Saturday, April 30, 2016

Jean-Marc Janaillac, this boss who straightened Transdev –

The name of Janaillac had already circulated last year to head of Air France, but he preferred to stay Transdev time. Matter of professional ethics, explained the entourage of the CEO of the French giant passenger transport. His job was not completed he felt then, even if the 2015 annual results presented March 23 do not have enough to make him blush.

But Jean-Marc Janaillac, 63 in April, is a rather atypical boss if his CV the class as a pure product of the establishment – HEC, where he met Francois Hollande, and ENA, from the famous promotional Voltaire – his career is more eclectic than most of his classmates, propelled into the upper echelons of politics or CAC 40 companies “I took short cuts he admits. by taking positions more envy and curiosity for the prestige. ” Or also, say his relatives, because he has too much pride to play its network for personal gain.

True “social fabric”

This lover letters – he would have preferred to Normal sup – is in any case a wrought straightener reputation after passing the management of the airline AOM, then Maeva tourist residences. So in 2012, when the mega-merger between Transdev, a subsidiary of the Caisse des Dépôts (CDC), Veolia Transport and RATP Dev turns to disaster, someone thinks about him, Jean-Pierre Jouyet, then head of the CDC and aujourd ‘hui secretary general of the Elysee. This longtime friend, he experienced during his military service, yet does not make him a gift, he eyeing the presidency Aéroports de Paris. Transdev is drowning in debt, accumulating business failures and suffers internal atmosphere of the worst social barometers ever recorded by the CDC.

“Frankly, we did not think he would succeed to put the box plumb in less than three years, “Marc breath Riccardi, employee director CFDT, which despite stern boss admits it a real” social fabric “. Jean-Marc Janaillac nevertheless did spring cleaning to the executive committee by separating from six out of eight. “We had to change the officials who had no credibility with employees and start again on new bases,” he explains. Left to pick a woman of Laurence Broseta, a Polytechnique having both led the subways and buses in the RATP, to entrust the management of Transdev France. What “calm the male ego,” he slips smiling

The hitch SNCM

A folder is yet come to disturb its road map. The sinking of the SNCM. For if the Corsican ferry company weighs only 2% of the turnover of Transdev, its setbacks have “occupied a third of my time and generated 90% of the crap,” he said. It is true that the state, also a shareholder, paralyzed by the fear of a social explosion in the port of Marseille, was swallowing a lot of snakes to the boss of Transdev, despite its strong network within the government. It was a “painful experience”, says Jean-Marc Janaillac today. Especially when it is seen dress up, alongside the CEO of Veolia Frérot, the title of “boss thug” by the union criticizing the court-ordered reorganization of the company. “He took it at face value, then we had done everything to save as many jobs, says Jérôme Nanty, general secretary of Transdev. Now he can not stand the feeling of injustice”.

This is one of the few things that made him also lose his great self-control and bite cold anger. As two years ago, against Guillaume Pepy, head of SNCF, he accuses of unfairly recovered (by cutting prices) the concession of the RSP of Boston, the United States, operated until by Transdev. At the time, the two bosses had used the exchange of letters rather muscular, before signing a gentleman’s agreement.

The SNCM folder now behind him, he left Jean-Marc Janaillac manage CDC rise of the capital of Transdev, while Veolia must disengage. “The new round should be completed at the end of the year,” he hopes. Mission almost accomplished so. What he dreamed there are still a few weeks, it was not necessarily to re-enlist in business. Instead of taking the time to read all the books stacked on his bedside table, enjoying his native Dordogne, where he returns every weekend when he is not traveling on business. Unless …


End of the 13th round of negotiations of TTIP: many challenges remain – RFI

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Volkswagen: Schäuble regrets the premiums paid – Le Figaro

German Finance Minister Wolfgang Schäuble regrets the payment of bonuses to executives of Volkswagen for 2015, a year marked by the scandal of the rigged anti-pollution tests, the most serious in the history of the automotive group.

“I ‘ have no sympathy for managers starting with lead leading company in a life-threatening crisis and then defend their personal premiums at a public debate, “says Wolfgang Schäuble in the Frankfurter Allgemeine Sonntagszeitung of columns.

“This shows that something is not working.”

Volkswagen plans to pay the twelve members of its Executive Board in 2015 to € 63.24 million under last year saw a record loss due to litigation costs and compensation related to “Dieselgate”.

Volkswagen said April 22 an annual operating loss of € 4.1 billion, reflecting 16.2 billion in special charges related to the scandal.

the German automaker , European leader in the sector, acknowledged in September have installed on 11 million vehicles worldwide since 2009 a hoax device emissions.

the case quickly became the largest ever crossing crisis by the group, causing it to lose up to a third of its value on the stock market and pushing the resignation its chief executive, Martin Winterkorn.

Volkswagen said it would hold a small share of 2015 bonus but would pay them at a later date if certain performance criteria are met, including a rise in the share price.

This decision shocked the German public and caused dissension in the group’s supervisory board.

The Land of Lower Saxony, Volkswagen’s second largest shareholder, demanded the removal or at least the reduction of these premiums.

Jörg Bode, a former member of the Supervisory Board representing the Lower Saxony, said in the columns of Welt am Sonntag that Martin Winterkorn and his colleagues should pay part of their premiums corresponding to “cost reductions obtained by fraud”.

There are some days, Bernd Osterloh, member of the Supervisory Board and chairman of the powerful Volkswagen works council, ruled that the group was to ignore its contractual obligations and that management should voluntarily give up his bonus. “It is also a moral issue,” he he said.

“As soon as the business will have returned to normal, we must also think about the pay system changes (the Supervisory Board), “he said.


Transatlantic Treaty: advanced and doubts – The World

Demonstration  against Tafta in Hanover, Germany, on 23 April.

After the political will displayed earlier this week by President Barack Obama during his European tour, to complete an agreement quickly, the negotiators on the free trade treaty between the United States and the European Union (known as the Tafta or TTIP) have returned to more mundane concerns, Friday, April 29, after a thirteenth round of talks held in New York.

“We had a productive week, but there is still important work to do,” admitted Dan Mullaney, the chief negotiator American side, adding that the United States “have no interest” to achieve a “light” version of the Treaty.

his European counterpart, Ignacio Garcia Bercero, called for her part in “necessary concessions” to reach an agreement, implying that this is not the case and that the way to go is still long and complicated.

While both sides of the Atlantic, public opinion expressing growing concerns about the benefits of the treaty, which aims to create the largest free trade area in the world, here is an overview of the doubts surrounding the negotiations river.

launched in mid-2013, the negotiations on the TAFTA gave the impression to tread water because of an introductory phase eighteen months required to agree on the topics that would be discussed. Since late 2015, the negotiators went into the thick of it.

