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The Competition Authority celebrates its 25th anniversary, in great shape, according to its President Bruno Lasserre. "We are the most active authority in Europe. The European Commission acknowledges, as it reminds us more and more business, such as the merging Transdev and Veolia or the redemption of Brossette by Point P is still ongoing, "welcomes this member Council of State , who heads the institution since 2004 and until at least March 2014.

The balance sheet of 2011 shows. The Authority fined 420 million euros in fines, almost as much in 2010. The producers of detergents were sentenced to the penalty most important, 367.9 million euros, shared between Procter & Gamble, Henkel and Colgate, who appealed. The second sanctioned firm, Canal +, also challenged his fine of 30 million euros. This issue of the recovery of GST is being reviewed by the Authority.

Less iconic but much more regular – three out of four – are the opinions in mergers and acquisitions. Of a total of 255 cases of concentration, nearly half involved the retail operators have received 207 times the green light. This was the case for the recovery of Habitat Cafom by or for the Republican takeover of Eastern by Crédit Mutuel.

Four sectors continue to retain the attention of the Authority in 2012: the retail, banking, rail transport and the media. After being interested in food distribution, especially in Paris (opinion of 11 January 2012), the Authority will be released in June "the first major survey of the competitive pressure that online retailers have over traditional stores. We will examine the entire chain of online sales: payment, delivering packages or shopping engines, "enumerates Bruno Lasserre.

Another survey conducted by the Authority may make a stir in March, she will speak on the automobile maintenance and repair, market largely controlled by the manufacturers. The extensive work on commissions paid between banks on payment (check, credit card, TIP, transfers …) will also be continued this year with no defined horizon.

The position of Casino in Paris

"The fact that companies bring more resources to challenge our decisions is proof of the relevance of our work, says Bruno Lasserre. Our budget is 20 million euros, an amount equivalent to that booked by banks to defend themselves in the only case of checks, "he says. The Authority considers, however, have "enough tools." However, one missing, the power of injunction. The Authority has certainly since 2008, but it can not exercise it only under three conditions: there must be a dominant position, which the actor in question and persistently abused. Field is too restrictive in the eyes of the institution that claims to have already convinced, left, the candidate Francois Hollande, probably also due to the action of the City of Paris. Because it lacked authority to order the Authority for Casino, which it considers the dominant position in the food market in the capital. Bruno Lasserre however recalled that if Casino decides to exercise its option to purchase 50% of Monoprix, "we would ask conditions, including sales of stores."

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The report by the Center for Strategic Analysis in a housing report released Wednesday is brutal: while the subject of aid mobilizes huge (37 billion euros) from the State and local governments, households the less fortunate spend more on housing. In 2005, they spent at this position 41.4% of their income against 25% in 1988.

To improve the situation of more modest in this area, the Center for Strategic Analysis made several proposals, focused on social housing. "First, it should be that only those who earn more than five times the annual rent for a dwelling may be candidates for living," Chriqui advance Vincent, general manager of that agency of the Prime Minister. A measure of common sense would settle with the current situation today, up 64% of households are eligible for public housing.

To reserve social housing for disadvantaged populations, some only dream of being able to expel those whose income has become, over time, well above the maximum income. This would call into question the sacrosanct principle of the right to remain in public housing, one of the cornerstones of the world HLM. Cautiously, the Center for Strategic Analysis does not follow that direction.

However, he has worked on a system where the rent paid by tenants would be modulated according to their income. "In fact, rents are nominally higher and tenants would receive a grant that would cover some of this burden, says Vincent Chriqui. The premium will be lowered when the tenant would see its revenues increase. "To avoid creating too strong reactions in a world quite restive HLM changes of this kind, this system would first be tested by some social landlords . If the Center for Strategic Analysis recommends this solution is that the devices require tenants whose incomes exceed the ceilings to pay additional rent malfunctioning. Normally, a public housing tenant whose remuneration exceeds 20% of the maximum income to pay a surloyer. "But it is a cumbersome process that requires to initiate proceedings," said Vincent Chriqui. Soft law passed in 2009 plans to evict a tenant of public housing for two successive years if its resources are at least two times higher than the ceiling. But we must wait three years after this observation that the measure could be effective. Result: more than three years after its adoption, the text has yet to produce any effects.

