International Headlines and Stories

End of season for the radio. It resulted in a further reorganization of the podium radios, according to the poll of 126,000 Radio Médiamétrie for the months of April to June 2010.

Always the first radio station in France, RTL consolidates its position with 12.1% of total audience. It is followed by France Inter stable at 10.3% of total audience. However, NRJ resumed his place on the third step of the podium. Down 0.2 point to 9.8% of total audience, the first musical of France especially took advantage of the fall of a Europe that had expired in November-December 2009.The general group Lagardere lost 0.4 points to 8.7% of total audience.

Among GPs, RMC and France Bleu perform best, earning 0.1 points respectively to 6.8% audience share and 0.4 points to 6.9% of total audience payday advance.

The music stations have also incorporated color on the end of the season that marks the arrival of summer. Skyrock (8.1%), Fun Radio (7.4%), RTL2 (4.8%) and Cherie FM (4.6%) are all up compared to last year.

A performance that indicates a radio market stable at a relatively low every day 80.9% of French people aged 13 and over listen to the radio every day, more than 42.1 million people.

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In an update of its economic growth forecasts published in Hong Kong Thursday, the International Monetary Fund (IMF) to show more optimism for global economies, with the exception of France and Great Britain. The IMF has lowered its estimate of 0.1 growth in 2010 for both countries relative to expectations in April, until now +1.4% for France and 1.2% for Great Britain. Regarding the euro area, the IMF maintains its forecast for growth of 1%. Conversely, it has raised its projection for global growth in 2010 to 4.6% against 4.2% estimated in April.

The IMF draws attention to the financial sector, less and less stable, due to the rising public debt in many countries. It focuses on the risks as well, which "have greatly increased" since April.The international institution recognizes that "progress toward global financial stability have recently suffered a setback. The risks on the public debt in some part of the eurozone have materialized and extended the financial sector in the region, threatening to spread to other regions and generate a downward spiral again winning the economy. "

Reaction of central banks

In this context, the IMF estimated that some central banks may have to ease these tensions further relaxing its monetary policy. They could be forced to inject new liquidity into the economy. The question is what will be the decisions of the European Central Bank and Bank of England, who must keep their monetary policy meetings in the day. Governments are also urged to take action to support the economy.The International Monetary Fund has renewed its request for implementation of "emergency" plans "medium-term fiscal consolidation pro-growth".

Great absent G20 Toronto, the issue of tax havens coming back in the headlines the case Bettencourt. The conversations between plays Liliane Bettencourt and Patrice de Maistre, the man who manages his vast fortune, revealed the existence of undeclared accounts in Switzerland for a total of some 80 million euros and a small private island lost in the Indian Ocean, estimated between 300 and 500 million euros. A "case study" that illustrates the mechanisms and the persistence of tax evasion.

Despite the political will displayed at the G20 in London in April 2009, chief among which those of Paris, Berlin and Washington, hunting bank secrecy small steps.Like it or not the president, Nicolas Sarkozy, who said: "Tax havens, it's over." Certainly, under pressure from the G20, the major financial markets have taken one at a time with the standards of exchange information of the OECD, the risk of being pinned on a blacklist. What this implies for the treasury of the countries referred to respond to requests for information in cases of suspected tax evasion proved.

Hunting opacity

Since then, over 400 bilateral agreements were signed, including between France and Switzerland. The text was adopted on June 18 last, by the Swiss Parliament since Tuesday and is registered in the Official Journal of Switzerland. The entry into force can not be done until after the legal deadline is October 7, allowed the organization of a referendum. French side, the agreement is still not included in the agenda of the Assembly."Will stay then test its effectiveness, said Jean Merckaert, specialist tax fraud CCFD, a development NGO. These past months have shown, lists stolen (HSBC France, UBS in the United States), which allowed the transfer of thousands of names, are more effective than the exchange of information through the conventions. "

General Delegate to the fight against uncooperative jurisdictions, François d'Aubert acknowledged the imperfection of the system, where you just twelve agreements out of the list, which is more that can be signed with other tax havens. "We need the tax administrations of each country can have access to bank accounts, accounting firms and identify the beneficiaries of a trust," he said recently. Like the little corner of paradise in the Seychelles, hidden behind a foundation, the opacity remains the bete noire of the treasury.

