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Real estate: how to take advantage of bargains

Tuesday, April 6th, 2010

Realtors? A good indicator of the economy. Today, the stone as the economy heads out from the water, but both of them are not yet fully recovered and remain afloat in midstream. Tails, the good news, transactions leave. This year, Fnaim, the federation of estate agents, believes that the bar of 600 000 transactions could be completed. But the market remains mixed. The nine was widely supported by the success of Scellier law, which allows investors to benefit from a tax of 25% within an investment of EUR 300 000. The former, he, still suffers. Because the coin has two sides. Front side, the bad news, the former has not solved the fluidity necessary for proper functioning of the housing market.Those professionals call the secundo-time buyers, that is to say, households who sell a property to buy another, are still not massively back on the market. In many places and on many products, it is still often difficult to match the expectations of those sellers with buyers.

After a blip like this has crossed the housing market, have a good idea of the price of a property is difficult. All the buyers and sellers are determined based on their expectations about future price developments. Roughly speaking, professionals assume a status quo prices. The most optimistic evoke certain properties, the most sought increases in the order of a few percent. Others believe that the balance should tilt towards a price reduction. Mathilde Lemoine, director of economic studies of HSBC France, and expects a decline in prices of the old 4% this year.For its part, the Land Bank expects "a drop in prices of 3% in the former and stability in the new." And pout Mouillart Michel, Professor of Economics at Paris X-Nanterre, "there is no risk of sudden fall of the market.

Another less quantifiable changed with the crisis and must be taken into account. In real estate, as elsewhere, households are determined to buy at the right price, to be smart consumers and investors informed. The beating of the heart are more difficult. Today, we buy more with his head than his heart. The ball is still in the camp of buyers. They have attractive credit terms. It is indeed possible for those who have the best records, to find a fixed rate loan over fifteen years to 3.5%. It will be hard to beat. "Interest rates will necessarily undergo one or more increases in 2010," said the broker CAFP.In a market recovering, prices are difficult to read. We publish in this case the numbers of notaries, those of the Credit Foncier Fnaim and according to our tour of France prices in Ile-de-France and its regions. Searched information, necessary but not sufficient. For now, the price changes between a product with and without defects, good or bad situation, are becoming wider. To help you better understand these variations, we have pushed the investigation further. With concrete examples of prices that are resistant and those who decline (page 114) and a tour of France that you can buy if you're lucky enough to have a budget of EUR 500 000 (page 142). On most goods, prices have declined from their level two years ago. But they have not collapsed.In the Ile-de-France, for example, notaries emphasize that "the decline in prices recorded between autumn 2008 and summer 2009 was about 10%. But the downward trend in prices has "interrupted". "On an annual basis, the decline in prices between late 2008 and late 2009 is more than 5.6%," they add. This year they expect a stabilization of prices. And sounding the alarm. "The resumption of construction of new housing in the private sector is essential to stabilize the market. The shortage of quality housing appropriate to the needs of Parisians is short-term risk of a return of speculation.

The network Orpi evokes a "real recovery, but fragile." A word that recurs in several experts. Mathilde Lemoine and speaks of a "housing demand remains fragile because of imbalances persist. Yet the French like stone.After the fall of shares in 2008, the erosion rate of return on financial investments, many households have even rediscovered the charms of real estate, which enjoys a level of trust greater than financial markets. If market participants, professionals and individuals, are reasonable, it could therefore grown out of this crisis.

