Rexel set sail for America. The French group announced Wednesday the acquisition of Platt Electric Supply, family owned distributor of electrical products based in Beaverton, Oregon.

When most companies focus on international emerging markets, Rexel, which is one of the first groups of distribution of electrical products in the world with a turnover of 12.7 billion euros in 2011, a presence in 37 countries and 28,000 employees, is growing into a mature country. Mature, but growing: last year, the activity of the distributor posted 8.3% growth for the North American region, which is above the group average of 5.3%. As emphasized by analysts at CM-CIC Securities, "in the portfolio of Rexel, North America is the geographical area the more focused, both in terms of sales growth as improved profitability."

Now the distributor has lost market share in recent years. Last April, Oddo Securities and stressed that "the group, by the closure of many branches in non-profitable, went for about two years of a market share of 8% to 6% today." Analysts felt that even Rexel now occupied the second rank in the U.S., behind Sonepar. They called again to an acquisition.

This is now done. Platt Electric Supply is present in seven states of the American West. The company reported last year $ 409 million in revenue (about 310 million euros) savings account payday advance. "With this transaction, Rexel will exceed 10% market share in the western U.S., where growth is greatest," said a spokesman for Rexel.

To gain this market share, the French group paid a heavy price, "about 300 million euros," said a statement from the company. "The multiple of turnover in 2011 seems a priori quite high, at nearly 1 times, but the price is probably justified by the financial performance of the company and its growth prospects," note analysts at CM-CIC Securities.

690 million of additional sales

External growth is part of Rexel's strategy. The movement seems to have accelerated in recent months. "The group has now made nine acquisitions since the beginning of the year for a total amount that we estimate close to 500 million euros and an additional turnover of 690 million euros," says Oddo Securities. Last year, Rexel had bought 10 companies for an additional revenue of "only" 209 million euros.

Three quarters of this comes from emerging countries, proof that the distributor is not as mature areas. With a successful trial for the time being insufficient for the observers. "Rexel is not an optimal profile as its exposure to emerging markets remain close to 7% of turnover," says Oddo Securities.

Whatever the final scope of the Franco-German compromise on a European recovery plan, a point is a virtual consensus: the European Investment Bank (EIB) will be further tapped. During his campaign, Francois Hollande has repeatedly cited the institution, explaining to want to see more funding for innovative projects. Chaired by a German, Werner Hoyer, the EIB has the added advantage of being compatible with the philosophy of Berlin in public finance.

Created after the Treaty of Rome, in 1958, this arm of the European Union acts as a conventional financial institution with its shareholders – the 27 EU member states – and its own funds – 232 billion – which it serves as collateral to raise funds on the market and in return grant funds to the public sector. In other words, an appeal to the EIB does not dig, as such, deficits in the area.

Finance ministers of Twenty-Seven will meet Tuesday morning in Brussels, the Governing Council to start work on the practical modalities of strengthening the institution. An exercise stress: no question that the EIB, currently rated "AAA" by the three major agencies, lose this precious document. Where applicable, the cost of refinancing is found in heavy and interventions become less effective.

Two schemes in the study

Request more loans the EIB is therefore to provide in return the appropriate funds. Two schemes are under consideration. The first is to rely on the EU budget. The idea of ​​bringing the Commission to the capital being strongly opposed by the Member States, the solution that emerges would be to use part of European funds as collateral for loans which would then be granted by the EIB. It is this pattern that has been adopted in Greece, for example where the Bank has committed to lend up to 1 billion euros for innovative SMEs from a guarantee of 500 million EU.

The second scheme – which holds the rope – is a mere increase of the EIB's capital, financed by the 27 shareholders. The magnitude of this increase would be about 10 billion euros, which would allow the EIB to grant 60 billion of loans that can generate around 180 billion investment, thanks to the leverage caused by the co-investment from the private sector. An overall figure on which refuses to engage the side of the EIB, "everything depends on the type of investment, leverage is stronger in the context of public-private partnerships in SME lending" says an official. However, the figure of 10 billion additional capital seems to be confirmed.

