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L'Oreal gives up stock options to. Its CEO, Jean-Paul Agon, announced this weekend in the columns of the Journal du Dimanche. "In April, I will propose to the Board a complete halt of the system of stock options at L'Oreal, for everyone and this year."

The highest paid boss in the CAC 40 in 2010 according to the firm Proxinvest, with a total compensation of 10.7 million euros, Jean-Paul Agon believes that "stock options pollute the debate" on executive compensation. He also forfeit himself to half of those that were granted in 2010.

L'Oreal wants to substitute a variable pay system "more transparent and less uncertain." It should take the form of bonus shares after four years of seniority, provided that the company had reached "certain performance criteria." A similar approach has been implemented in other companies, especially at GDF Suez in 2011.

Taxation hardened

Overall, companies increasingly plébiscitent bonus shares, the tax is now more favorable than that of stock options vilified by the public. While the government has tightened the tax on these benefits under the pension reform (the employer's contribution rose from 10% to 14% and the contribution of the wage gain of 2.5% to 8%), that of bonus shares remained unchanged.

As the barometer of the firm Aon Hewitt published last June, the weight of bonus shares is now higher than that of stock options to all levels of responsibility. The weight of stock options increases, however, as you climb in the hierarchy.

30% variable for the big bosses

The bonus shares have the advantage of being more transparent. The granting of stock options allows an employee to buy shares when they want at a price fixed in advance. If the share price rises, it makes a profit, having bought shares in his company at a price below the market price. The bonus shares, by contrast, are assigned once and for all.

If executive compensation CAC 40 remain much lower than prevailing across the Atlantic, eleven French leaders in 2010 earned more than 240 times the minimum wage. The forty patrons of the benchmark index of the Paris Bourse have generally seen their pay jump by 34% between 2009 and 2010. Variable compensation, up 35% over 2009, an average of 30% of the total.

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If you are like me, then you are looking for a cheap health insurance plan, or at least to reduce what you are already paying.

 

The ambitions of China's Lenovo are clear: to become world number one personal technology. The first step involves the conquest of the PC market. Then, Lenovo will address the shelves, then to smartphones and televisions, the following step by step roadmap.

"For the ninth consecutive quarter, Lenovo has achieved the highest growth in the global PC market," noted Thursday, François Bornibus, Lenovo Vice President Western Europe, on the occasion of the release of third quarter results its fiscal year (ended March 31). This growth allows it to move closer to HP he ran for the position of world number one. "Over the past quarter, we hold 14% market share, against 16.2% for HP, according to IDC," adds François Bornibus, who believes that Lenovo "take leadership in this sector within two years." Last year, HP has made more than 19% of computer sales worldwide and Lenovo 11%. In one year, Lenovo's sales increased by 37% by volume, of only 2% of HP, in a stable market. This growth was accompanied by Lenovo for an increase of 44% of its turnover to 8.3 billion.

The Chinese took advantage of hesitation in strategic HP PCs and cons of Acer-business performance. Lenovo is carried by the dynamism of its domestic market, it holds more than a third of the PC market in China and other emerging Asian markets. But it is also strengthened by Western Europe and North America, where he continues to benefit from the legacy of IBM (which acquired the PC division in 2005). "Our market share in Europe increased from 4.7% to 8.5% in one year," adds François Bornibus.

The world leader is that Lenovo also requires development in the tablets. The group has already announced the release of several products, with a first wave expected in the month of May "We will also develop hybrid products, like the IdeaPad S2 (one tablet once a keyboard is attached to a laptop)," said Francois Bornibus. The range consists of tablets Android (the operating system of Google), will grow to 8 devices on Windows at the end of the year.

Extended offer

Eventually, the group will expand its offering to smartphones and televisions. For now, Lenovo cut his teeth in mobile telephony and television connected to China. The group will now owns a market share of "double digit" in smartphones, a presence quadrupled in twelve months. It will launch in China in the coming weeks, its first connected TVs. "We take advantage of our brand in China and our highly developed distribution network in order to launch new products," explains François Bornibus. Lenovo account then use the experience gained in its domestic market to export smartphones and SmartTV.

The ambitions of the Chinese are not to the liking of everyone. Acer Lenovo has decided to attack in court after the latter decided to use the services of a consultant rather special: Gianfranco Lanci, Acer's former CEO, who resigned last March. He now heads the division Europe-Middle East Lenovo. Taiwanese rival sees a breach of the non-compete clause and has also turned against his former boss.

 

Between 1200 and 1500 vocational training bodies turned to personal development are now suspected of sectarianism, according to Georges Fenech, who chairs Miviludes, the Interministerial Mission of Vigilance and Combat against Sectarian.

This infiltration of sects in the field of vocational training has now become a policy concern. To demonstrate this symposium organized Thursday by the Ministry of learning and vocational training with the support of Miviludes.