The purchasing power of households holding back price increases

In the nine programs are, at least for this year, many to sprout and marketing is well underway (see page 148), and some programs, proponents talk about buyers sleeping room not to miss the opening the sales office. Others talk of bidding on the price of land currently for sale. We find places for runaway phenomena. Sign of fine weather sets found for Real Estate? Nobody dares to translate it well.Because we have not yet met for the recovery that is taking shape into a market stabilized and restored. "A major risk of the recovery is that sellers reflect recovery by rising prices," says Orpi. For the market to find its stride, the sellers should stop dreaming about trees that rise to heaven, and that construction professionals are able to reflect the changing purchasing power of buyers in their projects. In a recent study based on the relationship between prices and incomes, Patrick Artus (Natixis) estimates that property prices are still too high (10 to 15% in France). Today, many proponents say, if prices rise too far, the application will not be there because the acquisition of a home no longer go into the budgets of many households. This constraint incomes and high unemployment limit the potential for price recovery.Managing the crisis will be difficult for the economy as a whole and real estate. This is the challenge of coming months to policies and professionals. For individuals who have the means to, global rates, market and taxation are conducive to a real estate purchase. If they have a project, they have a vested interest in the reality.

Sharp launches a small screen 3D without glasses

Saturday, April 3rd, 2010

The story accelerates. This Friday, the Japanese group Sharp has introduced a tiny touch screen, color, reproducing 3D videos. The big innovation is that this screen does not require glasses. A step that should be taken seriously. Unfashionable as it may eventually large screen televisions in 3D now being launched in the U.S. by Samsung and Panasonic but need to don special glasses.

However, to see the effect in relief, it is necessary to be right in front of the small screen, 30 cm apart. "We can only produce small screen in this technology. In addition, 12.7 cm diagonal. It must be well in front, otherwise the perception of 3D fade, "says Patrick Chardin, director at Sharp France. To develop its new technology, the Japanese group has improved its previous innovations.Three years ago, in Tokyo, Sharp has introduced an innovative technology which allowed three people to watch at the same time, a different program broadcast by the same TV, depending on the position of each face on the screen. Each point on the screen was broadcasting a different image depending on the viewing angle of the viewer.

According to this principle, with an image emitted for each eye, the semiconductor division of Sharp has designed its new 3D display device called an "interlaced effect. The additional cost compared to a conventional screen is not excessive.For the screen in landscape consists of a conventional LCD panel on which is placed a filter.

Nintendo

But because of its limited size for the 3D effect, "we focus on three markets: portable gaming devices, smartphones (note: mobile phones for surfing) and embedded screens, such as GPS in cars" said Patrick Chardin best payday advance.

Production should begin in September. One of the first objects that can use this technology should be the next portable game console, Nintendo 3DS, announced last week and promised for 2011. For its previous screens of the DS, sold 125 million units, Nintendo had already appealed to Sharp as a supplier.

Nintendo's next console will be presented in June in Los Angeles at E3.The Japanese group said the old games the DS can be reused on its future console. With 3DS, the group led by Satoru Iwata will take another step ahead of the Sony PSP (67 million), which was sold two times less than the DS. In addition, the CEO of Nintendo will reduce competition from the iPhone and iPod Touch which guests are on the market for portable game consoles.

Moreover, it could sell 78 million smartphones equipped with 3D screens by 2018, says DisplaySearch.For now, only one mobile is sold only in Japan by Hitachi, with a 3D effect without glasses.

The Senate wants to limit the autoentrepreneuriat to 3 years

Wednesday, March 31st, 2010

A first scratch on the scheme which has boosted business creation in 2009? Following a round table organized in the Senate to take stock of the regime of self-contractor, several senators, including Jean Arthuis, chairman of the Finance Committee, proposed limiting the device over time. In practice, a self-contractor could not remain as three years. The purpose of this proposal, which should eventually be included as part of an amendment to a bill is twofold.

It aims mainly to prevent that, beyond the threshold turnover limit set by law, the self-declared cease contractors additional income rather than spending in the common law system. The measure aims both to limit the extent of undeclared work and to force these self-experienced entrepreneurs to move after three years to the classical scheme of the contractor.For companies under common law, and especially the artisans, complain of unfair competition that they oppose the self-entrepreneurs. According to INSEE statistics, one third of them practicing in effect as artisans, but does not pay the charges which have submitted their congeners.

