New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.
According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …
Roles reversed
For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.
France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.
Pre-aid to Greece
In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.
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Wall Street earnings increases, on Thursday. After opening slightly higher, U.S. financial markets concluded the session by increases above 1% for the third consecutive time. The Dow Jones took 1.68% to 11,123.33 points, the Nasdaq rose 1.88% to 2506.82 points and the S & P 500 gained 1.83% to 1164.97 points.
After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.
On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.
Meanwhile official figures of employment for the month of September in the United States to be published Friday, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday in Washington by the Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.
On the foreign exchange market, the euro reached 1.3435 dollars (0.65%). On the New York Mercantile Exchange, a barrel of "light sweet crude" for November delivery ended at 82 personal loans for bad credit.59 dollars, up 2.91 dollars compared to the previous day.
Apple has resisted despite the death of Steve Jobs
As for values, investors will have their eyes on the technology sector.
• Apple (-0.23% to 377.37 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.
• Yahoo (-1.70% to 15.65 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.
• Hewlett-Packard (4.99% to 25.05 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.
• Boeing (2.54% to 61.48 dollars) has received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.
• Gilead Sciences (1.28% to 39.65 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.
• Marriott International (2.13% to 28.78 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.
The new tone decidedly anti-jargon adopted by South Radio when he arrived in Paris on the air is controversial. The High Council of Audiovisual (CSA) has remained the station for anti-Semitic statements in the release of Michel and Eric Mazet Cardoze 16 hours to 18 hours. Eric Mazet was laid off by the radio. Robert Ménard, who hosts the morning show with a phone-called "free-Ménard," is also under fire because the auditors have made racist remarks on his show. How far can we go with freedom of expression? "That's the difficulty. Simply South Radio does not do the same as the others. If today half the French do not trust the media because they feel that journalists are cut off from them. This is a problem of democracy.How to talk about people, their worries, their fears, even if they are poorly made, do not pass in the media, "said he. Should we let freedom provided to foul words? Racist and antisemitic fall under criminal law. "That is why in my show, I immediately put a stop saying we will not see it at home. Eric Mazet made a stupid, clumsy as it did not have the right spread. But that does not mean an anti-Semite. The challenge of Sud Radio, is not to repeat what all the major radio stations, that is to say information among themselves. You know, to combat racism and antisemitism, there is the French method is to prohibit all about. But another method is practiced by other democratic countries like the United States with the First Amendment.It is to say, we will give expression to views reprehensible, and, opposite, there are journalists who disagree with this statement. But I want to meet up to walk to these comments. The problem is that France, when you do this, it is pointed to by all sorts of associations "
After the notice of the CSA, Sud Radio Will it continue these programs free antenna or correct it? "We will continue to freedom of expression and we will enforce the law as I am working every morning easy payday loans. The CSA was entered on August 17 with a complaint about anti-Semitic words classified as Jean-Michel Larqué (on RMC, ed.) I do not feel that the CSA has already studied the issue. But with South Radio, 48 hours, it was folded. There are two weights, two measures. There are three of the band: RMC, Europe 1 and RTL that can be abstracted from the law, and small as Radio South who are beaten up.I think we should change the stupid laws in France that does not solve the problems of racism and antisemitism. For 25 years I say. In France, freedom of the press is corseted by laws unnecessary. "
The model of Robert Ménard is it the Fox News? "In the U.S., radio is a thousand times freer because it does not have this problem of law. In South Radio, we tried to invent something. "
With his arrival in Paris, Sud Radio plays big economically. That's why the station has taken as many risks. But if it increases the skids, the CSA may punish by removing the frequency Paris. Moreover, the allocation of this frequency has been challenged by RMC, Europe 1 and RTL. "It's been 25 years that I defend freedom of expression. I paid professionally. With RTL, this is wrong.I went on Sud Radio because it gave me a freedom that I have anywhere else. If this changes, I will not stay. I think, even if it bothers you, what is done in South Radio is a work of public safety. Finally, we give voice to the people. It serves no purpose to prohibit, we must fight. This is what I do every morning, telling listeners: this is not acceptable but I'll answer. "
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Still pending for a summit in the euro area. While Monday's major stock markets reopen on Tuesday, European capitals and investors will have their eyes on the meeting at the Elysee between French President Nicolas Sarkozy and German Chancellor Angela Merkel. After a week very rough on the markets, particularly in France, this meeting is an opportunity for two leaders to show their unity.
Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "
The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.
Pooling of liabilities
Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.
The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.
Most stubborn
The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.
A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.
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Attendance up 5%. An average expenditure which increased by 4% in its parks. Taking advantage of a particularly mild weather in spring and the return of British and Italian visitors, Euro Disney rose 7% on sales of its parks and hotels, to 344 million euros in the third quarter (ended late June) of its 2010-2011 fiscal year. This is his fifth consecutive quarter of increases. Taking into account the sale of a significant real estate asset, Europe's leading theme parks accumulated 903.5 million euros in turnover in nine months (+1.2% compared to last year ).
The French, who represented 51% of customers last year came less numerous: the slight improvement in the economic environment has led them to more from the spring.In contrast, British and Italian clientele grew, encouraged by policies coming promotions more pronounced than last year.
The good weather has also contributed to the performance of Euro Disney. A pleasant weather naturally encourages visitors to stay longer in the parks. A plus for the restoration, especially at night. It also encourages the regulars in the last minute to finally take their ticket. Knowing that about 50% of French customers of Euro Disney lives in Ile-de-France, it is far from negligible.
"An incidence of 30% attendance"
The bad weather of July and early August this will inevitably impact on revenue of Mickey and, more generally, on most other amusement parks online payday loans. Euro Disney does not give a forecast for the full year.But the last quarter, the summer months, is the largest of the year. At the Compagnie des Alpes, which owns the Parc Asterix and Futuroscope, the last quarter of fiscal year (July-August-September) concentrates 50% of the business of amusement parks. A bad summer does not catch up. "July and August are the two biggest months of the year for the industry, insists Didier Arino, Chief of Staff Protourisme. Bad weather penalizes all parks outdoors, especially water parks Aqualand and as Walibi. Parc Asterix, which has a strong client focus, also suffers. Parks attractions offering coverage, such as Futuroscope, aquariums or Crocodile Farm, do better. "
According to this expert, the great advance made in the spring will allow the largest farms (more than one million visitors) to record another year of growth."But 2011 will not beat attendance records in 2010," he predicts, ensuring that "the weather has an incidence of 30% attendance at outdoor parks."
Already facing a strong seasonality of revenues, theme parks have so decisive a card to play in protecting itself further to the vagaries of time. But this represents additional investment. "Vulcania, for example, has developed a open air that did not exist at the start," said Didier Arino.
Capgemini announced Thursday morning accounts for the first half in line with expectations. At the end of the period, the turnover of the group of services stood at 4.756 billion euros, in line with analysts' expectations. These revenues were up 12.9% year on year, an increase of 7.4% adjusted for foreign exchange and perimeter. The group is managed to boost its growth over the first half of 2010 had been "marked by the renewal or extension of several large outsourcing contracts." Thanks to this dynamism and improved margins, Capgemini releases half-year net profit of 127 million euros, or 2.7% more than the profit recorded during the same period last year.
Capgemini was the goal of improving its profitability.It keeps its promises in the first half, with operating margin, which stood at 6.1% against 5.8% during the same period last year. This adjustment margin is most sensitive in the U.S. (+8.2%). In France, which remains the largest market group, it has risen to 7.6%. Capgemini says that his income from work the fastest growing in Brazil and Italy. But on these very dynamic markets, the margin of the group is only 5.9% down year on year. This lower cost weighs on the performance of the Managed Services, also down slightly from the first half of 2010.
Margins were up, however, in system integration, and especially for Sogeti (9.9%). They also rose a bit in the activity "consulting", which shows a return of 11.8%. This activity is the only display a decline in sales in the first half (-1.6%).Capgemini says that-performance against the concentration of its consulting business "in areas most vulnerable to spending cuts in the public sector," citing in particular the United Kingdom and Benelux.
Annual targets maintained
The group intends to show at the end of the year growth in sales of 9% to 10%, of which "at least 5%" to constant data. It therefore maintains its annual guidance, despite "the macroeconomic uncertainties that still exist today in most countries and despite a negative currency that will probably be as bad as it has been for the past six months."
The figures, as estimates of the group, is already widely anticipated by investors. Without a good surprise, they are a little disappointed this morning.Around 11 am, at the Paris Bourse, the title appears Capgemini and down by 7.57% in a market that yields 0.75%.