What progress …


New Caledonia: Valls reaffirmed the commitment to economic rebalancing – Le Parisien



Flash news – Policy

New Caledonia: Valls reaffirmed the commitment to economic rebalancing

Manuel Valls reiterated the state’s commitment to economic rebalancing in favor of the interior of the New Caledonia on Saturday at the second day of his visit to the island, marked by shifts in the .. .

2016-04-30 9:56:22

2016 new Caledonia, valls, reaffirms commitment, one, rebalancing


Jean-Marc Janaillac tipped for the presidency of Air France-KLM – Les Echos

Jean-Marc Janaillac, now looks like a big favorite to succeed Alexander Juniac to Air France-KLM orders. The nomination committee, which met Friday should indeed nominate the current CEO of Transdev public transport group to the Board of Directors of Air France-KLM, expected next Tuesday, as indicated from Friday night “La Tribune” and “JDD”. If agreed the board, the choice of the future CEO of Air France-KLM would be submitted to the General Meeting of Shareholders on May 19, where it should be approved without difficulty, the receiving State a double voting right, beyond its participation of 17%.

many advantages for the position

from the beginning of potential candidates selection process, the name of Jean-Marc Janaillac, 63, appeared in the list. His candidacy had been raised in 2015, when had asked the question of renewal of Alexander Juniac. Jean-Marc Janaillac has to its credit the successful turnaround of Transdev, its management of the crisis of SNCM, which he has extracted Transdev, and an established reputation as a man of social dialogue, acquired in a difficult business that RATP is. It also has a good knowledge of international, at Transdev and RATP. It is also one of the few frontrunners externally to be able to avail of experience in the air, in the defunct French company AOM, of which he was the number two from 1997 to 2000. He also knows the area the trip, having worked in tourism. He led the Maeva tour operator, the organization promoting tourism Maison de la France and the beginning of his career, the New York office of the 1984 Tourism Directorate in 1987. As many useful maps to lead a group of air transport.

A link with the Netherlands

Another valuable feature for a Franco-Dutch group: Jean-Marc Janaillac is also vice chairman of the “Franco-Dutch Initiative”, a platform created in 2014 to lead the new strategic partnership between France and the Netherlands, announced in January 2014 during the visit of Francois Hollande. Enough to arouse the interest of four council Dutch administrators of Directors of Air France-KLM, one of which is also the nomination committee.

proximity to the head of State

Ironically, the main handicap of Jean-Marc Janaillac could have known its proximity with the president, with whom he shared the benches school, HEC and ENA. He has appeared in the same promotional famous ENA Voltaire Francois Hollande. However, Jean-Marc Janaillac was careful not to claim any presidential support to push his candidacy to avoid as much as possible, the prosecution policy parachuting. On the contrary, the CEO of Transdev would have led a bid campaign more discreet, without seeking any forces to prevail, which seems to have played in his favor. Its main political support rather emanate from the Minister of Economy, Emmanuel Macron.

A three-year term

Similarly, to give assurances to those who, within Air France, had taken position for an internal solution, as the CGT, the appointment of Jean-Marc Janaillac be accompanied maintaining his position as the current CEO of Air France, Frédéric Gagey, although the latter has also been touted as a potential successor to Alexander Juniac, as well as its main rival in-house, the boss of Hop! Air France, Lionel Guérin. In addition, the mandate would be granted to Jean-Marc Janaillac would be only three years, the remaining term of the current mandate given to Alexandre Juniac in 2015. What let wait any frustrated ambitions.


SNCF hardens his ticket exchange requirements – The Point

The SNCF will harden as of May 1, the conditions of exchange and refund of TGV and Intercity tickets by making them pay operations, while providing in return for new benefits for discount cards holders. Exchanges and ticket refunds will now be charged 5 euros from thirty days before the departure of the train, and then increase to 40% of the ticket price with a 15 euro cap on the eve and the day of departure for TGV, per person each way. The ceiling is set at 12 euros for booking at Intercity. The deduction can therefore reach up to 30 euros, including an exchange for a return ticket.

The operation, however, will remain free for discount cards holders (Young, Weekend Child + + Senior) until the day before departure. It will be charged 5 euros the day before and the day of departure. The new device does not apply to rates “pro” or social tariffs such map “large family”. So far, these operations were free until departure. A fee of 12 euros were applied on departure day, 3 euros for card holders.

Better manage

The SNCF announced in January this new tariff policy that will allow it to better manage its seats. “The goal is that customers call the available places before, so that someone else can buy them” and that the trains with better load factors, said then Rachel Picard, director of SNCF Voyages. According to SNCF, 5000 seats are discounts available at the last moment, due to last minute cancellations.

In an attempt to compensate for this hardening, the SNCF announced Friday three steps to the 3 million cardholders. “From Sunday, these cards will ensure a systematic reduction of 25% on any train any day, and 30% for the card Young,” said Valerie Dehlinger, responsible for steering the offers in Travel SNCF. Cardholders will be also apply an additional 10% discount on Prem’s tickets. Finally, the 25% reduction systematically apply the TGV international destinations.


Jean-Marc Janaillac soon CEO of Air France-KLM? – Point

The point had already mentioned his name just a few days ago: Jean-Marc Janaillac, current CEO of Transdev, could be the successor of Alexander Juniac at the head of Air France-KLM. It should be proposed Tuesday to the board of the airline group. “According to our information, the group’s nomination committee, which met on Friday decided to propose Tuesday to board the Air France-KLM the name of Jean-Marc Janaillac (…) to lead the group air, “says Tribune on its website Friday night.

Jean-Marc Janaillac, 63 and from the same promotional Voltaire at ENA that François Hollande was among the most frequently mentioned names, with Jean-François Cirelli, former CEO of GDF Suez, to succeed Alexander Juniac. The CEO of Air France-KLM announced the surprise April 5 after leaving the group. He will leave office no later than the end of July to join the International Air Transport Association (IATA).

A three-year term

The board of directors of Air Group should meet Tuesday to review the candidacy of Jean-Marc Janaillac. If validated, it will then be proposed as a member of the board of the group at the general meeting on May 19

“If the motion is accepted, the board will meet in the wake of the AG to name CEO of the group. His term will be three years, the period remained to be done to Alexandre Juniac, renewed last year, “also indicates Tribune . The newspaper said Frederick Gagey, the current CEO of the airline Air France, will remain at his post.


QUIZ. So happy ? Compare your gross happiness index with the national average – L’Obs

“During your day yesterday, did you laugh? Were you worried? Were you sad? Were you angry? Have you felt joy, stress, gratitude? “ two weeks ago,” L’Observateur “you offered in partnership with the think tank citizen Fabrique Spinoza, calculated in minutes your own index happiness .

