International Headlines and Stories

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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"The major difference between the 2008 crisis and the looming today? This time, we should not expect China to save the world to the tune of hundreds of billion yuan stimulus plan. "For this manager, the situation of China explains much of the current stock markets tumble world. Everyone is afraid now a powerful brake on the side of Beijing. However, a slowdown in the Chinese economy could dangerously jeopardize the recovery of the entire planet.

This brake application that profile every day, while inflationary pressures continue to weigh on Beijing could prompt the central government to continue to raise interest rates, taking the risk of curbing its industrial growth.

The index of consumer prices rose 6.5% in July year on year, against 6.4% in June, according to figures from National Bureau of Statistics released Tuesday. This is its strongest acceleration in three years. From month to month, prices rose 0.5% in July against 0.3% between May and June

Between January and July, inflation has reached 5.5%. Far from the 4% target set initially for the entire year by the Chinese leadership. And still above the revised target of 5%.Premier Wen Jiabao warned in June that this goal would remain the government's priority, although the task is "difficult".

Ample liquidity

The July figures correspond to an expected peak of the rise in prices, which should subside in the coming months, according to most analysts. "Inflation is generally under control and, more encouragingly, the moderation of core inflation suggests that the campaign of monetary tightening government holds the price pressure on the demand side," said Matthew circumstances a economist for Moody's Analytics no faxing 1 hour payday loans.

In the short term some concerns will therefore dissipate.But the new uncertainty in global markets and weak growth prospects in Europe and the United States creates additional pressure for China, which has its hands tied in the adoption of a possible stimulus package likely to eat too inflation.

The party faces an abundance of liquidity in the economy, the main cause of rising prices. The final recovery plan adopted in late 2008 to boost the economy has led local governments to borrow up to 1.16 trillion euros, of which 80% were on loan from Chinese banks, according to a recent report by the National Bureau of audit. For now, the party seeking to stabilize its economy rather than risk a new runaway.

This also explains the nervousness that exists among senior leaders of the international situation.The countries concerned by the problems of debt and deficit must adopt policies "monetary and fiscal concrete and responsible," Wen Jiabao said Tuesday. Things are clear: the largest creditor in the world now pose the conditions before consent to any-will.

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"The agency Dagong lowers the rating of the United States

The U.S. stock markets have moved from dark red to balance on Friday afternoon. Opening on a steep downward trend after poor economic data, the indices on Wall Street have reduced their losses after the speech of Barack Obama. Around 17:15, the Dow Jones down more than 0.25% at 12,210 points and the Standard & Poor's 500 yields 0.02% to 1300 points while the Nasdaq 100 round ahead by 0.25% to 2773 points. Thursday, Wall Street recorded a fifth straight session decline.

Barack Obama spoke Friday. He urged Republicans and Democrats to find a solution to raise the debt ceiling by 2 August, when the United States would find themselves in default if no compromise was found."We are very far from reaching an agreement, there are plenty of solutions," tried to reassure the U.S. president, stating that "any solution should be supported by both parties."

A dicours has reassured the markets but in the beginning of sessions, investissuers received three cold showers on.

The bad news on the front of the U.S. economy weighed heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

A little later, more bad news: the U.S. consumer sentiment deteriorated more than expected in July, falling to a level not seen since March 2009, weighed down by rising unemployment and stagnating purchasing power, reveal final estimates of the survey Reuters / University of Michigan reported Friday.

In addition, economic activity in the Chicago area (northern USA) decelerated in July, according to the index released Friday by the professional association ISM, which stood at 58.8 against 61.1 in June

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%). CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%.Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion. Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase.The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.

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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A year after the liberalization of gambling on the Internet, which some had as a jackpot is not insured the success expected.

While the law was intended to fight against an illegal offer bloated Regulatory Authority of online games (Arjel) has granted 49 licenses to 35 operators (25 in poker, 16 and 8 in paris sports paris horse) but some players – among the largest – continue to go on unauthorized sites. "One of the major objectives was to ensure that the French are all on sites approved by the Arjel, has not been reached," said Nicolas Beraud, president BetClick Everest Group and the French Association of Online Game (Afjel), which paints a mixed picture of the opening. Since June 2010, the French have wagered 1.5 billion euros in Paris and equestrian sports, according Arjel.In poker, the stakes are higher than 6 billion euros, plus 800 million in entrance fees to tournaments.

Newcomers complain about not earning money. They are also worried about the lack of appetite for players for their offer. "On sports paris, the number of active players accounts is down from the 7th month of the opening," says Christophe Blot, CEO Sajoo site.

