Pébereau has resisted the stock market battles, crises and even big night bank. But a simple date in a calendar, and he is defeated. Thursday 1 December, the most influential banker in France or Europe, will no longer be president of BNP Paribas, the old lady he was winded in eighteen years the first French bank. At 69, the inspector of finance promotion Marcel Proust was found by time. No matter. A few days before his abdication, he remains the first line on the front of the euro. One day, debating on a television with Jose Manuel Barroso, President of the European Commission. Another received at Downing Street by David Cameron, the British prime minister. There's a fire in the house and the euro Financial has an address book to make the government gives tirelessly envious of the voice. That of BNP Paribas. That of France.
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TF1 stock market plunges after disappointing results
Friday, November 11th, 2011The effect of the crisis was immediate for the television market and particularly for TF1. The first French commercial channel just announced for the first nine months of the year, a decline of 1.6% of its advertising revenue to 1.054 billion euros. The decline is even more pronounced for the third quarter, which ends, as advertising revenue in the chain were down 3.2% to 296.6 million compared to last year at this time.
An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."
However, if the proceeds of the TF1 channel degrades, the group announced a turnover in nine months, up 0.7% to 1.826 billion euros.
Life insurance falls into the red
Monday, October 24th, 2011The ax has fallen. In September, the French withdrew 11.5 billion euros in their contracts of life insurance in order to invest in alternative investments. With a collection of 9.7 billion euros, the "preferred placement of French" displays so a net outflow of 1.8 billion euros. "Financially, there is a stabilization of outstanding, grade Pierre de Villeneuve, president of the commission life of the French Federation of Insurance Companies (FFSA) and Chief Operating Officer of BNP Paribas' Cardif. The outflow is offset by the capitalization of assets. "
This net outflow nevertheless a very symbolic event for the world of insurance. This is the second time this has happened since the publication of a monthly indicator in 1997.In the panic of the fall of Lehman Brothers, the purchase of contracts had exceeded the collection in October and December 2008.
The new episode of outflow was expected, the movement of withdrawals flying for several months. Several factors explain this cold snap. "The environment encourages individuals to anxiety out of stock or bonds to promote short-term investments or stone," said Jean Berthon, president of the Federation of Independent human savers for retirement (Faider) . Hesitations about the tax life insurance at the beginning of the year have also left its mark.
Banks are active
In this context, investors do not have particularly appreciated the booklet A faxless payday advance. Despite its attractive net salary of 2.25%, in September it displays a modest collection of 1.13 billion euros.Investments flagship autumn are to be sought in bank books boosted short-term offer of 3.5% to 6%, for periods of three to twelve months. Banks, ordered to adapt very quickly to new regulatory requirements of Basel III, should not relax their efforts to build up a stock of customer deposits.
Insurers temper the consequences of withdrawal. Indeed, if an individual purchases a life insurance company invests in securities with face holding horizon is closer to the life of the contract, that is to say very often in bonds.The outflow thus results for insurance companies by sales of bonds, exposing companies in an environment of rising interest rates to a realization of unrealized losses.
"The life insurance companies have tools to deal with exceptional events: the capitalization reserve, the reserve for surplus and unrealized gains …" insists Pierre de Villeneuve. As for the outflow, or it should not affect investment returns, or the results of companies. This is a good opportunity to show the flexibility of life insurance to meet the needs of some investors. "
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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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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.
The long wandering unemployed California
Monday, September 26th, 2011For three years she is unemployed, Sheila Magsby short job center job center in the wheel of his battered car in the hope of becoming thinner, to find a job. The point where it is, after thirty-six months of fruitless searches and applications without response, the forties would be satisfied with a minimum wage, although it has twenty years experience as secretary to the prosecutor in Los Angeles. Over the past year, Sheila no longer receives any unemployment benefits. It is therefore no income. "Luckily I live with my father. How else am I get out? "She asks.
Sheila lives in Los Angeles, but that it is today came Torrance consult the job offers. "I might have better luck here," she sighed half-heartedly.At about twenty miles west of downtown, Torrance is home to the headquarters of U.S. automakers Toyota and Honda, companies that only hire certainly not now, but around which created an economy of small merchants , restaurants, etc..
Degreasing the chain
Eighth global economy, California stands today especially the second worst unemployment rate in the country (12.1%) after the Nevada (13.4%). Only the San Francisco area, the heart of high-tech industries and the Internet is more or less spared thanks to companies like Twitter and Facebook continue to recruit qualified personnel. The rest of the state bogged down. Building on education, the downsizing continues as roads and school performance deteriorated.In the center, in the San Joaquin Valley, the unemployment rate reached 40% in some towns. To the south, near the Mexican border, it rises to 26% in the Greater El Centro.
Alarmed by stagnant growth, stock market rout and a nagging housing crisis, employers in California have eliminated 8,400 jobs in August (after having created 98,500 since the beginning of the year). 3600 of them were eliminated in the public sector. The teacher Cindy Cheritan is one of the many victims of these cuts. She found herself obliged to accept a job as a nurse throughout the summer, paid $ 50 per day, because the City of Downey, where she works, can no longer afford to offer the remedial courses that summer allow teachers to make ends meet during their two months of unpaid leave."I've mostly replacements, says Cindy, because it is currently impossible to get tenure."
Three hundred applicants for every job
Cindy's case is emblematic. She returned several times the path to college for a career change. Having obtained a real estate license at the beginning of the real estate crisis of 1997, she was forced to abandon this activity almost immediately. "At the time, there was a shortage of teachers. So I opted for this profession. "Struck by bad luck, she became a teacher at age 45, after five years of study, just when education authorities began to fire teachers. Cindy is now for the group 16.3% of Californians living below the poverty line.At 50, she returned also live with her parents.
"We see a lot of engineers, says Christina Haggins, the job center of Redondo Beach as the aerospace industry, a strong presence here, has eliminated thousands of jobs. Recently we even had a judge have been unemployed for several months. We tried to help him, but he still has not found anything. "
According to the California Labor Department, about 300 candidates apply for each job. As was recently the case in a holistic care center for pets. "They were looking for a receptionist. We were 250 to introduce ourselves, "said Julie, unemployed for two years.
California and have any interest in adopting the employment plan recently presented by Barack Obama.The $ 3.9 billion allocated to infrastructure renewal of the state could create 51,500 jobs, 37,000 teachers could find the way to school. Finally, about 710,000 SMEs would receive tax cuts and social security. "We absolutely must get out of the economic hole we have fallen," calls the director of the Institute for Research and Development of the use of UCLA, Chris Tilly. "People need to get back on their spending and businesses to hire."
The Fed is embarking on a "Twist"
Friday, September 23rd, 2011The Fed has launched "Operation Twist" on Wednesday. Following a two-day extraordinary meeting of its Monetary Policy Committee (FOMC), the U.S. central bank announced its intention to sell by the end of June 2012 for $ 400 billion of treasury bills maturity of three years or less, to buy an equivalent amount of maturity from six to 30 years.
This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.
The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.
Market disappointment
In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.
This double operation shows that the Federal Reserve, the economy remains very depressed."The latest economic indicators suggest a continued weak conditions in the labor market and unemployment remains high, the Fed said. There are significant downside risks weighing on economic prospects, including strains in global financial markets. " These findings are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high, to 9.1%.
On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the discretion not optimistic the U.S. economy. Shortly after the news release of the Fed, the Dow Jones, which evolved in equilibrium has shifted into the red.It closed down sharply from 2.49% to 11,124.84 points.
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The royal wedding is worth 10 million euros in Monaco
Wednesday, September 21st, 2011Albert 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.
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