Christine Lagarde to the American

From our correspondent in Washington.

America will now discover Christine Lagarde. Despite his six years at the head of the general business law firm Baker & McKenzie in Chicago, the French selected to head the International Monetary Fund (IMF) is not yet a well-known in the United States. The IMF does not enjoy the rest of America is its perceived prestige in Europe.

Those in the world of private finance and business in the United States had the opportunity to listen to Christine Lagarde, for example when she came to New York or Texas, explained the French economy, were impressed by his mastery of English style "professional" and his knowledge of capitalist values ​​cherished by Americans.

Its role in the G20 to build consensus on complex issues is also widely recognized.Including his prowess to have convinced the Chinese to accept the indicators for measuring imbalances that contribute to the weakening global economy. The weekly Bloomberg BusinessWeek points out that the style of Lagarde includes both an original look, built on its French elegance, her athletic figure, his tan, his white hair and a deliberate absence of ego that promotes the combination of points opposing views.

In 2009 the most American of French ministers had dared to participate in the satirical and political cable channel Comedy Channel. With a beret on her head, she had learned to his iconoclastic host, Jon Stewart, pronounced in French "catastrophic economic recession."In the movie produced by HBO about the financial crisis, the American actress Laila Robins plays the role of Christine Lagarde, s is to severely criticize Treasury Secretary Hank Paulson for allowing Lehman Brothers to fail: "This is a horrifying error," said she. This view, popular in Europe in 2008, is now about a real debate: let the shareholders of a bank that does not matter systems suffer all the consequences of errors of its leaders is seen to contrary by many American experts as perfectly justified. Systematic rescue of banks is seen by contrast as a source of distortion that increases the crisis and to encourage risk taking.

Reviews

Nevertheless, many who are familiar with the IMF were against the appointment of Christine Lagarde at the head of the institution. "If Mrs.Lagarde became boss of the IMF, it is likely to continue to dump loans in the euro area mired in its problems. If preventive programs are determined even for Spain, Italy or Belgium, the IMF will need to ask its shareholders at least another 1 trillion dollars in credit lines.Lagarde personifies the strategy of betting the euro area which aims to ensure his resurrection with other people's money, "explained a month ago, Simon Johnson, former chief economist of the IMF faxless cash advance.

One of his predecessors, Raghuram Rajan, argued that the choice of a European political figure would be bad: "The Fund is designed to defend policies hard to countries that have mismanaged their finances, not to win popularity contest "sums up the Indian economist, skeptical about a European is once again chosen to head the IMF.

In addition, Rajan is concerned about the lack of economic training of the French Minister: "We expected the IMF chief that he has opinions … we can not ask the staff to make decisions for you."This is where the boss DSK was ideal for the IMF: it could discuss on equal terms with technocrats Fund fundamental issues such as the relative effectiveness of tools to address a country in dire fiscal situation, or how best to control fickle capital flows without distorting market trends. Christine Lagarde does not have the technical knowledge to win such debates, very important in the IMF.

The most scathing anti-position Lagarde came from Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, "Lagarde is the latest person to whom he must look for a new approach and independent advice."Like many, the author of several books on multilateral institutions, Christine Lagarde believes that is partly responsible for the current crisis of the euro and therefore can not act with credibility to change the way it should be managed.

Mohamed El-Erian, head of the largest bond fund in the world, PIMCO, has taken some of these arguments. A former senior official of the IMF had proposed that it be called once just to finish the term of DSK, ie until November 2012. Beyond that, it could be renewed if it had been proven.

"Ms. Lagarde was also criticized, like other European political leaders for mishandling the crisis of the euro since its inception and now obliged to be in a hurry to clean the problems they have created" reminds his side a journalist from The New York Times.Far from judging that the triumph of Christine Lagarde is simply the consecration of real qualities, rather than the Americans consider their new responsibility will test his ability to play a role as conciliator not of divergent views, but the substantive decision-maker to decide in both technical issues but also political, forgetting that it is European.

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Monaco placed on the royal wedding to revive its economy

The figures speak for themselves. In anticipation of the royal wedding of July 1 and 2, the National Council of Monaco, the equivalent of our Parliament, has allocated a budget of 4 million euros. Almost as much as the 4.4 million spent by the principality in 2010 to launch its corporate campaign in the French magazine and on the web. This shows the importance for the Rock the marriage of Prince Albert of Monaco and the former champion South African swimmer, Charlene Wittstock. Both in economic terms and in media coverage.

