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October 1, Groupe Lucien Barriere should take his first steps on the Exchange. Wednesday night, after the close of trading, Accor announced it was withdrawing the offer to sell its 49% stake in Barrier lack of interest. "This participation is valued between 500 and 700 million euros", explained Gilles Pelisson Le Figaro (our editions of February 25).

By renouncing the transfer, it actually cancels the operation. Groupe Lucien Barriere securities were offered for sale at a price between EUR 16.10 and EUR 19.60. The final price for the placing on the market would normally be announced today, to allow the first steps Fellows casino operator tomorrow.

After losing more than 2% on the stock market this morning, the track has one of the largest increases in the CAC 40 this afternoon: Accor gains +2% to 27.10 euros in a market up 0.80 %.

Operation deemed "unclear"

Accor justifies its decision, which took down many observers, the lack of investor enthusiasm for this band best known for its casinos but also has hotels, restaurants and bars, including the Fouquet's. "The offer did not meet the expected success in the proposed price range," says a spokeswoman for Accor.

"The operation was not obvious," says one banker specializing in fundraising. The segment of mid-cap companies is complex by nature and the sector does not dream of investors.The stock market performance of comparable, as Partouche, really did not plead for Barrier. "An argument partially taken over by Accor attributes that failure to both bad timing, a failure to market the casino sector, comparable to some carriers , referring to him as well, but a hint rival Partouche business cards.

A disposal plan quickfire

In an attempt to reassure the French number one in the hotel said that he is ahead in terms of asset sales it had set. In May 2010, he was 2 billion euros in sales by 2013, mainly walls of hotels. This year it was to achieve 450 million euros. The group should be ahead of its plan from 150 to 200 million by the end of the year.

In addition, good half also helped to strengthen Accor's finances. The abandonment of the sale should not have any impact on the balance sheet.This participation has been deconsolidated and should remain so for at least a year. However, "the group's debt was to be accelerated will now at a normal pace," said Gilles Pelisson warned Wednesday that "always said" it does not curtail Lucien Barriere.

Nevertheless, the sale of the stake in Barrier should be only a postponement. It remains a "non-strategic assets." All options are open again, including the search for an investor. This hypothesis has yet been abandoned once, management of the IPO Barrier preferring this solution.

Gilles Pelisson has reiterated "confident in the prospects of the group" remains "a great asset." Accor also claims to have "the ability to continue its expansion while retaining its stake in Groupe Lucien Barrière to benefit from the expected value creation."

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Green will try to repeat his appearance at the Paris Bourse. On Wednesday, the CAC 40 should follow the path taken by Asian markets operating in the green. The benchmark index in Paris, which had very mixed session yesterday, was resumed late in the day, the constant home less bad than expected by Wall Street reserved for macroeconomic indicators, however bad. The closing up of the New York Stock Exchange (0.43%) should reassure investors.

The draft finance law for 2011 must be submitted to the National Assembly this afternoon. The event will capture the attention of investors, even if all the measures in this budget are a priori known.

Side of macroeconomic statistics, the day looks calm. In France, INSEE unveil index of consumer confidence for September.United States, energy is at the heart of the news with the weekly inventory of crude oil. Moreover, the presidents of Federal Reserve of Philadelphia and Boston will review the economic outlook for their region.

As for currencies, the euro climbed further against the dollar in morning trading. One euro is trading against 1.3587 dollars, up 0.11%.

The ambitions of Peugeot

In an interview with Le Figaro, Philippe Varin, CEO of PSA Peugeot Citroen has reaffirmed China's ambitions of his group. The manufacturer hopes to sell this year more than 350,000 cars in China, to become, eventually, its largest market.PSA should formalize a new agreement for the World to use the same powertrains as the Mitsubishi "for our future electric vehicles Berlingo and Partner," said Philippe Varin.

Sanofi-Aventis could increase its takeover offer for Genzyme 1 to $ 2 next week, Bloomberg said on Wednesday, against 69 dollars now. The Financial Times suggests in turn a possible resignation of the head of the U.S. biotech by next summer. "I am in no way shocked (by the attempt by Sanofi-Aventis). They must recognize our worth than to be opportunistic, "said Henri Termeer. The latter said that his group would discuss with no white knight.

Alten reported on Wednesday before trading an increase in net profit to 25.2 million euros in the first half.Operating profit increased sixfold to 40.4 million euros and the turnover reached 450.9 million euros. The group has set a target of organic growth above 5% in 2010 and confirmed its outlook for hiring.

