Archive for June, 2010

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Naouri: "Making coffee capsules is not allowed!"

Monday, June 28th, 2010

The morale of French households do not appear to promote a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth registered by the dealer Etienne abroad (10.2% in the first quarter, after 5% last year) largely offset the decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of losing his job and has increased the concern about the standard of living reached a record high since 2007.The French prefer the job security to their purchasing power and their career. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. The France is no longer in a situation of risk of deflation, interest rates are permanently lower guarantee for the future and the weak euro is an element of revival. The figures, including our own business performance, are better that one or two years.

Consumer behavior changes there?

We found two relatively recent trends: first, in an environment perceived as more complex, consumers no longer want it decides for them. They want to regain control over the quality of products, their origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have an edge in this field, for we have long since put its proximity to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use, carbon footprint, or that they are no palm oil and gluten free. We just set up within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino in making choices on offer. We also test innovative book-entry systems allow customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and home furnishings. Casino has no reason to separate from Géant Casino. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know growth significantly, which boosts the growth of overall revenue of the Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we accelerate the pace of renovation of retail outlets every week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue growing at double-digit turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

Nestle has taken action against Casino, which distributes coffee capsules Nespresso competing …

Making coffee capsules is not allowed! You know, in this area, the magistrate is the customer. He has to decide which coffee is better.It turns out that since our Casino capsules are on sale in the Paris region, the top-selling product in our store … We will soon sell them near St. Stephen and the webcast will be gradually extended throughout our network .

The major French retailers have started savings plans that have a significant impact on their workforce. How do you handle this situation, so that distributors suffer a bad reputation of employers, with a high turnover rate and the employment of older low?

We continue to hire in our stores and discount and the number of tellers has not declined. With hindsight, we can say today that the ticket machines do not destroy jobs. Overall, our social indicators are improving. Absenteeism and turnover have decreased in recent months.This is the result of an ambitious social policy and belief that diversity in all its forms is a chance for the group. Thus, we installed in a series of specific measures to promote gender equality and we are committed to recruit 500 people over the age of 50 over three years. Concerning disability, Casino went beyond the legal quota of 6%, with 9.8% of employees concerned.

Some of your franchisees Franprix remain open illegally on Sundays after 13 hours? Do you think the evolving regulatory environment?

The Casino has always respected the law, including work on Sundays. The cases you refer to only a few franchisees that do not represent the position of the group. However, we intend to respect the law and they have made it very firmly.This issue is societal debate but attitudes and practices are changing.

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Lagarde freeze gas prices

Saturday, June 26th, 2010

The Regulatory Commission (CRE) had just agreed to the request of GDF Suez to raise gas prices as of July 1. They grow by 4.7%, bringing the increase to nearly 15% since the beginning of the year. Although this further increase was expected, the household energy bill begins to weigh.

However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until January 1. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.

The "pause" as required by the Minister is made on behalf of a review of the formula that currently GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. 'I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good, "said Friday Christine Lagarde on France Inter.

"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.

The government takes the hand

"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of the prices. In all cases, the balance is difficult to find.

For government, the issue of gas prices remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game

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Bourbon Invests $ 2 billion

Friday, June 25th, 2010

Bourbon has unveiled this morning on its new 2011-2015 plan that includes selling its fleet of sixteen of its bulk to the U.S. Genco Shipping & Trading Ltd for 545 million dollars (440 million euros) and other non-core assets, for a total of 500 million euros.

The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

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Var cost insurers an estimated 700 million euros

Wednesday, June 23rd, 2010

The initial estimate of compensation cost related to flooding of Var (south) amounts to 700 million euros, approximately 45,000 claims, said Wednesday the president of the French Federation of Insurance Companies (FFSA) Bernard Spitz.

"We find orders of magnitude quite similar to (those of the storm, ed) Xynthia" for the party claims related to flooding and not the storm, said at a news conference, Mr. Spitz who noted that the average cost of a loss related to water was significantly higher than that of a loss related to the wind.