Since Friday, April 29, it is now possible to compare this index, which is in the form of a score of 10, with the figures of the first barometer ITBF * (quarterly indicator of happiness French) performed at the national level, including a new edition will be published quarterly in parallel to GDP figures.

simply answer the questions below, which focus on your emotional feelings and your outlook on life, your environment and domestic situation. Your personal answers remain anonymous and have no vocation to complete the study or to be broadcast.

The elderly more fulfilled

So happy? Rather, according to this first version of the ITBF. the French will appear generally satisfied with their living environment and their social links. They are highly satisfied with their housing (81% satisfied 53% very satisfied people) and quite happy (79%) of their environment (nature, beauty, calm), although some complained of the pollution (43% ). They value their social connection site (72%): their family, their social life, and people who rely on

for Spinoza Foundation, more” virtuous psychological mechanisms “were noted at national level: the French say predominantly” knowledge where they want to go in life “(69%), but also” what makes them happy “(80%) have also a good” self-knowledge “(59%) and even feel” opening on what can happen “(61%) – even if only a minority put forward their adaptability (39%).

The happiness index of French reached 5.9 / 10 for the first barometer. A score that conceals large disparities:

– 28% of French get a note 8 to 10, and even 7% between 9 and 10

– 18% really say unhappy (between 0 and 3) and 3% even get a note at between 0 and 1

the results also highlight the inequalities between population groups … and even go in the direction of some ideas:

elderly people (66 and over) say happier ( 6.2 / 10 ) that less than 24 years ( 5 , 7/10 ); the declarative happiness also increases proportionally earnings 5.3 / 10 ( less than 9,000 euros per year) for the poorest 6.4 / 10 for the wealthiest ( more than 60,000 euros ). “Money does not buy happiness but it helps” …

– The difference is not significant gender. It should nevertheless be noted that in general, men have a better opinion of themselves as women. They say they feel safer, more serene and optimistic. Women feel for their more tired, stressed and worried about their professional future. They also say less surrounded by family and friends, emit more frequently “ regrets ” compared to the choices made, tend to more rehashing painful memories.

– Geographically, the differences are less marked: Southwest inhabitants say the happiest ( 6.1 / 10 )

The least happy? FN sympathizers

– In general, the survey reveals a lot of fatigue, defiance and longing among the French population. Even if they feel predominantly positive emotions (laughing, smiling, happy, joy, calm), a majority say indeed be tired (57% were the day before) and sleep restlessly (53% in the previous week). 41% of them say they do not take enough time to appreciate what they do.

“Among the list of emotions, feelings and states the following, tell us all those you have experienced in the day yesterday (10/10 for all the time, not for 0/10) “

– If a minority say they are” worried “of terrorism (1 of 3), many are instead still affected by the attacks the past year (47% are “less happy” than before the attacks)

-. the French are more likely to assess their positively past life (65%) that their future life (56%). Thus, half view the past with regret or pandering (51%), and consider the world’s future with pessimism (60%). There are many (43%) to feel a certain resignation and a lack of personal freedom, stating that they have little sense of being free and able to influence what happens to them

. – cause and effect? With an index of 5.7 / 10 , supporters of the National Front and the non-party affiliation ( 5.9 / 10 ) are distanced by the sympathizers other political parties, which are between 6.1 and 6.2 / 10.

happiness political issue

Factory eminently political objective of Spinoza is displayed: “Understanding why people are happy or not” and ” move that really matters. “

” in France, the political decision-making are essentially oriented economy and GDP. But this is only one dimension measuring health status of a company, “says to” Obs “its founder, Alexander Jost.

” the state of a country is measured primarily in terms of what its citizens live and not only of what they produce;. growth or stagnation of GDP is not necessarily synonymous with progress or decline, “says the foundation

Thus, traffic jams and spills paradoxically generate increased economic activity in a region or country … But not for his welfare. And Alexander Jost hopes to attract the attention of the political class with this new tool.

“It will be a compass, in real time or virtually, allowing us to know where we are and where we lead the political or economic decision-makers, “argues the young entrepreneur. “The idea is not to be compared with other countries, but to see if they progress up the ladder of happiness.”

* Study conducted on a representative sample of the population with 1,001 French, aged 18 and older, interviewed online (CAWI) from 1 to 7 April 2016, according to the methodology of quotas.



Friday, April 29, 2016

A400M military transport aircraft Airbus still beating down –

It is not enough to display about 1,000 billion order book for piloting an aerospace giant is a long quiet river. Airbus Group is in the process of making the painful experience. Former EADS published Thursday, April 28 quarterly results marked by a fall in net profit 50% to € 399 million, and annual steady business, 12.2 billion euros. If confirmed its target of 650 aircraft deliveries for the year (against 635 in 2015), the European giant acknowledges that 2016 be a year of “challenges” in its various programs (A350, A320neo, A400M ). The stock market welcomed, in its way, this honesty: the stock has tumbled 4.60% on the day Thursday

What’s happening exactly in the Airbus house.? A closer look, all detailed challenges the group is not to stay in the same boat. The A350? If delays of some providers, such as Zodiac Aerospace complicate the matter, Airbus maintains target of ten units produced per month in 2018, although this will be “increasingly difficult,” acknowledged executive chairman Tom Enders. The cares of ramp-up production of single-aisle A320neo? These “temporary challenges,” widely associated with GTF engine woes Pratt & amp; Whitney, should be “overtaken by year end,” says the group. Who will, however calm the blood boss of Qatar Airways, Akbar Al Baker, who threatened to cancel its order for 50 A320neo lack of rapid improvement in the situation.

Le Drian losing patience

Even the increased consumption of cash (€ 3.6 billion since December 31, 2015) is not illogical, while the group is in a historical phase of ramping up production. And the United Kingdom, France and Germany have suspended the export credits granted to Airbus, following the transmission of a file relating to the aircraft manufacturer Serious Fraud Office (SFO), the body responsible for the fight against economic crimes or crimes in the UK. Airbus had informed the UK Export Finance (UKEF) the existence of “some inaccuracies” in requests for export credit guarantees, which failed to mention the role played by some intermediaries abroad. London, Paris and Berlin have since cut funding to Airbus, waiting to see clearer. “The group works with export credit agencies to resolve this issue as soon as possible and hopes to obtain financing and refinancing as soon as possible,” said Airbus Group.

