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The family group is very discreet about its level of profitability, but ensures that the results are sufficient to guarantee its independence and its development without the need for external partner and relatively little use of banks.

Part of the offshore production

"In 2012, the economic environment would be bad in Europe and the United States, recognizes Jean Cassegrain, but we feel no impact in our stores." As a result, the company, which opened 20 stores this year in the world, plans to continue its expansion, even in mature markets. Longchamp is well to open a shop in Nantes. "Our priority is to open boutiques in major European cities in China," says the CEO. Longchamp will open a store in Milan in March.

"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.

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.

European solidarity is crumbling a little more each passing day, while Greece and by extension the whole euro area plunged into crisis. The new wake-up call came Thursday from the Netherlands, already among the most reluctant to accept the end of July a second bailout of Greece. Exclusion from the euro area is no longer taboo.

The Dutch Minister of Finance Jan Kees de Jager, called Thursday for sanctions on countries in the euro area that do not fit European requirements for fiscal discipline. "If a country does not wish to meet the requirements, then there is no other option but to leave," said the minister. He added: "If we can not keep to the rules of the game, then you must leave the game" but added that it was only "a last resort."The day before, the Liberal Prime Minister Mark Rutte had already called for the creation of a post of European Commissioner responsible for enforcing the stability pact, demanding the implementation of sanctions as a limitation of funds or a loss of the right vote.

These misgivings, if they meet the concerns of domestic politics, can not find at least resonate with its neighbors. Finland still requires, in exchange for his participation in the aid plan, strict guarantees, while Slovakia has postponed the approval of the December European Financial Stability Fund (EFSF).

Tutelage

The Dutch minister said that the remaining German and Finnish counterparts, met Tuesday in Berlin, welcomed the proposals.The chairman of the Financial Markets Authority (AMF) has poured oil on the fire, speaking in a setting under supervision of Greece, on failure of the bailout and failure of economic commitments. "Yes, if there is no other measure, it must be done," said Jean-Pierre Jouyet, former Secretary of State for European Affairs. At the same time, Athens warned Thursday by the voice of the Minister of Economy, the deficit will be higher than expected because of the recession. The European Commission has tried to defuse the pressure: "No release or removal of the euro area is possible after the Treaty of Lisbon. Participation in the euro area is irrevocable. "

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The shower is severe. In the portfolios of French investors, very few mutual funds have been spared by the crisis of the summer. But there are still some miracle, such as those invested exclusively in bonds. With lower interest rates on German and French titles, they have recorded gains that offset their potential losses on bonds of peripheral states.

Some balanced funds, designed to protect stock market turmoil of the capital of their subscribers, also grown out of summer crash, as they kept their promises. Carmignac Patrimoine, the most famous of them, for example, ends in August slightly higher.He won more than 1% over the last three months, and displays from the beginning of a loss of 1.38%.

Funds that keep their promises

Before the summer, the management company, worried about economic growth, would be prudent, played the German government bonds and U.S. gold mining, focused on the stock exchange on defensive stocks and fled from the European financial. Paris paying as much this summer. "Earlier this year, already, we were very cautious and this has penalized our performance. But our concerns proved justified, "said Didier Saint-Georges, a member of the Investment Committee.

This fund is not the only one who done well in the gameOthers are also this month in the green, like Invesco Balanced Risk Allocation, which earns more than 1%.

Good surprises are, however, to investors, far fewer on the side of mutual funds dedicated only to "actions". Even the most reputable funds have simply succeeded in limiting the decline to less than 20% in August, the image of Agressor of Finance of the Exchequer (16% on a month -12.90% since the beginning of the year), Ulysses de Tocqueville Finance (18% of one month, -17% since the beginning of the year), or Work at Mandarin Mandarine Gestion (-14% last month ), according to Morningstar.

The banks'

Scores honorable, because the mutual funds shares plunge less bright, they, by 25%. And very few funds have done better, except for example Neuflize Opportunities France, which lost "only" 12% in August.Managers had preferred Neuflize Private Assets before the summer increase liquidity, cover part of the equity portfolio and stood, too, away from financial stocks.

"Since the beginning of the year, banks have lost a third of their stock value. The differences in performance between the mutual funds 'share' in Europe are essentially determined by the position given in the securities portfolios, "said Bernard Aybran, director of the multi at Invesco. The funds dedicated to small and mid caps were also often more resistant, precisely because they have few banks in their investment universe.

Subscribers who have agreed to diversify their portfolios outside of Europe have suffered a little less. "Emerging markets have not declined over the summer that the European stock markets," notes Bernard Aybran.U.S. stocks end up well also. At one month, the CAC 40 fell nearly 12% and U.S. S & P 500 half!

