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Greece has more than two billion euros in its coffers. It is little, if it wishes to continue paying the salaries of its 800,000 civil servants – who were only 400,000 in 1981 to the arrival of the ruling Socialists. To meet its deadlines, the State was to receive in June a slice of eight billion euros of European interest loans. Under the agreements signed, this tranche would be released only after a finding by representatives of the Troika (ECB, IMF, EU) promised that structural reforms were indeed made. As the country is paralyzed by its electoral process since two months, nothing has been done. The financial situation of the Hellenic Republic is particularly critical, and could be declared bankrupt soon June 30

During the week following the elections on May 6, the only ones who seemed not to realize that the country was on the brink policies were, obsessed with their electoral interests. And Alexis Tsipras, the local Mélenchon, who polls promised an increase of his party Syriza three points for a new vote, has consistently refused to make any concessions that would allow a government to obtain a majority in Parliament. "The question now arises that history to each of our politicians is: its priority is it the future of Greece or only the electoral future of his party?", Told us Monday afternoon, the political journalist George Vlavianos.

Fortunately for the country, there is a man who understood that Greece could not afford new elections and the need to try everything to find him a government: President of the Republic payday advance. Skilled negotiator – he was foreign minister from 1985 to 1989 and from 1993 to 1996 – Karolos Papoulias on Monday night proposed a new idea to the leaders of three parties of the center of the political spectrum – PASOK, New Democracy (ND) and Democratic Left (GD) – he had summoned in his office: the formation of a government of technocrats. Fotis Kouvelis, the head of GD, has one condition: an ecumenical support in Parliament, which would include the leftist Syriza.

As he is not sure Tsipras, whose office is decorated with a portrait of Fidel Castro agrees to support such a pro-European government, President Papoulias has reserved two options for the day Tuesday, May 15 At 13 hours, he will receive one on one, Kamenos, the leader of the nationalist right-wing party of "Independents" to try to snatch a possible participation in a government with PASOK and ND. But at 14 hours, he summoned the leaders of the five parties representing the new Greek electoral spectrum – with the exception of KKE Communists and neo-fascist Golden Dawn – to offer them support in Parliament a Government technocrats.

Clearly, this second option, if it was validated, would be better able to calm markets and reassure a little bit of a troika increasingly exasperated

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Some cheap term life insurance policies may look cheap, but what matters the most is that you must get it.Getting a cheap term policy is not an easy task.

 

The auction winner will take over the shares of Bridgepoint funds (57% stake) and Apax (20%). Alain Afflelou he has planned to stay in the capital. It could even slightly increase its stake, now 22%. "This component has not yet been decided, it will depend on the nature of offers and future discussions with the fund that will prevail," says a close case.

The group, which produced last year a turnover of 785 million with 1,083 franchised stores, is valued around 800 million euros by connoisseurs of the file. To finance the purchase of three quarters of the capital, the next owner will have to fund raise around 300 million euros of debt. A challenge in the current, extremely volatile. The transfer operation, organized by the Banque Rothschild, commissioned last year, has proved complex enough to induce sellers to be cautious. "Bids are expected soon, said Didier Pascual, Chief Executive Alain Afflelou. But nothing is decided yet. The hypothesis of the IPO will remain open. "

A founder ubiquitous

The way back on the stock exchange, which would switch to vendors, if possible in the fall, when tenders found attractive can, was long regarded as the preferred option of management group, and especially its founder. Last June, Alain Afflelou Echoes indicated to not want a new leveraged buyout (LBO).

The entrepreneur has long maintained a difficult relationship with investment funds that have succeeded in the capital of the group. Starting with Alpha-Marine-Wendel, entered in 1997. By 2000, Alain Afflelou decides to regain control; with funds Apax, he released Alpha, which doubles his bet. The group then returns on the stock exchange, before leaving in 2008. Meanwhile, Bridgepoint has taken over half the capital in 2006, in a transaction valuing the company 500 million euros.

But the tone rises rapidly from Bridgepoint and Alain Afflelou, who wishes to provide for the succession of the leader, now aged 64. After months of arm wrestling, refereed by Apax, the owner agrees to step back and became chairman of the oversight committee in the summer of 2010. But the chief executive then hired a former McDonald's has to pack up five months later, before being replaced by Didier Pascual. Alain Afflelou is known internally for its ubiquity and influence. And there is the muse of the brand in advertising the group, making it unavoidable. Bain Capital and Lion Capital, the next business partner, will address these sensitive issues.

