European markets opened down on Friday. The CAC 40 lost 0.83% to 2985.19 and points in early trade. London also yield 0.81% to 5,379.08 points and Frankfurt 0.84% to 5800.79 points. Despite a week marked by political developments in Italy and Greece, the risk of contagion from the debt crisis strongly disturb the markets. Yesterday, France and Spain have made bond in high yields. Rates in Spain reached 6.975% of never-seen since the creation of the euro and a further step towards the 7% threshold considered dangerous. In the process, Wall Street closed lower and Asia was plunged into the red today.
In Italy, the new Chairman Mario Monti has presented its program focused on "fiscal discipline", "growth" and "equity.""The future of the euro will also depend on what will Italy in the coming weeks," he said. "Europe is experiencing its most difficult years of the postwar period. (…) The European project could not survive a possible collapse of the monetary union. "
The euro rose slightly against the dollar
On the foreign exchange market, the euro rose slightly against the dollar the slope after reaching a low of five months yesterday at 1.3421 dollar. It evolves around 1.3479 this morning but the dollar traders believe that the downtrend remains intact.
On the macroeconomic front, investors will be watching today the publication of the indices of orders received value in the industry for the month of September, published by INSEE at noon.
A debt crisis could lead to another. The Greek fire is not yet off the government needs to rush to the bedside of local authorities and their bank moribund, the sulfur Dexia. Not a week goes by without a large community calls upon the State to the rescue. At least 200 cities, councils, hospitals and housing associations are home loans on their books "toxic" with huge interest rates have put their finances at risk. Listed, some heavyweights as Saint-Etienne, Marseille, Grenoble, but also the urban community of Lille and the General Council of Seine-Saint-Denis. To reopen the tap credit to communities that provide 75% of the investment in the country, the government had to address the problem urgently Dexia.Will this be enough there?
Last month, the government has activated for the first time a special support fund created in late 2010 for the departments in need. The beneficiaries are seven departments (six rural) whose debt is massive, and revenues, almost entirely absorbed by the distribution of welfare. Hitherto considered the spoiled children of decentralization, regions require the State to review the financing of rail, now they consider "untenable" for their budgets low interest rate personal loans.
The alarm level is reached. In ten years, spending communities have increased by 60%, and local taxes, 45%! These figures are staggering.Whose fault? A lax politicians and poor managers who prefer to treat their customers (36,000 hiring officials last year when the state removed 34,000 positions)? The lack of political will of the state, hostage to local barons? Bankers incendiary? To have the heart net, Le Figaro Magazine has plunged into the accounts of local authorities, was shelled and analyzed partnered with the Thomas More Institute and Public Evaluation System.Inspiring!
"Cities: heat stroke on taxes (pdf)
"Departments: the weight of social spending (the Ain to the Haute-Garonne)
"Departments: the weight of social spending (the Gers in Puy-de-Dôme)
"Departments: the weight of social spending (in the Pyrenees-Atlantique to Val d'Oise)
"Region: always a sacred way of life
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Greece:
In the aftermath of yet another meeting "for nothing" between the finance ministers of the euro area, said Baroin continue to trust in Greece. And, while 68% of the French disapprove of the increase in French contribution to the rescue of Greece, according to a poll Ifop. "Greece knows what she has to us, insists Baroin, invited the Grand Rendez-vous Europe 1-i> Tele-Le Parisien. We have said it, she has commitments, duties vis-à-vis its creditors, it has the requirement to provide answers. "
While Europe still can not agree to release the 158 billion pledged to Greece on July 21, Baroin announced that the European Stability Fund would be active in mid-October . "The agreement of July 21, expands the interventions of European fund, says he. It enables him to act in advance.This tool is good, just it is not yet implemented. We need the European Parliaments vote, and all Parliaments have given a date. " For him, this fund is not intended to please the Greeks but to save the euro.
Banks:
Former colleagues in government Fillon and Christine Lagarde Baroin do not seem to take the same position on the banks, now that the former Minister of Economy and Finance has been leading the International Monetary Fund. Three weeks ago, Christine Lagarde, sounded the alarm and called for "urgent recapitalization" of banks.
Europe 1, Baroin, sought reassurance, noting that "central banks assured liquidity to ensure any problems.This means that the question 'Are there any cash flow problems?', The answer is no and the question 'Is there a solvency problem?', The answer is no. We are not worried. " And to the question: 'Should we recapitalize European banks? "The finance minister said," They already recapitalize since 2008. They increased their capital by 50 billion euros, "said he.
