● Restoring growth
● Reform the international monetary system
● Fighting against the volatility of agricultural commodities
● Regulate Financial Markets
● Financing for Development Assistance
● Reforming global governance
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Posts Tagged ‘events’
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?
Gucci ready to accelerate its expansion in China
Sunday, September 11th, 2011Nanning, 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.
The Fed is concerned about growth
Wednesday, August 10th, 2011After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.
Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."
Other measures
"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.
Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.
China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.
Difficult to recover the "AAA" when it was lost
Sunday, August 7th, 2011S & P is the second rating agency to downgrade the American note, after the Chinese – less powerful – Dagong, others – mainly the U.S. Moody's and Fitch French – for the time remaining in triple A. Now rated AA + long term debt of the United States remains in the investment category of "high quality" and joined the second and third world economies, namely China and Japan, as well as Belgium, Spain , Israel, Taiwan, or even oil-rich countries like Saudi Arabia and Kuwait.
But it is possible to recover the triple A when it was lost. Canada, Australia, Denmark, and Sweden Finande did. Of course, the United States will do everything to return to their "AAA" precious. But the task will be tough, as it will maintain over the long term, strong pressure on fiscal discipline while scaffolding better understanding at the political level.
Political consensus to find absolutely
Indeed, in the case of their Canadian neighbors, the return of Triple A in 2002, had been lost – again by S & P – in 1992 on its debt denominated in foreign currency, was possible thanks to the introduction of fiscal measures severe that the subject of a strong national consensus, which seems far from possible for the United States.
Similarly, three Scandinavian countries also known for their ability to consensus politics have seen their efforts to improve public finances crowned by the return of a "triple A" lost year 1990: Denmark 2001, Finland in 2002 and Sweden in 2004.
Australia is one model may be more difficult to imitate. This country has lost in the 1986 'AAA' rating assigned to its foreign currency by S & P, to find him in 2003.During these 17 years, Canberra has demonstrated fiscal discipline inflexible, stopping in 1997 to increase the amount of its debt in dollars. Growth has surged with the transformation of the economy, modernization of the financial system, deregulation of many sectors that had lost their competitiveness and development of a powerful mining industry has benefited from China's economic takeoff.
Economy to restart
Jean-Michel Six, chief economist for Europe Standard & Poor's has expressed in the columns of Le Figaro, six months ago that the economic figures released in the United States show that the country remains fragile, particularly at the front of the employment and real estate. "In the U.S., including employment prospects are very disappointing."While yesterday (Friday), the figures – the United States have created 117,000 jobs in July – have eliminated any disaster scenario on the U.S. labor market, performance is modest. As for household consumption, "it is significantly weakened by the debt levels of Americans," added the specialist. Overall, "the year 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe."
According to the latest figures on U.S. growth, GDP grew by only 1.3% annual rate. Economists expected a 1.8% increase. Worse, the growth of the first three months of the year, previously estimated at 1.9%, was revised sharply downwards to 0.4%. And the largest economy in the world did she not really recovered from the 2008 crisis.Fears of a slowdown in U.S. growth, and global markets have panicked the last ten days.
Fiscal side, the U.S. accumulated a debt exceeding GDP are: since August, the debt ratio exceeds 100%, as is the case in Japan or Greece.
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Yahoo upgrades its search engine
Monday, July 18th, 2011Google's competitors do not want to admit defeat. Facing the giant of online search, which controls 85% of the world, his followers rely on innovation and diversification of uses to snatch half points of market share.
In the summer of 2009, Yahoo and Microsoft and had forged an alliance in online search, the first confident marketing and PPC management to the second search engine. Six months after the agreement, Yahoo had enlisted the services of Shashi Seth, a deserter from Google and AOL, as vice president in charge of innovation search engine Yahoo.
"We launched more innovations and new products over the last 18 months than in the past five years, says Shashi Seth Le Figaro. We have succeeded in increasing the number of searches per session and attracted new users. "A success that Yahoo has replicated several major markets, including France, this fall.
Additional income
By giving Microsoft the technical management of its search engine, Yahoo has indeed been able to free up resources to improve its offer vis-à-vis the consumer. "Our strategy is based on three things: first, we build a search engine that provides answers, not just links, details Shashi Seth. Next, we broaden the horizon of research to not only find information for the user but also enable it to act on it, and finally, we focus on the mobile. "
In March, Yahoo has launched Instant Search in the U.S., which can provide results before they have finished typing the question (Direct Search).To be comprehensive, the motor adds to the Yahoo Web pages from the contents of its information categories (sports, finance, local information …). The group also launched an Internet search engine applications which sends its mobile application unearthed from his computer. Finally, Yahoo is working on customizing: eventually, the engine could explore Facebook and e-mail users, whose data are compiled in an index of private content to customize the search results. "Our role is to help users find information wherever it is. We seek to expand the sources of information in a neutral way, "says the boss of innovation Yahoo Search.
