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The family group is very discreet about its level of profitability, but ensures that the results are sufficient to guarantee its independence and its development without the need for external partner and relatively little use of banks.

Part of the offshore production

"In 2012, the economic environment would be bad in Europe and the United States, recognizes Jean Cassegrain, but we feel no impact in our stores." As a result, the company, which opened 20 stores this year in the world, plans to continue its expansion, even in mature markets. Longchamp is well to open a shop in Nantes. "Our priority is to open boutiques in major European cities in China," says the CEO. Longchamp will open a store in Milan in March.

Officially, there is no need to worry. As it has done from 8 to 19 August, the business daily La Tribune will not appear in his paper between 19 and 30 December. To save printing and mailing. But also to "adapt the model to the new reading habits" on smartphones and tablets, as was justified in September, so afterwards, the managing editor, Jacques Rosselin.

The newspaper argued that the experience of "100% digital" this summer has allowed the site audience to jump by 50%, and digital distribution to reach 7.5% of the distribution paid France the newspaper in September, according to OJD, against 1.9% on average for the national daily press.But internal sources, the picture is less rosy cash advance payday loan.

"We stopped the paper in August simply because there were not enough people to make the newspaper," David Larbre protests, trade union SNJ, which further explains that "the savings to the temporary shutdown of the paper does not really represent much, printing contracts and distribution is negotiated annually. "He said the new ten-day suspension in December does one thing: allow employees to take holidays, after four months of extra work without leave.

Projects stopped

For on all fronts, the situation of The Tribune has not progressed. In protection proceedings since January, the newspaper is always looking for funding estimated at 5 million euros.

During the crisis, tensions continue. The markets had another busy day, Thursday: doubts about the ability of the euro area to overcome the debt crisis have sealed the shares. They weighed on bonds issued by France and Spain led to a further surge in rates especially Spanish and Italian in the secondary market – the debt of "opportunity." The French rate also rose, to a lesser extent, before new Italian bond purchases by the ECB do a general relaxation.

European capitals are still struggling to unite, despite these new turbulence. Or because of them. Thus, the debate on the role of the European Central Bank it off again with a vengeance payday loans.The ECB's independence is considered an insuperable line in a country that is traumatized by hyperinflation of the 1930s. For Berlin, the only way to restore confidence in the euro area is to institutionalize fiscal discipline. Changes in the European treaties must strengthen the powers of Brussels to punish offenders, said Angela Merkel.

The Chancellor reiterated Thursday its opposition to further action by the ECB. "The European treaties such as we see them do not give the ECB the opportunity to resolve these problems," she says.

All will be played Wednesday. "No decision will be announced following the summit of the euro area, which takes place this Sunday late afternoon in Brussels, although work is progressing well," said Nicolas Sarkozy and Angela Merkel in a joint press conference after a meeting of leaders of 27 countries of the European Union. French President and German Chancellor said that the work "techniques" were still to be completed by the new top of the euro area on Wednesday. The summit will be preceded by another meeting of twenty-seven, they said. "Work is progressing well on the banks of the support fund and the potential use of this fund. The assumptions are tightening and a broad agreement is taking shape. "

On the issue of Greece, progress, assured the leaders without giving details.The stabilization of the indebted country will pass through international loans and additional losses of creditor banks in the country. Europe the figure to at least 50%. According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21.

Main stumbling block between Paris and Berlin, the transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, finally does more of the options considered by the finance ministers of the single currency. The idea was that the Paris Fund bank can borrow from the European Central Bank. "The two options still on the table to strengthen the EFSF do not involve the ECB," confirmed the German Chancellor.This leaves two options: either the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

In another area, "the work is progressing well on the recapitalization of banks," said Nicolas Sarkozy, again without providing details on the proposed solutions. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. "Banks must find the money markets," stressed Angela Merkel.

Finally, the pressure on Italy is maximum. The two leaders urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps online payday advance."I hope that decisions will be taken (…) Italy is a major economic force but it has a very high public debt should be reduced in a credible manner in the years to come," says Angela Merkel . Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic."

