International & World Report

The Paris Bourse was found to beautiful colors yesterday. The CAC 40 gained 2.83% to 3171.34 points, in a little volume of trade expanded by about 3.3 billion euros. The day before, he had lost 2.32% and the five days he gave up xx%. Elsewhere in Europe yesterday, Frankfurt gained 3.55% and 1.93% London.

Moderated somewhat in early trading, the Paris market has accelerated the pace in the afternoon, reassured by the good performance of Wall Street. In session the Dow advanced 1.77% and the Nasdaq 1.49%. To observers, the shift is mainly due to the information that has filtered through the preparations for the EU summit scheduled between Sunday and Wednesday. Finance ministers of 17 countries of the monetary union have found themselves in the afternoon on Thursday in Brussels to finalize this key event for the euro area.Paris and Berlin have already announced that Nicolas Sarkozy and Angela Merkel would meet Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures should then be unveiled during a second summit to be held "no later than Wednesday."

The bad news relegated to planIl will then not only to agree on how to increase the capacity of the European Financial Stability Fund (EFSF), but also to review the new rescue plan for Greece.

Hope for quick and concrete progress on the thorny issue of sovereign debt in the euro zone was overshadow the bad news of the day. After Moody's, Standard & Poor's raised doubts about the triple-A long-term debt of France, where strong economic downturn.In the same case scenario, the agency also mentions a possible degradation of the notes from Spain, Italy, Ireland and Portugal according to economic conditions.

Weekly balance sheet negative for banks

Bank stocks, regaining ground as we approach the Summit of Heads of States in Brussels. BNP Paribas was up 6.22%, 5.59% Societe Generale and Credit Agricole of 3.93%. On the week, however, accuse the banks of heavy losses. Over the whole week but it heavy losses. In five days, Societe Generale lost 8.95%, 6.82% Credit Agricole and BNP Paribas 1.46% guaranteed pay day loans.Unlike some of the best performance on the CAC 40 weeks, there is Pernod Ricard (3.76%) and Danone (3%) who announced results considered of good quality, in the last days.

• Essilor (+3% to 52.48 euros)

The world leader in ophthalmic lenses achieved a growth of 6.4% of its sales in the third quarter 2011 to 1.04 billion euros. The group also confirmed its target for 2011 growth of its business "between 6% and 8%" at constant exchange rates and strategic acquisitions, and its goal of stability margin excluding strategic acquisitions.

• Safran (-8% to 22.20 euros)

The group confirmed its targets for 2011. It aims for 2011 growth of around 6% to 9% of its revenues and 25 to 30% of its operating income.Safran has seen its turnover increase from 5.2% to 2.72 billion euros in third quarter

• Valeo (6.63% to 35.85 euros)

The group reported a turnover up 14% in the third quarter to 2.6 billion euros and confirmed its operating margin target for 2011.

• Klépierre (4.01% to 22.28 euros)

The group reported a growth of 4.9% of its sales in the third quarter, supported by the increase in rents shopping centers.

• FranceTelecom (2.58% to 12.94 euros)

Orange will acquire 100% of the mobile operator CTC (China Telecom Congo) in the Democratic Republic of Congo, the French group paying $ 10 million (7.3 million) to ZTE for its 51% of CTC and 7 million dollars to the Congolese government for the balance.

• Pierre et Vacances (0.59% to 29 euros)

The group reported Thursday a 2010-2011 annual turnover of 1.47 billion euros, up 11.2% on a comparable basis. Solely on the fourth quarter of fiscal year, ended Sept. 30.

• Etam Développement (2.81% to 14.25 euros)

The group released Thursday a quarterly revenue of 269.4 million euros, down 10.7% on a comparable constant exchange rates.

• OL Group (-0.68% to 4.40 euros)

The group announced Thursday it had reduced its net loss to EUR 28 million for the year ended June 30, against 35.6 million a year ago and have returned to a positive EBITDA (8 , 9 million) "despite a very mixed season in sport."

The stamp goes digital. Editor trading stamp catalogs Yvert & Tellier, has posted its entire library – 760,000 stamps – by mentioning the price of each stamp duly photographed. The objective is to facilitate the evaluation of collections and transactions between collectors. Internet and flies to the rescue of the patch even though it destabilizes the activity of mail items around the world.

