The high yields are sought by individuals

The increased volatility in equity markets and the low pay of traditional investments (2% on average for tax-advantaged bank books, money market investments 0.7% and around 2% for bond funds invested in conventional bonds) to encourage More and more investors to find the funds to share so-called "high yield" or directly select actions with good yields.

The temptation is great indeed try to take advantage of very high salaries offered by many CAC 40 stocks: 11% more than expected this year surFrance Telecom, Vivendi 9.6%, 6.9% of GDF Suez and Total and 6.5% of Suez Environnement. These attractive rates are much higher than the average of the CAC 40, which is already high at 4.8%.Level itself almost twice the performance of government bonds to 10 years.

The promise of return is high, but these values ​​traditionally considered defensive have been unable to withstand the market downturn. All titles in the list of the highest yields in the CAC 40 fell in the same proportions as the index. After sharp declines occurred in recent months, however, many experts believe that the values ​​of performance should begin to put up a good resistance in the event of further decline. It would be a good time to get involved.

Stocks or mutual funds

There are two ways to play the performance faxless cash advances. The first is to buy direct from companies offering high dividend.But instead of seeking the largest dividend, better focus its durability, good visibility on the evolution of profits and growth prospects minimum without which no development of the company is possible. Therefore rather than focusing only on the most spectacular returns, such as France Telecom, it is better to diversify its choice of titles, such as GDF Suez, Total, Suez Environnement, Vinci, EDF, and Sanofi. Many companies that offer potential returns of 6.5 to 5%.

The alternative is to opt for funds that specialize in this type of security. During the last few months none of them has survived the market downturn, but the restoring force that is the prospect of good pay should start playing in their favor.Many French funds have over the years specialized in actions "high performance". Among these are: Habs return, Ecofi Performance Shares, Performance Oddo, LFP Performance Shares Growth, growth yield values ​​(find details of all these funds Star.fr Morning) or a new fund under Luxembourg law Groupama AM G Fund European Equity High Dividend.

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Carrefour and Auchan bet on the return

The new school year has begun. The shelves of supermarkets anyway. Intersection and Auchan hypermarkets which have lost market share since early January, play their all to save the year. Their goal: to take advantage of this period, the largest in terms of sales after Christmas, to bring back customers and especially to force them to remain faithful to the brand.

Carrefour, the worst off of two, decided to strike hard, even if release into the wild to 1.3 billion euros of gift vouchers. The never-seen! "Our premium of 100 euros back complements the allowance paid back Friday by the government," said Noël Prioux, executive director of Carrefour France. The group breaks new ground by distributing 13 million in its hypermarkets checkbooks containing 10 vouchers of 10 Euro, valid for 5 weeks and from 30 euros to buy.The customer can not spend only 2 per week, in two predefined rays associated with the start, the traditional paper products and linens to leather, textile (women, men, baby) and electricity and the tooling. "We make a significant investment to support our customers in a key moment when they are faced with many expenses in a difficult environment," says Noel Prioux, which must succeed this time, after a failed September 2010 and the beginning of year catastrophic. The poor performance of the domestic market have already caused the departure of its CEO, James McCann, and sealed half-year results of the group.

Increase traffic

In addition to the premium back promotions in other departments. Carrefour also has finally increased the share of its own brand.When performing these three devices, the reductions can approach 80% back on the shelves, supports the group. If the brand has loyal customers and win back others with this, it has also not forgotten the food department. "As for offering toys at the end of year deals on the products at the start of school is only profitable for the traffic they bring," says one consultant. And provided that once in-store customers take the opportunity to make further purchases. "We've lowered our prices in August 1000 on food references: the effort for the products most frequently purchased by our customers, everyday products (dairy products and desserts, for example), and the products popular with families, "said Noël Prioux, which means" to rediscover Carrefour. "The objective is clear: "re strong business momentum in the last quarter."

