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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The three major rating agencies have Anglo-Saxon reassured after the deterioration of the U.S. debt rating by Standard & Poor's: France, with a AAA, will not follow the same path. At least in the coming months. An agency is an exception, the Chinese Dagong. It gives the country an AA-rating, while preventing it could soon lower it. Large agencies and small news, who's right?
Dagong is not severe with France. "She has a much more negative than Western agencies of the United States, the United Kingdom, France, Belgium, Italy, Spain, observes in a note to Patrick Artus, head of economic research at Natixis.Regarding the situation of public finances and potential growth, we can only give reason for Dagong against three major rating agencies. "
But the financial rating of a state that reflects the risk that it does not pay-or-bad debt, is not based solely on purely accounting. Moreover, France does not deserve an AA if only the statistics alone were taken into account by Standard & Poor's, according to calculations of Natixis.
Political risks
"The gap between Dagong and the three major agencies and explained in the apprehension of risk policy and governance," notes Juan Carlos Rodado, economist at Natixis, and author of a study on the methodology of rating agencies. An example: Venezuela has severely noted Standard & Poor's (BB-) by Dagong (BB +), because the former has less confidence in the Chavez government.Moody's, Fitch and Standard & Poor's, unlike Dagong, also place a note on the weight of history. If a country has poorly paid its creditors in the past, such as Russia in 1998, the final verdict will be more severe. This factor discriminates against developing countries, and benefits the West.
At the heart of the statistical arguments, the Chinese agency promotes stronger economic growth and foreign exchange reserves, that is to say the cash generated by an entire economy thanks to exports. This way of clearly favors the emerging countries, major exporters (including China) and catching up economically.
The agency Dagong appears too severe, however, in general, said Jean-Christophe Caffet, an economist in charge of France, Natixis also: "She has placed virtually no major country in the AAA category, and those that are found are not debt markets rather narrow in which we can not really invest, such as Norway, Denmark, Luxembourg and New Zealand. "
Question of Independence
Also emit some doubts about the credibility of the agency Dagong. It has only twenty analysts to rate 67 countries, against 70 to 80 126 Standard & Poor's. In addition, its relationship with the Beijing government cast doubt on some Chinese economists, reports Le Monde. Finally, the same method as slides Juan Carlos Rodado, is not innocent: "When Dagong underestimated so the political risk, we understand the underlying interest."Namely encourage emerging countries close to China.
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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.
"PORTRAIT – Zara's father passes control
"Amancio Ortega gives the direction of his empire Zara
The Parliament finally approved the bill Wednesday Fourcade whose content had been aligned the day before. The text, originally filed on … October 26, retouching Bachelot law on hospital and health system (Law HPST) with a goal for the majority: to reconcile with the doctors.
It erases two measures passed two years ago and never used: the requirement for general dense areas to give a hand to their fellow country or suburban overworked, under penalty of a fine of 3000 euros per year, and the obligation to report their leave. There were two innovations in the fight against medical deserts. But Xavier Bertrand, the successor to the Health Roselyne Bachelot, has returned to the guideline that was set when he was … his predecessor: to encourage, yes, force, no.Besides these two points, the law includes various provisions, some of which have been amended, deleted and / or re-introduced.
• Transparency partial dentures
Dentists showing the origin of crowns or bridges they intend to ask the patient to know if the prosthesis was manufactured in Europe or China. Dentists will also include an estimate of the cost benefit and the sale price of the prosthesis. He freely establish this distinction: for a total of 1000 euros, it may feel that the prosthesis is 300 euros and 700 work, or that the prosthesis is 600 and delivery 400 no fax pay day loan.
Associations rather wanted to be referred to the purchase price of the prosthesis.But the dentists, who are struggling to explain their expertise and time weigh more in price than the prosthesis, and they do not just do the "somersault" on a purchase-resale, managed to avoid it.
• Mutual: care networks "open"
Mutuals were given the opportunity, already available to insurers, to better pay their members when they are aimed at professionals with whom they have contracted. Except that these care networks should be "open" all the professionals can then join.This will not change much for the professions to insufficient numbers: what a mutual interest to "deprive" doctors scarce? But in the expanding fields, practice selection is a way to bring prices down.