Statistical tool

Last priority recommendation of the Center for Strategic Analysis: Building a statistical tool that emphasizes respect for each program HLM, level of public support and the "discount" rent in the social housing compared to private apartments around the park. "By learning about government subsidies and the results they deliver, this should help to refocus the production of social housing where the need is greatest," says Vincent Chriqui.

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"The port reform has transformed the relations with the unions

Is more than a breath of fresh air. Thursday's announcement by the second owner worldwide, the group Mediterranean Shipping Company (MSC), a new investment of 160 million euros in the Port of Le Havre is proof that the future of shipping lights is not so dark.

MSC will indeed develop over 1400 meters long, four positions for its container, whose capacity could increase from 14,000 to 16,000 containers per ship. Giants of the seas as MSC, previously installed alongside Bougainville, in the inner harbor of Le Havre was not able to accommodate.

Titanic work

"The equipment we deliver to MSC required a public investment of about 320 million euros.The shipowner in turn will invest 160 million in coatings, rails, gates, new technologies … "lists Hervé Cornede, commercial director of the Grand Port Maritime du Havre (GPMH). The work already started should be spread until the end of 2012. Once completed, they will allow the owner-Italian Helvetic reach an annual capacity of 1.4 million containers.

Port 2000, the new port of Le Havre dedicated to container, was inaugurated in March 2006 after four years of titanic work for an investment of 1.3 billion euros. In total 4200 meters of docks were created. And Port 2000 full show soon, since it has more than 700 feet of docks available.

France, she missed electricity this winter? Nine months after the German decision to phase out nuclear reactors eight of seventeen will be stopped before the end of the year, the question of feeding the Hexagon concern to the government. Yesterday, on the occasion of the presentation of the report of the electricity transmission network (RTE) on the transition of winter, the industry minister, Eric Besson, has expressed its "vigilance".

Governments based on the calculations of the EDF subsidiary responsible for networks and very high tension. In the first nine months of the year, French exports of electricity to Germany increased by 11% over 2010, while imports fell by 50%.With all these elements, RTE suggests a risk of disruption "moderate fast cash loans."

Regarding the availability of the generation French, it is mixed: most important for the period January, at least in contrast to the months of November and December, due to the revised schedule of the facility.

Wednesday, Eric Besson welcomed RTE can count on an average of 1400 MW: Further expansion of wind power, new combined cycle gas came expand the portfolio of means of production.

Remains the black spot in Britain, has long been known. The region, which produces only 8% of the electricity it consumes, is particularly fragile. Certainly, infrastructure building projects exist, but they are slow to be realized.

"We can not accept that the agents are subject to threats or attacks," warned Sunday Christian Charpy, the Chief of employment center. A few days after the hostage-taking occurred in a Parisian agency, on October 17, management of employment center announced the launch of a major consultation on internal security agents. One way to defuse the anger rumbling in the public institution. In an already tense social climate, officers were called last week to exercise their right of withdrawal, in protest against the increasing number of attacks.

This finding, management did not question. Christian Charpy acknowledged Sunday that the hostage-taking last week's "testimony to the rise of attacks, mostly verbal but sometimes physical, faced by agents." 5500 incidents were recorded last year.Above all, their number increased by 20% in the first half of 2011, he told AFP. Heightened tensions, insults more frequent in the Home: Agents evoke an environment that has worsened since the merger and the simultaneous rise in the unemployment rate.

Warning system

Christian Charpy, however, refuses to see a specific employment center. Believing that the public body does not suffer more than others of the progression of antisocial behavior, it does not bind the surge in attacks "any degradation of service cash advance in one hour."

The solutions were then primarily emergency measures in cases of proven abuse. "We must ensure that the existing warning system works effectively anywhere," said Christian Charpy. Each agent is indeed supposed to activate a silent alert his office, which appears on computer screens of his colleagues.They can then take action.

If Christian Charpy does not support the presence of security guards in the agencies – a "temporary solution" – he argues in contrast to the introduction of mediators, "to facilitate discussion and resolve conflict." Such a solution is currently being tested in Seine-Saint-Denis and Marseille.

The director of employment center would also like to "systematize the presence of executives close to the reception areas, which are often the scene of the assault." In many cases, officers who work there are indeed inexperienced, often in CSD, and less able to deal with a tense situation.

