Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials instant personal loans guaranteed. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

* Author of Europe can do without an economic government? (French documentation, to be published October 10, 2011)

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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.

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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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.

Engaged in a process of "refocusing its operations," Veolia has in fact has indeed increased the sales and partnerships since the beginning of the year, more than 1 billion euros of capital gains generated over 400 million under discontinued operations. However, the group of Antoine Frérot wants to go further, and believes that in Southern Europe, North Africa and the United States "based on the latest developments in operations", Veolia Environnement decided to launch new restructuring actions, redeployment and adjustment of activities in scope.

Confirmation of organic growth target

Hence the revised forecast recorded in the accounts payday advance lenders.Beyond the revision of the forecasts on net income, management expects an adjusted operating income excluding Veolia / Transdev (transport sector) "slightly lower at constant exchange rates" over one year against a growth of 4 to 8% previously announced. The only consolation, however, should not that bring smiles to the market, "the goals of organic growth, cost reduction of 250 million euros on sales of 1.3 billion euros and free cash flow positive after dividend payments are confirmed, "says Veolia.

No details yet on the new estimated net income, but Veolia, which will detail its half-year Thursday, August 4, should be a strong values ​​followed this Friday and next week. "Veolia Environnement August 4 detail the steps to refocus and improve profitability decided" also stipulates the release.Note that these results for the first six months of the year should also reflect the impact of lower volumes of waste treated during the crisis.

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Whereas yesterday, the agreement has been finally found Saturday afternoon between the airline and the Inter (CGT, CFDT, CFTC, Unac, NPNC and UNSA), resulting in the lifting of the strike notice filed Monday.Only Southern Air has so far not given its approval. The seven organizations representing the commercial crews (PNC) called for the opening of negotiations on the organization of work, especially in the bases in the provinces, but also the medium-haul and long haul. This is now done, the group of Pierre-Henri Gourgeon has agreed to reopen discussions on the new rules of work (rest, compensation) provided to counter competition from low cost carriers.

Reopen negotiations next week

On this point, the flight attendants are opposed to such requirements in the new provincial bases (Marseille and Nice, Toulouse and Bordeaux) and denounce the proposed removal of a sailing aboard the Airbus A319.They are supported in their claims by two minority unions of pilots (SPAF and Alter) who in turn refused to lift their notice for the next weekend. "The company has agreed to supply four A319 in the PNC until September 15," said Philippe Sport at UNSA. If it is impossible to have this number, the flight attendants should receive compensation (rest or premium). For its part, Air France said that the continuation of strike notice SPAF and Alter would have no significant impact on traffic. The reopening of negotiations with the flight crew should take place in the course of next week.

Still, the difficulties are not entirely discarded the French company, far from it. Management must also deal with Algeria-leAir SNPL resumption of talks, the union super majority in pilots.While the SNPL signed to 54% the proposed new work organization. But this time, the battle moves to the front of pensions. The powerful union remains opposed to the proposed reform of the pension fund additional pilots. Where a notice of strike filed this time from August 5 to 8, another busy weekend on the front of air traffic and going on holiday.

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How to recognize a counterfeit bill? "First is the button: the ticket must be firm and crack when it is bent, and some inscriptions in relief is palpable. Then you look at it: we mark the traditional watermark, the black security, we detect signs of security by transparency, etc..And then tilts: the band or disc holographic silver toggles the face value and the € symbol, "said Francis Coustin, communications director of the Bank of France, stating that there are eight recognizable security features of immediately, then another series of signs visible with ultraviolet light, which traders often have, and finally other signs that only the European Central Bank and national central banks can detect. In all, there are 63! (See the interactive presentation of the security features of the ECB)

The ECB shall ensure consistently maintain its technological edge on the counterfeiters, who face risks thirty years' imprisonment and 450,000 euros fine. The Bank of France, also a civil party, does not claim a symbolic euro in damages.Within the Eurosystem, work is underway to develop a second series of euro banknotes, the theme will look like the current (see box).

A ticket is damaged, torn, not calcined is not lost

Think again if you think the ticket you just go to the machine, or your child has torn, is worthless. While it may legitimately be refused by your merchant, but the Bank of France, she will be able to replace them. In extreme cases – ticket sales, burned, burned, mutilated, wet, soft, bonded, etc.. – It is always possible to be "paid" but for a fee of 20%.

Francis Coustin the occasion of the exhibition Euro: the exhibition at the Cité des Sciences and Industry at La Villette (Paris XX) until September 4 – which comes in a fun way about the history of the euro, its manufacture, the security features of tickets, etc..- Chronicles the misadventures of people who burned their tickets, ensuring that parts of the Vatican, Monaco or San Marino (Italy) should be retained as they are rare … and therefore valuable, but warns, however, that collecting tickets francs (date of exchange limit, February 17, 2012) does not promise any profit, "they will be worth nothing then strictly."

Euro: the exhibition, organized for the first time in France, the European Central Bank and the Bank of France, has already attracted over 100,000 visitors in recent months in Europe, from Barcelona to Tallinn via Rome or Berlin.

Cotton in the mass circulation

• How does one manufacture a ticket?

To make the paper is bleached cotton fibers (only one note is made of cotton) in a water bath at high pressure and high temperature.The resulting pulp is then passed through a paper machine. To obtain the special paper, called Paper Trust, own bank notes, are incorporated in the paper some security features such as watermarks and security thread.

• Where do we manufacture the tickets?