From next Friday, when the celebration of the civil union, Monaco looks indeed more than 200,000 visitors. A golden opportunity to restore a spotlight on the micro state of 35,881 inhabitants.Still considered a haven for billionaires, Monaco has indeed not escaped the crisis in recent years, in 2009 recording a decline of 9% of its tourism industry (mainly tourism business), before a resumption of 6 % last year. At issue: the crisis in the "customer proximity" (Italian and French), which became more reasonable.

Although the number of spectators attracted to the wedding should remain three times lower than the 600,000 tourists who traveled to London in April, for the marriage of William and Kate Middleton. But the Rock expects no less favorable economic impact. In anticipation of the weekend, everything was set up to attract maximum visitors: free trial of race cars, train frequency increased, on the big screen broadcast of the festivities, free parking, free admission to most museums … .Beyond the provision of 4 million euros of the National Council, the Centre has also participated in an amount that has not been made public.

Attract new large fortunes

The principality wants to use the event to attract tourists back wealthy, more and more tempted by other destinations. The sector remains in effect in the heart of Monaco's economy, with nearly 500 conventions and meetings a year and distributed 780,000 nights in the 16 luxury hotels. "Monaco must expand, transmit messages incentives to attract large fortunes, talents.It should be under the spotlight at all times, "said Michel Bouquier and the Director of Tourism of the Principality

Operation seduction seems to be working: within a week of marriage, hotels are almost full (2700 rooms, 90% in four stars), and the Rock is an increase of call for cruise ships in recent weeks. Remains to be seen, beyond the one-time event, the mass return of tourists will continue. Especially such an event is not without adverse consequences for the economy.For example, if the marriage of William and Kate has resulted in more than 570 million pounds (640 million euros) in economic benefits, productivity losses related to the only holiday of marriage (Friday, April 29 ) were valued at 7 billion euros.

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Soon relocations from China to the United States

China's competitiveness is being eroded in favor of the United States. Producing in China soon will cost more than 10-15% cheaper than in the U.S. by 2015, reports a study in the Boston Consulting Group (BCG). Taking into account all costs associated with transport and storage, the Chinese advantage will be reduced to less than 10%, even completely canceled, said the U.S. consulting firm. This is mainly because of the progressive narrowing of the gap between industrial wages in both countries.

BCG how he arrives at this conclusion at odds with the traditional discourse of economists? BCG has adjusted the salary cost of the two countries based on the productivity of workers, Americans are more efficient, especially since better-trained than the Chinese. It also took into account the fact that the Chinese currency, the yuan will continue to rise against the dollar in the coming years.BCG analysts believe, after these adjustments, the wages in industrial cities like Shanghai or very dynamic Tianjin will be lower than 30% of those in the United States.

"Because of the lack of skilled labor in China, wages increase by 15% to 20% per year," said Harold Sirkin of Boston Consulting Group in a study published late last week. "We therefore expect that the net cost of labor in industry in China and the U.S. converge around 2015." Before concluding: "We will see many more" Made in USA "these five coming years. "

Americans more productive

While China sees its labor costs rise, the U.S. productivity gain in parallel.More flexible labor code, public grants and favorable agreements negotiated with unions: "Many U.S. states, like Mississippi, South Carolina or Alabama, improve their attractiveness as centers of production to lower cost," says BCG . Some big names in American industry have recently relocated their production to the United States. Caterpillar has recently announced the expansion of a factory production of hydraulic excavators in Texas. About 500 jobs will be created. Previously, NRC had repatriated in 2009 its production of ATMs in Georgia.

Large manufacturers, however, are not going to desert China so far. Goods produced in large scale and require much labor will continue to be produced in China, recognizes BCG.It must be said that the Chinese advantage in terms of cheap labor and unskilled labor remains unparalleled. A study by the U.S. Department of Labor published in April, the average hourly wage cost of a Chinese worker in 2008 represented only 4% of that of a U.S. worker. And only 3% of average wage costs practiced in the eurozone.

Telecom: Vivendi takes full control of SFR

The negotiations have accelerated over the past week between Jean-Bernard Levy, CEO of Vivendi, and its counterpart Vittorio Colao, CEO Vodafone. The two sides finally reached an agreement Sunday to 7.75 billion euros plus the payment of a dividend of 200 million euros in the first half, Vivendi puts his hand on the 44% stake in SFR it does not already own. The transaction is expected to close in late June 2011. This sum values ​​SFR to 17.6 billion euros, or 6.2 times its EBITDA. A valuation standards-compliant transactions in the telecom sector.