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

 

Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

 

European capitals have asked the Commission to bone up on the fight against unemployment, but many probably not appreciate his advice: the lowering of wage costs to the free movement of labor across the EU through a minimum wage "modular", Brussels risk of setting fire to the powder to the left and right.

The document, which will be released Wednesday, could also ignite the French debate around employment and Europe, with five days of the first round of presidential elections. As Nicolas Sarkozy, Brussels appears for a lower wage cost burden on businesses. It is a "privileged instrument to strengthen the labor supply," says the latest version of the text obtained by Le Figaro. The Commission suggests alternative resources as VAT, taxes "green" and property taxes.

Another proposal leading risks in contrast to spark outcry among conservatives, echoing an old controversy about the "Polish plumber". This is to overcome the final obstacles to a single labor market in Europe, the U.S. model. "Labour mobility is not sufficient in the EU (…) In order to exploit all the possibilities, it is crucial to ensure a balance between demand and supply of jobs" at European level , the authors note.

Red cloth

On this front, the Commission advances two tracks dangerously undermined. The first is the end of restrictions on employment of Romanians and Bulgarians, programmed by treaty by the end of 2013 but refused by nine countries, including France. The second is the opening of national public employment to all EU nationals, except as validated by the sovereignty of Justice.

Finally, Brussels waving a red rag in front of the entire European left: that of a national minimum wage that could be differentiated by industry professional, provides a way she, "to support the provision of employment ". The authors do not specify the model. But they ensure that wage floors should be discussed "in consultation with unions and depending on economic developments."

The contribution of the Commission is only prospective. It is unlikely that the communication "Towards an employment-intensive growth 'lead in the state. But it looks quite controversial for the twenty-seven Commissioners wish to review it one last time with the college in full force Wednesday in Strasbourg. Against the backdrop of elections in France and Greece, José Manuel Barroso will leave the public presentation in Hungarian Laszlo Andor, Commissioner for Employment and Social Affairs.

For Brussels, it is clear that the challenge of unemployment requires bold solutions. Lagging behind the emerging powers but also the U.S., the EU has lost 4.5 million net new jobs since 2008. Since January, a second recession in three years has increased the average unemployment rate above 10%. And restarted at the same time a growth debate that nobody has yet really convincing answer

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Kindy clothing, French leader of the sock, was to announce Thursday at the bar of the Commercial Court, the acquisition of Achilles. A small mark, also born in France in 1987 and which reached its heyday in the 1990s thanks to its range of fancy decorated characters and other cartoon heroes.

In receivership, Achilles did not realize more than 2 million euros in turnover to around 500,000 euros in losses. Since 2003, its sales have fallen by half. "Achilles, sleeping beauty, has lost ground due to lack of export, but is very well known and strong presence on the Web, retailers and Galeries Lafayette," said Joel Petillon, CEO of Kindy, income profit in 2010, whose turnover exceeds 45 million euros.

It takes the brand, "whose great fame is inversely related to turnover", and 9 out of 13 employees Business Card Holders. It will boost exports and gradually relocate production for summer 2013 collections, the site of Moliens Kindy (Oise), whereas it was outsourced to Morocco and Turkey.

High value added

Kindy fact itself, since last year, again Moliens knitting socks with high added value, "technical", sports, and allied to allergic or diabetic. But the majority of his socks are made in Turkey, Portugal or, for only 15%, China. It is marketed under the claws Kindy, Sun, or under private labels.

Achilles is not the first acquisition for Kindy, who notably restored color to children's shoes GBB, repurchased in 2006.

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Times are changing. Apple also. Tim Cook, CEO of the group, visited China this week. This is the chief executive of the Apple brand to do so. Territory that Steve Jobs has ignored many years before the first open an Apple Store in 2008, but he never went. Thursday, the world's factory and especially Apple, China today is a tremendous reservoir of consumers. The Chinese world – mainland China, Hong Kong, Macao and Taiwan – is already the second largest brand, behind the United States.

No question of the destination then sulk. "China is very important to us and we look forward to further invest and grow here," and said Carolyn Wu, spokesman for the brand in one of the few interventions official Apple communication very stingy on the Overall the visit Tim Cook. Received with honors by the Vice-Premier Li Keqiang, tipped to succeed next year in the current prime minister, Wen Jiabao, also met with California leading operators China Unicom and China Telecom. First local operator, China Mobile still in talks with Apple to launch iPhone on its network. Moreover, an intellectual property litigation on the brand "IPAD" claimed by a Hong Kong company, slows sales of iPad in China, where the latest version has not yet been launched.

