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It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour fast cash without a hassle. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

The private broadcasting group said Wednesday a drop of 3% of its turnover.

LE FIGARO. – How do you explain the 5.3% increase in advertising revenues from M6?

Nicolas de Tavernost. – The group is in a virtuous circle: the one who is to invest in programs to improve the quality of our offer to all our channels (M6, W9, Teva, Paris Première …) and therefore grow our audience and thus make our chain essential to advertisers. In a pub in the TV market declining by almost 100 million euros over the last four years we have increased our advertising revenue (3.1%) of 13 million. In the first half of 2011, the market is stable and the group realizes M6 6.2% growth reaching a market share of over 24%.This reflects our audience ratings: M6 is thus the only channel history to have increased this year to 10.5% audience share. If the duration pub fell slightly, however, we have increased our prices by 11%, in parallel with our audiences.

In 2010 you announced an increase in the cost grid of your chains. This strategy will continue?

We announced an increase in the cost of grid M6 5% in 2011, which remains our forecast. The first half of the increase is 2.3% and very fine programs are planned for the autumn. Similarly, the cost of grid W9 increased significantly over the past two years. It's a winning strategy: M6 was regularly leading the Friday night during the first half and also became the program Monday night with his hit "Love is in the field."We are pleased to have won 400,000 viewers in two years on our JT "The 19.45", gather 3 to 4 million ahead of "Scenes from" and to reach 6.3 million, as last Monday with "The Love is in the meadow. " We are not in a logic of cost reduction but in an offensive position in the investment programs.

You have experienced performance-cons as "X-Factor" and now the series "Soda" ….

X-Factor is a disappointment all the greater as we do not fully understand the failure of the program while at the same time, the program was aired in Belgium very well. As for Soda is a summer program of fiction for young people and, from this point of view, the program fulfills its mission. What matters for a program schedule is a recurrence of his success is created through well established brands.This is the case for the M6.

Diversification of your revenues are falling. These activities need to be restructured?

Our group is based on two pillars: the main advertising, which exceeded the level of pre-2008 crisis, and diversification, which have been in 2009 support our business. There is no going back on that balance online payday advance. Although profitability for some of them is less, the diversification continue to earn money including distance selling. In addition, our business grew strongly and our Internet subsidiary Interactions (music licensing) has redeployed well. For its part, the department Audiovisual Rights, a slight decrease in H1, is subject to the seasonality of film releases. It remains the Girondins, who have experienced difficulties.We reduced payroll accordingly and we hope the new stadium will allow us to Bordeaux, in the medium term to increase our own resources over TV rights.

Your cash flow reached 282 million euros. Will you invest?

We are waiting arms at the opportunities to continue to grow in television. For this, there should have sales or clearances that are proposed and data. We are also ready to develop in the production.

TF1 has requested the passage of LCI free. Do you react?

We had anticipated this possibility since, as of May 28, we seize the Higher Audiovisual Council to say that if the spectrum allocation rules changed, we would be interested in getting free in Paris Première.So far, law enforcement had not anticipated the transition from free to fee. If the doctrine changes, and if, as it seems, the essential criterion of fluidity between paid and free was the diversity and quality of programs, then our chain would be the solution. Unlike the info where several channels exist, Paris Première, with its public + CSP, is actually a complementary, not equivalent free chain and a living creation. We are ready to make commitments to it. Pending the response of the CSA, we concluded a new agreement with CanalSat not to mortgage the future of our channels.

Have you changed your position on the launch of new channels on DTT?

Not at all. Should there be new, we would not be the worst placed to succeed. But we ask for consistency.The market is crowded in France and is not elastic in advertising. Also, reduce the costs of existing channels to create new sense to me! It would therefore be wise to take a break. This would allow players to improve the quality of their program offerings (more original programming and fewer reruns) – that ask the French – their digital services (TV catch-up …) and dissemination (HD …). This would also be the best way to resist the arrival of television connected. Ultimately, our position is simple: a break in the creation of channels may be useful, but if it was not the choice of government, the M6 ​​has rights to assert and skills, proven to enhance .

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Faurecia exceeds its own goals. The automotive supplier announced Tuesday an operating profit (EBIT) up 57% to 340 million euros, giving a margin of 4.2% against 3.2% a year earlier. Net income group share jumped from 82% to 185.8 million euros. The specialist for exhaust systems and car seats, including the manufacturer PSA holds 57.4% stake, has also made the period a consolidated turnover of 8.15 billion euros in the first six months of year, an increase of 19.4%.

