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The resumption of construction at the trial of Egyptian crisis

Confidence and optimism. Bouygues in Vinci, through Lafarge, Saint Gobain, Ciments Vicat or French, the recent wave of publication of annual results in the construction ended on quite positive outlook for 2011. "I am convinced that the return to growth, yet very contrasting last year, will continue this year," said Pierre-Andre and Chalendar, CEO of Saint-Gobain, in an interview with Le Figaro, after the publication of annual results of the group. The diversified giant Bouygues seeks to increase its share of sales by 2% in 2011, driven by construction and telecoms. The prospects are very favorable for Lafarge, which "anticipates growth in its markets of cement demand between 3% and 6%" for the current year.

For Natixis analysts, however, the horizon is perhaps not so clear for the construction industry.According to them, "lack of visibility into Egypt" may weigh on the sector. In a note, they believe that "even if the long-term prospects remain very attractive, the Egyptian market in 2011 is expected to suffer from political turmoil that hit the country with the transition from the old regime and the establishment of a new ". And they expect a decline in demand for cement 5%, and on a slight decline in prices, "because of new capacity will be commissioned in 2011, representing 4 to 6 million tonnes, 10% of the request.

Egypt, a barometer of 2011?

This analysis echoes the concerns expressed recently by Standard & Poor's. The rating agency announced Feb. 23 that it planned to lower the note by the Lafarge Group, world's leading cement, due to its exposure to the Middle East and Africa, particularly Egypt.Lafarge has made about 40% of its operating profit in 2010 in these areas has advanced S & P. According to Natixis, the political situation in the Middle East and Africa could jeopardize the objective of growth of volumes of Lafarge in 2011. The French group, which employs 2,200 people in Egypt and produces 10 million tonnes of cement per year for the local market, ceased activity at its plant located 200 kilometers from Cairo for seven days.

For its part, the Italian Italcementi Group, which claims the number one spot in Egypt, admitted last week that "the current financial year could suffer from some factors of uncertainty, such as rising commodity prices and time needed to normalize the situation (in the country, Ed). The cement had to temporarily suspend production at its five plants in Egypt late January.

The French established a very

According to the 2010 report of the African Development Bank Group in Egypt, the construction industry grew by 14.7%, supported by giant infrastructure projects developed by the government. Sites on which the French groups are present in strength. In particular Vinci and Bouygues, which involved the construction of Metro Line 3 of Cairo. In the wake of Lafarge and Saint-Gobain, the two groups had to organize the repatriation of almost all of their some 180 expatriates in Egypt. The work of the subway line was suspended, but Xavier Huillard, CEO of Vinci, acted on March 6 that it restarts "in the coming days."

In unison, the French industrial relativize the impact of the political crisis in the Middle East on their business. Lafarge is not too worried.Its CEO, Bruno Lafont, spoke of "a limited economic impact" after the cessation of production at its plant in Egypt. Pierre-Andre de Chalendar, CEO of Saint-Gobain, which opened last November in Egypt's largest flat glass plant in the region, recalled that the area represented "less than 0.5% of the aggregate exposure" group. On Vinci, analysts Exane BNP Paribas have recently emphasized the "limited exposure" group in the region, particularly Egypt.

Opportunities to seize

Finally, the cement company Vicat, whose consolidated sales in Egypt posted a solid increase of 7.6% in 2010, assured that its industrial base was not affected by the unrest. "The group remains confident about the evolution of the Egyptian market and its ability to fully benefit from its growth," he said during the presentation of its annual results.

Some even see in the "revolution" Egypt is a great opportunity. "Egypt, the most populous country in the region retains its potential. She has significant needs for housing and infrastructure, "said Bruno Lafont, CEO of Lafarge. Bouygues said he was not present in the Middle East and North Africa, a region that represents less than 4% of its backlog, but he was interested. CEO Martin Bouygues, look forward with enthusiasm: "I hope that the movements of revolution will create an economic boom in these countries."

In exchange, the shares of construction players have found the colors, as a result of optimistic statements from their leaders.In January and February, they had been severely battered by the crisis in Egypt.