60% of the victims compensated in three months

The importance of the bill can be explained by the fact that many businesses were affected, and many car dealerships, said President of the FFSA, which also mentions several herds decimated."We do not yet make a more precise estimate than that," said Mr. Spitz, indicating that many insurers have themselves been victims of floods, making it difficult to make accurate estimates.

The torrential rains last week in the Var and the floods that have caused have affected 1,000 companies, according to the prefecture of the Var.

The cost of the storm Xynthia, which swept France in the west is February 28 and killed 53 people, was estimated by the FFSA to 1.5 billion euros, 700 million due to flooding to about 500,000 claims in total. Mr. Spitz said that in three months, about 60% insured Xynthia victims had received compensation.

deterioration of the profitability of insurers

"The year 2010 does not start better than 2009 in terms of claims," commented the managing director of the FFSA Jean-François Lequoy. Propagation of climatic events in 2009, including storms and Klaus Quinten, but also the increase of thefts and claims costs have put pressure on insurers, who have been forced to raise their prices in home and automobile.

The impact of floods but also Var Xynthia the storm on the combined ratio (compensation and overhead ratio of the amount of premiums collected) for insurers "will be visible," said Stéphane Penet, director of property insurance and liability The FFSA, which should lead to a further deterioration of the profitability of insurers.

Impact on the accounts of French insurance in 2010 should still be "substantially mitigated by the effect of reinsurance," assured Mr. Penette. Once again, Mr. Spitz called for strengthening the policy to prevent natural hazards in France. He has proposed to bring together all available data on the subject, by crossing those departments, insurers and the Central Reinsurance Fund (JRC). "There is a mobilization of public actors to improve the prevention work," observed the President of the FFSA.

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Titles restaurant to pay its yoghurt

Tuesday, June 22nd, 2010

Employees benefiting from restaurant vouchers will soon lunch a pleasant change. Christine Lagarde, Minister of Economy, hopes to "quickly" to sign a decree extending the application of this method of payment in convenience stores, super and hypermarkets.All fruit and vegetables and dairy products (milk carton of yogurt to cheese through) can be resolved in this way.

Specifically, holders of securities (Ticket Restaurant, Cheque restaurant, lunch voucher, voucher table) may offer yogurt and fruit as a breakfast without these products come with a "heart meal (sandwich, casserole fresh, frozen or canned, prepared salads and salad), as set up a charter in force since 1 March between retail and restaurant National Securities Commission (NTRC).

This text, which limits the use to two titles per checkout, had framed the scope of application of restaurant vouchers. The purchase of dairy products was already in effect accompany the famous "heart of meals."The next order will make lawful use hitherto only tolerated at the margin (the purchase of dairy products) and expand the use of meal voucher for the purchase of all fruits and vegetables, not only those immediately consumable. This means that a basket of securities paid restaurant may contain raw vegetables such as broccoli and potatoes … In the entourage of Christine Lagarde, one highlights the benefits of this extension for both health and for the agricultural sector.

"The ink is barely dry, it says, however Bercy. We are awaiting the official presentation of the report of the Working Group. "The latter was established in March, due to abuses in the supermarkets.Some users of securities not hesitate to make part of their grocery shopping with this method of payment, while the system is designed to enable employees, in particular SMEs, to pay their lunch to tax-advantaged, like those enjoyed by employees of large companies often have an in-house restaurant.

The restaurateurs are preparing to respond

Another important point Bercy wants to increase very significantly the number of outlets which can be used for the restaurant vouchers to spend from 4,000 to 10,000.These guidelines are intended to clarify practices that have evolved in recent years.

In 2009, the share of debt redemption made to the restaurant food surfaces (hypermarkets, supermarkets, convenience stores) reached 20%, according to the NTRC, exceeding for the first time that the "similar restaurants (bakeries, delicatessens and caterers) at 19%. Directly concerned, the traditional dining and fast, which became the lion's share (61%), waiting to know the exact contents of the decree to react.

