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The royal wedding is worth 10 million euros in Monaco

Wednesday, September 21st, 2011

Albert II of Monaco and Charlene Wittstock reported close to the rock. The royal couple, who has said yes last July, allowed Monaco to garner nearly 10 million. The celebrations, which took place over three days, had in fact cost 19.578 million euros (paid by the State of Monaco to the tune of 9.178 million and 10.4 million in the Palace). But the direct and indirect economic benefits are, they estimated at 29 million euros, according to the Institute of Statistics Monaco (IMSE).

Direct benefits, which include expenses related to the organization made in the Principality, were valued at 14.9 million euros.According to the Minister of State Michel Roger, "76% benefited local economic entities", ie the sectors of hotels, restaurants, service providers and equipment supply.

The indirect benefits generated by visitors and participants in various events during the wedding, have immediately helped raise 4.6 million euros (2.5 million are still went to the restaurant, 1, 5 to 0.6 million hotel and derivatives such as objects and stamps). In the long term, they need to generate about 9 million.

"Capitalize" on these benefits

For Monaco and its 35,000 inhabitants, the bet seems successful. This marriage has given a boost to a tourism industry that marked the coup in 2009.The Tourism Monaco confirmed a very good month of July: "The Principality has 75,000 monthly overnights. In July, 80% of them were occupied, "said a statement citing" great numbers that exceed the reference years were 2007 or 2008. "The Oceanographic Museum and its exhibition "Story of the Royal Wedding" shows the tourist craze sparked by the marriage of July as recorded 100,000 visitors in less than a month.

To maximize the benefits for the long term, officials are working on Monegasque a special program named "Monaco, the world capital of romance" with the goal of "capitalizing on the benefits of international royal wedding and set up a course marriage," said Bouquier Michel, the Commissioner General of Tourism.

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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The United States would release 300 billion for employment

Thursday, September 8th, 2011

At a time when European governments are in turn in place policies of fiscal restraint, the United States seems to them the choice of stimulus. Concordant sources, Barack Obama should indeed announce a plan for $ 300 billion (about EUR 213 billion) to boost employment and growth.

For now, the Obama administration has not officially given details on this program to support the economy promised on August 15 which outlines what must be unveiled Thursday by the head of the White House.But according to CNN, during his speech to Congress which will be broadcast on television, U.S. President should mainly announce new tax cuts for the fight against unemployment, which appears to 9.1% in August United States.

Likely lower expenses

The Bloomberg said that the taxes acquitées by workers expected to decline by 2% on 31 December. Expenses paid by employers should also be reduced. The agency adds that the program should also include new public spending on infrastructure construction next year.

The Federal Government should also give direct aid to states and local communities credit reports free. Bloomberg said that the aid would go through the suspension of staff redundancy programs in hospital emergency rooms and teachers.Education is expected as an important part of the speech of Barack Obama.

These new expenditures should be fully offset by budget cuts, which will be specified by the head of the White House, says CNN. But according to Bloomberg, to fund these new measures, Barack Obama should prompt Congress to offset the costs of job creation in the short term by new taxes on income in the longer term. According to Bloomberg, the president of the United States should present the proposed budget cut next week to members of Congress charged with finding a way to reduce government debt.Barack Obama and succeed in reconciling policy stimulus and lower budget deficits, Bush is indeed bound by a program to reduce the deficit over time.

Nicolas Sarkozy praised his "toughness" against unemployment

Sunday, September 4th, 2011

It is in a climate much different than at the conference in support of Libya, the day that Nicolas Sarkozy was on Friday, his first visit in the province since September. He chose to address the issue of rising unemployment in the Vosges, where he is three points above the national average (9.1%), visiting the company KDGFrance specializing in the manufacture of DVD .

One way to illustrate the policy to support training through professional transition contracts. But the Elysée had also clearing the way for some 60 miles away, sending his agriculture adviser, Daniel Perrin, to listen to the grievances of the employees laid off soon a group Lactalis Cheese Company, which manufactures including cheese … President .While polls show an improvement, but in the context of attacks on returning the case Bettencourt, Nicolas Sarkozy wanted to place his action under the sign of toughness. "The important thing is persistence. It is a keyword. (…) We are not in Libya would not have happened without toughness … the same tenacity will be put on employment, competitiveness of France. You have to fight inch by inch and finally get results, "he said.

By repeating the word seven times, Nicolas Sarkozy coined the slogan of the day.He also managed to draw a parallel between the end of the Gaddafi regime, which fell when everyone was betting on the stalemate, and the "titanic battle for France again become a place of production."

Sarkozy has nevertheless recognized that unemployment figures for the last three months were "clearly not good, but how could they be in the context of global economic and financial crisis?". He preferred to put forward some encouraging statistics, such as increasing the number of jobs created (120,000 in the first six months of 2011) quick cash. As his Secretary of State for Tourism Frédéric Lefebvre, he also established a link between unemployment and the demographic vitality of the country."A workforce that is increasing every year 150,000 people (…) is good news because in thirty years, France will be larger than Germany (and) it's good for the financing of our system of retirement, "he was glad. But "before reducing to one the number of unemployed is to find 150,000 jobs for 150,000 new" entering the labor market, he said.

