International & World Report

Bic has published its results on Wednesday the first quarter of 2010. Its turnover in this period reached 378.3 million euros, representing growth of 22.7% compared with the first three months of 2009 as reported, and 8.8% at constant scope and constant exchange rates. Net income group share of EUR 35.4 million was up 32.3% yoy.

The normalized IFO margin (excluding restructuring charges and capital gains on real estate) totaled 14.2%, against 11.8% a year earlier.Operating income increased 31.7% to 47.8 million euros.

Good results are mainly explained by Bic 12.3% increase in sales of consumer business (stationery, lighters, razors) and 107% for those in advertising and promotional products business cash loans Guaranteed approval ".

Mario Guevara, its director general, said: "We will continue to focus on growing our sales and profitability while maintaining our financial discipline. We also continue to invest for the long-term research and development, in supporting the brand and sustainable development. "

Investors appear to have been very sensitive to these good results. The title Bic to the Paris Stock Exchange was trading at 61.50 euros at 8.62% up to 9:50 on Wednesday.

While Asian markets are changing this Friday morning in the wake of the rise on Wall Street Thursday night, the Paris stock exchange should follow suit to the opening, showing a slight increase. Around 8:10, futures on the CAC 40 displayed on the increase, +0.7% to 4006 points.

Thursday evening, the CAC 40 lost 1.2% and has crossed back to the lower threshold of 4000 points. The other major stock markets fell back in unison. In London the FTSE lost 0.86% while in Frankfurt the Dax has yielded 0.81% at closing.Note that the LSE has found its place in the first quarter from a number of European IPOs, according to PriceWaterhouseCoopers.

The concern of financial markets is felt continually faced with the fragility of public finances of several countries, particularly Greece.

Statistics in Europe

This Friday, INSEE published before the opening of trading, industrial production for the month of February. The same statistics institute will release the results of its monthly surveys of the European economy for March, at noon. Other indicators monitored by the markets, the index of cost of construction, and commercial rents in the fourth quarter.

In Germany, foreign trade for the month of February will be known, at 8 am No faxing pay day loans.In the United Kingdom, are the producer prices in March which will be published.

In the United States, no statistics major is expected on Friday.

France Telecom provided by the Paris court

France Info radio said the prosecutor of Paris will open a judicial inquiry after the 35 suicides by employees of France Telecom.

Air France posted a traffic increase of 4.7% for the month of March, a first for a year. The group remains to Ryanair. To also monitor the impact on the airline industry's consolidation movement that hovers now. According to the American press, U.S. Airways and United Airlines are considering a reconciliation. In addition, British Airways and Iberia have finalized their merger agreement.

The specialist luxury yacht Rodriguez returned Thursday after the stock market success of the restructuring of its debt.The share price rose yesterday by more than 138.97%.

Renault, Nissan and its Japanese partner the Italian energy group Enel signed Thursday a Memorandum of Understanding for the development in Italy of charging infrastructure for electric vehicles.

Cegid, publisher of management software, announced a 7% decline in net sales in the first quarter to 58 million euros and a gross margin of 87.9% against 87.5% a year earlier.

The luxury group Hermes has published its results on Thursday throughout the year 2009. Its net sales increased 8.5% to 1.914 billion euros. The statement said all areas are growing with the exception of Japan and is mainly the leather industry which has boosted sales. Its operating profit rose 3.1% to 462.9 million euros and its operating profitability reached 24.2% of sales against 25.5% in 2008.

Group profit is down very slightly, falling from 290.2 million from 288.8 million to cover the damage. At the General Meeting to be held June 7, 2010, the proposed dividend per share of 1.05 euro will be payday loans no teletrack .

The investments of Hermes in 2009 were mainly devoted to enhancing production capacity and its distribution network.The group plans to continue this year to develop its distribution network with the opening of twelve branches, including the new store Rue de Sevres in Paris and a second branch in New York on Madison Avenue, first store dedicated entirely to the masculine.

At the Paris Stock Exchange on Thursday around 9:30 am, the title lost nearly 1.5% at 103.6 euros.

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The mobilization will she go in this Tuesday, two days in a large loss of the right in regional elections? Six unions (CFDT, CGT, FOR, FSU, UNSA, Solidaires) called on employees of public and private to a national day of action aimed at influencing government policy on political and social. At midday, the department estimated 21% share of the striking teachers, estimated at 40% for the SNES-FSU, while 11.45% of the postal employees would have mobilized in the direction. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT. At RATP, it s'l?verait to 14% depending on the direction, the CGT-RATP not yet have figures to communicate. 180 rallies are also planned throughout France.

If it comes shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions. Two main points today crystallize opposition from unions, following a government reshuffle.

• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for a reform that reduces inequality."Of course we must evolve our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy guaranteed unsecured personal loan . "If we follow this logic, women live longer should work longer," he argued.As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted. "Do not fall into the trap of the government, which means that we spoke only of pensions," however, warned this morning Fran?ois Ch?r?que on France 2.

• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment.The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said. A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.

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After several years of strong increases, rents have remained stable in 2009, according to the Center Clamor. "For the first time since the creation of this observatory in 1998, even since the crisis of the early 1990s as rents stagnate," says Michel Mouillart at the University of Paris-X and the host database Clamor (Know the rents and market analysis on urban and rural), fueled by 25 managers of rental parks. Last year, rents for new leases were symbolically rose 0.1% on average compared to 2008. This quasi-stagnation contrasts with the increases of recent years (2% in 2007, +1.5% in 2008). The comparison is even more significant with the average annual increase between 1998 and 2010: + 3% on average. But rising unemployment and falling purchasing power of households slowed."The mobility of households has been greatly reduced. It is the lowest since 1998, "said Observatory best payday advance .

Increase in the average city

This trend continues into early this year. However, like last year, the same time, rents of those who relocate rose 0.6% on average. But new phenomenon, most major cities have their rents reduced while those of medium-sized cities or resist progress. Major declines, there are Neuilly sur Seine (-6.4%), Nancy (-4.5%), Grenoble (-3.5%), Strasbourg (-3.1%), Rennes (-2, 5%), Metz (-1.4%), Bordeaux (-1.2%), Lille (-1.1%), Nantes (-1.0%), Marseille and Toulouse (-0.6%) and even Paris (-0.8%). The most significant increases occur in Clermont-Ferrand and Versailles (5.9%), Courbevoie (Hauts-de-Seine, +5.3%) and Draguignan (+5.2%)."In all of 2010, rents should remain stable," explains Michel Mouillart. "Like last year, rents should then fall to spring and again later in the year."

Michel Barnier has arrived in London earlier this week, a white flag in hand. The new European Commissioner for Internal Market had to reassure the financial capital of Europe. Firstly because he is French, therefore, suspected to be a regulator born. Secondly, because his appointment had been made by Paris as a victory over the English.

In twenty-four hours, Michel Barnier has met Prime Minister Gordon Brown, Chancellor Alistair Darling, the president of the Bank of England, Mervyn King. And the lords of the City, big bankers and hedge funds, investment funds so maligned for their role in the crisis.The Commissioner also gave an interview to the influential Financial Times.

"I'm not horrible, but I'm not a nice cat (" I'm not horrible, but I am not a pussycat either "in the original English version)," slipped the European Commissioner for British journalists . Beyond the formula, the French assured the City that he wanted "to be a commissioner for a more unified market, not less." But "the market must serve the economy, not vice versa," he said in his speech to leaders of the City.

The visit of Michel Barnier occurs after the Commission issued a proposal for a hedge fund sector (Directive on alternative investment funds, known MWIA) payday loans ."Investment funds are an important part of the financial system," he said, representing over 50% of daily trade in the market share. "It is vital that they are subject to regulation and adequate supervision," he added.

"Red lines"

According to the Financial Times, the leaders of investment funds have emerged reassured of their encounter with "Frenchy." "They appreciated the Commissioner's apparent willingness to try to understand their concerns," reported the Economic Daily. Adding that the City leaders have warned that British negotiators should be careful to protect certain "red lines" that Brussels should not be crossed.

Starting with the authorization could be given to non-European funds to come and sell their services within the EU."Have European funds to meet the high standards of transparency, without requiring the same from those located outside the EU would not be appropriate," Michel Barnier acknowledged. Funding fear ultimately, the Financial Times that the principle of market liberalization, to which they belong, or poorly implemented.

After the large deposits, Emmaus starts now in the "bric-a-brac neighborhood. Based in Paris at Centquatre (the center of artistic creation of 104 rue d'Aubervilliers, XIX), the first such shop opened this week. Nine others should follow in the coming three years after an agreement signed between Emmaus and the City of Paris. In these knick-knacks, buyers will always find so many clothes, furniture or dishes at any price, but small retail space will be reduced (200 to 300 m2) and * opening hours extended to better integrate neighborhood life.

So far, the association only had a Paris address, located at 80 boulevard Jourdan (XIV). For two years, more than 3,000 people flock every Saturday on the 1,000 m2 warehouse for a few hours to exhaust the stock of products recovered during the week.A success that led Emmaus to look for other sites.

It must be said that environmental awareness has boosted donations of used goods while the economic crisis has increased the number of customers looking for bargains. Across the country, 85,000 tonnes of textiles, 65,000 tonnes of furniture and 20,000 tonnes of electrical equipment have been collected by Emmaus in 2008. The resale of these products used generated 148 million euros in 2008 against 142 million in 2007. The 2009 figures should be even better.

