Despite the economic crisis In 2009, Picard has indeed seen its sales double in ten years, to 1.15 billion euros last year, this ultimately make Picard continued to gain market share. Picard was originally a small business in blocks of ice formed in 1906, for now! According to statistics, It now has 823 stores in France and 30 in Italy & a total of 4,000 employees.
The latest is, Picard is about to change ownership again, passing for the third time in ten years under the supervision of an investment fund, Lion Capital, attracted by the continued expansion of the French distributor of frozen foods.
A couple of days before, Lion Capital announced it had entered into exclusive negotiations with the current owner of Picard, the fund BC Partners. The process of informing staff will begin by the end of the week and then a formal agreement will be signed for a closing of the transaction expected in the fourth quarter of 2010, according to a statement. The amount of the bid from Lion Capital, a London-based group already owns the Findus frozen foods in particular, has not been specified, however it is expected that he would reach 1.5 billion euros.
The chain is frozen first bought in 1994 by the French giant Carrefour distribution, which differs from it in 2001 to 920 million euros in funds led by Candover Partners. They remain the only three years, but in passing pocket a tidy capital gain by reselling Picard to BC Partners € 1.3 billion at the end of 2004. An investment more profitable that each time the operation was performed via a method called LBO ( leveraged buyout ), which is to substantially fund the acquisition through bank loans. The debt is then repaid over the resources of the acquired business.BC Partners may well derive from the sale of Picard double what they had directly invested six years ago.
In Europe where growth is slow to return, credit to individuals is more crucial than ever to help the markets for real estate, household equipment or motor vehicles to get through the crisis. To fully play its role, it is time to restore consumer confidence in credit. The French are saving nearly 16 % of their income and are, with the Italians, the lowest credit users in Europe. Restoring confidence in the credit within the meaning of more access and less excess is one of the objectives of the law passed in June Wrongly described as ” scoops ” by some, the reform of this legislation go , profoundly impacting the business of consumer credit. Our primary purpose is to help consumers buy their car , equip them achieve their housing or other projects . Two out of three cars are sold on credit and generally more than 9 % of consumption is well funded. Credit is an engine of consumption and hence growth of our country. Further restrict its dissemination in the countries that use the least is not responsible.
Being responsible also means saying no. we reject third average credit applications we receive. Not for pleasure but for the benefit of the consumer, because we believe that it could not cope with deadlines , and also in our interest, because it requires that we pay the money is repaid. Being accountable means knowing how to select . It is the heart of our business. to study the creditworthiness of the borrower and make every effort to avoid the ” bad ” or ” on ” debt.
Yes , we can still improve the effectiveness of tools (Scoring) , Interbank files , file in incidents of payments ( FICP ). But most importantly, accurate analysis on a case by case, the plaintiff’s position is crucial : it is the major mission of advisers Cetelem . But not a huge file ” Big Brother ” presenting all bank accounts and credits of 60 million French people are not the ultimate weapon in avoiding over-indebtedness. For 75 % of cases of “debt overhang ” from accidents of life. Pretending that such a file , which, moreover , raises the question of individual freedoms, to avoid over-indebtedness is not very responsible.
Being responsible means offering the right solution at the right time. Yes , revolving credit has been too often the ” single solution “for applications for small amounts. With the reform law and usury rates everyone can choose the form of credit that best suits him. Being responsible means to meet contingencies of life. This is where the credit is granted it all begins. Our responsibility is to provide the best customer throughout the duration of the credit when things go well, but also in times less easy. Shared responsibility.
In France, more than 1600 people (30 % of the total) are devoted to this support with the planning solutions, deferrals or changes in due dates , enabling insurance (unemployment , illness … ). 90% of payment problems are resolved amicably and only 2 % of cases are dealt with litigation. Of course, things do not resolve amicably whatever the efforts of each other. In case of “debt overhang, aid centers specialized accompany applicants in their dealings with the commission indebtedness of the Bank of France. To deny that life is the unexpected, think that everything can be measured by tools or files or that we are all equal before the understanding of a financial product, it is hiding the reality of trade credit to individuals.
Our industry has poor image. Is this fair? Is this unfair? This is not ours to decide. We are convinced that this job can be done with professionalism in a deep respect for consumers and will play a major role in the return to growth. In addition, on an individual level, it allows consumers to realize its projects and access to better quality of life.The credit is useful both socially and economically.