Eurazeo said Tuesday the actual transfer of the hotel chain at low cost B & B Hotels Carlyle investment fund for 184 million euros.

Neopost confirmed its 2010 targets after announcing first half results boosted by growth in sales of equipment and expressed optimism for 2011 and 2012.

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"France is out of the crisis." From the outset, the Minister of Economy Christine Lagarde, the color displays. Although unemployment has increased again in August, she is resolutely optimistic. "The numbers are there to tell," she says. Especially one that is an important signal to me: the resumption of investment. For the first time since the crisis, companies are reinvesting. "

Growth: 2.5% in 2012

The one that says "have no need to master or protector" is even more optimistic that she hoped a "positive surprise" for growth of gross domestic product in 2010, which it believes will be "of at least 1.5%. The Economy Minister also confirmed that growth will be 2% in 2011, and announced that it will be 2.5% in 2012, "thanks to the global recovery and reforms that we are."A figure consistent with estimates of the stability program submitted in January to the European partners.

Deficit "less than 8% end 2010 '

On the deficit, she said it would be less than 8% in late 2010, without giving a precise figure, unlike the budget minister Baroin. On France 2, there is a little over a week, it confirmed the figure of 7.8% deficit for this year advanced by Le Figaro. The minister added that the public deficit will be 6% at end 2011, 4.6% in 2012 and 3% in 2013.

"In trend, unemployment is improving"

Regarding unemployment, Christine Lagarde relativize the sharp rise in August (15,900 job seekers). "This does not change the basic trend is improving, she says. She recalled that the unemployment rate stabilizes (9.6% in May and 9.5%, and 9.3%) and decreases in the long term.The figure for the number of new jobs since the beginning of the year is there to prove to her: "60000". He added: "It would be great to get to less than 9% (unemployment) by 2012."

Budget 2011: "Everyone will participate"

The Minister of Economy has also discussed the 2011 budget. In one year, the state must find 40 billion euros and 100 billion in three years. The government has decided that reducing the tax loopholes of 10 billion euros. "This budget courageous and determined. France has never made such an effort, to reduce the deficit to two points. All arbitrations are performed. Everyone will participate, "she says. Christine Lagarde said in particular that 60% of 10 billion euros will be borne by businesses and households by 40%.

Lagarde does not exclude the loss of tax shield

The Minister of Bercy is back on two tax loopholes: the tax shield and grooms and PACS. For the first, it was yes. "It will change." "It will not protect for the high income and capital income," she added, referring to the "movement of the plane" on certain tax and social niches. On the merits, it held that "the principle that a taxpayer pays no more than 50% of taxes is a good principle." A veiled, Christine Lagarde seems even consider the demise of the tax shield. "The president asked us to work on a project. The principle is the fiscal convergence with Germany. " However, across the Rhine, there is no tax shield, or wealth tax.A report on this subject was asked the Court of Auditors by Nicolas Sarkozy, to study French and German tax systems

"No tax incentive to marry or divorce"

Regarding the tax benefit granted to married and civil unions, the Minister of Economy has confirmed that it will be deleted, as announced Baroin. "It should not be any tax incentive to marry or divorce," she said. Until then, young married / civil unions could sign three tax returns. Now they must choose: either they are filing a return for each full year or they transmit a common treasury.The divorced are they forced to write two separate statements for the year.

Volatility in the euro / dollar "penalizes industrial"

After flirting with the $ 1.20 mark in June, the euro rises sharply. The single currency is now worth more than $ 1.34. This increase has made it too fast? Christine Lagarde, the answer is yes. "When the value of the euro against the dollar is volatile as it is not good for manufacturers, especially those that export," she said, citing the case of EADS, parent company of Airbus, including President Louis Welsh regretted the weakening dollar.

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From our correspondent in Berlin

German trade unions and employees whose interests they defend are booming. Reinforced by the spectacular economic recovery in Germany, they demanded their share of profits after agreeing to significant sacrifices not only wage increases but also guarantees for the job.

The agreement won by IG Metall, Siemens, Wednesday, offering a virtual guarantee of lifetime employment to its 128,000 German employees, could serve as an example.

"It's time to cash, welcomes a leader of IG Metall. Siemens is playing a pioneering role.Now the unions will demand compensation for granted compromise during the crisis, including pay cuts accepted by the workers. "For ten years, millions of employees have waived their increases to improve the competitiveness of their businesses.