"Either the regime is bad and should be abolished or he is good, and it must be sustainable"

The senators also want to impose an obligation to report sales, even if it is zero, see this as an opportunity "to increase accompanying autoentrepreneurs" says John Pouch, the deputy Senate payday loans. And thus better identify them.It is particularly possible to distinguish those who use the system for enhancing and supplementing their income for which the senators see no harm in what they are autoentrepreneurs much time they want – from those who Entrepreneurs are self-full time and are destined to become true entrepreneurs.

Herve Novelli has already voted against this measure, which he sees a way to complicate a system that owes much to its simplicity. In 2009, 320,000 entries were in fact registered as such. Unheard of.Fran?ois Hurel, President of the Union of Autoentrepreneurs says his side "does not quite understand this proposition, or the system is bad and should be abolished or he is good, and it must be sustainable 't believe he stressed that the establishment of the regime of self-contractor has already helped a lot of money back into the bosom of the state coffers. Finally, "from when to reauthorize eligible to enroll?" Asks he. So many questions to be answered by the senators.

The CAC 40 ended in the 3900 points

Tuesday, March 16th, 2010

Ambiance morose Monday at the Paris Bourse. The CAC 40 has yielded 0.93% to finish the session at 3 890.91 points. The activity is particularly low, with about 2.5 billion traded on the great values of the Paris stock exchange. Other stock markets retreated in unison in London, the FTSE lost 0.57% and in Frankfurt the Dax dropped 0.70%. As for the European indices, the Euro Stoxx 50 index dropped 0.90%.

Caution was also needed on Wall Street before the meeting Tuesday of the Monetary Policy Committee of the Federal Reserve. In session, the Dow Jones lost 0.38% and 0.87% on Nasdaq. The Fed should keep its no surprise key interest rate, the interbank rate on a daily close to zero and reiterate its commitment to maintain a low level for a "prolonged period".More than the rate decision widely expected, investors will scrutinize the speeches of leaders of the U.S. central bank. They watch for a possible change in tone or vocabulary that could be the harbinger of early recovery in interbank rates, especially after raising the discount rate last month low fee cash advance .

Increased industrial production

The announcement Monday of a U.S. industrial production slightly exceeded expectations in February, rising for the eighth consecutive month, failed to take the course up.

In New York and Paris the past experts of raw materials and steel were under pressure, pulled down by rising greenback.Also note on Wall Street, as the parent company of Calvin Klein, the Philips-Van Heusen, jumped more than 10%. The group will buy the brand of leisure wear Tommy Hilfiger in UK investment funds Apax Partners, creating a new giant of the fashion and confirming thaw market mergers and acquisitions.

Banks that had climbed a lot these last time also suffered profit taking. Societe Generale has yielded 2.24%, 1.77% Credit Agricole and BNP Paribas 1.21%.

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Dalloyau sells half of its capital to fund

Tuesday, March 16th, 2010

After several months of discussions, Dalloyau brought a shareholder outside its round the side of the Bernard family. Perceiving the French fund takes 50% stake in the company and half the seats on the supervisory board. Its president, Jean-Louis Grevet, will share the leadership with Gavillon Nadine Bernard.

"For many years we wanted a partner, and we have not said much before finding with perceiving people who speak the same language as us," says Christelle Bernard, CEO of the company alongside his brother, Stephen. The company, founded in 1682, had been picked up by their grandparents in 1948.

"We specialize in assisting French SMEs who need to take a course, adds Jean-Louis Grevet.We're here to help Dalloyau to regain the confidence of the financial world and to empower it to develop. "

The investment amount was not disclosed. This new money will anyway welcome to Dalloyau, who just pass through two very difficult years. After a downturn and a loss in 2008, its sales fell again in 2009, "approximately 25%" to 35 million euros, and the result remained in the red.

Faced with serious problems of liquidity, the company sought the assistance of Ciri (Interministerial Committee for Industrial Restructuring), an organization of Bercy, to negotiate a deferral of its social and tax claims. According Christelle Bernard, "less than twenty" of jobs were lost in 2009 to reduce costs.The company employs 380 people in France.