The most worrying problem is elsewhere. It takes five characters: A400M. The European military transport aircraft program had been saved by industrial customers and the States in 2009, a huge additional cost of 6.2 billion euros at the end. Since then, the Atlas, the military name of the craft continues to make its own. Contrary to initial promises, he can not refuel helicopters, which forced the French Ministry of Defence to the acquisition of four American C-130J, for an amount of around $ 550 million according to the Tribune. Interviewed by members of the defense committee last October, Jean-Yves Le Drian, furious breach of contract by Airbus, poured in understatement: “I interviews with industrial somewhat tonic relationship”

the subcontractor Avio under pressure

A new technical problem is making straw. The gearboxes of the TP400 engine, produced by the Italian Avio, displayed big quality problems, and wear at high speed. Unfortunate, both for client armies, the army of the French air head, and Industrial. The 20 A400M deliveries in 2016, after eleven in 2015, is now clearly called into question, Airbus is unable to give a precise timetable at this stage. The problem is “a serious challenge of production and deliveries to customers,” admits Tom Enders, which does not exclude yet another financial burden that could be “significant” but remains unquantified at this time.

the Orsec plan was triggered on all floors. The American GE, which bought Avio late 2012, has dispatched dozens of experts to assist its subsidiary to solve the problem. The French Safran, motor industry leader with the British Rolls-Royce, is also called in reinforcements from the Italian supplier. A situation which is no shortage of salt, as the French group, candidate Avio buyback in 2012, was grilled by GE politeness …

Housing in Seville

Meanwhile, time is DIY, at Avio as in the assembly site for the A400M in Seville. According to several sources, the gearboxes of the production line of engines are “collected” to be installed on aircraft in service, and allow them to fly in a context of rapid wear … the Department of Defense, some prefer laugh: “You saw the 100 years of film Dassault retracing 100 years of aviation This is a science fiction film:. in the end, we see a fly A400M”

What is less funny is the hotel de Brienne has therefore no guarantee on the number and the exact capabilities of the aircraft to be delivered to him this year. Jean-Yves Le Drian was nonetheless clear: “We would wish, at the end of 2016, eleven A400M, including six with tactical capabilities – self-protection, airdrop, landing on summary field,” he explained in October last.

the air force lacking A400M

to date, this ideal scenario appears scarcely conceivable. The only certainty is that the French are really capable A400M transport missions that, while the unit had just been developed for multi-role: strategic transport (long distance) and tactical (as close to the theaters) parachute, parachute assault … Now it is the army of the French air that pays the highest price for these delays. Widely deployed in the Sahel as part of the operation barkhane, she has a cruel need these planes, while its fleet of old Transall is breathless. And it can not count as his British counterpart on a variegated fleet of C-17 and C-130.


Renault’s shareholders say niet the bonanza of Carlos Ghosn in 2015 – Liberation

This is a first: Friday gathered in general assembly, Renault shareholders Friday rejected the remuneration of its CEO Carlos Ghosn in respect of 2015 according to the practice of “say on pay”. At 54.12%, they issued a negative opinion on the remuneration of the CEO of the manufacturer, which amounted last year to 7.251 million euros, of which 1.737 million in cash, an increase of 0.49% compared 2014.

in 2013, this remuneration amounted to “only” 2.7 million euros. It is the establishment of performance share awards which replaced stock options from that time, which explains the jump in Renault boss of remuneration for two years. Granted subject to performance conditions, they are valued at 4.1 million euros last year.

Maintenance for 2015

This vote is advisory but it is a serious setback for Carlos Ghosn disowned by its shareholders. Immediately the known result, the remuneration committee and the board met without the presence of Carlos Ghosn as required by law. They announced to have approved the maintenance of CEO compensation for 2015, while undertaking a mission on the “useful developments” in the coming years. Counsel recalls in passing the “quality of the results of the year 2015 with a record turnover of over 45 billion euros, up 10.4% and an operating margin of 5.1 % ahead of two years on the objectives of the plan “Renault 2016 Drive the change” “.

The state, which controls 19.74% of Renault, weighed heavily in the decision. But he could not use his power to double voting rights, since the resolution was subject to ordinary title. The president of consulting firm Proxinvest investment, Pierre-Henri Leroy, a shareholder of Renault, was arrested earlier Ghosn’s remuneration at the session of questions / answers of the general meeting of shareholders, it reproaching including a lack of transparency.

strained Relations

in response, Carlos Ghosn stated that it was not “not him” and “the Board of Directors, which sets the remuneration itself prepared by the remuneration Committee” . “As a shareholder you give delegation [...] to the board, he shall not judge based on a whim but judge whether the way the CEO is paid is in line with his efforts, his talent, the situation [...] we have a very clear, transparent “, he said, adding that “the most important thing is that Renault goes well” . In addition to his compensation at Renault, Carlos Ghosn can also count on its income from Nissan, which he is also CEO and amounted to over EUR 8 million for 2014. In total, the Renault-Nissan boss have pocketed in 2015 a higher salary 30% to that of Dieter Zetsche (Daimler) and three times greater than that of Matthias Müller, the new boss of Volkswagen, the world of industry.

This vote shareholders immediately reversed by the board, may tender again the relations between the state and direction of the builder who had opposed for months on double voting rights established by law to empower loyal shareholders as the state. After a long standoff between the public shareholder and Carlos Ghosn, an agreement was reached to stabilize the alliance with Nissan. The state retained its double voting rights at Renault (28% to 19.7% of capital) and thus its blocking minority on strategic decisions in exchange for which they were capped at 20% of the decisions considered part of management internal company whose remuneration. A cap ratified 73.26% Friday by the General Assembly, which has not prevented to reject the Renault boss pay.

Christopher Alix (with AFP)


Vivendi reached 17.7% of Ubisoft’s capital – The World

Vincent Bolloré (middle), 21 April 2016.

french Vivendi media group increased to 17.7% its stake in Ubisoft video game publisher, according to a notice the financial markets Authority (AMF). It now holds more than 15% of the voting rights. Vivendi held by the Bolloré Group, has asked to be represented on its Board of Directors

Read also:. Vivendi dream Netflix Southern Europe

“Vivendi considers requesting Ubisoft recomposition of the Board with a view to achieve a consistent representation with its shareholder position,” reported the AMF. After these announcements, Ubisoft told Agence France-Presse (AFP) “[take] act no surprise” of the latter crossing threshold.

” This statement confirms the usual strategy creeping control of the Vivendi group, which says it has no intention to take control of Ubisoft, while steadily increasing its stake and preparing a offensive at the next general meeting. “

takeover bid launched by Vivendi against Gameloft

Vivendi launched for months in a double offensive aimed Ubisoft and the video game publisher Gameloft , both founded and controlled by the Guillemot brothers, opposed the action of the media group led by Mr. Bolloré.

Vivendi made an impromptu entrance to the capital of two editors in October and is mounted low little, since, in their capital. Gameloft has also challenged in court in late March, the decision of the AMF granted its approval to the tender offer (OPA) launched by hostile media group.

