Times are tough for Philips. Former world number one on many markets consumer electronics, the Dutch group continues to see its market share decline. Including the segment of headphones, one of the most promising areas of the moment. In two years, sales of helmets rose 30% in France. Philips has lost eight points of market share. In 2012, 10 million headsets, for a total of 330 million euros, should be sold in the Hexagon, according to GfK.

The reverse is even more difficult to accept for the group Philips has negotiated very well the transition from stereo to the Dock. The Netherlands has 18% market share in France and his throne at the top spot in Europe. A turn much less negotiated in helmets. "New entrants have redefined the market. They even reinvented, "says Olivier Ginet, CEO of Philips Lifestyle France. For Philips, the challenge is daunting. The brand is certainly recognized in the field of audio, but not by the young crowd, follower of headphones. The trend marks are called Beats by Dr. Dre (acquired by HTC), Wesc, Sennheiser … And they have driven prices up. This is another feature of this market in one year, prices rose on average by 18% in 2011.

Target young

To adapt to this new deal, Philips has decided to launch a new brand, Fidelio, dedicated to high-end, with selling prices between 199 and 280 euros fast payday loan. In the heart of range, the group leverages its alliance with the sports brand O'Neill to rejuvenate its image. Partnerships with leading figures in music or sports are also considered. Philips, however, recognized the sound quality offered by its products, decreased the size of its logo on his headphones.

"We will work to rejuvenate the brand by focusing our efforts on communication," says Olivier Ginet. A point that its competitors have mastered perfectly. Dr. Dre and is the favorite brand of football players. Philips has tried to reciprocate by equipping players XV of France during the last Rugby World Cup. But that did not have the same impact.

The Dutch must now prevail in the headphones, or risk seeing its brand is devalued, particularly in the smartphone docking stations.

Now Philips has developed the "Appssesories", that is to say, accessories for smart phones with a dedicated application. It may as well be a video camera associated with an application to monitor his house (or children) at a distance, or a scale to monitor his weight curve. Just like that already offers the French Withings. Pending applications for headphones.

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In the logic of "rights and duties" which is his, Nicolas Sarkozy promised Monday night to tax tax exiles. The Government has already established last year an exit tax, which taxes unrealized gains of the French going abroad. But the president-candidate wants to go further, proposing that any tax paid to the exiled French tax authorities the difference between the tax paid in their country of residence and that he would have paid in France.

First precision, only capital income – dividends, interest, capital gains – would be affected, if they exceed a certain threshold. With these conditions, expatriates escape, as desired by Nicolas Sarkozy, to higher taxation. Indeed, one part went to work abroad receives a salary, which does not fall within the scope of the measure, and some capital income too low to exceed the threshold. Conversely, the exiles are often more active and live their heritage.

The focus on capital income has another advantage, purely political: to distinguish themselves from the proposal made in 2010 by Jerome Cahuzac, president of the PS Finance Committee in the Assembly, to tax high incomes of French abroad, including labor income. At the time, Baroin, budget minister, had criticized the idea, speaking of "right of blood tax" contrary to the French system.

Compatibility with European law

In fact, our tax law, like all developed countries except the U.S., is built on territoriality, not nationality: French living in Germany a payroll tax beyond the Rhine, a German resident in France and acquitted in the Hexagon. "As a result, the measure proposed by Nicolas Sarkozy assumed to renegotiate our tax treaties with other countries. A complicated task, "says Nicolas Jacquot, partner at Arsene Taxand. In the campaign team, it was answered that it will suffice to review the agreements with the states most favored by the tax exiles. Such as Belgium, Luxembourg or Switzerland. "However, France will have to convince these countries to negotiate, which is nothing obvious," warns Marc Vaslin, partner at Scotto & Associates, a law firm based in Paris, Geneva and Brussels.

Another question: that of incompatibility with European law. European Commissioner Michel Barnier yesterday denied any obstacle. An opinion not shared by the Circle of the tax, which analyzes the candidates' proposals for Le Figaro throughout the campaign: "the measure can be considered an obstacle to freedom of movement and settlement," notes the one of its members, attorney Jean-Yves Mercier. In short, the practical implementation of the tax exiles looks daunting.