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Pensions Woerth ready to go further on the arduous

Sunday, June 20th, 2010

Nicolas Sarkozy had given two days after the submission of the pension reform for the amendment and it was ultimately changed nothing. The bill, sent Friday around 22:30 unions serving the High Council of State Civil Service, which will give its advisory opinion on July 6, is consistent with the announcements on Wednesday. Its 19 articles incorporate the measures, with the exception of the 3.7 billion euros of taxes on households and businesses scheduled in 2011. These will be included in state budgets and the "Safely" in accordance with the guidelines of François Fillon consolidate all tax measures in these two texts in order to better manage public finances.

The head of state has asked his Labour Minister, Eric Woerth, think by September of possible changes to be incorporated by amendment to the House.And so on three themes: careers long, arduous, and polypensionnés. Three subjects dear to the CFDT. The latter is not even addressed in the present text. These are provided by several statutes passed during their careers (public, private, independent agricultural system …). The calculation of pensions is often disadvantageous for them.

Opening the arduous

But it is on the hardship that opening sketched payday advance. The employees for whom an occupational disease or an accident caused the failure of at least 20% will leave at 60 with full pension, the bill provides. Unpublished, but not enough for the unions.They argue that the mere fact of being exposed to certain factors (heavy lifting, breathing chemicals, environmental noise, night work …) reduces life expectancy in good health, and so should go on retire earlier.

Fearing an uncontrollable costs, the government said no to this point. Eric Woerth, however, acknowledged Sunday on Europe 1 that certain factors can "trigger almost invariably physical disorders. Article 9 of the text in 2012 require employers to record exposure to these "risks" in a "medical record in occupational health" that will follow the employee from one employer to another. Prerequisite to a device for all these people to stop working before the legal age? The Minister of Labour was careful to say so explicitly.

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The requirement for U.S. investors

Friday, June 18th, 2010

Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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War trial graphics Kerviel

Wednesday, June 16th, 2010

What's better than a nice graphic to save everyone a complex financial statement? Nothing. The trial of Jerome Kerviel, which opened June 8 at the Paris Criminal Court, is the scene of a squabble curves and histograms.

On Tuesday, it comes from the days when he officiated at Societe Generale. As usual, two competing theories. That the defendant, who ensures that his positions were stratospheric in plain sight at all times by his superiors and the various supervisory bodies, both in terms of unrealized losses (less than 5 billion euros in July 2007) in terms gains (1.4 billion in December of that year).And his defense to the form of 'graph', a comparison of the cash positions of the eight traders of the Delta One desk.

It shows seven lines of different colors follow almost straight trajectories, as brave barges pretending to race in the same channel. And then a red line, Jerome Kerviel, who could have been drawn by a trader during an exercise in crazy bungee jumping. It falls very low, it goes very loud, it falls, and so on. Mr. Metzner triumph, the yoyo manic over the barges is apathetic to him one more proof that the hierarchy "could not ignore" what was going on in the trading room of La Defense.

But it would be too simple. Because the plaintiff out of his sleeve another powerful "graph," which proves exactly the opposite.In this figure apparently scientific but objectively confused lines sawtooth cross in all directions. That of Mr. Kerviel is drowned amidst the other, no more extravagant than the average. "It's like comparing apples and oranges," protested the prisoner. "Not at all, contends Ms. Dumas. This is the other "graph" 'which is misleading because it is a focus on a small activity of Delta One "— the risk-free, which should have been monopolizing the energy of Mr Kerviel.

In short, it turns in circles.

In the afternoon, Moussa Bakir, 34, appeared at the bar. He was a trader at Soc Gen where he hugged Jerome Kerviel. Then he joined the brokerage subsidiary of the bank, Fimat, as broker.In mid 2007, the two men how to work and seems to become friends – witness the picturesque email exchanges, interspersed with "lol" and whatnot lexical far removed from the professional jargon.

Mr Bakir recounts how, at the end of 2007, he executes orders more and more — there will be tens of billions of euros — initiated by his friend: "The volume increases, commissions too. But my work has been monitored, encouraged and welcomed. I saw nothing unusual in my case. " At stake, a bonus of nearly $ 1.5 million for the broker.But the huge volume of financial products that negotiates on behalf of Jerome Kerviel it puts some flea in his ear, and he asks the trader for whom he acts: "He told me it was for a client bank, a fund based in London, through a so-called "Doubt," which he had often done by telephone, he saw some who scolded and whose goal was to win one billion. Jerome has often spoken of Mat.