By choosing an annual subscriptions range from 29.90 euros to 99 euros, we can no longer ignore a stamp of Mauritius, "a penny vermilion," only two copies known to the world, worth 1.6 million euros (due to an error in color) or stamps printed in France before 1900 are still popular: "1 f.vermilion "to 90,000 euros is a safe bet.

"The rarity value is"

This world premiere is an unexpected encounter between two worlds less distant than it seems. "Before the Internet and television, the tone was a real openness to the world, says Christopher Yvert, CEO of Yvert & Tellier. After dinner, we found a family to sort, dream, learn. "Through the Internet, Yvert & Tellier, who will not abandon its print editions, intends to develop in distant countries. A growth driver for the SMEs to forty employees (8 million euros of turnover) which has invested about 100 000 euros in the operation instant credit report. "Simply subscribe to view, says Christophe Yvert. This is an advantage for philatelists distant Asia or South America and North. "

Surprise, even today, despite the Internet, 15,000 collectible stamps are published each year worldwide. "The more a country is small, unless the mail is working, and he is tempted to print, says the heir to a dynasty of six generations. For these states, the stamp is a promotional tool and a source of income. "France and its two million collectors is no exception: in 2010, the French post office has printed 220 new. It passed 600 million stamps (Miscellaneous) collection of a total of 3 billion stamps sold annually.

But do not expect to make a fortune with recent issues. "Scarcity is the value, says Christophe Yvert. The advantage of the Internet, but also to create a network of friends in the world, seeking to complete the same series you. "Note that a limited edition of requested specialized services of La Poste to share the birth of a child is not synonymous with wealth, because it will not be sought after by collectors.

In the first half of 2011, a resumption of sales of businesses began. The second barometer on the subject made jointly by the State and Altares, released Thursday, reported a sales increase of 2.4% over the first six months of the year. These sales were heavily impacted by the crisis in 2009, transactions were down 19%, before timidly back in 2010 (0.9%).

This year, the investment return to a little more frankly. "Although the number of transmissions is lower than before the crisis, the situation improves significantly," says Thierry Million, director of studies of Altares. And with it, the price of the business, which increased by 1.7% over last year to 179,033 euros on average. "The funds transferred in early 2011, which have weathered the crisis, have negotiated more favorable," notes the group.Evidence that most of the times for low-cost funds, however, the median price remained stable at 80,000 euros.

A craze for camping

Like last year, it's the pharmacies that are the most expensive. On average, a pharmacy is minting 1.2 million euros in the first half. In the hit parade of goodwill the most expensive, campsites are in second place. Their prices as the number of transactions continue to climb (30% in first half!), Driven by the success and growth of high-end structures. "The development of chalets and mobile homes on campsites has changed the situation, says Thierry Million no fax payday loan. The price of the stock in trade is also pulled upward by large campground owners, who can afford to invest. " A 378,000 euros Camping on average, their prices now exceed those of the hotels.

Among the funds that are most sold early this year, are also leading bakeries and taverns. A sign that these businesses are particularly effective? "No, fixes the director of studies. It is even the contrary, because the margins are ultimately less important than had been anticipated that buyers turn goodwill as every five years. These traders often try to sell before we get into bankruptcy, to save the furniture ".

Outlook bleak

The second part of the year will be under less auspicious. The economic downturn and the growing reluctance of banks to lend money should help to slow the recovery of transmission of a business, driving prices back down. "A peak was reached.The average price should not exceed 180,000 euros, "Judge Thierry Million. A decline in transactions detrimental to the economy, which would inevitably impact on employment. "The resumption of a stock in trade is the transfer of customers, know-how, but also employees. A butcher, a hairdresser that close, many jobs are destroyed, "warns Thierry Million.

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While the German Constitutional Court in Karlsruhe Wednesday should make its decision on the validity of the first aid package to Greece, passed in 2010, the German government has increased pressure on Athens.