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Light beverages will be taxed eventually. MEPs adopted on Friday the principle of a tax on soft drinks doubled and extended to beverages with artificial sweeteners. Two cents per can, this should bring 240 million euros instead of 120 million euros initially planned, at the announcement of the measure by François Fillon on August 24. If the government were in favor of doubling the tax to finance a reduction in the cost of agricultural labor, he was strongly opposed to its extension to drink with sweeteners.

Even today, the budget minister, Valérie Pécresse, had urged members to "not lose its coherence" to the measurement and not to "confuse" the public health message.In view of the fight against obesity, taxing drinks lights and soft drinks, "this is not the same thing," had earlier noted the Minister of Health Xavier Bertrand. But MPs were finally ignored the opposition and intense lobbying against the measure of industry.

Tax benefit of reduced fuel oil

In addition to the tax on sodas, parliamentarians got down to the vote of other anti-deficit. Several amendments adopted Thursday night or the night of Thursday to Friday eliminate or reduce existing tax benefits.

This applies to the tax benefit of heating oil used for professional use (in agriculture or construction), that members have reduced Thursday to complete the financing of the lower cost of agricultural labor.The domestic consumption tax applicable on this energy source was increased from 5.66 euros to 7.20 euros per hectolitre. It should bring 80 million euros.

MEPs also voted Thursday night a special tax applicable in 2012 on sales of duty free subject to industrial CO2 quotas. 200 companies overall are expected to be affected by this measure, which should yield about 200 million euros. "It is not an embryonic carbon tax," warned Valérie Pécresse, but "to generate CO2 allowances free to give new entrants."

Measuring more anecdotal in terms of expected revenues (2 million), the reduction of 15% per year of detention applicable to capital gains from the sale of a horse race or sport, has been deleted.The objective of this measure in the Chamber called "anti-Morin" or "anti-Bayrou," referring to the taste of these members for riding, is "to end a plus for horse owners" , explained Thursday the deputy PS Christian Eckert. The reduced VAT rate applied to the horse industry has been maintained, however, because the number of jobs at stake, valued at 6000.

(With AFP)

The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC began the session down 1.49% at 2 883.29 points after having already closed on Monday, down 1.85% to 2926.83 euros. Dexia tumble more than 15% in early trade. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.

Dexia tumble more than 15% in early trade

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece.Europe is planning to review the particupation private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF). Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen.This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1 absolutely free credit score.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday.The board of directors of Dexia announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular. The Franco-Belgian bank should sell its flagship accelerated and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

GDF Suez has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution. The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle has presented a sharp drop in its annual net profit by 48% to 30.4 million but expected a rebound in profitability for the year 2011-2012.The food group is also in talks to buy the vegetables Aucy in Russia.

"We can not talk about withdrawal of state for education," says one Wednesday evening at the Ministry of Education. Of course, the "mission school education" total in 2012, 62.33 billion euros in payments against 61.8 billion euros in 2011. But in practice the proposed 2012 budget builds on the budgets of previous years with the removal of thousands of teaching positions. School education "contributes substantially to the efforts of non-replacement of retiring in two. Thus, 14,200 jobs will not be replaced in 2012, "says Bercy.

At the request of President Chirac, concerned the ski local elected officials, "the balance of closures and openings will be no classes in September 2012 in the first degree": 5700 positions will be eliminated, however.Secondary education will pay the heaviest price, with 6550 faculty positions and less. To these job cuts, plus those of private schools and about 400 administrative. The ministry expects a dozen of "levers" to achieve this. The number of students per class is expected to increase in schools and colleges, except where an educational priority regulated ceiling sets a maximum of 25 students.

Innovative devices

The deletions will focus on language teaching assistants, teaching assistants, and teachers redundant. Institutions will be grouped, pooled options. "Today, 300 public colleges and 500 private colleges with fewer than 200 students," do we observe. The Department intends to continue reducing the number of children in kindergarten for two years payday loan companies.He also mentioned the possibility of job cuts in classes préparatoires (CPGE) and the BTS (brevet de technicien supérieur). "3000 places are now vacant in the BTS, since, in particular, graduates who preferred to go to university," says one. The Ministry also points CPGE classes consisting of four to five students, only one "indecent situation." Local elected officials "are fighting to keep mostly kindergartens and preparatory classes, this explains so this …».