On the concrete cures, Nicolas Sarkozy has remained modest. He announced a boost of 20,000 additional assisted contracts for young people and more than 50 years. But in a crisis of sovereign debt, no way to release the tightening imposed on the state budget. For the first time, the head of state has defended the new plan unveiled last week by Francois Fillon, who has to save one billion euros in 2011 and 11 billion in 2012.However, he vigorously defended the inclusion of the golden rule in the Constitution. "My God, but where's the catch? Are those temporarily in charge of the direction of France can not undertake that the annual budget goes toward equilibrium? ".

He cited the example of bipartisan agreement that has just spoken in Spain, "the Socialists and the Spanish right love their country more than their party, and I hope for France that politicians love their country more than their parties and their personal interests, "commented the head of state to the attention of the opposition.

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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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The Cac 40 continues to rise

Tuesday, August 23rd, 2011

Sign that the markets are still very feverish, gold crossed for the first time in its history the bar in 1900 dollars an ounce to more than 1914 dollars exactly. However, according to analyst estimates, the Cac 40 continues to rise, after gaining 1.14% to 3051.36 points on Monday. The stock index climbed 1.22% to 3088.75 points.

Of the other major European stock markets, the FTSE-100 from the London Stock Exchange gained 1.02% to 5147.27 points and the Dax-30 from the Frankfurt Stock Exchange is 1.01% to 5529.26 points. Wall Street closed Monday evening while a cautious rebound Asian stock markets advance slowly.

While awaiting the president's speech to the U.S. central bank, Ben Bernanke, Friday, and the publication of the second estimate of U.S. GDP in the second quarter, the same day, the markets are mindful of the situation in Libya where the prospect a regime change seems inevitable with the fall of Colonel Gaddafi after 42 years of reign.

Oil prices retreat slightly

As a result, oil prices were cautious on Tuesday morning. In morning trading, a barrel of Brent North Sea crude for October delivery fell by 2 cents to 108.34 dollars, after losing 18 cents in early trade.A barrel of "light sweet crude" for delivery in October gained 27 cents 84.69 dollars.

On the macroeconomic front, the growth in activity in France has re-accelerated slightly in August, but three months to offset the sharp slowdown that has just experienced. The manufacturing PMI rose to 53.6 points against 53.2 in July.

In the U.S., sales of new homes in July were attendures to 16 hours.

On the corporate side, while the regime of Colonel Gaddafi is expected to end, the energy and oil are in the form: Total climbed 2.31% to 33.46 euros, GDF Suez is 1.66% to 20.50 euros EDF wins and 1.13% to 20.94 euros.

Carrefour: 1.69% to 18.95 euros

Carrefour announced Monday the appointment of Thierry Garnier, currently executive director of distribution group for growth markets, the Executive Director for China and Taiwan, replacing Eric Legros.

Sanofi: 1.72% to 49.97 euros

Aventis Pharma, Indian subsidiary of Sanofi, is close to buying activities without prescription Universal Medicare, an unlisted Indian pharmaceutical company to 75.8 million euros, said on Tuesday two sources close to the situation.

Societe Generale: 1.26% to 21.33 euros

Societe Generale has asked the bank Rothschild to set up a liquidity contract with a budget of 170 million euros to support its action, which has lost more than 40% of its value in a month.

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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. "

Wall Street ended the session on a clear upward

Friday, August 12th, 2011

As in Europe, Wall Street rebounded sharply on Thursday after a session that saw the Dow Jones plunged by 4.6%. After opening up 1.25% at 10,854 points, the Dow Jones increased its earnings in mid-day. It ends with a sharp increase from 3.95% to 11,143.31 points. Nasdaq rises from 4.69% to 2492.68 points and the S & P 500 climbed 4.63% to 1172.64 points.

After being attacked the night before, banks rebound and take the rating up: Bank of America takes up 6.50% to 7.21 dollars, JPMorgan Chase 6.49% to 36.60 dollars, Citigroup 6% to 30, 20 dollars and Wells Fargo 5.94% to 24.24 dollars.

The energy sector, also roughed up yesterday, today contributes significantly to higher indices, like the ExxonMobil oil (5% to 71.43 dollars). This increase is in the wake of oil prices that ended up on the New York Mercantile Exchange (Nymex).A barrel of "light sweet crude" for September delivery finished at 85.72 dollars (2.83 dollars the previous day).

Good news on employment front

The Dow Jones has further accelerated its rebound at the start of the last hour of trade, in a speech by U.S. President Barack Obama to ensure that there was always the possibility of taking measures to "help accelerate growth and job creation. "Investors also had a renewed confidence in the announcement of a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on Tuesday in Paris to discuss the reform of the governance of the euro area.

Also on the macroeconomic front, some good news also reassuring: the weekly jobless claims declined in the United States during the week to August 6 at 395,000 against 402,000 (revised) the previous week, said Thursday the Labor Department. Economists on average had expected 400,000 jobless.

