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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 same day 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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Wen Jiabao's speech at China's parliament on Saturday took on the appearance of mea culpa. Chinese Premier, speaking at the 3000 delegates to the NPC, met for ten days in Beijing, acknowledged that the price increase was the source of calls for protests that flourished in the country. "We need to consider price stability as the priority of our macro-economic control," he said.

During the inaugural session of the annual meeting of the National People's Congress, Prime Minister described the inflationary expectations of "problems which are closely the standard of living of the population, the overall situation and stability of the country." Rising consumer prices rose 4.9% in January over a year.The government promises to reduce it to "4%" this year.

Always fight against inflation, the Chinese authorities want to implement "a prudent monetary policy," which will require the limitation to 16% of the increase in money supply M2, which includes the aggregate of currency in circulation, accounts demand deposits and savings accounts.

Avoid the shock wave

Even if the Prime Minister made no reference to the popular liberation movements that are shaking the Arab world, his speech illustrated the authorities' concern to avoid any risk of spread to China. "Some issues that are subject to strong reactions among the population have not been resolved completely.Food security is poor and some sectors are vulnerable to corruption "he acknowledged.

To fight against these problems, the government would "continue to pursue a policy stimulus. Efforts will focus on "rural development", "improving the level of the population" and developing "social sectors".

According to this discourse that determines the main directions for the country's official year, "the educational resources and lack of quality medical and their distribution is uneven." Moreover, "the property prices have recorded an excessive increase in some cities," said Wen Jiabao, who promises to develop social housing."Social contradictions raised by the illegal requisition of land and demolition of illegal houses have multiplied," he added.

Target of 8% growth

These investments will be in a GDP growth of around 8% this year and an annual increase of around 7% over the next five years. These figures, which marked a slowdown from the 11.2% GDP growth recorded during the last five years had already been discussed by Wen Jiabao in late February at the Forum on China Internet.

Despite continued efforts to invest, the government wants to reduce the budget deficit will be contained in "about 2% of GDP".

Warning against the challenge

When the Prime Minister recognized the inequality at the source of disputes, an editorial published by the Beijing Daily, official newspaper of the Communist administration, launched a warning against the calls for protest. "Everyone knows that stability is a blessing and a curse chaos," said the newspaper stating that the "disorder" that has shaken the Arab world "has led to a massive disaster for the peoples of these countries." "It is worth noting here or abroad, some individuals feeding on ulterior motives trying to trigger chaos in China, using the Internet to foment illegal gatherings," it said.Following an appeal to all Chinese citizens so that they "conscientiously protect the harmony and stability".

In recent weeks, dozens of Chinese dissidents have been arrested and police have threatened to deprive alongside dozens of visas to foreign journalists if they continue to cover "illegally" appeals from sites based abroad.

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Prepare a disco ball, dance floor becomes your living room. The trend of video games is now at the dance. With already two million copies sold worldwide, Michael Jackson: The Experience is the box unchallenged in recent weeks.

The French group Ubisoft, publisher of the game of King of Pop, but also for Just Dance (5.4 million copies sold) and Just Dance 2 (5.6 million) which places it in pole position in dancing games and wishes to maintain its lead. April 14th, will be released on the console version KINECTS Michael Jackson: The Experience, "which has very little to do with his eldest," entrust jeuxactu.com journalists who went to Montreal, where the largest local society, and where the game is designed.

Through a proprietary technology Ubisoft (the Player Projections), the player himself who is on the screen.It's not like on the Wii to reproduce the best possible gloved hand of Michael Jackson. This time, each movement of the head, feet, hands and hips is projected onto the character. "If you're not a god of dance, it's going to see right away, especially since version enhances KINECTS a notch," it warns in jeuxactu.com. Suffice to say that the moonwalk risk of damage … Little extra special: it is also possible to sing Michael Jackson. Still a very difficult exercise.

KINECTS already on the game Dance Central Harmonix has already sold 1 Business Card Holders.7 million units.Real success for these artists signed authentic choreography pop, hip-hop and R & B like Lady Gaga, Rihanna, Snoop Dogg and Nelly Furtado.

If Dance Central has sold three times less than Just Dance 2, it must be nuanced: now, worldwide, more than 8 million were sold KINECTS … cons nearly 85 million for the Wii.

However, for musicians, it's time to disillusionment as the famous guitar playing Guitar Hero hung up. The sauce was not taking and profits for the company crumbled Activision (Vivendi). Guitar Hero: Smash Hits or Guitar Hero: Warriors of Rock have each sold less than 500,000 copies since its release in the United States.

This blow is the telltale sign of a decline in music games. But it benefits at least in Rock Band.The game, launched by Harmonix but also for Electronic Arts, recreates a real band, with guitarist and drummer, bassist and singer. "Harmonix and Rock Band will continue to innovate and invent new approaches in the genre of music game," Harmonix responded immediately after the announcement of the "death" of her baby, Guitar Hero.

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Done quickly. Bercy wants to transpose the new European directive on mutual funds (UCITS IV) well before the deadline of July 1, not to penalize French management companies. The preliminary stage of public consultation on the draft text, will end Feb. 11.

