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The cost of tax loopholes skids

Saturday, May 28th, 2011

If the 500 tax loopholes are losing 72 billion euros of revenue to the state, because they are widely used by households and businesses. In point of sometimes being victims of their success. Result, year-end, cost is higher than had been budgeted at the previous fall in initial budget act. This is shown by the "annual performance reports" of 2010, documents published by Bercy Wednesday.

Thus, the reduced VAT in the restoration has cost 3.13 billion euros to the state in 2010, instead of the 3 billion expected. If this divergence is not huge, it will add grist to the mill of the many critics of the measure. Other niche challenged the cost soared: the premium for Employment (PEP). The state has spent $ 3.56 million last year for this tax credit for workers modest, instead of the 3.2 billion expected.And this while another aid mechanism, the RSA "activity", is duplicate with the EPP.

The exemption from income tax for overtime, a measure supported by the majority but criticized by the Socialists, has it, cost 1.36 billion in 2010. It is 160 million more than expected. Explanation: Recovery has promoted the use of overtime.

Similarly, the slippage of the cost of research tax credit – 4.5 billion instead of 4 billion – may be seen as a sign of renewed vigor of research in industry or, conversely, as the developer of the excessive generosity of the tax reduction. The Consolidated Global Profit Tax System, awarded to only five groups (including Total and Vivendi), cost 461 million instead of the 302 million budgeted.What revive, again, the debate on this benefit …

Abyss of self bonus

The documents allow Bercy be noted some improvements. Thus, the recalibration of tax credit on income for the equipment green house has borne fruit. For the first time, the cost of this niche has been in line with what had been budgeted (2.6 billion). Other important niche remained in the nails: Tax Credit for employment of staff at home (1.75 billion). As for the niche most expensive – reduced VAT for the work of housing – it cost a little less than expected (5.05 billion instead of 5.15 billion).

Remains a fundamental problem: Many tax benefits are not considered as niches by the Budget Ministry.

By adopting a more comprehensive, Philippe Marini, the rapporteur UMP budget in the Senate, amounts to 220 billion cost of tax loopholes, instead of 72 billion Bercy. Example: The bonus-malus automobile is not considered a niche. However, its cost has gone wrong in 2010, reaching 521 million instead of 126 million budgeted!

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Reduce immigration, a red herring for economists

Friday, May 27th, 2011

In recent weeks the government has repeatedly expressed its willingness to reduce migration flows. In April, the Interior Minister, Claude Gueant, promised "to bring down the volume of legal immigration." This week, the immigration of work he begins work. "Contrary to legend, France did not need the skills of immigrant, said the minister. It has the resources necessary "to fill its vacancies and" did not need bricklayers nor servers restaurants. "It is common sense," outbid Tuesday Budget Minister Baroin. A sense that still leaves many economists skeptical.

"On paper, it may be tempting to put face to face and unemployed immigrants," said Patrick Simon, a demographer at INED.If the French labor market was free of immigrants, it would make it not even more vacancies for indigenous peoples whose unemployment rate is one of the main concerns? "They forget that these two categories of people are not interchangeable," said Patrick Simon. Clearly, natives and immigrants do not occupy the same types of jobs, and make little competition. "They would rather complementary. And in this regard, there is a relative consensus, says Xavier Chojnicki, economist at CEPII and University of Lille 2. Most studies find indeed a very small impact of immigration on unemployment. "

"In France and Europe, the labor market is very segmented," he says. Immigrants often occupy low-skilled jobs, low wages, difficult working conditions.Areas of restoration, construction and personal services for example, still struggling to fill jobs that natives consider insufficiently attractive. According to the latest survey on the needs of labor performed by employment center, 61% of the offers of aid to home and pose difficulties for recruitment. "If the stream of immigration had to be reduced, this would create further difficulties in recruitment of these areas," said Xavier Chojnicki. With a probable consequence of a sharp rise in the black.

20,000 people per year

"In addition, try to reduce labor migration is surprising because it includes more migrants selected," Patrick says Simon.These 20,000 people a year who come to work in France at the request of business owners do in fact represent a small fraction of the 200,000 immigrants who settle there each year, including family reunification or humanitarian grounds. "Employers expect an easing of the rules because they need the foreign labor," he says.