These innovations do not only attract users. They also result in additional income."We focus on user experience: if it is satisfied, he returns, will do more searches and clicks on ads more, analysis Shashi Seth. How to monetize that content also changes: before, they sold mostly text links, now it sells more advertising graphics (display) on the search engine. " A format that sells more expensive than sponsored links.
The strategic plan of Crédit Agricole disappoints
Thursday, March 17th, 2011"Our ambition is strong and serene, but without straws," says Jean-Paul Chifflet, CEO of Credit Agricole in an interview with Les Echos on Thursday. "I keep my promises." While the group presented on Thursday its strategic plan 2011-2014, who is head of the first French banking group (21 million customers) confirming the objectives announced last year, net banking income exceeding 25 billion euros and a net profit of group of six to seven billion euros in 2014 is double that recorded in 2010, "which was between 3 and 3.5 billion euros excluding one-off" according to Jean-Paul and Chifflet 1.26 billion if one includes them.
The banking group and does not sell the 20% stake in Spanish bank Bankinter and its two subsidiaries Cheuvreux and CLSA if talks with China's Citic Securitiesen for a reconciliation fail."We will probably changes in activities that are not considered core business," says Jean-Paul Chifflet.
"To become the reference in Europe in terms of proximity"
To meet its objectives, the group has a priority focus on organic growth in all sectors guaranteed fast personal loans. "We've done these past years of large transactions, recalled the general manager of Credit Agricole SA (Crédit Lyonnais, Indosuez, Finaref Cariparma, etc..). The priority now is to reap all the benefits and amplify the effect group. "
The banking group hopes to remain a leader in France and aims for it to grow by 2% to 3% per year in the Regional Banks and Crédit Lyonnais. And this, staying engaged in Europe. "This market remains a market of interest", says Jean-Paul Chifflet. In 2020, it still represents 32% of global GDP.We're very comfortable. " The officer cited the example of the areas of environmental economics, health, welfare, retirement, food or housing. "We want to become the reference in Europe in terms of proximity," he says in the Financial Times on Thursday. In this segment, Credit Agricole targets a revenue growth of between 10% and 12% per year on average.
At the Paris Bourse, the title loses 0.53% to 11.22 euros while the CAC 40 climbed 1.17% to 3739.79 points.
China revises growth forecast downward
Sunday, February 27th, 2011Analysts had forecast a conservative for the year 2011 China. The least we can say is that it is a mild understatement. Enjoying a meeting with users at the Forum on China Internet, Chinese Premier Wen Jiabao Saturday set a growth target of 7% per year for five years as part of its Five Year Plan (2011-2015 ).
Even if this economic downturn was more or less expected, experts do not expect certainly that this goal is less ambitious than the 8% that Beijing has used to determine. In these difficult times where soaring oil prices could threaten global growth, it is obviously not good news for the economy in general and for French and European companies which derive a large part of their sales in China.
Call for protests
But now the priority for Beijing and all the other capitals is no longer emerging growth but the fight against inflation. Including rising food prices, housing and basic necessities. "The rapid rise in prices in China has affected social stability," Wen Jiabao said at the forum, which is reassuring. So much so that the Chinese were expected to gather every Sunday in thirteen cities in China to 14 hours local time (7:00 am Paris time) to ask for more open government and freedom of expression.
"The only risk is concern that China is social unrest," said the figaro.fr, Astrid Fredericksen OFI AM. At the time when the country was about to realize a growth of 10.3%. "You can undoubtedly contain inflation," Wen Jiabao tried to reassure easy payday loans."The Chinese leadership is very proactive and know better manage bubbles than their American counterparts." Says Xavier Linsenmaier, manager at Acropole AM.
"A rising yuan would bankrupt many companies'
On the yuan, China has made the revitalization of domestic demand as a priority, the country is necessarily interested in that trade are increasingly denominated in yuan. And therefore the currency appreciates. But conversely if too strong, it would penalize exports. Premier Wen Jiabao has once again swept the critics of western countries who believe the Chinese currency is undervalued and gives China an unfair advantage by boosting its exports."A substantial increase in the Chinese currency would lead to bankruptcy or closure of many businesses, the loss of orders from other countries for foreign trade companies, and unemployment for many workers in addition to our migrant workers," Has he said. According to the U.S. Treasury, the Chinese currency has appreciated 3.7% against the dollar between mid-June to late January. It is not enough, answered his critics, who deem the yuan undervalued by 20% to 40%.
This economic slowdown in China more than expected and the rise of social protest could well benefit the United States or Europe. "Investors are starting to shift away from emerging markets. The risk profile of these markets resurfaced, "said one analyst.