In order to simplify and improve business entrepreneurs , the Canada Revenue Agency ( CRA ) recently announced , by press release , the introduction of a new registry for simplified provisions on spending motor vehicles used for commercial purposes. improving and simplifying the way of doing business in Canada. This new record for a representative period will simplify record keeping , will greatly reduce the paperwork and will continue to provide reliable data for both business owners and the CRA.
Recall that at the beginning of the year, many taxpayers have received a notice from CRA asking them to justify the commercial use of their car to deduct expenses for tax purposes . For several years, the Canadian Federation of Canadian entrepreneurs (CFIB ) exerted more pressure with the CRA to simplify the administrative burdens of small businesses. Now the question is, how to establish the representative period ? Under the new measures announced, entrepreneurs must establish, first, a base period before defining their representative period , according to specific criteria.
The taxpayer has previously completed and maintained a register covering a period of 12 months which was typical for the company ( the ” base year “). The period of 12 months should not necessarily be a calendar year.
Held a record for a representative period of at least three continuous months for each year thereafter ( the period of the representative year).
The mileage and vehicle use for commercial purposes during the representative period of three months are within 10% of the corresponding figures for the same three months of the base year (the period the base year).
The calculation of the annual use of vehicle for commercial purposes in any subsequent year do not increase or decrease by more or less than 10 % compared with the base year.
If using for now calculated annually increases or decreases by more than 10 % in a subsequent year , the base year is not an appropriate indicator of the annual use of this and the taxpayers will have s To abide by the current methods , on an annual basis , or consider establishing a new base year to justify their move.
The Forex market is often more attractive for people who like living on the edge. There is more uncertainty by far and the rewards of when buy and sell can be immense. The Forex deals in all different types of currencies and pits them all against each other. For example, the English pound might be worth more than the U.S. dollar, but if a natural disaster or a nasty political event occurs, the pound could fall below the U.S. dollar, So the person who had bought the English pound will lose some money, when he sell. People who trade on the Forex market are called day traders. The reason is that the day trader buys at the market early for the day and then sells everything he or she had bought at the end of the day. Such trading is not for beginners. It is possible to do a lot of money on the currency market, but it takes a person knowledgeable of all the different facets of this slippery exchange to make money. forex trading is full of uncertainty but still it is growing.
The currency market is also open twenty-four hours per day since it encompasses the major markets worldwide. we can say that, a trader can work all day and all night. This makes the foreign exchange market very popular since people can trade any time they wish. A person can be trading on the Paris exchange until they close at a time when New York is any exchange of opening day. There are five major foreign exchange market in the world. They are New York , London, Frankfurt , Paris, Tokyo and Zurich.
Many people like to invest in the Forex market because there are a lot of leverage available to the day trader. For example, five thousand dollars will be used to purchase five hundred thousand dollars through margins. What this means is that individual investors can negotiate with much more money than they actually have. However , we must be careful, it is quite easy to lose money and therefore should pay much more than what is actually in the bank account.The Forex market is a difficult market to understand and may be dangerous for those who are not experienced in day trading. However , for those who are experienced and can see the market structures, it can be extremely exciting and lucrative.
The European Union has recently made significant progress on one of 
its flagship projects aimed at strengthening the supervision of the financial sector following the crisis. The European Union closer to their position from that of MEPs. Britain, under pressure from his peers and the Parliament, including the accepted principle that the new European supervisory authorities of the bank, markets and insurance may apply directly to an institution without going through the national supervisor in emergency situations.
London , however, required that the emergencies are defined by the Council of Finance Ministers of the European Union and the decisions of the European supervisor can not undermine fiscal sovereignty of Member States have identified other sources .
Moreover, the new supervisory authority would have the market power to prohibit certain conditions products and financial activities riskier . It would also oversee the pan-European financial entities , such as rating agencies or clearinghouses. It was finally decided to entrust the task of new supervisors to conduct an annual series of stress tests to assess bank soundness of the European financial sector.