Auchan and Système U have introduced similar devices. Thursday and Friday, customers who buy 23 items in the school are being taught northerner all of the purchase paid in vouchers to spend in the entire store … next week. In addition, the company offers a special on the shelf textiles from there too in addition to its promotional programs most common in the food department.

Asian stock markets without direction

Asian markets are very cautious on Tuesday. Despite the encouraging signals sent by the European and U.S. markets yesterday, investors in the region remain on their guard. Indeed, everyone expects the outcome of the meeting between Angela Merkel and Nicolas Sarkozy, to improve governance in the euro area. "Investors will await the details of the meeting of eurozone GDP figures and the same region for the second quarter," said Ker Chung Yang, an analyst at Phillip Futures Oil in Singapore.

Against this backdrop of feverish expectation, the main index of the region play yoyo. Nikkei and Tokyo Stock Exchange best illustrates these movements. After opening up 0.58%, the latter no longer display an increase of 0.30% in mid-session. An hour of closing, it loses 0.01% to 9085 points.

Same hesitation in Hong Kong and Shanghai.The first stock exchange gained 0.41% to 7 hours while the latter gives up 0.30%. The Australian S & P lost 0.59% and the Indian Sensex gained 0.59%. The Kospi Korean, who had missed the rebound of the previous day because of holiday, takes 4.40% at the same time.

The technology sector responds to the purchase of Motorola Mobility

As for values, the Asian technology sector reacted sharply to the announcement of the acquisition of Motorola Mobility by Google. In Japan, Softbank, one of the operators who distribute Apple products, is illustrated by a decrease of 0.70%. In Hong Kong, Foxconn, Motorola partner, flies to 14.58%. In Korea, Samsung is gaining 4.53%.

In Australia, Qantas is one of the highest values ​​followed.The airline announced Tuesday a major restructuring over five years, which involves the elimination of 1,000 jobs, the purchase of 110 Airbus A320, delaying the delivery of six Airbus A380 jumbo jets and business development in Asia . Qantas will launch and a low-cost airline by the end of the year, Jetstar Japan with two Japanese partners, Mitsubishi Corp. and Japan Airlines (0.81%). The action of the Australian company climbed 1.77% in Sydney.

Oil down

As for the oil markets, oil was down in morning trading in Asia: a barrel of "light sweet crude" lost 45 cents to 87.43 dollars and that of Brent crude gave 42 cents to 109.49 dollars.

The oil market, as global stock markets, fears for several days a new slowdown in the world, against the backdrop of sovereign debt crisis in Europe and sluggish growth in the United States.

The Cac 40 up sharply after the U.S. agreement

Relief. Is the word that prevails today in all of world stock markets, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. In the wake of the Asian stock markets, the benchmark index in Paris advance to its first weekly session of 1.28% to 3718.38 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, optimism is therefore in the financial Parisian.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism sustainable are to be expected in financial markets, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by markets in the coming hours.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.Around 6:00, the euro slipped against the dollar at 1.4385 dollars against 1.4395 on Friday, but climbed against the yen at 111.67 yen against 110.41 Friday. For its part, the dollar set off again up significantly against the yen at 77.63 yen after briefly reached 78 yen, 76.73 yen against Friday night.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of June (11am).Overseas are also expected to 16h construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank shares. After the U.S. agreement, the entire sector was also well oriented (BNP Paribas will publish Tuesday, Wednesday Societe Generale, Natixis and Axa and Thursday).

EADS announced this morning that the takeover from Apax Partners Vizada, a provider of communication services for 673 million euros, the second largest acquisition in its history. The transaction will be financed entirely by cash.

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom. A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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Paris and Berlin agreed before the summit on the euro

A first relief is visible on Thursday morning in the euro area, a few hours of the meeting of European heads of state in 13 hours, which is to lay the foundations for the rescue of Greece. Indeed, after a marathon meeting more than seven hours, which ended the night in Berlin, Nicolas Sarkozy and Angela Merkel have agreed on a "common position". The head of the European Central Bank Jean-Claude Trichet joined the French president and German Chancellor later in the evening, he joined the discussions.