"With the strong growth recorded by the group in the first half and improved profitability, Faurecia is now a year ahead of its business plan 2010-2014 presented in June 2010", said the equipment in a statement.

Massive investments outside Europe

In this context, the overall objectives of the group are revised upwards.Faurecia, which estimates that growth "should remain strong in the second half in all regions", is a consolidated revenue of between 15.7 and 15.9 billion euros, against 14.8-15300000000 expected so far, an increase of 13.8% to 15.2% over 2010. Incidentally, the group refines upwards its target of operating profit in the range from 620 to 650 million euros, against a previous range from 580 to 640 million.

Yann Delabrière, CEO of Faurecia, said Tuesday during a presentation to analysts that commodities do not constitute a risk to the second half.

To achieve these results, Faurecia is at 450 million its investment objective for this year, against an initial assumption of 350 million.The effort will be concentrated in low-cost countries where investments will increase by 89% against 16% for countries where the cost base is higher. During the presentation of its strategic plan in June 2010, the OEM had also set a goal of doubling the share of sales outside Europe that carries 42% within five years, against 23% in 2009. In the first half, the share of sales generated outside of Europe had already reached 34%. Yann Delabrière announced that the share of sales outside Europe should strive for 50% of the objectives of the new plan in 2015 to be unveiled in November.

The stock market punishes

In a presentation to analysts, Faurecia said to expect in 2011 a new record in terms of new contracts expected between 13 and 14 billion euros, against 13.1 billion in 2010.According to Yann Delabrière, the group would continue to study small acquisitions to strengthen its technology portfolio, but the priority of the moment was clear to organic growth.

"The results are in line with consensus," said JP Morgan Cazenove soberly in a note. "The EBIT forecast is revised up slightly, but remains in line with consensus, while the increase in investment spending reduces the cash flow outlook," says the broker. Indeed, Faurecia has revised down to 100 million euros its forecast net cash flow in 2011, against 200 million euros expected so far.

It is this last point that holds the attention of investors on Tuesday at the Paris Bourse. In early trade, the title Faurecia drops 1.55% to 29.87 euros in a market up 0.55%.

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European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office cheapest personal loan rates. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

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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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In recent weeks the government has repeatedly expressed its willingness to reduce migration flows. In April, the Interior Minister, Claude Gueant, promised "to bring down the volume of legal immigration." This week, the immigration of work he begins work. "Contrary to legend, France did not need the skills of immigrant, said the minister. It has the resources necessary "to fill its vacancies and" did not need bricklayers nor servers restaurants. "It is common sense," outbid Tuesday Budget Minister Baroin. A sense that still leaves many economists skeptical.

"On paper, it may be tempting to put face to face and unemployed immigrants," said Patrick Simon, a demographer at INED.If the French labor market was free of immigrants, it would make it not even more vacancies for indigenous peoples whose unemployment rate is one of the main concerns? "They forget that these two categories of people are not interchangeable," said Patrick Simon. Clearly, natives and immigrants do not occupy the same types of jobs, and make little competition. "They would rather complementary. And in this regard, there is a relative consensus, says Xavier Chojnicki, economist at CEPII and University of Lille 2. Most studies find indeed a very small impact of immigration on unemployment. "

"In France and Europe, the labor market is very segmented," he says. Immigrants often occupy low-skilled jobs, low wages, difficult working conditions.Areas of restoration, construction and personal services for example, still struggling to fill jobs that natives consider insufficiently attractive. According to the latest survey on the needs of labor performed by employment center, 61% of the offers of aid to home and pose difficulties for recruitment. "If the stream of immigration had to be reduced, this would create further difficulties in recruitment of these areas," said Xavier Chojnicki. With a probable consequence of a sharp rise in the black.

20,000 people per year

"In addition, try to reduce labor migration is surprising because it includes more migrants selected," Patrick says Simon.These 20,000 people a year who come to work in France at the request of business owners do in fact represent a small fraction of the 200,000 immigrants who settle there each year, including family reunification or humanitarian grounds. "Employers expect an easing of the rules because they need the foreign labor," he says.