On this occasion, it will present a new guide on this topic, entitled "knowing detect sectarian in vocational training." "A book that is intended for HR, managers of businesses, organizations who are responsible for vocational training, employees and the unemployed also looking to do a conversion in this area so they do not fall into the wrong hands, "says Fenech.

7 billion in revenue

According to the Minister of Learning and Training, Nadine Morano, the controls "to track sects" will be strengthened within this broad sector. In figures, vocational training is in fact 50 000 training organizations, 7 billion in revenue, more than 11 million students trained each year and 750 million hours of training.

An area attractive for gurus of all stripes who have thus found an ideal gateway: personal development. Through coaching, management techniques or stress management, training can easily drift into teaching suspects. According to Nadine Morano, the "potential for sectarian" concentrate well in "the field behavioral said," representing "20% of training organizations."

For these structures to sectarian drift, which get their hands on vocational training, greed is obvious but not only. They thus offer a way to recruit new followers and also ensure a share of influence in the business or administration.

Fenech: "In training, we create a label"

To fight against sectarian in the company, Georges Fenech, president of Miviludes like to set up a certification system for vocational training bodies.

Since when is the training she became the target of sectarian movements?

The phenomenon has existed for several years. By 1999, a parliamentary report evoked the problem. The novelty is that one cares. There was the first law of 24 November 2009 which led to increased opportunities for control and which introduced the sectarian threat in the axes of control. The same law also listed incompatibilities with the professional development activity. There are various convictions often associated with sectarian movement as the illegal practice of pharmacy or scam. In that Act, now adds a government's desire to take the problem head on. The symposium held on Thursday, is an illustration.

Should we go further to protect the professional training of sects?

Miviludes has signed agreements with various agencies. Among them, the General Delegation for employment and vocational training to establish new lines of control. Next April and to better fight against sectarian, labor inspectors, specializing in the control of vocational training organizations, will begin to be trained over two days by Miviludes. An agreement was reached with the general direction of work for everything related to undeclared work, the forgery statutes in this area. Also, we worked with the Directorate General of Health to set up a technical support group responsible for evaluating the effectiveness of unconventional practices for therapeutic purposes.

Will you make new proposals to strengthen controls?

For clarity, why not implement a labeling system managed by the regulatory bodies, offices professional qualification training organizations. The implementation of this label, should naturally be accompanied by harmonization of standards for selection, which is not the case today. We must certainly tend towards more control. It also requires the State to develop the means to recover the amounts paid to an organization when the checks show later that the training content is irrelevant.

What can a company today who suspects a body of sectarian aberration?

In particular it may go on the new site Miviludes, available today. Everyone can ask questions and get answers.

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The atmosphere is gloomy in the Paris Stock Exchange on Wednesday. After opening sharply down, the CAC 40 ceded 0.23% to 2863.30 points at 9:40. Unable to maintain its rebound yesterday, the CAC 40 would be difficult to bounce back following the announcement of a further slowdown in the Chinese economy. Preliminary PMI Manufacturing activity in China, issued by HSBC this morning, recorded in November, its biggest drop since March 2009, to 48 against 51 in October. Below 50, this means a contraction.

The country's dependence on exports is the main cause of this fall, analysts said the bank flexcheck cash advance. China is beginning to feel the impact of the economic downturn of its main European and U.S. clients. To this end, HSBC is lowering the forecast industrial production to 11% or 12% year on year in the months to come (against 13.2% in October).

Both countries, however, block the proper role of the ECB. The German government remains the main obstacle to further action of the European Central Bank in the European market debt. French Prime Minister Francois Fillon acknowledged Tuesday, before the members of his majority, convinced that Germany was "a major difficulty."

A new step towards austerity. The Italian Senate on Friday approved the measures promised to the European Union (EU) to reduce the country's deficit and revive growth. The Chamber of Deputies will examine in turn the text tomorrow. Sil it gives, too, agree, the way is clear for Silvio Berlusconi announced his resignation as promised.

• Sale of public assets

Rome will transfer public property, including belonging to the army, and agricultural land to reduce the huge debt the country (1.9 trillion euros).

Silvio Berlusconi said late October that the proceeds from these sales should reach 15 billion over three years.Investors who buy these properties will pay particular debt payday loan lenders.

• Liberalization

Professional bodies will be reformed and abolished minimum rates to inject more competition in the Italian economy.

Local authorities will in turn open the local public services to competition and reduce their participation in the companies running these services (energy, transport, water, waste).

• Pensions

The age of retirement as part of "old age" will increase to 67 in 2026 (against 65 years now) but this does in fact confirm that the effects of reforms already enacted such as providing for the gradual increase age according to life expectancy.

