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Aging in France LEMONDE.FR Once ....

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Aging in France
LEMONDE.FR me. I will show to my father and my sisters. In my case it just barely lost to retirement, like many artists from elsewhere (and as for my other sister breeder / farmer). I calculated that we would work until the age of 95 receive a minimum pension or less decent. And that if we change course work. I dare say anything to Sophie because I see the difficulties that my father has to find evidence of its work abroad. What a glorious future! Old age for us thirtysomethings, it may depend on the kindness of those around us. A friend told me that a friend (artist and Director an art center in Italy) has bought a house with garden and talks to host the artist retired to his home that we can take care of each other. I think for having met him, he did quite capable. In any case, generosity, it will be necessary to compensate for the absurd decisions of the state.

The other reason is that I spent the summer in bed due to a sort of remake of Flying Leap
Yves Klein, campaign release, trimmer and without cheating. I have a week to get social security and mutual assistance at home, despite the doctor's prescription stating I was unable to get around. I had to call them every day on the phone and harass them to get a result. The most absurd was when they started to ask for a list of documents that I could not provide them because I could not move me to the office (and even less to the post office to send them). So I asked one thing, how an elderly person in the same situation as I have done? Without family and friends, I die of hunger in my apartment. Social assistance, which increased 1 week after my call, could only have seen my death and my cat. People Seniors do not always have close family or friends still living. When I talked to my doctor she told me that every day older people die at home because the home help did not arrive in time because of the complexity of procedures.

I suspect that many achievements are at risk today in France. We begin the 21st century with a jump back in time.

Pain Shooting Down Left

NOC Fingin, Erbe & Co ...

11:30 - March 4, 2011 by Christine Scharff, Laurent Fabri and Jean-Yves Klein

Brother removes the NPC document

Fingin, a holding company owned by Erbe ( Albert Frere / BNP Paribas) has launched a takeover bid from Compagnie Nationale à Portefeuille (CNP), the holding company owned by Albert Frère. The fixed price is 48.64 euros per share.

• BNP Paribas cut its share ...
• robertlipinski in pole position p ...
• GBL is again his div ...
• U RV EY S The takeover of the NOC
• L ien takeover of the NOC: Reflexio ...

C oup of thunder on the Brussels Stock Exchange on Thursday night after closing. A statement from the Banking, Finance and Insurance Commission (CBFA) has announced a bid on Compagnie Nationale à Portefeuille (CNP), launched by a common structure to Albert Frere and BNP Paribas. Fingin is in effect a holding company owned 100% by Erbe, which is itself a company jointly owned by Frère-Bourgeois (53%) and BNP Paribas (47%). Erbe holds 46.5% of the NPC, making it the largest shareholder of the holding company. (See chart )

The offer covers all of the shares, be a maximum of 30,831,083 shares , at a price of 48.64 euros. action on the stock closed yesterday at 40.31 euros in Brussels. The fixed price represents a premium of more than 20% over the share price but still below the intrinsic value of the NPC estimated at 51.90 euros.

The offer is subject to one condition: that Fingin harvest at least 90% stake in the company.

operation proceeds by Fingin, 100% subsidiary of ERBE structure held jointly by the Frère-Bourgeois and BNP Paribas, which owns 47.37% of the NOC. So much for the practical aspects of the operation. The rationale is obviously more complicated to move forward.

markets recently rustled the rumor of a reorganization within the galaxy Brother, particularly complex and multistage.

In recent months, various floors of the structure, essentially Frere-Bourgeois, had conducted repurchases of shares of the NPC. During 2010, the umbrella organization for had acquired 10 million shares of NOC exceeding the 20% stake directly held. But this share repurchase program was arrested on 1 February. The management had then declared "gray period". Free translation of an analyst: one could accuse the NPC and therefore its shareholders to support the ongoing operation so that they know is preparing ...

