LIVE. Xavier Bertrand debate-Francoise Gri on youth employment

The Minister of Labour is currently a guest on Expansion and Business Institute for a discussion with Francoise Gri, Manpower France's patron. Follow the live chat with Dailymotion.

In anticipation of upcoming elections, the Institute of Business and Expansion Tuesday, April 10 to receive 8h30Xavier Bertrand, UMP Minister of Labour, and Francoise Gri, President of ManpowerGroup France. They discuss the theme: "Youth employment: how to meet (finally) the challenge?".

The debate is moderated by Beatrice Mathieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask your questions or comments via or via the # debateco. Three questions will be selected and asked Xavier Bertrand on video.

The price war moves lines, mass dismissals

French consumers' purchasing power stagnant or even declining, leave no alternative: the price war is declared over and intensifies, leading to casualties until the hushed offices s branches.

Treasurers and volatile, consumers hunt for bargains, not hesitating to visit several stores or surfing the net to find the best prices.

"Consumers are facing a first tightening of tax and price increases, wage freezes, not to mention the consequences of rising unemployment which lead them to save by cutting their defi ; think, "explains Alexander Mirlicourtois, an economist at the institute Xerfi. 

"In this context of zero-sum game where everything that is earned by some is lost by the other, the short-term strategies of both producers and distributors are very constraints and go through domination by prices and costs, "he adds.

"This is illustrated by the arrival of Free Mobile."

Frank Esser, head of the mobile operator SFR, which contributes 40% to operating income of its parent company Vivendi, has been sacked for not much anticipated the arrival of Free (Iliad).

This is the latest example. In large groups with the French market still represents a significant portion of revenues and profits, it is not good to be in charge of France.

At Carrefour, the replacement in May of the Executive Director for France did not allow the CEO of leading food retailer in France to save his head and Lars Olofsson will leave in June.

Earlier this year, PSA Peugeot-Citroen, whose market share of passenger cars in France fell in 2011, appointed his finance director Frederic Saint-Geours at the head of the management of brands.

POWER AND WANTING TO BUY

"Households have a strong feeling of restriction. They are bombarded with commercial offerings and have the desire to consume, but they feel very strongly that their purchasing power is not up to their 'will to purchase ", said Franck Lehuédé, Department of Consumer Research Centre for the Study and Observation of Living Conditions (Credoc)

……. .. "They make choices, and the first sector they highlight is the recreation and communication. There is a generation effect: even in times of crisis these areas remain safe havens, "he continues

……. .. "Health is another area that goes well the crisis. In an aging society, crisis or not, health spending increases. "

We must also consider spending constraints , some such as housing and energy soared, pushing consumers to restrict all others, especially the equipment housing, automotive, clothing and even food

. In the car, which has largely lost its role as a social marker, the price war is raging in particular small cars entered e range. This segment, which has benefited most from the scrappage scheme, is struggling since the demise of a measure which, in turn, has used drivers at prices even lower.

Household spending in textile-leather were down 5.6% yoy at end-January, according to INSEE.

In food, arbitrations are equally radical. The sector experienced in 2008 and 2009 two consecutive years of decline, the most since World War II. In 2011, these expenditures have stagnated in volume.

"If households do not necessarily consume less in volume, they consume less," notes Franck Lehuédé.

Carrefour, which France represents 43% of turnover and 39.5% of operating income, failed to divest itself of an image of higher price s that some competitors, and sees the market share of its hypermarkets erode steadily.

ABOVE THE INDEPENDENT

Food service, at the confluence of entertainment and food, is symptomatic breaks imposed by the price dynamics with purchasing power at half-mast. The concentration of the industry structured around clusters, chains and brands, will continue.

Independent restaurants with fewer than three employees, representing 60% of institutions-have seen their market share in the turnover of the sector from 30% in 1994 to less than 20% in 2007 and 2020 groups will distribute 45% of meals provided against 38% in 2007, according to research firm Eurogroup presented March 20 by the National Union of ho ; i-bays, restaurants, cafes and caterers (Synhorcat).

"When consumption is down, there is no other choice but to take customers to the competition through a strategy of capturing market share with a continuous expansion of networks distribution, "Alexander Mirlicourtois analysis. "The price war is no thank you and independents will be the main victims in 2012."

If the market is already locked by major retailers, the development is done either by transfer of a sign shop to another, like the 46 Carrefour stores recently spent ; s the flag-U system, whether by merger to the image network of garden centers and Pollen Villaverde who have come together to give birth to a group uniting 185 stores, now the fifth player in the sector.

The same logic was the end of 2010 the approximation of jewelers Histoire d'Or and Marc Orian, who formed a network of over 500 stores under six banners, high of 370 million euros of turnover. 

