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LE FIGARO. – The Netherlands seems to suddenly become Eurosceptics. Why?

Luuk van Middelaar. – In reality, they have always been skeptical about some aspects of the European Union. The Netherlands were among the six founding countries, but their motivation was primarily economic, unlike France, which favored the political dimension. The Dutch have always fought for measures that represent an economic interest, such as the European patent. Then the country became a net contributor to EU budget around 2000, which is not conducive to enthusiasm! As for the current debate over the stability pact, we must not underestimate the impact of the crisis of 2003, when Paris and Berlin have violated common rules: it has reinforced the inferiority syndrome of small countries.

Failure in the referendum on the constitution has he not been exceeded?

France and the Netherlands voted no, but for very different reasons. The French were especially opposed to Europe "neoliberal" characterized by the Bolkestein directive on services, named after the Dutch commissioner … In the Netherlands, by contrast, we did not want an "other" Europe, but "less" Europe, if at all! The Dutch were not opposed to a political Europe.

The debate on the return to national currencies is more violent than elsewhere in the Netherlands. Why?

In the Netherlands, the euro has always inspired mistrust. These fears are now confirmed by the mismanagement of other member countries. Dutch MPs debated the creation of two variants of the euro, the "neuro" for the North and the "Zeuro" for the South. But this debate has remained economically, while the euro has a geopolitical origin: it is a concession of the Germans at the time of reunification.

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Undisputed king of big hypermarkets, Auchan is still not satisfied with its supermarkets in France. The revival began in 2009 has not had the desired results. That year, Atac supermarkets had moulted within a few months in Simply Market, a concept "midway between discount stores and supermarkets," considered at the time as one of the most innovative.

Like the hard discounters Aldi and Lidl, the sign promised to offer low prices permanently, without promotion, building on the savings from reducing the number of references. The investment of 100 million was the largest ever made by the supermarket industry. But in the first month the Simply Market are struggling to approach two goals: increase revenue by 5% to 10% and volume growth of 10% to 15%.  

"We started to rework the concept in April 2010, adding between 400 and 500 references, including national brands and premium stores in 21 tests. The results were improved immediately, Hamet recognizes Gilbert, chief operating officer of the Ile-de-France Sud, which inaugurated Tuesday in Saclay, near Paris, a concept more upscale, radically different from the original. We had to go even further. The Market Simply type, like Saclay, has 14,000 references, 4,000 or more than three years ago. "

This description applies only to the Simply Market in category "food supermarket of attraction." As Auchan is also reneged on its uniform concept, which was not sticking to park Atac, very heterogeneous. Supermarkets, which vary from 500 to 3,000 m2, now have no fewer than five different vocations, the store "ultraproximité" located at the foot of the buildings in the downtown "store of great attraction" in rural areas, compared to small hypermarkets.

60 stores will be revamped this year

"All the Simply Market are committed to being the cheapest way to store their catchment area, Gilbert said Hamet. Our price image has suffered from the gradual introduction of national brands. We lower our prices again and communicate about it in May. We insist particularly on the products in less than a dollar, supplemented by our own list of 52 products permanently low prices, including for example the croissants and steaks. "

Simply Market also relies on promotions, which were reintroduced: an article in ten is now sold at a discount. It is still two times less than the average recorded in supermarkets, but it's the level of promotion in Monoprix.

By the end of the year, sixty Simply Market will be revamped in France. They are especially enlarged to accommodate more products. Auchan seeks a return on investment in 5 years instead of 7. Gives an important family group, which has invested heavily in 2009 and wants to finally find the right formula for its supermarkets. Despite these tentative beginnings, the group is still growing 12% a year for this industry, which must have 3,000 stores worldwide, including 1,000 built in 2015.

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There are increases that hurt the wallet, and others are welcome. The April 1 announcement of more good news than bad.

• Pensions

Pensions of the general (civil servants and private employees) rose 2.1% from the 1st April. A decision expected. A few days ago the joint supplementary pension schemes AGIRC (executives) and Arrco (all employees) have also taken account of inflation higher than expected in 2011 and have upgraded the pensions of 2.3%.

In a joint statement the Ministers of Economy, Baroin, and Labour Xavier Bertrand pointed out that the pension increases took into account inflation in 2012 (1.8%, revised upwards) and inflation recorded in late 2011 (2.1%) a differential of 0.3%.

• Minimum age

The minimum age knows him, a stronger increase of 4.7% and is increased to 777.16 euros per month for a single person and 1,237 euros for a couple. The minimum pension which is paid to 400,000 pensioners the most modest, however, does not yet live above the poverty line which is 954 euros per month for a single person. The proportion of the population living below the poverty line is 13.5%. During the five year period the allowance will be increased by 25% as promised by Nicolas Sarkozy.