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"SPECIAL – Arab Revolts

Itching of Warren Buffett

"Our elephant gun is reloaded, and I relax that itches." At 80, the multi-billionaire Warren Buffett, good shot of global finance if any, is more than ever ready to draw in search good investments. His company, Berkshire Hathaway, an empire of eighty subsidiaries, diversified energy, clothing, jewelry, business aviation and stakes in big companies like Coca-Cola, just to garner 12 , $ 97 billion profit, up 61%, "he wrote in his annual letter to shareholders.

The hunter investment should reap even more cash by the end of the year to make new purchases. At the height of the financial crisis, Warren Buffett purchased preferred shares of GE and Goldman Sachs, for small sums respectively 3 billion and 5 billion dollars.In exchange, the two companies paid dividends to their savior by 10%. GE and Goldman have planned to buy back its investment in the coming months, which bodes well for the thirsty acquisitions inflow of new money counted in billions of dollars. Businessman offers its shareholders to be "healthy" and does not intend to retire. Better, he exhorts his countrymen to be optimistic.

The latest U.S. macroeconomic indicators are disappointing? "Tomorrow is always uncertain," relativized the old veteran. Encourages risk-taking, but with common sense. The 2008 crisis showed, he recalls, the risks of investing with borrowed money. Practice "addictive," he complains. In good family man, Warren Buffett still retains its investment fund for a small envelope of cash in unforeseen circumstances or good opportunities.End of 2010, this reserve of cartridges weighing 38 billion. What relieve itching Warren shooter.

The A330 military took over four countries

The Airbus tanker derived from the long-haul A330 aircraft, will enter service later this year in Australia. Canberra has ordered five copies of this multi-role military aircraft, both tanker and cargo, should receive its first aircraft in spring. "In general, the commissioning follows eight to ten months later," says one Airbus. The European aircraft manufacturer delivers a complete unit which will then be militarized by the client, by the Royal Australian Air Force, for example with cons-measures to protect the aircraft. In Australia, a partner in Airbus, Qantas Air Service, which will implement the rigid pole, called boom refueling.

The A330s will begin in Australia military career already well underway. The European aircraft, also known as KC-45, has won all the latest tenders in the world.He was chosen by the British Royal Air Force who ordered 14 via a leasing agreement unprecedented in military matters, the Saudi army with five units and the army of the United Arab Emirates (UAE) up to three tankers. In total, Airbus has garnered 28 orders from four customers for a value not provided. As a guide, the list price of the A330 is 170 civilian million.

Apparatus assembled in Toulouse

The European supply has received its airworthiness certificate civil March 17, 2010 by the European authorities (EASA). His military certificate was issued by the National Institute of Technology Spanish competent authority in this case as Airbus Military, which is responsible for military programs Airbus is based in Spain. The product however is assembled in Toulouse, France on the same production line as the A330 civilian.

Airbus shows significant ambitions for its KC-45. In his own studies, the potential market is around 250 aircraft in the world outside the United States. France, for its part, could be ordered 15 copies.

Channels Info: battle around 2012

For strings of info, the 2012 presidential election is a major event and a passport to the future. Five years after their arrival in the free TV, TV-BFMTV and i know they will play an important part of their audience and their legitimacy. LCI, a subsidiary of TF1, which is broadcast on TNT pay, rather aims to consolidate its reputation. Since the beginning of January, they were all launched in the race and plan a rise.

Info chains are struggling not only among themselves but also against larger historical chains which hitherto had a monopoly on political debate. Pierre Fraidenraich, the CEO of i-TV, says: "The president began Jan. 3. This event will be played on the news channel as a priority, rather than on the major networks.99% of French people will be able to watch real-time event, in our case 18 hours a day online. "

Each morning, i-TV in partnership with Radio Classique presents "En route to the presidential" by Guillaume Durand and Michael Darmon. Follows the "Press Club" that meets one of the greatest columnists of newspapers and TV. Finally, since January 10, i-TV spends an hour with info about "Elysee 2012," a program into smaller modules sequenced from heavy maintenance in zapping the day. On weekends, it is a "Sunday morning political" i-TV closes the week. Pierre Fraidenraich states that "in November-December, the average quarter hour audience totaled 120,850 against 117,402 for the issue on concurrent BFMTV. The fight rages on and each chain is fighting hour by hour.i-Télé is considering "offering new formats on the strength of Canal +, to further differentiate the antenna.