Thursday morning, the NPC convened an extraordinary general meeting to change the date of its ordinary GA and wear from late April to June ... either simultaneously or nearly that of Frere-Bourgeois.

For Tom Simont, an analyst at KBC Securities, a possible trigger might be the will of BNP Paribas out of the structure, ending a relationship over 40 years. partners are bound by a shareholders until 2014. "This is only a hypothesis, but I see no other explanation, because there is no such advantage tax or capital levels said Tom Simont. But if the offer is successful, which undoubtedly will pose little problem, it would allow the group, once removed from the NPC side, to do what he wants: for example, sell the assets of NPC, and use part to buy out the participation of BNP Paribas, worth about 1.2 billion euros. "

A reflection perhaps add: " Since 2005 or 2006, we saw very clearly that CNP was more active. Transactions that should have been done in CNP were GBL or at Ergon - with the advantage that the structure of private equity is not listed, and therefore should not account for all its movements to the market " observes Simont.

operation approximates the de facto head of the group Brother GBL. As a reminder, GBL is jointly controlled by the Frère group and Desmarais the Canadian group at the end of an agreement that also comes to an end in 2014 ...

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Party at The Public School Jonchère Mouchamps (Vendée)

After Christmas 1936 photo taken in the court of public school Jonchère The Mouchamps (Vendée) and published on this blog ( February 2011), here are two others at a party at the same location, in the 1930s under the leadership of two teachers, Henry Falourd (1907-1945) and his wife, Joan Albert (1907-1971):

The school was closed long ago: the blackboards have been taken down the walls of two classes: the court no longer resonates arrangements of piano and singing for children but it has kept its old charm, and for some, the memory of happy days ...

The old school of La Jonchère (2009)

List of public school teachers in the canton of Herbaria 1935:

Fastest Hunting Rifle Round

The logo of retail giant Carrefour is without doubt one of the logos best known in France. However what is less so is the little visual trick behind.

With a little care, we can indeed see a big "C" shape white diamond in the middle of red and blue in the logo of Carrefour. This provision is a very special challenge to our eye.

12:48 - March 3, 2011

Carrefour expands its "Planet"

The first test results of Carrefour hypermarkets Planet, one of which is located in Waterloo, are very good, according to the distributor.

• Carrefour is a little better ...

L a Carrefour supermarket chain this year will expand its new formula of hypermarkets, Carrefour Planet. In Belgium this year, nine hypermarkets will be reinvented, said Thursday Carrefour CEO Lars Olofsson. He also spoke of a "turnaround" after restructuring in Belgium.

The first results of tests carried out in six new hypermarkets Carrefour Planet ", one of which is located in Waterloo, are" very good ", as the CEO of Carrefour. Sales in those stores rose by an average of 5.5%.

end of this year, there should see 92 'Crossroads Planets', particularly in France and Spain but also in Belgium, Greece and Italy. Belgium has nine stores of this type, "said Lars Olofsson. In mid-2013, there should be in 213 'Carrefour Planets' in Europe.

The first real 'Planet Crossroads' foothold in Mons in Belgium. The opening is scheduled for April, according to Carrefour Belgium. The location of other sites has not been disclosed. The CEO of Carrefour has reported a "turnaround" in Belgium. During the fourth quarter, sales rose for the first time in six years.

Carrefour led restructuring in early 2010 in Belgium, which resulted in the closure of eleven stores. For the full year 2010, the turnover in Belgium amounted to 4.25 billion euros, a decline of 3.7%.

The whole group Carrefour recorded last year a net profit of 433 million euros (+57%) and a turnover of 90 billion euros (+5.5%). The group plans to open 800 stores this year.

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Club Med

7:48 - March 3, 2011

Club Med sales up 14.6% in Q1

The leisure group has reported in a statement to an increase of 14.6% of turnover for the period from November to late January to 337 million euros.

C lub Mediterranean said Thursday expect a significant increase in trading profit (ROC) of villages throughout the winter despite a shortfall of 5 to 8,000,000 euros related to the political situation in Tunisia and Egypt.