Almost 9% increase! Half an hour after the opening of the Paris Stock Exchange on Thursday, Valeo posted the strongest increase in the SRD: 8.77% to 23.81 euros in a market up 2.2%. The carmaker brings with it its main competitor Faurecia climbed 6.53% to 13.13 euros.

This remarkable evolution follows the statement released Wednesday by Valeo, in which the group calls itself "confident" in achieving its goal of doubling its operating margin compared to 2009, notified on 24 February. The group is therefore an operating margin of almost 4% of its turnover in 2009 against 1.8% and 2.7% in 2008.Just in the first half, Valeo anticipates an operating margin approaching 6%, the highest rate on a semester during the last eight years.

Nomura to buy rest

The supplier table, moreover, still for the first half of 2010, on a turnover of around 4.7 billion euros, an increase of about 35% compared to the first half of 2009. Consensus Thomson Reuters, meanwhile, put on a turnover of 8.2 billion euros for the group in 2010 with an operating profit of 301 million, which would result in a margin of 3.67%.

This perspective reinforces the analysts at Nomura, in their recommendation to purchase the title. They said the current valuation of Valeo offers significant upside potential and thus provides a good buying opportunity. Nomura sets the price target to 35 euros.

For three months, Nestle tries the impossible in France. In a market of bottled water down the last ten years, the world number one is preparing to launch a new brand. And not just any, as this is the introduction in France of Pure Life, world's leading brand of bottled water.

"There is a French project that builds on the success of Nestle Pure Life," said Le Figaro Hubert Genieys, communications director of Nestlé Waters. The group is "by the summer" to make a decision. The weather also seal the fate of Aquarel spring water to Nestle family launched in 2000 with sales in France have not taken off.And that could eventually be replaced by the French version of Pure Life Pure Life.

Nestle Pure Life is tested in twenty supermarkets size of Le Mans and Angers, the two largest test markets in Europe, as announced last month our colleague Ray beverage. The test should be completed in the coming days, once the remaining stocks sold. "The book starts slowly," says Jean-Marc Renaudin, head of the radius drinks Leclerc Angers. "It's a grain of sand against a mountain!" He adds, referring to sales of Cristaline: the market leader – sold € 1.02 pack of six 1.5 liter bottles – sells 25 30 pallets per week (2800-3360 packs), while Pure Life, which costs twice as much, capped at half a pallet (32 packs) … In times of promotions (- 50%), however, sales may go up to four half-pallets in a weekend.In Intermarché of Le Mans, the permanent discount on Pure Life (1.02 euro) cut the lead in sales (which reads from one to ten) with Cristaline.

The linear congested

"It is completely below the cost price, these prices will not last long!" Fumed Peter Papillaud majority shareholder group Alma (Cristaline Vichy Celestine, St Yorre, etc..), Which gives the winning Figaro 0.33 euro per bottle, without promotion or communication, through reduced shipping costs to a minimum. Since he has seen at Le Mans last month, the posters of Pure Life, Peter Papillaud still furious. He campaigned against Nestlé with its distributor customers.Until patterns of signs to which he recalls that they allowed, with Cristaline, "not to lose money on the waters first prize."

The placement price of one Pure Life is strangely reminiscent of Aquarel (2.95 euros per pack of 6), a time sponsor of the Tour de France, with which Nestlé wanted to become a leader in Europe. Number two in Spain, and number three in Hungary, Aquarel never exceeded 1.5% market share in France. In several large areas of Le Mans and Angers, it has already disappeared from the shelves for almost a year. "In France, in a particularly unfavorable brand now boasts good performances, however, below our expectations," said Hubert Genieys."Aquarel suffered a mid-range position, caught between an actor unbeatable pricing and what Cristaline mineral water like Evian, Volvic and Vittel that provide reinsurance, analysis Bernard Malik, a partner the firm Roland Berger.

This does not Nestle to think big. He hopes to replicate the success story in France Pure Life number one in the United States, Egypt and Jordan, number three in Turkey and Shanghai. His recipe: low price, strong networking planning and adaptability to local consumption patterns. Launched in 1998 in Pakistan, the water present in 28 countries is natural in France, addressed to the U.S., desalinated in the Middle East, remineralized in some countries. For five years, she has an annual growth of 24%, but its presence in northern Europe is limited to Great Britain and Germany.Nestle's dream to find a recipe for anti-crisis on the French market.