The impact is not negligible for the European states. The two main shareholders of the bank, France and Germany, which each own 16.5% stake, will write a check for $ 1.65 billion. And even if it is not, strictly speaking, additional debt, the stress on budgets is important. The talks between finance ministers will continue in the coming weeks, to stop a scheme before the European Council in late June.  

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The companies plan to hire a few more in 2012 than last year. The annual "Labor Needs" published by the employment center on Thursday reported 1,608,700 recruitment projects in the year, up 4.3% compared to 2011 (1.1% in , 2011). According to this annual survey, 17.7% of companies plan to hire in 2012, against 18% in 2011 and 19.7% in 2010. In total, 415,800 employers could recruit in 2012, against 428,400 in 2011.

Among the most dynamic sectors, agriculture and food industry are leading with a propensity to recruit 20.2%, to services (19%), manufacturing (18.4%), construction (15.5%) and trade (14.1%). In total, the service activities focus 65% of recruitment needs. As in 2011, it's hotels and restaurants, with 14% of projects (one point), which is the first pool of recruits.

Unskilled labor sought

Another finding of employment center, "several jobs in the agricultural sector (growers, arborists employees) remain among the most sought after (by volume), but with a very strong seasonality", totaling 87,054 recruitment projects.

The study also reports that "36% of workforce needs are related to seasonal work, against 39% last year." With regard to potential recruiters institutions, 49 cash advance no faxing.7% of them propose a CDI and a CDD 37.9% under 6 months.

Employers are nevertheless reported difficulties in recruiting in 43% of cases, up 5 points compared to 2011. A total of 684,600 potential jobs could be affected. The top 15 most wanted jobs, jobs topped the list for most low level of qualification such as servers, carers or harvesters in agriculture.

Still a shortage of software engineers

Computer engineers, however, fall in 10th position with 62.3% of recruitment projects considered difficult. To explain the failure to find the gem, businesses cite inadequate profiles for the posts, a shortage of candidates or difficulties related to working conditions and a poor image of the company, sector or station. Loads are too high or the lack of recruitment subsidies being mentioned by only 1.2% of potential recruiters.

About 1.6 million establishments (except State civil service) were were approached in late 2011. Employment center has received 390,000 responses by mail and investigated further by additional telephone survey of 19,000 representative establishments.

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Fears of mad cow resurface. But everything seemed to return gradually to normal. In the wake of reassuring messages issued by the United States, one of two South Korean brands, which had suspended sales of American meat, finally decided Thursday morning to end the embargo.

Moreover, no country had so far taken any restrictive measure: neither Europe nor the U.S. beef importing countries like Japan, Taiwan or Mexico. This is no longer the case. Indonesia on Thursday became the first country to suspend part of purchases of U.S. beef, after a new case of mad cow disease was discovered Tuesday in the U.S.. "We decided to stop importing the meat on the bones and offal from the United States, but imports of meat devoid of bones are kept," said AFP the Deputy Minister Indonesian Agriculture, Rusman Heriawan. He added: "The suspension starts today and we do not know how long it will last," he said, adding that deliveries were not being affected high quality business cards.

Less than a third of Indonesian imports

The U.S. Department of Agriculture had yet assured yesterday that there was no risk to consumers. The U.S. Trade Representative has called Jakarta to lift its partial ban.

U.S. meat represents only a small share of imports of meat in Indonesia, unlike those from New Zealand or Australia. In 2011, the U.S. exported 18,000 tonnes of beef and various pieces to Indonesia, amounting to some $ 28.2 million, according to the American Federation of export of meat, less than a thirds of Indonesian imports.

But the announcement could bring back some tensions especially if one importer of beef, such as Mexico, decreed an embargo. On the livestock market in Chicago, futures are up slightly from 0.13% to 112.425 dollars.

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From our correspondent in Moscow The Russian oligarchs are slightly fewer in 2012 and earn a little less money than last year. But this year is the emergence, in the first place in the ranking of the 200 richest, a virtual unknown in France, Alisher Usmanov, who caused a sensation.