When the market is not locked or not, the chains held in place their denser mesh and open new stores. This allows them to have an additional strike force with their suppliers to drive prices down and capture the business of the independents.

But "low prices all year need to go deeper into offshoring, to pressurize perpetual sub-contractors, as soon as possible to substitute skilled jobs by unskilled jobs, "notes Alexander Mirlicourtois.

"If, initially, the price decline is pleasing to consumers, deflation is a deadly poison, it's a vicious cycle that becomes self-sustaining and that destroys the value of all goods than that of labor. "

For Sarkozy, we are "in phase of economic recovery"

In an interview with the newspaper Ouest France, the incumbent stated: "we came out of the financial crisis" and "we are in the process of economic recovery." Incumbent President Nicolas Sarkozy (here in Lyon March 17, 2012)

Nicolas Sarkozy, a presidential candidate, says that "we came out of the financial crisis" and that "we are in the process of economic recovery," in an interview with Ouest-France, to be published Tuesday. "I think we came out of the financial crisis, that confidence is restored and we are in the process of economic recovery," said the president candidate, who makes a visit on Tuesday the Guerande peninsula, followed the end of afternoon by a meeting in Nantes.

"What did they say Does peaks between Ms. (Angela) Merkel (German Chancellor) and me! Through these summits, Europe has an economic government overcame the Greek crisis", has he argued. To "reinforce" this situation, Mr. Sarkozy reiterated his proposals: political governance of the Schengen zone to protect its borders, failing which France will suspend its participation in Schengen, creating a Buy European Act for reserving public contracts to companies that produce in Europe, setting up a Small Business Act, reserving 20% ​​of public procurement to SMEs.

Failing agreement, France will only implement these provisions. Western journalists from France who told him that it smelled "the ultimatum", Mr Sarkozy replied: "it does not smell at all the ultimatum, it smells voluntarism (…) The Minister of the Interior German recently told that I had absolutely right and he was asking the same thing. The truth is that if Europe falls back into his through before, it will explode. " "I kept the same values: hard work, effort, merit, responsibility, authority, solidarity", he also said.

"To the great difference in Mr (Francis) Holland (PS presidential candidate), I consider that one can not isolate France and to promise that exempt the efforts that others are doing and ask," he also said. "My plan is to tell the French: you need to be protected. And to be protected, your country must be strong, paying his debts. This is why I will respect the objective from 0% deficit in 2016, "he added.

Casino has sued the Galeries Lafayette on Monoprix

Casino confirmed Tuesday it had sued the Galeries Lafayette and their representatives on the board of Monoprix, a joint venture at the center of a conflict between the two groups.

This new episode of the standoff between the legal and financial concerns the two distributors one-year extension, from 1 April, the mandate of the President of Monoprix Philippe Houze, then he should initially return to Jean-Charles Naouri, CEO of Casino.

"Casino confirms having issued a subpoena last week to the Commercial Court of Paris Galeries Lafayette, Philippe Houze, Ginette Moulin (Chairman of the Supervisory Board of Galeries Lafayette and whose family controls the group-ed) and Philippe Lemoine (Monoprix administrator) ", says one in Casino. 

"The objective is to obtain compliance with the agreements between Galeries Lafayette and Casino Casino which provide that holds the Presidency of Monoprix from 31 March 2012."

Casino and Galeries Lafayette, each holding half the capital of Monoprix, put in the public last month their disagreement on the valuation of the sign.

Under a memorandum of agreement between them, the Galeries Lafayette can exercise since January 1 of an option to purchase their shares. But the two sides differ on the value thereof and the Galeries Lafayette assigned Casino courts on this part of the file.

In late February, Jean-Charles Naouri ruled that the climate was "not conducive" to discussions between the parties and said he was ready to assert the rights of his group.

Casino estimates the value of the participation of Galeries Lafayette to 700 million euros while the department stores the value to 1.95 billion.

Aid to Greece may be only a brief respite

The largest ever corporate debt restructuring may be only a brief respite for Greece, a country in recession, which has to bear in addition the uncertainty of the next election .

Greece Friday dismissed the risk of imminent default, thanks to the strong participation of private creditors in exchange for bonds which allow the country reduce its debt of a hundred billion euros and receive a second level of international aid amounting to 130 billion euros.

"This exchange does not solve the situation in Greece," said Holger Schmieding, economist at Berenberg Bank. "Obviously, without him, Greece is in the hole but his problem is the return to growth, without it, no debt burden is manageable."

It is estimated that gross domestic product (GDP) contracted by Greek 15% since 2008. More than one in ten jobs disappeared and more than half of youth are unemployed.

The new austerity measures agreed in exchange for a new international aid, as 20% reduction in the minimum wage, may plunge the country deeper into recession. It would be impossible for the government to achieve the fiscal targets set by international donors in exchange for their help.