• Disabled adult allowance

The disabled adult allowance (AAH) passes almost 760 euros on April 1st, up 2.2%. Accordance with the promise of Nicolas Sarkozy to the upgrade of 25% for the duration of his five years, the AAH "and go to 759.98 euro 743.62 euro per month against current" and "a second revaluation of 2.19% , take place on 1 September, "said recently the Ministry of Solidarity. It would then amount to 776.59 euros per month, or 155.32 euros more than in 2007. The AAH was seen by 915,000 people in late 2010.

• Family benefits

Family benefits increased by 1% (including family allowances, grants for child care, the allowance for school …). Previously, family benefits were revalued on 1 January. But last year, the government had rejected the revaluation at 1 April, making 130 million euros in savings.

In addition, as part of austerity measures, it was decided that family benefits are not adjusted according to inflation but growth. The expected savings are 400 million euros for 2012 and 500 million for 2013. Prime Minister Francois Fillon said that this would be limited to one year.

• VAT on books

After construction and restaurants, it's time to see their books go this Sunday VAT by 5.5% to 7%. Increases announced in fall 2011 and denounced by the booksellers, whose business is already one of the least profitable. At the Book Fair, the PS candidate Francois Hollande said it intends to reduce its rates "from 7 to 5.5%" if elected, to "defend the digital book at one price" and "protect the rights Copyright and the network of booksellers. "

Booksellers manifest on April 28, between the two rounds of presidential elections, on the feast of the independent bookstore.

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TF1 is not abandoning its status string of Formula 1. Monday morning, Laurent-Eric Le Lay, president of Eurosport and patron of sports rights acquisitions for the group TF1, wanted no misunderstanding: "The group intend to compete at the next tender" that launch the FOM (Formula One Management), he said in substance. "We will continue to treat an outstanding Formula 1 in 2012. And in view of the hearings, we will look very carefully the tender. It is true that today we believe that the price paid is very high, or too high fast cash now. " "Given the developments in television in clear, our means are more limited than before," he said.

Each year, the chain headed by Nonce Paolini does not less than 40 million euros to broadcast these competitions, more than two million per Grand Prix. An amount deemed too important by the group, although, on average, hearings Grand Prix on Sunday afternoon are in the chain, to 23.5%, about three million viewers.

On average, hearings Grand Prix on Sunday afternoon are in the chain.

 

Galeries Lafayette and Casino are at war over control and recovery of Monoprix, they each own half the capital. Philippe Houze, president of Galeries Lafayette and Monoprix, explains for the first time its views on the subject.

LE FIGARO. – Why have you started the process of selling your stake in Monoprix?

Philippe Houzé. – In March 2011, I proposed Casino to renew our partnership for three years. After my numerous reminders, the group let me know the end of September it could grant me one more year. This proposal is a totally inappropriate. I realized that Casino wanted to settle in Monoprix and consolidate the company to 100% in its accounts, without paying the price. Our group can not agree to see and leave the company he founded and directed the last eighty years. If he wishes to take control, Casino has a purchase option at the price of expertise together with a control premium of 21%. He does not want to exercise it. Under these conditions, we have to consider the sale, but the evaluation not be taken as the exercise of our put option.

How do you explain that your participation Casino evaluates to 700 million euros, when you consider it to 1.95 billion?

Our estimate is based on the uniqueness of Monoprix. Fifteen times Ebitda, is the acquisition value of the Dutch Hema, the company that has the profile most similar to ours. Our multiple is only 11. As for the valuation of Monoprix Casino, it is very worrying. It is based on a McKinsey report that completely destroys Monoprix saying the group is not equipped to cope with the arrival of supermarkets in the city center and the emergence of e-commerce and its textile business not resist. If Casino do believe that Monoprix is ​​only five times its EBITDA, it leaves me president, I will continue to ensure value creation for shareholders.

Why did you refuse to pass on to Jean-Charles Naouri President of Monoprix?

Wednesday, Casino changed the course of the Board in order to begin, less than an hour later, a communication sequence cleverly orchestrated. In fact, Casino resulted in not being able to present a candidate for President of Monoprix and so was fatal to any other solution than my renewal.

But if Jean-Charles Naouri was a candidate, you would have refused

.

Can you imagine the Galeries Lafayette to accept the head of Monoprix a president who does not believe in the future of the company and who would have all the means to redeem us to devalue our participation at lower price?

Is divorce inevitable?

The attitude of Casino reinforces our idea that it is impossible to continue with a partner in total conflict, which promotes an MTP totally degraded. At the annual meeting of its branch patterns, Casino asked the Deputy CEO of Monoprix not to present his strategic plan, though approved by Jean-Charles Naouri … The current situation is not feasible in the long run. It is damaging to Monoprix, its customers and employees. This conflict affects a major Monoprix and its 20,000 employees fully dedicated to the company. If Jean-Charles Naouri does not accept the values ​​and philosophy of Monoprix, does not comply with the specificity of this format, the company will not resist.

Are you ready to negotiate?

