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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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On Wednesday morning, the Cac 40 should fall: the index futures yield 0.96% to 8.20am. Yesterday, the index stabilized at above 3900 points, after starting the week on a Loude loss. Concerns over debt crisis persists European: German morale, according to Gfk survey, should continue its degradation in June for the third straight month due to the debt crisis in the euro zone and the outbreak oil. The index shows a decrease to 5.5 against 5.7 in May In addition, the Netherlands and Germany are threatening to commit the privatization of the Greek economy to foreign experts, reveals leFinancial Times.A new threat which seeks to lobby the Greek government to take drastic cost-saving measures.

All eyes are turning to the Minister of Economy Christine Lagarde, the favorite to succeed DSK to head the International Monetary Fund, which should give a press conference "important" to the Department late Wednesday morning. Moreover, in France, we look particularly figures on registered job seekers and job advertisements collected by Pole in April. Baroin, Minister of Labour, has already warned that the unemployment rate would decline again in April for the fourth consecutive month.With regard to the Icelandic volcano, France should be minimally affected, which should reassure the airline industry.

Next major economic figures to be followed today: in France, we will look particularly figures on registered unemployed and job advertisements collected by Pole in April. In Germany, the GfK barometer of consumer sentiment will be released at 8:30. United States, is expected at 14:30 durable goods orders in April, at 16.30, the weekly inventory of crude oil.

Airbus confident for Le Bourget

Side companies, consumer complaints of gas and electricity rose 25% in 2010, about problems with their energy supplier.The mediator of Energy notes that complaints from customers at 43% of GDF Suez, to 38% of EDF, 12% of Direct Energy and 4% of customers Poweo payday advance.

Airbus and its parent EADS were optimistic Tuesday on future orders at the Paris Air Show in June in a market "active."

The French group Alstom and its Chinese joint venture Casco signed two contracts worth a total of 85 million euros for the supply of signaling systems in metros of Shanghai (east) and Kunming (south).

The partner of minority shareholders (Adam) who assigned Tuesday referred the saddle for Hermes "deprive" the essential rights of family voting at the next general meeting, has been confronted with an invalid procedure and case was adjourned to July 12.Or after the meeting to be held June 30

Casino on Tuesday denied having agreed to the opening of the opening of negotiations between the Brazilian distributor GPA, which holds 35%, and Carrefour Brazil.

PPR and Volcom announced Tuesday it had received notification of the end of the statutory review period on the bid of French on the American brand.

Rexel announced Tuesday it had won its bond issue of 500 million euros, whose order book has surpassed 1.8 billion euros.

Eurazeo Tuesday announced a capital increase, offering its shareholders one new share for 20 old shares held as of May 25, 2011.

The land Gecina in 2nd place behind France in Unibail-Rodamco will continue to sell its assets in Spain and in the logistics industry, said Tuesday its chief executive Christophe Clamageran.

BioMerieux announced Tuesday that the Health Authority (FDA) had recorded rapid testing and automated molecular diagnostic NucliSENS EasyQ MRSA screening for patients infected with Staphylococcus aureus resistant to methicillin.

Europacorp publish its annual turnover, while LCD (poultry) will announce its annual results after-hours trading.

The veil is lifted. After intrigued the web for nearly a week, Numéricable book details his mysterious "mobile revolution". The cable operator announced with great fanfare the launch of a mobile telephony offer unlimited tariff of 24.90 euros per month for residential customers Numericable, and 49.90 for others.

Numéricable becomes a mobile virtual network operator, or MVNO. "We go on the mobile market," with "the best offer on the market in price and service content," said the secretary general of the group Numericable, Jerome Yomtov. The group offers its subscribers an offer of unlimited calls to landlines and mobiles in France, unlimited texting and unlimited internet access (3G up to 500 mega) for 24.90 euros per month.

"To get this offer of 24.90 euros, it is already subscribed Numericable, or you become one," insists Jerome Yomtov.For non-subscribers Numericable, the offer goes to 49.90 euros. Furthermore, the proposal does not include a phone. "Our job is to provide the best possible subscription, the phone is another job, a job distributor of electronics," said the secretary general.

