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.

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.

Happy who like Ulysses, has made a great trip, and then returned to live with his parents the rest of his age … This aspiration, a bit outdated, back up to date. For young Americans, the journey of initiation into life ends more often at home. They have gone to university, got out, they struggle to find work and even when they got their job, they are so indebted for their education they can not afford a roof. This is the "boomerang generation", as it is called there, one that returns to its starting point, in the family cocoon.

Three out of ten young adults 25 to 34 years lived at one time or another permanently with their parents in the United States since the beginning of the economic crisis of 2007, reveals the Pew Research Center. This body of socio-economic, non-partisan and hyperactive, which one would like there the equivalent in France and Europe, launched last December a survey of 2,048 adults. He points out that 51.4 million Americans now live in a "multigenerational family" (at least two generations of adults in the same dwelling). A record since the postwar period. The proportion of 25-34 year olds living with their parents, or sometimes with their grandparents, has doubled since 1980, as already shown by the decennial census of population conducted in 2010.

The problem also as much of Europe, although it is regrettable delays in our statistical system. "One in three men and five women living with their parents," according to the latest Eurostat survey dating back to 2008 and 51 million Europeans in this situation. Old Contains more distinguished by its diversity. In Italy, 47.7% of men 25 to 34 years remain in the family fold (and 32.7% women), against 2.8% and 0.5% in Denmark. While the Italians look fondly their "bamboccioni" (big babies), the Danes are doing everything to make them go away. "In Denmark, young people receive public assistance for their education and housing from 18. These scholarships are awarded regardless of parental resources: youth autonomy is considered a right, "says Olivier Galland, research director at CNRS.

For its part, France is among the Nordic model and that of southern Europe, where the crisis has amplified the tradition of bringing together several generations of adults. As part of the Eurostat survey, INSEE has identified "340,000 women and 630,000 men who live with at least one parent or step-parents, or 8% of women and 16% of men aged 25-34 years. "

In the U.S., the multigenerational family is experienced as a convenient answer to the economic crisis and unemployment. "If there was an alleged defect with living with his parents" when you have 25 to 34 years, "Today" boomerang generation "does not have this complex," says Kim Parker, Pew Research Center . For the vast majority (78%), they are satisfied with "the arrangement of their lifestyle." And besides the figures show that families where several generations are less affected by poverty than the rest of the population.

"Family accordion"

Sociologist Katherine Newman and university, recognized expert of "working poor" across the Atlantic, invented the concept of "family accordion": it inflates and deflates at the discretion of the business cycle. But one of the factors that penalize the hardest young adults today is debt-related educational expenses: average $ 27,200 for each graduate and 1000 billion total, according to Federal Reserve Bank of New York. A huge ball during periods of unemployment and wage moderation.

But beyond the explanation of economic and financial "boomerang generation" she expresses the most profound changes in society? In France, the phenomenon of "Tanguy", the name of this young 28 year old who can not leave the parental nest, was highlighted in 2001 in the film of Stephen Chatiliez. And last month, Jean Ormesson recalled with happiness (in the Figaroscope): "I lived with my parents until the age of 35" (at 95 rue du Bac, in Paris). The lifestyle of the Faubourg Saint-Germain and its charms are democratizing Proustian would be good news after all.

Across the Atlantic, the debate rages on the implications of this return to the patriarchal family. "The Go-Nowhere Generation" (which goes nowhere), accuses Todd Buschholz economist (former advisor to George Bush Sr.), and cite the decline in driving among young people and even falling sales Bicycle. Mobility is one of the strengths of mythic America.

Conversely, Professor Robert Shiller, an expert on real estate and finance, cites the example of old farming families that housed three generations on the same farm. This intergenerational solidarity daily should help us better understand and manage the practical problems of pensions. "Family, I love you" is a good slogan.

With over 62,000 franchised units recorded at the end of 2011, for a turnover of 49 billion euros, the franchise remains a dynamic sector in the economic universe French. According to statistics from the French Franchise Federation (FFF), which holds up to Wednesday night's annual meeting at the Porte de Versailles, 92 new franchise networks were launched last year (for a total of 1569 ). However, some areas are most promising and lucrative than others. Especially, new areas, some surfing very clearly on the crisis, appear and arouse vocations, especially since in their general admission tickets are more affordable.

Overall winner, the 7313 claim services auto franchises across 61 networks. Midas (315 service centers, fast), for example, announces the hiring of 50 franchises this year (either by creation or by recovery sites). Candidates must, however, an investment fund of between 160,000 and 250,000 euros, with 30% minimum down payment. Short-term rental is also dynamic with Rent a Car (480 stores including 200 franchisees) which expects 10 new franchises this year, while Ada is a net balance of 20 openings (for a total network of 480 agencies) .