• Liability specialties "at risk"
A public fund is created to cover all private health professionals sentenced to damages exceeding the ceiling of their insurance should be fixed statutorily around 8 million euros. Those who have gone out of business and are not insured are also covered. Are concerned primarily surgeons, anesthesiologists and obstetricians but all professionals (doctors, physiotherapists, nurses, podiatrists …) that will have everyone contribute.
Since 2007, departments are put on a diet. The government spending should not grow faster than inflation. The regime is strict, the temptation is great to work around it. To do this, simply departments to offload some of the expenses of parastatals to apparently take their own goal. These organizations, called "operators" are not lacking: they are 584, and range from Météo-France CNRS through employment center or museum. Aware of the danger, the State has established safeguards. Since 2009, operators must reduce their workforce. He had to act because, in 2007 alone, the GSEs have created more jobs (13,989) that the State did deleted (11 244). In addition, operators are supposed to lower than 10% of their operating expenses from 2011 to 2013 and can no longer borrow.But Philippe Marini, the rapporteur of the UMP in the Senate budget, these measures are insufficient. He recommended capping the resources of the operators or similar bodies. Reason: when an agency receives a plethora of recipes, especially because the taxes that are given up, he spent wrongly through. He gives two examples: the National Film and Moving Image (CNC) and the National Center for Public Service (CNFPT).
• Cinema: hocus-pocus of the Ministry of Culture
This organization supports the film and audiovisual production. In 2011, he should see a tax revenue it collects, known Cosip increase by 38% to 583 million euros. What "incentive program to spending just as dynamic as the resources," the report said Marini.In fact, the 2011 budget provides for the CNC 30% increase in staff costs, investment and operating current and an increase around 10% of various subsidies. Even more perverse, the state took advantage of the sudden "boom" to transfer expenses to the TNC. Thus, 11 million grant awarded to the French Cinematheque, previously charged to the budget of Culture, have been taken over by the CNC. By hocus-pocus, the department may see a decline in spending! The CNC remind him that the collection of certain taxes was transferred and that "the institution has been given a board involving all ministries including Bercy," says one in CNC.However, all parties acknowledge that CNC has received revenues "significant" under the Contribution of telecom operators who echoed the total budget of 198 million additional CNC in 2010. So the idea of government is it today to "limit the profitability of this tax," for systems allowance and lower rates. What can continue the digitization of cinema, whether in rooms or in catalogs.
• The training center of territorial agents sitting on a pile of gold
This structure is responsible for training local officials. Its resources mainly come from local contributions, contributions set at 1% of payroll. The center has benefited, in turn, the surge in enrollment in the communes, departments and regions in recent years.This windfall – revenue grew from 240 million in 2002 to over 360 million in 2009 – has not led to a rigorous management. The CNFPT was pinned several times by the Court of Auditors, including in 2011: over-reliance on the same providers, 22% increase in personnel costs from 2004 to 2008 (with a premium increase of 40% over the past six years!) … "The CNFPT spent 67 million to acquire a seat in the middle of Paris," said Jean Arthuis, president of the centrist in the Senate Finance Committee. Despite these expenditures, the excess CNFPT was 33 million euros in 2009 and has a "treasure" of 327 million euros of equity. That is why MPs have decided to temporarily reduce its resources, by reducing the fee to 0.9% for two years.
Unions are in shock. When questioned by the free newspaper Metro, an employee of France Telecom, Louisa Amara, has been very complimentary on the social climate of the group. Having worked, according to France Telecom, for ten years as part-time call center – a function that the young woman does not specify in his LinkedIn profile – Louisa Amara joined for six months external communication of the company. A service headed by Christine Albanel, former Minister of Culture and Communication from May 2007 to June 2009. "This is a manipulation, says Sebastien Crozier, who was elected to the CFC CFE / UNSA. We demand the resignation of Christine Albanel. "
In the interview published last Monday, Louisa Amara said the group "no longer in the gloomy atmosphere that we knew. Over the past year, there is a much more active listening. "She also mentioned a greater "tolerance" for delays "especially for young mothers." A speech that contrasts with recent events in the group. Two months ago, an employee of France Telecom, age 57, ended his life in sacrifice. A new suicide was added to the fifties when the group faced between 2008 and 2010.