Like its competitors, Dalloyau suffered economic slowdown but especially since the fall of 2008, the collapse of the market for corporate functions. The new shareholder was nevertheless confident in its ability to recover and regain financial balance this year.

International development

With this capital injection, Dalloyau plans to invest in its image to expand its business. The brand has only six stores and two "corners" in France. It could decide to open up. Overseas, the brand has 26 outlets in franchise in Asia and the Middle East. Projects have already been announced with external partners in Qatar, Dubai and Morocco. This jewel of French gastronomy has also exported its famous macaroons in Japan.A discussion could be initiated on its installation in the United States.

Perceiving Capital was founded by former fund turnaround firms in difficulty Butler Capital. Last year, he invested in the CMW Trailor ACTM International, manufacturer of semi-trailers. It also looked at the file coachbuilder Heuliez. Her entry in Dalloyau does not occur in the form of LBO (leveraged buyout by debt).

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The Cac 40 remains in the red

Tuesday, March 9th, 2010

The Paris Stock Exchange, plunged into the red. After starting the session hause of 0.10%, the CAC 40 continues into negative territory. Around 10:50, the flagship index Parisian loose 0.42% to 3887.16 points. The threshold of 3900 points, is not maintained. The London Stock Exchange is in the same atmosphere: the Footsie lost 0.41% to 5583.56 points while the Dax in Frankfurt Stock Exchange fell by 0.36% to 5854.58 points.

Yesterday, the Paris markets have ended on a slight decline of 0.18% despite opening in the green (0.35%). In Asia, the situation calmed after the euphoria of Monday. The numbers of U.S. employment, less worse than expected, to cease their invigorating effect. Monday already, Wall Street closed haphazardly in a sitting motionless.

The wait dominates before the publication of figures and important clues on the weekend.French side, there will be foreign trade figures for January and industrial output (Wednesday), the French deficit figures, the trade balance and the number of weekly unemployment in the United States (Thursday), and finally, the much anticipated index of U.S. consumer confidence (Friday).

Meanwhile, the trade deficit narrowed in France in January to 3.681 billion euros against 4.155 billion in December 2009, thanks to increased exports of manufactured goods, the Customs said Tuesday. This figure confirms the resumption of trade, but this recovery is much slower than the drop caused by the crisis, observers said.

EADS in the collimator

EADS announced on Tuesday a loss in 2009 of 763 million euros against a profit last year of 1.5 billion.The group expects a 2010 EBIT of $ 1 billion against 2.2 billion (before provisions) last year, and a stabilization of sales to 42.8 billion euros. Furthermore, EADS and its U.S. ally Northrop Grumman said the night they did not submit a bid for the tanker contract from the U.S. Air Force, saying it benefits their competitor Boeing fast cash without a hassle . The title is heavily penalized Exchange: -5,5,23% to 15.05 euros.

The bank also abused: Credit Agricole (-0.98%), Societe Generale (-0.63%) and BNP Paribas (-0.47%) retreated.

April (2.58% to 23.09 euros) on Monday announced an increase of 20% of its net 2009 profit 72.7 million euros. Financial products have more than doubled to 18.6 million.The insurer expects for 2010 a double-digit growth in its gross margin, with a positive impact on its operating margin (13% in 2009).

Total (0.44% to 42.44 euros) yesterday confirmed the closure of the refinery at Dunkirk and the fulfillment of its participation in the construction of an LNG terminal with EDF (+0.63% at 38 15 euros).

In addition, the electrician announced a collaboration with Rosatom, the Russian nuclear energy giant, in the development of reactors for third countries.Other partnerships are being negotiated with Russia in the field of electricity and fuel.

In the process, GDF Suez is in great shape (+1.18% at 27.80 euros) and achieves the best performance of ACC.

Sanofi Aventis (0.84% to 56.22 euros) and Merck announced Tuesday the creation of a joint venture equally owned in the area of animal health together their subsidiaries Merial and Intervet / Schering-Plow. The agreement created should be finalized within the next twelve months.