According to several newspapers across the Rhine, Chancellor Angela Merkel had informed members of his party (CDU) that Greece would not receive payment of the installment scheduled Sept. 15 if it did not meet its targets for reducing deficits. More explicitly, the German finance minister, Wolfgang Schäuble, said before Parliament that if the mission of the Troika, interrupted last week, did not resume quickly and did not end in a positive way, "the next tranche of aid would not be granted. "

Recent electoral defeat

This hardening of the tone is to contain the discontent in the ranks of the CDU since the election defeat on Sunday in the Land of Mecklenburg-Vorpommern. In fact, Angela Merkel only has a narrow majority to vote in the Bundestag on 29 September, the second aid plan in Athens. The Chancellor must give his firm pledges of Parliament to show that it does not dig a bottomless pit.

The pressure put by the Germans to the Greeks also reflects simply the blocking of the situation in Athens, unable to meet its commitments payday loan no faxing. According to Reuters, Greece would have asked to be faster than expected payment of the amounts promised in the second aid plan, which would mean that its finances are deteriorating faster than expected.Unlike France, more and more states are reluctant to vote with the second.

The head of the Slovak Parliament, Richard Sulik said that Slovakia would deal in December on strengthening the European Financial Stability Fund (EFSF). The plan "can not therefore enter into force in February," Sulik said.

All these questions are still weighed heavily on bonds in the euro area on Tuesday. While Italy was forced to further accelerate the passage of the austerity plan is to Madrid came the aftershocks. The leader of the CCOO, one of the main Spanish trade unions, said Prime Minister José Luis Zapatero, would have admitted that the country was "on the edge of the abyss" and would need a bailout. Remarks Tuesday strongly denied by the Spanish government, which illustrate the growing tensions in each country.

"The Apple employees called the police directly from the Mission District neighborhood, asking them to help locate a lost object," said the police. "They then went into the house to search for the lost object (…) but they have not found". The statement did not specify what the object sought, but the title of the document "iPhone5.doc" is final! For now, the group does not want to complain.

Enhanced security

Ironically, Apple continues to strengthen security around its new devices to avoid the rustle in the media information about new projects. Thus, in a Guardian blog, it is stated that the latest iPhone are transported in locked boxes and sealed. Almost no one is able to open these packages. And the software itself is protected.The walls that do not, however, resist the doors of bars!

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Party in May to conquer the mobile market, La Poste is a misfortune! The group has attracted 150,000 customers in three months. "We had anticipated 25,000 sales per month, we are at 50,000, is two times more than expected," revealed to Figaro Jacques Rapoport, Deputy Director General of La Poste Group and CEO of La Poste. And if postal workers were starting the first customers, they are now a minority.

This success has also led to stock shortages, some bugs and a saturation of computer centers. "We suffered a bit but it is now settled," said Jacques Rapoport, who is reviewing its objectives and is on the rise now "300,000 to 400,000 customers by the end of the year, against 210,000 originally planned."

No typical profile for the client to the mobile station, which is recruited from all social classes and age.Offers balanced, "there are so many packages with high-end smartphones that prepaid kits. The social package (10 euros for 45 minutes of calls and 60 SMS, Ed) also works well with 10% of sales, "said Jacques Rapoport. "The smaller are welcome here. But we are not the operator of the poor. We are committed to serve all customers. "Finally, subscriptions (most profitable) are in the majority compared to prepaid. Another lesson: while the Post was the first to launch non-binding offers, customers prefer offers mostly sold with a phone and then a commitment.

This initial assessment also confirms the importance played by the network of post offices which carries 75% of sales, the remaining 25% being done by Internet and telephone quick payday loans. "They want us to believe that everything is sold on the Internet. This is not reality.Consumers want the closeness and service. Seen in the return of small businesses face the hypermarkets, the return of customers in bank branches. In mobile, our presence throughout is a huge asset, "said Jacques Rapoport.

Hopes in rural areas

And the band accelerates: already in 1000 the largest post offices, the mobile will be distributed in 450 additional offices on 12 September and another 450 in November. It will even be sold in 70 small rural offices in September, they will not physically products, but customers can order and be delivered the next day by Chronopost. While the offices of small towns have sold more mobile than those in larger cities, La Poste Mobile high hopes on rural areas. "At the end 2012, 10,000 post offices will distribute the mobile offering.By itself, the Post will have more outlets that Orange, SFR and Bouygues together, "said Jacques Rapoport. The mobile station will also develop synergies with La Banque Postale, in line with the special youth launched in late August that offers a discount of 40 euros on the price of the mobile.