A compromise must now be negotiated with the European Parliament, but this progress is likely to achieve agreement in the coming days. We are moving step by step. There is progress. For its part , the Belgian Finance Minister Didier Reynders , whose country holds the EU presidency on July 1 , welcomed being able to get this new negotiating mandate in ten days, and announced that New dialogue between representatives of Ministers , Commission and Parliament would take place on Wednesday morning. “The goal is to enable the council to adopt a final text and the Parliament to vote on first reading at the beginning of September.
The extraordinary Economic Council is expected on September 7 in order to speed up the timetable , which promises to be tight. in the making for over a year, these three new supervisors of banking, insurance and markets and the European Council of systemic risk, to oversee the major macroeconomic imbalances authorities must begin to function on 1 January 2011. MEPs had agreed last week to postpone to September ‘s vote in first reading the legislative package to allow time for the Belgian presidency of the EU to negotiate an easing of the position of states .
Canada is increasingly on the lips and in the minds of international investors. It is difficult to remember what other time the country has been such a force relative and absolute, “says Warren Lovely, strategist government issues at Macro Strategy Group of CIBC. Foreign investors believe more and more in Canada’s ability to deliver superior results to other countries, according to an economic report from CIBC.
The study by CIBC World Markets has a growing list of strategic benefits that enhance the interest in the country in the global investment portfolios.This is especially Canada’s strength is its advantage in terms of public finances, says Lovely, who first attracted attention to the fact that Canada has much less need to adjust its tax stabilize the debt ratios. The Canadian provinces are in a better position than some American states, they are less likely to cut programs or adopt measures to increase their income and, consequently, they are less at risk regional economies, says Lovely . The fiscal consolidation will reduce borrowing requirements and protect credit ratings from the federal government and provinces.
The study adds that Canada is different from other countries as a leading growth in the developed world, the most recent IMF forecasts put the country lead the G7 in terms of average real GDP growth in 2010 – 2011. In addition, the Canadian banking sector has sufficient capital and regulatory changes require less deep.
However, some obstacles could interfere with the maintenance of Canada’s superior results. The study notes that a slowdown in the U.S. would have consequences for Canada because three quarters of Canadian exports are the path of the United States. Other factors that cloud the economic outlook for Canada is the impact of the persistently strong Canadian dollar on manufacturing, the overheated housing market and high debt of Canadian households.
The North American markets end the week on a positive note. The Toronto stock market rose for the fourth straight session pushed particularly by the publication of data on employment exceeded expectations . The Canadian economy created 93,200 jobs last month , while economists predicted a figure of 20,000. The S & P / TSX has improved by 137.08 points to close the session at 11 570.45 points. The Canadian dollar showed a gain of 0.91 percent, to 96.76 cents U.S. The price of gold rose to $ 13.60 , 1 209.70 U.S. dollars. Oil prices rose for the third straight session barrel finished at $ 76.09 , up 65 cents from the previous day. This is an increase of $ 4.11 from Tuesday close to 6 % .
For its part , the NYSE has firmly entered the week before starting the season results , the Dow Jones gained 0.58% and the Nasdaq 0.97 %. The Dow Jones took 58.73 points to 10,197.72 points and the Nasdaq 21.05 points to 2196.45 points. In Europe , the London Stock Exchange finished up winning back 27.49 points from Thursday’s closing , or 0.54 % to 5 132.94 points. Featured Dax index of the Frankfurt Stock Exchange finished up 0.49 % to 6 065.24 points against 6035.66 points the day before the closing.
Low interest rates and a shortage of properties for sale have resulted in higher prices in Montreal in the second quarter, but increased the number of homes on the market in the third and fourth quarters will lead to price stabilization. According to a study released Wednesday by Royal LePage , house prices have risen sharply over the past year in the metropolitan area .
In the second quarter , the average price of a home walk- in Montreal has increased by 8.7 % over 12 months , reaching $ 255,906 . The price of a standard two- storey home increased 7.5 % to $ 357,833 , while the average price of a standard apartment condominium rose by 8.0 % to 226 $ 048 . While many buyers are made in April and May , while attempting to integrate the market before the expected rise in interest rates, they are now a little less active , says Dominic St – Pierre , Director of Services Royal LePage Real Estate for Quebec .
As the higher number of properties for sale has increased towards the end of the second quarter, price growth slowed in June. According to Mr. St- Pierre , the housing market slowdown is expected in the second half of the year and prices for all housing types in Montreal should remain stable. The market will be balanced until the end of 2010, while the number of properties sold this year should be similar or slightly higher than the results recorded in 2009.