No tax on banks in the European level

Nicolas Sarkozy and Angela Merkel did not present the details of the compromise. They prefer to reserve the premiere of the content of this agreement for seventeen countries of the monetary union when they meet in Brussels. The Franco-German consensus as a basis for negotiations between the countries of the eurozone.

Still, the Franco-German snatched in the night is "a prerequisite" to a European compromise in Brussels, said this morning on France 2 Valérie Pécresse, budget minister and spokesman of the French government. "We must find a way to stop international speculation and stabilize the euro area", had said his side in the evening the French Foreign Minister, Alain Juppe, in Madrid. He added: "If the euro broke out, it would be a catastrophe." If not addressed on Greece "the consequences will be felt throughout Europe and beyond," stated yesterday the President of the European executive, Jose Manuel Barroso, calling the situation "very serious". "Borrowing 30 years "

The plan under discussion would be based in part on a private sector contribution of 32 billion euros over three years no credit check payday loans.It would ease the debt of Athens and would extend the term of the loans (up to thirty years), while remaining sustainable for the Greek economy. Along the lines of this project, private creditors would participate actively in the rescue of Greece, but each of these banks would remain free to choose the terms of its contribution from three possibilities.

Moreover, the German daily Bild reported that several leaders of major European banks will be involved in discussions. Josef Ackermann, the influential head of the first German bank Deutsche Bank, will include some of the participants in the summit, said the newspaper.

Diversification and increase in Fund resources Stability

In addition, the amount allocated to the European financial stability, currently 440 billion euros, should be raised. Europeans could also expand its missions.The latter lend in Athens what buy its own debt in the market for a price usually mentioned by 60% of their face value. Such an option would have the advantage of reducing the debt burden of the country to enable it to regain growth and ultimately solvency. The fund could also reduce the interest rate and lengthen the maturity of its loans to Greece, flexibility Ireland and Portugal could then benefit.

The suspense will last a few hours, the agreement between the countries of the eurozone is expected in the evening. But now, after the meeting between France and Germany, the euro is slightly redrese 1.4254 dollars.

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Nuclear RWE and EON angry and France under pressure

The German government "plays with the competitiveness" of the country by accelerating the dropping of the atom civilian judge the boss's number two Germany's RWE, the megaphones and nuclear. Juergen Grossmann said that Germany wants "a future without major international groups in the energy sector," it said in the daily newspaper Bild on Wednesday in reaction to the decision of the German state of halt atomic energy by 2022.

For its part, the country's leading sector, EON, warned he would sue the position of Chancellor Angela Merkel to accelerate the abandonment of nuclear energy, and in particular not to abandon the tax nuclear fuel, saying that this tax "raises legal."The tax was created as a part-cons to a longer than twelve years of the life of the 17 nuclear reactors in Germany, decided last year and then canceled in a hurry after the disaster of Fukushima. She must report 2.3 billion euros per year in the German state. Proceeding in the same sense that Jürgen Grossmann, the group has also ensured that such decisions penalize investments in renewables and disability meet its European competitors.

A meeting Thursday, June 9 in France

In France, the pressure rises. On Wednesday morning, the Energy Minister Eric Besson announced on 9 June a meeting of the energy system to assess the consequences of the German decision. He acknowledged that France Info France would be affected "in the short term," deprived of a source of imports, when drought increases the need for electricity."The immediate halt of the seven nuclear plants in Germany removes about 10% of its electricity production", which means that "Germany will no longer be able to export, or much less," said Eric Besson.

The minister also said that delaying the opening of the public inquiry into the proposed EPR nuclear reactor Penly – it was to open on Wednesday 1 June – did not mean a "stop the process of public inquiry to Penly, recalling that President Nicolas Sarkozy had reaffirmed the nuclear option.

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Luxury brands adorn homes

Send home a reading chair or rug signed Hermes Christian Lacroix, some have dreamed. For them, the Milan Furniture Fair, the two groups have announced an exclusive ten parts intended for use in homes, all manufactured in partnership with renowned Italian groups.