Ten franchises for over Legendre

Another promising sector, fast food, where we no longer launches, which counted at the end of last year franchises for 3740 123 networks (20 more in a year). One example, Subway, the specialist sandwich and salads, has announced no fewer than 90 new restaurants in 2011, crossing at the same time the 300 units operated under franchise in France. Among the newest signs, Basil & Co, a concept of takeaway pizzas (entrance fee to 60,000 euros). In catering to themes (1101 deductibles and 79 networks), the time is in development with Memphis Coffee, which provides a dozen openings this year with a target turnover of 20 million euros. As for La Boucherie, it plans 20 new restaurants this year (including 10 free) and will recruit 350 people. In total, the company has 83 restaurants for a turnover of 83 million euros.

In the services sector, the academic support stand. During the Legendre who launched the franchise last year with a target network of 50 agencies in 2015, currently has ten franchises (including Toulouse, Pau, Bordeaux, Lyon, Annecy or Saint-Etienne). "For the first year of operation, the agency is a forecast of around 200,000 euros in business volume on average, for the only activity being at home," said Olivier Gresse, marketing director. During the Legendre in 2011 showed a turnover up 13 million euros (+10%) and this year expect a growth of 10%. For its part, Anacours (4.9 million euros of turnover) announces ten new franchises in 2012, while during Ado (23 agencies, including 3 branches), provides eight openings free.

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Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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The revolution that began last September by Facebook is now bearing fruit. The founder of social network, Mark Zuckerberg, was then unveiled the "Timeline apps", applications that show the profile of a user's activities on other sites as well-display the songs that played on Spotify read articles the Wall Street Journal. They were accompanied by new action buttons such as "read", "listen," "look" … Several services, including Deezer and Dailymotion in France, had created their applications in the process, followed in January, many other publishers content.

Results published recently by Facebook are spectacular. Since September, 25 million users have installed the application from Yahoo! News. That of the Guardian newspaper has attracted more than 6 million users, half of whom are under 25. More than 10 million people read the Washington Post on Facebook every month five times more than the daily hoped for. In France, the site of movie reviews Cinemur recorded a jump of 40% of its traffic. At Dailymotion, engaging users, who watch more videos on Facebook and connect more often with their IDs on Dailymotion, has tripled.

These successes are helping to win over new Facebook content publishers. Last week, 12 U.S. media, including CBS, the Huffington Post website and portal MSNBC.com, announced the launch of their applications. In France, those of Canal +, Wat (TF1), M6 and Warner Bros. are imminent. "We promise two things to the media: a distribution of their content to potentially 850 million people, and the commitment and recommitment of users," said Julien Codorniou, director of partnerships Facebook France payday loan lenders.

Platform distribution

The virality of social networks operating at full capacity. In France, the fledgling social network travel Wipolo has multiplied by seven the number of users from Facebook. "It was a big accelerator. If we extrapolate these figures, we will save much time on our roadmap, "said Matthew Heslouin, its founder. "The Timeline App provides a distribution platform as powerful as the radio for music," Analysis of turn Spencer Hyman, founder and CEO of Artfinder, a service dedicated to the discovery of works of art. He himself has observed a 60% increase in time spent on its site by users from Facebook.

A priori, the operation is winning for both sides. "The space within the application 100% owned by the publisher who can sell advertising. We do not touch anything over there, "said Julien Codorniou. Facebook sells him, advertising in the sidebar of the browser. To do this, have applications that enrich its database of qualitative information is very valuable. "I listen to Lady Gaga has more value than I like Lady Gaga," says Julien Codorniou. Advantage acquired cheaply: "While Facebook does not touch anything on our advertising revenue, but he pays nothing in buying rights for music and video that contribute to the attractiveness of the platform. The beauty of the tool is that all this work is done by the ecosystem, "says Martin Rogard, CEO of Dailymotion France.

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"Facebook is helping to create 232,000 jobs in Europe

A wind of change blowing through all unemployment compensation systems in Europe, despite their great diversity. And the phenomenon does not date from the last crisis. "Since the 1990s, virtually all governments have tightened at some point or other conditions of compensation for the unemployed, partly for reasons of economy budget," says Carole Tuchszirer, researcher at the Study Center Employment (ECE).

Some methods have been widely used: reducing the duration of benefits, implementation example in the UK or in Germany, fewer beneficiaries, the Netherlands, Sweden or Spain, decrease the amount of services, enhanced requirements for job seekers in most European countries, including France … The objective of these measures is to encourage the unemployed to return to work. These reforms all the more concerned the most generous countries, like Germany, Belgium, Spain, France or the Nordic countries.