Growth:
While the European Commission Thursday lowered its forecast for French growth to 1.6% in 2011, Baroin assured that the growth target of 1.75% this year was achievable. "We were on a line at 2%. It was fixed at 1.75% and we have reasonable grounds for regarding it's achievable. There will not exceed one euro in terms of deficit compared to what we have taken as a commitment. "
Budget 2012:
"Demanding".That's how Baroin defined the 2012 budget to be presented Sept. 28. While the opposition calls for a recovery plan, the finance minister was adamant. "I am convinced that a recovery would have an adverse effect in the current financial situation. In a long-term strategy, which should take us in 2013 to 3% deficit, we can not afford us the luxury to satisfy such demand, such as department or lobby, "he said.
Economic project of the Socialist Party:
Finally, the finance minister has been very critical of the socialist project. "The project of the Socialist Party fell.They need to throw in the trash, they must forget their plan to create jobs and increase public more than 50 billion taxes, "he said, saying the government side," It is not about one second of a general increase in taxes. "
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From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
New twist in the controversy over the health of European banks which opposes the IMF to European officials. The new CEO of the Fund, Christine Lagarde Wednesday held the first meeting of its Board of Directors of European banks. On this occasion, the Fund's economists presented their calculations indicate a probable equity gap of around 200 billion euros for all European institutions, the Financial Times. While European banks inscribed on their balance sheet obligations of States in the euro area market value, their tangible equity would fall from 10% to 12%, said the newspaper.
The newspaper stresses, however, that the amount shown in the "Report on the global financial stability", the traditional semi-annual report due on 21 September, is not final.These figures are obviously equivalent to those that led Christine Lagarde Saturday to encourage Europeans to recapitalize banks on the continent.
Analysis strongly opposed by European leaders. "The vision of the IMF is biased," said the Spanish Finance Minister, Elena Salgado, the FT, explaining that the Fund was wrong not to take into account potential losses without regard to assets Bunds, which saw During their ride. Wednesday, the Minister of Economy, Baroin, has in turn ensured that the French banking sector did not raise "no worries".Statements in line with those of the governor of the Banque de France Christian Noyer and the president of MEDEF Laurence Parisot, who had followed the lead of European leaders as the Commissioner for Economic Affairs, Olli Rehn.
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The McDonald's Happy Meal in the colors of the Smurfs on the Old Continent, the trendy water bar and the shop window Colette invaded by little blue men, a video game from Ubisoft for PlayStation, an iPhone application that exceeded 13 million downloads …
With the worldwide release of the film, the Smurfs are back in derivatives. A comeback orchestrated by IMPS, the company founded in 1984 by Belgian cartoonist Peyo's daughter, to manage the license. "We realized that the reputation of the Smurfs were huge but mainly used in Europe and often linked to the world of children, says William Auriol, managing director of IMPS, hired in 2009 for the film.We wanted to brand credibility on all age groups working on areas hitherto unusual for us. "
Hundreds of contracts have been established last year in 80 countries, the United States to Brazil via Malaysia and South Africa.In China, the Smurfs, who played the mascot for Expo Shanghai, allowed the Belgian pavilion to break records.
Candy, CDs, figurines …
Among these contracts, an advertising campaign on the environment in Spain of Volkswagen, the promotion of South Korea LG smartphones, dressing in South America credit card bank BBVA … "The film gives a very nice visibility to the license and can develop many partnerships, but the Smurfs have a life outside the film, "says Jerome Ollagnier, Brand Director at The Licensing Company, which manages the rights in France bad credit payday loans.
The 272 episodes of the cartoon aired non-stop for twenty years, have sat success. In fifteen years, sales of products reached $ 8 billion. 6 billion of Haribo sweets sold 40 million CDs, 500 million figurines, Kinder Surprise 50 million per year.Besides contracts with H & M, Zara and Sisley to attract the greatest. Only a third of sales of IMPS is made outside Europe. "The growth potential of the brand is huge, said William Auriol, who took the opportunity to increase its royalties. We are 15-20% of the way. "
The reasons for success? "These little blue, appeared in Spirou magazine in 1958, have become popular heroes beyond the comic, said Jerome Ollagnier. With a different name in each country (the Smurfs, i Puffi …), everyone can relate to men and women, children and adults. "
In France, large areas are still like the Smurfs characters dusty. This will not prevent the little blue men to settle in linear packs of sausages Knack or croque-monsieur Herta (Nestlé). Lint and Jemini dishes will also be sold in November."We have all the parameters for a commercial success," enthuses Thierry Bertoux, CEO of Jemini, who would see the Smurfs represent between 5% and 10% of its turnover in 2011.
