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Politicians and leaders of employers' organizations concerned regularly extinction risk of thousands of business for lack of buyers. Their fears are great, but it is impossible to quantify accurately the number of companies involved, lack of national statistics. "The market for the transfer of SMEs is opaque," said Gregory Bush, President of Epsilon Research, a consultancy specializing in financial analysis, acquisitions of unlisted companies in Europe.To better understand this market, Epsilon Research and National Society of mergers and acquisitions (CNCFA) created last year, a barometer of the transfer of SMEs in France.

The second edition of the barometer, which analyzes the SMEs employing between 20 and 249 employees and transactions with a value between 1 million and 50 million euros, the market potential is estimated at 4 130 SMEs on a total of 87,000. The SME market for family businesses in 2840 a total of 44,400. It consists of 710 transfers and 2,130 internal transmissions. For SMEs subsidiaries of large groups (42,670 businesses) in 1020 and 260 sales outlets LBO.

Rising prices

Direct consequence of the crisis, the market recorded transactions from the database professional has experienced sharp declines in 2008 and 2009.The value of transactions fell from 5 billion euros in 2007 to 2 instant personal loans guaranteed.1 billion in 2009. "The activity was slightly recovery in 2010 with a 7% increase in volume and 7.5% in value," says Gregory Buisson. The price of SMEs increased by 10% compared to 2009. However, the number of transactions, which had risen to 862 in 2007 was only 698 last year. LBO funds "were the only engine of the recovery," while industry groups have remained cautious in their procurement policy.

Purchasers of the euro area are the most active (35%) on the French market. They regained their 2003 level. Europeans outside the euro area, that is to say mainly the British, are increasing. North Americans are sharply down. They are at their lowest.Asians, who were increasingly active since 2002, are also down.

2011 will probably be a difficult year. The recovery in 2010 seems compromised. "According to preliminary figures, the market fell by 45% by volume in the first three quarters of 2011 compared to 2010," says Gregory Buisson. But the valuations of companies that are fit are high, thanks to the appetite of the funds.

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"Android is not free." Steve Ballmer, Microsoft CEO, had reiterated in an interview with CNN. The computer giant, who believes that this platform violates several of its patents, asking all manufacturers of devices using it to pay him royalties. After the Taiwan-based Acer and HTC, so it's Samsung's turn to bend. The Korean giant has signed an agreement to this effect Wednesday requiring him to pay royalties to Microsoft on sales of each of its smartphones governed by the system Android.

The terms of this agreement shall remain confidential. Note that Samsung should pay, however, could be as salty as that of HTC, which would pay about $ 5 a smartphone. The success of the Samsung Galaxy SII should fully make the computer giant.

In addition to this financial agreement, Samsung is committed to supporting the development and marketing of Windows Home Phone System. The Korean giant has also announced the launch of the Omnia W under the new version of the operating system.

Google angry

While Microsoft enjoys this new victory, Google outcry. The system designer Android is supposed to be free, denounced a "tactic for many times," close to extortion. "Failing to succeed in the market for smartphones, Microsoft relies on legal measures to extract profits from the success of others and may impede the pace of innovation," protested one voice. "We remain focused on the development of new technologies and partner support of Android," he said.

Terminal manufacturers using this operating system are in a very uncomfortable situation. First, Android is very expensive. On the other hand, the surprise takeover of Motorola's mobile division by Google places them under direct threat of seeing the search engine to give priority access to innovations in its new line of mobile phones.

The parade is perhaps the signing of new partnerships. Samsung is well to conclude an agreement with Intel to develop another operating system called Tizen.

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The people of the East Coast of the United States are preparing for a weekend out of the ordinary. In anticipation of Hurricane Irene, the authorities announced palsy or slowing of most means of transport that normally innervate New York Area. Once is not custom, the inhabitants of the Big Apple, including 250,000 living near the coast are being evacuated, will have to live in slow motion.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed Saturday for aircraft arriving at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, more than 8,000 flights should be canceled, according to the site FlightAware.com.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour flexcheck cash advance. The subway, buses and railways do not circulate.Motorists have also been asked to leave their cars at home until the alert is lifted. If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways. 900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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The speech will be delivered to a very limited audience, but it will be heard by the entire financial world. The head of the Federal Reserve, Ben Bernanke, will speak on Friday afternoon (French time) to his counterparts at the traditional central bankers in Jackson Hole Symposium, Wyoming.