Penalties

But between theory and practice, there is sometimes a step. And obligations that are imposed on the unemployed, sometimes harder on paper than in reality. "When there are no vacancies, the question to accept one or not arise in any case much less," says Christine Erhel, professor at Paris I. In France, the radiation for refusing a reasonable offer of employment were, crisis requires, marginal since the entry into force of the reform in 2008. In Spain and Italy, these constraints are in fact tempered by the inefficiency of public service employment, which is struggling to provide training to the unemployed and job proposals payday loan. Conversely, the success of the Nordic model is based primarily on the association of a number of bonds with an activation policy (provision of training, incentives for rehabilitation, supported employment, assistance with job creation etc.. ) particularly dynamic.

"Bad jobs"

In the current reforms, there is also a contradiction, is Carole Tuchszicher, "to enhance training and to want to simultaneously precipitate the re-employment of the unemployed, even if they take jobs below their qualifications. "

In many countries, like Germany where the Hartz reform has contributed to the rise of mini-jobs paying 400 to 800 euros per month, the tightening of compensation would in fact rather increased the polarization of the labor market, between jobs low-paid or part-time (the "bad jobs" in the Anglo-Saxon), and full-time jobs more protective. "This is a model of society, is Carole Tuchzsicher. At each choose whether to be unemployed, hoping for a job commensurate with his qualifications, or occupy a position more quickly lower quality. "

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Occupation: the red lantern of Europe

This is the black point of the Spanish economy fast cash without a hassle.With more than 22% Madrid shows the unemployment rate the highest in the euro area. One in five is unemployed and no improvement is expected in the short to medium term. Affected sectors, construction and real estate have lost more than 1.4 million jobs since 2007, while 700,000 jobs were destroyed in the industry. Are the front line jobs with low qualifications, young people without experience and foreign populations. The long-term unemployment has risen sharply, increasing the risk of dangerously exclusion. This file will be the priority of the next majority. Structural reform, initiated by the Zapatero government, to more flexible labor market, had no positive effect on job creation.

Damaged property market beating down the banks

In 2003, real estate euphoria, he built over 700,000 homes per year.

The Tokyo Stock Exchange and ended the session down sharply from 1.70% to 8835.52 points. The broader Topix index has in turn yielded 1.25% to 754.50 points. In Japan, the export sector still suffers from a weak yen against the dollar only after direct intervention from the Japanese government on the foreign exchange market to weaken the outbreak of the currency.On Tuesday, the dollar stood at just above 78 yen and the euro around 108 yen, well below their value on Monday. "We are engaged in a war of nerves" with speculators, said Japanese Finance Minister Jun Azumi at a press conference.

Toyota lost 1.82%, Mitsubishi and Nissan Motor 1.90%. The automotive sector has not benefited from the announcement of an increase of 28.3% of new vehicle sales in October. TDK has, however increased by 3.67%, even after the publication of a net profit, down to $ 56.6 million in the third quarter. Toshiba has gained 1.43% despite announcing a 19% drop in quarterly profits. Other value of the day in Tokyo: Panasonic, which has lost 5.07%.The rating agency Moody's said it may lower the rating of long-term debt of the Japanese electronics giant, because of the poor profitability of its TV and semiconductor and high costs of Restructuring.

Oil down

Moreover, time is also reduced. The Stock Exchange of Hong Kong and Shanghai respectively, losing 1.97% and 0.11%. The Korean Kospi is in equilibrium, an increase of 0.03%, the S & P lost 1.52% Australian and Indian Sensex drops 0.80%. In Sydney, the mining sector was battered in the wake of the raw materials: BHP Billiton lost 2.72% and 2.98% Rio Tinto. Same thing in Hong Kong where Aluminum Corp. 4.38% loose.

Oil prices were down after the announcement of the bankruptcy of U.S. broker MF Global Fund and new fears about the debt crisis in the euro area.

Private activity has accelerated its decline in October in the euro area, the PMI reaching 47.2 against 49.1 in September when he was dropped below 50 points for the first time in two years, indicating a decline in activity. France is no exception to this trend, since the firm Markit PMI index fell to lowest in 29 months, to 46.8 points against 50.2 in September.Note that in France, business failures showed a sharp rise of 19.4% in May, a month after three consecutive monthly declines, said Monday the National Institute of Statistics.

The prospect of a solution to the debt crisis in the euro zone after the EU summit this weekend has not been sufficient to support the CAC 40. Meeting in Brussels, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the key issue of European bailout fund and its clout in the marketplace. However, on request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another conclave of crisis. Considering the situation "very complex", Nicolas Sarkozy has sought reassurance "negotiations progress on the issue of banks on the issue of Greece, things are progressing," he said.Selun President of the Republic, "a broad agreement is emerging on strengthening the EFSF."