For the drawing, the saddle has partnered with designers Enzo Mari and Antonio Citterio. For manufacturing, he appealed to the industry giant B & B Italia. The fruits of this collaboration will be available next fall, in forty Hermès boutiques. The latter was also associated with the Italian manufacturer of textile Dedari which will provide a range of fabrics for furniture, wallpaper or carpet that will be, they are marketed in the month of May."In terms of furniture, there is nothing equivalent to the Italian expertise," explained Helen Dubrulle, Voices in the columns.

After a first attempt in 1986, Hermes is therefore in force in the furniture sector with a clear objective: to inflate the share of this branch in the turnover of the group. The group is in fact already present in the home via a range of art products of the table but this activity represents only 5% of its revenue (amounting to 2.4 billion euros in 2010).

For his part, Christian Lacroix has teamed with the Italian company specialized in mosaic, SICIS.

Collaborations chain

For the French luxury brands, which have launched this operation in late diversification, time is catching up. Among the precursors is the American Ralph Lauren in the '60s, has conceptualized the principle of loose fashion.Much later, in 2000, Armani exploited the vein with the launch of Armani Casa, which now boasts 67 outlets worldwide and a turnover up 11% yoy in the first quarter of 2011. For his part, Bulgari is one of the groups fund shareholders who bought small business sector specialists as Italian Cappellini. The clothing brand Loro Piana cashmere specialist, has launched four years ago Loro Piana Interior. Fendi and Versace also have a collection of furniture.

"In France, there is a stylistic inspiration for a long time. Garden furniture signed Dior existed at the same time as the furniture Ralph Lauren but they were not made by the creator.France arrived late because the marks were consistently the distinction between fashion and furniture, "explains Etienne Cochet, director of Maison & Objet trade fair in the design and meeting place for fashion brands in this sector. "When I spoke in my studios 15 years ago, everybody looked at me wrong! fashion was very focused and conceptually was not in the sense to do the decoration, "says one who is also president of Paris Capitale de la Création.

Today, the trend was reversed: "Brands know that development requires an overall concept. They need a ubiquitous, transversality. It is now part of their strategy, "added the specialist.

Thus, in addition to Hermes and Christian Lacroix, Jean Paul Gaultier has also gone into the deep end.He had imagined in 1992 sofas, wardrobes and beds for its traditional marinara. They have been reissued by the specialist Roche Bobois in June 2010. Kenzo, owned by LVMH, also has a range of furniture all in flowers and origami.

Conquering the palaces

No question, however, for these groups to lose sight of their regular customers. "They are the ones targeted by these products. It's a style that the customer wants to have him and his home. It's logical and legitimate. But it remains a premium spirit. " This refinement should not prevent the marks from the assault of all the furniture in your home, including the most unlikely: "There is no limit to creativity! whether a mark is eye toilet, why not? This would be a great sign of adaptability, "said Etienne Cochet.

According to him, the trend should continue in the years to come.Luxury brands eyeing a market effect in "developing". "There are more and more luxury hotels to be equipped. Paris alone, five new five star hotels will open, "says Etienne Cochet. For brands, "it is a movement that will support their business mode," says he.

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The Paris Bourse back to equilibrium

After spending the morning in the green Friday, the CAC 40 cancels its gains in early afternoon after surging 1.41% on Thursday. The Paris index was stable at 3967.79 points. In London, the FTSE rises 0.43% to 5906.41 points while in Frankfurt the Dax advance of 0.47% to 6966.16 points.

The caution is when the problems of sovereign debt of countries of the European Union back to haunt the markets. Fitch and Standard & Poor's (S & P) lowered the rating of sovereign debt by two notches from Portugal, because of "increased political uncertainty" that has shaken the country since the resignation of Prime Minister Jose Socrates.

European leaders are meeting just since Thursday in Brussels to find a way to fly to the rescue of the country and avoid a domino effect.They endorsed the night of Thursday to Friday a comprehensive system of defense against crises of debt that carries the actual capacity of the Fund's lending support to countries in the Eurozone in trouble from 250 to 440 billion euros.