The site has created a buzz larevolutiondumobile.com

With this offer comes directly Numericable hunt on the land of Free. The intriguing communication campaign that preceded this announcement is also no secret intentions Numericable. The website created for the occasion, but the "mobile revolution" refers directly to Free. Indeed, Free is the telephone operator at the initiative of triple play in France, and as such, boasts of having "revolutionized broadband in France."He even used the word to his sales pitch, naming "Revolution" the latest version of its box, launched in December.

Furthermore, Numericable used the red color of Free and organized a press conference at the Pershing Hall in Paris, where Free has the habit of organizing its own press conferences!

The communication operation worked: "larevolutiondumobile" has created a buzz on the web with over 50,000 messages on Twitter, affecting over 300,000 people. The Facebook page of the site has involved more than 2,600 fans in less than a week.

But if the teasing is successful, Numericable seems to have attracted the wrath of Free. The case could be settled in court.

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Avoid taking unnecessary risks. This should be the credo of investors on Wednesday at the Paris Bourse. The CAC 40, which strengthened yesterday after eight consecutive sessions progresison, has no clear upward or from Wall Street or the Asian markets. In addition, the program of the day is very busy.

In addition to a series of important industry publication, several statistics are on the agenda. In France, there will be counts of the trade balance in March and the PMI services in April. This indicator is also expected across the eurozone, as retail sales in March. United States, employment is under the spotlight. So what awaited the traditional monthly report Friday, the markets will have an overview of the U.S. labor market from Wednesday with the Challenger study on employment, which will be followed by the ADP report.Next came the ISM services and oil stocks weekly.

Oil markets precisely, prices are still trending down in morning trading. A barrel of light sweet crude for June delivery lost 76 cents to 110.29 dollars while that of Brent North Sea also June delivery yielded 69 cents to 121.76 dollars. Brokers are questioning the declining demand in the United States. On the currency markets, the euro fell slightly to 1.4813 dollar.

BNP Paribas beats consensus

Orpea

The group announced Wednesday an increase of 26.7% of its sales in the first quarter of 2011 due to high occupancy of its homes and its clinics. It confirms its target of a 2011 turnover of at least 1.210 billion for the full year (964.2 million in 2010) and "maintaining profitability remains strong."

BNP Paribas

The group reported results well above expectations for the first quarter. Net income was up 14.6% to 2.6 billion euros over the first three months of the year, revenues rose 1.3% while provisions for bad debts fell by over 30% .

Alstom

The specialist in energy infrastructure and transport on Wednesday released results 2010-2011 in sharp decline, especially because of its activities in energy, and confirmed its targets for this fiscal year cours.Sur ended March 31, Alstom recorded a net profit of 462 million euros (-62%), operating income of 1.570 billion (-12%) and a turnover of 20.923 billion (+6%).

Su expected in publications Wednesday égalment are those of Scor, NicOx, Boursorama, CGG Veritas (first quarter results).M6, Iliad and Gecina unveil their turnover in the first quarter. After market, income Cegedim, and Mr Bricologe SeLoger.com are expected.

Vicat

The group announced on Tuesday a jump in sales in the first quarter thanks to a rebound in its business in Europe, helped by particularly mild weather conditions.

NRJ Group

The group announced Tuesday an increase in advertising revenues in France since the beginning of the second quarter, after posting a jump in sales over the first three months this year thanks to its television division.

Hermes Jean Paul Gaultier officially leaves

Valeo

The U.S. investment fund Pardus has criticized the leadership of Valeo's not doing more to address the valuation gap between the automotive supplier and its competitors.

Hermes

The broker said Tuesday the sale of its 45% stake in Jean Paul Gaultier perfume Catalan group Puig. The sale price of securities and loan repayments will generate a book profit of EUR 30 million in 2011, said the saddler.

Europacorp will present its strategic plan while Air Liquide holds its general meeting at 15 o'clock.

Mohamed Al Fayed at the cinema. The Egyptian billionaire has confirmed his interest in markets for the purchase of Pinewood Studios. "Mr. Al Fayed has noted recent speculation regarding a possible offer of his hand. It confirms the possibility of a cash offer at Pinewood, "says a note sent to the London Stock Exchange.

