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Just over five years after his return on the stock market, Legrand decided to convene today to financial analysts to present the group's prospects in the medium term. The meeting is held in Limoges, where Legrand has one of the French centers of research and development and a "show room" where he can show his skills in home automation and home assistance.

Legrand is a leading electrical and digital infrastructure in the building. He directed last year's 3.89 billion euros in turnover. Its products are the most visible switches and outlets, but it has extended its offer for several years in the areas of home automation and energy efficiency. Elements that have enabled it to deliver excellent results. And it's not over."We set targets in the medium term annual growth of our average total turnover of 10% and an adjusted operating margin averaged 20% after acquisitions," said Gilles Schnepp, Chairman and CEO Legrand.

To achieve this, the group is a clear acceleration of acquisitions. "Until now, we spend an average of 200 million euros per year to our external growth strategy, says Gilles Schnepp. Now, we have increased the amount to 400 million euros on average per year. Over the past twelve months, we completed seven acquisitions as well, especially in the new segments. "

Focus on emerging economies

The target group now two types of companies. First, the actors in the new economies. "We are already present in these countries. For example, we established in Brazil since 1977.Emerging economies now account for 35% of our business, but we want to increase this share to 50% within five years. "The group also wants to develop or strengthen in new segments. Home automation is to say the pilot via a digital interface functions as diverse as lighting, heating, opening and closing of the shutters or video monitoring of visitors, is in a. Other preferred areas: systems to improve energy efficiency or the digital infrastructure. These activities already account for nearly 20% of its sales and growth is more important than more traditional trades.

This dynamic policy of acquisitions can be done without recourse to debt. Funding is made possible by the structural improvement of the group's ability to generate cash."Five years ago, cash flow (cash flow) of Legrand represented 6% of our sales, says Gilles Schnepp. Last year it had risen to 13%. "

A change made possible by an improvement in its processes, including the decline of its product platforms, much like in the car, or shortening the development time of its products.

Performance that does not go unnoticed by investors. In five years, the stock has gained 49% while the CAC 40 sold 25% over the same period.

Renault would be in the final stretch to complete the project that should enable it to accelerate in Russia. The manufacturer is about to conclude an agreement to take control of Russian automaker AvtoVAZ, said the Japanese newspaper Nikkei. Under the terms of the negotiations within reach, the newspaper said Nissan would purchase 25% of Avtovaz for nearly a billion dollars. Renault are already owns 25% plus one share of the Russian manufacturer since February 2008, the alliance would then become the majority share of AvtoVAZ, said Japanese business newspaper.

Thus, Carlos Ghosn, CEO of Renault-Nissan has made the rise in the capital of AvtoVAZ a goal of the alliance. In February, he said, hoped that discussions result in the current year.A source familiar with the matter, however, told Reuters that the talks would "probably take several more months."

After the conclusion of the agreement, the alliance would include assembling a compact car in 2012 in a Nissan factory Avtovaz of central Russia, and plans to build another production site in Russian Far East low interest personal loan. The three manufacturers might also produce a very low-cost car for emerging markets at a plant of AvtoVAZ, the newspaper said.

Like China, India or Brazil, Russia is a growing market that focuses the attention of automobile manufacturers: the next few years, four million vehicles could be sold annually in Russia, volume doubled from the current level. Renault aims to capture, with Nissan and AvtoVAZ, 40% of Russian market in 2015.Moreover, the entity Renault-Nissan-AvtoVAZ would be the third largest worldwide, with 7.23 million vehicles sold in 2010, behind Japan's Toyota and General Motors.

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Time for spring cleaning rang Samsung. Its chairman Lee Kun-hee has thrown the cat among the pigeons by saying that corruption was widespread within the largest conglomerate in the world. "Corruption and fraud were widespread throughout the group," said the founder's son, whose rare public statements fall as oracles on its 277,000 employees.

A formula that troublemaker shock over an empire of $ 173 billion in sales, the world of mobile telephony as shipbuilding. Bribes, kickbacks and favors granted to suppliers are common, said Lee, whose engineers have also built the tallest tower in the world to Dubai. "This is a growing concern for me and I'll do it," warned, threatening, tycoon 69 years.The anger of "chairman" follows the outbreak to light a case of embezzlement within the defense subsidiary of Samsung Techwin, which has prompted its president to resign. It could lead to a general audit of the 64 branches of the group alone is worth 20% of the GDP of South Korea.