Read the interview of the President of Gameloft “with Vivendi, we would back twenty years”


Valls asks Caledonian provinces to bail the nickel sector – Le Figaro

The Prime Minister wants to see local government finance part of the losses of the SLN (Société Le Nickel), a subsidiary of Eramet, via a loan of 200 million euros that the state would grant them .

special correspondent in Noumea

She was the flagship of the Caledonian economy up that nickel prices collapsed due to the slowdown in China and the global oversupply. SLN (Société Le Nickel) encounter serious financial difficulties. Each month, the company employs over 2,200 people in New Caledonia loses about 20 million. Eramet, its majority shareholder with 56%, it agreed in December 2015 a loan of 150 million euros. But the Duval family, the majority shareholder of the group to which the State capital is also present in 26% via the agency of state ownership, is not willing to go further. Especially since the other shareholders of the SLN, including three New Caledonian provinces that hold 34% stake via STCPI (territorial Caledonian Society of industrial holdings), have not moved in this stage, for lack of funds. It is therefore urgent. Especially since the expiry of the referendum on full sovereignty for New Caledonia approaching. This large consultation is scheduled for November 2018.

And it is precisely the SLN, the site Doniambo that on Friday visited Manuel Valls, the first day of his visit to New Caledonia. This gigantic industrial complex, located in the center of Noumea, is impressive: 1250 employees on average 55,000 tons of nickel produced each year, an area of ​​250 hectares. Manuel Valls has visited during one hour. While the company’s survival is now at stake, it is not hidden the seriousness of the situation. “The duty of a prime minister, at least that’s how I see my job is not to silence the problems, do not minimize (…) Let us look at the situation opposite: yes the situation is serious, “he warned, arguing that” very hard to overcome this crisis, everyone will have to make efforts. ” Everyone, that is to say, the employees, the shareholders, but also the state. “The survival of the Caledonian nickel or collective will, that I refuse to consider failure will be collective,” said he still warned.

In an attempt to save the company, the Prime Minister has made several proposals. He has called STCPI to the rescue because he has said, “If Eramet must do more, she can not bear alone the fate of the SNL.” The Prime Minister wants to see the three provinces of New Caledonia to help the company. And, as they do not have the means, the state is ready to make a loan that they “may be up to 200 million euros.” The terms of this “intervention” are currently “in discussion with all shareholders,” said Manuel Valls.

While investment projects were frozen, Premier also offers SLN and its shareholders to secure bank financing of the new power plant that would allow the company to replace the current Central, obsolete, and reduce costs. This warranty is an important effort by the state since the new plant represents an investment of 800 million to one billion euros. Manuel Valls, who appeals to all stakeholders, has issued this warning: “Everyone is responsible for his choices.”


Compensation: Carlos Ghosn takes a serious setback to its shareholders –

The Renault General Assembly rejected Friday the remuneration of Carlos Ghosn! A first in France. The shareholders voted in effect only 45.88% in favor of the resolution number 8 on the remuneration of the CEO of the firm tricolor. Both state representatives voted against, logically. A rejection acquired while the state has, on this issue, as single voting rights and no double voting rights! Last year, earnings had been ratified by 58% of voters. “The Board takes note of this negative opinion of shareholders,” immediately said President Patrick Thomas remuneration committee just after the vote. Late in the afternoon on Friday, the Board of Directors met and … “approved the continuation of the agreed remuneration” , choosing to ignore the hostile vote.

symbolic rejection

Of course, rejection is symbolic. The vote of the meeting on this is in effect advisory. It prevents. Under 2015, the CEO of Renault, aged 62, is entitled to 7.25 million, including 1.74 million in cash – virtually unchanged from 2014. Carlos Ghosn, who is also the boss of Nissan, should also receive an equivalent amount from the Japanese manufacturer – 8.2 million for fiscal year 2014-2015. Either a higher total than 30% emoluments Dieter Zetsche (Daimler) and triple that of Matthias Müller, the new Volkswagen boss.

According to the documents published by the group before its annual general meeting, the fixed part of Renault’s CEO compensation for the year 2015 amounted to 1.23 million euros and has not changed since 2011. the variable rises, it at 145% of fixed or EUR 1.78 million (against 1.81 million for 2014). Carlos Ghosn, however immediately gets 25% of this variable, ie 445,875 euros. The balance (75%) are converted into shares to be acquired in 2020.

“Performance Shares”

In addition to this, the CEO right to “performance shares”, valued at EUR 4.18 million for 2015. alternate since 2013 stock options, they correspond to a theoretical envelope of shares that the actual amount is determined after three years, depending performance criteria. “If the company’s performance is not good, the beneficiary receives no action”, said a spokesman for the group. The CEO of Renault also received 48,000 euros Renault administrator and 5,440 euros in benefits in kind. There is one year, the sharp rise (+ 170%) of the remuneration of Carlos Ghosn in 2014 had created a huge controversy.

Last Wednesday, the General Assembly of PSA was ratified in contrast to 76 5% compensation Carlos Tavares, former right hand of President Carlos Ghosn and PSA for two years . Carlos Tavares earned EUR 5.24 million in respect of 2015, against 2.75 million the previous year. It does however affect only 3.2 million immediately. The remaining two million, Carlos Tavares will receive that in exercising its “performance shares”. And not before 2019. The announcement late March a doubling of the compensation Carlos Tavares had prompted Michel Sapin climbing personally niche. The finance minister had then described as “damaging” the sharp rise in emoluments of the president of PSA, emphasizing that the state, which owns 14% of the manufacturer, voted against.

Grogne of french State

the french government has repeatedly prevailed against deemed excessive salaries of bosses of several major groups of which he is a shareholder, including Safran, Thales, PSA and Renault. In the first months of his term, Hollande had passed a decree to limit to 450,000 euros gross pay of the bosses, but it was only for public interest entities owned more than 50% by the state, such EDF – which Jean-Bernard Lévy is the CEO – or Aéroports de Paris (Paris Airport company renamed recently), led by Augustin de Romanet. In some societies where the state is a minority shareholder, wages have certainly been somewhat limited. Philippe Crouzet, the very bumpy head of Vallourec in great difficulties – which has just been renewed – saw its earnings drop from 1.5 million to 800,000 euros in 2015. It resigned to stock options and that performance shares. But these cases are limited.