The leisure group has reported in a statement to an increase of 14.6% of turnover for the period from November to late January to 337 million euros.
Turnover villages grew by 9.5% at constant exchange rates, reflecting, as the group gains customers and improved pricing.

compared to first quarter 2010, the number of customers rose by almost 9%, or 21,000 additional customers. For Trident only 4 and 5, the villages most upscale progress stood at 22% with a gain of 36,000 customers.

"The first quarter of 2011 shows a return to growth we have seen since the summer of 2010," says CEO Henri Giscard d'Estaing, in a statement.
"On the whole winter season, we should save a further significant increase in trading villages despite the shortfall of around 5 to 8 million euros related to events in Tunisia and Egypt," adds he said.

response to events in these two countries, the company has closed on the village of Djerba Soft Tunisia on January 15 and those of Sinai Bay, El Gouna and Luxor in Egypt from 28 January.

The villages of Djerba la Douce and Sinay Bay have been reopened on February 26 and El Gouna March 5, Club Med said in a statement.
The group stressed that the level of bookings as of February 26 showed an increase of 9.7% over the same period last year.

Bookings for summer 2011 recorded a double-digit increase compared to the summer of 2010, said Club Med.

The stock closed Wednesday down 2.03% to 16.90 euros.

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HSBC @ Cortal

OVER EUROPE: HSBC LESS FRAGILE THAN YOU THINK

Simon Nixon

DOW JONES NEWSWIRES

To judge the results of HSBC Holdings (HSBA. LN), it must be remembered that the bank has a new management team and Douglas Flint and Stuart Gulliver may have decided to unpack some bad news early in their mandate so that their performance is best judged by the result.

British banking giant has announced that under a fiscal 2010 profit before tax lower than expected, to 19.1 billion dollars, and a downward revision to 12% -15% of its target return on equity, against 15-19% previously, to reflect new regulatory requirements.

necessarily Investors reacted badly to the announcement and the stock has lost 5%. Yet, those who tend to see the glass half full see that HSBC is one of the most promising banks in Europe.

course, the annual results do not contain bad news. The charges for bad debts were in fact found to be less than expected, particularly in the U.S., where HSBC has finally made a profit. The problem is the 6% drop in net profit, while weak loan growth did not offset the slowdown in investment banking, and that wage inflation in Asia has increased the coefficient operation of the bank over its goal of 55%.

Accordingly, the return on equity of 9.5% fell below the cost of bank capital.

Still, the new performance target could be explained by an attempt to manage expectations of investors. HSBC said that its core Tier 1 ratio of 10.7% Current lose up to 3 percentage points under Basel III. The bank has not really give any details beyond the fact that this impact is attributable to two-thirds to a higher risk weighting, which should be easier to compensate. The new CEO Stuart Gulliver also promises to reduce costs through consolidation of the administrative structure of the group.

Meanwhile, HSBC has a significant growth potential. The loan to deposit ratio of just 80% of the bank makes it very sensitive to interest rates and an increase of one percentage point in interest rates would boost its U.S. and UK results net $ 3 billion, according to estimates by Morgan Stanley.

These excess deposits are also a source of inexpensive financing. HSBC may well increase its lending to 150 billion dollars - more than double the increase recorded in 2010 - while continuing to meet its target of loan to deposit ratio of 90%.

Given the current ratio of book value of 1.3 quoted by the British bank, the market clearly can not believe that HSBC can generate returns shown in the top of its new range of targets. And the new group's leaders have ensured that this does not change before the day Meeting with investors in May. There is no doubt that it suits them very well.

