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After a first crisis meeting on Monday, the board of directors of Dexia held another meeting on Sunday night marathon on a background of tensions. On the menu, the agreement in principle found in government, between France, Belgium and Luxembourg, on a pattern of orderly liquidation of troubled bank.

The dismantling of Dexia revolve around two main axes. First part of the device, sales lead to much gnashing of teeth. Side France, the discussion focuses on the sale of a portfolio of over EUR 70 billion – mostly loans to local authorities – an entity owned 65% by Caisse des Depots, which drags its feet. Until more details, the Investment Committee of the CDC has just issued an advisory opinion but negative according to our sources.La Banque Postale will take a minimum the job of funder community, hitherto devoted to its competitor.

At the same time, Dexia will sell its retail banking subsidiary in Belgium, Dexia Bank Belgium, the Belgian partner probably common across the Quiévrain. The Wall Street Journal, Price, hotly debated, could turn around 4 billion euros, well below the value expected by shareholders. As Fortis sold to BNP Paribas in 2008, the Belgian government's goal is to lean then the network to a private actor. For its part, Luxembourg completes its participation in the recovery of BIL through a consortium led by Qatari investors. Denizbank, the Turkish subsidiary, is also about to be sold.

The second component of dismantling the management of residual interests.While the Spanish or Italian Sabadell Crediop seem almost impossible to sell, will remain at Dexia a portfolio of nearly 95 billion euros in loans, of which 12 billion of government bonds devices in Europe. It is this "bad bank" guarantee promised by France and Belgium will apply. Sunday, the two countries should share the burden away. In 2008, Belgium had made to their account 60% of the security so much higher than 150 billion euros. This time, the camp Yves Leterme wanted to reduce its share of the bill, arguing that the French management had little Belgian interests associated with the management since 2008.

Impact rating

Signal of the high stakes, Prime Minister François Fillon had made the trip to Brussels on Sunday to meet with Belgian prime minister Yves Leterme.The talks, which have been associated with Jean-Luc Dehaene and Pierre Mariani, President and Group CEO, helped lead to a solution "fruit of intensive consultations with all partners involved," insisted the two sides.

The two countries share a triple objective: secure banking on their own territory, without violating the rights of minority shareholders, and while limiting the cost of this debacle for public finances. Friday, Moody's had also placed the rating on negative watch Belgium. Council of Ministers to be held in Belgium on Sunday night, after the Board of Directors of the bank.

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The Social Security deficit next year will reach nearly 14 billion euros. It is the goal set by the government, which presented Thursday its 2012 budget proposal of the "Safely." There are three more years, the amount would have seemed catastrophic. Today, it appears as a significant improvement (the second row from the terrible years 2009 and 2010), almost a relief.

Achieving this goal will require new efforts, however. According to estimates published by the Commission alongside the accounts of the social security system, the "hole" would amount to 21.2 billion more next year, if nothing new savings or revenues were taken ("trend ").This is despite rather favorable macroeconomic assumptions adopted by the government (1.75% growth, 3.7% increase in payroll).

Patchwork savings

To do better, the government is "primarily on cost containment through structural reforms," ​​pleads one in the entourage of the Minister of Public Accounts, Valérie Pécresse. There's no question for the industry pensions. The second step of delaying the legal age (60 years and eight months from 1 January), listed in the reform of Sarkozy, Woerth 2010, 1.2 billion will reduce the total pension paid in 2012, says Bercy. And this effect will intensify over the years, until 2018, when the legal age will reach age 62.However, for the health branch, the major economies announced for next year are less than a fundamental reform of a traditional patchwork (lower prices of drugs or radiological, snacking benefits of sick leave …).

Safran, currently listed on the SBF 120, will make its debut on the CAC 40 on 19 September. The industrial and technology group, owned 30% by the state and 16% by its employees, replaces the bank Natixis in the most important indicator of the Paris Bourse. The announcement of the decision of the scientific evidence that fell Friday night to enter into force on September 16 at closing. The CAC 40 has not seen changes since September 2010, when Dexia (bank) and Lagardère (media) had been replaced by Natixis and Publicis (advertising).

The case for an entry Safran are numerous. The group was first sold 6.5 million treasury shares on the market late in July to increase its free float to more than 50%. Or the size of free float is one of the most important criteria observed by the Board for an introduction to the Cac 40.Capitalization criteria equally crucial $ 11.6 billion. Finally, the performance of the title are not negligible. The stock has gained more than 14% since August 26, while the SBF 120 index has returned just 5.6%. Since the beginning of the year, it grew by 5.4% when the SBF 120 index lost more than 12%. "There is a large consensus on this value. Safran is a great candidate, "pointed out shortly before the decision Emmanuel Besson, manager at Equity Management Ofi AM instant payday loan.

