● Restoring growth
● Reform the international monetary system
● Fighting against the volatility of agricultural commodities
● Regulate Financial Markets
● Financing for Development Assistance
● Reforming global governance
Boost growth
Archive for the ‘life’ Category
PSA will remove thousands of jobs in Europe
Wednesday, October 26th, 2011While the automotive market is showing signs of slowing in Europe, and by recourse to partial unemployment as its competitor Renault, PSA Peugeot Citroen chooses the hard way. The automaker announced the establishment of an action plan of 800 million euros in cost savings for 2012. To justify this measure, the leading European regrets, under its third quarter, down 1.6% to 9.3 billion euros in sales in the automotive division, mainly because of "the intensifying price war "in France.
Referring to the weight of the wage bill in fixed costs, the group finance director Frederic Saint-Geours first held Wednesday morning "quite likely" impact "on all the numbers," which amounted to 205,400 employees .After a communication to the dropper, the European group committee has finally unveiled the effectiveness of some of these job cuts: 3,500 jobs will therefore disappear in Europe in 2012, including 2500 in structure functions (such as trade and marketing) and 1000 in production. In addition, some 2,500 jobs will be removed from the external service providers.
To this must be added the loss of 800 jobs for temporary workers in France (where the group has 100,000 employees) by the end of 2011, according to a union source quoted by AFP. In this regard, Philippe Varin, Chief Executive of the manufacturer, will hold talks soon with Eric Besson, Minister of Industry.
The unions rebelling
The unions were quick to react to this.These cuts staff have "something outrageous" Bruno Lemerle storm, CGT delegate to the committee of the European Group, deplored the "working conditions already overburdened." And adds: "The financial situation of the company is good [and] there is no reason to go to job losses."
Player Figaro BFM
Sales of textiles fell in September
Friday, October 21st, 2011The gray economy and softness unusual ambient temperatures may have caused consumers to be cautious in September. Including their clothing purchases. Accordingly: in France, sales of textile and clothing tumbled 10% from the same month last year.This is the French Institute of Fashion (IFM) that will sound the alarm in his last letter of conditions.
This drop in sales spares no distributor:
-Department stores as well accuse a sales decline of 7% in value in September, compared to the same period in 2010,
-Chains saw sales backward 10%
-The decline in sales is 12% for independent multi-brand and 14% for Monoprix.
Monoprix, it was confirmed that the "weather is unfavorable, has had an impact on sales", but also justifies the bad news by the fact that the month of September 2010, compared, was a great month, "sales were then actually up 7%, "says the distributor is.The postponement of a commercial called "The nine days', held in September last year but this year is set astride September and October, may have also contributed to falling sales, recognizes we also Monoprix.
The worst September for a long time …
As for independent multi-brand, the drop in sales was certainly 12% in September, but the segment of the lingerie was displayed, according to the IFM, the best resistance (+ 0.3% in value in September).
All distributors alike, sales began to level off in the summer, the balances have been very disappointing for retailers.During the period January-August 2011, they had already declined by 1.7% in value over the same period last year.
The downward trend has clearly intensified in September, which is the worst for the industry for a long time: according to the IFM, clothing sales in France had indeed increased 2% in 2010, which was a good year, after falling 8% in 2009. But they climbed 1.2% in 2008 and even 8.3% in 2007.
The outlook for the month of October are not provided completely obscured: true, according to Franck Delpal, an economist at the IFM, a slight improvement in weather clothing is not excluded in October, with relapse of temperatures .Already, the last weekend of September would, he said, was marked by an upturn in sales, including warm clothing.
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Frederic Mitterrand defended the creation of channels on DTT
Thursday, October 13th, 2011A bill will be filed within two months to repeal the offset channels granted to historical chains. The CSA will launch a call for applications for six new free channels available within a year.
LE FIGARO. – The government has just decided a call for applications for six new TV channels. Is it a political pre-election?
Frédéric Mitterrand. – No doubt that what we have to stop the development of DTT will be analyzed in terms of pre-electoral context. That said, I see nothing shocking in policy decisions even in a pre-election when they are good decisions, that is to say they serve the public good. In this case, which was decided as the French used as the viewers that audiovisual players. Frankly, it's the solution I recommended in the month of MayAt that time we were in debate on the future chains compensatory granted to incumbents but also the adoption of a new technical standard.