The Japanese nuclear supervision

In addition, the Japanese nuclear situation remains worrying. This Friday, the operator of the plant in Fukushima, Tepco, said that the work of rehabilitation of the plant could take another month because of the difficulties encountered by workers to cool the reactors.

In Libya, fighting continued between armed forces of Colonel Gaddafi and the coalition forces.The NATO countries have agreed on Thursday to take command of military intervention and will next week over the coalition led by France, Great Britain and the United States.

U.S. GDP revised upward in 2010

However, operators should carefully monitor the indicators of the day. On the menu this Friday:

– French GDP in the fourth quarter. Insee said Friday it has revised upwards to 0.4% growth in gross domestic product of France in the fourth quarter of 2010 compared to the previous quarter. A first estimate published on Feb. 15 gave an increase of 0.3%.

– The French consumer confidence has deteriorated more than expected in March, returning to its level of last July partly because of fears about price trends, shows the monthly business survey released Friday by the INSEE .The composite indicator of consumer confidence has emerged after 85 to 83 in February.

– Money supply M3 in the euro area rose by 2% in February (+1.5% in January).

– The barometer Ifo business climate, the main index of business confidence in Germany fell to 111.1 points in March, ending nine months of increases in a row and a record high of 111.3 points in February, according to figures released Friday.

– Overseas, economic growth accelerated sharply in the fourth quarter – GDP grew by 3.1% against 2.8% forecast by the Ministry of Commerce and 2.9% by analysts – allowing States USA finished 2010 on a rise better than expected at 2 payday loans for bad credit.9%, according to figures released Friday in Washington.

As for currencies, the euro was stable against the dollar at 1.4166 dollars against 1.4168 on Thursday.

On oil markets, a barrel of light sweet crude for May delivery yielded 3 cents to 105.57 dollars. That of Brent North Sea crude for May delivery gained 21 cents to 115.93 dollars. "Oil prices remain high due to geopolitical tension and underlying factors that support lessons, and this dynamic market seems set to continue," note analysts at Barclays Capital in a note.

Values ​​to follow

Farm Credit: + 2.22% to 12.20 euros

Farm Credit has the highest increase of ACC on Friday, while BNP Paribas qu'Exane initiated coverage of French banks with a buy recommendation on the green bank.The analyst opinion adopted a "outperform" on the Crédit Agricole, with a target price of 16.70 euros.

Edenred: + 0.33% to 21.34 euros

Edenred the group's title, after the split in July with the Accor hotel group, continued his progress on Friday, still worn by various rumors about a possible takeover of the company or paying a special dividend. The work took more than 18.5% over the last five sessions

Eurazeo: + 5.03% to 55.75 euros

The group announced Friday the creation of value target of two billion euros by 2014, a goal that comes as the investment company just return to profit in 2010.Moreover Eurazeo and fund Colony Capital exclude launch a bid for hotel group Accor, which they together hold 32.79% of voting rights, to come into compliance with new regulations, said Friday Patrick Sayer, Chairman the Executive Eurazeo.

Schneider Electric: + 0.72% to 119.40 euros

The group announced Thursday it had acquired US Summit Energy specializes in services for Energy, for $ 189 million.

Lagardère: -0.45% to 30.03 euros, Vivendi: + 0.25% to 19.74 euros

Canal + will launch at the end of a free television channel, announced the CEO of the encrypted string in an interview with Le Figaro.

TF1 (-4.02% to 12.90 euros) and M6 (-2.52% to EUR 18) react badly to the news.

Lafarge: + 0.84% ​​to 44.25 euros

Based on a review of the MFA, the Egyptian Sawiris family increased its shareholding in cement producer of over 14% in March.

EDF Energies Nouvelles: -0.53% to 35.75 euros

The group announced Thursday it had signed two contracts in Canada of electricity supply in 20 years with Hydro-Quebec for wind projects totaling 49.2 megawatts.

