● Reform the international monetary system

● Fighting against the volatility of agricultural commodities

● Regulate Financial Markets

● Financing for Development Assistance

● Reforming global governance

Boost growth

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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After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines. On Thursday, he watched the decision of the European Central Bank (ECB) on interest rates.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Until today, investors will learn the weekly jobless claims.

Meanwhile, the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars payday loan.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

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.

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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On the merits, Germany continues to advocate for the export of its business model to other European countries and calls for reforms to improve competitiveness. For the rest, particularly with regard to assistance to States in need, remains intransigent. The President of the Bundestag has also warned that the plan of aid to Greece would not be adopted in September as planned.Contrary to what the Chancellor promised its European partners.

For the subject "is so important that the Bundestag can not examine it in a few days with the necessary attention. And the Bundestag itself decides how much time he needs, "hammered Norbert Lammert (CDU). This reference indefinitely slingshot echoes the deputies of the majority, offended to be confined to the role of registration of the major decisions on the euro area. Between 25 and 40 of them could not vote for it, according to estimates. Not enough to prevent its adoption as the Greens and Social Democrats (SPD) have already announced they would vote for. However, the balance of the majority is at stake if the number of defections on the right is important payday loan.And the chances of the Chancellor to come to his estate in 2013 will be weakened.

"Treasurers of Europe"

Always keen to show his concern for good management of public funds, the finance minister, Wolfgang Schäuble, dismisses the idea of ​​European bonds, "as the Member States to practice their own fiscal policy." The word remains taboo eurobonds in the ranks of allies of government, CSU and FDP, "the devil's work" as one commentator has called ironically the Spiegel. Spokesman for the financial matters of the CDU-CSU, Klaus-Peter Flossbach, "Europe does not need to eurobonds but strong budgets. And budgets are achieved with strong economies, not with Eurobonds. "

"Are we becoming the treasurers of Europe?" Questioned this weekend the newspaper Bild.The liberal party (FDP) is threatening to break the coalition agreement if it came to the idea of ​​Christian Democrats to take this direction. Because the option of Eurobonds would be well on his way within the Conservative party if we believe Die Welt.

Angela Merkel, always cautious and pragmatic, the idea is not yet ripe. While the latest polls give the Germans more Euro-optimistic: 2 out of 3 respondents believe that the currency will still exist in 10 years and 53% believe that the euro crisis is not going to get worse in a year .

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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.

LE FIGARO. – What is the content of the proposed stimulus package you presented yesterday to the employees of "Parisien in France today?"

Philippe CARLI. – We have decided to invest 30 million euros to develop and diversify our offer. This choice results from the observation that 80% of our revenues come from sales to the number. We must therefore meet the expectations of our readers. The objective is to increase our revenues of 100 million euros on the brand Le Parisien in France today. To retain and expand our audience, we plan to invest ten million euros, with, among others, the creation of a weekly magazine offers.Coupled with the daily on weekends, it will include in the second half of 2012, a news and lifestyle magazine picture of a hundred pages. In a second step could be added a weekly edition of our monthly enriched La Parisienne.

And for everyday?

Besides the fact that the model will be upgraded with a passage of 64 full color pages, we wish to reaffirm our commitment to strengthening our close nine departmental editions (eight departments of the Ile-de-France and the Oise), representing 49% of our sales. We plan to increase their editorial pagination of 50% and increase local resources, including rich media. Finally, to be closer to the cities and communities, we want to enter into agreements with associations, clubs and municipalities.A manager of the communities would be created for each edition.

You also mentioned before the diversification of employees …

Indeed we expect to invest 20 million euros in acquisitions of companies specializing in electronic transactions, including trade between individuals, group purchasing, or even the classifieds. We are also interested in human services.

The envelope of 30 million euros, also includes capital expenditure?