Campaign on Twitter

BFMTV side, the chain will not have to play as the underdogs in 2007 cash till payday advance. One that has become the meantime, the first news channel continuously refines its device. It is primarily the extension of one to two hours of "BFMTV 2012, issue of Olivier Mazerolle, on Sunday evening. According to Guillaume Dubois, chief editor, "the first totaled 200,000 viewers to average quarter hour." Moreover, BFMTV just signed with the CSA polling institute a long-term contract which will have its own figures and estimates for large election nights.The day is bordered by the new political column Christophe Jakubyszyn, editorial director of RMC, followed by Jean-Jacques Bourdin – "Bourdin 2012" – and the issuance of Ruth Elkrief the evening. From September, the team will grow by two new journalists and new appointments.

Finally, to Eric Revel, director of LCI, "our system can have the same treatment as others. We must offer more analysis and decryption that our competitors. " Thus "The club LCI" that anime is a monthly show in public dialogue by business leaders and political leader. Likewise, since September, "Think Tank" program focuses on future candidates every Friday. "We are on the bottom and not the scum of things," insists Eric Revel, which provided, intends to maintain the tradition of political duels. Finally, a Journal of the presidential "is in preparation.To stand out, LCI will resume on air "the Twittoscope" concocted by TF1 News, Metro and TNS Sofres. This will be the first political barometer made through social networks. For LCI no doubt that part of the presidential campaign will be on Twitter.

"France has not done enough structural reforms"

Inflexible on inflation, reassuring on economic growth and prudent public debt crisis. Sunday dinner guest of the Grand Jury RTL-Le Figaro-LCI ", Jean-Claude Trichet, ECB president, gave a positive assessment of the euro. Since 1 January 1999 the euro area has created 14.2 million jobs, when the United States, whose population is of the same order of magnitude, created only 7.8 million.

Addressing skeptics, he recalled that the last opinion poll Ifop made in France, reported a 72% majority of French opposed to an output of the euro. There were no "difference between the sensibilities of right and left," he said. The Economics of Monetary Union "shows an ability to bounce higher than what was anticipated, and that since the third quarter of 2009," he said."The situation remains difficult but it is quite comforting," while acknowledging that "the crisis of sovereign risk (states) remains" in Europe, but also in all advanced countries.

Ensure stability of prices

While the rise in consumer prices was 2.2% over the last twelve months in the entire euro zone, Jean-Claude Trichet has held that interest rates were "appropriate to their level … We will always necessary decisions to ensure price stability, "he said us fast cash. He sees no contradiction between a possible increase in rates by the ECB and growth. "We're in a market economy. Rates for two, five, ten and fifty years include inflation expectations for the future. If we ensure price stability and if it is credible, we guarantee the interest rate (market) the lowest. "He also admitted that the last digit increases in consumer prices "have almost exclusive explanation for the price of energy."

Regarding the prospects for growth in the medium term he again expressed regret that the States have not committed programs of structural reforms agreed at Lisbon in 2000, which led the European Council to commit to such reform in 2020: "France has not done enough of structural reforms and have growth potential than it is today (if she had business)." As for 35 hours, he considers "that greater flexibility is needed."

On the euro, he believes "there is no currency crisis as such, but difficulties more or less important for states to finance it.The European Financial Stability Fund, established last spring, "must be improved in quantity and quality to be as flexible as possible," he observed.

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Blank year in the Paris Bourse

A year or almost white. The Paris Bourse turns the page of 2010 a short distance (- 2.17%) from its level earlier this year. After the good 2009 vintage (22%), the 2010 is disappointing and turbulent. "2010 has been a bad year for the CAC 40 more than for equities," the economists note, however, the bank Leonardo. Part of the Paris stock exchange ended the year on a high note. Next 20 index which lists the candidates in the CAC 40 has jumped by 29.3% and the average values of 18.12%. These performance differences are partly explained by the CAC 40, in which certain values were more likely than others to the crisis of sovereign debt of countries in the euro area."The index in Paris was hampered by financial stocks exposed to sovereign risk through its European and overweight in oil companies and pharmaceuticals," say economists at the bank Leonardo.

Photo credits: Eric Piermont / AFP

The state is still struggling to control their expenditure

This is one of the leitmotifs of government: to bring its public deficit to 3% of GDP in 2013 to contain its debt, France must first reduce spending. Because the other option – massive tax increase – would kill growth. And then the level itself of high public spending (it absorbs 56.6% of national wealth) suggests some leeway.

