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Gucci ready to accelerate its expansion in China

Sunday, September 11th, 2011

Nanning, capital of the Guangxi region on the border of Vietnam, is the thirty-second Chinese city in which Gucci is settled in a few weeks. After opening nine stores in mainland China last year, and as much this year, including Gucci has 48 stores in late December, seven times more than in 2005.

At the time, François-Henri Pinault, PPR's CEO, decided to focus on China so that Gucci will catch up with Vuitton. "We still have room for significant expansion for store openings, says François-Henri Pinault. And to establish ourselves in cities where we are still not present. "If Beijing and Shanghai seem saturated with luxury boutiques, the potential is huge elsewhere in China.

News consumption

According to McKinsey, the growth of the Chinese luxury market, which will reach 19.5 billion euros in 2015 (against 7.4 billion in 2008), comes to nearly 80% of new consumers of luxury goods. And three-quarters of the 2.8 million new wealthy families (annual disposable income above 25 000 euros) will be living outside China's major cities. Gucci could increase the number of openings next year, and opened more than ten stores, including several in new cities. A figure that PPR declined to comment, but said a plan to finish Hothot (Inner Mongolia) in 2013.

"In some mining towns, just 2,000 wealthy individuals to establish a customer, provides Mimi Chang, the owner of the luxury division for Asia.We offer a VIP service to everyone. "

Gucci is present in cities (Chongqing, Guiyang, Hefei, Changzhou, Jinan, Shijiazhuang), where Louis Vuitton, the world's leading brand of luxury, has not printed the monogram direct payday lenders. The subsidiary of LVMH has instead decided to take a break from the pace of openings in China, preferring to expand some existing shops (38 in 28 cities in mainland China), to present all its collections, with, Also bags and luggage, ready-to-wear, shoes and watches, sometimes more than 1000 square meters. One way to avoid repeating the mistake made by some brands in the 1990s in Japan. "Gucci has not enough history to be strong in all categories of products and open many flagships, says François-Henri Pinault.But perhaps we will open in the future. "Gucci prefer open shops only 400 square meters, with only the supply of leather goods, as well as outlets that are only offering men and children. "We prefer the shops not very large and welcoming with huge stores and cold," said François-Henri Pinault.

The strategy is complicated to implement. Not only because it is difficult to find sites for boutiques in secondary cities. But also because consumer habits are different.If the Chinese fans prefer the luxury of more and more high-end pieces, leather and discreet, the new rich want to see success with products at affordable prices in fabric and adorned with logos.

Purchasers of Gucci China, who go five times a year in Florence, the birthplace of the brand, to make their selection, must make the splits. The range varies from store to store. Gucci watch to keep a wide range to suit all tastes of luxury, design special pieces for the Chinese market and seasonal products. Objective: To deter the Chinese to defer their purchases while traveling in Europe, where prices are 15-20% lower due to the lack of import tax.

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To a higher VAT for luxury hotels?

Friday, September 2nd, 2011

Wednesday, the Finance Committee has removed one of the measures of the austerity plan of government: the increase in VAT from 5.5% to 19.6% in the theme parks. Problem: this increase was to bring 90 million euros annually to the state. Gilles Carrez, the UMP rapporteur of the Budget to the Assembly, has devised a solution to compensate this loss. It proposes to increase from 5.5% to 19.6% VAT for five-star hotels and palaces.

Gilles Carrez also wants to restore rebates on real estate gains for second homes and rental investment flexcheck cash advance. The reduction would be 5% per year after five years in prison, resulting in a total exemption after 25 years. In its austerity plan, the government abolished the previous reductions (10% per year after five years). MP seeks action to offset the cost that would be generated by the new allowance of 5%.

All these measures are only proposals. They can not see the day that if affirmative vote of deputies and senators at the meeting.

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U.S. bonds are resistant to the loss of triple A

Saturday, August 27th, 2011

Contrary to expectations, yields on government bonds to ten years U.S., the famous "T-Bonds," have not suffered the loss by the United States of their "triple A", which gave investors the best repayment guarantees available. Since the deterioration of the financial rating of Uncle Sat, August 6, the rating agency Standard & Poor's, the rate of return on government bonds ten years has even relaxed. It went from 2.58% the day before the announcement to 2.19% yesterday in New York.