With this transaction, Vivendi finally control the entire second French telecom operator who weighs 12.5 billion euros in sales and has 21 million mobile customers and 5,000,000 fixed customers."For the first time since the creation of SFR in 1987 by Generale des Eaux (Vivendi ancestor) that the second French operator has a single shareholder," said Jean-Bernard Levy, CEO of Vivendi. However, SFR and Vodafone will retain preferential trade agreements for three years. These agreements relate to roaming subscribers of SFR in France and beyond those of Vodafone when they travel to France. The agreement also covers joint management of major international clients no fax pay day loan. "Now more SFR may be present outside of France and develop new services for its customers," said Jean-Bernard Levy. However, Vodafone will not be the operator of Vivendi's holdings abroad as Morocco Telecom and GVT in Brazil. For these operations, "Vivendi will retain management," said Jean-Bernard Lévy

SFR occupies an important place in the Vivendi group.During the years of crisis in 2002 when the group collapsed under 32 billion euros of debt, he found his salvation by acquiring a majority stake in SFR from British Telecom for 4 billion euros. Thus, Vivendi could access the cash flow of its telephone subsidiary, which enabled him to honor the payment of its debt. SFR, Morocco Telecom and GVT, Vivendi telephony is clearly becoming a telecoms group. Its media activities: Canal +, Universal Music and Activision Blizzard are now a minority. However, the group intends to use the cash from SFR to strengthen it.

"Last but not negligible for Vivendi shareholders, this transaction will increase our annual profits of one billion euros, which will allow us to increase the dividend for 2012," promises Jean-Bernard Levy. The current dividend is 1.40 euro.

Renault management is increasingly isolated

How far will go the extravagant case of industrial espionage that poisons every day Renault? In the wake of testimony by Patrick Pelata has acknowledged for the first time in Le Figaro, "a number of elements lead us to doubt" and mentioned the idea of a "manipulation" before turning his position as Chief Operating Officer on the spot, the reactions have little overdue. They have mostly endorsed what looks like a sacrifice programmed. Friday morning, Christine Lagarde has considered the No. 2 company "had the dignity to indicate that he might be mistaken, and that if it was proved he was mistaken, he would draw all the consequences. ""I think it's worthy" by Patrick Pelata, said Minister of Economy in claiming that "we arrive at the truth, it gets there quickly, if the suspicions were unfounded, justice, confidence is restored and compensation is paid. "

In the same vein, his counterpart for Industry, Eric Besson, has confirmed that management problems are posed "if it is the manipulation hypothesis, which dominates in the end." Before adding: "I also noted that Mr. Pelata, very dignified and quite logically, has already warned that he would draw the conclusions for himself." Finally, the Elysee does not hide his irritation."This case, bad for the image of the company, not the show great professionalism," has dealt a collaborator of Nicolas Sarkozy.

• The direction of the group's safety should she not slipped by using methods of spooks?

The internal investigation, legal "point of French law", as claimed by Patrick Pelata, was conducted by a team composed of fairly baroque Remi Loincloth, formerly of the DGSE, Marc Tixador, the former PJ Versailles, and Dominique Gevrey defector from the Directorate of Protection and Security of Defense (DPSD) readily described as a "central figure" in this story. Like a bad spy novel, a sum of 100,000 euros has transited into five payments last fall in Madrid via L. Michel, a former paratrooper became a private investigator.

Agreeing to play the "biller for the defense of French interests," it is simply a "short circuit" used to confuse the trail to a mysterious Mabrouk and "external source" who reportedly discovered ghostly accounts opened in Switzerland and Liechtenstein by the three executives on suspicion of espionage. Since this information just communicated orally, have been questioned, the manufacturer does not even seem able to identify his "deep throat": the only employee of security service who knows stubbornly refuses to cooperate. To protect at all costs or to hide an embezzlement to the detriment of Renault? As a confession, Patrick Pelata conceded: "We erred in not involving the DCRI earlier."

• What are the collateral damage to Renault?