To achieve its objective, the government has set rules, particularly on government spending, a priori more "controllable". Each year, the total expenditure of the State should not grow faster than inflation, while expenses, excluding charges, debt and retirement of civil servants must remain constant in euros. One way to keep the budgets of ministries whatever surprises on the burden of debt.

On paper, the proposed 2011 budget meets the road map.The state spending rose only 1.3% to 1.5% inflation. Excluding fees and expenses of debt and pensions remained stable at 274.8 billion euros. But in detail, the picture is less rosy. Because the state has always so difficult to control certain budgets.

In May, Francois Fillon announced that the operating expenses (expenses associated with the policies carried out mostly in the office) and non-staff operating costs were reduced 10% by 2013 and 5% in 2011. Yet in its report on the Finance Bill, Philippe Marini, the UMP rapporteur of the Budget in the Senate, said that the operating expenses will decrease by 1% next year, to 58.9 billion. At Bercy, it contends that "the effort should not be calculated from the 2010 level but compared to the natural drift of expenditure.In 2011, they will be 5% lower than they would without the measures taken by the government. " In fact, the executive decided real savings: it reduces the number of contracts and helped cut out the exemptions from payroll taxes (including employment at home). But it also has a subterfuge, by reallocating some costs to other agencies. The State "share" and the financing of vocational training with social agencies for 330 million …

Social benefits and wages of civil servants

Especially, the government did nothing to stop the drift of social benefits. Bercy had planned to curb the rise in the allowance for disabled adults and to prevent the accumulation of individual housing allowance (PLA) with a half-share of family quotient.But, faced with protests, these projects were abandoned.

More surprisingly, the state firm grasp its operating costs. Including its payroll, as pointed Gilles Carrez, the UMP rapporteur of the Budget to the Assembly in its report on the Finance Bill. Despite the non-replacement of retiring in two, staff costs excluding pensions will increase from 700 million in 2011 to $ 82.7 billion. The reason: fewer retirements and skidding all bonuses paid to employees. "But by 2012 the payroll decline", says it does at Bercy.

Furthermore, savings are low on operating expenses in the strict sense, despite the streamlining of procurement, information technology and other charges as part of the general revision of public policies. Next year will be lower than 2% (barely 200 million).Admittedly, 2011 was marked by exceptional operating expenses of $ 400 million, principally for the French presidency of the G20. But the State did not offset by additional cuts. Even if there's progress in ministries and parastatals if (Météo France, museums, etc..) Are better controlled, the state is still far less strict than a business.

OECD calls for further tax reforms

Recession and structural reforms have significantly reduced last year, the tax burden in rich countries. This is the main conclusion of the annual tax revenues of OECD published Wednesday by the organization in the chateau of La Muette. Taxes on businesses, households and consumption have thus shown, in 2009, 33.7% of GDP in OECD countries, one percentage point less than in 2008 (34.8%).

This decline is "unprecedented," notes the organization's tax expert, Stephen Matthews. "The tax burden has returned to levels not seen since the early 1990s. "Even if we qualify by country. Sweden and Denmark, for example, displaying the highest tax among developed countries, have not suffered a significant decline.Conversely, it has been spectacular in Iceland and Spain, where the tax burden has fallen more than 6% in two years, following the bursting of the housing bubble.

In France, which remains in the forefront of the most heavily taxed, the tax revenue share rose from 43% in 2007 to 41.9% in 2009. On the positive side: the Hexagon is, according to the OECD, the few countries where the tax burden has declined for three consecutive years. Despite this, their level remains very high, almost 5 points higher than that displayed by Germany, for example, where taxes account for only 37% of GDP. Another lesson from this study with the taxes that weigh more than 23.9% of their national wealth, the U.S. is the third of OECD countries showing the lowest tax.

For the Organization, the challenge now is the developed countries to "aim for a tax system that enhances economic performance." "The crisis is an opportunity to establish more equitable system," suggests the director of the Center for Tax Administration in OECD, Jeffrey Owens pay day loan lenders. Rather than increase the tax burden, it must be better distributed and more progressive.

