Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state No teletrak payday loan.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important. "We have no reason to reduce our exposure to Italy and Spain," said Henri de Castries."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.

The display stands up well with JCDecaux Asia

No doubt, the economic model of JCDecaux continues to prove itself. In the first half, sales of the French group, world leader in outdoor advertising, organic growth (excluding acquisitions and currency effects) of 5.8% to 1.17 billion euros, higher than the communication sector, which is between 3 and 4%.

The growth remains strong with a good spread of activities. The dynamism of the Asia-Pacific, representing 19% of sales and grew by almost 20%, but the rest of the world (Middle East and Latin America in particular) helped offset JCDecaux weak activity in France (+0.6%). This is still weighing a quarter of turnover.Similarly, Southern Europe (Portugal, Spain and Italy) continues to suffer.

Among the major activities of JCDecaux, the decline in activity in the display (-3.7% as reported) is offset by the growth of income in airports and public transportation (subway, bus), which jumped nearly 17% over the first six months of the year. A segment of the market in which JCDecaux has invested heavily in recent years.

Stability in third quarter

In total, the group chaired by Jean-Charles Decaux can boast flashing in green. The increase in sales has led to a mechanical increase in the margin, but less than that expected by analysts. Net income group share resort, it, up 46.3% to 95 million euros. The slowdown, however, marked between the first and second quarter.Segment of street furniture (almost half of the activity), growth was almost zero from April to June, a jump of activity against 5% in the first three months of the year. This cons-performance due to the continuing difficulties in Europe and the loss of several concessions to large shopping centers in the United States.

The group gives no margin target. He anticipates only "organic growth of its sales in line with the second quarter. "In other words, we must continue to do with the difficulties in Europe. "Knowing that the bases of comparison are not favorable," argues Jean-Charles Decaux. Organic growth was over 11% in the second quarter of 2010.

"Our media is the one most resistant to the crisis," says the boss.JCDecaux expects the continued urbanization of the planet and the rise of digital (11% of the activity in transport) to continue to grow. Not to mention possible acquisitions.

The government is mobilizing to the development of telework

Working from home one or two days a week: an impossible dream for most of the French, a reality for many Americans or Scandinavians. While telecommuting is over 30% in Finland, Sweden or the United States, it reaches 18% on average in Europe, it lags behind true in France with a rate of 9%.

However, telework is now greatly facilitated by the development of broadband networks and the boom in smartphones. But the benefits are many, for the employee, but also for businesses and the community. For the employee, it reduces stress, travel time, can increase efficiency and to better balance professional and personal life. For the company, it is a source of local savings and productivity gains.It is also an element of flexibility because it can help extend the service to customers, allowing more time slots adapted to their needs. Finally, for the community, promotes telework planning, reduced emissions of greenhouse gas emissions and relieving congestion. Thus, according to estimates, telecommuting one day a week could reduce by 5% carbon emissions.

Main obstacle: the manager

With this in mind, Eric Besson, Minister of Industry, is determined to eliminate the backlog of France. Pragmatic, he launched a study on the practice of telework in large companies. The results of this study will be published later this year.Conducted by the consulting firm Greenworking, this study aims to identify best practices and identify key success factors to foster the spread of teleworking in France. More than a dozen major companies have already agreed to participate in the study.

In the public sector, negotiations on telework in 2011. In the private sector, a dozen agreements were signed last year in large groups in the CAC 40. Based on volunteering, telework arrangements have been set up at Renault, Alcatel-Lucent, Dassault Systems, EDF, France Telecom and Microsoft. Axa, which has 76 telecommuters, the goal is to move to 200 people by the end of 2012.

But the brakes remain. Rather than legal, they are primarily cultural.Some employees are more justification in their work attendance and their results. But it is mainly the managers who are often opposed, fearing the loss of part of their power and status … Even if, ultimately, the overall results of their teams are improved.

A crucial summit on the future of the euro

With the crisis of sovereign debt markets do not stop to test the strength of character of the leaders of the euro area. For fifteen months, each meeting a European success patching, without warning the next stroke. Greece. Ireland. Portugal. Save the euro? This issue will again this week for an emergency summit. This time with a difference: everyone, or nearly so, may feel targeted.