The mobile station should be profitable in 2013. Both shareholders and SFR Post rub their hands.

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The aim is to encourage solidarity among employees. UMP deputy from the Loire, Paul Salen, filed in July 2011 a bill providing a legal framework for donations of RTT. A consistent practice in companies, which had so far developed in the silence of the Labour Code and case law.

The member was itself inspired by an actual case that occurred recently in his constituency. Badoit employees have offered 170 days of RTT to one of them to accompany her to the end of a child with liver cancer. A single gesture of solidarity was observed in April in the automotive supplier Fuji Autotech in the Doubs, in favor of an employee whose husband was suffering from lymphoma. Or at Merial, a subsidiary of Sanofi, which has even signed a collective agreement on this.

Company agreements

For now, no text did not mention the possibility of offering shorter working week, days off or recovery. This practice was not illegal as long. Spontaneous, it has developed on the basis of agreements between employees and employer, which is responsible for the holidays. "The agreements allow the company to implement virtually any provision not prohibited by the labor code," says Eric Rocheblave, lawyer office.

Thus the employees of Adixen in Annecy, could pay back all of their Christmas bonus for interim company, who did not have touched before fast cash now. Or that Renault executives have, by sacrificing RTT make ends months of Workers' group, one time forced to short.

Few dispute

But if an agreement is simple enough to offer its RTT, why, then, legislate? The bill appears to meet two objectives. First draw the attention of public opinion on a new form of solidarity. Then make sure to prevent abuses that could result.

Thus the proposed text, which focuses only on the donations bound for parents whose child is "gravely ill," says that the agreement required the employee donor such as his employer. "To the extent that these initiatives are based on agreements, litigation is rare. For now, it is even nonexistent, "Eric Rocheblave nuance. Already signed by 136 MPs, Paul Salen, interviewed Thursday morning in Les Echos, has high hopes to push through the text before the next presidential election.

"YOUR OPINION – Do you agree with the initiative of offering their employees days off? Would you be willing to do the same for a colleague? Share your thoughts and experience in the comments below or by email at temoin@lefigaro.fr.

"After a rigorous regime of five open time of the attack by external growth," warned in March industrialist Vincent Bolloré, chairman and largest shareholder of Havas, on the occasion of the annual results of French communications group. First founding of the strategy of conquest, Havas announced Wednesday a majority stake in Host, "the largest independent creative agency in Australia," said David Jones, appointed four months ago, Havas CEO after chairing the network Havas Worldwide (Euro RSCG and Arnold).The group is already present in Australia through the agency Euro RSCG, Red Agency, Arnold Furnace and Media Contacts.

Founded in 2000 by Anthony Freedman, integrated advertising agency Host has 120 staff and advises clients such as Vodafone, Levi's, Coca-Cola Company and Australian companies BankWest, BT Financial Group and Sydney Water. Havas did not provide the amount of the transaction. David Jones said, however, that Host is "growing with double digit growth in its income for five years." Gross margin for the agency, which will retain its name and its current leaders, is estimated at about $ 30 million. "This acquisition is strategic for Havas, is its CEO. This is the largest independent agency in Australia, a brilliant creative agency several times crowned by lions at Cannes.It is also entirely consistent with our model by placing digital at the heart of everything we do. Over 30% of revenues come from digital Host. Finally, with Host and after the acquisition in late 2010 Porda corporate agency in Hong Kong, we increase further the percentage of our revenue in Asia Pacific. "

750 million cash

This external growth "measured but determined," to borrow the words of Vincent Bolloré, must lead the sixth largest global communications to reach 2.5 billion euros in sales within three years. In 2010, revenue was $ 1.558 billion."We now have a healthy balance sheet with cash of 750 million euros, one billion dollars available for acquisitions while in 2005 Havas posted debts of 750 million euros," says its new CEO.