The French state is found “deprived of its double voting rights, which he had so much to heart, on the vote on the remuneration of Carlos Ghosn and the vote the award of stock options or shares, “laments the consulting firm Proxinvest to shareholders. This did not prevent the remuneration of the CEO to be rejected! This is indeed one of the key elements of the agreement reached last December between Emmanuel Macron, the Minister of Economy, and Carlos Ghosn, after the tussle part on the Rights of double votes! The state keeps indeed its double voting rights at Renault (28% to 19.7% of capital), and therefore its blocking minority on strategic decisions. In exchange, he agreed that the voting rights are capped at 20% in some areas not considered strategic whose remuneration. Resolution number 5 on this cap was actually ratified it to 73.26% by the General Assembly on Friday.


The mayors called Hollande to abandon lower provisions – The

They came, they are all there … In a unanimity that was meant very solemn, all associations of elected representatives of the communal block (mayors of France, mayors of large cities, rural mayors , mayors of cities, intercommunal, etc.) signed a joint call to say “stop” to a further decline in state grants in 2017 … a topic that has poisoned relations between the state and local governments from . months

All associations thus sounding the alarm in a call:

the presidents of the associations of the communal block to ask unanimously the government abandoned last fall slice allocations planned for 2017. It is a national priority for stopping the loss of local investment.

Over the years 2014- 2017, the financial assistance of the State are indeed expected to decrease to 12.5 billion euros, a cumulative decline of 28 billion euros, of which € 15.7 billion (56%) for the sole communal block. The double downward movement endowments and unilateral transfer payments by the state led to the edge of fiscal imbalance a number of growing communities. After 10 billion decline in investment since 2013, the communal block is forced to reduce services to the population or to increase tariffs and limit local investments again.

be quite accurate, it is true that the state is engaging local communities to reduce public expenditure through, over 3 years (2015-2017), a decrease of 10.7 billion euros in overall staffing operation (DGF) paid by the state to communities, or about 3.6 billion euros each year. DGF had been reduced by 1.5 billion euros in 2014.

For Baroin, Mayor “Republicans” of Troyes and president of the Association of Mayors of France, “ the effort required to local authorities in general and communal block in particular in the context of the 50 billion euros of public spending is totally disproportionate, while local governments account for only 9.5% of the public debt, 4% for the only communal block. Everything else is the social security and the State “. And remember that, in parallel, 58% of public investments are carried by the communal block.

All associations of elected officials thus hope that François Hollande, expected the Congress of Mayors to be held here from Paris 31 May to 2 June, will arrive carrier “lA” good news: the removal of the last tranche of declining DGF 3.6 billion in 2017

So far, the minister. Finance Michel Sapin s’ is shown intractable yet, considering that the three-year decline plan must be brought to completion. But the tenant of Bercy is in his role … Political considerations in a year of presidential elections should weigh more than fiscal discipline.

Investment down 20%

especially since local officials are threatening the drastic drop in investment and its impact on employment. Olivier Dussopt President (PS) of the Association of small towns of France (VFPA) estimates that total in 2017 “ could result in a decrease of 15% to 20% of investments of the communal block” which enshrines, for example, 6 billion euros to the road. Eventually, “it is almost a quarter of the 250,000 employees working in public works that could be threatened” , dramatizes Baroin.

Not to mention the impact on services public weakened or closed. “ And these are already hundreds of festivals that are canceled for this summer” says Vanik Berberian, President of the Association of Rural Mayors of France (FDMA).

André Laignel , President (PS) of the local Finance Committee (LFC) puts his finger on another consequence of the drastic drop in state grants: the decrease in net cash of Commons. According to him, the reduction has already reached 30% between 2011 and 2014, it would still be 10% in 2015. It evokes “a phase of financial strangulation”. And without cash to serve as leverage, investments plunge. “In such cases the aid of the State or of the Caisse des Dépôts no longer useless.”

Increased use of debt

Also, to limit the stalemate and avoid excessive increase in local taxes, local governments into debt. In 2015, they continued to borrow from banks and the bond market. Outstanding debt of communities and is up 4.9% year on year to 178 billion euros. Debt plays a role in the short term bandage, but if this trend extended -less than own resources and more debt -. The solvency of some local authorities could be severely affected

We are entering a phase solvency crisis for some communities who see their repayment capacity erode strongly , “explained from October 2015 Serge Bayard, Chairman of the Board of La Banque Postale local authorities. Thousands of towns suffer gradual degradation of their debt ratio: 18% of them now have higher debt capacity to 10 years, 12% over 15 years. These profiles are considered very risky by the bankers, and they are often medium-sized cities that are involved. They were betting indeed much on the financial support of the departments that they were forced to withdraw for lack of resources

In this regard, Baroin yet alert, saying that the level of debt some towns became critical and “ that several hundred municipalities have already passed under the authority of the state” .. .

with such a dramatization by the associations local elected officials, it is unclear how Hollande could escape a gesture at the Congress of mayors …


In Noumea, Manuel Valls face emergencies in New Caledonia – The World

Le Monde | • Updated | By

Manuel Valls official visit to Noumea,  Friday, April 29th.

for the first day of his visit to New Caledonia, Manuel Valls has faced, Friday, April 29, the two most sensitive issues in archipelago: the future political and institutional Caledonian – so that a referendum on independence “Caillou” is to be held before November 2018 – and the economic crisis nickel, financial and real local social lung

<. p> in front of the Congress of New Caledonia, which brings together all the island political forces, the Prime Minister was careful, however, Friday morning, to take a stand on behalf of the French state on the institutional future of this community overseas that already enjoys a special legal status for the Noumea accords signed in 1998.

But the Caledonian political situation greatly threatens the referendum and to the organization itself said. Kanak independence forces and loyalists are divided, even within each camp. Considering the results of the last provincial polls, non-independence majority in the archipelago, and many fear that a possible rejection of independence in 2018 will again cut the island in half and raise tensions between communities.

“the Rocard method”

In this context, the Prime Minister recalled that “time is short, in November 2018 it was already tomorrow” . If Mr. Valls ensures that “the state will fulfill its role” in view of the referendum, he especially invited all stakeholders to prepare Caledonians already post, whatever the result of the popular consultation. “Everybody knows, everybody says, everybody calls the state. But everyone is prepared to take some risk it deserves? To exceed the bounds of its short-term interests? To deploy the pedagogy required to kill any temptation to pedagogy? “, has he asked.

Availing itself of ” The Rocard method “, his political mentor and the artisan as prime minister, the agreements Matignon in 1988, Mr. Valls, accompanied by his advisor Yves Colmou, former collaborator of Michel Rocard at the time, advocated “compromise rebalancing” and “consensus building” between separatists and not independence. “Those who have had the courage to outstretched hand were always recognized ultimately by voters’ , he said, referring to the former non-independence MP Jacques Lafleur and the former leader Kanak Tjibaou, the two fathers of the 1988 agreements on the graves which he had to collect during his visit.