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In Los Angeles

Sir Howard Stringer, CEO of Sony, never gives up. The firm, however, Tokyo has accumulated errors during the last decade. She has lost the digital music player market against Apple. His video game consoles, are in third place, behind Microsoft and its Xbox 360 is far behind Nintendo and its Wii. Worse, the TV market, the former world number one until 2006 was demoted to third place by the South Korean Samsung and LG. But the 3D could change that.

Sony plays an ambitious part with 3D. "We are present throughout the chain of video images in 3D. From the professional camera lens for up to televisions, via the video game consoles, games and movies, "recalls Nick Sharples, a spokesman for Sony in Europe.The Tokyo firm could also add 3D to its Vaio PC, even though no one has this feature. Ultimately, its mobile phones designed by its joint venture with Ericsson of Sweden could also benefit from a screen in relief.

From the camera to video games

In contrast, the 3D cameras to film and sporting events, Sony is the only group with fellow electronics Panasonic offer professional equipment. The Tokyo company has partnered with the company to improve its 3ality cameras that use two objectives and can play on the "depth" of the effect in relief. For 3D TV, the group wants to propose "in France around the Soccer World Cup which starts on June 11," said Philippe Citro?n, managing director of Sony in France Guaranteed pay day loans.

But it will gain in the battle along with Philips and LG, and well after its competitors Samsung and Panasonic, who already sell their screens in the United States. However, these Sony TVs 3D can be coupled to the PlayStation 3 which will be adapted in June, games in relief. The game programs will be announced in mid-April. A second amendment to the PS3, the second semester will play Blu-ray videos in relief, in high definition. It is a competitive advantage over other consoles.

Sony is finally the only one with studios to make films in 3D and special effects. Sony Pictures Digital is especially designed computer images of Alice in Tim Burton, produced by Disney. "We can accomplish miracles, as to eliminate the reflection of a person in a mirror.But it is not possible to convert to 3D, traditional scenes with smoke, rain or snow falls, "says Buzz Hays, director of the 3D shape of Sony's directors. The group has already contributed to 8 films in relief since 2004 and participates in the rise of Hollywood studios to provide "46 films in 3D in 2010 against 17 in 2008," according to the firm Futuresource. According to Michael Lynton, president of Sony Pictures, "We are at the beginning of a profound change for the film industry."

The index futures are predicting a slightly lower opening of U.S. markets after already six consecutive sessions in green. Not since August 2009 to find such a series of increases on Wall Street. On the momentum of the day, U.S. markets have ended on a new annual summit Wednesday. The indices have continued to benefit from the status quo monetary decided by the Fed, and the reassurance of the U.S. central bank on the health of the economy.

Shortly before the opening of markets across the Atlantic, the index futures Standard & Poor's 500 and Nasdaq 100 slid 0.11% respectively at 1 164.50 points and 0.05% to 1 935.50 points.

In the United States, the session will be punctuated by the publication of a series of indicators. Investors will first knowledge of the price index for consumption for the month of February.Analysts on average expect a price increase of 0.1% over one month and 2.3% over one year. The day will then continue with the announcement of weekly unemployment registration and publication of the balance of current accounts for the last three months of 2009. Experts expect a deficit just under 120 billion dollars. Follow the index of the Central Bank of Philadelphia for the month of March and the composite index of leading indicators for February.

On the currency markets, the euro back down to $ 1.37 after Germany had banged his fist on the table against Greece and the assumption of an IMF assistance had resurfaced.The barrel of oil is still firm, the new deadline of May of Brent trading at 81.48 dollars on the London market an ounce of gold.

Nike back to growth

On the side of values, the number one sports equipment, Nike announced after the close on Wall Street a return to growth in sales and profits. In the third quarter of its fiscal year ended in late February), Nike has made a net profit of 496 million dollars against 244 million a year earlier on the same period. A few months before the World Cup 2010, its backlog has already greatly improved and the group expects a continuation of this trend.