Suez Environnement does not leave the Cac 40

Suez Environnement was on the spot. The company, owned 35.8% by GDF-Suez and 7.2% by Groupe Bruxelles Lambert, certainly has a free float above 50% but its market capitalization of 5.88 billion, is among the lowest in the four Cac 40, with STMicroelectronics, Accor and Peugeot.In addition, the title was severely punished by investors: it shows a loss of 17.6% since the beginning of July, in line with the losses of the CAC (18% over the period).

But it Natixis, which has been designated to leave the Cac 40. It must be said that banking stocks have suffered heavily in recent weeks. The title is back in the index only a year ago and this decision "could create additional pressure on the banking at a time when we seek to appease," said Emmanuel Besson.

Before the verdict, Safran fell by 2.77% to 27.05 euros at the close, in a market down 3.59%. In turn, Natixis lost 4.57% to 2.71 euros.

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After the strikes, the seismic risk. The difficulties accumulate in building long-awaited Grand Stade Lille. Started in September 2010, work could take longer than expected, due to a change in the classification of the site northerner on the scale of seismic standards. Since the entry into force on 1 May new standards of seismic hazard of the site hosting the future stadium is indeed changed from "no" to "low".

What put a little more at risk delivery, planned for July 2012, the sports arena of 50,300 seats (against about 17,000 for the current Stadium north of Villeneuve d'Ascq). Peter Berger, the executive director of Eiffage, the construction group in charge of construction of the building, has even called him on Thursday of "non-zero" probability that the works are delayed.Concern, as the club relied on Yankee start next season in its new enclosure.

Delays are common

"Overall, the case of clubs, a stadium delivered on time is a rare occurrence, says Michel Desbordes, a sports marketing specialist and author of neo-sports marketing. Apart from international competitions, where the issues of image of a country are important, it is very common that a project is continually delayed. Even Olympique Lyonnais (OL), whose business model is currently considered the most effective, has difficulties in advancing the Stadium of Light. "

For France champion football title, the expected financial impact of this new project could be delayed."Arsenal, whose business model is comparable to the LOSC, saw its sales jump 58% in the year of commissioning of its new stadium, the Emirates Stadium during the 2006/2007 season "Michel Desbordes analysis. Extrapolating this example to the club Lille, LOSC could see its sales jump by over 37 million, compared to the estimated budget of 75 million euros for the 2012/2013 season. It would be similar and even more of the OL and its 160 million annual budget.

Less attractive media

The delays do not affect these numbers, especially as the additional time construction should be limited to a few weeks totally free credit score. But "it would deprive the Losc its new stadium for a season, warns Michel Desbordes.Although the Grand Stade Lille Métropole was delivered in December 2012, it could not be put into service before the next season or in 2013/2014. " In addition to the shortfall in terms of ticketing, LOSC would be so deprived for a few more months of additional revenue related to greater media exposure. However, this parameter now weighs about a third of the money collected by the clubs under the TV rights. According to the blog dedicated FootBiz, they would have amounted to 42.5 million euros for the champion of France for the 2010/2011 season.

Moreover, competitive sports club could be undermined, some players have taken into account in their decision to remain at the club northerner, the prospect of work in a stage art and visibility.

In addition to these issues difficult to quantify financial benefits, harm the most accurate for the club remains the additional invoice from new technical requirements. According to information Chained Duck, the additional cost compared to 324 million euros expected, would reach nearly 100 million euros.

From this point of view, Eiffage and the urban community of Lille Métropole pass the buck, saying it is not their responsibility to support the financial consequences of a decision state. The construction group, however, should think twice to avoid blocking the progress of work in such a status quo could result. Last June, the Polish city of Bialystok has decided unilaterally to break a contract for close to 40 million euros to build a football stadium, citing delays too great. Eiffage challenging a decision.

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Tension mounts for the closure of the practicalities of the second bailout of Greece, whose general principles were agreed at the summit on July 21. Brussels wanted to have everything completed in late August. But three days before the deadline – informal – discussions are still underway, slowed by the problem of guarantees required by Finland, while in Athens, further fueling fears of fiscal slippage blur.