Twenty-five years after the “events” and community violence Caldoches and between Kanaks, the Prime Minister refusing the debate on the institutional future Caledonian only awakens the ancient hatreds. Above all, he wants the presidential and legislative elections in 2017 will come to pollute the political climate on the Stone. “Do not play the shows! It is unclear what will happen in 2017, but do not imagine that this or that change, if change could come to the aid of a given thesis “ Has -he warned. Several elected party Republicans are betting indeed a victory of the right in 2017 to prevent the referendum and encourage the status quo.

“You have to depoliticize the Caledonian dossier”

the case turns into headache for the government, which wants to meet in Paris a new committee of the signatories of the Nouméa arrangements “before the end of the year” . In private, Mr. Valls acknowledges that the hypothesis of a new agreement to give time to each party is impossible. “The separatists do not agree and require compliance with the 1998 agreements” , he said. “You have to depoliticize the Caledonian file and ensure that no one feels humiliated and that everyone has a place in the referendum to be held whatever happens” , decrypts its entourage at Matignon.

a few hours later, the Prime Minister also spoke about the particularly worrying situation in the New Caledonia through the economic crisis in its nickel industry, the main purveyor local jobs. It was another milestone moving the head of government, particularly awaited by industry leaders, but also by the trade unions and employees. Due to a very low during the past several months, the Caledonian nickel industry is facing serious difficulties. “Yes, the situation is serious, yes, the nickel industry is more than ever fragile” , found Mr Valls.

He urged everyone to ” make efforts “ to avoid social plans. Visiting the centenary of the Company factory Le Nickel (SLN), in the district Doniambo, real steel town in the city of Noumea, he pointed duties of its shareholders. “They received dividends when nickel prices were at their highest, they must take their responsibilities in ensuring the cash the company now that they are at the lowest” , a-t- he said.

While Eramet, parent of the SLN, in which the french state is a shareholder, has already released 150 million euros, Mr. Valls has asked the other shareholder , STCPI, entity that brings together the three territorial Caledonian provinces, also to hand the portfolio to “cover through 2018 and spend the funding crisis needs’ . The Prime Minister proposed to STCPI a state support in the form of a loan, “that could go up to 200 million euros” , and is committed to that Paris “can make a guarantee on bank financing” a new plant in Doniambo, the current must be “imperatively replaced in 2020″ .

to the Prime Minister, political future and economic future of New Caledonia are intertwined. But in both cases, time is short. “The institutional future and the future of nickel will play in the coming months” , alerted Mr. Valls.


Growth accelerates in the first quarter – Liberation

The recovery seems to be confirmed. Growth in France was + 0.5% in the 1 st quarter 2016, according to data released by INSEE Friday, after + 0.3% in the last quarter of 2015. The acquired growth 2016 (its level if the economy stagnated by the end of December) is already 1% after three months. A figure that confirms government forecasts, which expects 1.5% for this year.

Particularly dynamic, household consumption increased 1.2%, the highest since late 2004. The consumption in “manufactured goods” and experiencing a true rebound (+ 2.4%), particularly for housing equipment, automobiles and clothing. With temperatures “closer to seasonal norms “, the power consumption is also recovering at 1 st quarter (+ 1.5%). Moreover, after the end of 2015 marked by the November attacks, the household consumption of services returns in the green, with an increase noted in the accommodation and food services (+ 1.0% after -0.7%) .

This rebound in private consumption, combined with the acceleration of business investment (+ 1.6%), leading ultimately to a strong increase in domestic demand. The latter compensates the foreign trade deficit which, again, negatively weighs on growth.

After three years of “supply policy” (CICE, responsibility pact), companies, including the margin was 31.5% in late 2015, and seem determined to increase their investment, including, according to INSEE, in the manufactured goods sector (capital goods, transport equipment) and in market services. The construction sector, however, continues to stagnate (-0.1%).

Luc Peillon


Jeroen Dijsselbloem: The plan of the Eurogroup chairman to simplify the Stability Pact – Les Echos

Jeroen Dijsselbloem (President of the Eurogroup)

Jeroen Dijsselbloem, the president of the Eurogroup, wants to reach an agreement on Greece by 9 May when the next Eurogroup. He explains the “Echos” and the Italian newspaper “La Stampa” the problems still to be overcome and unveils reform that calls for, which would involve more Brussels in the economic policy of each Member State.

the postponement this week of the Eurogroup on Greece it is worrying?

remember that many progress has been made in recent days. For example, there is an agreement between the institutions (ECB, IMF, European Commission) and the Greek government in terms of savings and reforms (including that of pensions) to enable Greece to achieve a primary budget surplus 3.5% in 2018. But there was an agreement to find a second package of measures called “emergency” that will apply only if the fiscal performance of the country is worse than expected. This proved harder to develop than we had thought. Legally, it is very complicated because the Greek system prevents legislating measures that you could not apply. If you legislate, it is to implement measures! It is primarily a question of time: we need more time to find an alternative approach

These new requirements they reflect a confidence problem. vis-à-vis Athens?

No. We need this contingency plan because the IMF has different economic forecasts than those of the Commission and Greece. There is no problem of trust between Europeans. It is a forecasting problem, nothing more. On trust, we have come a long way. After the low point reached last summer, the atmosphere has changed and we must acknowledge the very serious and constructive work of the Greek government.

Imposing a new plan austerity “rescue” while the previous is not even applied yet, is not it undermine the political authority of Alexis Tsipras?

You can also see the things differently. If the Greeks are some of their fiscal path, they can legitimately say that they will not have to apply the new measures. For them it is not a problem so serious. Moreover, during the last Eurogroup to Amsterdam, I realized that the Greek Minister of Finance had agreed in principle on this package of additional measures. The only debate is how to apply this idea.

Is there not a risk to revive speculation about the “Grexit”?

negotiations with Greece are still very sensitive and agitated. Once we have found a way to implement this package of measures “backup”, we can begin discussions on the debt. Many people said that discuss debt was impossible, too politically sensitive, but we will! All Eurogroup ministers said they agreed to negotiate on this.

You push for reform of the Pact for Stability and Growth. Why?

A Pact reform is necessary because we all have problems with the existing indicators that judge the performance of a country, in particular with the structural deficit. It is a difficult indicator to predict, difficult to manage and difficult to explain. Recently, we had a budget discussion in the Netherlands and I had to explain to my Prime Minister and party leaders how this structural deficit indicator work. It took me a long time. One of my frustrations is that this indicator goes up and down without my knowing really why. I suggested that we focus our attention more in the future about spending a reference indicator ( ‘expenditure benchmark “). This is to link changes in the level of expenditure of states to their economic activity. It’s a simple rule to explain and apply. Many countries support this idea, and the Commission should make proposals. Furthermore, should the Commission to review the way it calculates the output gap between the level of real GDP and the potential GDP, based on a period of four years rather than two years as at present.