With its $ 18.1 billion of personal wealth (13.7 billion euros), the man closest to the provincial notary that the flamboyant raider jumped five places in the ranking compiled by Forbes newspaper, and dethrones the other metal tycoon Vladimir Lissine, relegated to second place overall (about 12.1 billion euros). The steelmaker Alexei Mordashov (Severstal) completed the podium of the largest fortunes of the country (11.6 billion euros).

For its part, the very Francophile Mikhail Prokhorov, who just getting into politics and was third in the presidential election, going from third to seventh place, losing a year to the next 4.8 billion dollars (10 billion euros of total assets).

World record for the number of billionaires per capita

Best known for his West London home of Beechwod, acquired for $ 96 million, and its 25% stake in Arsenal football club, Alisher Usmanov has become one of the most discreet but also the most influential Russia, where wealth is acquired always at the intersection of business and politics. He has assisted the Deputy Prime Minister Igor Shuvalov, and his wife to make a fortune.

Alisher Usmanov, who spent six years in prison for fraud in his country, now runs the company Metalloinvest. But the businessman has also been careful to diversify its business, particularly in the media and new technologies. In 2009, he has invested nearly a billion dollars in Facebook, took a stake in the site Groupon online sales. Alisher Usmanov has also media group Kommersant.

The Vedomosti reminded Friday that Russia holds the world record number of billionaires per capita (96 143 million), before the United States and Singapore. The journal regrets that contrary to Western mentality, money has become the ultimate horizon of Russian society, including the acquisition to be held by "any means", including "violating the law" .

In 2012, the wealth of the 200 richest Russian, however, declined by $ 52.3 billion, with a total of nearly $ 446 billion (338.6 billion euros).

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Free Mobile Will it or not benefit from wholesale rates (called call termination) preferential? ARCEP, the telecoms regulator, has made a proposal along these lines for voice calls, and is currently thinking about for SMS. These tariffs, paid by one operator to another to reach a call on its network, are an important component in the economic equation telecom.

But Friday night, the European Commission got involved addressing "serious reservations" to the proposal of the ARCEP. "Imposing tariffs on mobile termination rates over the networks of new entrants only makes sense if the costs are actually more important," said Commission. Clearly, the French regulator has not sufficiently justified its proposal. ARCEP has immediately responded, saying it would reflect the opinion of the Commission, but considers that its decision is not challenged on the merits.

Finally, what impact will Mobile for Free? If Arcep reviews its copy, it could result in less favorable prices for Mobile Free. However, the economic impact should have been limited because these rates apply in any case for a short period and the proposed differential rates with competitors is weaker than expected.

"For Free, the new would be unpleasant, but of limited importance, because in any case, European regulations do not allow an asymmetry that over a maximum period of four years," say analysts at Natixis. "We believe that this could make the start-up losses expected in the early years of Free Mobile a little more important. At first assessment, it could have an impact of around 25 million euros on our valuation of the mobile business, or 0.4% of the current valuation of the group, "they continue.

Technical difficulties seem resolved Free

Oddo: same observation, the impact seems too limited. "According to our preliminary calculations, the impact should be limited to 0.5 euro per share or 1.1 euros in the scenario of an abandonment of the asymmetry which seems unlikely," analysts say.

But behind the subject of voice call termination, covering tens of millions of euros for Free Mobile, looms on the SMS termination, whose stake is about ten times larger, Arcep on which to make a decision this summer.

While Free Mobile asked a very strong differential on SMS interconnection rates, its competitors are totally opposed. "There is no question of accepting the call termination on asymmetric voice calls and SMS, it would amount to subsidize the Iliad offers up to 7 euros', stated the CEO of SFR in late January . While ARCEP must decide, the Commission has wanted to send a signal?

The debate on tariffs between operators comes as Free Mobile seems to have solved the technical difficulties encountered during peak hours. "Capacity problems are solved," said Maxime Lombardini, chief executive of Iliad-Free on lemonde.fr, adding that the group had "added last week, and again in early this week, links to physical spend more simultaneous calls. "

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Contrary to popular belief, it is quite possible to take out a life insurance contract on behalf of a minor child. Indeed, the prohibition of insurance death benefit over the head of a child under 12 does not apply to life insurance, accidental death which is merely incidental.