Since 2009, German unions have uncritically accepted the massive use of partial unemployment accompanied by wage cuts, to offset the collapse of exports, the engine of the German economy.Playing a constructive role historically co-management within companies, unions and the combined interests of employees, avoiding redundancy and business worlds.

Shortage of manpower

Because they kept their skilled workforce, through the mechanism of partial unemployment, German companies are able to fulfill orders and output are stronger from the crisis. Since June, the order books are full in the automotive industry, in chemistry and in the machine tool industry. So much so that Germany is on the brink of a shortage of skilled labor. In this context, firms are willing to make efforts to retain their experienced workers guarantee the quality "made in Germany".

Thus, the agreement signed between Siemens and IG Metall is a dream for millions of employees across the Rhine.Siemens, which employs 400,000 people worldwide, has pledged not to close any factories in Germany and not to dismiss one of the 128,000 German employees without union agreement. And this for an indefinite period. This should weigh in negotiations for salary increases incurred since early September, Siemens has lost a weapon size in the standoff: the threat of layoffs. The unions are demanding 6% increase and launched the first strike threats warning.

The job "guaranteed for life" is a first in Germany. Employment guarantees exist in the automotive sector, as in the main production sites of Daimler they nevertheless are limited to ten years. However, in fierce competition to attract labor, the model could be emulated.

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On Thursday morning, the ACC loses many more points he has attempted to recover in early trading. After opening up comfortable, from 0.81% to 3765.34 points, the index in Paris has found the balance to 10.30, before plunging into the red. Halfway through, the CAC 40 was down 0.84% at 3703.77 points. Wednesday night, the CAC 40 had already ended sharply decline by 1.3%, and Wall Street took a break.

The many economic figures released this morning showed a September stable on the forehead of the economy in construction, industry, trade and services in September. But the flash PMI index portends a continued strong growth in the third quarter. But leading indicators of Insee and the index of purchasing managers remain healthy in September. The business climate indicator rose to a level that the country has not seen for two years, to 102 points.A level higher than the long-term average.

According to the firm Markit, the activity in France fell to the lowest in six months in September, with a composite PMI index to 58.5 points, but growth remains "strong."

The remaining maturities of trading hours will arrive this afternoon, when the U.S. will wake up: the traditional weekly claims for unemployment benefits will be announced at 14:30, the composite indicator of economic activity and home resales in August to 16 hours.

Other European stock markets also plunged into the red, but in lesser measures: the London FTSE was down 0.55% and the Dax in Frankfurt was 0.41%.

On the foreign exchange market, the euro is trading consistently above $ 1.33 even if they withdraw in the wake of the stock markets. It remains the highest in five months.While gold continues to beat his record, to 1296 dollars this night.

The bank penalty

The bank tax will yield 504 million euros to the French state in 2011 and 555 million in 2012 and 810 million in 2013, says Economy Minister Christine Lagarde in an interview published Thursday in the Echoes. This tax, which will apply from next year to a score of banks, credit institutions and investment firms, aims to prevent excessive risk-taking that could cause a new crisis online payday loans.

Banks take a hit in stock: Societe Generale was down 1.24% 1.72% Credit Agricole and BNP Paribas of 1.79%.

Side car, Renault (+0.36% at 36.40 euros) and Nissan to jointly develop a platform for the manufacture of a dozen models, by Japanese newspaper Nikkei.

PSA Peugeot Citroen (-0.62% to 24.22 euros) China plans to relocate production of the successor to the Citroën C6, the Tribune reported Thursday. S & P raises the prospect of Peugeot stable.

GDF Suez (-0.27% to 25.60 euros) abandon the draft EPR Penly, according to Les Echos. Moreover, the energy group Wednesday issued 700 million pounds (about 817 million) of bonds to 50 years, a week after a show at 40 years of electricity group EDF (-1.54% to 31.72 euros), told AFP the bank HSBC, leader of the operation.

EADS (-2.17% to 18.52 euros) was down with the dollar.Moreover, the German airline Lufthansa has announced that the day had its supervisory board approved a new order for 48 aircraft for about 3.5 billion euros, including Airbus. The manufacturer, a subsidiary of EADS, said later that the order included 40 of its aircraft for $ 4.3 billion (3.2 billion euros).

Alstom down, Cheuvreux cut its price target on the value: -2.34% to 36.29 euros.