Clever cons fire

The projection of Lee confirms it was taken over the group's management. Since the beginning of the year, "Emperor" surprise teams in landing unannounced several times a week at headquarters, in the Gangnam business district, then he used to drive the business in the shadow from his home Business Card Holders. "This statement is to show everyone that he is back at the helm," says Chan-Guk Huh, a professor at Chungnam University.

A clever cons fire as Lee himself was sentenced to three years in jail for embezzlement in 2008.Samsung "buy" policies and top judges through a secret fund, showed the former leader of the group's legal department, Kim Yong-chul, in a scathing book became a bestseller in South Korea. Current practices for the chaebol but become embarrassing at a time when Samsung, the leading electronic global in its turnover has grown into a global brand scrutinized by investors worldwide.

Back to business in 2010 through a presidential pardon course, the most powerful man in Korea hopes to buy a virginity with the deal personally.

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Click image for larger graphic.

The post of IMF managing director will be between the Mexican Agustin Carstens and the French Christine Lagarde. On Friday, the third declared candidate, the Kazakh Grigory Marchenko, threw in the towel … As the former Minister of Finance of South Africa, Trevor Manuel, whose name was cited, he said Friday that it was beyond not in the race.

Friday night, the closing date for applications, no other competitor had not said. A surprise could only come from a night deposit: Applications must arrive before midnight, Washington time – or 6 o'clock in the morning in Paris. The IMF plans to publish the names of candidates early next week, if there are three or fewer candidates.In the event that other names would arise, the Board shall give one week to agree on three people, the best position, he will request a hearing in Washington. The appointment must then occur before the end of the month.

"We clearly have two outstanding candidates," said Domenico Lombardi, an economics professor and former adviser to the IMF. Agustin Carstens is a candidate who has experience, combining four and half years as head of the Ministry of Finance and Central Bank of Mexico. He also plays the card of emerging countries. But French is still the favorite to succeed Dominique Strauss-Kahn to head the international organization.People as influential as the German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, British Prime Minister David Cameron or the Russian Prime Minister Vladimir Putin himself has publicly supported. Interpersonal skills in major international summits in recent years of crisis, has left its mark need a personal loan with bad credit.

Operation seduction with emerging

Christine Lagarde is assured of winning the votes of Europe, which represent just under a third of votes in the IMF, the Americans, who own 17%, will act as arbitrator. Officially they have not taken a position, but the Secretary of State Hillary Clinton said, personally, that Christine Lagarde would make an excellent director. Friday, finally, Africa has expressed support for the French.

An election would have the widest possible more panache.Why the French minister – as its Mexican competitor for that matter – has launched a huge operation seduction, these days, with emerging countries. Brazil, China, India, she gave pledges, while they want to question the tacit division of positions that enabled Europeans to lead the IMF and Americans to chair the World Bank continuously since 1946. None of these great country has officially declared for the moment for either candidate …

Remains the shadow of the Tapie affair. If Christine Lagarde said to be "very calm" on the subject and "being aware quite quiet, nobody today can predict that will turn the proceedings. On Friday, the French court postponed to July 8 decision on the possible opening of an investigation for abuse of authority.Christine Lagarde said on the sidelines of the annual meetings of the African Development Bank in Lisbon, that the postponement of the decision "does not change anything." At that time, she hopes to be already named yet … Some speak of a "time bomb".

The French did not wait to see their incomes grow to consume more. Consumption expenditure of households are divided up in 2010 to 1.3% in volume against a slight increase of 0.1% the previous year. They contributed well to the tune of two thirds of the growth of the French economy last year, even though the purchasing power slowed its progression, according to a study by the INSEE.

Indeed, the rising purchasing power of the French was 0.8% in 2010, against +1.3% in 2009, hit by rising prices driven by oil. The Institute of Statistics shows that even if one deducts the expenditure incurred under a contract renegotiable difficult in the short term (rent, water, gas, electricity, insurance, telecommunications, etc..) Purchasing power individual level falls slightly down.

"The increased consumption for almost all positions," notes INSEE. Clothing costs rebounded 0.4% after falling 4.2% the previous year. After falling 3.5% in 2009, spending at hotels, cafes and restaurants are also lifts, 1.1% by volume. The cost of heating and lighting by volume rose 4.8% and spending on services of the information economy such as telephones or computers rose 4.2%. Conversely, with the end of the scrapping, purchases of new cars fell by 4.9% in 2010 after they jumped 18% in 2009.

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After losing more than 2% over the last two sessions, the U.S. stock markets continue their descent. This Friday, the Dow Jones lost 0.79% to close at 12,151.34 points, the Nasdaq 1.46% to 2732.78 loose points and the S & P 500 was down 0.97% at 1300.16 points.These statistics had already weighed on the Dow Jones yesterday, which had thus ended down 0.34% to 12,248.55 points.

