26 Aug
The CAC 40, which again closed lower Wednesday on a clear, up the hill on Thursday. At the opening, the leading index in Paris climbed 1.17% to 3490.75 points before losing some points. At 14:30, the weekly listings in the U.S. fell better than expected. This has enabled the European indices to find the beautiful colors of this morning, as Wall Street opened up, at 15:30.
But the final minutes of the meeting were heckled. In the end, the CAC 40 nonetheless grabbed 0.72% to 3475.03 points. In London, the FTSE fell back 0.9% to 5155 points.
The European markets have relied on the surge on Wall Street Wednesday, but also on redemptions cheap. The NYSE has erased its losses late in the session to close up 0.2%.A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods). The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.
Side currencies, the euro remains strong against the dollar. One euro is worth 1.2717 dollars (0.51%).
The Paris markets have also reacted to the small decline in unemployment in France in July, fell after the market closes Wednesday. More importantly, they welcomed the battery results fell before the opening.
Accor flies, Gemalto tumbles
Wednesday, L'Oreal (3.88% to 78.71 euros, the biggest increase CAC 40) has announced an operating profit up sharply in the first half and higher expectations.This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.
After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares took 2nd place in the ACC with an increase of 3.66% to 24.36 euros.
Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 2.63% to 10.16 euros.
L'Oreal and Total (0.05% to 36.99 euros), major shareholders of Sanofi-Aventis (+0.13% at 44.66 euros) would otherwise be reserved on the proposed acquisition of Genzyme, fearing that French pharmaceutical group pays its target too expensive, said Wednesday the banking sources told Reuters.
Bureau Veritas (2.68% to 46.6 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros.The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.
Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period. The title has sold 3.19% to 28.51 euros.
BioAlliance Pharma (3.18% to 6.16 euros) has received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis. The laboratory recorded a strong increase in its turnover in the first half and a net positive.
Bongrain, Lagardère, Stallergenes Etam and publish after the market closes.
24 Aug
In less than six months, from January to June, the euro has fallen from 1.45 to 1.19 dollar (the lowest point since March 2006!). Then, the next two months, the euro is rising sharply to over $ 1.33. But the second part of the summer marked the end of the recovery of the euro, while technical thresholds have been affected payday loans. Thus, the euro has faltered again. On Monday evening, about 18 hours, it is dollar 1.2660 (-0.45%).
Evolution of the euro / dollar over the last year.
3 Aug
Competing with Facebook, which has 500 million active members, is more complicated for the historical actors of the Web. The Internet giants are addressing one of the pillars of its success, the online gaming community oriented, "Social gaming", which Farmville is the most important representative. First application on Facebook with over 59.6 million active players per month on the famous social network (and 230 million total), Farmville is published by Zynga, a U.S. start-up founded in 2007. In recent weeks, the latter fuels the greed of major Internet groups.
At the end of last week, the Japanese telecoms group Softbank and formalized an investment of 150 million dollars in Zynga.It is accompanied by the creation of Zynga Japan as a joint venture, whose aim is to convert users of the Archipelago to the "social gaming" while Zynga benefit from the expertise of his partner in Nippon mobile Internet , Eldorado for future online services. Masayoshi Son, Softbank's CEO, welcomed the collaboration point of departure for the creation of "a gigantic social gaming in Japan.
The announcement comes shortly after the official unveiling by the blog Techcrunch specialist, an investment of Google in the same start-up to an amount between 100 and 200 million dollars. At half-word, the Google CEO Eric Schmidt has confirmed this agreement in an interview with the Wall Street Journal. "We have not announced, but you can expect to partner with Zynga," he said.This will be crucial for launching the Google Games, a social network based online game giant online search would be developing. In addition to these equity investments, Zynga has signed agreements with editorials Facebook and Yahoo! Last May by which its games are broadcast to a wide audience.
Valued at 4.5 billion
Selling virtual goods in its games, Zynga have generated 350 million dollars since the beginning of the year, with half operating profit. In 2011, its revenues could reach one billion dollars.Another indicator of investor confidence: Zynga has surpassed the 100 million players in just two and a half years, when it took four and a half years to Facebook to pass this course.