"The risk is great that more austerity puts the country to its knees," said Diego Iscaro (ISH Gloal Insight), holding that the social situation could become "explosive" if unemployment continues to rise in a country with almost daily demonstrations against austerity.

Austerity and delays in the reform of the state have made the recession deeper than foreseen in the European Union and the International Monetary Fund since 2010. 

Athens has also consistently missed its fiscal targets and has continued to downgrade to no longer occupy the 90th place out of the 142 countries included in the Global Competitiveness Forum world economy.

"The main reason why the rest of Greece in the euro area is because the choice is really bad. But if we go to press without giving a little air to the economy, sooner or later people will have enough, "says Diego Iscaro

…. RESTRUCTURING ….. MORE SEVERE

Polls show a majority of Greeks remain attached to membership ; the euro area but they are increasingly likely to be tempted to vote for parties that oppose reforms attached to international aid, early elections ; es which could be held in late April

. "If there are elections in April or May, markets Financial will remain about as nervous vis-à-vis Greece they were during the two and a half years, "notes Holger Schmieding. "It would be a huge element of uncertainty for Greece and for Europe".

Even if the recount resulted in a new coalition party of New Democracy and PASOK socialist and if it intended to carry out reforms, it could end up a target of popular pressure e ; standard if the donors demanded more sacrifices during their quarterly inspections.

"If the troika (EU, IMF, European Central Bank) said: 'You're late and you have set up for x billion austerity measures', this risk be the spark that ignites the powder, "said Ben May (Capital Economics). 

In a confidential report, the EU and the IMF warned that the bailout plan can easily derail the debt and return to its pre trade if Greece continues to fail its objectives or if the recession is more severe than expected.

Even if the bailout succeeds in reducing the debt of Greece to 120% of GDP by 2020 as against 160% at present, this new percentage is not considered manageable the long term.

"We think we need to prepare for a more severe restructuring at one time or another, which may imply official creditors," says Ben May. "That's the only way to lower Greece's debt significantly."

The problem is that Greece does not have a good record as it was supposed to reforms undertaken under the first bailout and in this case, donors may be much less streaming in their quarterly inspections.

"If Greece continues to miss its targets, while the troika or later may lose patience and turn off the tap of credit," observed Diego Iscaro.

BP stock market jumped after agreement on the oil spill

The action was sharply higher BP in London Stock Exchange Monday, boosted by the settlement of a dispute related to the oil spill in the Gulf of Mexico in 2010.

Around 9:05 GMT, BP gained 2.12% to 507.0 pence. The European oil and gas index lost 0.25%.

BP has entered into an amicable settlement with the plaintiffs' lawyers who had seized American justice. Still pursued by the government and its industrial partners, the British company said it had proposed $ 7.8 billion, of which 2.3 billion to offset losses for fishermen. She stressed that the agreement did not value recognition of its responsibility.

Some analysts argue that the slate is less than expected for the heavy oil.

Jason Kenney, oil analyst at Santander, for its part, BP sees "progress to a margin of 530 to 550 pence in the short term (or more), and perhaps even grow over subsequent quently ".

In all cases, the agreement next week increases the exchange of a negotiated settlement with the U.S. government, in the opinion of analysts.

"This agreement, if implemented, encourages even more the direction of BP to try to reach an amicable agreement (with the U.S. Department of Justice)," said Iain Armstrong ( Brewin Dolphin).

Commerzbank increased its capital, earnings down sharply

Penalized by a $ 700 million spent on Greek sovereign debt, Commerzbank, the second German bank, said Thursday a sharp decline in profit while by announcing a capital increase to strengthen its balance sheet.

This capital increase, which will help meet the requirements of regulators, will be through the conversion of hybrid instruments and subordinated debt.

The bank said it was missing at the end of December 1.8 billion euros, the lack of capital to bridge having been reduced by improving the management structure of capital and the sale of risky assets.

It nevertheless recognizes that the crisis in the euro area is a potential threat to its results. 

"The high degree of uncertainty associated with the crisis of European sovereign debt will remain, however, a challenge for us," said the CEO of the bank Martin Blessing.

Commerzbank also said to be exposed to the tune of 12.3 billion euro sovereign debt Portuguese, Italian, Irish, Greek and Spanish.

The second German bank said it had depreciated its claims on Greece to 74% in late 2011.

In the last quarter of fiscal 2011, the bank generated an operating profit of 163 million euros after a loss of 855 million in the third quarter. In the fourth quarter 2010, operating profit was stood at 256 million euros.

For 2012, the group said it anticipates an improvement in balance and adds that it will concentrate on the German and Polish markets.

Latécoère confident for 2012 after increasing in 2011

Latécoère announced Tuesday that he anticipated a continued growth of its activities in 2012, after publishing 2011 results carried by the upward cycle of aeronautics .