The damage in terms of image are significant.While the group had been traumatized by the suicide of three employees of Guyancourt Technocentre late 2006-early 2007, serious questions arise again on his management style. Renault seems to be a company where one can accuse and dismiss employees without evidence, solely on the basis of anonymous testimony. This case falls ill while the group was counting on its electric vehicles-those who have supposedly been spied-to repair its image. Sales of these cars and the entire range will suffer they? Hard to tell because the picture-in determining whether the act of purchase and also depends on products. But the group will leave with a disability. Adding that "it's all business operations that may be seized, as management has been discredited, analysis framework, which adds it will take time before confidence is restored."

• Carlos Ghosn is he in trouble?

If the spy case deflates, the group took a huge risk by raising its CEO at the forefront in the media. In the JDD, January 23, he said he "personally monitoring the progress of this process as and when." The same evening, on TF1, Carlos Ghosn has hammered that he had "certainty" about the guilt of the three frameworks and evidence had "multiple", but did not disclose. On 10 February, at the announcement of the strategic plan, the CEO drove home the point by asking him to "trust" because "tens of people have analyzed the facts."In case of "manipulation", the question remains whether the employees and the government will simply sacrifice his number 2.

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Fewer and fewer fans at the end of the ISF

Delete the most deleterious effects of ISF. Rename it to emphasize the difference. And stick there until the presidential election. For weeks, senior members of the majority argue in this sense, as Gilles Carrez, UMP rapporteur of the budget to the Assembly, and Philippe Marini, his counterpart in the Senate. "The French are not ripe for a collapse of the ISF," said the first. "Aménageons first such tax and then delete it when we can," says the second. Specifically, these arrangements seek to address the problem of the upper middle classes have fallen to the ISF because the housing boom, while limiting the tax exile of very wealthy taxpayers. Without saying so explicitly as the Elysee did not decide the budget minister, Francois Baroin, is on the same line.

The novelty is that more and more parliamentarians fall this intermediate solution.Author in the fall of an amendment calling for the elimination of ISF and shield, signed by 127 colleagues but rejected, the UMP deputy Michel Piron said today was "ready to compromise but not at any price. I hope we give thought to an increase in taxation of capital gains, a new tax bracket on income and benefits on donations. " The centrist, long favored the death of the ISF, have also evolved. The scheme should be adopted today by the New Center members amounts to a reduction of the ISF. Jean Arthuis, president of the centrist Senate Finance Committee, is among the last to claim a "removal of the ISF in order not to create a gas plant."

Principal residence

The compromise seems even closer than the technical solutions for each other come together.This is the first point out the ISF middle class trapped by the housing boom. Sunday, Baroin spoke up to 1.3 million euros of assets the entry threshold to the ISF, against 800,000 today. A solution that will delete the first installment of the ISF. "It is just a common sense," said Philippe Marini. Jean-Francois Cope, the national secretary of the UMP, has called it "consistent" Monday on France Inter.

New Centre should take up this idea. While adding a relief on the principal residence, or 300,000 euros, or 30%, depending on the outcome most favorable to the taxpayer.The detailed proposal on Monday in Les Echos by Gilles Carrez UMP is a mixture of these solutions, with a threshold of entry to the ISF to 1 million, and an allowance of 500,000 euros on the main residence and 30 % beyond this amount.

Final draft in April

At the other end of the scale, to very wealthy households, the ideas come together well. The objective is to prevent these French, aggrieved by the announced end of the abacus tax flee abroad. Gilles Carrez, Philippe Marini and the New Center propose to reinforce the ceiling of the ISF, the sum "ISF + income tax" can not exceed 85% of income, the cap would be reduced to 70%. In addition, the reduction obtained so far can not exceed 50% of ISF determined initially, and this "cap cap" jump.And this option was also discussed by Baroin.

Finally, parliamentarians agree on one last point: the creation of an additional tax on income, 45% or 46%, to very wealthy households (around 250,000 euros in annual revenue per unit). Problem: Nicolas Sarkozy is reluctant to increase tax revenue. But MPs do not despair of convincing him.

They expose, in any case their views on Tuesday afternoon ahead of Francois Fillon. "But nothing will be decided. It is too early, "temporizes Matignon. The executive is its timing: the first tracks open early March and final draft in April.

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Ports: a meeting Tuesday to decide a result of the strike

The strikers French ports do not let go until Tuesday at least. It is the day chosen by the National Federation of Ports and Docks CGT (CGT FNPD) to meet in Paris secretaries general of the port unions fifty members. The latter will discuss what action to take in the strike that affects the major French ports.

