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U.S. debt: the savings plan scaled back

Sunday, July 10th, 2011

The U.S. lawmakers are reviewing their ambitions down. The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years required by the President of the United States is now on a more narrow of the order from 2000 to 3000 billion dollars in savings, to be negotiated between Democrats and Republicans, said John Boehner.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Budget cuts

The aim of the negotiations that are straining the elected representatives of two major American parties is twofold: first, raising the U.S. debt ceiling authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt is not sustainable in the medium term. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system.However, the U cash advance no fax.S. national debt has already reached the summits, looked with suspicion by the rating agencies. In this context, the figure of 4 trillion reassure markets further.

Electoral concerns

After days of deadlock, negotiations appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House.Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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Towards a tax on financial transactions?

Thursday, June 30th, 2011

A further step for the tax on financial transactions tax known as "Tobin". The European Commission will propose its creation as part of its next Buget for the period 2014-2020. She hopes to raise up to 50 billion euros per year, according to European sources cited by Reuters.

Another major proposal for the new budget: funding for the Common Agricultural Policy (CAP) would be frozen at their current level of 370 billion euros, the sources said.Taking into account inflation and the general evolution of European finance, this means that the share of the CAP in the budget of the European Union (EU) will naturally decrease.

Taken up by several Member States since the crisis, including Nicolas Sarkozy, the idea of ​​tax on financial transactions developed by the Nobel Prize in economics James Tobin is considered a credible solution to help poor countries fight against global climatique.Son rate should be moderate, at 0.05%.

"The EU as a first step"

Ten days ago, the Commission President José Manuel Barroso had already discussed the proposed tax on financial transactions in a letter to EU leaders. "The Commission completes its impact and present a formal legislative proposal after the summer," wrote José Manuel Barroso.

"Our analysis shows that there is a strong case to decide whether a tax in the financial sector in the EU as a first step," he said, assuring that the Commission will "in parallel, continue to work for a global agreement on a tax on financial transactions. "

Supported by the Franco-German Cup, the tax "Tobin" has been a joint proposal of the French Socialist Party and the German SPD in their respective parliaments.The resolution was adopted in mid-June by the French deputies but less successful in the Bundestag, where she was referred to committee.

According to the French deputies, the EU legislative proposal should include "a tax on all financial transactions of 0.05%", including all stock exchange transactions and non-stock, securities, bonds and derivatives, as well as all transactions in the foreign exchange market to the tax base and revenue allocation to each of the national budget. "

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Rumors surrounding the release of Apple TV

Wednesday, June 29th, 2011

The scenario leading to the release of Apple TV is taking shape. As the months that preceded the presentation of the iPad, in January 2010, the indices in Asia begin to multiply. Since the beginning of the year, analysts who were on the scene returned with the assurance that Apple had already started working with his subcontractors on the project. "Apple is in the preliminary stages of designing a TV," wrote this weekend Katy Huberty, the investment bank Morgan Stanley.

The entry of Apple in the TV segment, though still in the rumors, is already the subject of scholarly speculation in financial circles.According to the analyst Gene Munster of Piper Jaffray, which published a note last week, an Apple TV would make the company an annual turnover of $ 2 billion in 2012, a total market of hundred billion dollars. For its part, Morgan Stanley expects additional revenues long-term $ 19 billion, three-quarters of revenues generated by the iPhone in 2010.

The Apple TV built into a TV

If the analysts are so sure two is that while Apple pushes prior to embarking on television. The company initially afford, thanks to profits generated in recent years by the iPhone and iPad. Perched on a cash reserve of 77 billion dollars, Apple announced earlier this year signed a two-year contract for $ 3.9 billion from a mysterious supplier.According to Gene Munster, this investment will supply 3.5-inch screen (diagonal measurement of the iPhone) to 50-inch TVs.

More importantly, analysts point out that the TV fits perfectly into the strategy of Apple. The company markets since 2007 Steve Jobs Apple TV, a box that provides access to the contents of Mac and online services on the big screen the show. First described as a "hobby", the small device has received a major update last fall. He is now based on the same basis as the iPhone, which takes the processor and operating system, IOS. Apple has sold 2 million since then.