The journal's editorial changes will be accompanied by a modernization of two of our printing presses Saint-Ouen, where we have modernized our mailroom at a cost of 3 million euros. In addition, we invest in our management tools related to our subscribers, our readers and clients low interest rate personal loans.30 to 35 million French people each month are in contact with one of the hallmarks of our group (Le Parisien in France today, the team, Amaury Sport Organisation). It's time to capitalize on these contacts by imagining new offers for our subscribers. I am convinced that this is a very strong leverage income.

Where are you in the digital convergence of your editors?

If there is one place where it is well advanced, it is in our county editions, where journalists play the game But there is still room for improvement, including better integration of information flow and anticipate events . In terms of organization of the group Le Parisien, five major areas should be established, bringing together existing services around cross-cutting issues – news, entertainment and sports – and two that would be created – investigation and image.The realization of any newspaper should be linked to art direction and a cross-media desk would also be created to handle all information and redirect them to different media.

This major reorganization will she downsizing?

It should actually result in the removal of items from 40 to 50 of the 600 employees that has Le Parisien. But I said that my desire is to avoid forced departures. We want to set up a voluntary redundancy plan the details of which will be discussed with the social partners in September.

What functions are involved?

Mainly managerial functions, simplifying the hierarchical organization, and positions related to the achievement of the newspaper.The creation of new centers, in particular survey and image, is expected to provide opportunities in writing to some of those involved. Scribblers writing should not, however, be affected.

On the branch Amaury Sport Organisation (ASO), what are your plans?

We will continue its internationalization. Several opportunities are being explored. We will support the development of ASO in South America, including Brazil, where we opened a subsidiary in late 2010. But also in Spain, where we took a significant stake in the Vuelta, the Tour of Spain. We also plan to organize events around the bike in Qatar and Oman. Discussions are also underway for events in China.

"I think we should make the Fund more responsive, more efficient and certainly more legitimate. And that really requires a lot of potential improvements, but also the continuation of reforms that were undertaken by my predecessor, "she said in English. "I believe that the Fund is a remarkable institution with an exceptional staff, and must always strive to be more responsive, more engaged, more legitimate with all of its 187 members.In any case, it would be my ambition, "she said, in French this time. "It's now up to member states to decide."

The French Minister of Economy is opposed to a Mexican candidate, the governor of the central bank Agustin Carstens, to succeed the French Dominique Strauss-Kahn, who resigned May 18 It provides, inter alia, support non-official Washington. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF."

The next step is a formal meeting of the board Tuesday to consider the two applications. The Board of Directors of the IMF must choose between her and Agustin Carstens by June 30.

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While growth slowed slightly to Android, the gap with the iPhone is still more tenuous than ever. Always installed first, with 4 million users aged 13 and over (27.9%), the smartphone from Apple is losing ground.Conversely, Research In Motion, the maker of BlackBerry continues to grow (9.2%), while Microsoft is showing some signs of tremor phone through Windows 7 (7.5%), after falling to the lowest in March.

Apple changes its position

Continuing the momentum, Android could surpass the iPhone in France this summer, thanks to the arrival of new flagship models like HTC and Samsung S Desire Galaxy S2. Very aggressive, the South Korean manufacturer is the one who benefits most from the success of Android in the country. The number of users of its smartphones has more than quadrupled in a year, according to comScore free business cards.The trend is the same abroad: Japanese analyst firm Nomura expects Samsung to become number one in sales from that quarter, to Apple and Nokia.

Already exceeded by Android a year ago the number of users in the United States, however, Apple has found a solution to always appear first rankings. At its last conference in San Francisco in early June, Steve Jobs presented statistics comparing the Google system not only to the iPhone, but also to other mobile devices running IOS with the system, that is to say the iPad and iPod touch. A comparison to his advantage, puisqu'Android is still in its infancy in the shelves and almost absent from the players.

As the United States, Apple also increases his lead over Android in France when we accept this method of calculation.So a little over 6 million French people using terminals iOS, against 4,000,000 for the Google system, according to comScore survey. As the United States, owners of iPad is a little older than the average smartphone users. They also have more often an iPhone or a Samsung phone, and are less likely to Nokia and BlackBerry.