Jerome Kerviel: "It did not happen like that. He was insistent, so I told him about a client. Yes, it was a hoax.

The President: "But why would he have spoken again later?"

The accused: "I do not remember having done."

The Chairman: "Keep up your statements?"

Witness: "I stand".

Monday, Kerviel felt twice as playing with the controls of the bank constituted a "national sport".The next day, he acknowledges having created a "hoax" to counter the curiosity of a friend. A big hoax, namely: Mr. Kerviel, which multiplied the fictitious positions to hide his positions, he also invented a client of flesh and bone to justify its investments unreasonable. He was named "Mat". How long he thought he would play only this game of chess?

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Wall Street chooses the rise

Tuesday, June 15th, 2010

Tuesday's session starts on a positive note. A few seconds after the opening, the Dow Jones is 0.66% at 10,258 points, the Nasdaq climbed 0.62% to 2258 points and the S & P wins 0.58% to 1096 points.

On Monday, after having risen during the session, the Dow Jones fell into the red after a further deterioration of Greece's debt by Moody's. At the finish, the Dow Jones dropped 0.20% while the Nasdaq has eaten 0.02%.

On Tuesday, markets were reassured by national indicators considered generally positive. The subscript "Empire State" measuring the evolution of manufacturing in the state of New York continued to rise in June although employment has declined sharply, according to the regional Federal Reserve. The index stood at 19.57 against 19.11 in June in May

Also note, the import prices in the U.S., who have registered their biggest drop in ten months in May because of the plunge in prices of petroleum products.

U.S. investors are also added reassuring the reaction of European markets after the announcement of the deterioration of the debt rating by Moody's greek last night. The evolution of the euro (which returns above the $ 1.22) has become a yardstick of investor appetite for risky assets. But auctions Spanish, Irish and Belgian reassured markets on the debt problems of the region despite the lowering of the Greek sovereign rating speculative grade by Moody's.

BP, still under pressure

On the side of values, BP shares traded on the NYSE are attacked again, facing political pressure on the British group: they fall from 1.29% to 30.39 dollars. According to the parliamentary committee of inquiry of Congress, BP took risks to save money in the drilling of Macondo, the source of the spill in the Gulf of Mexico. A hearing leaders of the group is scheduled today before this Committee and President Barack Obama has a speech tonight faxless pay day loans.

In addition, Fitch downgraded six notches Tuesday of the memorandum of oil due to higher estimated cost for compensation of victims of the spill.

The media group News Corp. (0.61% to 13.20 dollars) submitted to the British BSkyB, which already owns 39%, a bid rejected for being too low, but both companies are continuing discussions with a view a friendly offer.

Apple (1.21% to 257.36 euros) announced Tuesday the launch of a new version of its Mac mini personal computer, its entry-level model, sold from $ 699.

Best buy (-5.94% to 38.61 dollars) Tuesday reported a bpa of 36 cents under its first quarter and a turnover up 7% to 10.8 billion dollars. The consensus of analysts polled by Reuters gave an bpa 50 cents on revenue of 10.930 billion dollars.

Pepsico (0.58% to 64.22 dollars), the world's number two soft drinks, has no plans to split its bottling subsidiaries, whose capital it has recently risen to 100%, said Monday one of its leaders, Tom Greco, while his arch rival Coca-Cola has hinted he might go that route. He added that the buyout of minority other bottlers not among the priorities of PepsiCo but it could be a buyer if some shareholders wanted to sell their shares.

Hershey (-0.26% to 50.75 dollars) said on Monday forecast earnings per share (EPS) 2010 adjusted between 2.47 and $ 2.52, in line with the consensus. It also anticipates a turnover up 6 to 7% in 2010 compared to 2009.Hershey plans to cut between 500 and 600 jobs, or 5% of its workforce, as part of a restructuring plan and cost savings of 60 to 80 million dollars (49 to 65 million euros) per year.

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Fillon wants to reduce spending by 45 billion euros

Monday, June 14th, 2010

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added no fax pay day loan.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

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