Simon Nixon, Dow Jones Newswires

(French version Maylis Jouaret)

(END) Dow Jones Newswires

March 01, 2011 10:04 ET (15:04 GMT)

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BETTEN Beursmedia NEWS @ db

02/03/2011

markets expected to be down, disturbed by the Arab world

8:52:50 (BETTEN Beursmedia NEWS) -

European markets are expected to be down on Wednesday, still disturbed by the escalating tensions in the Arab world and driving up prices of black gold.

violence that ignite Libya and are now spreading to other countries, major producers of black gold, so will again focus all attention in the rooms.

In Libya, while the insurgency is in its third week, Colonel Muammar Gaddafi is clinging to power despite growing international pressure.

clashed with Iranian security forces to civilians demanding the release of two opposition leaders, the pressure is raised a notch in Kuwait with calls to revolt and demonstrations continued in the Sultanate of Oman. Even if Saudi Arabia, the largest producer of petroleum products in the world, is committed to ensuring market stability, investors remain worried that led to a further surge of oil Wednesday morning above $ 100 in asia.

the side macroeconomic figures of employment in the private sector in the United States in February will be particularly monitored by the market expects a rebound after a decline in unemployment in January. In the eurozone, are also expected prices to industrial production for January.
Finally, the session will remain rich in publications Business.

AGENDA

Eurozone - Producer prices at 11 for the month of January

Greece v Portugal
- Rating agency Standard & Poor's said Wednesday that lower grades of Greece and Portugal was still feasible and it depended on the modalities of the future European Stability Mechanism (SPM). The agency was keen to point out that despite their passage into the background because of the recent rise in oil prices, budget deficits faced by some countries in the euro area could come back to haunt markets. She said keep under surveillance with negative long-term rating of BB-Greece, as well as long-term A-and short-term A-2 Portugal.

Portugal - Issuance of $ 750 million to 1.5 billion euros of Treasury bonds at 6 months and one year

Spain - Issuance of a bond equal to 5 years maturity

Germany - Issue 5 Bobl billion euros (due 2016)

U.S. - ADP employment survey for the month of February, at 14.15
- Hearing biannual Ben Bernanke on monetary policy before the Committee on Financial Services House of representatives, to 16h
- Publication of the Fed Beige Book at 20h

VALUES

UCB - The biopharmaceutical company UCB has seen its turnover grow by 3% to 3.21 billion euros in 2010. Sales were boosted by its blockbuster drug, the Cimzia (+163%), but also by the Vimpat and Neupro as well as its portfolio of mature products, including Keppra. Recurring EBITDA rose last year from 5% to 731 million euros, demonstrating a "strong underlying profitability" by UCB. Basic earnings per share of 1.99 euros in 2010, against 1.74 euros in 2009.
- Net income fell 80% to 103 million euros in 2010. This decline is due to one-time depreciation, partially offset by a tax credit. Adjusted net income, meanwhile, rose 6% to 239 million euros. UCB
propose to its shareholders to distribute a gross dividend of EUR 0.98 (or 0.735 Euro net) per share (+2%).
- For the fiscal year, the Belgian group expects a turnover of between 3 and 3.1 billion euros, down about 6% over fiscal 2010. "The good results of Cimzia, Vimpat Neupro and should compensate to a large extent but not completely, the effects of the latest wave of expiry important patent expected in 2011, "said Roch Doliveux, CEO of UCB." After 2011, UCB is not expected expiration of key patents for over a decade. "

GALAPAGOS - The biotechnology company has received an interim payment of 6.7 million euros, on the occasion of the delivery of a fourth drug candidate to GlaxoSmithKline.

WERELDHAVE
BELGIUM - The Sicafi Wereldhave Belgium has reported a direct result per share ( off result on portfolio) of 4.22 euros per share. It was 4.27 euros in 2009. Overall, the direct result stands to 22.5 million euros (22.8 million euros in 2009). This slight decrease in the direct result is mainly due to lower occupancy rates of office buildings. On sectoral basis, the occupancy rate of office buildings in 2010 is 80.7% and 100% for shopping centers.
- The debt ratio stood at 12.3%. The dividend is unchanged at 3.92 euros.