You have decided to delay the adoption of this standard. Is not this go against the future?
The principle of a change in broadcast standard is an act, we decided to give us time to let the natural park of televisions renewal. It is a choice primarily for the benefit of consumers. A change in standard would have required too fast the French to invest in new equipment so that the transition to all-digital is hardly complete. This transition takes place remarkably well, so that one should not forget that it is a revolution for the French daily. All could not afford to grant a new effort.We therefore remain faithful to the philosophy of "Digital Television for All" by offering more channels to all the French, for free. Otherwise, we would then come to an undemocratic situation where some French would have been less than other channels while TNT is so far a success. In addition, manufacturers are not yet ready, which means to wait for the new equipment is available. However, the move almost natural MPEG2 to MPEG4, already widespread, himself is assured.And finally, the government has clearly emphasized the importance of HD, which helps, too, to improve the quality of programs to be offered to viewers.
The repeal of compensatory strings can it lead to a request of withdrawal from the incumbents?
The choice of Brussels was an important driver in the decision that we have just taken, so as not to take undue risk to the state and historical chains, which have in recent months for positions fairly fluctuating. These groups have also not incur costs for the creation of compensatory strings.On the merits, I think the decision is beneficial to all the audiovisual sector and to all groups, which can now compete for the acquisition of new frequencies.
The market can absorb six new channels, more importantly if they are generalists?
I do not want me to replace the Higher Audiovisual Council, which will be master of the choice of channels. But one thing is certain, we live today in a sluggish advertising, if not difficult. Also, it seems a priori the channels may be more likely to take their game in terms of the offer as economically.
Some operators entered the market for TNT in 2005 sold their frequency advantage. Is it necessary to regulate such transactions?
These new entrants have made significant investments to launch their channels and are highly valued.My concern is the future of entertainment, whose difficulties are palpable, particularly in terms of fiction. Today it is on the field I want to express myself and exercise my vigilance Communications Minister.
There is a rise of the Canal + group. How do you react?
Canal + Group is an extraordinary sense of the word. He has developed a unique marketing model, but also new writings be it the visual way to turn the sport or even satirical practice journalism. It is also an operator who demonstrates responsiveness and a sense of strategy remarkable, although it can cause a stir. I also note that Canal + finance a quarter of French audiovisual creation.I hope that when the CSA and the Competition Authority will consider the acquisition by Canal + channels of the Bolloré Group (Direct 8 Direct and Star), the investment in programs, and guaranteed to be outstanding, watched with special attention.
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France is still looking for the keys to competitiveness
Wednesday, October 12th, 2011What should imagine to make French industry more competitive and allow it to regain market share in the euro area? This is the question almost as old as the foreign trade report of the Economic, Social and Environmental Committee (EESC) tries to answer.Indeed, despite its strengths, the delay of France grows: the trade deficit to increase from 51 billion euros in 2010 to over 70 billion this year.
To stop the bleeding, Isabelle de Kerviler, rapporteur of the opinion that is presented this morning at the EESC proposes to facilitate the development of medium-sized companies in particular by improving the financial environment.
"We must strengthen the role of OSEO, we want to launch a loan specifically for the industrial sector and the creation of a special savings account," says the reporter who did not want to quantify the amounts or the levels of these measures especially to SMEs.
Other proposed runway: corporate taxation."It should modulate the rate of corporation tax, the report said, by shifting the tax burden of work on the consumption of natural resources or pollution or swaps."
"Create" Grenelle of competitiveness "
Compared to Germany, envied model that continues to get ahead of our country, the EESC notes that the French labor costs are not even an advantage.The moderation of costs across the Rhine and the progression (in the EU average) of this side are trimmed away.
Nevertheless, France still has a bright points in its favor: the dynamic demographic, geographic location, quality workforce, the quality of public services contrasts with an educational level that s' weakens.
To implement practical solutions, Isabelle de Kerviler wants to organize a "Grenelle of competitiveness." But is that enough to compete with Germany?