If underwriters are well aware of the risks they take by investing in equities, they are however less sensitive to those they face in buying bonds. However, they lost an average of 6.5% in one month on high-yield bond mutual funds, which invest in corporate bonds of lower quality. Popular earlier this year, praised for their efficiency, these securities have also plunged on the stock market during the crisis.

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Shortly before the opening, the index futures and Nasdaq Poors'500 Standard & 100 respectively crumbling of just 0.04% to 1171.20 points, 0.02% to 2154.50 points. The Dow Jones was in turn approached down 0.14% at 11,178 points.

While most careful observers with little enthusiasm yesterday evening, the statements of the U.S. Federal Reserve, the world stock markets have overreacted, and positive against all odds, these about the Fed. Buyers picked by hand. This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy. Its leaders also promised various stimulus, but without specifying its content.It will probably wait until his final release in late August.

Meanwhile, the early promises more than simply market, which ended a series of 11 black unprecedented declines. The Dow Jones bounced freely from 4% yesterday, the day after his worst day since December 2008. Tuesday the European markets had unscrewed from 4% to 6% and 10% in Seoul meeting, approaching a market crash.

Oil stocks and budget menu

Wednesday morning in Europe, the main financial markets bounce in the wake of Wall Street. Signs of nervousness are nonetheless palpable. The volume of trade is thus still very substantial, and heightened volatility. On the merits, the Fed has painted a disturbing report from the world's largest economy.Growth, pointing in particular the U.S. central bank, is growing at an annual rate of less than 1% in the first half, where the institution expected, earlier this year, more than 3% instant payday loan.

On Wednesday, the U.S. macroeconomic calendar is relatively lightweight. Will be announced weekly stocks of crude oil (to 16.30). The figures of budget execution for the month of July will be for their detailed at 20:00.

Cisco News Corp expected

On the business side, Cisco will announce later this evening (22 hours) results for the fourth quarter, along with News Corp.

The title of U.S. internet group AOL will probably remain very guarded on Wednesday. Indeed, it has lost over a quarter of its value on Tuesday at the New York Stock Exchange after the release of disappointing quarterly earnings and lower forecasts. The stock has dropped 25.75% against the current of a market up sharply.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple could also be surrounded, after briefly delighted yesterday to ExxonMobil, its position as the first market capitalization.

Professionals of the solar French looked forward to these provisions since the beginning of the year. Nathalie Kosciusko-Morizet for Le Figaro reveals new rules for large installations in excess of 100 kilowatts peak (kWp) more than 1000 m2 of photovoltaic panels. They go through a series of tender whose final details were refereed this weekend at Matignon.

The aim, says "NKM", is to stimulate the development of a photovoltaic technology made in France. "The previous system (with the purchase price of photovoltaic electricity by EDF very favorable, Ed) favored the volume and price. The companies have made in the technology standards. "The new scheme aims to develop innovative technologies on which high yield" French companies are well positioned, "says the Minister of Ecology."We have not developed industrial mass on the first series of panels, but we're not trying to go after China and Germany. We are planning the next move, "says NKM.

Now all the facilities of over 1000 m2 will be tender. With two categories. For installations "average" (from 1000 to 2500 m2), the specifications will be simplified, and the main criterion for selection will remain the price. In other words, the candidate who offers the current EDF cheapest wins. A first batch of 120 MWp is to be published on 1 August, in the opinion of the Commission for Energy Regulation (CRE) expected July 26. Follow the quarterly on six 30 MWp each. These volumes will cover two and a half years "to give visibility to the industry," said Nathalie Kosciusko-Morizet.And guarantee of "credibility" of the device – but also clear political signal – the first competition the candidates will be selected before the presidential election.

The second category of calls for tender for the large facilities of more than 2500 m2 and covers a total capacity of 450MWc (read the cons detail below). In addition to the price that will account for 40% of the notes will weigh other criteria: the industrial project, the research contribution and the environment. Example cited by NKM: solar power projects on a brownfield or a former quarry will be clearly favored over a planned plant on agricultural land. Also new candidates must provide guarantees of recycling and decommissioning of their plants at the end of their life cycle.Through these tenders, the government wants to promote technologies such as still emerging mobile mirrors that track the sun throughout the day.

Professionals expressed particularly through the union of renewable energy (RES) denounced the ceiling of 500 MWp per year announced in March for the entire industry. This is not a ceiling but a target, insists on the ministry. Which will be passed this year, since, already, for the first quarter alone, 300 MW were installed, as announced in Le Figaro NKM July 5.