For its part, Angela Merkel added that the proposed model does not imply the ECB, as advocated by France. Clearly, the European bailout fund (EFSF) leverage its resources, but no new States' contribution of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF-today with $ 440 billion, and could see his strike force raised in 1000 or € 1500 billion.

In addition, the euro area is considering creating a special fund that could be echoed by emerging countries to stem the debt crisis. China has expressed particular the possibility of financial support.Still, this idea is controversial, some states are reluctant to explicitly request the help of Beijing, according to diplomatic sources cited by AFP.

Tensions within the 27 Member States

Until particularly critical of the slow pace until the European Union to manage the crisis, the International Monetary Fund, through its Executive Director Christine Lagarde, immediately praised the "very good progress" Sunday . "It was really an effective meeting, and I hope it is really in the right direction for Wednesday," she insisted.

However, the rising discontent among the ten states of the European Union not members of the euro area, Britain in the lead, complaining of the increasing willingness of states using the common currency to make decisions without consulting them."The crisis in the euro area affects all our economies, including that of Great Britain", insisted the British Prime Minister David Cameron on Sunday. Of tit for tat, Nicolas Sarkozy replied: "We are tired of hearing you criticize us and tell us what we have to do," the French president would have dropped according to the Daily Telegraph and The Guardian, quoting diplomatic sources .

Another measure expected: the Atlantic, Barack Obama will unveil this week a series of initiatives to support the economy and that will not require congressional approval, said an official of the White House.The U.S. president will announce such a measure to facilitate the refinancing of mortgages for Americans own their homes bad credit payday loans.

Activity contracted in France in October

On the macroeconomic front, Markit publishes this morning the Flash PMI in October measuring the level of activity in the private sector in several European countries. In France, the composite index fell to 46.8 from 50.2 in September, falling below 50 which separates growth and contraction. In other words, the activity in the private sector in France shrank in October for the first time since mid-2009, through reducing the risk of recession.In Germany, private sector activity in October also falls in the area of ​​decline, with a composite index stood at 48.9, while analysts expected a growth in activity across the Rhine over the month.

Orders to industry in the euro area will be published early in the afternoon.

For its part, the ECB will publish its report weekly purchases sovereign debt at 15.30.

Oil prices were up in early trade Monday morning in electronic trading in the morning, a barrel of "light sweet crude" for December delivery gained 8 cents to 87.48 dollars on the New York Mercantile Exchange. Hand currency, the euro is stable against the dollar on Monday, the single currency displayed in the balance dollars 1.389 (-0.02%).

Bank stocks on Monday surrounded by very

The list of the progressions in the CAC 40 is dominated by the Monday morning increases of bank stocks, buoyed by hopes of an early solution to the debt crisis in Europe. Thus, BNP Paribas gained 0.25% to 31.86 euros. Allows itself Societe Generale 2.87% to 19.50 euros and Credit Agricole advance of 1.26% to 4.90 euros.

Outside the CAC 40, Faurecia (4.38% to 18.36 euros) stands up.The French automotive supplier controlled by PSA Peugeot Citroen, saw a 16% increase in sales in the third quarter to 3.8 billion euros, and confirmed its annual forecast.

The values ​​next to the lowest market-oriented Paris on Monday morning located Peugeot (-1.89% to 16.62 euros), Yellow Pages (-1.57% to 3.01 euros) and Mercyalis (-1 , 83% to 26.28 euros).

The land in the spotlight

• Gecina (0, 82% to 68.84 euros)

The land identified for the first nine months of a recurring profit of 239.8 million euros, down 8.5%, according to a statement. At six months, the decline of this indicator management was limited to 7.8%. The group does not publish its net profit for the period. He cashed for 476.5 million euros in gross rents on these nine nine months, up 2.9% over the same period in 2010.Gecina confirms its forecast of a recurring profit down 7% for the entire year.

• Icade (-1.08% to 64.30 euros)

The group released Monday property sales up 11% in the first nine months of 2011, thanks in particular to the full-year effect of the acquisition of Compagnie la Lucette. Its sales reached 1,065.8 million at September 30.

• Renault (0.40% to 27.63 euros)

The automaker expects to see its sales volumes grow in the range of 2 to 8% this year, said Carlos Tavares, the deputy CEO of the automaker, in an interview published by Automotive News.

• Sanofi (1.06% to 51.51 euros)

The pharmaceutical company announced that Lemtrada, a drug to fight against multiple sclerosis, was more effective in preventing relapse than medication legacy developed by Germany's Merck.

• April Group (3.15% to 11.95 euros) and Seb (2.36% to 59.95 euros) will also publish their turnover in the third quarter. While STMicroelectronics (0.34% to 5.33 euros) will report its third quarter results.