"Do not repeat the mistakes of the past"

"We must work differently in the future," said Angela Merkel. German Chancellor said that we should not "repeat the mistakes of the past." The problem of the euro area far exceeds that of Greece, she hammered, emphasizing the need for each country to conduct "a tighter fiscal policy."The President of the European Union, Herman Van Rompuy, confirmed on Sunday that the EU treaty could be modified to improve the functioning of the euro area. "The aim is to deepen our economic union and strengthen our fiscal discipline," he said.

Europe is facing economically to "serious challenges", said Herman Van Rompuy, at the opening of the EU summit this morning. He felt that the decisions to be taken by EU leaders to deal with were "perhaps the most important" they've ever had to face the financial crisis. Greek Prime Minister George Papandreou, had also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

For its part, the Belgian Prime Minister Yves Leterme had tried hard not announce anything at all on Sunday, in light of market pressure. "It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

(With agencies)

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The IEA has revised upwards its forecast 15% annual investment needs in energy. More than 1500 billion dollars (1095 billion) will be needed annually for twenty-five years or 38,000 billion by 2025 and 27,700 billion – to meet global energy demand while respecting objectives in the fight against climate change. Fatih Birol, the very influential chief economist of the IEA announced the figure on the occasion of the Ministerial Conference of the twenty-eight Member States of the Agency, which opened Tuesday in Paris for two days.

The hydrocarbons are becoming more expensive to extract, while renewables are still expensive, says the IEA.Shareholders will they go to needs? Fatih Birol is concerned on two points.

For oil (26% of investment needs to be 10,000 billion), "90% of the production growth will come from the Middle East. If within five years, investments in infrastructure are not to go to this region, will be major implications for oil prices that will fly, "warns Dr. Birol.

Second concern: electricity. "Over 1.3 billion people still do not know", said the expert. About 9 billion dollars are invested every year, "for access to electricity for the poor payday advances."But it would take five times as much, $ 45 billion, mostly in Africa and Asia."

"Governments act without speaking"

For Fulvio Conti, CEO of the Italian electricity Enel, now in Paris for the meeting between ministers and industry, these investments will only be possible if the regulation is "clear and stable," compatible with the time scale of the energy industry is extensive. "Unfortunately, the boss lamented Italian governments acting alone, without speaking. There are rules asymmetrical. That is why we, industrial, have raised our voices, "at the ministerial conference of twenty-eight Member States of the IEA.

In contrast, José Sergio Gabrielli de Azevedo, CEO of the Brazilian national oil Petrobras shows an optimism. His company will invest alone $ 224 billion within four years.Brazil relies on the growth of its deposits "présalifères" buried under the Atlantic to increase production to 5 million barrels per day (mbd) in 2020 half of Saudi production against 2 million bpd now. All smiles, the Brazilian incarnation of emerging countries, says the sweeping fears of a recession, "the future is bright."

Mutual did not took off. And three-quarters of the French objected to the new tax increase on complementary health from 3.5% to 7% since October 1, according to a Harris Interactive survey for the French Mutuality published last Thursday. Over 85% believe that this will result in lower purchasing power. Mutual claim because they are forced to pass on the increase to their policyholders. "In recent years, the taxation of complementary health" officials "went from 0% to 13.27% since in the new 7% tax added to the CMU of 6.27%, that mutual insurers and health are the only ones to fund.We can not support such increases without raising rates, when, in addition, new regulations require us to strengthen our reserves and our solvency, "said Philippe Mixe, the president of the FNIM, the National Federation of Independent Mutual .

Only the GMF took the opportunity of talking to her, announcing that it would not apply to customers the increase decided by the government. A promise that did not cost too much: it has launched its health contract for just over a year, and still only 30,000 policyholders. "We want to develop healthy techniques and results are good. It is normal that we do enjoy our policyholders, "said Patrice Forget, Chief Operating Officer of the GMF. But the GMF stands alone.Even other newcomers in this market – as Amaguiz, the Internet subsidiary of Groupama, which has just launched its contract health – have incorporated the tax rates.