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Prudence, caution still, still cautious. While the transfer market opens its doors for the championship of France Ligue 1, the motto is clear: to sell before buying. French clubs will indeed seek first to reduce their payrolls, after a deficit posted more than 130 million euros in 2009-2010."Given that wages represent about 60% of the expenditure of clubs, it is logical that they are the first adjustment variable to try to maintain a balanced budget," says Bastien Drut, an economist and author of book Economics of Professional Football (Editions La Découverte).
And it is confirmed: Olympique Marseille last Friday broke the contract of the largest salary in Ligue 1, Argentine Gabriel Heinze (4.5 million gross) and could also disposing of his compatriot Lucho Gonzalez, third largest French league's salary (4.3 million euros a year). The president of Olympique Lyonnais had figaro.fr revealed last May that the club Rhone probably sell two or three "big" salaries.Finally, Paris Saint-Germain asked to Ludovic Giuly, the highest paid player in Paris (3.2 million gross) to decrease by over 40% of his salary to keep his place in the workforce next year.
Down 15% to 20% of wages between 2009 and 2011
This trend began in 2009 mainly because of the impact of economic crisis. It continued in 2010 with the uncertainties related to income and television rights was confirmed in 2011 with the establishment from the 2013-2014 season of the famous financial fair play (measure requiring all European club do not spend money it does not) desired by the UEFA president, Michel Platini. "Over the past two seasons, we found a decrease in payroll clubs in Ligue 1 between 15% and 20%, says Philippe Diallo, Director General of the Union of professional football clubs (UCPF).And this trend is not ready to stop. "
It's the end of fifteen years of incessant flights of wages since the end of the Bosman ruling (decision of the Court of Justice issued Dec. 15, 1995 allowing every player to move freely within the European Union) who saw the payroll from about 154 million euros in 1995-1996 to 778 million euros in 2009-2010. "Basically, the average salary of Ligue 1 was multiplied by five in fifteen years," says Bastien Drut, an average annual increase of just over 12%. "
PSG / Qatar: two competing strategies
If this choice is logical to comply with new rules adopted by UEFA, but it could weaken the Ligue 1 against the best European clubs."From there, I doubt that we are seeing a real reduction in payroll in the major French clubs, says Vincent Chaudel, communications director Europe, Africa and Middle East at Kurt Salmon, a consulting firm. As the French and European teams can not do without talent, they never cease to raise wages. " And in this area, Paris Saint-Germain which could lead to the transfer market looks bleak. The Parisian club has been bought by 70% of Qataris.
But for now no information was given on behalf of the investor and its strategy.Will they be conservative or, conversely, will they want to hit big shots are talking about a budget of 50 million euros for the Paris club in the transfer market this summer – even "overpay" for players? "If they buy only French players, they will boost the economic machine of French football," said Vincent Chaudel. However, they may also want to attract celebrities to boost the resources of the PSG in derivatives, particularly in France and abroad left to blow the payroll. " Through Al-Jazeera Sports broadcast the Qatar League 1 with the following headline, PSG he hopes to continue to share in the world.And for that recruit international stars.
PSG: "Our payroll will be stable for 2011-2012"
A guideline that might conflict with the one the club has put in place since the arrival of Robin Leproux headed in 2009, namely French recruit players while controlling payroll. PSG, it ensures that the transfer window will be controlled from a financial point of view and that the arrivals of celebrities were utopian. "Our payroll will be unchanged from the 2010-2011 season to 45 million euros, less than half that of Lyon and Marseille, and our budget will be substantially the same as last year, 80 million euros. Qatar is not Abu Dhabi (owner of Manchester City) and the French league is not the English league, "says one club in Paris."But with the price of one Carlos Tevez (striker for English club Manchester City, whose market value would be around 50 million euros), we can mount a very good team in France," says the communications manager of a big French club.
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It's like income a year and a half ago. At the time, Renault intends to build its Clio IV in Turkey and not on the site Flins in the Yvelines. The government had to intervene and finally get the direction the car is partly built in France.