Tax debate

In this context, the perspective of a possible change in the law, in November, is the subject of intense lobbying, pure Internet players (BetClick, Bwin …) are penalized by the judging rules. "We demand a change in the tax base," said Emmanuel de Rohan Chabot, CEO of ZEturf. Opinions differ."We stand for maintaining the cap are paid back to players, along with a set of taxation," says one to the PMU, while in the French game (FDJ), it is estimated that "the current tax helps contain the addiction and the risk of money ". "There is no need to change the balance of the law, thinks Bélinguier Bertrand, president of the Ffejel, which represents casino Barrière, Joa, Sharp, the FDJ and PMU. But we can simplify the formalities for opening accounts, expanding the supply of paris sports and strengthen the fight against illegality by giving more powers to Arjel. "

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Back to normal view for luxury in Japan after the earthquake of 11 March. This is the forecast that are several French captains of this industry in Japan. While LVMH has announced a decline in sales of 9% in the first quarter, and even 25% on the month of March but the improvement is already noticeable. "Activity in our 58 stores is almost back to normal. Sales to daily are the same or even higher than those recorded last year. We lost the moment the customer of Chinese tourists, but it will come back, "said Yves Carcelle. The CEO of Louis Vuitton came last week to comfort his team from Sendai store, near the epicenter of the quake, which just reopened its doors. Bernard Arnault, CEO of LVMH, would go to turn in a few weeks.

Same story with Chanel."I gave my team early in the crisis time to turn around, put their family's safety. Today, they are very dynamic. Sales are surprisingly quite good in perfumes and beauty, excellent in fine jewelry and watches, and gradually resume mode, but it takes a little longer. The best way to respond to the earthquake is to resume activities as normally as possible, what we do, "said Richard Collasse, President of Chanel Japan.

Boom in marriages

They said the stores – whose sales have dropped 15% in March – irritated against the big brands who decided by mutual agreement to close a few days their "corners" at home in the middle of the crisis. Today, the page appears rotated. "Department stores have more need than the other French brands.It is we who generate the traffic, "the representative slides of a mark in the archipelago.

Beyond the earthquake and tsunami, the Japanese market trends toward a settlement will parallel the aging population. A study by Deutsche Bank, the Japanese consume a quarter of global luxury goods market. Japan still remains the largest market for Louis Vuitton (18% of its turnover, according to our sources), while the Chinese are the first customer in the world. "Luxury in Japan has long enjoyed a very favorable position, thanks to the strong yen. Today, the Japanese market is normalizing, affects older people, with sophisticated tastes.Consumers are more individualistic, as shown by the success of our offer personalized, "says Yves Carcelle.

More surprising factor and optimism: the explosion of the market for jewelry related to engagement and marriage for a month in Japan, observed by all brands in the industry. It comes in a parallel boom in marriages. "People want to live," says a French boss of the industry.

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Nicolas Hulot, who had to declare candidacy for president on Wednesday morning that the economy is disconnected from reality. "I try to ask again and again the question of an economic model compatible with the physical reality of the world," he declared last December. The standard is not abundance but scarcity ", contrary to prevailing economic theories.

Created 20 years ago, Hulot Foundation for Nature and Man published in recent years of economic policy recommendations. The rhetoric to concrete action, these works are now a genuine box idea for an environmentalist candidate.

The instigators. Nicolas Hulot likes to say he knows nothing about economics. This is less true.He has surrounded himself in recent years of senior economists, like Patrick Criqui, an expert in the fight against climate change, or the founders of the consulting firm Carbone 4, Jean-Marc Jancovici and Alain Grandjean, advocates of "development sustainable. " Last December, he sent to Paris for a conference Tim Jackson, a British economist reference advocating a reduction in consumption.

"Desecrate GDP". "An infinite growth in a finite world is hopeless: there must be a fool or an economist to believe it," said Nicolas Hulot last December at a conference, paraphrasing the economist Kenneth Boulding. We must therefore evaluate the progress that otherwise simply by gross domestic product (GDP), which measures the creation of wealth by a country. Hulot Foundation for enthusiastic and alternative economic indicators, such as carbon footprint, or welfare.And welcomes the passage Stiglitz report commissioned by Nicolas Sarkozy on the measurement of social progress.

A large loan to finance "green economy". Education, training and research, "clean technology" energy saving … Hulot Foundation has calculated that France needs to invest 600 billion euros by 2020 in sustainable development. To avoid digging all the public debt, the state must borrow from the European Central Bank "to zero or very low." Economists of the NGO out the measurement in a technical appendix of 20 pages. Nearly 100 billion euros should be invested for example in the construction of 500,000 new homes, advocates the foundation.