When seventeen heads of state and government will meet Thursday at noon, it is not the technical options that were missing.Bail increased, lower interest rates, longer maturities, to the private sector or restructuring in good and due form, all solutions are on the table since that Greece came close to bankruptcy for the first time in spring 2010 .

What has been lacking, however, is the political will and responsibility in a Europe that receive capital not as a common project, but as a domestic policy variable. In contrast, the contagion effect can lead to collective reaction. With Italy last week, found himself the danger of a sudden the heart of the euro.

Rome is also dropped two warnings the most striking. "The creditworthiness of sovereign states is no longer a given," said Mario Draghi, the future President of the ECB at the address of the seventeen cities.And "like the Titanic, the first-class passengers themselves can not cope", predicted the finance minister, Giulio Tremonti.

Greek debt buyback

The warning covered Alps. For the first time, the finance ministers of the euro come to accept that markets and financial experts claim for months no fax payday advances. Yes, Greece, diving in the austerity and recession, may find themselves unable to pay on its debt maturities or interest. And no, a default is not to be excluded in the euro area. Only the ECB still refuses to admit it.

Under this constraint, but also recognized virtual summit Thursday that will tie up a second bailout of Greece. "The key is to improve the ability of Greece to support and pay down debt," insists the German finance minister, Wolfgang Schäuble.In all cases, private creditors – banks and investment funds – will have to fire from, or participate in the effort.

The easiest is to help Greece to repurchase some of its debt through loans from the EFSF the bailout funds in the euro area. Germany has long opposed it in the name of financial orthodoxy. But the accelerated depreciation of Greek securities on the secondary market allows Athens to reduce debt on the cheap, which meets the stated objective in Berlin. The other option would be to exchange the securities for longer maturities.

The plan should cover the needs of public financing of Athens until 2014, some 100 billion euros.He may doubt that Dublin, Lisbon and other capital assisted want to enjoy the same flexibility in time.

ALSO READ:

"Debt crisis: the solution of European Socialists

"Euro area: stop the panic before August

"SPECIAL – Europe, States facing bankruptcy

Facebook declined in North America

Endtime, accident or simple miscalculation? The latest results are already hearing from Facebook debate. Produced by the research department of the information website Inside Facebook – Facebook is independent of the company itself – these statistics indicate that the most famous social networks would decline among Internet users in North America. Facebook has lost 6 million users in the United States between April and May, and 1.52 million in Canada. The community site will now respectively 149.4 and 16.6 million active members.

Based on his own analysis tool, Inside Facebook has also found a small erosion of over 100,000 active users, markets UK, Norwegian and Russian. Box of 687 million active members worldwide, Facebook has however continued to rise over the period.Drawn by Brazil, Mexico and India, the social network has expanded by nearly 12 million Internet users.

Other alerts

Inside Facebook remains cautious about the meaning of these figures. "We're going supervision is closely to see what trends emerge over the long term, note the service. Bugs in the Facebook advertising tool and we get this information, seasonal changes, such as for studies, and other factors can influence short-term figures on a month and hide what is really happening. "

It is also not the first time that analysts observed a drop in speed at Facebook in the U.S.. Last March, the Institute of audience measurement Comscore noted a slowdown in the growth of Facebook in the United States. In April, Nielsen had warned about a decline in time spent by users on Facebook.Farther still, Nielsen had been a decline of 5% of Facebook users in the United Kingdom in early 2008! Explored by 8.5 million UK Internet users then, the social network now boasts over 29 million.

ALSO READ:

"Facebook friends identified by facial recognition

"Facebook wants to" connect the world "

Originally a French perfume by Michael Jackson

Jackson Tribute to man easy to get unsecured personal loans.

Market movements in the outhouse

The lines are moving among specialists support the addiction. Fifteen months after its IPO, the third French player in specialist nursing homes and care facilities on, saw the arrival of a new shareholder in its capital. A shareholder not quite unknown in the health sector, far from it, because it is the family holding Ruggieri Batipart already shares amounting to 23.8% of Korian the second major player side sector.

In a statement, said Batipart have acquired from the BC Partners Funds 9.5% stake in Medica. For this, the holding company has spent about 72.5 million. BC Partners, who wanted to disengage from Medica via IPO in February 2010, also sold 18.6% of the group Medica Covéa (mutual insurance: MAAF, MMA, GMF, etc.)..Following the transaction, BC Partners, which had already reduced its stake in March by selling 14.6% stake, holds longer qu'environde 3% of specialist care dependency.