Finland does not swerve: before committing, it requires collateral equal to its participation in the assistance plan. A headache for officials in the euro area, who fear back into a turbulent period when investors are recovering to question the solidarity of 17. Friday again, negotiators from ministries of finance in the euro area have tried to find a way to break the deadlock."The main obstacle is political," sighs one in Brussels.

The case was the seed from July 21. Helsinki was signed on the condition that a clause be added to the text, to provide for the establishment of safeguards "where appropriate". The application of this provision could have significant impact if other countries like Austria, Slovenia and the Netherlands for example, demanded similar treatment. Last week, Moody's had warned against a possible delay of the plan of aid to Greece that could "precipitate the collapse of the country."

German Chancellor Angela Merkel herself denied any plan leading to preferential treatment of one country over others.Several tracks are given for the guarantees, which could be pledged in the form of real estate or shares in companies or public institutions.

Special Session

However, it becomes urgent to complete the text before the bailout vote by national parliaments guaranteed approval cash loans. Greece this week to begin a new round of discussions with the Troika (ECB, European Commission, IMF), for the release of the next tranche of aid this fall. However, the Greek finance minister, Evangelos Venizelos, spoke Friday a possible fiscal slippage as a result of austerity measures administered in the country with an expected contraction of GDP "above 4.5%" in 2011, instead of – 3.5% originally envisaged."This does not mean that we revise our goals," down, assured the minister, promising to lead as agreed including privatization expected to report 50 billion euros.

The questions also feed threats of Athens on the possible cancellation of its debt exchange, if too few bankers involved in the operation. It tempers the case in Brussels, in holding that Greece seeks above all to "speed things up a bit."

These latest developments in the debt crisis will be extensively discussed in Parliament today that the European Commissioner Olli Rehn, the head of the Eurogroup Jean-Claude Juncker and ECB President Jean-Claude Trichet, are expected for a special meeting of the Committee of Economic Affairs.This is probably an opportunity for parliamentarians to advocate the introduction of euro bonds and the extension of European fund rescue currently has 440 billion euros. Sunday, the president of the European Financial Stability Fund (EFSF), Klaus Regling, told Spiegel that the euro area is expected to overcome the debt crisis "within two or three years."

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The fire that ravaged the financial markets now threatens the supporting walls of the world economy. By removing the United States their "AAA" rating, the rating agency Standard & Poor's tipped on Friday night U.S. time, the debt crisis in a new dimension, even more dramatic. The decision comes into effect in times of extreme stress: over the last two weeks, the New York Stock Exchange fell by 10%, with nine consecutive sessions of decline that has never happened since 1929! The beginnings of the shock wave should hit Monday morning Western financial markets on Sunday were felt in the streets Middle East.In Tel Aviv – where trade has been interrupted for even one hour – the stock market dropped over 7%.

Now that the United States have been degraded, no other country rated "AAA" can consider itself completely immune to medium term. As for lower-rated countries, they risk having their refinancing terms to harden significantly. In the end, all governments will have to redouble our efforts to reduce their deficits. Even at the sacrifice for some growth in its infancy.

To mitigate the magnitude of the shock, the world leaders have stepped up telephone interviews during the weekend. No formal meeting not held, although, according to South Korean authorities, a conversation at the G20 may have taken place Sunday morning after the G7 Ministers and Sherpas were spoken in the night from Saturday .Sunday, late in the day, Paris and Berlin have issued a statement reaffirming their commitment to adopt before the end of September, the agreement of July 21 on the Rescue of Greece. The schedule should reassure markets that doubt. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present.

Whopping "Noting" the willingness of member states to accelerate fiscal consolidation, the European Central Bank, which held Sunday evening an emergency meeting, said in the wake, it would implement its Bond Buyback Program "actively". The ECB is indeed in the short term, the only institution capable of acting. As long as the agreement signed on July 21 has not been ratified, the European financial stability can not afford to intervene across the entire area.Hence the pivotal role of the bank in Frankfurt, which has been slow, however, to engage in battle.

"At its meeting on Thursday, the ECB disappointed by not announcing the acquisition of the Italian debt, says Laurence Boone, chief economist for Europe Bofa-Merrill Lynch. But the decision Friday by the Italian Prime Minister Silvio Berlusconi, to accelerate by one year the return to a balanced budget should meet Jean-Claude Trichet and facilitate the intervention of the ECB on the Italian debt. " Such a move will he work? When she flew to the rescue of Portugal, Greece and Ireland, the ECB has repurchased approximately 12% of the debt of these countries, or 74 billion euros. With Spain and Portugal, the stock of debt of 2300 billion, which means that the bank in Frankfurt will need at least 240 billion on the table if it wants to weigh.A colossal sum.

