The auction winner will take over the shares of Bridgepoint funds (57% stake) and Apax (20%). Alain Afflelou he has planned to stay in the capital. It could even slightly increase its stake, now 22%. "This component has not yet been decided, it will depend on the nature of offers and future discussions with the fund that will prevail," says a close case.

The group, which produced last year a turnover of 785 million with 1,083 franchised stores, is valued around 800 million euros by connoisseurs of the file. To finance the purchase of three quarters of the capital, the next owner will have to fund raise around 300 million euros of debt. A challenge in the current, extremely volatile. The transfer operation, organized by the Banque Rothschild, commissioned last year, has proved complex enough to induce sellers to be cautious. "Bids are expected soon, said Didier Pascual, Chief Executive Alain Afflelou. But nothing is decided yet. The hypothesis of the IPO will remain open. "

A founder ubiquitous

The way back on the stock exchange, which would switch to vendors, if possible in the fall, when tenders found attractive can, was long regarded as the preferred option of management group, and especially its founder business

Ikea for 30 years would have dreamed, best advertising. But a month after the revelation of illegal policing practices of employees and customers by Chained Duck and Mediapart, the direction of Ikea France wants to show it has taken stock of the situation. Vanoverbeke Stefan, head of the French subsidiary of the Swedish furniture giant yesterday presented its action plan and its working group to improve the image of the group being undermined by the discovery of internal mails mentioning the use of private detectives and the font file. Activities that led to Ikea France sidelined several top executives, including Jean-Louis Baillot, CEO of the subsidiary at the relevant time. "An internal audit by an independent firm has established that there had been research practices of information not consistent with our values. This is unacceptable and I regret it, "said Stefan Vanoverbeke. The current owner is careful however to discuss the future of the people involved to "preserve the presumption of innocence" and leave the floor of Versailles, seized by the CFDT union, do his job. "It is up to judges to say what is illegal or not. We just want to cooperate, "he said.

A pilot initiative

And as proof of his goodwill, Ikea France, which has already seen its headquarters raided and visited by the CNIL (National Data Protection Authority) in its stores, plans to give the prosecution the findings of its internal audit. But it is mostly a working basis for a group of four managers responsible for "strengthening the values ​​and ethical standards." "It's not an excuse but it does not direct a company of 10,000 employees as a company that has only 500 easy payday loans. The findings of the survey showed us that our way of working no longer fit our size, "explains Stefan Vanoverbeke.

Ikea already had a code of conduct but the group had been working to develop a global charter. Irregularities discovered in France gave a good boost to the initiative, even if the boss of Ikea France considers that there is "no reason to believe that such practices occurred in other countries where group is established. " No investigation has been carried out elsewhere. "France will be a pilot," he says. Beginning in June, the working group should thus be able to make concrete proposals for reforming corporate governance, support managers and staff, recruitment of technical change but also monitor compliance with the group values . "We developed this action plan because we want to act quickly to give answers to our employees, social partners and customers. But we hope that these answers are of quality, "says the CEO that all employees of the group can now contact directly by e-mail. For clients, Stefan Vanoverbeke remains attentive to comments left on forums where he received "varying degrees of concern." Not enough empty stores nor sinking sales, however.

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The French are discouraged before they even take steps to resolve a dispute. It is thought that nine out of ten surveyed by Ipsos for the first edition of the barometer Axa legal protection. Justice remains an unknown for most of them: 80% do not know who to turn to know their rights, and 97% believe that the justice system is difficult to understand.

Worse, seven out of ten French think they have no financial means to defend themselves. Godsend for the legal protection insurers, which offer information in their contracts, and if necessary support – within limits – of legal fees. According to the Ministry of Justice, the cost of resolving a dispute is on average 200 euros for the costs of bailiff, 500 euros for an amicable and 1500 euros to cover attorney fees for a procedure .

Family, an area seldom covered by insurance

The French think that the main sources of conflict are employment, housing and the Internet. In fact, the most common disputes relate primarily to the housing (25%), led by neighborhood problems and relations between landlord and tenant, and Internet purchases (24%). Relations with the employer is not a priority (23%).

Numerous disputes also affect the field of family (divorce, inheritance …). But legal protection insurers rarely venture in this field. Axa Protection legal disputes of this nature are supported only if the client has signed the contract the more upscale, costing between 140 and 300 euros per year, much higher than a domestic contract classic (63 euros per year).