Are Are there other projects to be undertaken to make governance more readable euro zone?

I also grows – but it will require more discussion – the fact connects much what is done in Brussels which decided politically in capitals. Ideally, I would like once a government is newly elected, he works with the European Commission on a plan for his term (4 to 5 years depending on the country). It would be the responsibility of the new government to set fiscal targets and structural reforms. The Commission would then assess the plan and then check each year its implementation, with possible sanctions if the trajectory deviates.

You want the European Union make mandatory its recommendations economic policy?

I do not want the European Union to say how to carry out a pension reform and labor market. But I note that today we have two different worlds, with one hand the economic policy agenda of governments and the other recommendations made each year by the European Commission. These are very few occasions by states. It is necessary that these two worlds come together and work better together. This should help correct a defect of the fiscal approach of the Commission, which is too focused on the short term and that results in quarterly admonitions to States to fulfill their goals.

do you support the monetary policy of Mario Draghi?

I can not answer this question not to interfere with the independence of the ECB. But I can say that the Central Bank took its decisions in a very difficult period with a low interest rate environment. The low rates have not been caused by the ECB but by demographic, economic and political. Let this discussion that has no place: the ECB acts within its mandate. For some countries, this is perhaps not appropriate but the ECB takes decisions for the entire eurozone.


Renaud Honoré


Despite the scandal, Volkswagen has become profitable – Le Figaro

In loss in 2015 because of the “dieselgate”, the German automaker is optimistic. Matthias Müller, CEO, hopes that Volkswagen ‘apparent head high “and that growth is possible this year.

The large traditional annual -messe the Volkswagen group in Wolfsburg headquarters was to be the coronation of Martin Winterkorn. Artisan of the German manufacturer’s triumph, he was ready to fulfill his dream finally debunk, year on year, Toyota the world leader. Fraud emission faker software on 11 million vehicles revealed in September 2015 in the United States has transformed the party into crisis communications exercise to his successor Matthias Müller, President of the Management Board, in charge of commenting on figures released a few days earlier .

the results promised to be before the historic “dieselgate”. They are but not in the expected direction: the operating loss was 4.1 billion euros, the never-seen for twenty years. Volkswagen was forced to spend 16.2 billion euros of provision; 7.8 billion devoted to repurchase vehicles in the US (but not Europe) and 7 billion to deal with legal risks. The net loss was posted 1.58 billion euros. For the only VW brand, the scandal and the fall in demand abroad has caused a decline in operating profit by 15% to 2.10 billion euros. The margin fell to 2%, a thousand miles, so the 6% target. However Matthias Müller, growth is possible by 2016. In the first quarter, Volkswagen has also taken the world leader ahead of Toyota.

In the face forum reporters came in numbers to this annual press conference, Matthias Müller once again expresses regret. “We disappointed many people,” he said. But the Volkswagen boss trusts that the company “emerge head high.” “Together we will create a new Volkswagen,” he added in conclusion. In the corridors, a framework is optimistic: “This crisis could even be beneficial.” But the work to rebuild the trust will be long. When the scandal broke on September 18, Volkswagen is to firmament. (…)

2014. American Academics find that VW emit up to 40 times the permitted quantities of nitrogen oxide.

September 3, 2015. VW confirms laying a fraudster software.

September 23, 2015. Resignation of CEO Martin Winterkorn.

April 21, 2016. VW avoids trial through an agreement with the United States. Substantial compensation provided.

Find the entire folder Le Figaro to be published Friday, April 29, and on the web, mobile and tablets Figaro Premium subscribers

“Volkswagen is recovering in battle
” “This crisis could even be beneficial”


The higher than expected growth in Q1: + 0.5% – The Point

Economic growth reached 0.5% of gross domestic product (GDP) in the first quarter in France, better than the 0.4% forecast, according to preliminary estimates released Friday by INSEE. This figure, up from the last quarter of 2015 (+ 0.3%) is explained by an increase in household consumption, its strongest since late 2004 (+ 1.2%), said INSEE in a statement. Spending on household consumption, traditional engine of growth in France were down 0.1% in the last three months of 2015, marked by the attacks in Paris.

“Our work bears fruit we will pursue it with determination in the coming months, “says Finance Minister Michel Sapin. “This is a solid growth that is engaged,” he adds. Throughout the first quarter of 2015, total goods and services output continued to grow at a steady pace (+ 0.6%, as in the last three months of 2015), according to INSEE. Business investment accelerated slightly, for their part, to + 0.9% after + 0.7% in the fourth quarter of 2015, INSEE added, which however reported a slight decline in exports (- 0.2% after + 1.0%).

unemployment falling

in its latest forecast, published in March, the National Institute of Statistics and economic studies had bet on growth of 0.4% in the first quarter. A figure which had then aligned the Bank of France and economists polled by Factset financial data provider. This encouraging figure echoed many good news announced this week, particularly on the unemployment front, which fell 1.7% in March, and in the building sector, with bets in new housing starts up 3 % year on year in the first three months of the year.

the government expects growth of 1.5% of GDP this year. A figure more optimistic than the European Commission, which is betting on a rise in activity of only 1.3%, and that the IMF has lowered its forecast mid-April to 1.1%, due to the slowing global economy. According Bercy, “over growth” for 2016, ie what would be the increase in GDP growth in case of zero over the rest of the year, is already 1% after the first quarter, “it which means that with less than 0.4% growth each quarter’s 1.5% target for the year will be reached. “


Thursday, April 28, 2016

Holland called the French to “trust” companies –

As some economists of the eighteenth century had theorized the “laissez faire, laissez passer”, François Hollande invented the “trust”. Visiting Thales, Tuesday, April 28, the president embarked on a pro-business tirade, days after declaring that “France is doing better.”

“You have to trust to companies investing, innovating, trust also to employees as part of a responsible social dialogue, trust the social partners because this is essential in a business trust those who represent the nation because this is also what allows a democracy, “said the head of state.

helped by the good results of the electronics group specializing in aerospace, which on Tuesday announced 6,000 new hires, Francois Hollande boasted three recipes for success at Thales, “social dialogue is a method but is also a result”, “investment in research, innovation, development” and “educational attainment”.

“Thales is a growing company, I would like to know that France the same growth as Thales,” he he said, indicating wanting to “illustrate with (its) presence is a major French company is able to make a technological performance at the highest level. “

Jovial, Holland took advantage to slide a little joke about his future post-2017: “I guess, since you have this rate of 5% over the next three years, you will always this pace and I hope to be there to check. So I’ll come back as many times as necessary. “

(With AFP)