However, a certain formality must be observed. Indeed, if the child is under 12, signature of both parents is required for opening and administering the contract. If one parent is not able to exercise parental authority (because he was deposed or died), the guardianship judge must confirm this subscription.

The contract must have a fixed term, not for life. In practice, we may retain such a period of 8 or 10 years. The contract will anyway renewable annually thereafter.

Namely: by age 12, the child must give consent by signing the contract.

The beneficiary clause

Until age 16 the insured minor, the beneficiary clause can only be "my legal heirs." However, from the age of 16, the minor can write the beneficiary clause of his choice, within 50% of the contract value. Insurers in this follow the requirements of the Civil Code.

Life insurance has in this respect a great advantage. Indeed, it prevents the insured to dispose of its funds from 18 years of age, if his parents consider it necessary or desirable. Simply that the beneficiaries of the contract (ie the child's parents) accept the benefit. In this way, even his majority, the child can not withdraw funds without the consent of his parents.

Our advice is to avoid abuse, it is best to set an age limit (eg 25 years) and write this clause with the help of a notary no fax payday loans.

The power of the contract

Long-term investment, the contract of life insurance is ideal for building up capital to fund future education or entry into working life of the child. Accumulated savings being in his name, he will not be necessary to make him a gift: it avoids the payment of fees, at least until the contract is powered by small amounts.

Namely: Pour a donation of a life insurance contract does not relieve the duty of declaring whether it exceeds the framework of a simple donation of use.

Small streams by large rivers, it is advisable to establish a regular savings on the contract. The greater flexibility is allowed: it is possible to suspend, resume, increase or decrease payments freely.

On what media invest the savings?

Some caution is in order if of course the capital comes from an inheritance or gift. The European funds in this case is ideal.

However, if a regular saving is in place, it may be wise to invest some of the equity markets. This is especially true if the child is small: with an investment horizon exceeding sometimes 10 or 15 years, the potential market declines may be offset by gains. In addition, management options that offer the best life insurance now allow secure savings as needed.

Our advice: choose a flexible and scalable contract, so your child can keep when they become adults and take advantage of its prior fiscal.

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The most comprehensive, but also the later: it is the strength and weakness of the annual real estate market drawn up by notaries. Unveiled Thursday morning, it strengthens the contours of the market in 2011, as has been described by most professional.

First confirmation: the record number of transactions (837,000 in 2006) was beaten with 858,200 transactions in France (710,000 and 148,200 in the provinces in the Ile-de-France). Extraordinary figures boosted by the PTZ +, low rates and the effect of capital gains those wanting to sell before the tax change.

Regarding prices, the existing apartments has increased on average by 6.5% year on year across the country with peaks at 9% in cities such as Lyon or Bordeaux. Notaries are, however, that the rates showed a slight decline since the fourth quarter.

As for old houses, the increase was 2.1% in France with a more pronounced jump in the Ile-de-France (+5.7%) than in the provinces (1.3%). Again prices are trending down since October 2011 (-1.3% over the quarter).

Notaries cautious for 2012

This assessment also helps wring the neck of a preconceived idea: purchases by foreigners does nothing to explain the rate increase. The proportion of transactions by foreigners is only 5.3% in 2011 and this figure "is stable for several years," reveals the notaries.

However, statistics notary confirms that younger people are increasingly excluded from homeownership. Thus, for existing homes, the share of buyers under 30 years increased from 18.3% in 2010 to 16.6% in 2011. This figure continues to decline since 2008. Only the north and east of France still seem accessible to these age groups. By cons, the transactions made by more than 60 years continue, they move forward. More than ever attracted by the safe haven of real estate, buyers seniors increased from 12.5% ​​in 2010 to 14.5% last year.

