Daily International Headlines

Patrick Favre, director of Michael Page Rhone-Alpes.

The Kerviel affair did not end annoying Societe Generale. While the appeal of Jerome Kerviel should be held next June, a new legal developments oppose the bank Tuesday to four of its employees. These employed a center of Marseille succession management demanding 15,000 euros in damages to their employer, Societe Generale, for the moral prejudice they suffered as a result of the Kerviel affair.

Since the discovery record losses in 2008 – 4.9 billion euros – earned by the former trader, these employees claim to be the subject of "jokes" from their customers, some having been until the deal with "thieves," said their lawyer, Richard Daniel. "These taunts lasted for months, at least until the first trial of Jerome Kerviel in 2010," he says. The employees would like to see these inconveniences recognized by the justice and compensation. A hearing is scheduled next Tuesday in the morning before the 6th Civil Chamber of the Tribunal de Grande Instance of Nanterre.

SocGen cleared

In the first trial of Jerome Kerviel in October 2010, two employees were already in civil proceedings. Also represented by Daniel Richard, they had managed to gain recognition by the judge moral prejudice "against the deleterious working conditions" resulting from the incident, and "threats" that it "poses to their career prospects payday loans. " At the time, the former trader was sentenced to compensate up to 2,500 euros each, plus 4.9 billion euros due to Societe Generale.

Mr. Daniel Richard had immediately called the bank to take the money for its support. "The bank must answer for his own faults: he was convicted July 4, 2008 by the Banking Commission for the serious flaws in its internal control system. Societe Generale would do well by doing this spontaneously compensation ", potentially involving every employee in contact with customers, he argued in October 2010. For the bank, also completely cleared by the courts of first instance, such a decision would create a precedent difficult to manage.

At the trial of Jerome Kerviel, the lawyer had failed to take the responsibility of the bank financial loss suffered by the employee shareholders of the group, linked to the loss of their holdings on the merits corporate savings. In 2008, SocGen's share price has lost more than 60%. "That damage can not be interpreted as a direct consequence of the facts," the judge had ruled.  

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"Our cultural heritage is in grave danger," protested Koutsoumba Despina, archaeologist. Two years after the start of the economic crisis, the Greek cultural environment sounding the alarm. "The budget for culture is now 12 million. This is one of the lowest in the EU. How do you work and protect 19,000 archaeological sites when we are only 870 and 2000 archaeologists guards?, She quips. This is why the museum of Olympia was robbed 63 objects of inestimable value. Similarly for the Picasso who flew to the Pinacoteca in Athens. What must be added the clandestine excavations and smuggling of antiquities. No control over anything. We risk the worst! "She says deliberately avoiding the sensitive subject of the restoration of archaeological items, become too expensive for the state.

Cuts in revenue officials of the Ministry of Culture and its branches, delays of several months in the payment of wages, the players in the Hellenic cultural life no longer bear the sacrifices made because of the austerity. "Some composers or singers get paid – when they get to get paid – with virtual checks" adds Giorgos Tsevrenis, artist agent. "This means that checks can be cashed in eight months or a year. But all artists have lowered their fees, "he says.

Artists change their business

Every week, Giorgos receives Tsevrenis renowned artists complaining about not being paid by the town halls or festivals. "There is not even unemployment benefits for them, so most are seeking to recover their copyright and other change of business, if they succeed …," he said, very skeptical about the benefits of the new aid package of 130 billion euros, granted by the European Union and the International Monetary Fund.

In the north, the National Theatre of Thessaloniki even asks viewers to pay for tickets in packages of pasta, rice or flour. "After that it becomes difficult to pay in euros … the actors," says Giorgos Tsevrenis.

The famous actress Zeta Douka appeals for help to Europe. "We can not throw Greece, the cradle of civilization, to public obloquy because of his misguided policies that have the land for forty years. Greece has a rich cultural legacy of several centuries in the world, and we must destroy it because of speculators? It is urgent and should also be that the Europeans open their eyes as soon as possible! "Ignites does.

Some associations have decided to rally for the rescue of Greek heritage through social networks and hope to be heard at the highest level.

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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.

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China no longer runs after growth. Premier Wen Jiabao announced a target of 7.5% growth in gross domestic product in 2012. This objective assigned by the central government has never been this low since 2004. It reflects the slowdown in Chinese growth, which since last year, marking time. It was 10.3% in 2010 and 9.2% in 2011.

In recent years, the party kept 8% growth target, a figure below which many officials believe that the social balance would be threatened because the economy would produce more then enough jobs for its people. But from last year, Wen Jiabao had mentioned the figure of 7% of average covered the period 2011-2015, to make a soft landing the Chinese dragon.

The government's objectives have been systematically exceeded in recent years but the message is clear. To rebalance growth towards more domestic demand, making it less dependent on exports, much slower pace.

"Expanding domestic demand, especially consumption is central to ensuring China's economic development consistently solid over the long term, is our economic priority this year," summed up the Prime Minister in his policy speech delivered before the National People's Congress Monday morning.

Especially since it is increasingly difficult to rely on exports. Demand from Europe and the United States, major trading partners of China, has eroded in times of crisis.

Decline in car sales

Chinese exports fell 0.5% in January, for the first time in two years payday loans guaranteed no fax. And the tendency should not radically reverse as Chinese leaders. "Internationally, the path to a global recovery will be tortuous," said Wen.