"Common sense would that loss of the triple A, synonymous with degradation of the repayment capacity of borrowers, resulting in a tension on the rate of pay required by lenders, said Jean-Louis Mourier, economist at Aurel BGC. But the United States are in a particular position.In a world facing many economic uncertainties, bonds issued by the U.S. state are still considered a less risky than most other investments. "

Experts call this the "fly to quality", that is to say the postponement of international investors on asset quality at the expense of investment risk. "On the merits, there is no big difference between a AAA and AA +, said Philippe d'Arvisenet, chief economist of BNP Paribas. Everyone knows that the U.S. is heavily indebted, but nobody doubts their ability to repay their debts. However, there are concerns about the viability of the euro area, especially on signs of a slowdown in the global economy.These weigh on the shares, since one can fear a deterioration of business results. "

The shares were most affected

Since August 6, the Dow Jones, which includes the thirty largest U.S. companies, has in fact lost more than 3%, bringing in its wake all the global indices including the CAC 40 index, down 7.6% on the same period. Jean-Marie Mercadal, director of management at OFI AM, states that "analysts are still waiting for an increase of 14% of the profits of U.S. companies in 2012, but this estimate could be up to a 5% drop in a recession" . That's exactly what operators fear most.

In this context, the loans issued by the United States appears more secure.The U.S. bond market is mainly the most liquid and deepest in the world, ensuring that investors can sell their shares at any time, even in case of crisis. An advantage not available to France, which would it heavily penalized in the event of deterioration in its financial rating.

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Fillon is launching a comprehensive plan "anti-deficit" for France

Thursday, August 25th, 2011

"A strict policy to allow France to remain sovereign in the economic and social development." François Fillon Thus he justifies the battery of measures, presented Wednesday to prevent any slippage in the deficit in late 2011 and 2012. In the context of extreme nervousness of the markets and growing concern about the European debts, the government has a goal of "intangible" reduce the public deficit of France 5.7% of GDP this year to 4.6% in 2012 (4.5%, in fact, said the Prime Minister to keep a "margin").

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market paydayloan.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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For Obama, Congress slows recovery

Sunday, August 21st, 2011

Barack Obama came on the same level in the campaign for his re-election in 2012, do not miss any opportunity to castigate the Congress. And first of his Republican opponents who control the House of Representatives. After accusing them of having lost the country's triple AAA, the U.S. president, on Saturday from his holiday resort of Martha's Vineyard, singled out "some" blocking parliamentary measures "common sense" intended by him , create jobs and help growth.

In its traditional broadcast weekly radio address, Barack Obama said the bill, currently stalled, relate to the construction, trade and taxes, and that they should "boost" the economy. "The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said.

Barack Obama also confirms the fears of equity markets on the health of the world's largest economy. "We are in a difficult, terrible recession," he admitted. "So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve online payday loans. We need to solve problems by putting aside our differences, "he adds.

"Do not betray his principles"

The response from the other side was not built to wait. "Divided government is no excuse for doing nothing," ruled John Kasich, the Ohio governor, in a speech on behalf of the Republican opposition. "It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth. "

The latter, however, urged his side to make more compromises when necessary. "It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high. We can compromise on policy as it does not betray his principles. "

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Saturday, August 13th, 2011

Orange did he reckless? In an internship this week published on its website, the telephone company revealed some clues about the future model of the iPhone Appel keeps top secret. Orange are to believe the arrival of the new smartphone could be a big impact "on consumer Internet customers." Apple secrecy to keep the new model of its smartphone, the smallest bit of information about the device is hounded by fans of the brand. The operator did not comment on the information.

In the job description, statement by the site Mac4ever.com, Orange says that "one of the main issues the mission will be to define as precisely as possible the impacts of a device like the iPhone 5 on the consumption of internet customers ". A little further, it is discussed again the technical capabilities of the "iPhone 5" citing a "change of use induced no faxing payday loans."The course, whose duration is not specified, is offered to any candidate of a "bac +4 or 5", "training business school, university marketing or engineering course."

Leakage and clues

For now, the new model of the firm at the apple does not even name, but fans call him the iPhone 5. Apple intends to spring a surprise at the presentation, probably in the fall of the device by the big boss Steve Jobs. But a few leaks have already created a stir on the Web. Thus, prototypes of covers for the unit exposed on the Internet suggest that the phone is thinner and has a larger screen.

Some new features expected seem to motivate the concern of Orange on new uses for its customers.