The insurer, like others, offers customers a hotline: a lawyer tells them about their rights and answered their questions. This service receives 175,000 calls a year. The insurer sees submit 36,000 new claims per year, most amicably resolved.

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Personal loans and other revolving loans no longer seduce the French. In January, output fell by 7.4% compared to January 2011, according to the ASF (French Association of Financial Companies). Last year, after a strong first quarter (+9.3%), it had already begun a sharp decline: – 1.8% in the second quarter – the third and 3.7% – 4.5% in the fourth . "The French market fell to its 2000 level. Production in 2011 was 14% below the historic peak of 2007, "said Bruno Salmon, president of the ASF.

The revolving credit continues to decline

To explain this disaffection, professionals invoke the loss of consumer confidence in an economic anxiety, but also lower sales of new cars, and therefore the associated credits. The car loans decreased by 14.5% in January over the same month last year, and 7.8% over the last three months.

Also involved, the law Lagarde who oversaw the marketing of revolving credit, these "reserves" of money in which the borrower draws at will as and its needs.

This law compels such professionals to offer clients an alternative to the revolving loan in excess of 1000 euros. They must also include in each monthly payment a minimum repayment of capital. The loan term is shortened, and the amount becomes smaller. Revolving credit is transformed gradually into a cash credit for small amounts, for short periods, for small repetitive purchases.

The impact of the law Lagarde

"The law Lagarde has reduced from 12% to 15% of the openings of new revolving loans and a decrease of 20% of new uses of credit lines already open," said Francoise Guillabert Palle, general delegate of the ASF.

In total, the production of these loans fell by 6.1% in 2011. This is the fourth consecutive year of decline. They also represent more than 35% of consumer loans made by members of the ASF, against 40% in 2009.

In a recent study, the French Banking Federation (FBF) also emphasized the lower French interest in the consumer credit. Only 3.6% of respondents were planning to buy one within six months, against 4.1% a year earlier.

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Can we judge the Heads of State or Government for their responsibility in the economic crisis that has shaken the world since 2008? To this question, the parties have used to respond that the verdict will urns – some have already experienced at their expense. Iceland is in court that the former head of government is accountable. Geir Haarde appearing before a special court – the exclusive right to try ministers – for his role in the collapse of the financial system. Adjourned in September, the trial resumed on Monday and will last until March 15. The accused faces up to two years in prison.

That's an understatement to say that Iceland has suffered from the crisis: the economy of the island with 320,000 inhabitants was literally blown away by the explosion of the global financial system in 2008. The three largest banks in the country, which held assets equivalent to 923% of national GDP, went bankrupt. Plunged into deep recession, the country owed its salvation to EUR 1.6 billion loan from the International Monetary Fund. Popular anger caused by this disaster had forced the then Conservative government of Geir Haarde to resign.

"We saved the country from bankruptcy"

But Iceland is not stopping there 0cherche guilty. In spring 2009, a parliamentary commission of inquiry concluded that the main leaders of countries have made serious mistakes in managing the crisis. The expert report specifically criticized Geir Haarde to have stifled the information leaving early in the year 2008 point to a major financial crisis guaranteed payday loans. The former head must also meet its inaction to reduce the size of banks hypertrophied.  

According to the accused, let the banks go broke "was the right thing to do" and "saved the country from bankruptcy." "The banking sector has collapsed but the real economy, the entire production capacity of the country, remained intact and continues to run," he pleaded last summer. In fact, Iceland has since returned to growth. If the state had guaranteed foreign debts of the banking system, Geir Haarde believes that Iceland would have "the same mistakes" as Greece, for example.

Beyond the merits, the defense challenges the very principle of this trial. She recalled that none of the other ministers implicated by the inquiry commission has not been charged. But among them were two Socialists, and it's socialist majority in Parliament to what income the decision to refer Geir Haarde court. The latter has a field day denouncing a "settling of accounts" policy. More broadly, the former leader sees himself as a scapegoat for the crisis: "There was a collapse of banks around the world (…) Why is there no other political leader in a court like? ".

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Apple has concerns for the rich. What to do with $ 100 billion in free cash? The question is more embarrassing than it seems for Apple. It happens more a presentation of results without the fuse questions from analysts on the subject. They call for the resumption of dividend-practice abandoned by a moribund Apple in 1995 – the establishment of a share buyback program or acquisitions. Even Tim Cook, Apple chief executive, admitted late February that his group has "too much cash", fueling rumors of a possible resumption of dividends. But this is not so simple.