France Telecom: + 0.03% to 15.69 euros

Polish operator TPSA its announced Thursday it had sold its subsidiary Emitel $ 1.7 billion zlotys (423 million euros) at the bottom of Montagu Private Equity.

The Bel Cheese must publish their annual results this Friday.

Carrefour is betting on a rise in sales this year

Carrefour opts for optimism. Battered markets since the announcement of the proposed demerger of its Dia hard discount chain and a portion of its real estate subsidiary Carrefour Property, the number two worldwide distribution makes every effort to regain investor confidence. On Thursday, he promised for 2011 increased its revenues and its operating income.

To achieve this dual objective, Crossroads put on an "acceleration of store openings in 2011 with 800 stores, especially in growth markets" and a "strong development of Carrefour-branded products and the continued deployment of our winning concepts under banners Carrefour.

The distributor said, anticipating 480 million euros of cost savings this year and 225 million gain on purchases, and reduced inventories of two days.

More information to follow ….

"Saint-Gobain off again on the offensive"

Saint-Gobain issued yesterday its results for 2010. CEO discusses the year 2011 with confidence, to be particularly marked by the IPO, from the second quarter of a minority stake in Verallia, its center of glass packaging.

LE FIGARO – The crisis has ended for Saint-Gobain?

Pierre-Andre de Chalendar – Saint-Gobain is out of the crisis. Last year, our environment was still recovering, but our turnover grew by 6.2%. While we did not find the activity level before the crisis. But the evolution was positive in 2010, including year-end despite the harsh climate in Europe. Especially, our operating income increased more than expected, 41%, to 3.1 billion euros. These good results, we have two elements. On the one hand, we managed to raise our prices by 0.8% on average.On the other hand, we saved 600 million euros, bringing the efforts of 2.1 billion euros over three years. In addition, Saint-Gobain was again reduced debt – 1.4 billion euros. Following this crisis, the group became agile maneuvering.

The movement will continue there in 2011?

I am convinced that the return to growth, yet very contrasting last year, will continue this year. The activity will remain very strong in Asia and Latin America. And in the major Western countries, there should be a restart, including France, Germany and Poland. In these markets, the green growth is already a reality. In France, under the effect of standards in favor of greater energy efficiency, sales of glass wool insulation or glazing "low emissivity" is very much in progress.In this context, Saint-Gobain renewed the offensive on all fronts. We will invest 500 million euros more in 2011, both in emerging and in our new businesses. We will now take double the capacity of our factory glass wool Chemillé, Maine-et-Loire, opened in 2010.

Will you also make acquisitions?

Yes, we will certainly be more acquisitions this year.Three targets we want: our business in emerging markets, companies specialize in energy efficiency and those in the distribution of building materials in Europe in countries where we already have a strong presence.

How do you cope with the rising cost of raw materials?

Last year, the increase – from iron, asphalt, energy … – accounted for an additional cost us 200 to 250 million euros that we have more than offset by higher prices. That will remain our priority in 2011, knowing that the increases we face are greater than in 2010.

During the revolts in Arab countries do not they call into question your interest in emerging markets?

Absolutely not.Our goal is to achieve within five years 25% of our sales in emerging countries as against 19% today, remains valid. But these moves reinforce my belief in the need for a group like Saint-Gobain to spread risks. This was true for China. This also applies to the Middle East, which represents 0.5% of our turnover. In Egypt, even at the height of the crisis, our glass factory inaugurated in November 2010 continued to run. And we are not present in other countries (Libya, Yemen, Tunisia …).

You've done a line of solar development. What do you think of the provisions concerning the photovoltaic sector in France?

To develop an activity, the industry needs stability.However, in France, the rules that we are given for final change every six months! Then it is necessary to subsidize the technology startup, you must register in a process where, ultimately, subsidies disappear.

Wendel has been sanctioned for failing to comply with the rules when it enters your capital in 2007-2008. This changes does your relationship with your largest shareholder?

No.

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