Angela Merkel will host the new president of the French Republic "with open arms," ​​but firmly defend its rigorous design of economic policy in Europe.

The Chancellor reiterated on Monday that it intends to oppose the limits to the will of Francois Hollande to enrich the fiscal pact of measures to support growth. "The Growth Pact is not negotiable. [...] It is not possible to renegotiate everything after each election ", otherwise" Europe no longer works, "said Merkel at a news conference. "Greece could also ask to renegotiate" the austerity plan that it implements in exchange for international aid, for example, she warned. The spokesman for Angela Merkel, Steffen Seibert, also reiterated on Monday that 25 out of 27 countries had adopted the pact in the snatch a few months ago, and it was therefore "impossible" to renegotiate. Greece, Portugal and Slovenia have already ratified.

Angela Merkel, provided, opened the door to the adoption of a new Growth Pact for the euro area, which would add to fiscal pact. But it has clearly defined the limits between what is acceptable and what is not. "Germany is not a growth deficit, but growth through structural reforms", said Steffen Seibert on Monday. In line with about Mario Draghi, the chairman of the European Central Bank (ECB), German Chancellor intends to primarily boost growth in Europe through increased competitiveness, notably by reforming the labor market.  

"Working well and intensively"

For his part, Francois Hollande called for a resumption of growth through capital investment in infrastructure, new energy and industry bad credit pay day loans. The Socialist would draw upon the European Investment Bank (EIB), he wants to strengthen, and remount the EU tax on financial transactions. The contrast with Chancellor Angela Merkel would be so much more frontal Francois Hollande wanted to introduce shared Eurobonds, or reform the statutes of the ECB. The two countries should compare their respective growth strategies in the coming weeks. Chancellor, who invited the new president on Sunday in Berlin, said she was ready to "work hard and intensively" with him. According to Pierre Moscovici, former campaign manager Francois Hollande, one visit may be scheduled "shortly after May 15."

The subject should also be an informal meeting announced by the President of the European Union, Herman van Rompuy, to the end. This meeting will aim to prepare the EU summit on June 28 and 29 devoted to growth and employment. Paragon of austerity in Europe, Germany is on this point more and more isolated. Several countries have called in recent weeks to further stimulate growth in Europe, without their strategies converge systematically. In addition to Greece, whose austerity policy has been sanctioned by the urns, Italy, Belgium and Ireland, in particular, were pleased on Monday to see growth back at the heart of the European agenda.  

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This is the first interview with Jean-Bernard Levy, CEO of Vivendi, since he took over the reins of live SFR, after the departure of Frank Esser end of March. Jean-Bernard Levy happening every day at Defence Headquarters SFR. Including Saturday. Then he joined the headquarters of Vivendi, avenue de Friedland, near the Arc de Triomphe.

At 57, this X-Telecom – who began his career at France Telecom and Matra, before being chief of staff of Gerard Longuet, Minister of Industry under Balladur – knows that his time is short. It should give fresh impetus to the second largest French mobile, thrown by the arrival of Free Mobile and convince the supervisory board of Vivendi to preserve its trust. Some accuse him of having bought at full price – € 8 billion – the 44% stake held by Vodafone SFR yet, just a year before the arrival of Free Mobile does not strongly affect the margins of SFR.

21 million mobile customers

Today, Jean-Bernard Levy must reinvent SFR, which weighs 12 billion in revenue and has almost one in two French among its customers: 21 million mobile customers and 5 million subscribers to Internet broadband no fax payday loans. Faced with the loss of 200,000 customers in six weeks, the operator has responded by lowering prices of its offerings classic "Square" and its low-cost offerings sold online "Red". An adjustment that will weigh on margins in 2012 but in 2013, gradually as current customers under contract will reach the end of engagement. The margin of EBITDA (EBITDA) and should decrease by 12% to 15% in 2012, representing a shortfall of around 500 million euros.

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The roses will bloom again next year in the nursery Delbard. But the vast area of ​​600 acres in Malice (Allier) will have changed hands once again. The history of the empire built by George Delbard in the 1930s, long and consists of garden land production, has not been smooth sailing.