Objective achieved Grenelle

Added to 973 MWp installed in late 2010, according to the Charpin report, the objective of 1100 cumulative MWp for 2012 set by the Grenelle of the environment is already exceeded. "There was no halt in the industry," insists Nathalie Kosciusko-Morizet, supporting figures.However, the minister understands that "the successive changes of the frame, every six months since 2008, have been penalized. But this period is over, "says she.

Meanwhile, the gel three months declared photovoltaic systems weakened in December of SMEs and forced some to put the key under the door. Even if individuals were not affected by the moratorium, nor by lower prices, the market has slowed, we are assured the SER. For some SMEs, between the moratorium in December 2010 and the response to tenders in the spring of 2012, eighteen months without activity have been fatal. Of the 25,000 jobs in the sector, the Ministry states that the workforce in research (8200) should increase. The remaining jobs (16,700 in the installation and consulting firms) are subject to "adjustments" but should also benefit from the new framework.

"I want to make a new pact of trust with the photovoltaic industry," says Nathalie Kosciusko-Morizet. Professionals to respond.

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July 14 was not been idle at Lafarge. French cement giant has indeed completed the assignment, long overdue, a branch of his cast. The transaction involves assets located in Europe and South America. Last year they had recorded 895 million euros in turnover of 115 million EBITDA. The buyer is a Belgian company, Etex, which will thus increase its turnover by almost 50%.

Financially, the French group recorded a sound operation. It will touch 850 million and retain a 20% stake in the new entity will combine the activities casts of both groups. Lafarge will be able to sell this stake to Etex within five years.

Amount of the sales in past

This sale is not a surprise.Despite its position as number three in the plaster, Lafarge no longer considered as a strategic sector for many years. Last year, the industry weighed only 8.8% of total turnover of the group. The assignment does not, however, the entire cast of the activity, but a little less than two-thirds. Bruno Lafont, CEO of Lafarge, would not say the fate of the balance of this activity, located mainly in North America and Asia. A sale seems logical.

Earlier this year, the leaders of Lafarge had announced a goal of reducing the debt of 2 billion euros, 750 million through asset sales. With the only transaction announced yesterday, so they exceed the amount of planned disposals. Last May, Lafarge had already sold its cement and concrete in the southeast United States for 535 million euros.It is true that the financial situation of cement remains tense. In late December, he posted nearly 14 billion euros of net debt. The rating agency Standard & Poor's had also downgraded its rating on Lafarge mid-March.

With operations carried out since the beginning of the year, the group now appears to have the wherewithal to bring the agency to reconsider its position. Investors also seem to be confident, since the title Lafarge had opened up during the meeting of July 14, in a declining market.

Having bought the IBM PC, created a joint venture with NEC in Japan, the wholesaler Medion Lenovo adds to his list. This acquisition will double its market share in Germany and become number three in Europe.

Lenovo's strategy – $ 21 billion in sales – based on two simple lines: "Protecting activities where the group is strong and attack other markets," says Le Figaro Milko Van Duijl, President "mature markets" Lenovo. The group operates in China, where a computer is a Lenovo sold three, and the enterprise market with its ThinkPad IBM bought in 2005. It seeks to develop in emerging countries (excluding China) and the consumer market. "In Western Europe, growth comes from consumer equipment, a market where we are not strong and that we want to grow quickly," said Milko van Duijl.PC sales to consumers have outpaced companies.

"The acquisition of Medion is a different way to gain market share. One may wonder why Lenovo did not choose to go directly to distributors, "Ranjit Atwal surprise, an analyst at Gartner.

Shelves in the summer

The German group provides computers to large retailers, including Aldi Group, as well as accessories (printers, keyboards …) and telephones. To get your hands on Medion, Lenovo will pay "at least 320 million euros," said Milko van Duijl paydayloans. Gerd Brachmann, Medion founder and principal shareholder, will retain a 20% stake in the company. It will sell 40% stake in Lenovo and will be paid in cash at 80% and 20% equities. Gerd Brachmann became the first Chinese private shareholder group. This will launch a takeover bid for the remaining shares at 13 euros per share.The offer values ​​the group at 629.4 million euros.

The development of Lenovo in the European market also depends on the shelves. "We will commercialize a product for business in September," said Milko van Duijl. One intended for individuals should "happen before, during the summer." World number four computers could not remain indifferent to the rise of this type of product, which is partly at the expense of PC sales. "Lenovo has failed to improve its image in Europe," said Ranjit Atwal.However, competition is even tougher on the market shelves than PCs. "However, Lenovo could also capitalize on its name to reassure retailers and win against competitors more exotic.

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