Since 2006 and until recently, Nicolas Sarkozy also advocated for a "selective immigration", encouraging the arrival of candidates selected according to their professional profile. "Since then, labor migration has increased from 10,000 to 20,000 per year," said Patrick Simon. A marginal number compared to 500,000 job vacancies currently unfilled in France. "In total, this is not much either compared to the total migratory flow," J. demographer.Because France, like most European countries, is struggling to bring immigrants into its territory the most attractive. As such, Canada, Australia or the United States doing well ahead of the game their best

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In Spain, the "lost generation" remains committed

Sunday, May 22nd, 2011

The economic austerity, mass unemployment and the impending local elections have, since last Sunday, the emergence of a broad popular movement among the youth of Spain this week. Los indignados ", ie Indignant, as they call themselves, occupied since last Sunday instead Madrid Puerta del Sol.

Now "illegal", the electoral truce in effect banned the demonstrations, but determined to hear their ras-le-bol of the crisis and unemployment, hundreds of youths were mobilized Saturday in the camp alternative to the Puerta del Sol in Madrid .Shouting "we are now illegal," an immense crowd welcomed Friday at midnight on the start of the truce, after, at the stroke of the clock, symbolically launched a "silent scream" of scotch tape on the mouth, arms raised to heaven.

"Apolitical" and "citizen"

Saturday morning, a thousand protesters still occupying the "village" of tents and plastic sheeting instead of blue madrilène.L agency Efe, based on counting a specialist company, puts the figure of 19,000 protesters Friday night to the Puerta del Sol and surrounding streets, crowded. Other media put the number at 25,000 to 60,000 in Madrid and throughout Spain. The movement has indeed spread throughout Spain under the slogan "Toma la plaza" (Takes place). It is present in 57 cities.The youth movement, building on its growing popularity, plays on the ambiguity of the law and the embarrassment of the government, repeating that he is "apolitical," "citizen" and that the days of Saturday and Sunday will be devoted to the pursuit of "reflection" collective. "We act in full respect of the truce election meetings will be held but no action will be decided," Lopez said Saturday, a spokesman.

"We do not want to overthrow the politicians, just to restore the level of concern of the street, told El Pais Gandara, a spokesman of the movement. "We are not anarchists, nor opponents of the system. We are just normal people "who want a form of participatory democracy.

This spontaneous mobilization, also called the May 15 Movement, was organized as the Arab revolt, via online social networks Twitter and Facebook and on the principle of "right to be indignant." Wednesday, El Pais had counted 10,000 participants in Madrid. The watchwords: the stranglehold of the major parties on Spanish politics, social injustice and the "corrupt politicians". In the background, an unemployment rate of 21.19%, the highest in the euro area, which affects almost half the age of 25.

Police Discrete

"I have great respect for those who demonstrate, they do so peacefully, and I understand that this is due to the economic crisis, in their desire to find a job," said on Friday the first Outgoing Minister Zapatero socialist on the radio Cadena Ser.

The police presence, despite a ban on protests, remained quiet throughout the evening, limited to a few police cars parked around the square. The government, embarrassed by this spontaneous movement occurred a week of regional and local elections on Sunday ahead disastrous for the Socialists, had said on Friday to show "understanding."The Interior Minister Alfredo Perez Rubalcaba, had suggested that police action could be avoided provided that no overflow takes place.

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Almost 140,000 less unemployed in 2011

Saturday, May 21st, 2011

The crisis is confirmed a little more. The system of unemployment insurance (Unedic) has revised its forecast Friday for job creation and unemployment for 2011 and 2012. And the conclusion optimism grows. On the basis of assumptions "realistic and reasonable" GDP growth (+ 1.8% in 2011 and 1.7% in 2012, where the government plans + 2% and 2.25%) and payroll (+ 3.1% this year and +3.5% next year), Unedic provides an acceleration in job creation two years: 146,000 in 2011 and 168,400 in 2012, against 119,700 estimated in 2010.

This translates, of course, by an encouraging trend on the number of job seekers. Unedic estimated that the number of registered Class A employment center (the unemployed with no activity) will drop by 138,000 this year.But this decline will be largely offset by the continued rise in the number of jobseekers who had reduced activity (categories B and C) or are exempt from search: + 98 000 people. "The job was restarted by acting through short-term contracts," said Geoffroy Roux de Bezieux, Vice-President (MEDEF) of UNEDIC. There should be a reversal in 2012 with the creation of more full-time jobs. "Confirmation Bonnand Gaby, President (CFDT) of the institution:" The number of unemployed decreased activity continue to rise this year but decline in 2012. "In fact, next year, the decline in the number of unemployed in category A (- 92,000) will be amplified by the Class B and C and provided research (- 31,000). As the number of unemployed receiving benefits, it will drop by about 80,000 per year, the next two years, after rising 51,500 in 2010.Forecasts "in line with the data of the first month of the year," Vincent assured Destival, director of UNEDIC.