Wave of suicides at Foxconn

But the trip leader California also sought to address criticisms been rising, from around the world, on the manufacturing conditions of its high-tech products no fax payday advance. In 2010, a wave of suicides had given to Foxconn, Apple's main supplier that produces iPhone and iPad in China, a fatal reputation, yet tarnished by an explosion in a factory and workers of poisoning by chemicals.

An image so disastrous that earlier this year, the American actor Mike Daisey had no trouble getting across the Atlantic believe that Foxconn, children 12 years working in factories guarded by armed guards, before admitting that this information had been made.

No wonder Tim Cook will be split from a visit to the new Foxconn factory in Zhengzhou, south-west of Beijing, including the official photos showed smiling employees. The Apple brand is committed to improving working conditions in its factory in China, signing an agreement with Foxconn on the hiring of tens of thousands of employees, improving safety and solving the problem for hours additional illegal.

Earlier, China had the opportunity to lecture foreign companies invited by Li Keqiang to "take more care of their workers," according to comments reported by the official daily English-language China Daily.

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Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group payday loan lenders.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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As announced by the boss of Total, Christophe de Margerie, gasoline now costs more than two euros. According to the website carbeo.com, the unleaded 95 cost 2.02 euros in the service station Saint-Antoine in the 4th arrondissement of Paris. This is the first time this symbolic threshold is crossed.  

At the national level, prices of unleaded gasoline reached new heights last week, to 1.6211 euro on average for a liter of unleaded 95 and 1.6610 for that of 98 unleaded, according to data published Monday by the Ministry of Sustainable Development.

Since late 2011, gasoline prices beat record after record in France, powered by a dual effect of geopolitical tensions (Iran, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which boosts the cost of black gold once its converted value in the single currency.

A political issue

Political leaders have seized the questiion. President Nicolas Sarkozy, candidate to succeed himself, had described the end of February "joke" blocking oil prices, a proposal by the Socialist candidate Francois Hollande, pointing out that prices are determined by a "global marketplace to outside. "

Sales of unleaded 95 represent just under 15% of French consumption of motor fuels and unleaded 98 around 5%.

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The year 2011 was tumultuous for CMA CGM. While in 2010, the third world shipping company had posted net income of $ 1.62 billion, in 2011 she accused a net loss of $ 30 million. Revenues increased 4% from last year to $ 14.8 billion, but its profitability has declined. Operating income from CMA CGM has increased from 2500 to 711 million dollars. "That's because the economic environment has become difficult as we have in place operational partnerships with our competitors MSC and Maersk," said Rodolphe Saade, chief operating officer of the Marseille group.

Clearly, the three major groups pool their fleets on certain routes to amortize the high cost of fuel. It is true that rising fuel prices accounted for an additional cost of one billion dollars in 2011 for CMA CGM. The French group has implemented a program to slow the speed of its container to reduce its consumption. The rotation between Europe and Asia should thus lie in seven days.

A debt of $ 5 billion

The company also suffered from extremely low freight rates. Since the beginning, however, the different maritime groups have all revised upwards their prices. On the road between Europe and Asia, the price of shipping a forty foot container expected to rise from 1200 dollars to 2700 dollars at CMA CGM.

But the group that came close to defaulting in 2009 continues to be weighted by a debt of $ 5 billion. 'E have met Tuesday with banks to reschedule debt, says Chief Operating Officer payday loan lenders. We were not able to meet financial commitments whose ratios were established according to the year 2010 was historic. "The negotiations with 72 banks, led around a creditors' committee of a dozen French banks and international, should continue into late June. The call for strategic investment fund (FSI) could also be considered even if the previous call to the ISP of the foot had resulted in a setback. "We had realized that we did not need the ISP finally, remember Rodolphe Saade. The door was not closed and this could be a possibility again. "

The difficulties do not prevent the group's leaders to consider in 2012 with optimism: "The worsening economic situation in Europe was offset by strong performance of South America, Africa, Russia, the India and even the Americans on the transpacific route. We plan to return to profit in 2012, "said Rodolphe Saade.

In the longer term, the leaders of CMA CGM could even go to the market: "To sustain growth and development of the group, we will need funds and as banks are very reluctant to invest in shipping, we plan, if the market permits, an IPO in 2014, "said Rodolphe Saade. It would be a turning point for the family group.

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