This directive must enhance competition among managers in Europe and bring down a few more boundaries. It should also widen the choice of funds offered to investors and improve their information.

One objective is to reduce the number of funds in Europe, now bloated. "In the U.S., funds are fewer and manage larger amounts. They benefit from economies of scale, "said Benoit Durand, director of customer service at Edmond de Rothschild AM. Mergers between funds from different countries, for example between a fund and a fund French Luxembourg, will therefore be permitted.Management companies can streamline their product lines. They will be encouraged because it will also become easier to market across Europe the same fund.

Simplified formalities

On Tuesday, they must deliver a complex issue to the regulator of each country, who often wait several months before giving its approval. "From 1 July, the governor of the country of origin (eg the AMF in France) will forward the request directly to the foreign regulator, and marketing approval will be given within ten days," adds Benoît Durand Low fee payday loans. A godsend for many French managers who, faced with a collection half-mast in France, to promote their dream of mutual funds in other countries.

But this is not enough.For, even today, some investors, for regulatory reasons or psychological prefer local funds, managed in their country. For example, some institutional funds that buy German German law, established by management companies located in Germany. The new directive will also drop this barrier by allowing management companies to launch European funds under German law, French, English … without being based in those countries. A British manager based in London and will offer French funds, or German, for example, investors in these countries.

Investors can more easily compare products.The document key information for investors (Dici), each of these investments will be staffed, will be established in the same format for all societies in all countries.

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The euphoria of the excellent results posted by Hermes and LVMH seems to have appeased the spirits. Both groups are waging a war of trenches since Oct. 23, when LVMH reported holding more than 17% stake in Hermes, a stake raised to 20.21% since.

"I think we must stop this war," confided Thursday Patrick Thomas, the manager of Hermes, in Challenges. "Our investment is very peaceful and aims to be a movement of family support and strategy," insisted Friday Bernard Arnault, boss of LVMH. The latter is certainly still make its voice heard. "We are a shareholder peaceful but not passive, he warns.We want to be an active shareholder, but we will not be a shareholder activist. "The tone is less virulent than early November, when Thomas and Patrick Bertrand Puech summoned Bernard Arnault to" withdraw "and that it involved the management Patrick Thomas.

In recent weeks, the highest state authorities, concerned about the image of the Paris, had recommended the two parties to stop s'invectiver, until the courts decide their disputes. First, the AMF investigation for several more months, the conditions of the rise of LVMH capital of Hermes.On the other hand, the Court of Appeal of Paris will decide, earlier this summer, the exemption granted by the AMF to the heirs of the family Hermes, who want to establish a holding company owning more than 50% stake in saddle without launching a takeover bid on all the securities thereof.

In the meantime, both parties might have an interest to enter into discussions to find a modus vivendi. " Especially as the heirs Hermes and LVMH ensure all be present in the capital of Hermes for "the very long term electronic check payday advance." Officially, no negotiation is involved. But according to our information, contacts were made between LVMH and Hermes for ten days, bankers and lawyers interposed boards. And slopes are emerging, which could foreshadow a possible common ground.

Possible partnerships

Hermes side, Patrick Thomas is concerned about the narrowness of the floating action of cowhide.LVMH has acquired 20% stake, the family controlling 73%, the balance of securities on the market is too small for the other shareholders receive a quality market. He gave an indication Thursday that he believed "would float of 15%."

This certainly implies that LVMH reduces by 20% to 15% its stake. But nothing would prevent the group to stand next purchaser of the securities that the heirs would eventually Hermes in the market. Each year, there may be an "erosion" of a few tenths of a percentage point of their participation, according to individual needs. For his part, Bernard Arnault LVMH proposed yesterday that could "make a number of benefits at strategic and operational, without further consideration that our current involvement."Hermes and LVMH could therefore build partnerships that would not touch the heart of their identities, such as real estate or buying advertising space. The views are far apart, but the groundwork for a possible dialogue are asked.

Hermes reorganizes its executive committee

The luxury group Hermes announced Friday in a statement a reorganization of its executive committee from May 2 to "strengthen" its operational efficiency and to "support its strong growth."

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The leader of the CGT would be "tired". According to reports on Thursday morning Parisien – Aujourd'hui en France, Bernard Thibault, head of the union confederation since 1999, decided to leave the ship. He had already informed, on 21 and December 22, his closest aides of his decision not to overcome the three-year term which was given in 2009. "I'm leaving at the end of the year, so that my successor is in place before the presidential elections," reports the newspaper a part of the CGT.

Since his re-election to Congress in Nantes comfortable, the difficulties faced union leader have indeed multiplied.The failure of the battle of the CGT against the pension reform, the union's internal difficulties, the decline in weight in the union strongholds such as RATP, EDF or My Computer, the difficulty to position itself politically before the 2012 election , not to mention personal problems: Many factors seem to have converged to decide Bernard Thibault to leave office prematurely cheap credit report.