No drop in fee

These data will have a significant impact on the accounts. The cumulative deficit (8.5 billion euros at end 2010) will reach 10.5 billion at December 31, 2011 while he was withholding $ 14 billion a year ago. It will drop even late 2012 – albeit slightly, from 200 million – to around $ 10.3 billion. "This is the first since the crisis began that record a positive result, welcomed Geoffroy Roux de Bezieux. But he remained a heavy debt that will not even consider a reduction in contributions. "

Unedic also fired "key findings" of the 2008 crisis. The decline in employment of 500,000 jobs in two years, was lower than expected."She has twice been less pronounced than the value when the two had fallen back in the same proportions in 1992 and 1993," says the plan. "Companies have behaved more virtuous and long-term approach, and tried to keep their employees as long as possible through mechanisms of partial unemployment," said Geoffroy Roux de Bezieux justified.

Another observation: the resumption of job creation occurred earlier than expected, since early 2010. "This confirms the assumption that labor productivity per capita weakened by the crisis," Gaby Bonnand found. As a result, having decreased by 1% since early 2008 when she posted eight quarters after the recessions of 1992 and 2001, an increase of 1%.This was then translated violently in unemployment figures.

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Real Estate: INSEE rejects the idea of ​​a bubble

Tuesday, May 17th, 2011

Soaring property prices in France in recent years seems more related to lack of supply that financial speculation, unlike the situation in Anglo-Saxon or Spain, said Tuesday the Chief INSEE, Jean-Philippe Cotis. This view of the National Institute of Statistics contrasts with the Center for Strategic Analysis, an agency attached to the Prime Minister, which evoked a few days ago the creation of a "bubble" of real estate in France likely to deflate with adverse effects.

According to a new study released Tuesday by the INSEE, house prices in France have increased by 141% over the period 1998-2010, more than three times faster than income (+43%). Meanwhile, rents, which are framed, up 33%, averaging 2.4% annually, a rate higher than inflation.

No excessive investment

The curve of property prices in France until 2007 has been a path quite similar to that of the United States. But the two markets have not experienced the crisis in the same way: while the price of old fell rapidly in the U.S. market from 2009 to regain a level near that of the early 2000s, the correction in France been limited (-7% in 2009) and prices are starting to rebound quickly (+6.3% in 2010), as the volume of transactions, almost returned to its pre-crisis. However, the price level in France does not necessarily mean a "financial imbalances," said Jean-Philippe Cotis at a news conference. "In France we do not see a surge of investment, excessive investment in real estate that would have justified a lurch as the one we saw in the Anglo-Saxon or Spain," Has he said.

"It is more towards the real economy and the scarcity of the physical side of financial complications," he added. According to the latest figures from the Federation of developers (REIT), housing dwelling sales in France fell by 11% in the first quarter versus the same period last year. Stressing the role played by the shortage of housing supply, Jean-Philippe Cotis raised the level "relatively modest" investment in construction no teletrack payday loans. "The situation in France and the United Kingdom seems to reflect scarcity rents physics," he said, noting that low interest rates they had different effects in the United States and Spain "where the speculative dimension was clearly established. "

Housing weigh more on the budget

Due to an explosion in property prices that rose faster than incomes, the French spend, according to Insee, share more and more of their budget on housing. Rent or monthly repayments of borrowings, accrued expenses, but also collective individual energy and water strain their finances, including those of less affluent households. Thus, 3.8 million households (14% of total) are found living in "fuel poverty" because they spend more than 10% of their income to pay their energy bills for heating and lighting, to A study entitled "to have or spend too cold to warm" conducted in 2008.

30% of French must repay a mortgage.In seven out of ten cases, the mortgage debt used to purchase a principal residence or other property or land. In other cases, it is used to finance renovations. The grant depends on the creditworthiness of the applicant, the proportion of households with a mortgage is therefore with the level of revenu.Le amount of repayments of loans related to housing is only an average of 745 euros per month 2008, according to results of another study on "the debt and the use of banking services."The burden of repayment of loans averaged 21% of disposable income.