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It's a simple story of leeks and parsley that was enough to put at the door. Peggy Gerard, who works at a supermarket Ed Nieppe, in the North, was fired July 15 for gross misconduct after the vegetables were discovered in his car. This woman, a supervisor, says she got these vegetables "faded" with a premiere independent, and they were for his rabbits. But his explanations were not enough to his employer, who believes she tells … salad.
Because the direction of the hard-discount Ed says Peggy Gerard admitted during the control be in possession of the goods from the store. "On June 1, an area manager wanted to control the trunk of my car when I went home for lunch," says this single mother who works for the brand since October 2005."I refused twice because I felt that he had no right. But the third, I finally agreed. He found a black garbage bag with vegetables in it. In the afternoon, shortly after the reopening, I was told to go home, "said the employee fired.
Without contributions Assedic
Thief or victim? Peggy Gerard vain shall submit a declaration confirming that the merchant had recovered well, the eve of the facts, the vegetables in question. "I never had no problems. I was never charged even if an apple when I fly threw for 300 euros of goods per day, "says the young woman.
Peggy Gerard now plans to defend himself before the tribunal. It took the union Workers' Force (FOR) will continue Ed's behalf. "This is unacceptable.Not only do we get to the bottom, but we must treat emergency because Ed refused to give certificates of the Assedic contributions to enable it to survive, "Lionel rebels Meuris, general secretary of the union county TF North, adding: "The facts are totally unjustified. Ed to grow up acknowledging their error and restoring its employee's rights. "
Lettuce, leeks and parsley vegetables "stolen" in question – be sufficient to deprive Peggy Gerard's job? In late June, an employee of Monoprix in Marseille had been laid off for trying to get two salads and six melons in a garbage collected. He has since returned to duty.
Do not panic in financial markets. This seems to be the credo now senior U.S. policy makers after a weekend marked by new sterile discussions between elected Republicans and Democrats on the thorny issue of the reversal of U.S. debt. Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt. With a huge debt ceiling set by law (14.294 billion U.S. dollars) was exceeded on 16 May, which could lead the world's largest economy straight into a default on 2 August.
Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to comply with the requirements of President Barack Obama.The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, the Republican leader of the House of Representatives, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue to reduce debt further Atlantic. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.
Do not scare investors
The inability of both sides to agree on tax revenues and budget cuts necessary leads the U.S. on a slippery slope.Besides the risk of degradation by the rating agencies of their sovereign rating, the status quo would cause panic on world financial markets, barely recovered from the fears of the risk of contagion from the crisis of the Greek debt to other countries Europe.
U.S. officials are well aware, those who now wish to reach an agreement by Sunday evening before the opening of Asian markets. Rebuked by President Barack Obama, Congress pledged Saturday to present a plan to reduce the deficit within 48 hours to push the risk of lowering the country's sovereign rating. The fact is that beyond the tax revenues, the issue of budget cuts expected to be a problem. Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over 10 years.
Critical deadlines
Given the failure of talks between the president and elected officials of both Houses, the compromise could eventually go through further discussion within Congress. This Sunday, "the leaders of the Senate and House have agreed to return to Congress to speak to their groups and discuss the way forward. The conversations will continue all day "has said Jay Carney, spokesman for the president. For now, no new summit meeting is scheduled with Barack Obama, but on the other hand John Boehner also called for an early agreement.If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. One observation that seems to share Timothy Geithner.
On Sunday, U.S. Treasury Secretary said that there would probably agree to a two stages, first raising the debt ceiling and so that an agreement on spending cuts and a second stage of higher taxes and reforms. Whatever the timing adopted, it was also described as "unthinkable" that the United States do not meet their debt obligations.And as Barack Obama, who does not want thorny issue of the debt rose to the surface during the election year ahead, Geithner wants to avert the threat of a default for at least 18 months, but less than 10 days of the deadline of August 2, the time is now very critical.
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The invention of the "fast fashion"
Paste the request of client (e) s. This is the credo of Zara, which has built its entire organization around this obsession. "We can create a collection of four weeks, or two if the market demands," said Amancio Ortega regularly. Beyond the two traditional annual collections, Zara continually renewing its models. Its 200 stylists create up to 30,000 per year! The commercial headquarters in La Coruña are in constant contact with others in the field collecting impressions, tastes, consumer expectations and disappointments. Based on these criteria, the products are redesigned, improved, remanufactured … or abandoned.Another advantage is the constant renewal incentive for loyal customers to visit stores more often for the brand.