If these revenues were estimated at 500 million by Nicolas Sarkozy, some are more skeptical. "The very wealthy households keep their assets in holding companies and pay themselves the minimum income," says Jean-Yves Mercier. The number of exiles is itself unclear. Just do you know that 500 indebted to ISF leave the country every year and from 2000 to 2500 the French enjoy preferential treatment in Switzerland. To verify the application of the measure, the IRS will conduct examinations heavy and therefore costly. The measure will be symbolic in every sense of the term.

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New episode in the folder Veolia Environnement. Its CEO, Mr. Frérot, is on trial. Borloo could indeed take control group of utilities and largest private employer in France. According to Les Echos, hostilities between the former boss of Veolia now head of EDF, and the runner Proglio Antoine Frérot, arrived at the helm of Veolia end of 2009, could be decided during the next meeting of the Board of Directors on February 29. Following this meeting promises to be choppy, several administrators of the group would seek a dismissal of the CEO. Conducted by a sling Proglio which intends to show that he still holds the strings of the group he led for many Annes before moving to EDF. According to Liberation, Proglio have discussed the replacement of Mr. Frérot by Borloo with Nicolas Sarkozy on February 12 when the two men met to discuss the rescue by EDF of Photowatt. The daily added that "history seems to have really played Tuesday, Feb. 14, on the plane. Proglio and Sarkozy publicly come to seal the resumption of Photowatt. The company is saved and Isère Proglio intends to turn the matter Veolia on the carpet. "

"I am driven by two major groups"

However, the facts disputed by the Minister for Ecology Nathalie Kosciusko-Morizet. "I was on the plane, there were no apartments and there is no discussion on this topic. So that's false, "she said. But surrounding the ouster of Mr. Frérot to head the group, the spokesman of the candidate Nicolas Sarkozy, however, said she could not "confirm or deny" the information.

For its part, Borloo does not dispute some meetings with "people of Veolia," said Liberation. The daily notes that "at least five members of the board, fully identified, reportedly met Borloo, Thursday and Friday." The applicant further states that the daily Veolia is "a company that I know well as a former minister. They have problems and if I believe what is said, there are a number of shareholders who believe the group needs a class to his head. " The question is whether Borloo could be this character. For now, the former minister is cautious and says that "the only thing I can say is that now I am driven by two major international groups that are not Veolia. And contacts with them are very advanced. "

Other names circulating

But other names than that of former Minister of Ecology would be approached to head the former Generale des Eaux: Augustin de Romanet, CEO of the Caisse des Depots, "but denies the entourage contact, "according to Les Echos, Jacques Veyrat, the former head of Louis Dreyfus and Daniel Bouton, former CEO of Societe Generale.

The poor performance of the group explain, in part, the disallowance of certain directors of the group. Last year, Veolia has indeed passed successively two profit warnings and should show a loss of 200 million for fiscal 2011, according Challenges. The plunge on the stock exchange, which has lost nearly 60% of its value in one year, also feeds the sling administrators. This morning, the title company specializing in water, waste treatment and transport loses more than 4% to about 9 euros, the biggest drop in the CAC 40. The flagship index of the Paris ahead of his 0.6% to 3455 points.

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Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals cash advance.Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to help countries in trouble. Germany refuses. Sign of the tensions still very strong on sovereign debt, the performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8% in session on the secondary market.

Values ​​to follow

Axa (1.67% to 8.85 euros)

Groupama considered too low prices offered at this stage for its subsidiary Gan Assurances and may delay the sale beyond the end of 2011, reports vendrediLes Echos.

Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%.

In this paper, Le Figaro that was provided, the controller gives the whole device flat regulated prices. He would like to begin this system to be deleted for Industrialists. Not only France is an exception, but most large companies feed on the market today and therefore spend regulated tariffs.These two reasons argue for a quick exit with respect to the CRE.

With regard to the regulated rates for individuals, the regulator is pushing for major reform. In the background, the benefit to the consumer. The CRE has accounts: only lower taxes compared to other European countries means that the regulated prices of gas in France is attractive. Otherwise, the costs of the molecule fall within the upper range in Europe. In the event of a removal of regulated prices, also under review, the regulator said that "a reflection on the evolution of social systems face the problem of cost of energy supply" should be conducted to help households more modest easy pay day loans.

Market price

Meanwhile, the CRE would like the formula incorporates a larger share of price indexation market.They are currently cheaper than the cost of long-term supply imported into France and indexed on oil. This index accounts for 90% of the price fixing. The CRE wants this share declined to 70%. Currently, there is a difference of 5 euros per megawatt hour (MWh) between market prices and long-term contracts. In early 2010, he was over 10 euros.