Start-up of more than 600 employees, Zynga announced so far have raised $ 219 million in four rounds. Its first fund in February 2008, amounted to 10 million dollars. Zynga then publishes the poker game Texas Hold'em on Facebook. In July 2008, another round table that will raise 29 million dollars. Zynga is beginning to diversify its offer and in April 2009, is the leading application on Facebook with 40 million active users. Launched in June of that year becomes Farmville August 2009 the first game on Facebook to cross the milestone of 10 million players.Finally, last December, the Russian fund Digital Sky Technologies, also a shareholder of Facebook, participating in a new fundraiser, Tiger Global, Institutional Venture Partners and Andreessen Horowitz, for a total of 180 million dollars. With today an investment of over $ 520 million, valuing Zynga have reached 4.5 billion dollars.
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28 Jul
The report Roussely "makes everything from scratch," says one minister who claims to have read the full version. The summary released Tuesday, which has probably erased the strongest criticism against the EPR and dissension between players of the team of France's nuclear confirms.
The EPR to review
"The EPR is unsellable!" It is the summary, very raw, made by a government report's findings Roussely. In the version now public, it says still that "the complexity of the resulting EPR design choices, including the level of power (1,650 megawatts, MW), (…) is certainly a handicap for its implementation and costs. The report recommends a "value", which will be waged not only by its manufacturer, Areva, but also by EDF.
The TTY, a new reactor
The Elysee Palace announced that the range of proposed reactor would be enlarged.The average reactor power (1 000-1 150 MW), the TDD, developed by Areva with Japan's Mitsubishi, is reinforced. And, adds the Elysee, more lenient than Roussely with atomic ambitions Mestrallet, GDF Suez will be "associated" with its certification.
Areva will not be dismantled
Mentioned a few months ago, the dismantling of Areva was quickly dismissed by Francois Roussely. Two reasons: Areva offers a complete service to its clients elsewhere in the integrated model "would spread the financial risk and ensure profitability Honourable average in every cycle," the report said.
A Department of Energy
The Elysee has not taken the number one recommendation of the report: "create a Department of Energy. Energy is currently under the tutelage of the vast Department of Ecology Jean-Louis Borloo, who claims consistency.Alternative proposed by Francois Roussely: General Secretariat of Energy. The idea is in any case that the state retains control over the sector.
Open mining Areva
The nuclear group is the largest producer of uranium in the world. This work is very consuming capital. Or Areva in dire need right now. The report mentions the Roussely creation of a new mining company in which Areva would bring its mines and it would retain a majority stake. The other shareholders could be its customers, including EDF, the first of them. Without being very specific, the head of state does not preclude such a scenario. "Partnerships for industrial mining of Areva, which may include a capital dimension, will be discussed," said the Elysee statement said.It is not clear so far whether Eramet (Nickel), 26% owned by Areva, will participate in one way or another to the mining company.
Wear the life of plants to 60 years
Francois Roussely judge that longer duration of twenty years of French reactors strengthens the economic competitiveness of nuclear power. But security will prevail on the extension.
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14 Jul
The U.S. stock market should take another step forward Tuesday. The index futures are predicting an opening up U.S. markets. Future Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively by 0.43% to 1081.20 points from 0.55% to 1 830.25 points. The night before, after long hesitation which direction to take, the New York Stock Exchange finished the session up into smaller, undecided before the start of the season results with the aluminum producer Alcoa. The Dow Jones gleaned 0.18% to 10 216.27 points and the Nasdaq 0.09% at 2 198.36 points.The broader index Standard & Poor's 500 index of leading his side to finish by 0.07% to 1 078.75 points.
On the foreign exchange market, the euro dropped sharply against the dollar Tuesday, weighed down by the lowering of the sovereign rating of Portugal in the ratings agency Moody's, which relaunched the concerns about the fiscal health of the member countries of the euro area .
On the side of macroeconomic indicators, the U.S. Department of Commerce must publish the figures for trade balance in May while the Treasury will unveil the state of the U.S. budget.
Publications for
On the side of values, Alcoa started the ball rolling quarterly results yesterday after the close of the NYSE. The group returned in the green in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and expressed "great prospects".For a year, Alcoa had recorded one quarter in the green, in summer 2009, but the whole of 2009 was marked by a heavy loss to the tune of $ 1.15 billion .
Always on the side of values, the burst of U.S. results will continue this week with the technology companies Google, Advanced Micro Devices or Intel and banks JPMorgan and Bank of America. Citigroup and General Electric will unveil their findings Friday.
Also note, a hedge fund, the fund Cambridge, filed a complaint against Morgan Stanley, Goldman Sachs and ten other banks in the hope of recovering lost $ 1.2 billion in securities backed by mortgages subprime .
The internet group Google on Monday launched a new tool, "App Inventor", which should allow all users to create their own applications
7 Jul
Your money banks interested again. The financial crisis, coupled with new regulations "gave all the players in the taste of traditional trades, collection of savings and lending, far from the glitz and the pitfalls of corporate finance and investment .
Against this backdrop of growing competition that the group-BPCE about 20% of retail banking in France-muscle ambitions. "We want to win market share," insists Olivier Klein, CEO of commercial banking and insurance BPCE since 1 April.
For the first time, in fact, the group born of the merger of People's banks and savings banks in 2009 was appointed a pilot common to both networks. But out of the question specialize signs, Savings on individuals and Banques Populaires on SMEs and professionals.
"These are two strong brands that do not say the same thing. The client does not confuse them and he chooses, "says Olivier Klein. And he concluded: "The 20 Banques Populaires and Caisses d'Epargne 17 are competing with each other on their own territory. The synergies are generated upstream in the production subsidiaries of which are shared in information systems or purchasing, for example. "Conquest through major campaigns such as that recently launched on the Squirrel young.
Reflecting on times
However, it is to protect margins. "We have no strategy to lower mortgage rates or increase deposit rates in order to take market share.We are already very competitive, "says the former head of the Caisse d'Epargne Rhône-Alpes, relativize:" The rates are not determinative paydayloans. Customers want especially well taken care of them. "
For him, in fact, "the revolution is accelerating customer" with individuals and other professionals who want butter, eat it, too … and the smile of the banker.
Mesh agencies, remote access and advisor, the banks must offer everything. Hence, a meticulous adaptation BPCE the group boasts of having initiated all directions. "Some Savings reflected at their hand on schedule to deliver on time can make appointments later to better serve the needs of large cities," reports Olivier Klein.Meanwhile, "we launch all channels of distribution: the bank on mobile, ready to Savings, will be in September at the Banques Populaires. It adds "a lot of work ergonomics to facilitate online purchases, such as life insurance contracts. Some banks have created BPCE equivalent of bank branches 100% online. At the same time, the computer must be reviewed to allow salespeople to track customers realize that their operations remotely. All these facilities where other signs seem more advanced. Decentralization own mutual groups do not promote rapid implementations.
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1 Jul
If the New York Stock Exchange opened Thursday near the equilibrium, this delicate balance has not lasted. The announcement promises to sell in the older building having fallen 30% in May has infuriated investors. Suddenly, the Dow Jones lost 1.05% and the Nasdaq 1.51% after this announcement /
"Nobody seems eager to take advantage of market declines to buy shares, at least for now", believes Patrick O'Hare of Briefing.com financial site."This reluctance reflects a decline in market confidence about the ability of companies to achieve their performance goals in the second half of the year."
Influenced by the European public debt crisis, the oil spill in the Gulf of Mexico and fears of slowing global economy, U.S. equity indices closed sharply lower Wednesday for the second consecutive month to reach their worst quarter since the second quarter of 2002. They returned to their lowest level in eight months … Yesterday, the Dow Jones finished down 1% to 9774 points, the S & P 500 also lost 1% and the Nasdaq 1.2%.
The banking sector might react after the removal of a proposed tax credit and the approval by the House of Representatives, the final version of the broader reform of financial regulation in the United States.President Barack Obama reiterated Wednesday during a speech in Racine (Wisconsin, North) that the bill would "prevent a crisis" such as that of 2007-2009. "This is a reform that will protect our economy from the recklessness and irresponsibility of some," he said.
On the face of macroeconomic indicators, the employment figures expected Friday should mark a return to job losses after five months of improvement. On Wednesday, already, enrollment weekly unemployment rose unexpectedly last week in the United States, according to the Labor Department. Applications for unemployment benefits rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally reported.This does not augur the best.
Even more than other countries engine of global growth, China has seen, precisely, growth prospects are heavily depressed by the Conference Board and the Chinese manufacturing activity slowed in June, according to two indices Chinese purchasing managers released Thursday.
Investors will closely monitor the repayment by the European banks, expected on Thursday. They will have to repay 442 billion euros Thursday to the European Central Bank, with the maturing of a loan granted exceptional giant a year ago.
On the face values
Technology stocks, IT and telecom will be well attended.
Setbacks Chinese Google could find exits.The license renewal application filed by the U.S. giant in China will be considered by the government and the result will be published shortly, have indeed shown this Thursday, the Chinese media. The U.S. group has shown good will by announcing in Beijing that he would terminate the automatic rerouting of its Chinese site to its site of Hong Kong. The track lost 0.11% to 444.47 dollars.
The internet group Yahoo! else has announced Wednesday that its board had approved a share repurchase program of $ 3 billion over three years. During Wednesday's closing, this amount represents approximately 15% of the market capitalization of the group.After the announcement, the stock price Yahoo!, The lowest since a year has risen by 1.59% to 14.08 dollars.
The Microsoft IT group (+ 0.56% to 23.14 dollars) announced Wednesday it would gradually stop marketing its phone launched in April, the Kin, especially for the youth market of amateur social networks. " Microsoft has decided to focus on the launch (OS) Windows 7 and Phone will not deliver the Kin in Europe this fall as planned, "the group said in a statement
The small business Internet distribution Woot, offers its followers not more than one model per day at deflated prices, said Wednesday that she was redeemed by the giant Amazon, without specifying financial terms of the transaction."The name of a dog! Woot has signed an agreement with Amazon – yes, then the Amazon – to become an independent subsidiary of the giant e-commerce, "said the little Texas company on his blog. The title gained 0.14% to 109.40 dollars.
Finally, Boeing could react because the World Trade Organization asks Brussels to halt "without delay" to the subsidies paid to Airbus. Boeing sees this decision as "a great legal victory, the European union will be Apel.les action leaves 0.51% to 62.46 dollars.
10 Jun
The CAC 40 index opened down 0.88% to 3416 points on Thursday morning. The benchmark index of Paris had shown a steady increase Wednesday night at closing thanks to reassuring words from Ben Bernanke, the Fed chief, after three consecutive sessions of decline. Other major European markets have also hoisted the green flag.
Same trend on the rest of European markets. In Spain, the Ibex 35 lost 1.16% to 8765 points. The Dax index of thirty blue chips of the Frankfurt Stock Exchange plaice 0.42% to 5959.11 points. The London Stock Exchange fell by 0.42% compared to Wednesday's closing at 5064.55 points.
Early this morning, Asian stock markets have posted positive counters. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.
The euro is ironed beyond $ 1.2.
U.S. growth is reassuring, Ben Bernanke also
Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates. The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.
Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget.He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.
The economic indicators of importance
In France, industrial production in France fell 0.3% in April, but production of the only manufacturing industry continued to grow, according to data released Thursday CVS-CJO by INSEE.
In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today. A status quo is preferred.
Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May
Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.
France Telecom, one aggrégateurplus a producer
Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly.
In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.
The securities yield 0.36% to 15.3 euros.
Air France-KLM: -1.49% to 9.6 eurosSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.
Total: -1.35% to 37.6 euros The oil company involved in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.
The above shares retreat amid plummeting BP shares, which fell by 15% to the London Stock Exchange on Thursday morning – they dropped 15.8% yesterday on the U.S. markets. In its wake, Technip signed the largest drop in the CAC 40: -2.3% to 47.7 euros.
Renault: -1.18% to 28.9 euros change in the financial department head. Thierry Moulonguet will be replaced by the CEO of RCI Banque.
Imerys: 0.11% to 40.3 euros The Strategic Investment Fund (ISF) announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, including it should become CEO in 2011, to succeed Gerard Buffière.
French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.
Societe Generale drops 1.9% to 31.1 euros.BNP Paribas, -1.6% to 33 eruos, Credit Agricole, -1.2% to 8.1 euros.
EADS: -0.96% to 17.05 euros Eurofighter has launched negotiations with Germany, Spain, Great Britain and Italy in order to convince these countries to invest 10 billion euros in next phase of production of its combat aircraft.
Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.
The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.
The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday.A first for the family business.
Changes in recommendations
Lafarge and Saint-Gobain Citigroup raised its recommandaiton from "hold" to "buy". Lafarge appears among the only five values in the green on the CAC 40, 0.66% to 47 euros. Saint-Gobain is 1.22% to 30.64 euros.
Vinci: 0.05% to 36.6 euros ING has started tracking the purchase, with a target price of 44.20 euros.
27 Apr
The cacophony that reigned throughout the weekend of 24 and 25 April in Europe around the Greek rescue plan is not – far from it – reassured bond markets. The rate of government borrowing Greek ten years and has offered a new record Monday, reaching the 9.40%. Worldwide, only Venezuela and Pakistan must pay more to attract investors … Worse, the loan is two years past in the Greek yesterday alone from 10% to 13%! This means that Athens must pay higher interest to borrow from two years to ten years, indicating that the risk of default is taken very seriously by the markets. A difficult situation bearable for the people who can rightly denounce speculation that it is subject, while Germany, at the same time, borrowing to 0.9% for two years.
Contagion
But there are more serious.The contagion has now reached the full force of Portugal.
26 Apr
MEPs call last Tuesday and Wednesday on the reform of Chambers of Commerce and Industry. The text provides enhanced regional giving more weight to the 22 regional chambers, leaving a major initiative to 126 local chambers attached to them. Both supporters and opponents battled for months. The elected officials of small rooms were afraid of losing their freedom. The Board of Paris wanted a status recognizing the specificity of the Paris region. She satisfaction. The Chairmen of the Boards of nine major cities (Lille, Lyon, Marseille, Nantes, Strasbourg, Bordeaux, Nice, Toulouse, Paris), grouped in the Association of Metropolitan ICC, asking for adjustments taking into account the local government reform. "I auditioned more than 50 personalities.The text has found a good balance, "says Catherine Vautrin, UMP deputy from the Marne rapporteur of the bill reforming the consular network and vice-president of the National Assembly.
LE FIGARO .- Members consider the draft law reforming chambers of commerce and industry. That will change this reform?
Jean Francois-BERNARDIN. – The necessary reform has been the subject of much discussion and wide consultation within the ICC network. To better meet the needs of businesses, this innovative reform aims to combine the emergence of regional and maintaining the territorial proximity. Hence the establishment of chambers of region and territorial chambers.This balanced reform, thanks also to the work of Parliament, is sufficiently flexible to allow each region based on its individual merits, to decide what it wants to pool at the regional and local store.
The chambers can pool resources such as general computer, payroll, legal services at the regional level, policy coordination heavy training or support to the world, while remaining firmly rooted in the departments. The innovations of territorial chambers can more easily be generalized to the national and regional level.Finally, the reform will provide businesses with seamless service quality throughout the territory.
The new elected regional chambers they decide everything?
But the new elected chambers in the region are also those who will lead the ICC territorial! The reform granting them a great capacity for initiative. The chamber region collect tax revenues paid by businesses. His elect will redistribute this money to the needs of territorial chambers, but also in terms of collective projects of ITC in the region.
The contributions paid by businesses will they drop?
The reform is partly about! We have stated repeatedly that we were ready to lower our tax burden by 10% in five years personal loans for people with bad credit.Is a serious commitment. If everybody did the same …
The government wants more. Can you do this drop in three years?
We do not refuse to do better. We are discussing with the government. We must find the most cost-effective. If you reduce your revenue by 20% and efficiency 50%, no one wins anything. We hope there will be a real impact study before any decision to avoid budget that we are forced to cut services useful to businesses.
A drop too much she would staff reductions?
We do not want layoffs, no more than the government.That's why we're fighting on the pace of implementation of the reform and reduction of our revenue.
The reorganization does it have consequences for employees of the rooms?
The staff of territorial chambers should be legally attached to the chambers of region from 2013. The presidents and the Director General of the ICC will retain territorial obviously command responsibility. The reform will create new opportunities for employees of ICC and regional authorities in their region.
How long will the upgrade does?
There will be no big bang day after the vote on reform by the Parliament. This reform represents a new stage of our modernization. It will take three years, five years or more to produce its full effect. We are determined to go as quickly as possible.The modernization of the Ministry of Economy, which begins to bear fruit, began a decade ago.
The Paris Chamber of Commerce wants the reform to be adapted to the needs of a world class capital. Have you found a common ground?
The bill provides that the Paris area has eight rooms grouped in a single departmental public institution in the region. The eight rooms have the same missions near the territorial chambers.
The number of rooms will he fall?
This movement, which is already underway, will continue. We've gone from 167 to 148 rooms, and soon 126 at the end of the year. Nord – Pas-de-Calais had 12 rooms, it does have more than 4.
Our goal, broadly speaking, a room for departments to keep close with companies.But the condition of maintaining this proximity is to accept to play collective regional level.
When the elections took place?
The prime minister and our minister, Herve Novelli, want elections to take place before the end of the year. This will probably start in December because it is time for our network to focus on the essential: the support of our businesses and our territories.