The Paris Bourse started the session sharply down
Tuesday, October 4th, 2011The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC plunged 2.98% in the early morning at 2 839.50 points after having been closed on Monday, down 1.85% to 2926.83 euros. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.
Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.
Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.
Oil down
Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen. This morning the euro is worth 101.21 yen and 1.3218 dollar.
Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.
In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".
Dexia has announced the sale of its flagship
The entire banking sector will be followed on Tuesday. The board of directors of Dexia (-27.7% to 0.94 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular.The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.
The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV). The listing of the two securities is suspended.
GDF Suez (-0.20% to 22.40 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution.The sale values the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.
Bonduelle (-0.80% to 64.34 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012. The food group is also in talks to buy the vegetables Aucy in Russia.
Naturex (-0.76% to 49.42 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.
Golden Rule: "Protecting the French"
Sunday, August 28th, 2011LE FIGARO – The government introduced this week its plan to redress public finances. The crisis of this summer did she raised awareness about the need to seize the arms at the waist?
Valerie PÉCRESSE – It has been four years since we conduct a rigorous, freezing state spending, by not replacing an employee on two retiring and controlling health care costs. Before the fall of Lehman Brothers in the summer of 2008, the government planned a deficit of 1.7% of GDP in 2009, a level which France would have reduced its debt! This proves that without the crisis, we would have deficits very limited. But in 2009, the deficit was actually 7.5% of GDP. The crisis changed everything (lower revenues, higher social spending, stimulus needed).When I hear the socialists say that two-thirds of the deficit comes from our economic policy decisions, I say that all European governments and the United States, as we faced the crisis and that the French debt increased less that on average our neighbors.
Do not you turn the austerity?
No. The austerity, it would have been to raise taxes for all the French, to lower the salaries of officials and social benefits. Our budget is a realistic budget that allows us to move forward on the path to debt reduction. By providing a deficit of 5.7% of GDP this year, 4.5% in 2012, 3% in 2013 and 2% in 2014, we have a credible path and we are taking another step. The rating agencies also believe, and for this we note that AAA.Now you will have noticed that we have revised down our growth forecasts for 2011 and 2012 to 1.75%. Take to achieve this trajectory despite the slowdown, it is necessary to make an additional $ 11 billion by the end of 2012. With Baroin, we proposed to the President of the Republic and the Prime Minister effort equitably, inspired by our social beliefs Gaullists. Everyone will be involved, but we will require more large companies and SMEs and more affluent households to the rest of the French.
How such a plan does not it weigh on growth?
We looked for the right mix of efforts to reduce deficits by protecting the jobs and growth. Because our policy is based on three pillars: the recovery of accounts and the debt that nurture confidence and thus growth.A historic investment in research and innovation through the research tax credit and investment for the future. And finally, structural reforms: pension reform, university autonomy, modernization of the state, etc.. All this increases the potential growth. It is these three pillars together that will allow France to emerge stronger from the crisis.
You announced a tax of 3% of earnings over 500,000 euros. Is this a level that you feel "extravagant"?
500,000 euros per person, a very high level of income. Between the tax on high incomes, higher payroll taxes on savings and the elimination of discounts on real estate gains, wealthier households will contribute a total of 3.7 billion.By raising taxes on savings, we compare the taxation of pa6trimoine that of labor income.
Of the 11 billion effort that you announce for 2012, corresponding to 10 billion tax increases. The State has happened after what he could do to reduce the expense?
No, because we will work with legislators to find additional savings of one billion next year. Through our reforms, we save 16 billion euros in government expenditure and for the first time since 1945 the payroll of the state will drop in 2012 because we have eliminated 150,000 jobs between 2007 and 2012 public. We need to continue structural reforms to go further: education, competitiveness and taxation, etc..The debate comes as part of the presidential election.
Should we expect new measures in the draft budget law in 2012 that you will present at the end of September?
The measures are on the table. The debate will engage with parliamentarians. I will be attentive to their proposals.
With the plan that you announced and the path of deficit that results, do you still need a "golden rule"?