François Fillon has clearly shown this Saturday at Morzine: there is no alternative to reducing the debt, and it will be possible by reducing public spending. While the last-offs for the new austerity plan went this weekend at the Elysee Palace before his presentation Monday, Prime Minister set the tone: the debt crisis forced the state budget for 2012 will be "the most rigorous in the post-war one hour payday loan."

"The hour of truth has come, he warned. There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon.

"The board felt that I had to give operational direction of the group." Already chairman of Gecina, the fourth European property company, Bernard Michel became chief executive after the surprise eviction of Christopher Clamageran there are two weeks. And it is not very clear about the reasons that caused the dismissal.

The only certainty is not the time for development Gecina whose portfolio is highly diversified (office, residential, logistics, nursing homes, hotels …). "In a crisis situation where access to bank financing may become complicated, our priority is to reduce from 43 to 40% of our debt compared to the value of our real estate assets," said Bernard Michel.

To achieve this, Gecina is set to sell for € 500 million of residential real estate with net returns (4.1%) are lower than in the office (6%).The group wants to sell in bulk ten to fifteen buildings in the Paris region.

Develop in health

Meanwhile, the company will continue to sell land to cut 200 to 300 million residential real estate each year, a strategy followed since 2009. And the group promised to sell for a billion of assets this year had already sold 647 million end of September.

Also for reasons of economy, Gecina will stop launching new operations in the office. Otherwise, the strategy remains unchanged: to continue to grow in health (nursing homes, clinics) and the residence halls and eventually withdraw from hotel operations and logistics.

For now, at least, the crisis does not read in the results of Gecina: in the third quarter, its sales grew by 2.9% (476.5 million euros) and the excess Gross operating income of 3.8% (383 million).

The Paris Bourse is a timid step forward on Friday. The CAC 40 in advance of 0.70% in early trade at 3,108.55 points. As in Asia, investors should not take risks when to begin a crucial summit on the debt crisis this weekend. Paris and Berlin have announced that Nicolas Sarkozy and Angela Merkel would meet Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures will be considered and discussed before being taken Sunday during a second peak "no later than Wednesday."

It will then not only to agree on how to increase the capacity of the European Financial Stability Fund (EFSF), but also to review the new rescue plan for Greece.Both countries such as requiring "immediate negotiations" engage with the private sector "to reach an agreement to strengthen the sustainability" of the Greek debt.

Risk of falling

But observers note that deep differences persist between France and Germany on how to reform the fund to support the euro area (EFSF). "There is no joint proposal" European at the moment, acknowledged Thursday the German Finance Minister Wolfgang Schäuble. The President of the European Commission Jose Manuel Barroso called on Europeans to "compromise" to reach decisions "resolved" and "immediate."

Another failure could undermine investor confidence definitely in the ability of Europeans to put an end to the debt crisis and put in a difficult position for the G20 summit in early November."If no agreement is reached, a crisis such as that caused by the collapse of Lehman Brothers can not be excluded," noted Phil Flynn of PFG Best Research.

Meanwhile, in Greece, the violent protests anti-austerity continues. A new law has been de rigueur in the Greek Parliament voted Thursday.

The French note monitored

France, in the heart of negotiations on the future of the euro, in turn, is increasingly monitored by rating agencies. After Moody's, S & P raised doubts about the AAA rating of the long-term debt of the Hexagon. The agency suggests a probable degradation of notes France, Spain, Italy, Ireland and Portugal according to economic conditions.

The government is preparing for his part, revising downwards its growth forecast for 2012 still set at 1.75%.Economists on average expect a GDP growth of 0.9% in 2012.

On the currency side, the euro has stabilized at 1.3795 dollar. Oil prices were, themselves, up in early trade Friday morning in Asia, following the announcement of the death of former Libyan leader Muammar Gaddafi payday advance.The barrel of "light sweet crude" for December delivery gained 71 cents to 86.78 dollars on the New York Mercantile Exchange while in London, a barrel of Brent North Sea crude for December delivery was appreciating eight cents to 109.84 dollars on the Intercontinental Exchange (ICE).

Values ​​to follow

Banks

Member States of the European Union agreed Thursday to recapitalize their banks to the tune of 100 billion euros.

Essilor (-0.39% to 50.75 euros)

The world leader in ophthalmic lenses achieved a growth of 6.4% of its sales in the third quarter 2011 to 1.04 billion euros.The group also confirmed its target for 2011 growth of its business "between 6% and 8%" at constant exchange rates and strategic acquisitions, and its goal of stability margin excluding strategic acquisitions.

Safran (-6.90% to 22.47 euros)

The group confirmed its targets for 2011. It aims for 2011 growth of around 6% to 9% of its revenues and 25 to 30% of its operating income. Safran has seen its turnover increase from 5.2% to 2.72 billion euros in third quarter

Valeo (1.61% to 34.16 euros)

The group reported a turnover up 14% in the third quarter to 2.6 billion euros and confirmed its operating margin target for 2011.