Eurotunnel (0.61% to 7.75 euro) remained in the black in 2009, with net income of 1.4 million euros but a turnover of 571 million euros, down 16 %. Jacques Gounon, Eurotunnel's CEO, recalls in an interview with Le Figaro, his intention to "market share" in the future. The group will pay the same dividend as last year, ie 4 cents per share."The payment of a dividend reflects our confidence and determination in 2010," commented Jacques Gounon.

Vicat (-0.07 ? at 56.76 euros) will release after the market closes.

"INTERVIEW – J. Gounon, Eurotunnel's CEO comments on 2009 results

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The Greeks in the street, an emergency meeting of EU

Thursday, February 11th, 2010

Against "unfair and ineffective sacrifices, Greek officials Wednesday manifested in big cities. A 24-hour strike was launched by the Union Public Service ADEDY, with more than 300,000 members. Employees of public protest against wage cuts announced by the Socialist government to reduce deficits and thus reassure the markets. Tuesday, Finance Minister George Papaconstantinou reiterated wage austerity measures provided for in the Public Service wage freeze, down 10% premium, 30% decrease in overtime, stoppage of recruitment in 2010, except in the sectors of health, education and security. Labor Minister, Andreas Loverdos, proposed back two years to 2015 the average age of retirement to raise it to 63 years.

In Athens, about 5,000 union members protesting in the rain in the streets, which must be added the separate gathering of 5,000 activists of the union Struggle Front (PAME), an offshoot of the ultra-orthodox communist party (KKE). In Salonika, is counting down nearly 3,000 officers pounding the pavement.

Moreover, tens of thousands of officials have answered the call to strike the ADEDY. Air traffic controllers joined the strike and there was no traffic Wednesday in Greece.

Meeting of Finance Ministers of the euro area

These events occur when the finance ministers of the eurozone plan to meet as Wednesday by teleconference to discuss the situation in Greece, several diplomatic sources.

According to Le Monde, President of the European Central Bank, Jean-Claude Trichet and the chairman of the Eurogroup forum of finance ministers from the eurozone, Jean-Claude Juncker, will join the discussions.

This meeting will be held on the eve of a summit of EU leaders on the issue in Brussels free credit report . At this stage, there is "not agree" on a plan of aid to Greece. The signs, however, a support mechanism for this country is growing. A senior parliamentary Conservative German Chancellor Angela Merkel, Michael Meister, has indicated that preparations were underway in the German Government for an assistance plan.It could take the form of housing provision of bilateral loans to certain countries of the euro area in favor of Greece, to help cope with higher prices for its cost of borrowing on the markets since the beginning of the crisis.The option of an advance payment of EU subsidies to Greece is also considered.

Papandreou lunch with Nicolas Sarkozy

Prime Minister George Papandreou, who visited on Wednesday in Paris, where he has lunch with French President Nicolas Sarkozy had called in an attempt to limit the impact of the strike, officials to "lead by example" to contribute to the crisis.

Furthermore, President Nicolas Sarkozy and Chancellor Angela Merkel Thursday held a joint press conference after the informal EU summit in Brussels, including the situation in Greece, said Wednesday the spokesman for the French government, Luc Chatel. "Under the EU summit, the president will have the opportunity to hold a joint press conference with Merkel on various subjects.I guess the question (of the situation in Greece) will be addressed, "said Luc Chatel in reporting to the press the work of the council of ministers.

"The French government is involved as its European partners on the situation of the euro and the situation in Greece in particular," he said, adding that the Economy Minister Christine Lagarde had "routine contacts with counterparts "on this issue.

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Proglio would have no mandate at Natixis

Tuesday, February 9th, 2010

New twist in the "case" Proglio. According to the financial information site, Wansquare, president of EDF has decided to abandon his post as director of Natixis. At the last general meeting of Natixis in May 2009, Henri Proglio was reelected to this position until 2014. The announcement of his departure should be formalized in the coming days. "It's a good thing, said Pierre-Henri Leroy, president of Proxinvest. This is a logical decision for limiterles conflicts of interest, which in the banking sector, are more abusive than elsewhere. However, this is not good news for Natixis.