Consistent with commitments made, the savings "benefit to employees first," says Bercy.Teachers early in their careers benefit from an increase in their treatment since the 2010 school year: 180 million euro will continue to improve their financial situation.

The document Bercy also indicates that "the development of innovative devices can provide an appropriate response to each student" as "strengthening the reception of students with disabilities" with "progressive recruitment of thousands of enrollment qualified assistants (2000 recruitment in September 2011 and 2300 in September 2012). "

Boarding schools of excellence that the capacity is "10,300 places in September 2011 should be increased to 16,200 places in September 2012 and approximately 20,000 seats in time, mostly financed by appropriations from the investment program for the future ".

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. As announced by the Financial Times on Wednesday, the bank's objective of a structural reduction of 50 billion euros of its debt between June 2011 and December 2012.

Without going into details, the statement, issued while the CEO of Credit Agricole, Jean-Paul Chifflet, speaking to investors in a Paris hotel, said that three branches are involved. The first, the investment banking and investment will suffer a reduction in its funding requirements from 15 to 18 billion euros, which will involve the phasing out of "certain activities after a portfolio review "and" the closure of non-strategic locations abroad. "

For specialized financial services, reducing financing needs will be 9-11000000000 including "the sale of the loan portfolio." Finally, to retail banking in France and abroad, the effort reduction is most important, between 21 and 23 billion euros.

Target capital confirmed

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East.

With these assignments, Crédit Agricole plans to reduce its refinancing program medium to long term from 2012 to 12,000,000,000 euros markets in 2012 against 22 billion in 2011 poor credit personal loans.The institution also confirmed a target of 9% equity in 2013.

Limited exposure to the peripheral countries

Crédit Agricole profits from these ads to minimize its exposure to euro-zone countries in trouble, she calls "limited and manageable." This is 0.7% of total assets in Greece, Ireland, Portugal, Spain and Italy. The countries receiving international aid (Greece, Ireland, Portugal) weigh only 0.07% of the balance sheet, according to the bank. Regarding Emporiki, its Greek subsidiary, Credit Agricole said conducting "enhanced measures" on the diversification of the refinancing and the cost of risk.

This exposure to the debt crisis in the eurozone has earned the bank a deterioration in his note by Moody's ten days ago, as its rival Societe Generale. At the Paris Bourse, to 15 hours, the Crédit Agricole sells 1% to 5.13 euros in a market down by 0.47%.

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Asian stock markets will end the week on a positive note. In the wake of Wall Street closed higher on Thursday, the markets have also welcomed the decision by central bankers from the richer countries to mobilize to prevent the drying up of banks' liquidity in dollars. Thus, the European Central Bank (ECB), with the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan has reopened its facilities dollar loans to European institutions in three months, at their request. The Nikkei gained 1.93% to 8836.10 as well.

The IMF, like the ECB through its president Jean-Claude Trichet welcomed the unity of central bankers to the crisis: he stressed that it was more necessary than ever for world leaders to unite to prevent a recession that should spare "person."This will reassure investors, who until now did not cease to spread their fears about a bankruptcy in Greece, coupled with sluggish growth prospects on both sides of the Atlantic.

However, brokers in Asia fear that this improvement is short-lived. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, Japan, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "

Bank stocks and exporters in progress

At the Tokyo Stock Exchange, banking stocks and exporters popped up then. Toyota wins and 1.75% to 2737 yen, Honda 2.27% to 2447 yen.The same goes for banks, Sumitomo rising by 3.39% to 2166 yen, as Mitsubishi UFJ Financial Group (4.24% to 244 yen).

Other places are also Asian financirèes in the green. The Hang Seng Index in Hong Kong gained 2.14% to 19,591.93 points, the Kospi Index in Seoul was up 3.56% to 1837.22 points, the S & P / ASX 200 index in Sydney rose by 1.81% to 4145.20 points, the BSE Sensex index in Mumbai was up 0.96% to 17,039.30 points and the FTSE Singapore Straits Times Index rose 1.35% to 2803.25 points.

On the foreign exchange market, the euro kept most of the gains made the previous day. The European currency was worth 1.3848 dollars and 106.31 yen Friday morning in Tokyo, down slightly compared to 1.3882 dollar and 106.40 yen the night before in New York.Similarly, the oil price displayed in a small increase in morning trading in Asia, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112 , $ 44. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.