“Right now , we have 24% more sales than the same period last year , ” says Mr. St. Pierre. But this advance will decrease slowly to match the figures from last year. The housing market is expected to slow in July and be more proactive in early September when the first home buyers will be back on the market, he believes. These are buyers who have been most active in the second quarter, while buyers of second or third house have activities towards the end of the quarter. The properties and luxury sectors , such as Mont -Royal, downtown and St. Lawrence, the interest.
The conclusion of a final agreement between the Government of Quebec and the 475,000 government employees, represented by the Common Front , is good news . The previous round of negotiations we were accustomed to psychodrama , conflict , invective and leverage penalizing users of public services . None of this has seriously happened since the start of negotiations in autumn 2009. The process went smoothly and we must congratulate the players.
A negotiated settlement was far preferable to second special law. We can not enact the conditions of work indefinitely . Across regions and in our cities, public employees can better devote their energies to the services they render. The social climate should be better to leave , which should encourage the development and prosperity.
The Government had also committed to a compensation framework established at the outset of these negotiations . It is hoped that the implementation of this agreement, all costs associated , including salaries and are linked to substantive provisions such as new hires, are consistent with requests made by the Federation of Chambers of Commerce of Quebec pre-budget consultations . We ask because management of public finance and frugal a public service that also contributes to increased productivity.
After the recession and in the midst of strenuous exercise of fiscal consolidation , which involves the near future a new effort by taxpayers, the government has managed to maintain a reasonable wage increase to a total of 6% 5. inflation clause should add 1% to the total in 2015. At a time when other provinces and even other developed countries, freeze the salaries of their employees This offer, accepted by the unions , appear to some generous, But should help maintain the purchasing power of imposing a quota of employees. The novel proposed formulas for inflation or permitting the payment of additional sums in recent years of a five -year agreement , if the Economic growth is the appointment are also welcome. They confirm that private enterprise has long been known that there can be no sharing of wealth if there is no creation of wealth . They are , after all, so that the public finally understands that he can be ahead of the parade , but linked to the conditions prevailing in the private sector.
Guest post by: Francoise Bertrand
A graduate in sociology from the University of Montreal and holds a Masters in Environmental Studies from York University in Toronto , Ms. Bertrand has over 30 years of experience leading large organizations.
Job creation has been very strong in Canada in June while the unemployment rate fell below 8% for the first time since January 2009. The economy created 93,200 jobs in June, which is far superior to some 20,000 expected by economists . This increase has resulted in reduced unemployment to 7.9 % , down 0.2% on the month of May , Statistics Canada reported Friday. In Quebec , employment increased by 30,400 , bringing the unemployment rate to 7.8 % , down 0.2 %. Significantly, he has virtually created many full -time positions part time.
Quebec was ranked first in all provinces in terms of job growth since July 2009 , the rate of growth in this area having
to 3.0 % for creation of 117,000 jobs, said the federal agency. Domestically, significant increases in employment were recorded in the services sector , particularly in wholesale and retail, with 21,600 more workers.Business services , services to buildings and other support services , as well as those in health care and social assistance have also participated in the creation of jobs.
Employment edged up 11,000 in construction. The industry still posted growth rates highest of all major industry groups since July 2009, up 8.3 % or 94,000 jobs. The private sector has contributed to the creation of 51,900 jobs in June, and the self-employed , 25 600. In the public sector , it has 15,700 more jobs.
Since July 2009, the number of private sector employees rose by 3.3% , while the public sector rose 2.6 %. Men aged 25-54 years have received the bulk of the growth in employment in June , followed by those aged 55 and over and youth aged 15-24 years. The number of students aged 20-24 in employment increased by 63,000 in June 2010 compared with same month a year earlier, so their unemployment rate fell 3.7 % to 10.3 %.
The province of Ontario has been the champion of the creation of jobs nationally, with growth of 60,300 jobs . The unemployment rate remains higher than in Quebec , at 8.3% . It is down 0.6 % on the month of May. Employment declined in Newfoundland and Labrador, as well as New Brunswick. The employment data give a boost to the Canadian dollar , which gained 0.78 percent to 96.75 U.S. cents at 7:46 .