He added: "But the priority is giving up the chairmanship of the board of directors of Veolia. This is far from done. "In an interview with Parisien on Monday, the new CEO of Veolia Environment, Antoine Frerot, said the transition would last "as long as this transfer takes place seamlessly and smoothly. The handover between the old and the new boss is essential in the interests of Veolia.

His new duties as head of EDF seems to be incompatible with too many mandates. During a television show on TF1, the President of the Republic, Nicolas Sarkozy, said Henri Proglio "will devote 100% to EDF. However, it is still "a few months," Chairman of the Board of Directors of Veolia.

More than twenty terms in France and abroad

The president of EDF is a director of five companies in France – that is to say, the statutory maximum online payday advance .Natixis addition, it is present at Lagardere, EDF, CNP Assurances and Dassault Aviation. It is also censor the supervisory board of Caisse Nationale des Caisses d'Epargne. "We always set for a maximum of one external mandate," said Pierre-Henri Leroy.

He holds several mandates within the group Veolia in France (Veolia Water, Veolia, Veolia Transport, Dalkia, Veolia Water, SARP Industries, Dalkia International, Soci?t? des Eaux de Marseille, Campus Veolia Environment) and abroad (Veolia Environment North America Operations, Veolia Environmental Services Australia, Australasia Veolia Transport, Veolia Transport Northern Europe, Veolia Environmental Services UK Siram Veolia envy UK, Veolia Environmental Services North America).

Finally, former president of Veolia is a member of the Remuneration Committee of Natixis.In 2008, due to his role at Natixis and Caisse d'Epargne, he received a little over 30,000 euros in fees.

The announcement of his departure would be primarily due to the sharp controversy over the pay double the one hand and combining work with pension enjoyed by Henri Proglio other.

Management Communication Natixis declined any comment.

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Soon a collective bonus for staff

Monday, February 8th, 2010

This is the latest fashion at Bercy: invoke the former communist ministers of the Public! After recalling qu'Anicet Le Pors was established in 1984 the possibility of dismissing a government official denied a position, the enclosure Eric Woerth said that Thorez had included the idea of "collective performance bonuses in the general status of civil service in 1946, which are both unions.

The idea is tantamount. The government will send in the coming days with officials from unions the final version of its draft "collective bonus, negotiated for several months. A framework agreement will be declined by the department and implemented in public functions and territorial hospital.It provides for the payment of a premium service that is most evidence of "effort" or "collective performance.

On what criteria? At each terminal to determine its unions, but they will involve improving service to users, cost control, improvement of working conditions (decline in the number of accidents …) or environmental (savings water, energy …).

Outside agents whose "incompetence" has been pinned and will be deprived of premium, all agents of service – or contract holders, bottom or top of the scale – will receive the same amount. But no question that all services receive a government allowance each year. Only those who have reached goals or made significant progress will be rewarded."The idea is to create emulation, no dusting," says a close associate of Minister of Budget and Public Administration, ?ric Woerth.

"The degree to functional access"

The government had already launched in late 2008 the prime function and results ", she rewards individual merit. It applies to much of the category A agents (managers) and is being extended to categories B.

"We are opposed to this project, because all that will be consistent with payroll, those premiums will therefore replace collectively increasing fears Jean-Marc Canon (CGT). We are also suspicious of the criteria. Where such mechanisms already exist, we saw they were in doubt: the number of PV in the police, for example, payday loans guaranteed no fax . No exceptions will be made for any area countries, "he said.

While Portugal and Spain in turn disturb markets, Jean-Claude Trichet reiterated that it was "crucial" that all countries "respect strictly the exit procedures for excessive deficits."

"According to the International Monetary Fund, the overall deficit of the euro area will rise to 6%", said Jean-Claude Trichet. "The United States will be at 10%, Japan is also at 10%.(…) A more flattering comparison for the euro area! Nevertheless, we exhibit unabsence total of convenience "in the direction of monetary policy," he said.

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