It is always easier to meet its commitments when there are rules. We held the non-replacement of an official two retiring or freezing in the value of departmental spending, because we set the rules. The "golden rule" would protect the French of all political uncertainties. It is a seat belt. Remember that we are entering an election campaign, when all the promises reckless.If the Socialist Party wants to do, at least he will have to put the revenue required in the face. Empower the Constitutional Council to reject a budget that does not respect the commitments is a very important step. By refusing the helping hand of government on the "golden rule", the French Socialists isolate themselves from their European counterparts rather than inspiration.
After Germany, the UK signed an agreement with Switzerland that allows Brits having an undeclared account in Switzerland to remain anonymous while putting himself in good standing with the IRS. The Swiss bank levies a tax on the account, then tax it pays to the British state without giving names.France, she will follow this example?
We will study this question by examining the agreements signed by Germany and the UK to see if they are compatible with our republican principles: such agreements should allow for example the lifting of secrecy in Switzerland, when requested by a French judge. Our principles are not negotiable.
The Cac 40 continues to rise
Tuesday, August 23rd, 2011Sign 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.
Tour operators rely on "all-inclusive"
Friday, August 19th, 2011Buffets and unlimited sports, entertainment for adults, kids club for children … A holiday in the card, no surprises. Everything is organized and paid for before reaching the full support from the airport.
In times of crisis more than ever, all inclusive, hallmark of Club Med, like and secure. Most tour operators would be more or less inspired to develop offers "house" all inclusive stays in hotels with different price points.
"The" all inclusive "is part of the DNA of Club Med. It is the heart of our product, said Anne Yannic, executive director of markets France, Belgium and Switzerland at Club Med. In a difficult economic environment, it is a reassuring promise. The formula has developed significantly since the financial crisis of 2008.All tour operators now offer all-inclusive club package. But the positioning high-end all-inclusive Club Med is unique. No one offers such a quality of service, except perhaps a few luxury hotels, but offer user-friendly that is also a hallmark of the Club. "
According to Patrice Caradec, CEO of Transat France (Look Voyages), the number of hotels clubs offered for French customers from 200 to 400 in five years. "Ten years ago, when ten French went in with a beach holiday tour operator, five opted for a formula club hotel, all inclusive, he says. Today is September Eventually, we will not sell more than that! "
Look Voyages already carries 75% of its sales in its 34 clubs Lookéa. These clubs are independent hotels from 150 to 200 rooms.Look Voyages ensures the filling of 80%, by signing contracts with their owners at least three years. Its own teams (10 to 20 people per club) make the animation.
Higher margins for tour operators
"With the Internet, which causes them to spend more and more tour operator, the formula is the most relevant, offering the best quality / price ratio, ensures Laurent Laforest, director of marketing for Look Voyages online cash advance. Club Med, which was once the preserve of the product club (animations, user-friendly, sports, child care), was copied by tour operators and hoteliers themselves. But the concept of club is not regulated, you can find everything and anything.The challenge is how to make its mark as a guarantee. "
This summer, for example, Thomas Cook France sells 72 hotels clubs (27 clubs Eldorador, the brand more upscale, 15 Villages Thomas Cook, 20 Aquatour clubs for customers in northern France, 10 Jumbo clubs, positioned entry ). "In deciding to go on the high end, Club Med has left a very important market segment. We have a lot of customers who come to us because Club Med has become too expensive for them, says Denis Wathier, Chairman of Thomas Cook France. The goal is a hundred clubs in two years. With the emergence of the Internet, tour operators must have something unique to offer. "
Another advantage is that the profitability of the formula."From the moment you sell a concept where you put the value added (animations, buffets, a specific decoration …) you can afford to sell the service more expensive, with higher margins," Wathier says Denis.
According to Laurent Laforest, clubs attract mainly couples (70% of customers) and families with children. "In a travel market in crisis, it is the segment that is resistant to the best tailor-made high-end", says he. "The demand increases and supply the following at the expense of traditional hotels, which are easily found on the Internet without going through tour operators," said Denis Wathier.
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Innovations in series to the radius Breakfast
Wednesday, August 17th, 2011Activia has recently launched a variant of its yogurts, to be paid in grain payday loan lenders. (Photo credits: DR)