Originality of the Parisian experience: the addresses are managed by the association Emmaus Challenge, an offshoot of Emmaus, which uses reintegration of employees and not members of the community."Large urban area offer plenty of room in emergency accommodation, but not many opportunities for employment," says Charles-Edouard Vincent, president of Emmaus Challenge. With its bric-a-brac, it currently employs 80 employees in rehabilitation and aims eventually to bar 300. An experience that is limited for now to the capital which has the largest deposits of products to be collected, and the broader population in need.

Rest now, with the assistance of the City of Paris, to find the space available to open additional stores. And also to find an alternative store to the flagship Boulevard Jourdan. This temporary space is indeed close its doors by the end of September.

* Bric-a-brac Centquatre, 104, rue d'Aubervilliers (XIX). Open Wednesday to Saturday from 15h to 18h. Receiving gifts: Tuesdays from 15h to 18h and 11h to 18h Wednesday through Saturday.Ref.: Www.emmausdefi.org or www.104.fr, under "Shops".

Forthe taxpayers with assets hidden abroad, it is too late to repent. The cell regulation introduced by the end of April Bercy for those wishing to come into line with the Inland Revenue closed Thursday at 18 hours. Reportedly, a few days before the deadline, it had treated more than 3 000 applications. On December 9, Eric Woerth, budget minister, spoke of 1 400 cases to bring back 500 million euros into state coffers. "Since the case of HSBC list started, we have achieved records, telling a lawyer a few days ago.

Still, the results obtained by the French in cell eight months paled in comparison with performance in Italy.The tax is to regulate trans 95 billion in three months! The state has recovered 5 billion of revenue, and the measure has been extended.

But in Italy, it was simply an amnesty: 5% tax on amounts settled, period. Not so in France, where the tax was due to pay (three years for income tax six years for the ISF and inheritance). The French Treasury not negotiating that penalties and interest.

20% of capital for tax

"It was interesting when he had inherited more than six years of hidden assets abroad and that you did not then fed into account. The additional tax due is three years and six IR EWB, was increased by 15% at maximum, "explains Val?rie Harnois-Mussard, a lawyer with Fidal. The taxpayer could get away with leaving 20% of its capital tax.The regulation was much more expensive if the death was within the last six years, because of inheritance. And the tax rebate did nothing fabulous for those who had actively concealed funds. Another obstacle: the documents to provide the tax authorities were numerous.

This relative lack of mercy has always been assumed by Eric Woerth, who would not hear of amnesty. But his all-out offensive against fraudsters – with, culminating in its Communication on a list held by the Treasury, 3 000 people with accounts in Switzerland – has not helped to create a serene atmosphere. Households were afraid of having to undergo inspections in fiscal 2010 and subsequent years if they showed up in the cell.Some taxpayers have hexagonal even made a more radical choice: to settle permanently in Switzerland.

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The Committee approved the December 8 and 9 "advisory for a package of proposals to strengthen regulation of capital and liquidity with the objective of strengthening the banking sector," he said in a statement.

These measures will "respond to the lessons of the crisis in the regulation, supervision and risk management of banks," said the committee.

The proposals for capital and liquidity will strengthen the banks and create a financial banking system and healthier, "said the chairman, Nout Wellink, who is also president of the Dutch Central Bank.

It is, however, that a "consultation document" and not a final text, recalled Wednesday a spokesman of the Bank for International Settlements (BIS) in Basel, including hosting meetings.

The 27 "wise men" had already announced in early July an increase of Basel II, introduced in 2004 and requiring banks with a capital ratio weighted overall risk incurred by financial institutions.

Avoiding a new "Lehman Brothers"

To avoid the disastrous consequences of a new financial crisis including the collapse of financial institutions of systemic importance, as the bankruptcy of U.S. bank Lehman Brothers in September 2008, the Basel Committee grilled for several months on a building rules governing the banking sector.

In his new proposals, the committee wants to strengthen the quality and transparency of the core capital Tier 1 (core capital of a bank), allowing institutions to better absorb potential losses.

He also wants to improve the level of capital to protect facilities including activities on derivatives and repos (repos).

Debt ratio

Banks should also establish a ratio of debt to contain their debt, financial buffers to cope with difficult situations and a minimum level of liquidity.

The impact of these measures on the sector should be analyzed in the first half of 2010 with the aim to introduce by the end of 2012.

The committee, founded in 1974 and composed of the governors of 27 central banks worldwide, "will ensure that the implementation of new standards is consistent with the financial market stability and sustainable economic growth," assured Nout Wellink.

Central bankers also want to introduce a period of tolerance and accompanying measures "for a period sufficiently long to allow a smooth transition to new standards.

The agency Fitch has not taken into account what is doing the new government. Photo credits: AFP