The announcement comes just two weeks after Pinwood has received a takeover offer by its shareholder Peel Holdings, which owns 29.8% of capital. The latter offers 190 pence per share representing a total supply of 87.8 million pounds (about 99.5 million euros). For now, Mohamed Al Fayed said that "it is not certain that an offer is made" but the markets themselves, are safe. Result: Pinewood share price jumped to 10.4% in session Thursday at 223 pence, giving studios a market capitalization of 100 million pounds.

For Peel, the difficulties accrue while the other shareholder of Pinewood, Crystal Amber Fund (28% stake), considers that the initial offer of 190 pence does not reflect the true value of the company.

The home of James Bond

This battle looming market reflects the growing interest of investors in these studios, the largest in Europe, located in Buckinghamshire (county of south-east England). For nearly 75 years, Pinewood has seen the greatest movie stars. He is best known for being the location of the main James Bond like From Russia with Love, On Her Majesty's Secret Service, Moonraker and more recently Quantum of Solace.A studio is even dedicated to James Bond (the "007 course).

Pinwood was also chosen for the filming of blockbusters like the latest Harry Potter and Pirates of the Caribbean, but also The Bourne Ultimatum, Charlie and the Chocolate Factory, Mission Impossible or Lara Croft guaranteed payday loans. It's also where I will turn the next Clash of the Titans.

Very popular, Pinewood has reported a pretax profit of 5.8 million pounds last year, up 31%, and expects an increase in its turnover increase this year. The group also plans a massive investment of £ 20 million to expand the premises in Buckinghamshire.

Bet small productions

Pinewood has also ride the wave of success of the film The speech of a king who has won several Oscars with an initial budget of shooting only 9 million pounds.The low-budget films will be a priority for the studios that will focus on set at 2 million pounds.

The group also put on the hot market of TV and cinema in Latin America. A franchise agreement has been signed to that effect in the Dominican Republic.

Expanding empire

Mohamed Al Fayed, Pinewood get their hands on him to reconnect with his roots. The businessman had indeed already bought a studio in Egypt and participated in the production of the film four times Oscar-winning Chariots of Fire in 1981. The executive producer of this film was when her late son, Dodi al Fayed.

If he makes a bid and wins, especially Mohamed Al Fayed will relaunch its empire, amputated Harod stores, sold to a Qatari fund last year to 1.5 billion pounds.Always very diversified, its acquisitions include the Ritz Hotel in Paris, a hundred apartments in Hyde Park in England, the attraction Falls of Shin in Scotland and the London club football for Fulham.

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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lefigaro.fr / jdf.com – How is it more worthwhile to invest in listed property than directly into the stone?

Fred Tassin – This allows for better diversification as land generally have office buildings and shopping centers, while in the unlisted, the individual is generally limited to the residential sector. Another advantage is the liquidity of the market: if a problem occurs, the shares may be resold in the day, while a property may take several months to find buyers. Moreover, by their tax status, investment companies listed real estate are not subject to income taxation from the stone. Finally, management of the park is provided directly by the property, which is responsible for finding tenants, seek new property or to renegotiate the rent.

As for performance, they are relatively similar, the results of the land is mostly modeled on the evolution of asset values ​​and rents. But these companies are listed, they are of course dependent on market shares, making them more volatile and therefore riskier.

Property values ​​have performed well in 2010. Their context remains favorable?

The current context of renewed growth in the euro area and the beginning of inflationary pressure is favorable to real estate companies. With regard to the malls, with consumption rising and unemployment falling slightly, attendance will rise again. Who said traffic growth says rising sales shops, thus higher rents and therefore cash flows.And as in France, rents are indexed to 100% on inflation, the land naturally provide good protection against rising prices. For offices, better news are expected. With the crisis, all projects had been frozen. Restarting the demand for office should have a positive impact on rents.

The increase in lending rates does not she stop that rents and property prices?