Leaving a TV, so Apple could integrate Apple TV into a flat screen and add some new features free business cards."Videoconferencing FaceTime, the App Store App Store and iTunes and the game would find their natural place," writes Brian White Ticonderoga Securities. This TV would display the photos, music and files stored on icloud, the new storage online Apple suggests Gene Munster. As for Apple TV today, the unit would go from an iPhone or an iPad, as a remote control.

The reluctance of TV

Analysts who have studied the subject, the players already installed, such as Samsung, LG and Sony have every reason to fear the arrival of Apple. The power of its brand and the uniqueness of its design would wreak havoc. "Television is the center of living rooms around the world, and an Apple TV would likely be a huge success," anticipates Ticonderoga Securities.As for the iPhone, Apple could attempt to enter the market by the high-end model with a 2000 dollars, Piper Jaffray suggested in the summer of 2010.

In addition to competing with electronics manufacturers, Apple would also respond to Google and Microsoft, that have made television a major development. After testing mixed in television connected, Microsoft has taken a strong position in the home through the Xbox 360, and its video-on-demand and video conferencing. Google, which launched last year the platform Google TV, is it more worthwhile. But a major update, dubbed "Fishtank" is in preparation.

Despite these optimistic forecasts, Apple will have to adapt outside the United States in very specific local markets.In France, telecom operators already provide access to video on demand and Internet through their "box", very well established. For now, televisions connected televisions are more "connected", judged last week Nonce Paolini. Preparing for the arrival of Apple and Google, the owner of TF1 has also requested a "sanctuary of the signal" so that these new actors in television do not add information connected interactive emission channels without permission.

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Placing on the Monaco royal wedding

Sunday, June 26th, 2011

The figures speak for themselves. In anticipation of the royal wedding of July 1 and 2, the National Council of Monaco, the equivalent of our Parliament, has allocated a budget of 4 million euros. Almost as much as the 4.4 million spent by the principality in 2010 to launch its corporate campaign in the French magazine and on the web. This shows the importance for the Rock the marriage of Prince Albert of Monaco and the former champion South African swimmer, Charlene Wittstock. Both in economic terms and in media coverage.

From next Friday, when the celebration of the civil union, Monaco looks indeed more than 200,000 visitors. A golden opportunity to restore a spotlight on the micro state of 35,881 inhabitants.Still considered a haven for billionaires, Monaco has indeed not escaped the crisis in recent years, in 2009 recording a decline of 9% of its tourism industry (mainly tourism business), before a resumption of 6 % last year. At issue: the crisis in the "customer proximity" (Italian and French), which became more reasonable.

Although the number of spectators attracted to the wedding should remain three times lower than the 600,000 tourists who traveled to London in April, for the marriage of William and Kate Middleton. But the Rock expects no less favorable economic impact. In anticipation of the weekend, everything was set up to attract maximum visitors: free trial of race cars, train frequency increased, on the big screen broadcast of the festivities, free parking, free admission to most museums payday loans guaranteed no fax… .Beyond the provision of 4 million euros of the National Council, the Centre has also participated in an amount that has not been made public.

Attract new large fortunes

The principality wants to use the event to attract tourists back wealthy, more and more tempted by other destinations. The sector remains in effect in the heart of Monaco's economy, with nearly 500 conventions and meetings a year and distributed 780,000 nights in the 16 luxury hotels. "Monaco must expand, transmit messages incentives to attract large fortunes, talents.It should be under the spotlight at all times, "said Michel Bouquier and the Director of Tourism of the Principality

Operation seduction seems to be working: within a week of marriage, hotels are almost full (2700 rooms, 90% in four stars), and the Rock is an increase of call for cruise ships in recent weeks. Remains to be seen, beyond the one-time event, the mass return of tourists will continue. Especially such an event is not without adverse consequences for the economy.For example, if the marriage of William and Kate has resulted in more than 570 million pounds (640 million euros) in economic benefits, productivity losses related to the only holiday of marriage (Friday, April 29 ) were valued at 7 billion euros.