An opportunity to 'rare'

For this operation, Batipart take this particular situation of the round table Medica. "It is rare to have such a big business opportunity in health," says Nicolas Ruggieri, associate director of Batipart. This entry to the capital allows us to strengthen the sector, the second major strategic Batipart, with real estate. " Among the other listed companies, a withdrawal of investors with holdings as large as that of BC Patners (30.5% at the time of the introduction) is indeed unusual.Since health is seen to hold for the long-term investments are generally in the same same horizon.

Investors semblainet share this enthusiasm Thursday in the Paris Bourse, clinching the title Medica 3% in early trade, to 15.3 euros. "This is clearly a long-term investment from Batipart, says Nicolas Ruggieri." Remains to be seen what position to adopt the new entrant later and wants to eventually take over his new participation. "We do not exclude us strengthen, says Nicolas Ruggieri, but we will not do so significantly, if at night floating Medica, who at nearly 55%, is one of the major advantages of this investment" . Today, the largest shareholder Medica is the life insurance company Prédica, with 11.3% of the round.

Side Medica, little reaction on the operation."The arrival of a new shareholder, a priori known for its investment over time, can only be a good thing," confined to explain Bailet Jacques, CEO of Medica. The group should issue a statement in the morning.

ALSO READ:

A year after its introduction, Medica takes its objectives

"The boom in nursing homes

"The private retirement homes based on quality

DSK's arrest revives the debt crisis in Europe

While the Director General of the International Monetary Fund, Dominique Strauss-Kahn, was charged with attempted rape and arrested in the U.S. yesterday as investors worried about the turn that will take the debt crisis in the euro area, especially in Greece. The indictment of Dominique Strauss-Kahn ally of Prime Minister of Greece George Papandreou, arrived in effect at the worst time for Athens. The IMF chief would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, who won the spring of 2010 using a 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and plaguing the markets, concerned about the risks of bankruptcy of Greece, and the possible contagion to other countries of the euro area.

The IMF will be well represented at the meeting of the Eurogroup, the deputy general manager of operations, Nemat Shafik, who was missionnée to attend. But analysts say the IMF's support to Greece is not as steadfast as Dominique Strauss-Kahn took the reins of the institution.Thus, Eswar Prasad, an analyst at the Brookings Institution told the antenna Bloomberg: "The assumption was that as Dominique Strauss-Kahn remained at the head of the IMF, the institution has not dropped in Europe and continue to support the continent. But the departure of Dominique Strauss-Kahn casts doubt on the intentions of the IMF. "

The IMF board will meet on Monday

Immediate consequence of these doubts, the euro fell to 1.4056 dollars in Tokyo Monday morning, 1.4108 against the dollar in New York Friday night. Against the yen, the European currency eased to 113.61 yen against 113.99 yen.However, shortly after after the opening of financial centers in Europe, the single currency has regained some color, displayed a very slight increase, to 1.4131 dollar.

For its part, the IMF has tried to be reassuring, saying yesterday that he remained "fully functional and operational," after stating that John Lipsky, IMF number two, will the Interim Director General of the institution the time required. The institution must meet its board of directors on Monday to decide the fate of its president at its head.Originally scheduled yesterday the appointment was postponed, the council waiting for new developments to make its decision in this situation that observers deemed "not simple".

ALSO READ:

"DSK must be heard on Monday at 16:30 Paris time

"DSK, rise and fall of a favorite

Two heavyweights of the American Bar Association to defend DSK

The IMF considers the debt of Greece "sustainable"

"Stay there a captain to head the IMF?

Portugal in the Greek system

The country is preparing for two years of recession. This is the price of economic modernization demanded by the IMF and the European Union to pay the 78 billion euros of assistance plan, after the rescue of Greece and Ireland.

The recession is expected to "2%" this year and next year, warned Thursday the Portuguese Finance Minister Fernando Teixeira dos Santos, for 2011 is double what was originally planned. Unemployment is also expected to jump up to 13% in 2013 before declining in subsequent years.