Outlets have been closed or sold, and the Commercial Court of Montluçon decide Monday the fate of the production unit Delbard nurseries of roses and fruit trees. Two bids were reviewed for the company Friday, went into receivership 18 November 2011 and followed since by the administrator Gregory Wautot. One meets Henry and Arnaud Delbard, son and grand-son of the founder, who plan to invest 650,000 euros and keep 54 of 122 employees.

The competing offer comes from Muriel Devoucoux, founder of the company Nurseries Tronçais, associated with the Targa Capital funds. It plans to invest an equivalent amount and retain 51 jobs. "This is more likely. It offers the most sustainable for Delbard, which enjoys a solid reputation, but whose production systems and marketing must be reviewed by a specialist in horticulture, "says a close case.

This experience is most needed to the current owners, the family Torck, which took the entire capital in 2005 from the hands of fund IDI and Henri Delbard. The latter was for seven years in charge of horticulture at LVMH, owner of Delbard, to try to translate his techniques of roses to the vineyards of Moët-Hennessy. The failure was at the height of the ambition of Torck, founder of the brand family clothing Camaïeu. Jean-Pierre Torck was the top spot with its sign of Delbard garden, where roses were marketed its own. He appointed a former Leroy Merlin CEO, responsible for modernizing and growing network of stores very disparate. Within two years, the number of garden centers to the iconic red-and yellow rose has doubled. Delbard has owned up to 35 and counted up to 1,000 employees.

Strategy too expensive

This strategy proved too costly. The Torck invested 80 million euros. In addition, "other garden centers, nursery clients Delbard sanctioned policy Torck, which came to compete directly," says one expert. The nursery has seen sales decline, from 8.7 million in 2008 to 7.4 million euros in 2011.

In 2010, the family Torck has agreed to sell 20% stake in the nursery, deficit, Nalod's group, which operates garden centers around Saint-Etienne. Especially, the latter took over the distribution brand, 14 garden centers and the website Delbard. Today's has 17 stores Nalod Delbard own, in 40 free.

Since last summer, the Torck no longer have any stores. The most emblematic, Tannery Wharf in Paris, was converted into store decoration. Despite this withdrawal, the Torck could not keep Delbard roses in their garden.

For the second consecutive year, the price of the car of the year was awarded by a jury of European journalists in an electric car: the Chevrolet Volt, after the Nissan Leaf in 2011. The least we can say is that these awards recognize technology more than economic success. In the U.S., General Motors will suspend production for five weeks of its Volt. The U.S. has not elapsed in 7700 as last year, missing its target of 10,000 sales. Furthermore prohibitively expensive ($ 41,000 less $ 7,500 of assistance), the application has been hampered by a government investigation, while fires were reported several weeks after collisions. For its part, Nissan, whose activity has, indeed, was disrupted by the Japanese disaster, has sold only 22,000 Leaf in 2011 (including 2,000 in Europe). Figures he intends to double this year.

A drop of water compared to a global production

With tens of thousands of copies last year, this solution is a drop compared with a world production of 80 million cars. In France, only 2,630 electric cars were registered to individuals last year, representing 0.12% of the market.

After the electric Kangoo and Fluence, especially designed for professional fleets, Renault is launching his Twizy quadricycle, and fall, the Zoe, the spearhead of its range. The French put on the price of this car to democratize power: it will be offered at 15,700 euros (including the government bonus of 5,000 euros), which will be added monthly rental of the battery for 79 euros. 150,000 copies per year will be manufactured at Flins.

The group, which provides a market share of 10% for electricity in 2020, appears now more cautious about starting on a difficult European market. "We'll have to show persistence, even quiet. We do not know if the request will happen as quickly as desired. One thing is certain, the price of gasoline will continue to rise and, at a time, each billboard service station will become an advertisement for the electric vehicle, "predicted Carlos Tavares, head of Renault operational flexcheck cash advance.

Meanwhile, Zoe will reassure consumers that they are not likely to fail. For if this car has a range of 210 km certified, in real driving, it comes down to the summer and 150 km to 100 km in winter, with heating. This is why Renault is targeting commuters or provincial equipped with a garage, making every day from 40 to 50 km. The group considers that from 12,000 km per year over three years, it is more advantageous financially to own a Clio diesel Zoe.