The other issue that will come back, throbbing throughout the week for growth. In turn, the U.S. Federal Reserve and the Bank of England should speak on recent developments in the economy in their countries. They should take note of the proliferation of signs of slowing down. As for the euro area, it falls within the publication period of its growth figures for the second quarter ahead disappointing. France is in sight. "Given the slowdown in household consumption growth may have been zero in the second quarter, after the sharp rise in first quarter" advance Laurence Boone. What increasing pessimism and weaken even more the euro area.

The U.S. Treasury Secretary Timothy Geithner has sought reassurance on Sunday, while negotiations stretch again about raising the ceiling of U.S. debt: "The U.S. will not default, he repeated . There is no way to give more time in Congress. Leaders of major parties understand this. "

The aim of these negotiations is twofold: first to raise the ceiling of U.S. debt authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.In an interview Sunday at the program "This Week", the new general director of the IMF, Christine Lagarde, has also warned the U.S. against the "truly deplorable consequences" of such a scenario for country and the world.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt would be difficult to sustain over time. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system. However, the U.S. national debt has already reached the summits, looked with suspicion by the rating agencies.

Budget cuts

But elected officials have reviewed this weekend to lower their ambitions.The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years requested by the President of the United States and considered necessary by the rating agencies, is now on a more narrow the range of 2000-3000000000000 dollars, to be negotiated between the elected officials, said John Boehner guaranteed pay day loans.

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

Electoral concerns

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

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

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

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

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If Grace Kelly was married in technicolor, his son Albert of Monaco, will this Saturday afternoon … 3D. So the TV has decided that Orange offers its 15,000 subscribers have 3D TV, monitor live and exclusive the ceremony's most glamorous summer in this new technology. "This is the royal palace itself was planning to film the ceremony in 3D for its archives," reveals Ghislaine Le Rhun, Executive Director for Orange 3D in charge of the project. "We offered to broadcast it live on our channel 30 dedicated to this new technology," said she. "The royal wedding is well suited to this type of transmission, because in addition to being glamorous, it has several technical plans: those of married guests or views of Monaco." A promise of entertainment that inspires the Rock, especially since the event will benefit from a worldwide distribution.Indeed, Orange has not only involved its channel dedicated to 3D but also mobilized social networks – the news had already been around the last twittosphère Spanish. The event will also be available on Dailymotion, the portal of Orange and in countries where Orange operates through its triple play. Finally, Orange has an agreement between Eutelsat and its 10,000 retail outlets for consumers to find in the windows of shops and those of Darty or Boulanger images in 3D.

Extension to the documentary

To attract even more subscribers, the transmission will be preceded by a documentary by BSkyB and directed at the wedding of Kate and William of England. For Ghislaine Le Rhun, "it is clear that 3D is not just for sport.The documentary is a genre that is perfect for 3D ", she says, noting that Orange has teamed up with France Televisions for the production and distribution of two documentaries about the" greatest country in the world, " and "the most beautiful forests in the world." Similarly, the operator had joined Arte to broadcast last Christmas circus. More recently, with TF1 Orange captured the final Barcelona-Manchester. For Ghislaine Le Rhun, "it will take two to three years before the 3D left the experimental stage to take a full distribution channel." Already 120 games have been broadcast on channel 30 as well as all international Roland Garros.

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Bulky Bin Hamman and Warner
Except turnaround unlikely, Sepp Blatter was re-elected for the third time as President of FIFA in Zurich Wednesday. It is not difficult to predict because the Swiss, who directs the proceedings since 1998, is the only candidate since the withdrawal this weekend in his last opponent, Qatari Mohamed bin Hammam. A forced withdrawal and the scent of scandal. President of the Asian Confederation, Ben Hamman has indeed been provisionally suspended by the Ethics Committee of FIFA because of suspicions of corruption against him. Jack Warner, CONCACAF President, Vice-President of FIFA, and support shown by Ben Hamman was also temporarily suspended for the same reasons. The two men are suspected of attempting to buy the votes of the Caribbean Confederation (CFU), which they strongly refute."I deny the allegations that I made statements to the CFU on donations from Mr. Bin Hammam," asserted Jack Warner in a statement while saying, however that "in Miami, the Congress of the Concacaf May 3, Mr Blatter had donated one million dollars to our federation, "without the consent of the finance committee of FIFA.