The group's management said it regretted "the confusion created by this testimony," but insists that the reporter from the Metro "was of course very clearly warned before the interview of the new features that Louisa has held for six months." He added: "It makes perfectly good testimony." On the side of the newspaper, it denies having intentionally caused discomfort.For everyday, it's "absolutely unintentional error, omission, and at no time did we say it is currently used within the call center."
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The government is intensifying the fight against fraud. That was the message you want to pass the budget minister, Baroin on Wednesday by making public the figures for abuse detected in 2010. In total, the state services deplored the loss of 3.4 billion euros, all public finance fraud combined.
In detail, it is tax evasion which, with 2.4 billion euros detected, most of the losses in 2010 deplored. Fraud in Social Security is in turn a much smaller portion (about 15%), the order of 458 million euros. A figure which Labour Minister Xavier Bertrand had already communicated, at the beginning, before the members of the evaluation mission and control of Social Security.
Progress remains to be done
'Significant results' achieved through improved quality controls, s'estfélicité Baroin. The mobilization of officers of this struggle, better coordination of actors and especially being able to pass files between different services (Banks primary health insurance, employment center, the family allowance), allowed, according to the minister, to detect even more abuse personal loan for poor credit.
It was on this last point that Baroin wishes to focus the efforts of the administration. "It's obviously in the field of the crossing of files that we want to progress. [We are moving towards] a centralized payment incidents or signs of fraud, "he advised. The aim is that such fraudsters once reported to be more regularly monitored.
Labour Minister, Xavier Bertrand, had already begun to turn in April last tougher penalties for fraudsters who abuse the social security system. "You have to apply and increase the existing penalties," he had tried to stop the "theft of the French."
However, progress is at hand. Members of the evaluation mission and control of Social Security in outline in the report they just make it public. According to their estimates, social security fraud would actually alone 10-20000000000 euros, of which three-quarters come from black labor. A figure that is breathtaking, when compared to the deficit of social security in 2011, estimated by the government 21 billion euros.
Washington, our correspondent
The agency Fitch yesterday joined the community of investors alarmed at the prospect of an eventual default, even if only very short term, the United States. Fitch is implicitly warned Congress and the White House that does not appear to progress in their negotiations for a vote before August 2 under the debt ceiling from the federal government.
Even in the event of a default simply "technical" does not result from a lack of resources but a failure of political governance, Fitch believes that America no longer deserve the rating "AAA", reserved for borrowers better standing. It is therefore sufficient for a few hours, the U.S. Treasury can not pay the $ 25 billion in interest on bonds due Aug. 15, so that the infallibility of Uncle Sam is questioned.Note American would shift from "AAA" to "B +" with negative implications. Provided Fitch considers this case "extremely unlikely" and still expects an agreement before Aug. 2.
The news agency Fitch comes as some Republicans in Congress, among the most conservative, do not hesitate to say it would be better than August 2 America can raise its debt ceiling, rather than to achieve this within the framework of an agreement that once again does not reduce government spending sustainable and credible way.
The date of August 2, is given in recent weeks by the Treasury beyond which it will no longer be possible to meet its obligations without issuing bonds and exceed the maximum debt limit for the time being of 14 electronic check payday advance.294 billion dollars.Since last month, the Treasury has used accounting maneuvers interim between various funds it manages, in order to remain below this ceiling.
Go through the roof or losing note
The Republican majority in the House of Representatives, use this time to force the White House to accept $ 2,500 billion of cuts in public spending over 10 years without increasing taxes. Republican leaders maintain that their goal is not to let America fall into default. They understand the serious implications of the mere mention of this hypothesis. But a fringe faction of the Republicans elected the "Tea Party" are "to diehards."Disagree with the traditional leaders of the Republican Party, buoyed by polls showing that the American public is more afraid of raising the debt ceiling as the default, they are willing to risk short-term loss of the AAA to compel America to stop living beyond its means.