The CRE, which found that GDF Suez manages its supply portfolio globally, recommends that this optimization is more beneficial to the consumer. Therefore "an expansion of the scope of supply included in calculating the costs covered by regulated tariffs." In addition to the increased use of market prices, the regulator stressed the importance of liquefied natural gas (LNG), for whom Europe is a natural outlet.

These tracks will be reviewed by the government.They, who know that long-term contracts often protect the abrupt fluctuations, will also decide on the pace, currently quarterly review of gas prices.

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After attempting to rebound Wednesday, the CAC 40 has dug its losses for most of the session. He finally fell 2.32% to 3084.07 points. The volumes remain thin. About 2.8 billion changed hands yesterday on the great values ​​of the Paris stock exchange.

The atmosphere was also febrile on other major European markets, which have moped for most of the day. London finally fell 1.2% to 2.46% and Frankfurt. Of the European indices, the Euro Stoxx 50 slipped 2.47%.

The New York Stock Exchange suspended the information from Europe has also raised the red flag.In session, the Dow fell by 0.43% and the Nasdaq 1.08%.

"As we approach the top of the daily twists and turns are now" seeing specialists Barclays Bourse. Like many operators, and "face the high degree of uncertainty on the conclusions and future actions," they now prefer to adopt "a wait and observation on the equity markets."

Last-minute negotiations

The caution is on the market before the EU summit Sunday, crucial for the future of the euro area. Political leaders of the Old Continent has already promised that a solution to the crisis would be found. "Monday morning, it will take that markets are convinced that Europe has a solid plan, 'says one European official.For "no agreement, each European country will be reduced to individually play their survival."

Meanwhile, last minute negotiations are increasing. Wednesday night, Nicolas Sarkozy visited emergency in Frankfurt to meet with Chancellor Angela Merkel and attempt to resolve differences between France and Germany. But no information has filtered the meeting, leaving the door open to many uncertainties as to what measures could be announced Sunday. Some even evoked a further postponement of the summit of heads of state. Negotiations break down on how to strengthen the European Financial Stability Fund (EFSF), a key instrument to try to curb the risk of contagion to the entire monetary union.

The banking sector player in the market for public debt was once again at the forefront.Societe Generale lost 7.97% to 17 bad credit pay day loans.90 euros, Credit Agricole 6.67% to 4.66 euros and BNP Paribas 5.84% to 29.92 euros.

At the same time the fears of rancidity of the world economy, or even recession in Europe or the United States, are becoming increasingly intense. Yesterday, the Conference Board, whose composite index slowed for the second consecutive month, said the U.S. economy had an even chance of falling into recession in coming months.

New burst of publications

As for values, the Dexia (-1.30% 0.60 euro) responds to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank.Legislators have asked, however, a principle of banking counterparties.

Casino (-0.32% to 62.74 euros) The Thai subsidiary Big C, will carry out a capital increase in an amount up to 25 billion baht (595 million) to refinance debt inherited from the resumption of Carrefour stores in the country.

Pernod Ricard (2.18% to 66.01 euros) achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.

Remy Cointreau (-4.03% to 56.69 euros) achieved an increase of 7.4% of its turnover in the second quarter (July-September) to 276.3 million euros thanks to an increase Sales in Asia.

STMicroelectronics (-1.43% to 5.09 euros) Its joint venture with Ericsson in components for mobile phones ST Ericsson has not yet managed to reduce its losses, recurrent, in the third quarter.

Schneider Electric (-7.61% to 41.22 euros) lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros the third quarter.

Publicis (-5.29% to 33.05 euros) announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still thinks register "Above-market growth" throughout the year.

The manufacturer of smart cards Gemalto (-4.89% to 32.90 euros), the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.

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On the commercial, the brand has benefited from the generosity of telecom operators no fax cash loans.While the iPhone 4S is priced starting at 629 EUR without subscription, SFR proposed to 129 euros with a subscription. The offer was so successful that he is out for the operator. In the U.S., the iPhone 4S is available from $ 199, with a subscription Wi-Fi in three operators.

It is also difficult not to link the commercial success the emotion aroused ten days ago by the death of Steve Jobs, the founder of Apple. Testimonials from fans vowing to take their phone to replace it with an iPhone 4S in honor of its inventor had multiplied. They probably kept his word. He had never sold as many copies of an electronic device in such a short time.

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Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone on the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D personal business card.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness