"The decree will be issued next week, setting out conditions that will make handing out stock options or bonuses to companies that have benefited from state help illegal," Claude Gueant told France 24, a television station.
French workers' anger has been growing as more companies have announced job cuts while executives get bonuses.
Employees at a French 3M factory held a manager hostage for more than 24 hours Wednesday and Thursday over a dispute about terms for laid-off staff.
Earlier this month the boss of Sony France was held overnight before workers freed him after he agreed to reopen talks on compensation when the factory closed.
Sunday, March 29, 2009
Wednesday, March 25, 2009
Durrat Marina a big draw at Cannes real estate summit
Durrat Marina, took part in the world's premier real estate summit (MIPIM), in Cannes, France, where its stand attracted high numbers of visitors, potential-buyers, investors and sector decision-makers.
Durrat CEO Waleed Ishaq Saffy represented the company at the exhibition, considering it an 'opportunity' to reassure investors about the sector in Bahrain and the Gulf. He said that the progress in the project is on schedule.
Mr Saffy added: "MIPIM is a renowned exhibition that attracts investors, exhibitors and decision-makers from around the world. Taking part in the exhibition provides the opportunity to meet all these people and introduce the elite Durrat Marina project to them."
As the world's premier real estate summit, MIPIM draws upon its unique international coverage and reputation to bring together the most influential decision-makers in the market, offering them access to the largest available showcase of development projects.
Durrat CEO Waleed Ishaq Saffy represented the company at the exhibition, considering it an 'opportunity' to reassure investors about the sector in Bahrain and the Gulf. He said that the progress in the project is on schedule.
Mr Saffy added: "MIPIM is a renowned exhibition that attracts investors, exhibitors and decision-makers from around the world. Taking part in the exhibition provides the opportunity to meet all these people and introduce the elite Durrat Marina project to them."
As the world's premier real estate summit, MIPIM draws upon its unique international coverage and reputation to bring together the most influential decision-makers in the market, offering them access to the largest available showcase of development projects.
Monday, March 23, 2009
A French Revival of Home-Equity Deals
PARIS -- Madeleine Schlosser needed more cash, so last year, at age 82, she sold her Paris home.
That may sound like a risky decision. But the sale terms allow Ms. Schlosser to live in her apartment until she dies. The two buyers paid her 18% of the property's market value up front, and now pay her a monthly pension. With the money, Ms. Schlosser has financed costly dental work and says she can "live more properly."
The buyers will eventually take possession of an apartment for which they paid less than the market price -- unless Ms. Schlosser lives for many more years.
This kind of real-estate transaction has long existed in Europe, particularly in Italy and France. While Americans can remortgage their homes at market value to access their wealth, this can't easily be done in countries such as France. Recently, such transactions have experienced a revival: As longer life spans put pressure on national pension systems, people wonder whether they'll be able to make ends meet for the rest of their lives.
That may sound like a risky decision. But the sale terms allow Ms. Schlosser to live in her apartment until she dies. The two buyers paid her 18% of the property's market value up front, and now pay her a monthly pension. With the money, Ms. Schlosser has financed costly dental work and says she can "live more properly."
The buyers will eventually take possession of an apartment for which they paid less than the market price -- unless Ms. Schlosser lives for many more years.
This kind of real-estate transaction has long existed in Europe, particularly in Italy and France. While Americans can remortgage their homes at market value to access their wealth, this can't easily be done in countries such as France. Recently, such transactions have experienced a revival: As longer life spans put pressure on national pension systems, people wonder whether they'll be able to make ends meet for the rest of their lives.
Saturday, March 21, 2009
Historic Parisian hotel offered for sale
When France's first culture minister, André Malraux, stepped in in 1965 to preserve the elegant 15th-to-18th-century architecture of the Marais, the dilapidated neighborhood was on the brink of being bulldozed by property developers.
But at least one of its celebrated mansions, the Hôtel des Ambassadeurs de Hollande, had already found its savior in the colorful figure of Paul-Louis Weiller.
Mr. Weiller was a World War I French aviation hero, founder of several airlines that eventually became Air France and successful industrialist and financier. He also had a passion for rare books and real estate. The mansion, a sumptuous but deteriorating, architectural gem listed as a national landmark in 1924, proved to be irresistible.
He bought it in 1951 and, with the advice of Gerald Van der Kemp, chief curator of the Château de Versailles, set about its restoration.
But at least one of its celebrated mansions, the Hôtel des Ambassadeurs de Hollande, had already found its savior in the colorful figure of Paul-Louis Weiller.
Mr. Weiller was a World War I French aviation hero, founder of several airlines that eventually became Air France and successful industrialist and financier. He also had a passion for rare books and real estate. The mansion, a sumptuous but deteriorating, architectural gem listed as a national landmark in 1924, proved to be irresistible.
He bought it in 1951 and, with the advice of Gerald Van der Kemp, chief curator of the Château de Versailles, set about its restoration.
Tuesday, March 17, 2009
Monte Carlo is No 1 in the Global Property Guide's list of World's Most Expensive Residential Real Estate Markets 2009
Battling for the number 2 position are prime central Moscow and London. Prime central Moscow's US$20,853 per square metre price tag slightly outpaces core Prime London's US$20,756 per square metre, though it is fairer to say the two cities are neck-and-neck.
London residential property prices have fallen for much of 2008, while Moscow property price declines only started in the last quarter, allowing Moscow to catch up with London. Both countries have experienced strong currency declines.
Tokyo and Hong Kong come in fourth and fifth, respectively.
London residential property prices have fallen for much of 2008, while Moscow property price declines only started in the last quarter, allowing Moscow to catch up with London. Both countries have experienced strong currency declines.
Tokyo and Hong Kong come in fourth and fifth, respectively.
Friday, March 13, 2009
Buying Property Overseas- Part Two
Paris was voted for several years the best risk adjusted investment location in the PricewaterhouseCoopers Urban Land Institute Survey. Additionally, it is the most visited city in the world and is very well placed to suffer less from the current recession than most other countries.
In Paris, location is everything and the performance of an investment will vary from street to street. The third and fourth arrondissement are good areas to look in, indeed, there is very heavy rental demand and prices here are lower than other high demand areas such as the sixth arrondissement.
In Paris, location is everything and the performance of an investment will vary from street to street. The third and fourth arrondissement are good areas to look in, indeed, there is very heavy rental demand and prices here are lower than other high demand areas such as the sixth arrondissement.
Tuesday, March 10, 2009
Property transaction activity in London will pick up ahead of Paris
Phillipe Zivkovic, executive chairman of BNP Parisbas Real Estate, told a seminar at MIPIM in Cannes, that the French investment market was still adopting a wait and see approach, while London would be targeted over the coming months particularly by German funds.
'If you look at the Paris market, the investors there are looking at the price levels and wondering if they are sufficient to create an opportunity of capital gain,' said Zivkovic. 'Instead they are taking an increasing interest in London, where there has been a sharp drop in values.'
Also on the panel was Meka Brunel, managing director Europe of SITQ, the real estate subsidiary of the Caisse de dépôt et placement du Québec. She predicted that rental levels in London still had further to fall, sharpening the fall in investment values. 'There has been a drop in the rental levels in London and I doubt that process is over,' she said. 'There could be another 20% farther to go.'
'If you look at the Paris market, the investors there are looking at the price levels and wondering if they are sufficient to create an opportunity of capital gain,' said Zivkovic. 'Instead they are taking an increasing interest in London, where there has been a sharp drop in values.'
Also on the panel was Meka Brunel, managing director Europe of SITQ, the real estate subsidiary of the Caisse de dépôt et placement du Québec. She predicted that rental levels in London still had further to fall, sharpening the fall in investment values. 'There has been a drop in the rental levels in London and I doubt that process is over,' she said. 'There could be another 20% farther to go.'
Wednesday, March 4, 2009
Looking for a French property?
Agents and viewing
In France, estate agents must hold a carte professionelle, which you can ask to see. French agents give out much less information about a property than their UK counterparts – for example, they’re unlikely to give out a property’s address. They will also accompany you on viewings.
Initial contracts
Once an offer on a property has been accepted, both buyer and seller sign a compromis de vente, a legally binding contract stating the names and addresses of buyer and seller, the address of the property for sale, the agreed price and so on. Conditional clauses can also be included – for example, that the sale is dependent on planning permission being granted. It is essential that you understand everything that has been included in the compromis and any other contracts – if necessary, employ the services of a translator. (Other initial contracts include the promesse de vente and promesse d’achat, i.e. promise to sell or buy.)
In France, estate agents must hold a carte professionelle, which you can ask to see. French agents give out much less information about a property than their UK counterparts – for example, they’re unlikely to give out a property’s address. They will also accompany you on viewings.
Initial contracts
Once an offer on a property has been accepted, both buyer and seller sign a compromis de vente, a legally binding contract stating the names and addresses of buyer and seller, the address of the property for sale, the agreed price and so on. Conditional clauses can also be included – for example, that the sale is dependent on planning permission being granted. It is essential that you understand everything that has been included in the compromis and any other contracts – if necessary, employ the services of a translator. (Other initial contracts include the promesse de vente and promesse d’achat, i.e. promise to sell or buy.)