In a statement, the aerospace supplier said that its revenue, excluding special items, reached last year 520.6 million euros (+12.1%) complied ; lying to its objectives. Current operating income rose 62.5% to 44.7 million, reaching 7.8% of sales.

Latécoère said to rely on an order book representing more than four years of sales, to 2.2 billion euros based on a euro / dollar of 1.35.

The latest delivery rates announced by the manufacturers allow the group to build on for 2012 growth in sales of around 10% and an operating margin in the continuity of in 2011.

Net debt is expected to decline by almost 50 million euros in 2012.

The action ended Latécoère to 12.20 euros (-0.33%) Tuesday at the Paris Bourse before these ads.

European shares open down, the file weighs Greek

European shares start down sharply Thursday and the euro is at its lowest levels of the past three weeks, European leaders considering to postpone the bailout of Greece, to me then ; me that Athens has agreed to meet the requirements of its funders.

"It seems that the market has entered into reflective mode after strong increases in risk assets, investors re-evaluating the risk / return and revising their strategies," said Chris Weston, institutional trader at IG Markets in Melbourne.

The lowering by Moody's outlook on the credit ratings of 17 major global banks and financial institutions in Europe weighs 114 financial stocks. 

A flurry of quarterly results, particularly in France, leads the market.

The Paris Bourse lost 0.92% to 3,359.32 points in early trade, while the pan-European index Stoxx 50 was down 1.38%.

The German DAX index yields 1.47% and the FTSE drops 1% in London.

The financial and commodities again lead the correction. The banking index lost 2.1%, biggest drop sector in Europe, with auto index, which fell by 1.6%.

In Paris, Societe Generale lost 3.3% after reporting a net profit fall 88% in fourth quarter 2011, due to greater losses than expected in investment banking and financing.

Axa also down, by 3%, after publishing 2011 results slightly below analysts' expectations.

PPR also gives 3%, after announcing a sharp increase in its annual results, driven by the brilliant performances of its luxury brands.

Technip wins 1.9% after announcing a record net profit in 2011, up 21.5%, albeit with a slowdown expected margins in 2012. 

Capgemini (4%) reported a turnover of 9.69 billion euros in 2011 and an operating margin of 7.4% in 2011. The group plans for 2012 organic growth limited to its turnover and operating margin up.

Renault takes 2.2% more confident after having shown that Peugeot (-2.8%), despite a still competitive in Europe.

Investors also expect the auctions of sovereign debt to France and Spain, and a series of U.S. data in the afternoon with weekly jobless claims, housing starts and the producer price.

The CDC meets on Wednesday resumed Dexma

The final pattern of the recovery of Dexma, a subsidiary of French bank Dexia being dismantled, should be arrested by the end of the week while Caisse des Depots (CDC) meets on Wednesday its supervisory board on the subject, Reuters reported Tuesday sources familiar with the matter.

Agreement on the resumption of Dexma (Dexia MA), specializing in refinancing loans to local authorities, is crucial in today dewatering of loans to community ; s French local. 

Caisse des Depots, who had already participated in the rescue of Dexia in 2008, and the Post Bank should take over from the Franco-Belgian bank in this market with the launch, expected to ; mid-2012, a new public bank dedicated to local governments.

"The supervisory board of the Fund is meeting tomorrow (Wednesday, Ed)," Reuters said a source familiar with the matter.

"There will be a point on Dexma," said a second source confirming the meeting of the supervisory committee of the CDC.

Two other sources familiar with the talks added that an agreement on Dexma was now imminent.

"This is about one to two days. It will be before the end of the week, "said one of these sources

. The Fund deposits declined e to comment while no one was immediately available to respond at Dexia

. Under the dismantling of the former world leader in financing local government, the French state could eventually take a stake of around 25% to 33% in Dexma to defeat the re ticences of the Deposit to resume this structure whose loan portfolio, valued at approximately EUR 80 billion, could be toxic ……. FOUND AN INVOICE

.. TOO HEAVY FOR THE CDC

The Post Bank would in turn take a minority stake of 5% in the initial plan provided last fall. News reports have mentioned these days a stake of up to 7%.

In recent weeks, several members of the parliamentary committee to monitor the CDC has expressed concern over the increase in numbers of the Deposit in favor of businesses hit by the crisis, as was the case with the bailout of insurer Groupama.

Fearing that the CDC can not alone bear the brunt of the resumption of Dexma, some of them felt that direct intervention of the state was desirable to reduce the invoice. 

A final agreement on Dexma will also submit to the creation of new public bank for local communities, some of them likely have to abandon or postpone investment projects due to lack of credit banking.

According to forecasts by Dexia Credit Local, some 10 billion euros in 2012 could fail to secure the financing that French local authorities have required banks deserting the market because of the crisis and new prudential rules.