Since Friday, stops alternating between dockworkers and port agents strongly disrupt the activity. In Nantes / Saint-Nazaire, no activity is expected on or near the terminals until Tuesday at 6:00.

This Sunday, the movement continues for the third consecutive day. Saturday at Nantes / Saint-Nazaire, seven ships were stranded at the dock and twelve offshore. In Fos, freight traffic was disrupted at the level of 80-90% this weekend, while at Marseille-East, he was paralyzed at 100% for containers.Daniel Manca, secretary general of the CGT Dockers port calls even cruise lines to "avoid Marseille. At Havre, the second French port, the movement also continued, including blocking container terminals.

The strike could also cross borders. The International Dockworkers Council (IDC), which includes unions of longshoremen and officials in European ports, is calling on its members to join the French movement by "solidarity." "First, it means refusing to deal with hijacked ships to French ports payday loans. It is also very important for you to show your solidarity by sending letters of support and condemnation for employers and the government, "reads a letter in the union dock workers at Le Havre.

Early departures

The strikers are mobilizing to defend their right to retire early in retirement under the hardship.CGT ports and docks wants to validate an agreement on the recognition of the harshness found in late October with employers' organizations, which would allow retirement four to five years before the legal age for port workers 5-6000 with funding based on the branch but also from public funds.

For its part, the government calls for a resumption of negotiations "within the framework defined by the Act of November 2010 on pension reform, which would reduce to two years in advance of departures. Thus, fewer people would be affected.

For Jeremy Julian, Deputy Secretary General of the CGT dock in Le Havre, it is "incredible back on virtually everything that was granted." Serge COUTOUR warns: "The mobilization is still to go. We try to drown us in the case of pensions, while our case was completely offline for two years. "

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Orange is preparing a related response KINECTS

Wednesday night, Steve Ballmer, the Microsoft boss made his show at CES in Las Vegas, starring in the new recreational features of the Xbox game console and Kinetc, the accessory that everyone becomes a joystick . Soon the phrase "Xbox, show me a movie" will have access to a selection of films. The user can not only play, but zapping the finger and voice.

Similar functionality is in the cards at Orange Valley, a subsidiary of Orange, with Keenu. "The Orange Box will include a 3D camera that will play as the controller, but also to control his TV with a hand gesture," says William Oulés, development manager at Orange Valley.The new features allowed by the camera "3D are numerous and are the technical prowess, according to William Oulés, since the boxes were much less powerful processor than Microsoft's console.

However, by Orange Keenu allow both to change the channel with a simple hand movement, than playing as the controller Same day payday loans. Facial recognition, achieved through 3D also allows management of user profiles, see parental controls. Keenu will also be connected to the Internet, with its application bundle. For example, Géonews, which will display a 3D globe and to "manipulate" to choose the area of the world which we seek information. Also on the photo storage sites such as Picassa, simply drag the photos, with his hand. The 3D camera movement cue, moving images, photos, glue, can make connections.Finally, Keenu conference also offers a vision improved with the 3D capture. Again, face recognition lets you create personalized calendars s'afficent by the person appearing before the camera. A function can also blur the background, useful for teens who do not rank their room!

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Further rise in the Paris Bourse

The CAC 40, which finished on a further increase of 0.54% to 3831.98 points, up again on Thursday from 0.67% to 3857.69 points. Since the beginning of December, the benchmark index of the Paris Bourse has soared 6.5%.

Yet the German and U.S. bond yields jump for two days at a pace not seen since the collapse of Lehman Brothers in September 2008. The ten-year Bund are ironed over 3%. The German Finance Agency has had difficulty making ends its broadcasts.

Last night, the markets have advanced timidly américnains while on Thursday morning, the major regional financial center in the Asia-Pacific have evolved somewhat higher, except for CSI Chinese, who still suffers from a perspective of a rate hike of interest during the weekend.In Japan, the growth forecast in the fourth quarter was revised up to 4.5%.

Companies hire in France

As for statistics, France saw its businesses continue to hire in the third quarter. Job creation continued in the third quarter, according to data from the employment center and ACOSS, but at a level slightly lower than the former.A trend that should continue in 2011.

In Brussels, the submission to the Commission of the World Energy Outlook from the International Atomic Energy Agency (IEA), one of the most reliable sources of the world from the analysis of the energy market will be well attended.