A gift for which an investigation had been opened before it was quickly closed by the money outright Blatter any accusation of corruption by the Ethics Commission. A past president quickly cleared and a final opponent suspended, the unfolding of events may leave pensive and may suggest that FIFA is the realm of small arrangements. Especially when the case comes just weeks after revelations of the British weekly Sunday Times about the allocation of World Cup 2022 in Qatar.Especially so when a vice-president of FIFA accredits these revelations by making public the contents of an email sent by Jerome Valcke, FIFA general secretary and confidant of Blatter. "For MBH (Editor's note: Mohamed Bin Hamman), I've never understood why he was entering the race. Or so he thought that one can buy FIFA as the Qataris have purchased the World Cup, "Valcke reportedly wrote in an email sent to Warner!

Blatter on the royal road
A blow to Blatter camp when the Swiss campaigned on a zero tolerance towards corruption.But Jerome Valcke has justified his writings stating that "it can happen to employ a less formal tone when I use this medium which by its nature, encourages exchanges" lighter "than other forms correspondence "and that" in referring to the FIFA World Cup 2022 in this e-mail, I wanted to highlight that the future host country had used its financial strength to rally much support (…) I n 'I at no time refers to the buying of votes or any behavior inconsistent with the rules of ethics. "Sepp Blatter, he is right in his boots remained Monday at a press conference in emergency to try to extinguish the many fires in the house FIFA.

"We must fight the demons, there's a bad situation, but there will be an elective congress on Wednesday and the family of football, if it wants to restore the credibility of FIFA, can do with me," Blatter said, refusing to evoke the decisions of the Commission on Ethics ("I'm not allowed to comment") and denying the existence of a crisis within the federation he heads ("football is not crisis when we see the final of the Champions League, he just some difficulty "). So everything is for the best in the best of worlds for Blatter whose reelection is no longer any doubt.Because on the eve of polling, it is unclear how the appeal of Bin Hamman, the request for postponement of the FA made on Tuesday or calls for reform from places like Australia (Editor's note: England and Australia respectively were candidates to host the World Cups 2018 and 2022), could prevent the Swiss to begin a fourth term. Starting what happens under the sign of the scandal …

With the advent of smart phones, the Internet began to transform into mobinaute. The shoppers follow the same path, after an initial study on m-commerce ", conducted among more than 3,000 Internet users and sixty e-retailers. While more than one in two French has already made a purchase online (52.1%), according to the Federation e-commerce and distance selling (Fevad), only 12% of them were from their mobile, or 3 million people in total.

"The profile of m-buyer of 2011 resembles the profile of online shoppers in 2001: he is younger and more male shoppers than the average", describes Gilles White, research director at TLC Benchmark. As with the first purchases on the Internet, purchases by mobile applications currently focus on simple products, low and controlled amounts of known sites.Cultural products (DVDs, books, video games, etc..) And travel (train tickets, rentals, hotels …) are the most purchased by mobile phone. The garment sector rises on the third step of the podium by mobile sales, while it took until 2005 that the industry is growing really on the Internet. "The event model based on private sales of consumer responsiveness explains this very good performance. The e-mailings and alerts on mobile now read more than promote Internet impulse buying, "says research director of CCM Benchmark.

Click on the thumbnail to enlarge the graphic.

Some heavy

Vente-privee.com is a striking example. Launched in June 2010, the mobile application for iPhone and iPad drains already 7% of group turnover. The launch of the Android version this week should further stimulate sales my credit score."This channel is about 0.5% more revenue per month," explains co-founder Xavier Court. He said he is not totally incremental sales: "It is difficult to estimate the share alternative is that this new method of shopping," he adds.

Gilles Blanc emphasizes the heterogeneity of performance: "For some leading sites of e-commerce, m-commerce weighs only 1% of their turnover." This is the case of La Redoute: this channel, available for a year, represents 1% of sales, while the group attracted about one in six internet. "A few sites already carry nearly 10% of their sales through this new channel," says study author. The average is more around 1% of the market for e-commerce, which was 8.8 billion in the first quarter 2011 (+20% in one year) according Fevad.Among the good performers are SNCF, the first online travel agency (546 000 visitors per day), and Accor, which has sold 100,000 room nights through this channel last year and the group plans to multiply this number by 2.6 this year.

While the first application was launched three years ago in France by Amazon – second most visited Internet site, after eBay – 2011 should be the year of launch. An e-retailer in four offers a mobile version. For many players, this is a site that should be completed this year to be ready before the planned deployment of 4G next year.

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