To refine its strategy, David Jones was held in mid-June sixty major Havas executives in Barcelona. The group aims to strengthen in Asia and Latin America as well as in the digital businesses, with "priority given to social networks and geolocation, which represents the opportunity to major transformation of our industry." In 2010, digital accounted for nearly 20% of its revenues. But unlike its big French rival Publicis, which absorbed Digitas, Razorfish and Rosetta, Havas does not increase the scope of redemptions in the industry."We prefer to focus on budgets and talent at the heart of our agencies, rather than isolating them in silos experts, sometimes paid dearly, insists David Jones. That's what we did in recruiting team or Modernista digital with the acquisition of Socialistic. "Havas should also accelerate the deployment of its" microarray ", Arnold and BETC. The first, born in Boston, is a twenty offices around the world. The second, BETC, created in Paris by Mercedes Erra and Remi Babinet, will remain housed in the Euro RSCG network. After an initial introduction to London, BETC could export its "model of start-up" in the United States, Latin America or Asia.

Courted by the stock exchanges around the world, Chinese private enterprises would they be about to fall into disgrace? After several scandals revealed in recent weeks, rating agencies go up to the plate one after the other. Fitch Ratings yesterday estimated that fraud cases were probably only just begun in the Middle Kingdom.

The U.S. agency has assessed 35 companies listed on the Shanghai and is ready to review its portfolio of Chinese. She considers their standard accounting and trading in Shanghai as many "key indicators of their weakness."

Although the Chinese accounting standards, adopted in 2006, are very close to IFRS (international financial-reporting standards), audit firms have not the confidence of investors, and obviously not the rating agencies which still largely prefer the four major (Ernst & Young, KPMG, PriceWaterhouseCoopers and Deloitte & Touche).The Fitch report said that companies from these large firms "would be more difficult to publish than those fraudulent reports go through domestic companies."

Fitch does not mean to review the scores awarded to different companies observed, adding that they "are already taking into account the context of a Chinese legal environment and an under-developed documentation, practices and specific business low corporate governance practices. "

Nevertheless, this case is the latest blow to Chinese companies. Last week, Moody's, which was hoisted the "red flags" of sixty-one companies that note. Fitch's rival evoked particular the opacity caused by a family shareholding in forty-three of them.

For several weeks, scandals involving Chinese companies listed multiply.Everything was packed in June, with the case Sino-Forest the title of which collapsed in Toronto. Since February, the business of handling accounts or misrepresentation of results had already forced many companies to delist in the U.S..

Loss of confidence

In total, nearly forty companies have shown irregularities, not the United States. The Securities and Exchange Commission (SEC), Constable of U.S. markets, has established a special committee to investigate these Chinese companies.

Hong Kong is no exception.The financial analysis firm Dealogic calculates that Chinese private enterprises were canceled or postponed them of trading, the equivalent of $ 3.8 billion.

Finally, there is a shift among investors who gradually give more confidence in the state, whose sovereign debt is rated A + by Fitch and Aa3 by Moody's, as private companies.

Unexpected rebound of the French industrial production in May. While economists had forecast a 0.5% increase in average industrial growth reached 2% over the month, according to figures released by INSEE on Monday. The only manufacturing industry, that is, outside of energy production, rose 1.5%. Germany, the first client of French industry, recorded a similar rebound in May (1.2%).

The increase is explained by a return to normal imports of parts produced in Japan, interrupted after the earthquake. "The disruption of production caused by the disaster Japanese, which affected production in March and April, were apparently stronger is believed," Dominique Barbet analysis, economist at BNP Paribas.

The car saw its production increase by 2.5%

All sectors are displayed in green in the month of MayThe production of electronic and computer equipment rose 2 online pay day loans.3%, the textile industry of 1.3% and rubber and plastics 2.2%. The car, itself, saw its production to rebound by 2.5%. In this context, chemistry and medicine show more modest increases of 0.3% and 0.5% in May Only agricultural and food industries suffer a decline of 0.2% of their business.

From March to May, manufacturing output increased by 0.9%. Compared to the same period last year, manufacturing output rose 4.8%, INSEE said. Despite these positive figures, French growth to slow in the coming months, according to the Bank of France. The institution has revised down its outlook, relying now on an increase of 0.2% of GDP for the second quarter (April to June).