We think not, unless the collapse of the euro area which would cause a surge in interest rates. In the future, we believe that the rents and thus the land revenue will increase moderately with the increase in the price index, while the debt of property values, average 70% fixed, will slightly impacted by higher interest rates.It should certainly not expect an exceptional year for stock markets as last year, but normalized to one year.

What do you feel about that?

Banks, faced with a more stringent banking regulation should no longer display the same frenetic lending in 2007 easy payday loans. This had led to the emergence of a bubble valuation on real estate. Getting a real estate project financing in the future will be reserved on the balance sheets of the highest order, and this one could wish the best for real estate which can only be penalized by as much volatility and speculation . This sector should no longer know the aberrations there three to four years. In 2007, the market capitalization of land values ​​was greater than 40% of their heritage.A year later, after the financial crisis was the reverse scenario: they showed discounts of 50%.

Real estate remains there a long term investment or can you make some good short-term trading?

Unless you come across a nugget unrecognized undervalued by financial markets, it will become difficult to achieve significant capital gains in the short term. Real estate is and should remain a long-term investment. We are not looking for companies that merely collecting rent, but to land that have identifiable assets and whose project is to increase shareholder value through acquisitions.

This makes us wary of companies with more than half of the asset value is made up of debts.The major players in real estate (Unibail-Rodamco Gecina Icade Klépierre, Ed) but we are interested in smaller companies with industrial histories that follow the traditional route of a property value: cash flow growth and heritage value and recurring payment of dividend.

Building low-power label (BBC) is becoming more and more constructions as the renewal. Is this a choke point for property companies?

We believe that real estate companies that do not take into account this new situation will undergo discounts. We've seen a real appetite for green buildings, not for reasons of energy conservation long ago that the land seek to optimize the energy bill but because it will become a vital communication tool for these companies.Financial markets will give a bonus to companies that offer green building. Eventually, the rents will be noticeable differences between these and conventional buildings.

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The Irish banking crisis broke on Thursday, a new step, long awaited by Brussels, and markets. The Irish Central Bank revealed the results of resistance tests carried out over several weeks out of four banks: Allied Irish Bank (AIB), Bank of Ireland (BoI), Irish Life & Permanent and EBS. Needs additional capital to face a new crisis, amounted to 24 billion euros, or 15% of GDP in the island! – A sum higher than experts expected.

On Thursday, shares AIB, BoI and IL & P, have been suspended from the Dublin Stock Exchange and London, on rumors of nationalization of industry.The bancassurer Irish Life is the latest Irish lending agency not to be nationalized, while the share of the State Bank of Ireland is 36%.

Immediately known the results of resistance testing, Finance Minister Michael Noonan announced in Parliament a tough restructuring of the banking sector, which will be reduced to two entities, and will pass under state care. The minister also urged the private sector to share the burden of this rescue banking, that is to say to accept capital losses on debts "senior". Irish bank plan must now be approved by the European Union.

This assumption of private sector participation thrilled markets since the arrival of the new center-left government, less agreeable with foreign investors.The debt holders are covered by Dublin big German banks, the UK, but also some Belgian or French establishments.

The government wants to spare the taxpayer primarily Irish, who has already paid 45.8 billion euros for its banks in 2010, the price of a deficit of 32% of GDP. If we add 24 billion to pay the bill for the banking crisis in Ireland stands at 70 billion euros, or 43% of Irish GDP …

Support Berlin

In his tussle with bankers in Dublin on Thursday received the support of Germany noted, highly exposed to debt in Ireland. "We must stop signing blank checks to the banks!" Weber said Thursday, the outgoing president of the Bundesbank.While the Irish banking bill will ultimately influence all European taxpayers, including German, Axel Weber insists that private creditors bear some responsibility.

Chancellor Angela Merkel is on the same wavelength. "It would be terrible for the acceptance of the social market economy, if banks should not count on automatic support from governments, simply because of their systemic importance," she said, echoing Weber.

To recapitalize its banks, Ireland will inevitably make use of its European neighbors. The bailout of 85 billion euros to Ireland, the island which contributes up to 17.5 billion, includes 35 billion euros for the banks, of which 10 billion is available immediately.The remaining 25 billion euros are stuck in a reserve fund, which was not supposed to be liquidated this year. Ireland, however, should pay its share for the recapitalization: 10 billion euros. Europe will provide 15 billion euros through a bond issue launched by the European financial stabilization.