Tuesday, March 3, 2009
France Real Estate: Second-Home Sale
That's fantastic news for people like me. Last spring, standing on a cliff overlooking some of the more extraordinary villas near Es Cubells beach in Ibiza, I promised myself that one day I was going to own a vacation home. Maybe it would be on one of the enchanting Balearic Islands, or possibly in south Florida-Miami or Naples-where hot weather is guaranteed most of the year (though the charming hills of the Scottish Highlands and the desolate islands off Croatia have also stirred my heart).
At the time, I did not think I could begin to look at options until several years down the line. But now, with the market for second homes softening fast, even freelance journalists like me can start realistically toying with the idea. I've got my eye on the stunning Zen Vida property in Majorca, which boasts five bedrooms with en suite bathrooms, three al fresco dining areas and a designer kitchen, as well as spectacular views of the Bay of Palma. Then again, it's tough to pass up Théole-sur-Mer, the estate built in 1925 on a private peninsula near Cannes by the architect Barry Dierks, which offers an infinity pool and direct diving into the Mediterranean.
At the time, I did not think I could begin to look at options until several years down the line. But now, with the market for second homes softening fast, even freelance journalists like me can start realistically toying with the idea. I've got my eye on the stunning Zen Vida property in Majorca, which boasts five bedrooms with en suite bathrooms, three al fresco dining areas and a designer kitchen, as well as spectacular views of the Bay of Palma. Then again, it's tough to pass up Théole-sur-Mer, the estate built in 1925 on a private peninsula near Cannes by the architect Barry Dierks, which offers an infinity pool and direct diving into the Mediterranean.
Monday, March 2, 2009
ProLogis Leases 415,000 Square Feet in Southern France
ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has leased more than 415,000 square feet (38,560 square meters) in southern France to Point P, one of France's top distributors of construction materials and a subsidiary of the Saint-Gobain Group.
Point P's new lease is for space in a 624,000-square-foot (58,000-square-meter) facility currently under construction at ProLogis Park Clesud, one of ProLogis' largest distribution parks in southern France totaling 2.4 million square feet (224,000 square meters) across nine buildings. Point P plans to use the space to distribute building materials and other outdoor products to a regional network of retail outlets. ProLogis expects to complete development of the facility, which is connected to the railway network, in the first half of 2009.
"We are very pleased to be working with Point P, a well-known construction distributor in southern France," said Ranald Hahn, managing director for ProLogis in southern Europe
Point P's new lease is for space in a 624,000-square-foot (58,000-square-meter) facility currently under construction at ProLogis Park Clesud, one of ProLogis' largest distribution parks in southern France totaling 2.4 million square feet (224,000 square meters) across nine buildings. Point P plans to use the space to distribute building materials and other outdoor products to a regional network of retail outlets. ProLogis expects to complete development of the facility, which is connected to the railway network, in the first half of 2009.
"We are very pleased to be working with Point P, a well-known construction distributor in southern France," said Ranald Hahn, managing director for ProLogis in southern Europe
Sunday, March 1, 2009
At Home In Paris
One benefit of renting an apartment is that you really feel you are a part of the neighborhood. I adore going to all manner of French stores, open-air markets, cheese shops, charcuteries, bakeries, meat markets, fish sellers, flower markets, chocolate shops and wine stores. Even the supermarkets fascinate me.
All of the above were within a 10-minute walk of our apartment, and thanks to our capacious fridge, we could purchase all we wanted. The first morning, I went down early to the open-air market at place Maubert Mutualité, bought a black beret for 10 Euros, and wore it every day, just for extra authenticity.
The problem of the downstairs door resolved itself when we picked up our extra keys waiting for us inside the apartment, but the second door, the one to the apartment, obligingly picked up where the other door had left off; it started to refuse to let us in. Through much time spent praying the lock would open and the timed light in the hall wouldn't go off, we learned to unlock and relock the door until it finally let us in. That is one thing you learn very quickly about a rented apartment: It doesn't come with a concierge.
All of the above were within a 10-minute walk of our apartment, and thanks to our capacious fridge, we could purchase all we wanted. The first morning, I went down early to the open-air market at place Maubert Mutualité, bought a black beret for 10 Euros, and wore it every day, just for extra authenticity.
The problem of the downstairs door resolved itself when we picked up our extra keys waiting for us inside the apartment, but the second door, the one to the apartment, obligingly picked up where the other door had left off; it started to refuse to let us in. Through much time spent praying the lock would open and the timed light in the hall wouldn't go off, we learned to unlock and relock the door until it finally let us in. That is one thing you learn very quickly about a rented apartment: It doesn't come with a concierge.
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