Low self

Another obstacle, "in France, there is only one thousand charging points around, as he ought to have ten times more," said Thierry Koskas, director of Renault's electric cars.

Moreover, the Volt arrives this year in Europe as the Opel Ampera. "It will be interesting to see whether demand will be greater in Europe. But make no mistake, this is the first generation of the vehicle, we will need a second generation to continue to reduce its cost, "said Steve Girsky, vice president of General Motors.

Most other manufacturers are skeptical about the power. Toyota continues to focus on the hybrid, expanding its offering. "In 2011, we achieved 10% of our European volumes with hybrid versions. We expect this share to rise 14% this year, "said Didier Leroy, who started a small hybrid Yaris.

For its part, PSA Peugeot Citroën has invested on the hybrid diesel engine to power 3008, 508, DS5 and RXH. Only problem: these vehicles cost an average of 2500 euros more than the diesel version, including bonus of 2000 euros.

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SeaFrance employs 880 permanent employees and 200 CDD, according seasons. The plan proposed by the LDA-tandem DFDS provided for the protection of 460 FTE jobs, maintaining SeaFrance under the French flag, the recovery of three ships 5 million and an investment of 50 million for repairs to boats guaranteed approval cash loans.The Scop defended by the CFDT plans to retain all CDI but he lacked the funds needed to boost activity.

Risk of "social conflict" and funding "nonexistent"

In its ruling, the court held that the supply of Dreyfus, associated with the Danish DFDS ferries group, provided many job losses and that "there are (VAIT) is a risk of serious social conflict." He also found the price offered for the recovery of ships too low and suggested that this recovery could pose competition concerns.

The agency believes that financial services' growth prospects are uncertain "because of" increasing risks "facing the economy. The agency referred in particular to "the incomplete reform of the labor market will continue to hinder economic recovery." In the view of S & P, Spain could fall into recession next year, with GDP expected down 0 guaranteed pay day loans.5%.

The fragility of the financial system is also the Achilles heel of the fourth largest economy in the eurozone.S & P is concerned and "a probable further deterioration of asset quality of the Spanish financial system."

The agency also questioned the budgetary targets of the Zapatero government. The Spanish public deficit forecast at 6.2% of GDP for 2011 could be exceeded. As for reducing the deficit to 4.4% of GDP in 2012, it will not be possible without "additional measures".

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Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

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The new company is 40% owned by the French and 60% by local partners, Double Coin and Huayi. The plant, under construction, will be located in Wuwei, about 400 kilometers west of Shanghai. The project, costing about 390 million, is intended to eventually produce 15 million tires per year, for the Chinese market.The operation was hailed by the Paris Bourse, where the title Michelin jumped 5.3%.

Double in size

The group, whose main production facilities located in markets "mature", had already started the construction of three giant plants in China, Brazil and India. In the Middle Kingdom, where it is installed since 1988, the company has four factories and employs over 6000 people.

Michelin, who wants to double in size in developing countries by 2020, up particularly in Asia, where he says the market should grow by 9 to 10% annually over the next few years. In the first half, he realized, however, still 75% of its sales in Europe and North America.

To succeed in Asia, including China, the French had no choice but to face the players in the middle and entry-level, such as the Korean Hankook, which hold 40% of the world.And that growth has come at the expense of leaders Bridgestone, Michelin and Goodyear. Between 2004 and 2009, global market shares of French are well past 19.4% to 15.5%. "It is very important to have a presence in this niche" of low-cost, recently explained Jean-Dominique Senard, the new managing partner of the group. "We can not leave the field open to our Asian competitors, more and more aggressive." Michelin will instead expand the availability of its distribution network in order to "meet all customer demands." So far, "we were not able to do so profitably," says Jean-Dominique Senard.

Prior to the signing of the agreement, Michelin Warrior Tire already manufactured at its plant in Shanghai Double Coin brand which had given him to use.The French had created a joint venture with the Chinese group in 2001 which he had bought the shares in 2010. The goal now is to dedicate the site of Shanghai to the Michelin brand, and "to increase greatly the production of the Warrior brand" with the new joint venture, said Bibendum.

Relations with Double Coin had not always been in good shape, since 2007, Michelin had accused its Chinese partner to produce in its plants counterfeits of its truck tires.

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