In Europe, paper is supplied banknote paper to the fourteen high-security printers who print the euro banknotes in the European Union. In France, since 1915, tickets are no longer manufactured at Bercy, in Seine-et-Marne, but Chamalières (print) Auvergne – nothing to do with Valerie Giscard d'Estaing, who became finance minister from 1962 to 1966 -, and Vic-le-Comte (stationery). A year earlier, the Paris site was briefly occupied by the Germans, hence the decision to relocate the "safe" to an area less exposed.

• How many tickets are made in France?

In 2010, 2.45 billion tickets were delivered by the Manufacturing billest which 1738 billion euro, central banks outside the euro zone commander in France tickets. Every day, these are some 6.7 million tickets that are born in Auvergne.

• Where do the tickets then?

Once made, the tickets are sent to branches of the Banque de France equipped with crates. Then carriers (Brinks, etc.). Come back to supply banks, which themselves carry out their distributors, or retail, which brews each day astronomical amounts of cash, and merchants.

• How long does a ticket?

Tickets and circulate from hand to hand, and come back regularly and the Bank of France, which sorts all tickets at once, to put back into circulation as tickets safe and in good condition. To do this, sorting machines at high speed are used to check in a split second the authenticity of tickets. Notes unfit for circulation are destroyed and replaced.Finally, an average, the average life span of a 5 euro note is fourteen months and that of a ticket 50 euros for three and a half years.

• Some rules to know:

– A merchant has the right to deny him a ticket that looks suspicious, a merchant can refuse to cash more than 50 pieces in a single payment, a merchant has the right to refuse a big ticket for a small purchase: the customer must to the extra-A trader does not have the right to refuse display notes 100, 200 and 500 euros denying a legal tender banknotes is punishable under the Penal Code-If I a ticket printer or scanner, I am off-the-law.

The design of banknotes and coins

• Tickets continennent all a European monument and a bridge. But if some drawings look fiercely at a known site, none really exists.In December 1996 that ended the contest European models of the euro banknotes, which was won by Robert Kalina, designer of the National Bank of Austria. Gaphisme inspired by the architectural styles of seven periods in the history of European culture: the classic notes of € 5, the novel for those 10 euros, Gothic for 20euros, the Renaissance for 50 euros Baroque and Rococo for 100 euros, glass and steel to 200 euros, and the architecture of the twentieth century for 500 euros.

• As for parts, the idea was that they have a common European side (battery) and the national side (face). A European competition was then held to select the number of common sides. The winner was Luc Luycx, graphic designer at the Royal Belgian Mint. And in the end, the 17 countries of the euro area are some 136 different pieces move.The choice of the national side has done differently in each country. In Italy, the themes were selected by viewers of the Italian channel RAI. In monarchies, the effigies of kings were most often represented.

"Join the game" Rally France Euro 2011 for children aged 9 to 12 on www.euro.ecb.eu

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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.

"We are now in the recovery phase, and this turning commands us to go on the offensive to solidify the growth.We know the tryptic winner: we must help our SMEs to find financing, focus on innovation and of course help to export, "said Francois Fillon.

5 billion of public money

The Prime Minister announced that the State, which played a key role during the crisis, would continue its efforts. The France Investissement is extended to 8 years from 2012, "with a public commitment of 5 billion euros over the period. This will allow an increase of 50% of the annual public investment. " This device, created in 2006 for a period of six years, combines public (Deposit and Consignment Office, the Strategic Investment Fund) and private actors (banks, insurance). He entered the capital of SMEs to strengthen their capital base need a personal loan with bad credit. Since its inception in 2006, 2 billion euros and injected public money has leveraged over $ 7 billion of private financing."France Investissement has been a success at a time when the crisis struck the capital investment, where insurers fell significantly their funding," noted Francois Fillon.

Caisse des Depots and many insurance companies will also launch a fund of 200 million euros by the end of the year that will invest in small and medium-sized companies employing between 250 and 5000 employees.

François Fillon has reassured businesses who fear that the credit becomes expensive and scarce funding because insurers and bankers will have to apply the new prudential rules, called Solvency II and Basel III. "I want to tell you that the State will be very careful that there is no withdrawal of private investors in financing the real economy, particularly in the financing of unlisted SMEs," assured the Prime Minister.For its part, the Banque de France set up a tracking stock of credits to companies with fewer than 10 employees.

Commenting on the controversial issue of the premium for employees of companies distributing dividends up, adopted by the Assembly on Wednesday night despite strong criticism CGPME, the MEDEF and unions, Francois Fillon said the state had taken "responsibilities" for lack of agreement between unions and employers.

LE FIGARO. – What will you announce to the general meeting of Hermes on Monday night?

Bertrand Puech.- We will announce, as we know already that 2010 was one of the finest, if not the best year, Hermes has lived for 174 years. The results were extraordinary in an economic context that was not favorable. This allows us to pay a dividend of 1.50 euro increased significantly compared to normal.

LVMH will he represented and he can enjoy his voting rights? Are you afraid of possible obstructions of the meeting?

The shareholders are all invited no teletrek payday advance. LVMH said it would. He always said, if his friendship, in any case his pacifism. I am not chairman of the meeting but things should happen normally, as usual.

What do you think of recent legal actions taken by minority shareholders against the proposed family holding Hermes?

I do not understand.It's very sad and painful for members of a family committed to an ethic of openness and honesty for generations to be scratched before the courts, then we're just defending the values ​​of quality. You should know that Ms. Neuville is a minority shareholder, who owns a single share, which represents only herself. She can not speak for the association which is not approved by the AMF. And it is wrong to fight. If she wanted to play a role in defense of minority, why does she not be interested in the fact that one shareholder said suddenly have 17% of our capital, purchased since 2008 without making it to the markets? I think she has given way to a big bad wolf.