Logistics infallible
The stores take orders twice a week restocking and come the next day in small quantities. In Europe, everyone is supplied with less than 24 hours over 12 hours are needed for other destinations. To operate such a system, Inditex is a group of exceptionally integrated and centralized. 49% of the production is also performed "close" is in Spain, Portugal, Morocco. Asia weighs only 35% of production, although this share may grow with the expansion of the group.
Conquest International
Pablo Isla accelerated internationalization of the group in China with the opening of 120 stores in 42 cities, or in India, New Delhi, Bombay, Bangalore and Pune.Inditex has also identified its future target: South Africa and Latin America. The store openings are a key driver of growth of Zara. Another may soon be launching a brand of shoes and accessories.
Catch up on the Internet
Buy Zara.com is possible only since September 2010. Inditex then accuses a real behind the Web, it tries to fill at a rapid pace. Six countries initially, the online sale is now open in sixteen countries, based on those where the brand is already strong. September 7, Zara.com will build on its big debut in the U.S., then it will be the tour of Japan. Zara, whose reputation on the Web is already made, in light of its 9.7 million fans on Facebook, aims to achieve online sales of over EUR 1.5 billion annually.
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Baroin, the new Minister of Economy and Finance, has settled into the chair Thursday's sixth stage of Bercy, vacated by Christine Lagarde, to just under ten months. Ten months during which the presidential campaign in full swing. "In the job, there is an important part of teaching to do with the French on the reforms that have been made over the past four years at Bercy," said a relative of the head of state. Some have indeed been misunderstood – the tax shield has paid the price, others are little known because relatively techniques (such as business tax transformed into territorial economic contribution), some are finally gone unnoticed.
During this period, the records of funds will not be stored in the bottom drawers. The international situation will not leave any breathing space to the new minister.On Sunday takes place in Brussels for an emergency meeting of the Eurogroup to draw the contours of the second plan to provide budget support to Greece. If Baroin, as a former budget minister, has over the fingertips mechanics of public finances, it must now delve into the workings of international finance and meet his European counterparts to earn their trust . The task is difficult. Not only, as he jokes about himself, Baroin limited English proficiency, but more importantly, the aura of Christine Lagarde to the European ministers was such that his replacement will be hard pressed to eclipse. With a perspective view of the presidency of the G20 Finance in October.
Domestically, the schedule looks less busy.The major issues are already tied up (the stimulus of post-crisis reform of the ISF, the consumer credit, the research tax credit, business tax, etc.).. In addition to preparing the macroeconomic framework of the Finance Act 2012 which will be presented in September, is perhaps to give to the operation of the flat state as an owner … "Although the case of Renault now seems settled, President is still far from satisfied with the way some public enterprises are managed, "said a senior official.
Play it safe
Her replacement at the Department of Budget, Valérie Pécresse, for its part will continue efforts to straighten the path of public finances. The public debt increased by 54.9 billion euros in the first quarter, Insee said on Thursday, reaching the end of March 1 646 100 000 000, or 84.5% of GDP.Thursday, the new minister has promised to "stay the course". "These are decisive hours, the European economy is now scrutinized by foreign observers and the voice of France will be more heard that the state will keep its promises," she said.
No question therefore relieve pressure on public spending. The reform of the state, and its corollary, the non-replacement of an official two retiring, will continue. Indeed, Valérie Pécresse arrives at Bercy while the expenditure side of the Budget 2012 has already been decided. 30 401 jobs will be cut and the envelopes of the ministries will fall from 0.11%.
However, the revenue side remains to be determined. France has pledged in Brussels to raise 3 billion specimens in 2012.In addition, many public finance experts parliamentarians, as Gilles Carrez, the UMP rapporteur of the Budget, to play advocate caution, cutting up to 6 billion in tax loopholes. The growth figures for the second quarter, known mid-August, will see more clearly and to decide the extent of the effort to do.
On Thursday, Valerie Pécresse was intended optimistic: "The growth is there and we will, hopefully, additional revenue allows us to be ahead of the planning law." A law which aims to reduce the public deficit 4.6% of GDP in 2012 and 3% in 2013.
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