Technip also resists (+0.19% to 57.75 euros).JP Morgan raised its advice from neutral to outperform and raised its price target from 64 to 72.40 euros, but even in the oil services sector, it has degraded CGG Veritas to outperform to neutral and lowered its price target 28 to 18.40 euros.

Air France-KLM (-1.96% to 11.27 euros): The leaders of the Central Works Council of Air France believe that despite abysmal loss of 11.6 million euros registered in 2009 The CEC should "get out of the rut" this year.

Cegedim (1.44% to 57.21 euros), CRM software specialist, announces its second quarter results after the close.

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On Thursday morning, the ACC loses the points he was recovering in early trading. After opening up comfortable, from 0.81% to 3765.34 points, the Paris index progressing more than 10 hours to 0.15%, to 3740.48 points.

The many economic figures released this morning showed a September stable on the forehead of the economy in construction, industry, trade and services in September. But the flash PMI index portends a continued strong growth in the third quarter. But leading indicators of Insee and the index of purchasing managers remain healthy in September. The business climate indicator rose to a level that the country has not seen for two years, to 102 points.A level higher than the long-term average.

The remaining maturities of trading hours will arrive this afternoon, when the U.S. will wake up: the traditional weekly claims for unemployment benefits will be announced at 14:30, the composite indicator of economic activity and home resales in August to 16 hours.

Wednesday night, the CAC 40 ended sharply decline by 1.3% and has moved away from 3800 points, however, exceeded in session Tuesday, and Wall Street took a break.

On the foreign exchange market, the euro is close to $ 1.34. A highest in five months.While gold continues to beat his record, to 1296 dollars this night.

The banks: BNP Paribas, Credit Agricole, Societe Generale and BPCE

The bank tax will yield 504 million euros to the French state in 2011 and 555 million in 2012 and 810 million in 2013, says Economy Minister Christine Lagarde in an interview published Thursday in the Echoes. This tax, which will apply from next year to a score of banks, credit institutions and investment firms, aims to prevent excessive risk-taking that could cause a new crisis instant payday loan lenders.

The reactions are diverse: Societe Generale rising 1.42% to 44.9 euros (2nd CAC 40 increased after Alcatel-Lucent: 1.82%), Credit Agricole of 0.95% to 11.72 euros, BNP Paribas of 0.63% to 55.63 euros, Dexia 0.41% to 3.21 euros, and also Natixis 0.41% to 4.4 euros.

ArcelorMittal (-0.50%) and PPR (-0.42%) are the only values of the index in the red. Nomura went to "neutral" on PPR.

Side car, Renault (0.79% to 36.55 euros) and Nissan to jointly develop a platform for the manufacture of a dozen models, by Japanese newspaper Nikkei.

PSA Peugeot Citroen (1.09% to 24.63 euros) China plans to relocate production of the successor to the Citroën C6, the Tribune reported Thursday.

GDF Suez (1.38% to 26.03 euros) abandon the draft EPR Penly, according to Les Echos.Moreover, the energy group Wednesday issued 700 million pounds (about 817 million) of bonds to 50 years, a week after a show at 40 years of electricity group EDF (0.57% to 32.4 euro), told AFP the bank HSBC, leader of the operation.

EADS (0.63% to 19.05 euros). German airline Lufthansa has announced that the day its supervisory board had approved a new order for 48 aircraft for about 3.5 billion euros, including Airbus.The manufacturer, a subsidiary of EADS, said later that the order included 40 of its aircraft for $ 4.3 billion (3.2 billion euros).

Air France-KLM (0.65% to 11.56 euros): The leaders of the Central Works Council of Air France believe that despite abysmal loss of 11.6 million euros registered in 2009 The CEC should "get out of the rut" this year.

Cegedim (0.53% to 56.7 euros), CRM software specialist, announces its second quarter results after the close.

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The draft budget law for 2011 to be presented Sept. 29 by the Council of Ministers, include, as an annual update of the GFS. According to our information, the forecast deficit for 2010 will be reduced to 7.8% of gross domestic product (GDP). A figure confirmed Monday by Baroin: "We had rather expected 8% for the year-end (…) The addition of good news (…) on the employment front, the figures growth by the end of the year (…) we provide reasonable evidence that may fall to 7.8% deficit level at the end of the year, "he said on France 2.

In July, the fiscal policy debate in Parliament, the Government was counting on still a gap of 8% of GDP for the cumulative deficit of the State, Social Security and local authorities.