Klépierre (1.21% to 21.68 euros)

The group reported a growth of 4.9% of its sales in the third quarter, supported by the increase in rents shopping centers.

France Telecom (0.52% to 12.68 euros)

Orange will acquire 100% of the mobile operator CTC (China Telecom Congo) in the Democratic Republic of Congo, the French group paying $ 10 million (7.3 million) to ZTE for its 51% of CTC and 7 million dollars to the Congolese government for the balance.

Peter and Vanaces (-4.44% to 29.12 euros)

The group reported Thursday a 2010-2011 annual turnover of 1.47 billion euros, up 11.2% on a comparable basis.Solely on the fourth quarter of fiscal year, ended Sept. 30.

Etam Développement (-1.88% to 13.60 euros)

The group released Thursday a quarterly revenue of 269.4 million euros, down 10.7% on a comparbale and constant exchange rates.

OL Group (-0.23% to 4.42 euros)

The group announced Thursday it had reduced its net loss to EUR 28 million for the year ended June 30, against 35.6 million a year ago and have returned to a positive EBITDA (8 , 9 million) "despite a very mixed season in sport."

The rescue of Dexia bank would not cause an earthquake in the immediate field of the note to the French public debt. After their colleague Fitch, the rating agencies Moody's and U.S. Standard & Poor's estimated on Monday that the country's prestigious AAA is not threatened by the guarantees made to the Franco-Belgian institution in difficulty.

"Right now, there is no impact and we have a stable outlook," said the senior analyst of France, Alexander Kockerbeck. "We study the commitments (which were taken Ed) course, as we do every time, but at the same time, we take into account many other factors." In particular the desire to reduce the deficit, a point on which France has assured the agency, he added.

For its part, Moritz Kraemer, head of European Standard & Poor's, said the AAA French is "justified", adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective, which is not the case of France, he developed. However, he wanted to keep the pressure: "We continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio."

Not to increase debt

France has committed, along with Belgium and Luxembourg, to ensure 36.5% of 90 billion euros that will be stored in a "bad bank", or 32.85 billion euros.An amendment "on the guarantee conditions of financing Dexia itself no guarantee of assets" will be filed, said on Wednesday the Minister of Finance Baroin. This approach "has the effect not to increase debt," he pleaded.

The rating agency Fitch has even found last Wednesday by the voice of the analyst Maria Malas-Mroueh, that if "an increase in financial liabilities is not a good thing, efforts to support the banking system can be positive ". However, the cost of insurance against default risk of the French State (CDS, for "Credit default swap") climbed Monday morning from 5 points to 181 points, according to Markit financial services agency. At the same time, the CDS Belgian took 6 points, 290 points. What widen the gap with Germany, whose CDS remained stable at 100 points.

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Investing in real estate, is a first for Artemis, the holding company Pinault family property. Shareholder of PPR (Fnac, Gucci, Puma …) with 40.8% of the capital, including Artemis holds auction house Christie's, the Chateau Latour vineyard and share in the construction group Vinci.

For its first acquisition related to the stone, the group chose two companies recent and growing: Optimhome and CAPIFRANCE. Both networks created in 2006 and 2002 achieved a combined turnover of 58 million euros in 2010 and are the main structures of French agents agents at home. It is in fact virtual estate agents do not have shops and relying exclusively on online advertising to recruit customers.Sales or rentals are then carried out locally by commercial agents in the network (for 1200 and 1300 for Optimhome CAPIFRANCE).

Officers dissatisfied

These independent agents are working with them on their own, paid strictly on commission. They support their business expenses, pay payroll taxes and are subject to VAT. They act on behalf and on behalf of their client, only to have a professional real estate agent.

This new business model, reducing fixed costs specific to traditional estate agents, reduces the rate of commissions paid to agents, which can be more competitive than the agencies in charge. "CAPIFRANCE Optimhome and two networks are booming, which are destined to quickly become the reference in the property market.We are convinced of the relevance of their model and their development potential, at a time when 90% of buyers use the Internet customers as a research tool, "said Alban Gréget, deputy director of Artemis Investment. After this double acquisition, the amount was not disclosed, Artemis intends to merge these two networks within the same group and continue the territorial coverage.

For their part, real estate agents 'traditional', are of a very dim view of the development of this competition. "In these networks, agents, officers generally have a very light training, as their seniority. They do not even have the right to complete a sales agreement, "says Jean-François Buet, general secretary of the Fnaim (National Federation of the estate).Like his colleagues, he believes that this activity does not offer enough guarantees of good consumer protection in case of dispute.