Two-thirds of the cash Apple are outside the United States. The repatriation of this war chest, including the form of dividends, would have a huge fiscal cost. It could cost more than $ 22 billion in taxes, according to Bespoke Investment Group. The geographic dispersion of cash Apple is primarily due to its organization based on many subsidiaries abroad. With a first consequence: some countries, like China or Russia, limit lift cash. Apple is "sentenced" to spend there or all of the profits.

But the Californian company is also a willing victim in other territories. As Microsoft or Google, Apple has found his tax haven in Ireland. A small expatriation that allows Apple to display an average tax rate of 24.2% worldwide for its fiscal year 2011. Ten points lower than the average tax rate for U.S. companies.

This type of organization, however, has absolutely nothing special. All multinationals, or almost, have adopted the same legal and tax scheme. This selection draws the ire of American protest groups, who dream of seeing repatriated profits and taxed in the United States. Faced with these attacks, such multinationals, united in a group called Win America, do not hesitate to conduct intensive lobbying campaigns aimed at getting a tax amnesty.

More acquisitions

Failing to do this, each brings its solutions. For Apple, it passes through acquisitions of companies abroad. End of 2011, the U.S. has set his sights on Anobit, an Israeli start-up specializing in flash memory, paid $ 500 million. A transaction modest by Apple, but the most important of the last fifteen years. And that could foreshadow other. Apple also raised equity investments in production facilities in Asia, which would also be a way to secure its supplies. To takeovers abroad could finally be added that of patent portfolios. Apple has already completed several major transactions in this area, although for the moment, they were all performed in the United States.

Finally, the development of Apple Store (owned stores) is a good way to reinvest the cash. Tim Cook, Apple chief executive, has reaffirmed its commitment to strengthen the distribution network. Since we do lend to the rich, there is talk now of the upcoming Apple Store opening on the Champs-Elysees.

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Deezer is seeking to raise between 50 and 100 million euros, showed Les Echos. The site for listening to music online is doing the rounds of investment funds to continue financing its ambitious international expansion strategy.

Orange, who had taken 11% stake in Deezer in August 2010, should not call the pot. For the telecom operator, the integration of a range of music in its subscriptions is essentially a "marketing advantage", says a close case.

Deezer, however, sees its financing needs explode as it launches in new countries or new terminals. Each time, the service must make further advances to the music majors, who often index their demands on the size of their partner.

This is also why the Swedish Spotify, Deezer competitor in France, seemed to leave in search of money, in the last Midem, just a year after raising $ 100 million on a valuation of $ 1 billion.

Valuing Deezer should not reach such heights. According to Les Echos, the site expects a value of 500 million euros, "ten times its 2011 revenues." The latter is however mostly generated by subscriptions of Orange, who had entered the capital on a valuation of Deezer … 80 million euros.

MPs began Monday consideration of amending budget establishing social VAT … a missed. The Finance Committee rejecting the measure: the left there was a majority, in the absence of several UMP members. This should not prevent the adoption of VAT social session. But Jean-Marc Ayrault was easy to see in the episode "indicative of a malaise." The boss of Deputies PS UMP derides his colleagues: "I understand that it does not raise the enthusiasm on their part!"

The Executive is sparing no effort yet to defend the measure. Monday, Francois Fillon has found it necessary to "realign our costs compared to our competitors in the euro area." Last week, Bercy was assured that inflation does not fly away, that 100,000 jobs would be created and that the industry would be the first beneficiary of reduced charges that it contradicts the UMP rapporteur of the text.

The government is now trying to lay to rest the idea that the VAT increase will affect more modest. A note by the Ministry of Economy established that on average only 42.7% of household consumption supports the standard rate of VAT, which will be raised from 19.6% to 21.2%. The rest does not suffer any VAT (financial or medical services, rent) or a reduced rate (print, drugs, food, transportation, food, work …). Note that this is part of expenses affected by the VAT increase is "slightly progressive with income": it represents 43.5% of consumption of 10% richest households, against "only" 41.4% of consumption of 10% of low-income households. "It is incorrect to say that the VAT increase weighs most on the most modest," says Bercy. Forgetting that these households consume a significant portion of their income and save less.

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