Will history repeat itself with PSA that intends to close its factory in Aulnay-sous-Bois (Seine-Saint-Denis) and Sevelnord (North). Except that unlike Renault's 30% owned by the state, the manufacturer, a lion is a 100% private. The scope of government is much smaller.
"These companies are accountable to the nation"
The State is taking this matter very seriously.If the Minister of Industry, Eric Besson, who met Thursday evening PSA CEO, Philippe Varin, said he was "reassured" by the commitments made by the carmaker, Prime Minister Francois Fillon, the move to guérande (Loire-Atlantique), did not hesitate to call the toll paid by the state to help a struggling sector during the economic crisis. At the time, PSA and Renault had received three billion euros each. "Given the large amount of aid made to the French car industry by the government, I would not and would not understand that these companies are not beholden to the nation that has helped easy payday loans." The Prime Minister will also have the opportunity to discuss this news with Philippe Varin on Saturday, as both men find themselves in the 24 Hours of Le Mans.
The Socialist Party (PS) is however not reassured."I do not have much confidence in his statements (Philippe Varin), says the spokesman of the Socialist Party, Benoît Hamon. Because we see a real transhumance migration of automotive production facilities and their equipment from the west to the east of Europe. " For its part, the Socialist mayor of Aulnay-sous-Bois, Gerard Segura, is confident that "until 2016, when production of the C3 should end in this factory. The industrial director of PSA, Denis Martin, had said Thursday that "industrial, it is absolutely impossible to give a guarantee on a sustainable medium and long terms. We have visibility into our roadmap to a year or 18 months. It is an absolute maximum, "he concludes. No doubt the state will seek to convince SAP to reconsider its plans.
Schneider Electric's leaders have identified three growth levers: emerging markets, energy efficiency and smart grid, that is to say the smart grid. The latter two signed a necessary change of electric supplier, which can hardly grow by selling only its traditional products. With the new positioning of the group, they are made "intelligent" through software to measure and adjust the power consumption.
The acquisition of Spanish Telvent is a new step in this strategy initiated several years. Telvent is indeed a software company, which produces 34% of its activity in the energy sector.It is also present in the transport, environment and agriculture, areas which are not directly Schneider.
French group finds that the potential related to electrical "smart" makes a significant investment. Schneider indeed pay dearly for this acquisition: 1.4 billion euros, or 36% more than the average of the last three months. Telvent, who directed last year's 753 million euros in turnover and 115 million operating surplus, has been bought are 1.9 times sales, while Schneider Electric he valued 1.4 times its turnover.
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Asian stocks suffer in the beginning of the week. Starting with Tokyo, the Nikkei fell around 6:45 am, from 1.34% to 9478 points and the broader Topix fold from 0.98% to 819.62 points. In China too, the trend is dark red, including the CSI in Shanghai, which decreases on Monday morning from 2.03% to 3058.38 points. Manufacturing activity in China has stalled at a low for ten months, according to figures released by HSBC. It fell to 51.1 in May from 51.8 in April. In Hong Kong, the Hang Seng, himself, is reduced from 1.73% to 22,798.28 points.
In South Korea, strikes at Yoosung Enterprise (14.57% to 3015 won) could jeopardize the production of automotive equipment. The group provides major OEMs in the country, such as Hyundai Motor (-4.35% to 230,500 won) and Kia Motor (-4% to 2,900 won). Foreign companies General Motors and Renault are also pieces from Yoosung.At the South Korean Stock Exchange, the Kospi unscrewed from 1.92% to 4410.30 points.
Elsewhere in the Asia-Pacific stock markets are also changing in negative territory as fears about the European debts resurface amid demonstrations in Spain, high dégradatation the note of Greece and placed under negative outlook from that of Italy. And Australia, the S & P / ASX lost 1.65% to 4653.90 points, in India, the BSE dropped 0.97% to 18,148.31 points, Singapore, the Straits Times FTE down from 1.27% in 3128 , 17 points. Note that Vitenam, the index of Ho Chi Minh wins by 3.48% to 417.82 points.
Oil drop
Oil prices were trending lower Monday in electronic trading in Asia, the market concerned about the weakness of demand in the United States, analysts said.In morning trading, a barrel of light sweet crude for July delivery yielded 95 cents to 99.15 dollars. That of Brent North Sea crude for delivery same retreated 70 cents to 111.69 dollars.