While the U.S. economy slows dangerously, investors expect a tough response from the Fed. But they may be disappointed because, faced with two problems, the central bank runs out of ammunition.

Misdiagnosis

First, Ben Bernanke erred in economic diagnosis. He underestimated his own admission, the low growth in the first half and was counting on a rebound in demand in the second, which for now does not materialize.Problem with its main policy rate at zero since December 2008, the Fed has little room to revive again the supply of credit. Some members of the Monetary Committee refuses to go further. Among the reluctant, Richard Fisher, president of the Dallas Fed. It is estimated that on August 9 promises to continue until mid-2013 interest rates unusually low, the Fed made a mistake: the promise deters businesses and individuals to borrow quickly as they know that the rates are not nearly up.

So what can Ben Bernanke promised? The resumption of purchases of long-term bonds the Treasury is the preferred option by the markets. But given the high level of inflation, the method is risky.In addition, low interest rates leaves little hope that this new "quantitative easing" has a significant effect on credit supply.

Ben Bernanke should focus on technical measures. The Fed could cut the compensation of bank reserves. It would be a way to push banks to lend rather than storing their cash with her. The second measure seeks to change more or less gradually the composition of its balance sheet, which reached 2.7 trillion dollars. To maintain long-term rates as low as possible, the Fed may decide to increase the proportion of its balance sheet invested in long-term securities, while reducing the one placed in short-term securities. The decline in long rates will encourage companies and individuals to refinance their debts and support the real estate.

Annick Goutal perfumes changes hands. Korean cosmetics group Amore Pacific, which owns the Lolita Lempicka fragrance and cosmetics Laneige, acquired the French brand to the U.S. fund Starwood Capital. The latter had acquired in 2005 by taking control of several jewels of the Taittinger family group: hotels Crillon and Lutetia or Baccarat crystal pay day loans.

Goutal perfumes, bought by Taittinger in 1985 and still led by Brigitte Taittinger, had been founded by Annick Goutal in 1981. The brand has stores in France, Belgium, UK and Canada, but mainly distribution agreements with 1300 stores in twenty countries. Amore Pacific sees growth potential in Asia.

Despite strong criticism from politicians, the public and shareholders, the board of directors of the British group BSkyB has renewed their confidence in James Murdoch, who remains in control of the company. "As you might expect, there was a long discussion on the board (Thursday), concerning in particular the role of the president and the board unanimously reaffirmed its support for James," said Jeremy Darroch, the chief BSkyB, the BBC.

In the spotlight since the outcry over the wiretapping scandal in the UK and the abandonment of the News Corp. offer. the entire bouquet of satellite channels paid, son of Rupert Murdoch resisted so pretty well. It must be said that under his leadership, BSkyB can not stop producing exceptional results.During the fiscal year ended June, BSkyB managed to attract 426,000 new customers to over 10 million users. What increase its annual turnover by 16%, to 6.6 billion pounds, or 7 and a half billion euros. Operating profit, up 23%, even more than the symbolic billion pounds (1.14 billion euros). In short, BSkyB is a real cash cow for its parent News Corp., Which holds 39.1% stake. And that is why Rupert Murdoch would put both hands on the entire group. An ambition he had to drop against the scandal caused by tapping the News of the World. The penalty was immediate the London Stock Exchange: title BSkyB plunged nearly 15% in July.

Very angry shareholders

Faced with obviously very angry shareholders, BSkyB multiplies the gifts.The group will hand out a total of one billion pounds through a share buyback program of 750 million pounds and a dividend increase of 20% to 23.28 pence per share. James Murdoch, who is also chairman of News International and Executive Vice President of News Corp., Has certainly won a race, but it is nevertheless not completely out of the woods. The natural heir of the empire, Murdoch could be again required to explain himself to MPs in the summer. British MPs seek, in fact, to understand why James Murdoch supported them, during his hearing, there are about ten days, he was not aware of the extent of fraudulent tapping, as of News International's former colleagues say otherwise.