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Rio Tinto, a provider of medals at London Olympics

Friday, April 22nd, 2011

Rio Tinto will be behind every Olympic medal at the upcoming London Olympics 2012. The Anglo-Australian mining giant has indeed been chosen by the International Olympic Committee to be the official supplier of metals used to manufacture them. In total, Rio Tinto will provide all the gold, silver and copper for the production of the 4700 Olympic Games medals (OJ) and Paralympic Games.

On a specific page on its website, the group says that the mines from which metals are extracted will be located "at opposite sides of the globe." This is actually mine Bingham Canyon, United States, and that of Oyu Tolgoi, Mongolia. The making of medals will be given to the prestigious British Royal Mint.

The group will not be his first time since he was chosen in 2002 for the Winter Olympics in Salt Lake City.In 2008 in Beijing, was his rival BHP Billiton's history who had played the role of official supplier of the committee.

Sponsor

For now, design and composition of the medals are still being studied, and the details should be finalized later this year. But the official recommendations of the IOC should not be very different from those issued to Beijing in 2008. 3 years ago, the Committee wishes such as for individual events, the gold is composed of at least 92.5% silver and 6 grams of pure gold. The silver medal was also to be composed of 92.5% pure silver. The three medals were to be 60 millimeters in diameter and 3 millimeters thick.

Rio Tinto could be asked to provide similar amounts of 9 kilos of gold, 9 silver and 4 tons of tons of copper.Olympic Winter Vancouvert 2010, the mining group, Teck had medals for 1000, delivered 2.05 kilograms of gold, 1950 kilograms of silver and 903 kilograms of copper.

At current prices, this represents almost 300,000 euros gold, some 30,000 euros copper and nearly 9 million of money. "They become sponsors. For them, the benefits in terms of image will be even more important, "says Patrick Schein, owner of Gold by Gold, an expert on gold.

No "golden fair in London

Like his colleagues in the Alliance for Responsible Mining (AMR), the owner of Gold by Gold also regrets that the Committee has preferred to entrust the entire supply of gold in giant Rio Tinto. With laFairtrade Labelling Organizations International (FLO), AMR defends indeed a fair gold label which "offers precious metal quality and respectful human social values."But "Rio Tinto is one of those big mining predators for a kilo of gold are 60% margin and pay 2% royalty to the State. They say they respect the principles of sustainable development but it is an image that they give themselves to be accepted by states and pension funds, "Patrick Schein annoyed.

FLO, which had contacted the Committee, had hoped that at least part of the gold medals are labeled, especially since the label, called Fairtrade & Fairmined, was officially launched in Britain in February . "It is the committee's choice. It is understandable because they have a budget to buckle. We may also launched the label too late for them. But they could play the game, "lamented Patrick Schein. Advocates of fair gold does not intend to stop there, however: "It may be next time.A major sporting event is an incredible opportunity for gold to shine just before more than 3 billion viewers. A great champion pulling a coin would symbolically labeled hard! One day we will get there, "says the boss of Gold by Gold.

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Brazil Embraer sells 35 planes to China

Tuesday, April 12th, 2011

These are two engines of global growth are meeting this week in China. The president of Brazil Dilma Rousseff meeting today with his Chinese counterpart Hu Jintao in Beijing.

Hours before the arrival of the Brazilian president, business partnerships already announced. Chinese airlines have ordered 35 aircraft and Embraer E190. This order is valued at 1.4 billion dollars, since each device costs $ 40 million at list prices. Of the total number of aircraft ordered, twenty are for China Southern Airlines and fifteen join Hebei, a small regional airline.

The contract was signed by Ministers of Industry of both countries during the visit of Dilma Rousseff. China has also expressed its intention to invest ten billion dollars in soybean production in Brazil.Beijing is the largest importer in the world.

Out a role of mere suppliers

In post for just over three months, Dilma Rousseff hopes to strengthen trade ties between the two emerging powers. Brazilia seeks out a relationship of mere supplier of raw materials for Beijing, while "Made in China" products flooding the Brazilian market.According to the China Business News, the Brazilian head of state has already expressed its intention to propel Brazil to the rank of major trading partner of China.

During his five-day visit, Dilma Rousseff must also attend a summit BRICS (Brazil, Russia, India, China and South Africa) to be held in the south on the island of Hainan.

Moreover, the "BRIC", the four large countries 'emerging' economic boom: Brazil, Russia, India and China are expected to occur this weekend, April 14, to développerleurs trade.