A trend that has also confirmed Friday with the publication of the monthly report on employment in the U.S. Department of Labor, rather disappointing, the United States that have created 54,000 jobs in May, three times less than expected and not enough to prevent a rise in unemployment to 9.1%, against 8.9% expected.

The increase in activity in services is accelerating

The increase in activity in services has accelerated in the United States in May, more than expected, according to ISM trade association, whose index of purchasing managers in the sector released Friday appeared to increase by from April, to 54.6.

The Fed does not intend to undertake new measures to boost the economy, according to Richard Fisher, one of its members.In an interview with the Wall Street Journal this morning, the president of the Dallas Federal Reserve believes that "the Fed has done its job" and that if necessary additional stimulus measures, "they must come from elsewhere" .

The U.S. Treasury will sell the 6% that still holds in Chrysler to Fiat. The Italian will thus hold a majority stake in U.S. manufacturer. And the state will pocket U.S. $ 560 million.

Short-term domestic concerns will not prevent operators to remain vigilant regarding the conditions for aid to Greece as part of a new plan, unveiled in principle this afternoon Low fee payday loans.

Walgreen: -0.14% to 43.16 dollars

Walgreen announced today, before opening on Wall Street, the level of its sales in May: they rose 7% to 6.08 billion, up 5.6% on a comparable basis.Remember that the title had been boosted on Wednesday by a recommendation by UBS improved, which initiated coverage on the purchase of the title, with a price target of $ 51.

Chevron: -0.12% to $ 101

Chevron announced late yesterday that four people died in the explosion of one of its refineries in Pembroke. A fifth victim was hospitalized in serious condition.

New York Times: 6.34% to 8.05 dollars

For the first time in its history, the New York Times says the direction of writing to a woman. Jill Abramson, now editor in chief, will assume his new duties on September 6. She will replace Bill Keller, who wants to resume writing. The chief editor Dean Baquet will be provided by currently assistant Jill Abramson.

Relax on the raw

As for raw materials, the pressure falls.In this sector, investors await OPEC meeting next Wednesday, which could lead to a decision by the organization to increase its oil production. Despite the many demands and frequent recently, OPEC had refused to put the issue of increased production in its agenda, and has been for four years. The markets will also tend ear to New York, where the French agriculture minister, Bruno Le Maire, must speak about the speculation on raw materials, around 18 pm (Paris time).

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Good student, but must continue its efforts. It is, in short, the message delivered by the rating agency Fitch in France. She confirmed the debt rating "AAA", the best possible, with stable outlook. The French government has taken "a series of measures", says the agency, "which have improved the outlook for public finances." And mention the pension reform, or the draft law in fixing the principle of balance of public finances.

"However, these efforts must be extended to stabilize and then reduce the level of debt of France, which was the end of 2010 to 81.7% of gross domestic product (GDP)," warns Maria Malas-Mroueh, responsible scoring countries at Fitch. A number of risk still hovers in effect on the financial health of the state. Starting with 2012, a major election year.It should not, Fitch warns that the budget skids on the bottom of the presidential election. Especially since the forecast growth in the medium term Bercy (+2.5% per year) are considered "optimistic."

It should not, the agency said that the newly elected unleash the flange to the public finances in 2013. Instead, the agency left little choice to the government that emerges from the polls: "We expect the 2011 budget will meet its objectives (a deficit of 5.7%, Ed), but further efforts are needed to reduce the deficit to 3% of GDP in 2013, as agreed. " Debt levels will then stabilize at a level higher than before the crisis, reducing the flexibility to cope with future crises.

Note "under pressure"

In the medium term, Fitch added that "the memo from France could be under pressure (read: be revised downward, Ed) if the competitiveness of France was deteriorating again and if the position of France was weakening." The agency plans and the current account balance, ie the difference between money coming in and who leaves the territory, will remain negative in 2011 and 2012, approximately 2% of GDP. Fitch impels France to further reduce its "structural rigidities".

Despite these black spots, the Hexagon rest for now, said the agency, a "healthy and diversified economy," equipped "social institutions, civil and effective policies." He added: "financial flexibility reflect its status as a major issuer of sovereign benchmark in the eurozone. Clearly, the markets like, so far, take on France.

Associated with the circumstances of departure, the figure will not be without cause some backlash. Dominique Strauss-Kahn, managing director resigned from the International Monetary Fund (IMF), should reach about 250,000 euros in compensation, according to several media. The ABC even mentions an amount closer to 300,000 euros.