Besides, sources from the board of BSkyB, quoted by the BBC, the support of the Board of satellite package does not go on forever, if new evidence calling into question the credibility of James Murdoch, chairman of the British broadcasting company since 2007, its role could be reviewed.

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A lifeline to 158 billion euros. The Greek Government did not hide his relief on Friday. He said that local banks were now able to overcome the crisis and promised to accelerate reforms, fight against tax evasion and privatization in mind. The entourage of the Prime Minister insists that the country now has an obligation of result and ensures that it will manage to escape the nightmare of debt.

A view that is far from sharing all the Greeks. A good part of them remains in an attitude of rejection of "the dictatorship of the markets." For Giorgos Delastik, political analyst, "Europe has saved Greece and its banks but not the Greeks. The country is under the supervision of the EU budget and the IMF for many years. It is humiliating that Greece is so singled out. And Greece is a kind of European laboratory.Wage cuts and new taxes imposed, will be too soon in all countries without exception. "

The hope of a recovery

Point of the Brussels agreement, however, found favor in his eyes: "The most positive is that Europe keeps its promises to implement an economic recovery strategy." The compromise provides that Greece has a largest share of EU funding for development (the so-called "structural funds"). For the economist Alexandros Paparsenos, "is the best announcement of the summit. By reducing debt and injecting money into the development, financing of infrastructure and major projects, it gives people hope for a recovery.The rigor was not an option and now hopefully return to a positive growth rate early 2012, "said he.

As part of the compromise on Thursday night, the banks had to make sacrifices. In the Greek banking sector, the tone is at the discretion. "This decision removes the pressure on Greece and will allow him to return to the market in three years to borrow large sums," hopes the president of a major Greek bank, on condition of anonymity. "Instead of paying 14 billion euros in interest rates, or 6% of GDP, the country will pay 11.5 billion. By cons, now the government has no excuses, he says. The Europeans, creditors, the people, everyone made an effort. This requires that led George Papandreou promised reforms in a fair and especially the privatization program.He has to channel the discontent of the Greeks, some want to boycott the system, and it encourages us to lend to entrepreneurs to boost the economy. "

The risk of a new social explosion will be part of the challenge of the Papandreou government. After the indefinite strike of taxi drivers, other sectors such as marine and port workers, announced that they observe similar movements. The game will be tight.

It is a page in the history of Paule Ka, the ready-to-wear clothing, which has just been turned. Serge Cajfinger – President, Artistic Director and founder of the brand there are twenty-three years – and his family transferred control of the company to an investment fund Change Capital, which specializes in retail and consumer goods . Serge Cajfinger, 56, remains in control, but keeps his family that 30% stake in Paule Ka, known for her dresses inspired by fashion icons of the 1950s and 1960s.

Change Capital's arrival also marks the start of the Deposit, which held 17% of the company since 2007 through one of its funds, Heritage and Creation.

It is a success story in the French-Change Capital, which was a shareholder of the Jil Sander label and distributor of garden furniture Unopiu 'adds to its portfolio."Paule Ka dresses women 25 to 55 years, both for work and special occasions, combining a quality worthy of the luxury and affordable, says Stephan Lobmeyr, Partner at Change Capital, created in 2004 by Luc Vandevelde , former president of Carrefour and Marks & Spencer. There are not many brands with such a position and grow as regular "/

The brand, which has weathered the crisis with no air pocket, grew by 17% of its turnover (40 million), related to sales of its own stores (8 stores) and the acceleration of its order book from the department stores (29 outlets) and multi (370).

Ségolène Royal in 2007

The new majority wants to move up a gear. In the provinces, he intends to develop the number of stores as in large cities.In Paris, where the brand was born in the Marais district, opening in 2007 of its flagship on Rue Saint-Honore has given greater visibility.

As for the international Paule Ka is present in 53 countries, it could be within five years 65% of sales, against 50% today. Leaders and are working on a new shareholder settlement in the United States with the opening of a shop in New York within a year. They would be well set the mark on Madison Avenue."In countries where we are not yet present, we are entering a flagship, and we aim to grow between 50-50 own stores and multibrand," said Anthony Bing, deputy general manager of the company.