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Lagardere sells at high prices to its Hearst Magazines International

Monday, January 31st, 2011

In a forced march. Less than a month after announcing the opening of exclusive negotiations with U.S. publisher Hearst, Lagardère has completed the sale transaction of its global news division.

According to our information, the operation reached a total value of 720 million euros, 650 million in cash and 8 million a year in royalties under the license for Elle magazine. What credit the women's magazine with a net present value of at least 70 million euros.

Lagardere, which has a framework agreement for this purpose in several countries, will retain ownership of the brand, merchandising and will have a say on the editorial line.

If Lagardère now refocuses on France, it protects the passage of one of its most beautiful asset in the national territory through a licensing agreement with a purchaser Hearst.Finally, Lagardere keeps 30 million euros of real estate that he intends to sell later. The scope of the operation on 102 newspaper titles in 15 countries. Neither Hearst nor Lagardère were willing to comment on the Sunday operation.

This sale is expected to positively surprise the market. Aware of the nuggets of the group as the 42 versions of Elle magazine and the 12 international versions of Psychology, the latter assumed an amount exceeding 500 million euros, but its high estimate never exceeded 700 million. Is roughly the turnover of the international press center, which has 5,000 employees and 58% of the total turnover of the entire magazine division of Lagardère. The latter amounting to 1.270 billion euros.

Leader

Finally, the United States, Lagardère is also the publisher of prestigious brands such as Car & Driver (1.3 million copies) and Woman's Day (3.8 million). What have raised the stakes throughout the negotiations.

This operation will therefore allow the French group company debt in late 2011 and get him out of an industry where it considers no longer have the critical mass to compete favorably and restructure. In 2009, the victim of a sharp downturn in advertising, more marked than in France International, the group had already sold five U.S. specialty magazines (Popular Photography, Flying, Boating …) to the publisher Bonnier. He had also arrested a half-dozen magazines in the world.

For his part, Hearst consolidates its leading position in the magazine not only on its home market but also globally.The latter has a total turnover of $ 4 billion and employs approximately 20,000 people worldwide. He holds a dozen magazines like Harper's Bazaar – the biggest competitor of Elle – Cosmopolitan, Esquire, Country Living with nearly 200 international versions. If the strategy is clear to the American group, Lagardère will now have to convince his own. Last week, he emphasized his desire to concentrate on its subsidiary Sports Unlimited.

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Unscrews the Exchange in Egypt

Thursday, January 27th, 2011

Panic seized the Egyptian stock market. On Thursday, the exchanges were temporarily suspended in mid-morning while the EGX 30, the benchmark index of the Cairo Stock Exchange, dropping 6.2% after only 15 minutes of trade. The recovery occurred about 10:30 before the break but was not enough to calm the spirits. About 11 hours, the EGX 30 tumbled 9.93% to 5728.49 points. Its lowest level since October 2008.

All values are in the red, including two rated heavyweights, Orascom Construction, which Lafarge owns 100% of the branch Orascom and Telecom Egypt, a public company. The first company dropped 8.14% while the latter lost 7.55%. The telecommunications sector as a whole is heavily contested, as evidenced by the fall of Egyptian Company for Mobile Services (-9.84%) and Orsacom Telecom (-6.67%).The banks, led by Commercial International Bank (-4.68%), are not spared.

No appeasement

This downward movement in a context of popular protest. On Thursday, the police were massively present in the center of Cairo to face a third day of demonstrations which called the "Movement of April 6, a youth organization for democracy, the origin of these rallies, inspired by Tunisian revolt ousted President Zine El Abidine Ben Ali no fax payday loans. These protests have already been six deaths.

Yesterday, the trading day ended with a 6% drop in the index EGX, operators are concerned about the events that followed. In a failed attempt to calm, head of the Egyptian Stock Exchange has called on investors to remain calm.There, he said, no reason to suspend trade in a sustainable manner, as is the case for Tunis Stock Exchange. "Nobody comes to buy, everything is at its lowest," says Omar Darwish, however, an analyst at CIBC.