We do not seek to negotiate. We want to return to legality, that is to say, enforce the protocol and allow JP Morgan to evaluate independently Monoprix. Casino tries to block this process. I was reappointed for one year as President of Monoprix. The statutes allow me to be extended four more times. I assume all my functions. Our goal is that Monoprix is ​​run by people who believe in the company, its officers, its values, and are determined to make it succeed. Casino will not, by devious means, take control of Monoprix, because the company would be hostile.

Are you still willing to buy out Casino in Monoprix?

Wednesday, Galeries Lafayette reiterated their offer on Feb. 10 at Casino redeem its share to 1.35 billion euros. I'm surprised that this proposal was not presented to the Board of Casino, I'm a member and including Galeries Lafayette are the third largest shareholder. Jean-Charles Naouri assured me that the offer would be discussed at council Monday. We have the means to finance the offer, if accepted.

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The Spanish Minister of Economy, Luis de Guindos, began talks with the country's banks to reduce the number of foreclosures, which increase with the crisis. It should bring forward proposals to try to avoid eviction of defaulters.

The Conservative government of Mariano Rajoy seized and a sensitive social issue, of concern to all Spaniards and which took up the movement of Indignados. In 2010, 100,000 families were expropriated by Spanish banks for unpaid bills, a number four times higher than in 2007.

This worsening situation is as much a crisis as the structure of the real estate market. In Spain, 83% of the population own their homes, a record in the European Union. Despite a change in attitude since the bursting of the housing bubble, the rental market is still very small.

At the height of the housing boom, banks have extended credit indiscriminately to 100% or more of the property value, and floating rate over periods of up to 40 years.

Bombs

As the seizures, the bankers became the first Realtors in the country. These properties are difficult to sell in a sluggish market, now constitute a time bomb in bank balance sheets payday loans for self employed.

The Bank of Spain on Friday issued the rate of bad loans of Spanish banks. At 7.87% in December 2011, the highest figure since 1994, more than double the rate that prevailed there are still three years. These credits, some of which will never be repaid, mainly concern the real estate sector and amounted to 135.7 billion euros.

Between bad loans and a stock of unsold real estate and land, assets considered "problematic" – as to the uncertain value – totaled 176 billion euros in June 2011.

Financial reform prepared by the Executive aims to clean up the banking sector, the main source of market fears. The aim is to promote the absorption of small structures deficit by leading banks and compel credit institutions to strengthen their reserves of 52 billion euros.

The law was passed Thursday by a large majority of MPs. A sacred union rarely given the urgency of the crisis.

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Eric Besson this Wednesday morning at the University Paris-Dauphine, his new plan, Digital France 2020 laying down broad objectives for the digital sector, which now accounts for 3.7% of employment in France and 5 2% of GDP.

Some fifty measures, the minister will announce that the government wants to free up additional spectrum for the development of mobile broadband. Good news for mobile operators, which, given the exponential growth of traffic, would need additional 450 megahertz. Good news in perspective as to the state, who can expect royalties.

"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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The IEA has revised upwards its forecast 15% annual investment needs in energy. More than 1500 billion dollars (1095 billion) will be needed annually for twenty-five years or 38,000 billion by 2025 and 27,700 billion – to meet global energy demand while respecting objectives in the fight against climate change. Fatih Birol, the very influential chief economist of the IEA announced the figure on the occasion of the Ministerial Conference of the twenty-eight Member States of the Agency, which opened Tuesday in Paris for two days.

The hydrocarbons are becoming more expensive to extract, while renewables are still expensive, says the IEA.Shareholders will they go to needs? Fatih Birol is concerned on two points.

For oil (26% of investment needs to be 10,000 billion), "90% of the production growth will come from the Middle East. If within five years, investments in infrastructure are not to go to this region, will be major implications for oil prices that will fly, "warns Dr. Birol.

Second concern: electricity. "Over 1.3 billion people still do not know", said the expert. About 9 billion dollars are invested every year, "for access to electricity for the poor payday advances."But it would take five times as much, $ 45 billion, mostly in Africa and Asia."

"Governments act without speaking"

For Fulvio Conti, CEO of the Italian electricity Enel, now in Paris for the meeting between ministers and industry, these investments will only be possible if the regulation is "clear and stable," compatible with the time scale of the energy industry is extensive. "Unfortunately, the boss lamented Italian governments acting alone, without speaking. There are rules asymmetrical. That is why we, industrial, have raised our voices, "at the ministerial conference of twenty-eight Member States of the IEA.

In contrast, José Sergio Gabrielli de Azevedo, CEO of the Brazilian national oil Petrobras shows an optimism. His company will invest alone $ 224 billion within four years.Brazil relies on the growth of its deposits "présalifères" buried under the Atlantic to increase production to 5 million barrels per day (mbd) in 2020 half of Saudi production against 2 million bpd now. All smiles, the Brazilian incarnation of emerging countries, says the sweeping fears of a recession, "the future is bright."

Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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