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The consumer wins a round face Free. The Tribunal de Grande Instance de Paris ruled in favor of the association UFC-Que Choisir ordering the service provider (ISP) to "stop a number of illegal practices" and to delete from its general conditions of sale particular clauses considered "unreasonable". Free society was ordered to pay the Consumers' Association the sum of 50,000 euros in damages. The Iliad, the parent of Free, did not wish to make comment.

Free will and remove certain "terms and conditions of the offer triple play (internet, telephone, TV), its brochure and pricing of its website," "multiple practices" are also involved, said to AFP Nicolas Godfrey, a lawyer by the UFC-Que Choisir.This underlines that the court found that "the presentation of the payment method seemed misleading to the consumer and guided him to direct debit low fee pay day loans. In addition, Free "billed additional charges if you choose to pay by check or credit card, which the court found unlawful."

Moreover, the consumer association was clearly engaged "in terms of termination to deferred collection for us," said Nicolas Godfrey were a semantic loophole (to apply a termination fee) and that the court well recognized as such. " The court's decision thus gives consumers "the ability to challenge the billings already made or those coming for those who terminate on the basis of the VAT hike," said the lawyer.Mobilization of consumers had already resulted in early, to thwart the rising prices of certain operators, such as Bouygues, in response to the VAT hike.

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Since the beginning of the year, battling top Ninjago snapped up in the playground. Kai warriors, Boneza, Kraz and friends compete in tournaments Spinjitzu. The star, Kai, is already No. 3 in sales behind the Beyblade spinning tops (Hasbro) and hamsters Zhu Zhu Pets (Giochi Preziosi). The point where it is now found in many stores in France.

The Danish manufacturer, now number 4 in the world of toys last year with 2.15 billion euros in sales (+37%), has bet big on the launch of Ninjago, one of the most important history of the group. Within months, the second diversification of Lego outside its core business. Last year, he embarked on the games to build. It is now invading action figures with six tops.Lego, which enjoys full of "phenomenon" Beyblade (1 million copies sold last year in France), hopes to ride the popularity of collections and mini-portable characters. One way for the group to broaden its audience and attract the universe "Lego" of children who are not necessarily fans of construction sets.

Convince children

"In France, Lego plans to sell over a million rotors in 2011," said Eric Le Figaro Maugein, the CEO of Lego France. "Sales in January and February exceeded our expectations." The entire collection Ninjago (figures, construction sets) could generate $ 20 million in sales. Nearly a quarter of sales in France. Eric Maugein placed on its Japanese warriors to advance his pawns in France and enhance brand appeal.After 35% growth last year (145 million euros in toys sold), it expects 20% in 2011. He also hopes to increase its share of the pie and from 5% to 6% of the market.

For if the group has doubled its sales in six years, it remains a challenger in France, No. 5 behind the industry heavyweights. Penetration remains three times lower than it has in Germany. The establishment of a French subsidiary, with its own marketing department and teams dedicated to each distributor, dates only from 2004. It has helped to clarify the expectations of French consumers. Since then, LEGO has relocated to France's "traditional" (Duplo, City, Technic, Star Wars) and put the accelerator on its advertising investment (+30% in 2010).

Lego face rising raw material costs

Last year, Lego has won 130,000 new children are now buying nearly three boxes per year."We are confident in the ability of Lego to convince even more children they can have fun while developing their creativity," said Eric Maugein, which has launched a "club" Lego and a dedicated website fans. In 2011, Lego also betting on the other pillar of the group, the licenses, which now generate 40% of sales, with the last episode of Harry Potter movies. He signed last year a partnership with Disney that will benefit him in 2011 to outflows of Cars 2 Cinema and Winnie The Pooh.

Only downside, higher raw materials. "We were able to absorb rising costs through productivity gains and growth in our volumes," said Eric Maugein, whose prices rise less than 1% this year. "Lego is already positioned as a premium brand.We really need that raw material prices to explode the situation changes. "

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