If the weight of bills related to a mortgage is on average three times higher than that of a monthly consumer credit (259 euros on average), the latter result, however, more often unpaid and the filing of a record of indebtedness.

(With agencies)

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The study on the site of INSEE

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Bin Laden, a fortune dedicated to terrorism

Monday, May 2nd, 2011

Difficult to assess the fortunes of Osama bin Laden, as the opacity of its funding sources has always prevailed. Before the attacks of September 11, 2001, the financial empire's founder and leader of al-Qaida announced until his death last night, was estimated between 30 and … $ 300 million. Only certainty, the first pillar of the wealth of terrorism based on the legacy of his father.

Mohammed bin Laden, Osama's father, made his fortune in construction and public works. At the latter's death in 1967, the leader of al-Qaeda share the inheritance with her 54 brothers and sisters. In all, Osama Bin Laden "received between 12 and 15 million dollars" between 1974 and 1994, according to Yeslam bin Laden, one of his half-brothers.

Present in 35 countries

Some of the funding received has been reinvested in other companies in Saudi Arabia or Sudan, thereby making a profit.Osama bin Laden had created a parent company, Wadi al Aqiz, head of a network of numerous legal societies and implanted in nearly thirty-five countries.

The Ladin International Company, an import and export, Taba Investment and Hijra Construction Company, specializing in construction are among the largest subsidiaries of the businessman terrorist. But these companies also served as cover for militants of al-Qaida. They fund training camps or buying weapons and receive "gifts" from Islamic banks branched through accounts and offshore tax havens.

From multinationals to SMEs

With the end of the first Gulf War in 1991, and the installation of U.S. bases on Saudi soil, Bin Laden decided to conduct a holy war against the United States. Replica of Washington and its alies: its funds are now tracked.Bin Laden fled to Sudan from 1994 to 1996. He bought land, invested in small business. Like the international financial network created in the 1980s, these companies often have two facets. Peanut farm houses a terrorist training site.

Managed well, business does not rotate at best. Bin Laden is forced to lower wages and to sell certain subsidiaries. No matter: "Terrorism is a low cost business," writes the Wall Street Journal in September 2001. If the September 11 attack has cost 400,000 to 500,000 dollars, the 1993 bombing against the World Trade Center would need $ 10,000.

Afghan exile

Expelled from Sudan in 1996 under pressure from the Americans, bin Laden returned to Afghanistan. The Sudanese government expropriated the terrorist during flight, according to the report of the American Committee of Inquiry on September 11.This second exile seems to coincide with increased financial difficulties on the ground. The branch of al-Qaida in London would have experienced problems paying their phone bills. For many decades, "Bin Laden has engaged in activities that eat money, but do not create," says the Saudi dissident Muhammad al-Massari, quoted by the Wall Street Journal.

Still, bin Laden also benefits from the charity to Muslims around the world, but that they know so far that their donations would be used to finance terrorism. According to a diplomatic report from 2009 revealed by Wikileaks, the Americans suspect of private foundations in Saudi Arabia, Kuwait and Qatar to finance terrorism without limit. The villa in which Bin Laden has spent his last days, near Islamabad, is estimated at nearly one million dollars.

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Brazil Embraer sells 35 planes to China

Tuesday, April 12th, 2011

These are two engines of global growth are meeting this week in China. The president of Brazil Dilma Rousseff meeting today with his Chinese counterpart Hu Jintao in Beijing.

Hours before the arrival of the Brazilian president, business partnerships already announced. Chinese airlines have ordered 35 aircraft and Embraer E190. This order is valued at 1.4 billion dollars, since each device costs $ 40 million at list prices. Of the total number of aircraft ordered, twenty are for China Southern Airlines and fifteen join Hebei, a small regional airline.

The contract was signed by Ministers of Industry of both countries during the visit of Dilma Rousseff. China has also expressed its intention to invest ten billion dollars in soybean production in Brazil.Beijing is the largest importer in the world.

Out a role of mere suppliers

In post for just over three months, Dilma Rousseff hopes to strengthen trade ties between the two emerging powers. Brazilia seeks out a relationship of mere supplier of raw materials for Beijing, while "Made in China" products flooding the Brazilian market.According to the China Business News, the Brazilian head of state has already expressed its intention to propel Brazil to the rank of major trading partner of China.

During his five-day visit, Dilma Rousseff must also attend a summit BRICS (Brazil, Russia, India, China and South Africa) to be held in the south on the island of Hainan.

