that 2011 is a "very good year for the hotel, with an average price of 900 euros, and an occupancy rate of 77%."

The luxury hotel is a small business conglomerate Oetker, present also in banking and in sea freight, which it now derives nearly half of its sales. Oetker, which was founded in 1891 by inventing baking powder, owes its fame to its food brands (Dr. Oetker, Ancel …). The German group, whose turnover is approaching 10 billion euros, is present in both the beer, pizzas and puddings, all over the globe.To India, where he sells such sauces and mayonnaise.

In Europe, the king of frozen pizza. Ristorante with its range, it is the leader in Britain and Italy. In France, where he landed in the frozen five years ago, its competitors were making fun of his ambitions. By offering the first pizza to the size of the plate, he took in record time the first place.

Ancel with the brand, which has in France a stronger reputation, he became for several years with his sticks and pretzels.And he now intends to regain ground to Alsa, the radius for which preparations desserts Oetker brand has also recently been replaced on the packaging Ancel.

ALSO READ:

"W, the sign of luxury fashion, opens in Paris

"Luxury-tax of 2% voted

SERVICES:

"Discover the luxury property listings with Explorimmo