A follow also the title of the aircraft manufacturer Boeing. China has ordered its airlines to conduct checks of their Boeing 737 after a similar decision of U.S. authorities.The decision of the Administration of Civil Aviation of China (CAAC), which covers 400 aircraft, follows concerns about possible security problems related to a component in the tail of the aircraft.

The results of FedEx for the third quarter are expected on Thursday. The numbers of specialist couriers are always observed under the microscope by investors. Indeed, they generally face forward barometer of U.S. business activity.

Announced in May, the marketing of coffee pods Casino compatible with Nespresso coffee machines, breaking for the first time the monopoly of the subsidiary of Nestl? on its capsules, should lead to jostling on the shelves of super, supermarkets and mini-markets group Etienne. It could also lead to a rush in the courtroom. "We will defend our interests in a very strong," says Le Figaro Richard Girardot, CEO of Nespresso.

Ethical Coffee Company (ECC), the young Swiss company founded by a former boss of Nespresso and Casino, has negotiated exclusive distribution in France capsules designed by ECC, ensure not to violate any of the patents filed by the subsidiary Nestle. Those who protect the first generation of capsules are supposed to fall into the public domain until late 2012 payday advances .ECC claims to have found a loophole allowing him to circumvent the patent protection. "It seems very surprising to our lawyers," stressed the head of Nespresso, which states that the 1700 patent filed by the group to protect the faith the capsules and how they are used in coffee makers.

The leaders of Nespresso, which could not see, and because the capsule competing, let alone taste it, do not count undertake preventive approach, both towards Casino, ECC or its sub Folliet contractor, the roaster Chambery which supports the production of pods. But with their lawyers, they will likely be the first to rush into the shelves of Casino.

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lefigaro.fr: A year ago, almost to the day, you said that "it was time for the truth about Natixis. How did you welcome the confirmation by the AMF (AMF) by sending a notice of objections to Natixis?

Colette Neuville: This is a new good, which will complete our complaint. But there will still be some way to go because, although Natixis has to be sanctioned, it will compensate the victims. The shareholders want compensation before any other words, recover some of their money.

If one assumes that the losses of shareholders are due for half to the general fall in stock markets, should implement a procedure that allows them to get half the introductory price (19.55 euros), or 10 euros.One might ask why the Banques Populaires and Caisses d'Epargne to buy Natixis shares they sold to the public offering in exchange for an IOU in the form of bonds or other securities composed of an amount of 10 euros. I

the need bear in mind that these are nearly 3 million shareholders who have lost 80% of the 5 billion they have invested in this case. It is the political and financial scandals have made the most victims in France. We for our part before the Prosecutor of the Republic there is a little over a year and, for now, we had no return. The only merit of our complaint so far is to have interrupted prescription.

Probably for political reasons and timing, the state has not seen fit to punish Natixis.

It seems that the French government considered that it was not appropriate to shed light on the matter Natixis when he put forward the behavior "virtuous" French banks during the crisis under their European and American counterparts. But he did not respect the principle of separation of powers, but embodied in the Declaration of Human Rights and considered from Aristotle through Locke and Montesquieu Great Britain in France as essential for the proper functioning of democracy. So I look forward to the appointment of a judge who makes all the light and determines all the responsibilities on the scandal Natixis cash advance in one hour .

What do you expect from the MFA?

I expect the Sanction Commission (member of the MFA, Ed) it is not limited to information on complaints issued in October 2008, but it is seized of the whole affair since the beginning. Regarding the objections that have been transmitted, Natixis said it is not pursued by the MFA for disseminating false information. I note however that according to Article 223-1 of its General Regulations which the MFA refers "to inform the public must be accurate, precise and sincere." So although the AMF services consider that the information given by Natixis did not exhibit these qualities.

You are involved in Vivendi (1), and you are indignant at the action taken on the matter EADS (2).The case Natixis is it more serious than the other two? Do you think that the MFA will draw lessons from the EADS?

The Vivendi case and Natixis have in common is that many shareholders were victims of misleading information. But the case of Natixis is more serious because of the shameful organized canvassing by both banks to enjoy the confidence of their customers and sell their securities. Vivendi shareholders had they bought their securities without being specifically requested otherwise by the misleading representation of society.