France, bad student

"The tax burden should involve more use and land ownership as income physical," says Jeffrey Owens. The expert also calls for broadening the tax base and lower tax rates, citing two cases of success, Russia and New Zealand. Another priority is to simplify systems, reduce administrative costs. On this point, France, OECD to record the number of taxes, is like a bad student."This is the land on which we used as many pages to describe his system," quips Jeffrey Owens. Just for property taxes, France has more than five charges. Bercy should initiate a complete overhaul of the system between corporate taxes, taxes on income and consumption taxes to make it more consistent.

To replenish their funds, states must also focus more on environmental taxation. "We talk a lot. Now we must take action, "Judge Jeffrey Owens severely. As proof, the share of taxes "green" is steadily decreasing over the past ten years. Another advantage is manna to the fight against tax evasion, hobbyhorse dear to the Organization."It's important for Treasuries since the amounts are very important but also vis-à-vis public opinion to show the fairness of the tax burden," said Jeffrey Owens, who praised the passage of initiatives former budget minister Eric Woerth. "France has recovered 1 billion euros of revenue offshore and this is just the beginning …"

The tanker contract postponed

Twice canceled, postponed again … The contract for the renewal of the fleet of refueling tankers for the U.S. Air Force, which pits Boeing and Airbus, a subsidiary of EADS, will not be awarded until early 2011. The Department of Defense had initially announced its decision in late December. Involved, the renewal of 179 tanker aircraft for the U.S. Air Force, 35 to 40 billion dollars.

"Some aspects of selection took longer than anticipated," commented soberly Kodlick The Colonel, a spokesman for the U.S. Air Force. According to the newspaper Defense News and the Seattle Daily Times, the Army has committed a blunder. She sent her to Airbus technical assessment of the offer from Boeing. And vice versa. Once they have discovered, both companies have warned the Pentagon.

The confusion will come from a "secretarial error," according to the USAF.Airbus and Boeing "has explained the blunder indirectly that they thought was an honest mistake," according to Defense News, which says it is not certain that error calls into question the selection process.

The price disclosed

This confusion "does not question the timing" has secured for its part, the spokesman for the U.S. Air Force (USAF). At this final stage of bidding, the two manufacturers can no longer modify their technical proposal. According to one analyst interviewed by the Seattle Times, however, manufacturers may still change their prices.

However, as the Seattle Times, the transmitted data include vital information on the price of aircraft. "Knowing the price of the opponent, then everyone can adjust to his role," the paper suggests. At the very least, the information disclosed by this blunder could fuel a potential complaint of the loser, the newspaper said the United States.

A series of incidents

From the beginning, the tender has been peppered with incidents. First awarded to Boeing in 2003, he was once canceled for conflict of interest. Then awarded to Boeing in 2008 and his ally while Northrop Grumman, the contract was broken by the U.S. Court of Auditors noted that there are errors.

Boeing proposed a modified version of its long-haul B767, EADS a modified version of the A330 Airbus. The U.S. Air Force wants to rejuvenate its fleet of 500 Boeing KC-135.

Aziz Senni: "Young people need to type the embeds'

Aziz Senni once said "If I must be the service beur, beur I will be the service." He kept his word and created an airline ATA collective side of Mantes-la-Jolie after a BTS and a few months in business. Since then, the young man from Val-Fourre has come a long way and created an investment fund turned to the suburbs – Business Angels Cities – with, among others, the support of Claude Bebear, former chairman of Axa and Michael David Weill, chairman of Lazard.

Aziz Senni was quick to mention him by publishing the social elevator is broken, I took the stairs (Archipelago). He advocates a proactive vision of integration and invites young people from immigrant footholds in networks where they are traditionally excluded. This he did in canvassing the cream of French capitalism to create its investment fund.The young man is ambitious, interested in politics, he joined the New Center. He has published Monte your biz, the 10 commandments of the contractor cited in Pearson and founded the National Association of Young Entrepreneurs.

Networking, Aziz knows. He started fast but not stable woven its web. Just visit the website dedicated to him to understand that one is never better served than by yourself. Facebook page, Twitter, associations or companies which he founded … In our video, Aziz invites young people from cities to lie Pierre Bourdieu and to build social capital which they lack at birth.

You could say he has succeeded in implementing the advice he gives to the camera: "Enter the encrusted in meetings and groups of contractors."