For the time Barack Obama did not put on the table a detailed proposal for reducing spending. The negotiation is conducted by Joe Biden, U.S. Vice President. The agency Fitch is not the only one to have sounded the alarm about the U.S. debt. Her colleague Standard & Poor's has placed the rating on negative watch late April. The third agency, Moody's has also threatened to put the U.S. debt on negative watch.
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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.
U.S. equity markets remain in the green Thursday after finished up Wednesday. At closing, the Dow Jones advance of 0.36% at 12,605 points, the Nasdaq climbed 0.30% to 2823 dollars and the S & P up 0.22% to 1344 dollars.
Bad news on housing front
On the macroeconomic front, good news came on the side of the job: the weekly jobless claims declined in the United States during the week to May 14, at 409 000 438 000 cons (revised) the previous week, said Thursday Department of Labor. Economists on average had expected 420,000 registered unemployed.
In contrast, the index of business conditions from the Federal Reserve Bank of Philadelphia came out sharply lower in May and has largely missed expectations, reaching its lowest level since October 2010. This index falls to 3.9 in May against 18.5 in April.Similarly, sales of existing homes fell against all odds in the U.S., 0.8% in April compared to March to 5.05 million units annualized, announced Thursday the National Association of Agents Real Estate (NAR). Economists polled by Reuters expecting an increase of 2% to 5.20 million
Oil, which flirted with $ 100 in early trading, fell as a result of this bad news. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for June delivery ended at 98.44 dollars, down 1.66 dollars compared to the previous day.
Morale is not the highest in the markets since the announcement of the coming recession in Japan. The gross domestic product (GDP) of the Archipelago fell 0.9% in first quarter 2011 compared to the previous (-3.7% annualized).This dip in economic activity is related to the earthquake and tsunami of 11 March.
Side currency, the euro rose sharply against the dollar at the dollar closed at 1.4309 dollars against 1.4236 late Wednesday.
LinkedIn flew more than 130%
Ford (-0.07% at 15.11 dollars) and Automotive Components Holdings sold their fuel tanks in Michigan at Inergy Automotive Systems.
In the same sector, General Motors (-0.25% to 31.44 dollars) has announced it intends to produce 60,000 Chevy Volt next year, or 30% more than was initially anticipated. To increase the production rate, it will first close the plant for four weeks in June.The U.S. has thus positioning itself to Nissan, which will not produce more than 20,000 Leaf its electric models in the U.S. until 2013.
Moreover, according to Bloomberg, Chrysler (pay its debt of 7.5 billion dollars in U.S. government and Canada early next week. The Italian Fiat will open the way to mount a capital of Chrysler, up 46% , against the 30% stake today.
A panel of experts advising the European Commission recommended a stricter location data recorded by mobile smartphones.Apple (+0.19% to 340.53 dollars) and Google (+0.27% to 531.25 dollars) are on the front line.
Limited Brands (-3.89% to 40.80 dollars) posted earnings per share (EPS) in the first quarter against $ 0.4 $ 0.39 $ 0.25 and waited a year earlier, and that a turnover of 2.2 billion, up 14.8%. For the current quarter, the group expects an EPS of 0.38 to $ 0.43 against $ 0.36 last year.
Also note, the SEC, Constable American markets, has opened an investigation into possible failures of computers on several stock exchanges, the Financial Times. U.S. markets Constable believes that internal controls are inadequate in many operators, including Nasdaq.This type of failure could be the cause of Krack flash occurred on Wall Street in May 2010.
Furthermore, the professional network LinkedIn (108.20% to 93.80 dollars) managed his first steps on the Exchange. In a statement, the company stated that it had placed 7.84 million shares at a price of 45 dollars, while it provided a range between 42 and 45 dollars. These total $ 352.8 million. In detail, 4.828 million shares were sold by the company, which raises and $ 217 million, while existing shareholders have sold a little over 3 million titles.