On the front of the U.S. housing: the number of dwellings within the scope of foreclosures fell in July to a low of four months in the United States, according to a study released Thursday.Loan defaults, seizures and sales of bank foreclosures have affected 212,764 properties in July, a low not seen since November 2007, according to the firm RealtyTrac.

Note however that the country's trade deficit widened further in June according to figures released Thursday by the Commerce Department, reaching its highest level since October 2008 as a result of a sharp decline in exports.On a seasonally adjusted, the deficit reached 53.1 billion dollars against 50.8 billion (revised) the previous month, while U.S. exports fell by more than 2% over the month.

Cisco did better than expected

On the corporate side, the telecoms and IT supplier in the U.S. Cisco (15.95% to 15.92 dollars) on Wednesday issued an annual net profit down 16.4% to $ 6.5 billion, and a profit in the fourth quarter, down 36.3% to $ 1.2 billion. However, both figures higher than expected.

The media group News Corporation (18.09% to 16.19 dollars) to Rupert Murdoch, shaken by the recent wiretapping scandal in Britain, tried to reassure on Wednesday, its investors by issuing a profit annual increase."Although this was a good quarter of a financial point of view, our group has faced in recent weeks to problems with our London tabloid News of the World", accused of having carried on tapping some 4,000 people in the 2000s, said the group's CEO, Rupert Murdoch, in a statement.

In addition, Google (2.39% to 562.13 dollars) is followed. The investigation by U.S. authorities in charge of Competition (FTC) about a possible abuse of dominant position of Google, announced in June, focuses on the Android operating system and the search engine, we learned on Thursday in the Wall Street Journal.

No major publication is expected this weekend. It will take into effect until next Tuesday for Home Depot, Walmart and Dell publish their interim results.In the meantime, Monday, August 15, Estée Lauder will unveil its third-quarter figures.

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Between Kraft cheese biscuits and sweets

Friday, August 5th, 2011

Kraft, the world of food, getting ready for a new metamorphosis. Four years after its separation from the cigarette company Philip Morris and the acquisition of LU (Danone), eighteen months after the takeover bid for Cadbury, CEO Irene Rosenfeld said Thursday the next split in the group. "The board wants to create two independent publicly traded companies: snacks, global, high growth, and a grocery business in North America to high margins," said Kraft, which is given by at the end of 2012 to achieve this.The group indicates neither the names of these entities, nor the identity of their future leaders.

The grocery store ($ 16 billion in sales) will bring together historic brands: Philadelphia cheese, Maxwell House coffee, Jell-O blanks, the Oscar Mayer wieners, sauces Miracle Whip … The other company will bring together the chocolate brands (Milka, Cadbury), cookies (Oreo, LU), chewing gum (Trident, Hollywood) … The snacks, 42% of sales come from emerging markets, makes 32 billion dollars in sales.

Two distinct logical purchase

These two activities "now differ in their strategic priorities, their growth patterns and their operational focus," said Irene Rosenfeld, who took over the group in 2006 cash advance flexible payments. They also respond to two distinct logics of purchase: for impulse buying chocolate and cookies, traditional races in the fresh to the grocery store.

In recent years, snacking activity had become the main growth driver for Kraft, who had separated from his cereal brands (Post) and frozen pizzas (DiGiorno). "Several activities were more consistent with the new face of Kraft, including dairy products, says Ildiko Szalai, an analyst at Euromonitor. The group's growth was also hampered by its activities in North America, a very mature market, strongly impacted by the recession. This does not mean that it is a step prior to the sale of this business. "By strengthening the visibility of snacks, Kraft also hopes to gain credibility with investors. Even the most critical among its shareholders, the businessman Warren Buffett, welcomed the split.

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The Cac 40 worried about global growth

Wednesday, August 3rd, 2011

After losing more than 8% over the last seven meetings, the CAC 40 is on track to record an eighth consecutive day of decline. The stock market opened down 1.16% at 3473.36 points, reaching levels not seen since August 2010.

On other European financial centers, the Footsie-100 from the London Stock Exchange 1.50% to 5632.57 loose points, the DAX 30 Frankfurt Stock Exchange lost 1.66% to 6684.24 points, the FTSE MIB the Milan Stock Exchange drops 2.43% to 16,852.90 points, the Ibex 35 of the Madrid Stock Exchange gives 0.90% to 9032 points, the PSI 20 of the Lisbon Stock Exchange was down 0.86% to 6569, 24 points.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend. Yield spreads between bonds to ten years Spanish and Italian over German bonds widen.They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti talks in Luxembourg on Wednesday with the leader of the euro zone, Jean-Claude Juncker.

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country.The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American. Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, growth in manufacturing in July (10:00) and numbers of retail in June (11:00) are also scheduled.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: -2.40% to 7.64 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -1.15% to 36.37 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: -0.54% to 49.24 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -5.41% to 30.74 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -2.38% to 7.80 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: -0.48% to 12.52 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: 3.89% to 63.89 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -1.77% to 239.30 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -2.01% to 34.65 euros, Peugeot: -4.02% to 23.3 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.

Accor: -1.53% to 28.38 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

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