Moreover, the "BRIC", the four large countries 'emerging' economic boom: Brazil, Russia, India and China are expected to occur this weekend, April 14, to développerleurs trade.

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Euro Disney: A trader at the origin of the increase?

Wednesday, March 30th, 2011

Take action publicly traded group neither too small nor too large, but rather the media. Shake it skillfully through several transactions not too discreet. Let the rumor thrive … When the market this action starts to boil, enjoy.

This technique of "tea" – a form of manipulation, of course – may well be that the action was lively Euro Disney in recent weeks. In February, the stock suddenly more than doubled to more than 9 euros, in trading volumes amazing (up to 4 no fax pay day loan.5% stake in one sitting). He still traded around 7.70 euros today.

The Autorité des marchés financiers (AMF) is conducting its investigation for several months. But according to our information, a track is preferred.That of a small company of algorithmic trading, based abroad, including the AMF has already crossed the name several times in similar surveys. The AMF is no comment.

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The Paris Bourse is close to 4000 points

Thursday, March 24th, 2011

The CAC 40 beautiful colors found on Thursday. The benchmark index in Paris, who managed yesterday to back up the 3900 points at the last minute, made a new leap forward, encouraged by macroeconomic indicators of good quality. At closing, the index was up 1.41% at 3968.84 points. Same atmosphere in London and Frankfurt stock exchanges which are also in the green: the Footsie advance of 1.47% to 5880.87 points and the DAX climbed 1.90% to 6933.58 points.

But volatility remains high, as was the case in Asian markets this morning. International news is indeed very busy and should focus attention again, slowing any risk taking.

Evidence are the highs established Thursday by the gold and silver.The gold spot <XAU=> hit a historic high of 1,447.40 dollars an ounce on Thursday signed its seventh consecutive day of gains, the series progress the longest since the worsening debt crisis in the euro area in May. The money in turn reached a high of 31 years, to 38.13 dollars.

Japan, Libya and Portugal under surveillance

In Japan, first of all, the problems persist on the plant in Fukushima. Site personnel, evacuated the day after an offshoot of black smoke, resumed on Thursday watering operations on the reactor 3 where electricity was partially restored in the control room of reactor 1. Investors are also following closely the level of radioactivity in the capital, Tokyo.

In Libya, the tension escalates as the forces pro-Gaddafi not give up despite the bombing of their tanks by the international coalition.The tanks of the Guide are the entrances to the city Ajdabiah while the coalition struck a military base east of Tripoli. The main hospital Misrata third largest city, was the target of raids on Wednesday night.

Finally, in Europe, the sovereign debt crisis resurfaced with Portugal, while a European summit held today in Brussels. The Socialist Prime Minister Jose Socrates has presented his resignation Wednesday night the President of the Republic after the dismissal of his austerity program by Parliament. The political crisis should accelerate the use of international financial rescue.

U.S. unemployment program

In this highly charged, a series of statistics, however, should occupy the market.In France, the business climate improved again in March, in manufacturing as in other sectors, shows the monthly business survey published Thursday by the INSEE. The synthetic indicator of business climate in the manufacturing sector rose three points to 109, its highest level since late 2007. The employment figures for February will be also published after market (18 hours).

The growth of private activity in the euro zone slowed in March as the PMI index published on Thursday, but economists believe that the level of the indicator remains encouraging. The composite index of purchasing managers, which summarizes the activity in the manufacturing and services, to 57.5 points in March, the company announced that Markit publishes the index, in a first estimate.The index settled at 57 points in January and 58.2 in February, its highest level since July 2006.

For their part, the United States will lift the veil on durable goods orders in February and weekly jobless claims at 13:30.

On the currency market, on the foreign exchange market, the euro stabilizes stable against the greenback at 1.4128 dollars against 1.4083 dollars on the previous evening. For their part, oil markets back slowly because of rising U.S. crude stocks published yesterday. In morning trading, a barrel of light sweet crude for May delivery yielded 31 cents to 105.44 dollars. That of Brent North Sea crude for May delivery declined 27 cents to 115.28 dollars.

Ingenico flies

At mid session every CAC 40 stocks are benefiting from the upturn.

Accor: 3.75% at 31, 92 euros

The title is head increases the CAC 40.The hospitality industry, recently penalized by the geopolitical risks and catastrophe Japanese is resumed. Accor has lost 13.34% over the last 30 days.