The authorities prefer to take their time before deciding on a possible closure of the markets. The message sent by a sustained suspension of trading of the Cairo Stock Exchange is indeed fraught with political meaning. The Egyptian Stock Exchange with Morocco is one of the most important financial centers in the Maghreb with $ 79 billion capitalization.

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The flight of Ben Ali and the return of business

Thursday, January 20th, 2011

The clans of the former President Ben Ali and his wife Leila Trabelsi held an iron grip until the end the economy of Tunisia. Their flight is expected to give greater freedom to business leaders who feared like the plague "Family," as they called him the power, referring to films about the Mafia.

"The president's extended family is often presented as the hub of corruption in Tunisia," wrote an American diplomat in a memo published by Wikileaks and the World. "Expropriation", "extortion of bribes, kickbacks," the official lists the cases of blatant abuse of power in a note dated June 2008 and entitled "What's yours is mine."

The voracity of Trabelsi

"These people were present in many areas, they decreased the profits of companies and therefore reduces the ability of them to invest," says Jean-Raphael Chaponnière, an economist at the French Agency for Development (AFD). Less investment means less growth and less employment.

To escape the voracity of Ben Ali and Trabelsi, contractors had adopted a motto, "stay small," says Beatrice Hibou, an economist at CERI-Sciences Po "Business leaders said they fear to invest and grow . If true, then the departure of the clans should lead to a resumption of investment, "adds the researcher.

Arbitrary taxation

After 24 years of rule by Ben Ali, Tunisia is characterized "by the extremely small number of large (0.4% of total business) and even medium-sized enterprises (0.3% or 1.7%), falls Beatrice Hibou payday loans no teletrack. Even the "largest groups Tunisian Poulina, is actually a conglomerate of 71 subsidiaries for 6000 employees only."

The power was not content to plunder. He also used the IRS to acknowledge or punish. "Taxes were collected in a very arbitrary: if you were not in the odor of sanctity in Carthage, you wipe a tax adjustment, if you were a friend, you do not pay taxes," notes Ali and Mohamed Marouani economist at the University of Paris 1 Panthéon-Sorbonne.

Foreign companies did not escape the rule: "Everyone went to the checkout!" Denounces a former Minister Ben Ali's predecessor, Habib Bourguiba, and "voluntary exile" in Paris. "The power is used without restraint, it is even what killed the plan," said Catherine Graciet, author of a survey on women of Ben Ali, Leila (The Regent of Carthage).

'Uncertain times'

Not sure the disappearance of the quasi-mafia allows a dramatic rebound in investment. "With the hectic events of democracy, we are entering uncertain times not conducive to investments," warns Jean-Raphael Chaponnière, an economist at the French Agency for Development (AFD). The rating agency Moody's has also degraded the country note on Wednesday.Corruption, according to many observers, should survive the dictatorship, albeit on a smaller scale.

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United States: the Fed sees signs of improvement

Thursday, January 13th, 2011

The U.S. central bank (Fed) is more optimistic than usual. In its Beige Book, released Wednesday, she believes that U.S. economic growth has been stronger in recent weeks of 2010. "Economic activity continued to show moderate growth from November to December," she says. At the end of the year the economy grew in all regions of the country, the statement added.

The manufacturing sector, in particular, has taken over the whole territory, according to the report, made on the basis of information supplied by the twelve regional branches of the Federal Reserve. Retail sales in the holiday season in 2010 appeared higher than in 2009 and "in some cases higher than expected."

The situation of the banking sector is more mixed across regions, having recorded some increase in loan applications stronger than others.

Real estate remains worrying

The Fed does not, however, falls in the euphoria. Most of the leaders' positive views on the future "but remain" prudent " payday loans with no fax. The main concern remains the housing market, which remains "low" throughout the country. Moreover, GDP in the third quarter of 2010, which grew by 2.6%, ahead at a rate too low to consistently lower the unemployment rate, currently at 9.4%. Ben Bernanke was also explained to members of Congress last Friday, it would take "four to five years" to see the unemployment rate back to its normal level, around 6%.

However, leaders of the Central Bank do not despair.They note that "the labor market appears to have strengthened somewhat in most areas." On Wall Street, investors appreciate this latest news without euphoria, however: the Dow Jones climbed 0.76% to 11,763 points just after the announcements.

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