"The program is tough, but necessary and right," acknowledged the European negotiator Jürgen Kröger. "The economy will face significant headwinds in the coming three years," said Premier Poul Thomsen of the IMF, which provides for recovery "in the first half of 2013." But donors stressed that there was little alternative.The Portuguese economy is suffering from under-competitiveness and "without this package, the reforms have been more rapid and painful," assured Mr. Thomsen.

The program rests on three pillars: fiscal adjustment, with lower expenditure equivalent to 3.4% of GDP, especially in health and pensions, continued structural reforms, with an extensive program of privatization and an overhaul of legislation work and dynamic financial sector, with the establishment of a safety net 12 billion euros to banks in exchange for an increase in their capital ratios fast payday loan. The details will be formally adopted at the Eurogroup, May 16

Lisbon Area will stay out of the market for almost two years.The interest rate paid on the portion IMF (26 billion euros) will be calculated on a basis of 3.25% in the first three years, and 4.25% thereafter, according to a senior official of the Fund.

Sacrifice unpopular

The package will, however, far less than many feared, reducing the deficit more gradually than expected. But the sacrifices incurred unpopularity is likely to take center stage at the approach of parliamentary elections on June 5. The main opposition right-wing has already hinted that he would support him. "It must be clear in the campaign that the future government will implement this program," however, hammered Mr. Kröger. Portugal will need the funds by 15 June, the date of repayment of a loan of 4.9 billion euros.

It will also silence the growing discontent in Europe face the new rescue.Before Lisbon, he had help Athens (110 billion euros) and Dublin (85 billion), without reach to prevent speculation on a debt restructuring Greek. In Finland, the Portuguese plan hostility looms over forming a coalition government. And Germany voices were raised yesterday to ask that Portugal first sell its gold.

ALSO READ:

The IMF demands guarantees in Lisbon

The hearings of its leaders jostle TF1

Click image for larger graphic.

TF1 has weathered the financial crisis of 2009, but for nearly nine months, the chain collects bad audiences, particularly in primetime. The proliferation of "industrial accidents" on the most strategic time slot of television has been gradually mounting concern internally and makes the situation urgent in the eyes of some. Laurent Storch, head of programs, is put on the spot, even if Nonce Paolini, CEO of the chain, said it was not unworthy. Given these facts, the time for reflection has sounded at TF1. Jean-François Lancelier, CEO of Antenna Group, late engineer of the grid TF1 since 1997, could further strengthen its influence in the group.

It must be said that all kinds of programs are met and that the chain is struggling to defend its historic leadership.The clear victory of France 2 at the wedding of Kate and William, last Friday rocked the chain.

Periodically, the string displays of audience shares below its average weekly was 23.5% last week and the monthly was 24.5% in March. Whether varieties, games, sports, magazines, series or reality TV, the woes have multiplied since the month of September. Past failures to date, "The big show for children", April 30, which has not exceeded 20.3% audience share, while the day before the game "Family explorers" did not is more than 14.8%, almost ten points lower than the monthly average. Even football is no longer a recipe, and Chelsea / Manchester, April 6 last collapsed to 17 free 3-in-1 credit report.5% audience share."Ushuaia Nature", one of the major brands of chain, also had its failures with a score just over 18% last December.

The resounding failure of "Square VIIIp"

As for emissions of humor, laughter does federates more since "The 100 biggest balls" has not taken off the 17.5% audience share. Besides the resounding failure of "Square VIIIP" last March, which will redraw the map of reality television on the first private channel. And if the advertising is its tariffs on the screens of primetime, but she conceded substantial cuts on edges of access and night time.

Another concern, information and sacrosanct JT 20 hours. If the one on Monday in the death of bin Laden has assembled 7.2 million viewers and an audience share totaled 28.4%, the indicators are red since the beginning of 2011.Chain displays regular hearings less than 27% during the week. The questions are multiplying around the presenter Laurence Ferrari, and the editorial policy of demanding news director Catherine Nayl seems challenged, even if it retains the confidence of absolute Nonce Paolini. Finally, if TF1 is ahead in the great major political appointments – such as interviews with head of state – in contrast, France 2 is on a par or better than the first private channel on the great events as have shown on July 14 or the wedding of Kate and William.

ALSO READ:

"Advertising: TF1 hard to start in 2011