Renault: 1.61% to 38.41 euros

The manufacturer firm duCAC walking 40 with a modest gain after a recommendation from Berenberg keep passing with a target price of 47 euros. the title of the builder is also pulled down by that of its subsidiary to 44% Nissan dropped 4.55% in Tokyo. For Peugeot (1.40% to 27.1 euros), the bank also requires to be kept with a target to 34 euros.

EDF: + 0.63% to 28.95 euros

The electrician has submitted to government a document in which he suggests a rise of 4.7% of electricity rates for individuals on average each year from 2011 to 2015, according to the text that Reuters was able to consult.The Energy Minister, Eric Besson said that electricity prices would increase slightly this summer and no significant increase was under consideration.

Natixis: + 0.85% to 4.14 euros

The bank announced Thursday the purchase of 800 million euros of subordinated notes underwritten by BPCE, as announced on February 23.

Bolloré: -0.56% to 160.10 euros

Italian Pininfarina has exercised a put option to sell its stake in its 50/50 joint venture with Bolloré. The sales price stood at 10 million euros, according to the book value and what was agreed in September.

France Telecom: + 0.71% to 15.68 euros, Vivendi: + 1.13% to 19.69 euros

The French telecoms regulator has announced a new lower cost of call termination.From the perspective of telecom operators, including market leaders in Orange and SFR, the reductions in call termination weigh on sales growth.

Ingenico: + 7.87% to 28.72 euros

The group was selected to participate in a proposed deployment of contactless payment in the United States, funded by Google, according to Les Echos.

Gameloft – 3.21% to 4.52 euros

The title suffered profit taking after publication of its 2010 earnings. The company has benefited from the rise of touch pads and believes that its video games continue to be worn in 2011 by new technologies and the explosion of smartphones. It relies on a new sales growth and improved profitability and cash flow in 2011.

Ubisoft: -0.61% to 7.33 euros

Nintendo 3DS arrived in France on Friday.The game publisher will offer four of the fifteen titles available at launch for the handheld. The group is betting on success.

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Auchan in shape for 50 years

Wednesday, March 9th, 2011

From our special correspondent Cross (North)

Auchan, which this year celebrates its fiftieth anniversary, two years after that of Carrefour, the party seems more than its rival. If they compare, distributor northerner leaders find cause for celebration. Auchan has beautiful produce a revenue total of two times smaller than the number two worldwide distribution, it achieved last year a net profit of 705 million euros … almost two times more than Carrefour.

The growth of Auchan is certainly driven by its performance in China and Russia, two countries where significant growth Yankee Group has acquired a strong position.About 40% of the 1.4 billion euros of investments planned by the group will still be devoted to these areas this year.

But also in France, Auchan, Carrefour did better, especially in the hypermarket format, on which they relied for fifty years. The Yankee Group takes particular advantage of his expertise on the management of very large stores (over 12,000 square meters), which constitute the bulk of its fleet. Another advantage of size, geographic location is often, in the opinion of experts, better than Carrefour.

However, Auchan does not meet that success with its hypermarkets. Kremlin-Bicetre, for example, the performance of one inaugurated in March 2010 is well below expectations. "We had to relearn how to open hypermarkets in France and especially in Paris, said Vincent Mignot, general manager of Auchan France.Since July, the trend began to reverse itself happily. "Auchan will continue to open hypermarkets in Sarcelles in the fall and Tourcoing next month. This "Auchan City" of only 4000 square meters opens a new avenue of development, the local hypermarkets.

The group is also focusing on the drives, these collection points for orders placed on Internet where customers come by car. It plans to open this year ten Auchan Drive. "This format is an essential element of the progression of our business in France in 2010," said Chief Financial Officer Xavier de Mézerac. Chronodrive development, including Auchan is a shareholder, will continue in parallel, as one of the sites and Auchandirect.fr Auchan.fr."The goal is that each client has a hyper e-commerce solution, whatever it is," said Vincent Mignot.

Higher prices adjusted

However, the group is not as active as its competitors Carrefour and Giant supermarkets on. The general manager of Auchan France stressed that the first store A2Pas opened last month in Paris, is "a simple test."

Auchan as with its competitors, the waltz of the labels will be inevitable because of rate increases from its suppliers, due to soaring commodity prices. "At one point, we can not sit on price increases from suppliers, which puts us in an extremely complex", defends Vincent Mignot, who admits not having signed with all its suppliers.He refuses however to quantify the price increase applied on the shelves, saying it depends on each local situation.

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