But last week, Baroin, the budget minister, announced that the deficit would be below 8% this year, citing figures from 7.9% to 7.8%. Finally, Bercy opted for the bottom of this range.

This good news on the deficit is the logical consequence of the upward revision, from 1.4% to 1.5% – growth for 2010, announced by Prime Minister François Fillon a few days ago.

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It's time for financial and tax maneuvers. The increase to 19.6% VAT of only triple play packages allowed Canal + to avoid the worst, a drain of 200 million euros. However, the Ministry of Economy and Finance estimates that the pay-TV operators have no reason not to participate in the tax effort called the whole sector. But the government hopes that this effort is done directly for the creation.

Major contributor

One solution advocated today is to increase the participation of Canal + Account in support of film and audiovisual (Cosipa). Already, the pay-TV operators pay a graduated tax of up to 4.5% of their turnover subscribers when it exceeds 500 million euros low interest rate personal loans.Canal + is one of the main contributors. Under like CanalSat, Canal +, the group of Bertrand Meheut contribute annually a hundred million euros. To this we must add 200 million euros that the group pays primarily under the pre-sales and purchase works of French and European.

The National Centre for Cinematography (CNC), which plans to retain "the services of television as a central actor in film financing, pushing for a solution which would increase the rates of different scales that make up this tax. It remains to determine the maximum amount of the increase. Bertrand Meheut had indicated he was ready to make some effort, but did not hide be ready to fight if the threshold was exceeded.

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As expected, 2010 will not be the year of return to profit for Poweo. The operator of electricity and gas on Thursday announced an operating loss of 21.1 million euros, against a deficit of 9.3 million a year earlier. In its statement, the group highlights the impact "of non-recurring items that brought the depreciation and provisions to 38.1 million euros in H1 2010, against 12.9 million euros in H1 2009" .

Poweo has also recorded a net loss after minority interests of 26.2 million euros in the first half of 2010, against a loss of 12.8 million euros over the same period in 2009. The group highlights the impact of impairments and non-recurring provisions of 17.8 million euros.

The Pont-sur-Sambre boosts sales

Turnover rose 46%, however, 387.5 million euros.This sharp increase is mainly due to the activity of the Pont-sur-Sambre, entered service in late September 2009. The turnover of the plant reached 87.1 million euros over the period.

The sale of electricity shows a decrease of 2.5%. It is growing strongly with individual clients (86.6%) but fall (-31.8%) among network operators and other market counterparties. Gas sales increased by 13.7% in the first half.

2010 targets maintained

Poweo confirms its targets for full year 2010. It includes such a growth in consolidated revenues over 20% off business of "energy management" (the full year operation of its generating assets).

The group also expects an operating loss divided by three compared to 2009. It would thus be between 20 and 30 million euros.

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The recovery plan has been much more French public finances that has brought in terms of growth, but it has helped limit the decline in investment and corporate bankruptcies, said the Court of Auditors in a report released Tuesday.

According to the report submitted by the first President of the Court, Didier Migaud, during a hearing before the Finance Committee of the National Assembly, the total budgetary cost of the plan is about 34 billion euros in 2009 and 2010 . The plan launched in late 2008 to cope with the crisis was initially represented 26 billion euros. But it was later reinforced by other measures such as loans to automakers and aid targeted to households most affected by the crisis.

The cost of the plan on public finances is considered by the Court of Auditors for 2009 and 2010 to 1.4% of gross domestic product (GDP).In comparison, if its impact on growth is difficult to measure, "said Didier Migaud, the Court assesses the moment to about 0.5% in 2009.

A gap is explained by the imposition of the Rue Cambon, "the fact that many of the provisions of the plan have been used to support the corporate treasury without immediate impact on the activity" fast cash online.

The plan focuses mainly on investment – what had criticized the left who advocated more support mass consumption – has "helped prevent or postpone bankruptcy filings," said Didier Migaud.

As for consumption, "it has slowed appreciably since early 2008, but continued to increase, thanks to the scrapping in the automotive sector.

In his report, however, the Court advanced a few "doing sprains principles intials.Thus, public enterprises, which should make an effort to invest 4 billion, have finally invested about 1 billion in 2009, noted Didier Migaud.

And the amount paid by the State under the Compensation Fund of VAT (FCTVA) to their local communities has been used primarily to improve their financial situation and not to revive investment, according to the Court.

(With AFP)

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