United States, the weekly claims for unemployment benefits (1430)

Club Med confident for 2011

Club Med said it had divided its four annual net loss for 2009/10, and stated that "2011 is presented favorably," thanks to a steady increase in bookings and improved profitability in a statement released Thursday.

The Action Club Med climbed 2.69% to 14.12 euros.Is one of the strongest up the Paris stock exchange.

Derichebourg: 5.79% to 4.22 euros (largest increase in the SBF 120

The company returned to profit in 2009-2010 and expects a continued growth of sales of each of its three divisions.

Bull: -3.16% to 3.68 euros Bull plans to almost double its operating profit by 2013 and achieve at that time more than half its sales outside France, against 45% currently, said its CEO Philippe Vannier in an interview with Les Echos on Thursday guaranteed fast personal loans.

PPR appreciated stock

PPR (0.95% to 128.10 euros) sells furniture retailer Conforama over $ 1.6 billion to South African group Steinhoff.

Eiffage: 0.85% to 35.50 euros The current CEO, Jean-François Roverato said in an interview with the Tribune that the short-term priority for his successor, Peter Shepherd, is to "redress the margins" the group should carry on throughout 2010 a turnover "very close" to the forecast of 13.3 billion euros that had been communicated at the beginning of the year.

Saint-Gobain (+0.88% to 38.95 euros) announced Wednesday it had obtained a credit line of 3 billion euros, maturing in December 2015 with a syndicate of 24 banks.

Danone: -0.21% to 47.01 euros The European authorities have imposed a disappointment to the group by preventing it from claiming the benefits of milk drink Actimel for reducing the risk of diarrhea caused by bacteria in hospitals. In an opinion issued Wednesday, the European Food Safety Authority (EFSA) said insufficient evidence provided by the world's leading manufacturer of yogurt in support of his application.

L'Oréal intends to accelerate its investments in research and innovation in emerging markets to achieve its goal of winning a billion new consumers within ten years.

Bank up

Societe Generale (1.76% to 40.77 euros) is preparing an issue of bonds for a total of two billion dollars (1.5 billion euros), an operation which will have three components, reported Wednesday IFR, a division Thomson Reuters.

BNP Paribas 2.02% to 51.63 euros The group plans to double its presence in Poland and greatly enhance its market share in the country by 2015, said in an interview with the Tribune on Thursday Amoudru Frederick, Head Polish bank.

Natixis: 0.59% to 3.72 euros administrator responsible for the liquidation of the company's financial Madoff and collecting money for victims said Wednesday it filed a new appeal against seven banks including the French on a total of over one billion dollars.

Bouygues raised its target of annual turnover

A spirit of optimism on Bouygues. The construction group announced on Thursday a net profit of 391 million in the third quarter. Although down 18% year on year, this figure is above the 370 million expected by analysts. Operating profit was also above expectations at 700 million euros against 617 million expected. Bouygues had already reported last month a stability of its sales in the third quarter to 8.412 billion euros, exceeding even the expectations of observers.

In the first nine months of the year, the construction group posted a net profit after minority interests of 923 million euros and a turnover of 23.067 billion. Over this period, the best performance comes at TF1 posted revenues of 1.826 billion, up 12%. Bouygues Telecom saw its sales climb 5% to 4.146 billion."In the third quarter of 2010, 201,000 new customers have joined Package Mobile Bouygues Telecom bringing the total to 552,000 new customers since January 1, 2010, 23% of net market growth," said the group.

In contrast, the contribution of Alstom, Bouygues which holds about 31% of capital, net income fell 9% to 239 million euros at end September. The construction industry, meanwhile, still displays a turnover down 5% to 6.801 billion euros. Bouygues Immobilier's performance are "better than expected" to 1.769 billion euros despite a decline of 18%.

No direct entry into Areva

On this basis, the objectives are revised upwards."Good business and a better than expected sales in the first nine months of age can increase the target of 2010 sales of each business group for a total of 31 billion euros against 30.4 billion euros announced in August 2010, "the statement said.

"The backlog in the construction and real estate are solid books that will not negative elements on the turnover of 2011. There is no reason to believe that 2011 will be down compared to 2010 (for activities), "said Philippe Marien, the group finance director. "To Colas, wait until the beginning of the year to get a good view, that local authorities have passed their budget," he added.

Finally, during a conference call, Chief Financial Officer of Bouygues, Philippe Marien, took the opportunity to announce that the group ruled out any direct intervention in the capital of any possible reflection Arevacar happen by Alstom.

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