In China, another key market for the future, Paule Ka has signed an agreement with a franchise partner, the Hengdian Group, which plans to open 14 corners in the first five years and a shop by the end of the year Hangzhou, two hours from Shanghai. In Asia, the brand – who dressed Ségolène Royal during the last election – has already attracted the fashionistas in Hong Kong, Singapore and Japan. In Europe, the company hopes to double its number of stores as the next five years, starting with a location in Madrid in September. By broadening the territory of Paule Ka, Change Capital aims to double sales of the brand by 2016.

The Court of Justice of the Republic (CJR) announced Friday it had postponed to August 4 decision to initiate or not an investigation of the role played by Christine Lagarde in the case Tapie.

"One of the members of the commission has indicated that he was later forced to recuse himself," said Gerard Palisse, president of the petitions committee of the Court. This is Laurence Fradin, magistrate at the Court of Auditors and wife of Pierre Joxe, former Socialist Minister of Defense and the Interior of François Mitterrand, as was Bernard Tapie. Judicial source, the judge cited a possible conflict of interest.

Gerard Palisse stated that "the alternate member of the Court which could have us make up for his part that he himself was unable to do so immediately without prior knowledge of the case.The Committee decided to defer consideration of this matter Thursday, August 4. "

The survey would be long

The former Minister of Economy and current executive director of the International Monetary Fund (IMF), is suspected of "abuse of authority" in the arbitration in July 2008 on the case Tapie, Credit Lyonnais on line pay day loans. The businessman, who felt cheated after the sale of Adidas in 1993 with Credit Lyonnais, had obtained 285 million euros of public funds.

In May, the Attorney General of the Supreme Court, Jean-Louis Nadal, asked the petitions committee of the RGC to investigate the matter. He specifically criticized Christine Largarde for choosing private arbitration, but also refusing to appeal against the award, while the number of specialists are encouraged.If the Court decides to initiate the investigation, it should be long and Christine Lagarde would not be considered for several years. The new leader denies IMF, meanwhile, abuse of authority in this matter and have provided "clear conscience".

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A true campaign speeches. Cambodia before the French together in a vast lounge of the Sofitel Hotel in Phnom Penh, the prime minister Saturday launched a violent charge against the left, without ever naming it: "Those who believe that the idea that one could 'de-globalization' history and the comfort of a domestic policy alone, without external stress, maintain a dangerous illusion, "he said, while some voices in the PS and the Greens in particular to call for ecological and social conversion of the production system. "Globalization is a fact, not a hypothesis," has dealt François Fillon, taking the opportunity to refine their profile politician "lucid" which tells the "truth" to the French.

"You who live in the Asian continent, you know what is meant by globalization and the (…) changes it brought with it," he said to an audience that the UMP would attract and retain the perspective the presidential election of 2012 (hence the creation Wednesday of a Secretary of State for French nationals abroad, at the ministerial reshuffle).

Fillon promised to fight against the risk of decline

The prime minister also criticized the "lack of responsibility" for "those who advocate, under a mask of generosity, the return to funding expensive." "Between the spring of election promises and fall of the exercise of power, the reality is responsible for breaking down dead leaves of inconsistent programs," he added, lyrical.

While calling for more than "partisanship," the Prime Minister continued his charge against the advocates of protectionism. "Those who want to get France out of the euro, if unfortunately they came to business, they would endanger our economy, our social model, in the name of a false idea of ​​national sovereignty", he attacked. Against these "lax or populist proposals" which "we pose the risk of decline," Fillon promised he would fight "all (his) forces."

While the UMP is constantly mock the PS program considered "dated," Fillon drove the nail in praising the reforms carried out in four years: a guarantee "of international adjustment," he praised " we have continued to act to reinvigorate our economy, to capitalize on innovation to secure our social model, to contain our costs, "he added."None of these reforms has not been easy, he said. But I am convinced that their legitimacy will prevail, because the French feel that the new world will be uncompromising for nations that choose the easy (…) With the approach of elections, disputes conducive to systematic and utopias of all kinds, we will maintain our line of truth and realism ambitious. "

(From our special correspondent in Cambodia)

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