NYRSTAR
- capital increase with preferential rights (until 11 March)

ATENOR
- The property development company Atenor, posted a loss of 1.59 million euros on its fiscal 2010. In late 2009, Atenor yet recorded a net profit of 7.3 million it says including "the low point of economic cycle in the housing market."
- The operating result (EBIT) is still in the green at 3.48 million. "Operating income was positive especially in a relatively degraded," explains Sydney D. Bens, CFO Atenor.
- End 2010, Atenor had a better cash position than in 2009 it was located at 75.5 million euros against 15.6 million a year earlier.
- In 2011, at least four projects participate in the results group. "The construction and delivery of the buildings pre-sold, pre-let in particular should contribute positively to the results in 2011," explains Atenor.

HAMON
- The backlog Hamon group displayed a marked increase. And if the 2010 results are worse than in 2009, the company said that 2011 remains a great year. Especially since his "redeployment in emerging markets" gives him confidence for the future.

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Nyrstar

Posted February 28, 2011 by Stéphane Wuille

Nyrstar or stop?

Nyrstar has launched its capital increase from 490 million euros, the largest operation carried out on Euronext Brussels since a long time.

For No. 1 zinc (8.6% of world production), there is no real suspense. Whatever the level of shareholder participation, it is guaranteed to receive the funds referred . The banks that arrange the transaction actually guarantee the right end.

In the syndicate are: Goldman Sachs , Fortis Bank, ING, KBC Securities and Deutsche Bank.

be remembered the latter has made a plea for zinc in one of his studies , no later than a few weeks ago.

We prefer to believe that this is a simple random schedule and that "Chinese walls" are not chewed paper in the German bank.

Whether or not to participate in this capital increase? all depends, of course, your financial situation and profile of your portfolio.

To help you in your decision, here's what think ING (also member of the syndicate) Nyrstar in a study published Monday 28 February. At the end of this article you will find a table with recent recommendations from financial analysts.

Overall, Filip De Pauw, ING analyst is positive on the stock. By integrating upstream mining of zinc ore, he expects for 2011 an increase of 65% of EBITDA (cash flow EBITDA). Until now, Nyrstar produces 31% of its ore requirements. His ambition is to increase to 50% over the medium term.

Here are some positive points raised by ING:

-> Thanks the cash cost, integration upstream of 50% should be a reality end of 2012.

-> Ebitda is expected to more than double by 2012 . In terms of mining, he should spend 24 million euros in 2010 to 190 million in 2011.

-> For ING, zinc prices should remain stable in 2011 and 2012 . Until 2014, production is expected to exceed consumption. In the medium and long term, however, zinc prices could climb.

The price per ton of zinc since 2005:


(Source: LME)

-> The value of Nyrstar is lower than its competitors . Currently the share is trading at 8.6 times estimated earnings per share in 2011 and 5.9 times that of 2012. To his peers, the average is 9.1 times in 2011 and 8.6 times in 2012.

Filip De Pauw identifies two key risks:

-> Mining in itself.

-> The price of zinc. It is estimated that each variation of 100 dollars per ton has an impact of 25 million euros on EBITDA.

In conclusion, it remains to purchase on the value but, due to the issuance of new shares has reduced its price target to 12 euros 13 euros before cons.

All analysts who have spoken since the announcement of the capital increase are positive action. The Deutsche Bank is even a target price of 17.8 euros. Seems it stays true to his passion on zinc ...

	Broker Recommendation Target Price
ABN Amro	Buy	10.89 euros
Bank Degroof	Earn	10.89 euros
Deutsche Bank	Buy	17.8 euros
Exane	Outperform	11.73 euros
Goldman Sachs	Buy	11.8 euros
HSBC	Overweight	11.66 euros
Macquarie	Outperform	13 euros

(Source: Bloomberg)

Also read: Nyrstar money for zinc

Stéphane Wuille