Since 2006 and until recently, Nicolas Sarkozy also advocated for a "selective immigration", encouraging the arrival of candidates selected according to their professional profile. "Since then, labor migration has increased from 10,000 to 20,000 per year," said Patrick Simon. A marginal number compared to 500,000 job vacancies currently unfilled in France. "In total, this is not much either compared to the total migratory flow," J. demographer.Because France, like most European countries, is struggling to bring immigrants into its territory the most attractive. As such, Canada, Australia or the United States doing well ahead of the game their best

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Spain calmly observes the release of financial assistance to its neighbor Portuguese. The Economy Minister Elena Salgado has ruled out any risk of contagion. The facts give him reason for now: the Spanish treasury was placed yesterday, four billion euros good for three years from 3.601%, a decrease compared to the issue of March 3.

Two new reasons for this positive market reaction. "On one hand, the European Union now knows how to respond to financial crises of its members, analysis Giada Giani, an expert on Southeast Europe at Citigroup. Moreover, Spain has implemented reforms that Portugal is just beginning to discuss on the labor market, fiscal policy and the banking sector. "

For Brussels, "Spain is facing significant challenges, but it is on track to meet its objectives."It would be "totally inappropriate to compare Portugal to Spain," said Secretary General of OECD, Angel Gurria.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market," Jean-Claude Trichet shade no faxing 1 hour payday loans.

The position of savings banks also remains fragile. In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market …" Jean-Claude Trichet shade situation Savings Bank also remains fragile.In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

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This time for sure. Or almost. March 2, Apple expected to unveil the highly anticipated iPad 2. It will suffice that the company sends an invitation to American journalists to revive speculation. A photo reveals a piece of screen that lets assume that this is the iPad 2. Additional evidence, the meeting will be held at the same place where the first tablet had been made, the Yerba Buena Center in San Francisco. Reactions to the announcement may seem disproportionate. This overlooks the fact that after upset the market for music (iPod and iTunes), telephony (iPhone), Apple is addressing the issue and the PC world with its iPad.

When is the next revolution? Some are betting on a sensational debut in television. Meanwhile, the assumptions about race 2 continues the iPad.It would be finer, with new features, including a second camera to facilitate video conferencing.

The moment is perfectly chosen by Apple to silence rumors about his ability to launch a new version. Although no official date had been given, the rumor predicted a delay in this second version! They waited for the new iPad in January to launch three months later. But the health of Steve Jobs delayed the process. That gap could make him lose several million in sales. According to analysts, a period of three months in the marketing of the iPad 2 would pass the annual sales from 30 to 23 million.

Investor confidence

For Apple, the risk is even greater than the competition gets tougher. There are now over a hundred bars of all sizes.Admittedly, not all are marketed in the U.S. or Europe, but the profusion of offers incentives for the response. If Apple wants to remain the benchmark in the market shelves, it needs to change his. Success of the iPad 2 also proves that even if Steve Jobs is on sick leave, product launches continue. Certainly, many shareholders have asked last week presenting a succession plan, a proposal rejected in general meeting. But overall, investors maintained their confidence in society. The way Apple rose nearly 8% since the beginning of the year, the market outperformance.

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The Airbus tanker derived from the long-haul A330 aircraft, will enter service later this year in Australia. Canberra has ordered five copies of this multi-role military aircraft, both tanker and cargo, should receive its first aircraft in spring. "In general, the commissioning follows eight to ten months later," says one Airbus. The European aircraft manufacturer delivers a complete unit which will then be militarized by the client, by the Royal Australian Air Force, for example with cons-measures to protect the aircraft. In Australia, a partner in Airbus, Qantas Air Service, which will implement the rigid pole, called boom refueling.

The A330s will begin in Australia military career already well underway. The European aircraft, also known as KC-45, has won all the latest tenders in the world.He was chosen by the British Royal Air Force who ordered 14 via a leasing agreement unprecedented in military matters, the Saudi army with five units and the army of the United Arab Emirates (UAE) up to three tankers. In total, Airbus has garnered 28 orders from four customers for a value not provided. As a guide, the list price of the A330 is 170 civilian million.

Apparatus assembled in Toulouse

The European supply has received its airworthiness certificate civil March 17, 2010 by the European authorities (EASA). His military certificate was issued by the National Institute of Technology Spanish competent authority in this case as Airbus Military, which is responsible for military programs Airbus is based in Spain. The product however is assembled in Toulouse, France on the same production line as the A330 civilian.

Airbus shows significant ambitions for its KC-45. In his own studies, the potential market is around 250 aircraft in the world outside the United States. France, for its part, could be ordered 15 copies.