As in the case EADS, the chairman of the MFA has publicly expressed the day after the pronouncement of the decision of the Sanctions Committee of its wish to be making appeals against decisions of the commission. I think it will ensure that a text quickly gives it this right, the logic of separation of powers.

(*) Association for the Defense of Minority Shareholders

(1) Colette Neuville is the origin of a class action against Vivendi and two of its former leaders, Jean-Marie Messier, former CEO and Guillaume Hannezo, former chief financial officer, accused of transvestite results group between 2000 and 2002.

(2) after three years of investigation, the AMF has cleared all officers of EADS.

The reproduction is better than output. In this season of activity budgets in 2009, from automobiles to zoos, most areas in the commune down. The numbers of births do not appear as brightest. INSEE has identified 821 000 last year, only 7 400 fewer than in 2008. This decline is described as "negligible" by demographers, not even "the line thickness. Especially that 2008 was a leap year, which was added mechanically 2 000 births, INSEE said.

The economic crisis it have no impact on family plans? "For the moment we receive no effect, confirming France Prioux, a researcher at the INED (National Institute of Demographic Studies). This is not the case in South Korea, which announced a fall of 4.4% of births in 2009."More and more people were delayed or canceled their wedding plans during the recession," he told AFP Kim Dong-hoy, head of population studies. The Land of the Morning Calm, with Singapore and Taiwan, who is experiencing the lowest fertility rates in the world (1.15 children per woman of childbearing age).

In the U.S., it is allowed since last summer that the crisis will lead, as is customary, by a decline in births. Only data for 2008 are known, and they show a decline of almost 2% over 2007 (4 247 000, a record 50 years), according to the National Center for Health Statistics. Across the Atlantic, economic cycles and demographic change strictly in parallel, as evidenced by the four previous recessions (1974, 1981, 1991 and 2001).

This determinism is understandable in societies where birth control is more the rule than the exception.The Ireland still offers a cons-almost perfect example. The country traditionally more pronatalist in Europe – 16.9 newborns per thousand inhabitants per year, against 13 in France and 8.3 in Germany – has suffered the most severe recession in the euro area. Despite a fall of 7.5% of GDP last year's births increased 1%, according to estimates by the Directorate of Health. Explanation of the Central Statistics Office: the baby-boom years of 1980, which followed the entry deDublin in the European Union, have become parents.

The problems of income and unemployment are not always the enemy of babies. Some even see an incentive. Gary Becker, Nobel Laureate 1992 and theoretician of the family economy, showed a woman who loses her job will be available to raise a child.And the "opportunity cost", as economists say – the income to which he must renounce – will be less than if she had voluntarily quit her job. Also in times of crisis, family values are rising and fertility recovered.

Demographers are nevertheless cautious about the resilience of the French birth rate. As the U.S. federal government last year amounted to 291 $ 570 "price" to raise a child to adulthood, our system of family assistance and public benefits makes probably the "investment" less risky for couples. History shows that despite all our demographic has always responded to crises. "The Great Depression of the 1930s had rarefied births, as the oil shock of 1973.The fertility rate (per woman) fell to its lowest level in post-war (1.66) during the economic recession of 1993, "says Ariane Pailh? in the social portrait of France (2009 edition ). Why would it do differently this time?

Let's bracket the explanation, very controversial, which gives dynamism to the French foreign families. False, according to Insee, "The share of children born to foreign parents, which amounted to 6.9% in 2008 has changed little from 1998 (6.6%). The reality is more mundane, as explained Gilles Pison, demographer at INED: "Since the baby boom of the postwar period, there is a fairly high stability of the predisposition of couples to have kids. What has changed is they have more later.Initially, it helped reduce the annual number of births, then do go through a process of catching up. "Thus the fertility rate is 1.66 children pressed in 1993 to nearly 2 today.

Economic Crisis Will it change the "desire for children? Another focal point on youth unemployment. "It could he delay the time when we" settled "and you have children? It is unfortunate that the records of Vital Statistics do not indicate the rank of new-born of each family. For on the number of first births that the crisis could have the greatest consequences, "warns France Prioux. It is unlikely that France soon lose its leadership position population of the European Union.It hosts over 800 000 babies a year when Germany's powerful product in less than 700 000, despite reproductive capacity but much more numerous untapped.

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