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Obama has not been able to preserve the Wall Street panic

Tuesday, August 9th, 2011

At the opening of Wall Street, U.S. indices posted immediately red (around 3%). And losses have widened throughout the session. Accentuating even further their descent, the indices have hurt Barack Obama's speech, who spoke to 20 hours Paris time, the Nasdaq has lost more than 6.5% shortly after the speech. And bad mood has not dimmed until the closing bell on the contrary, the end of the session was sprotive. Finally, the Dow Jones appears falling from 5.55% to 10,809.85 points. This is the first time since October that the index feature finishes below 11,000 points, its worst day in percentage terms since December 2008, a dark period for the financial sector.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours. Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb pay day loans. Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out.Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. "The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

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Debt: U.S. lawmakers have reached agreement

Sunday, July 31st, 2011

The world can breathe a little. After long weeks of negotiations, Republicans and Democrats have finally reached an agreement to raise the ceiling of U.S. debt, according to U.S. television, ABC News, citing unnamed sources in Congress. The debt ceiling would be raised until the elections of 2012. The plan includes spending cuts of over 1 trillion dollars over ten years and the establishment of a new panel of members of Cingrès, which will provide recommendations on additional measures to reduce the deficit of more than 1000 billion dollars.

As stated on ABC's website, this agreement is only "temporary" and must still be approved by Congress. If the information was confirmed by Washington, would mean that the U.S. can continue to borrow on financial markets.Good news for Barack Obama in less than a year of presidential elections. After a long back against the long struggle between Republicans and Democrats, the White House had decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who seems to have paid off.

As a result, optimism had returned to the side of Parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, recognized the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

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Asia market falls into the red

Monday, July 25th, 2011

Earlier this week in the red for the Asian markets. While the euro area has managed to agree on a bailout of Greece, the markets are now focusing on the United States where members of Congress have tried again Sunday to reach an agreement on raising the ceiling debt, but without success. As discussions get bogged down, operators are looming deterioration of the U.S. debt. A nightmare scenario envisioned by the markets to nine days of the deadline mentioned by the Treasury before a default.

At the Tokyo Stock Exchange, the Nikkei, which started on a decline of 0.51%, has cut its losses during the meeting. An hour of closing, he gave up 0.79% at 10,052 points. The market was particularly weighed down by further appreciation of the yen against the greenback. In morning trading, the dollar is worth 78.35 yen against 78.47 Friday.Export values ​​suffer, just like Sony (-2.05%), Honda Motor (-0.93%) and Toyota (-1.05%).

The concerns are the same in the rest of the region. The Stock Exchange of Hong Kong and Shanghai respectively lost 0.79% and 2.10%. In Hong Kong, the banking sector is battered. HSBC 0.77% loose. In Korea, the Kospi was down 0.81% while in Australia, the S & P gives up 1.48%. Only the Indian Sensex manages to remain in the green, up 0.13%.

Oil down

Oil prices were also down on their Monday in electronic trading in Asia, the market worried about the lack of agreement in the United States on raising the debt ceiling.

In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

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The euro zone no longer excludes a "partial failure" of Greece

Wednesday, July 13th, 2011

While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have tried to reassure. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker. Europe and the tent she set up a second country assistance plan, and in this context, the working group to find a solution to save the country from bankruptcy does no longer a " partial default "of Greece.

Late Monday night, the finance ministers of the euro area, following a meeting that lasted nine hours, have launched a series of runs measures: they were willing to increase the size of the Financial Assistance Fund , now has a lending capacity of 440 billion euros.They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt and reduce interest rate loans to Greece. Other measures are also being considered to "improve the sustainability of government debt." But no specific plans to support the country, however, has been announced. What angered the Prime Minister George Papandreou who believes that "there is no room for indecision and errors", and regrets that European leaders are indulging in "cacophony". And even more disoriented European stock markets.

For its part, the executive director of the International Monetary Fund, Christine Lagarde, said she, that the effort of Greece to reduce its budget deficit is still "not enough". The patron of the institution has also sought to reassure over Italy cash advances pay day loan.While the surge in borrowing rates to 10 years in Italy has shown concern on the situation of the country, Christine Lagarde said that "some of the Italian figures are excellent." She added that "it is clear that Italy is currently facing problems which are essentially driven by the markets." Former Economy Minister further stated that the rating agencies' role "without elaborate. These are singled out: besides the Brussels wants to silence forbade them to assess a country subject to an assistance plan.

The international community "can not save Spain"

But nothing works. Markets are not satisfied and the stock markets tumbling again Tuesday morning. Bank stocks have been particularly affected. In Madrid, the Ibex index lost more than 2%.The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. " "If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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