To succeed him, it is decided to promote the candidacy of a woman. "He always said," confirms a close in the "Parisien, Aujourd'hui en France". His choice would have finally settled on Nadine Prigent, nurse and secretary general of the CGT Health. Other possible contenders remain, however, as Frederic Imbrecht, head of the federation mines and energy.

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The hit show Portugal's hardly over, Europe is torn again saving the eurozone, which could weigh on markets in the coming hours, while Spain and Italy back on bond markets, tomorrow, Thursday.

Fed by a forum of European Commissioner for Economic and Financial Affairs, Olli Rehn, who made the headlines in the Financial Times today, about a possible increase in the European Financial Stability Fund (FESF), have excited the good Traders' mood at the time when Portugal launched its test broadcast markets.

On to Ireland, FESF today with a lending capacity of 440 billion euros, an amount considered sufficient to rescue Portugal, but falls far short of needs if Spain, and especially the Italy had to be rescued.The IMF had called for the end of 2010 a doubling of funds to reassure the markets.

The European Commission President Jose Manuel Barroso, for the first time, today called for strengthening the lending capacity of the Fund, by requiring Member States to take a decision by February 4, dated next European Council.

"The Commission made clear that we consider the actual capacity of the loan must be strengthened and that the scope of its activities should be expanded," said Jose Manuel Barroso during a news conference in Brussels. "It is quite possible to make these decisions not later than the next European Council in February," he added.

Enlargement "not necessary"

Germany has sharply reacted to the coup of the EU executive, made "without consultation with capitals," according to European diplomats."It is not sensible nor necessary to discuss an enlargement of this fund," said Steffen Seibert, spokesman for Chancellor Angela Merkel.

Aligned with Germany, France made a statement offended. "France considers that the current capacity of the Fund are large enough to meet the demands" of any country in difficulty, "said government spokesman Baroin. "The position of Commissioner is a contribution to the debate. This is not the agenda of the next European council of ministers, "he added.

Commissioner Olli Rehn ensures that increasing the Fund was raised in Brussels, during preparatory meetings for the next Ecofin of 17 and 18 January.

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Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.

Neither group has characterized these negotiations exclusive.

Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.

Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

A price around 550 million euros

According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros No teletrak payday loan." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.

Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

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In the current context of strong concern about the debt of the euro area, the first issue of France for 2011 was expected by financial markets. It has generally gone well, although conditions have tightened for European states, including top rated (AAA). The Agence France Trésor (AFT), which manages the French debt, has received a request about two times greater than the supply. Which is slightly less than average, usually between 2 and 2.3 times.

"In the last quarter of 2010, the bond market has tended to fall just before or after auctions. It was a sign of difficulty to absorb the supply. Nothing like this has been observed this time, "said Patrick Jacq, bond strategist at BNP Paribas. The weighted average rate (TMP) which Paris has borrowed Thursday rose between 3.36% (for 10-year OATs) and 3.84% for the OAT due 2029."This reflects the increase in rates in the markets in recent months," said Rene Defossez, strategist at Natixis. A significant recovery in 2010, France had borrowed an average of 2.53% at ten years. Over the long term, however, the show took place yesterday at a price still very low by historical average, France borrows at a rate of 4.15% at ten years. "The fact that the rates back is not necessarily bad news because it also illustrates the improvement in economic conditions, it is argued in Bercy. Only problem: the draft budget for 2011 includes a charge of 45 billion euros of debt interest based on a rate of 3%. It is very clear over early this year, which could burden on public finances.

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For the economist Nouriel Roubini, nicknamed "Mr. Disaster" by the Anglo-Saxon, there is nothing good to wait for 2011. He had anticipated the subprime crisis in The Tribune lists the reasons for despair in the next twelve months.

United States, even if the assumption of a return to recession now seems excluded, do not rejoice so far. "The property prices relapse, the credit crunch continues, unemployment will remain at a high-level significantly beyond 9%, local authorities face funding problems and the process of reducing the federal debt is constantly delayed, "wrote Nouriel Roubini. Result of this last point, interest rates could rise again, lead the recovery.

In the eurozone, the economist Assen that "the current approach of European leaders, which is to take and hopefully it is only a problem of liquidity and not solvency, does not work." Finding Mr. Catastrophe: the eventual release of one or more countries in the euro area. In this context, the growth of developed countries should not exceed 2.1%. Emerging countries, they may instead overheating and therefore hyperinflation coupled with speculative bubble paperless payday loans. With the risk that policies will lead to cooling of a hard landing.

"War of currencies"

With such differences in growth, "all the ingredients for a war of currencies, trade disputes and increasing protectionism," Nouriel Roubini predicts.The commodity prices could also fly over the next six months of the year because of excess liquidity in the markets. If the world manages to cope with these challenges in the first half, lets hope the economist, the last six months of 2011 could mark a return to "the virtuous circle of growth."

Before alarm, remind that all predictions of Nouriel Roubini does not come true in 2010. The economist was counting on such growth "near zero" in the eurozone. It leans more likely between 1.5 and 1.7% on the strength of the German economy.

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