But rebalance growth, it is also contain inflation. It should be around 4% this year, against 5.4% last year – despite a goal already set at 4%. Senior executives in Beijing had expressed concern caused by soaring index of consumer prices, which reached a peak of 6.5% in July. The pressure subsided, the Chinese central bank gradually tightening the noose but remains cautious. It has already lowered the reserve requirements for banks twice in the last four months, but did not affect interest rates.

The question is whether the slowdown will not be too brutal. Some sectors targeted by anti-overheating already showing signs of slowing as the automobile, when China became the world's largest market. Sales fell 3% in January and February over one year. The largest decline since 2005. Concerned, the end of aid for the purchase implemented during the financial crisis and the price of gasoline at the pump rose. The news is not good for foreign manufacturers, especially since Beijing recently announced that the government would not buy more, now that Chinese brand cars.

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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.

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Nestlé enjoys an upturn in the market for bottled water to launch in France, Pure Life, the first worldwide brand of water. Deliveries began earlier this year. Nestle Pure Life has replaced Aquarel rays, whose sales never took off in the Hexagon.

As Aquarel, Pure Life targets families but it positions itself primarily as "water that takes care of toddlers." Weakly mineralized, it indeed wants seduce moms and their children. The little bear blue label marks reminiscent of Nestlé Infant Nutrition (NaturNes, Nidal …). Face in Evian (Danone), who won the last fifty years in maternity, Nestlé recognizes not play in the same court. Danone brand, number two in France behind Cristaline (Neptune), is present in nearly a household with three babies.

Number one in the U.S.

The group is betting on the striking power of its brand. "Nestle Pure Life in France will capitalize on the expertise of Nestlé infant nutrition and the scale of an international brand, already known for some consumers," said Denis Cans, president of Nestle Waters France (Vittel , Contrex, Perrier, San Pellegrino …). He hopes to replicate in the Hexagon "success story" of Pure Life, sold in thirty countries worldwide. But its presence in Western Europe was hitherto confined to Germany and Great Britain. Launched in 1998 in Pakistan, it is number one in the U.S., its biggest market, and in Egypt, number three in Shanghai … As this is a spring water (not mineral), it relies on low prices and on local adaptation fast cash now. It is, for example, treated in the U.S., desalinated Jordan and remineralized in some countries. Water sold in France come from bottling plants in Saint-Lambert (France, Yvelines) and Etalle (Belgium).

With Pure Life, Nestlé hopes to forget the failure of Aquarel, launched twelve years ago in the Hexagon. Despite volume growth in 2010 and 2011, Aquarel did not exceed 1% of market share, wedged between the low price of water and Cristaline established as Evian or Contrex. "It was a mid-range water was missing in terms of roughness profile, says Denis Cans. With a specific promise to Pure Life, we can add value to the brand. "The selling price will increase from 10% (2.76 euros a pack of 6 bottles of 1.5 l), below that of Evian ( 3.84 euros) or Contrex (3.24 euros).

Nestlé Waters has worked for two years to launch in France, its second largest market behind the United States. He first tested size, Le Mans (Sarthe) and Angers (Maine-et-Loire), a French version, called Pure Life, before opting for the original name of the brand. If he bet on the complementary portfolio of brands, from Hepar (health) Perrier (pleasure), he nevertheless chose to keep a low profile in terms of investment. He gives himself a few months before deciding whether to launch an advertising campaign for the general public.

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If there is an activity sensitive to shocks in the economy, the construction industry. With the debt crisis, one could therefore expect that the majors are in the area of ​​pain. An assumption contradicted by the facts. At present their annual results, all have reported record orders, a guarantee of high activity in the coming months.

End of 2011, Bouygues, which achieved a turnover of 32.7 billion euros last year had garnered orders for 24.8 billion. Early this year, the group has still won new business: he has found funding for the PPP (public private partnership) to build a new courthouse in Paris and maintain it. He was also named preferred bidder to build and operate the high-speed rail line providing the circumvention of Nimes and Montpellier. "And within eight to ten days, I hope I have good news about the construction of airports," adds Yves Gabriel, CEO of Bouygues Construction.

In Vinci, the order backlog amounted to over $ 30 billion in late December has further boosted in January. For its part, Eiffage saw its order book grow by 25% to $ 13.5 billion.

A fairly positive start to the year 2011 after a successful year. "In our three businesses related to construction, major projects, roads and housing, we achieved very good results," said Martin Bouygues, CEO of the eponymous group. Thus, Bouygues Construction has improved its operating margin by 0.2 points to 3.6%. Good performance due to the international expertise of the group that, for example, was recently selected to build two tunnels in Hong Kong. For his part, drew his Eiffage éoncture BTPpingle the game thanks to good operating results of its concessions (866 million up 11.7%), including its highways.

Caution anyway

But in a very troubled economic environment, the construction groups remain cautious. "In contracting (construction, road and energy), it is possible that there is a drop in orders of local, time that the bank Dexia is responsible for operational supply," said Xavier Huillard, CEO of Vinci. With the austerity policy, major projects of the state as the Seine Nord canal could also be questioned. "We do not ask questions and do all the studies as if it were to result," argues Yves Gabriel. Regarding the Pentagon to the French to be built by Bouygues, work began last week. "Technically, the project could be delivered after the election issue but it would be very costly to the government because a contract was signed," argues Yves Gabriel. However, Bouygues expects that the mayor of Paris attack shortly before the justice building permits related to this site.

The new housing will also pay tribute to the crisis. In January, there were only 30,000 housing starts in France against 44,000 in December. And PFC (Federation of property developers) table this year 80000 to 85000 sales against 103,000 in 2011.

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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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