About the game predictions for 2012, notaries are more cautious than ever. If they announced without much risk of error that the volume of sales expected to decline in 2012 in the former as in the new, they make no reference to range in price developments. They just remember that the expected trend "would be the best stability of the favorite places in Paris and most dynamic cities." Moreover, the drop should be at an appointment and to continue in 2013 "but in a less clear than that found in the hole estate of 2008/2009."

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While sales of magazines fell 3.1% in France last year, according to OJD, a jury of press and publicity on Wednesday unveiled the list of the "Best Magazine of the Year "organized by the Press Union Magazine (SPM). This tenth edition awarded it (in the "Ten Years of Success"), The Express ("hit" journalism), Geo (media brand), GQ (application for tablet) and The Good Life (innovation), a bimonthly masculine "lifestyle" launched last October by Lawrence White, the founder of Ideat. Paris Match, one of the flagship titles of Lagardère Active, a leading news magazine in France that she also edits or Tele 7 Jours, was named "Magazine of the Year".

The jury praised the fairness of treatment by the media weekly highlights of 2011 (Arab spring, tsunami in Japan, weddings …) with a "constant quality editorial and photographic." "This award recognizes the work to densify our editorial offer (…) and the professionalism of a team engaged in all fields of news," said Edward Minc, editor of the news division of Lagardère Active.

United front of national press info

It's The Point who won the award last year. Among the families of magazines, it is also general news headlines (Paris Match, Le Figaro Magazine, World Magazine …) and "news" (Le Nouvel Observateur, L'Express, Le Point, Marianne … ) that have best withstood the erosion of broadcast in 2011, falling by respectively 0 paydayloans.55% and 0.76%, according to the latest release of the Observatory of OJD published on March 22.

Although the editors were at the party at this annual event that promotes the vitality of the media magazine, Lesouëf Bruno, president of PMS and CEO of the Lagardère Active magazine, did not fail to recall " difficulties of the logistics sector and trade "sector. Thinly veiled allusion to the fragility of current NMPP, the first distributor of the press in France, near "breaking point", he said. He called for "general mobilization" and "solidarity" among publishers, stating the proposed merger between PMS and Professional Union of magazines and opinion (SPPMO), chaired by François Orcival ( current values), "engaged on a concrete project, governance, a roadmap and timetable."

The union of the national daily press (SPQN) could support this initiative as part of a new "national press association of political and general information," said Bruno Lesouëf. "We experimented in the past, at our expense, the dispersion of the representation of magazine publishers. Let us draw the consequences for upcoming deadlines, "he pleaded.

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Then prices will drop? In this ritual question about real estate professionals meet today with a little yes. Certainly not a solid yes, frankly, but yes a little, and that is something. Even in the Ile-de-France and Paris, the traditional stronghold of the rise, things are changing. "In 2012, prices should fall by about 5 to 10% in the Ile-de-France," say solicitors. "We expect a relatively sharp decline in activity this year, about 20%, but a decline of more than 5% of prices in France," ahead of his side Pallincourt Rene, President of Fnaim, who is about to give up his siège.Au beyond the delicate exercise of global forecasting, rather symbolic as the evolution of prices can vary depending on the asset markets, all professionals describe the same picture, that of a market slows down, where transactions are less easily. But none ventured to compare the situation to that of 2008. "At that point, everything had stopped, said Sebastien de Lafond, President Meilleursagents.com. This is not the case today, the market remains fluid, even if transaction times are getting longer cheap credit report. "What has changed in six months? Much and little at a time. Laurent Vimont, president of Century 21, says "a sharp contraction in sales, including in Paris." The slowdown is real: last year, with about 850,000 sales in the former, was a record. This year, professionals expect between 700,000 and 740,000 sales only. "We lost buyers since last July. The apartments and houses that have a default and are too expensive are the same most visited, "said Sebastien de Lafond. "What is new is that Paris is affected by volume, whereas it was the last market to be in 2008," said Mr. Bazaille, president of the Institute for Notarial real estate. The sluggish housing market is not good news for local authorities and public finances. And the change in taxation of capital gains might not make the tax revenue espérées.Finies, flights, quarter after quarter.

"More than at any price"

appetite for stone is real. Credits: Jean-Michel Turpin / Fedephoto