The IMF issued a statement challenging the magnitude of the sums advanced. Nevertheless. The contract of a head of IMF does provide for the payment of a "separation allowance" which is triggered automatically if the mandate is terminated before completion.According to the deliberate calculation based on the formula detailed in the contract, the compensation amount to 60% of final annual salary received by Dominique Strauss-Kahn, who is 441,980 dollars (310,000 euros) from the report 2010 of the institution.

A pension supplement

The allowance is supplemented by the payment of retirement by the IMF as DSK has completed more than 3 years in office. "Annual payments for subsequent years will be much less important," the IMF said.

The amounts have not yet been released by the Fund. But the clause providing for the allocation works even in the case of resignation related to legal proceedings, and the IMF should not oppose it. DSK is not the first to receive this allowance. His two predecessors who also left their positions in anticipation hit the allowance.The severance pay granted to a director involved in a sex scandal may be more difficult to sell to the public. When leaving their office, the Spaniard Rodrigo Rato had cited family reasons, while Horst Köhler became President of the Republic in Germany.

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Launched in 2007, the iPhone gave the kickoff of the mobile Internet revolution. The proliferation of smartphones and the launch of the free operating system from Google, Android, did the rest. Today, 37.2% of French people equipped with mobile use their phone to access the Internet. And their uses have an economic impact, the French Association of Mobile Multimedia (AFMM) sought to evaluate.

According to a study conducted on its behalf by Solucom, the mobile market has reached a business volume of 1.2 billion euros in France, in 2010. The share generated by the distribution of digital content and services on mobiles, produced by publishers from the Internet, mobile operators, $ 800 million. In addition, there are 300 million euros investment in application development and mobile services.Finally, mobile advertising and direct marketing accounted for 130 million euros in revenue.

This market should grow by +50% over three years, says the study, to 1.9 billion euros at end 2013. "The market for content distribution and mobile services is already fairly mature. But business investment in the mobile, for the promotion and customer relationship services, will experience sustained growth in double digits, "explains Isabelle Chapis, Associate Director of Solucom. "In parallel, the number of smartphones will continue to grow," said Frank Abihssira, president of the AFMM.

"In this market, several economic models and cohabiting relationships are balanced between publishers and operators, says Franck Abihssira. We have created an ecosystem that creates value and jobs. "According Solucom, 10,000 jobs are directly related to the mobile.1500 others should be created in the next three years, an increase of 25%. "The jobs are highly skilled, high value, in engineering, but also design, ergonomics, marketing and sales," says Isabelle Chapis.

Market consolidation

The study estimates 500 the number of companies that make up this market. They are young: more than half are under five years of existence, fifty less than a year. They are also rather small: 70% of businesses have fewer than 50 employees. Unsurprisingly, 80% of players polled by Solucom anticipate a change in their capital by the end of 2013. An asset for potential targets of consolidation movements: 80% of companies operating in the mobile are profitable.

Finally, the sector should benefit from the emergence of shelves and connected televisions."The mobile sector is being opened to irrigate all the digital industry as a tool for authentication, payment and personalization," Isabelle Chapis analysis.

The ousted leader of the Michelin and Danone takes top spot in 2011 salaries of bosses Cac 40 prepared by Les Echos. Michel Rollier has received compensation of 4.5 million euros for 2010. Frank Riboud, head of Danone, he pocketed 4.4 million euros last year and takes the second spot on the podium, followed by the CEO of LVMH, Bernard Arnault, who won 3.9 million euros in total compensation. In total, the Cac 40 bosses have affected more than 98.3 million euros in compensation. The average CEO salaries Cac 40 amounted to 2.46 million per officer, up 24% compared to 2009.

The first of the three managers sponsored by Michelin also holds the record for pay increases: salary soared 505%.This increase is directly related to the rise of the findings of Michel Rollier as not receiving a fixed salary but only secured a bonus based on the results of the giant tires.

This peculiarity makes his annual compensation very volatile from one year to another, as in the previous ranking, published in 2010 and based on total compensation patterns in 2009, the envelope of Michel Rollier displayed in downturn 303% compared to the one he had seen in 2008. He then pocketed 743,000 euros, which was then the lowest pay of executives within the Cac 40. This end up filing returns this year to the CEO of STMicroelectronics, Carlo Bozotti, with 903,000 euros.Penultimate winners of 2011, the CEO of Renault shows a total compensation of 1.2 million, unchanged from last year: Carlos Ghosn has in fact waived his variable compensation following the fiasco caused by the false case of espionage.

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