Radical reform of taxation. Staunch defender of the carbon tax, Nicolas Hulot has apparently failed to disarm it.Its foundation therefore recommends to "pay more in energy consumption and reduce taxes on labor." Through the establishment of a climate energy "tax on energy consumption enterprises, governments and households," says the foundation in a document dated June 2009. This tax would be offset by a universal allowance climate for smaller households and less polluting.

Clamp finance. Hulot Foundation believes that "limiting the ability of banks to finance operations without social interest" in limiting the borrowing capacity of investors who speculate. It proposes to limit operations to leverage and lead the hunt for tax havens.

The finances of Nicolas Hulot

The presenter of the show Ushuaia is not paid 33,000 euros per year TF1 for the realization of 4 issues per year, as the chained duck. It would double the salary with royalties brand Ushuaia.

As for the Hulot Foundation for Nature and Man, is funded to the tune of 12% by public funds and 65% 'by a score of donors, including L'Oréal, EDF or Veolia.

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"It's a relief." With these words Edouard Boccon-Gibod, head of production hub for the TF1 group, hosted a few minutes ago the ruling of the Court of Appeal of Versailles, which judged the dispute between TF1 and the 56 candidates the program "Island of temptation."

The Court condemned this morning TF1 requalify in standard employment contract involving 56 candidates who participated in the game of reality between 2003 and 2007. According to lawyers for the plaintiffs and chain, TF1 will have to pay sums of between 15,000 and 17,000 euros for each of them. Which is significantly lower than originally demanded candidates.

Indeed, the latter pleaded damages of between 400 and 600,000 euros per candidate."This is nothing compared to 1.25 billion euros in advertising revenue that relates the reality," had estimated in January, their lawyer, Maître Assous, stating that his clients were "to a producer 24 during 24 hours 12 to 17 days of filming. "

1400 euros per day of filming

But, as pointed Edouard Boccon-Gibod, president of TF1 Production, "neither their status nor the performer crime of clandestine work has been recognized by the Court low fee cash advance. The latter simply states the recognition of the employment contract and requires a reminder of the wages, what we had largely anticipated, "he says. One of the plaintiffs initiated this procedure had finally retired after having reached an amicable agreement with the chain.

"The court recognized the existence of an employment contract.It granted the payment of overtime, severance pay, welcomed his side Assous Master. The amount required by the Court "is an average of 1400 euros per day of shooting, multiplied by twenty shooting days old on average and 1,400 candidates for reality shows, this gives a total of nearly 39 million euros," said he added. "This is a victory which, again, permanently, to consider that participants from reality TV shows are employees of the production company."

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The CGT has accepted a compromise. The union, all-powerful in the ports of France, conceded that the early retirement of port workers increased to two years instead of four. But the mode of application, scope and funding of the agreement have not yet been released.

Negotiations between EU ports of France and the National Union of Industrial and handling on one side and the CGT on the other forward, but it was not until next Wednesday to discover their content. "An important step was taken, but no agreement has yet been concluded," accurate, careful, a negotiator.Secretary of State for Transport is more enthusiastic: "I welcome the draft agreement taking shape," said Thierry Mariani Friday.

After four days of talks described as "intensive" by the CGT federation for ports and docks, all welcomed "the willingness of all parties to end the crisis," the CGT said yesterday in a statement business card.

The activity of French ports has been paralyzed for over a month by social movements on the recognition of the arduous work in the early departure to the retirement of certain categories of dockworkers.

Strikes suspended

In late October, the employers had given an agreement for early retirement four years. But after the pension reform, the government asked to review this agreement on the basis of two years of anticipation.The CGT said yesterday "welcomed the recognition of the difficult trade port repaired by early termination of two years." It also suspends strike action. But it adds a focus on the monopoly of the CGT in ports, denounced the left and right. According to the federation, "diversity and pluralism are the union bosses."

Early 2011, France could surprise. Growth should accelerate in the first quarter and reach 0.8% growth, according to the first estimate of the Bank of France published on Tuesday. The final figure for the fourth quarter of 2010 is not yet known, but activity is expected to grow by 0.6% according to the institution.

"If the forecast of the Bank of France for the first quarter is confirmed, then it is clear that we will reach the government target of 2% growth over the year," says Dominique Barbet, an economist at BNP Paribas' market, who said he was surprised by this result. The rebound in activity observed by the Bank of France is driven by the industry. The institution observes an acceleration of output in January to 110 points in January against 107 in December. In services, the business climate has earned two points in a month to 101.

"Exports have been very dynamic, with Germany and distant clients who are experiencing very good growth," Dominique Barbet further analysis. "And we're not a champion of competitiveness, advantage is probably that some customers are turning to us because their suppliers are running at full capacity."

However, he believes that this first estimate of the Banque de France for the first quarter growth "appears high." Natixis, which published its leading index Monday to table its share growth of 0.5% over the period.