According to Mercer, the French who have subscribed to one of these individual contracts can expect an average increase of 8% of their bonus next year. An increase that reflects not only the tax but also the increase in health spending at the expense of additional no faxing pay day loans.

Contracts "storey"

Insured employees as part of their business are not better off. "The increase will be at least 7% on average," said Philippe Mixe. An invoice less and less accepted by employers. "From 2007 to 2011, contributions of corporate contracts have increased by 6.80% per year, including taxes," says Eric Demolli at Mercer.Today, faced with employees very attached to these contracts, companies, always keen to control costs, tack. "They seek to spread the increase over time in negotiating with insurers, mutual and pension funds. They play better competition. And they refine the guarantees, for example by eliminating reimbursements to "actual costs" too expensive, "says Eric Demolli.

More and more companies are opting for contracts as "storey" in excess of a basic "minimum" common to all employees, the company funded in whole or in part, employees who wish to be better protected may subscribe for options, they bear the cost alone.In their individual contracts, insurers also offer more health insurance "a la carte", where everyone can dose coverage of individual items (ambulatory care, hospitalization, dental, optical) depending on its needs and its budget. They also imagined, as in the last contract Amaguiz of low-cost, to benefit the insured packages for reimbursement when they increased from the previous year have not been exhausted, optics, for example.

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Investors play the card of caution in Europe before the announcement always expected employment figures for the month of September in the United States. Halfway through, the Paris index symbolically gives 0.42% to 3 062.55 points. Elsewhere in Europe, London slipped 0.30% to 0.27% and Frankfurt.

Thursday, the European Central Bank (ECB) announced a series of measures to help European banks to refinance. Global stock markets have accelerated their gains, the CAC 40 ended up sharply from 3.41% to 3075.37 points and the Wall Street lining up a third session in the green. This morning in Asia, the trend is bullish.

Nicolas Sarkozy, in addition, announced this morning that he will discuss the issue of a possible recapitalization of banks with German Chancellor Angela Merkel at their next meeting on Sunday in Berlin.A barrel of Brent North Sea crude for November delivery gave up 38 cents to 102.44 dollars.

Vallourec is lowering its forecast EBITDA

As for values, the banking sector remains very guarded. Dexia said in a statement Thursday that the Belgian regulator had requested suspension of trading of its title until Monday morning.

Credit Agricole (-2.81% to 5.30 euros) and Societe Generale (-1.93% to 20.28 euros) suffered some profit taking.

Vallourec (-3.92% to 42.25 euros) Friday revised down slightly its forecast for gross operating profit (EBITDA) for the second half because of the uncertainties surrounding the economy, but confirmed that an increase its production and its sales on the strength of the energy markets.

Gecina (-0.63% to 66.58 euros) is considering the sale of 500 million euros of additional residential assets to accelerate debt reduction.

EDF (0.77% to 22.22 euros) loses an ally in the U.S.: chief of the service responsible for issuing controversial loan guarantees from the U.S. government for the development of "clean energy", Jonathan Silver, resigned, according to the Washington Post.He was one of the main support for the proposed construction of a nuclear reactor at Calvert Cliffs, Maryland, supported by EDF and its U.S. partner Constellation.

Veolia Environnement (-2.71% to 10.61 euros): UBS lowered its recommendation on the value to "sell" against "neutral."

NYSE Euronext (0.31% to 17.77 euros) recorded in September increased volume of transactions on the cash market and derivatives over a year. Trading volumes of derivatives totaled 9.5 million contracts daily in September, an increase of 23.2% over the year but a decline of 8.4% from August. On the spot market, 1.9 million transactions were recorded in Europe, an increase of 34.6% over a year and a decline of 13.5% over the month. In the U.S., sales rose 12.3% to 2.6 billion shares daily volume. A month, 19.8% volume regresses.

Asian stock markets will end the week on a positive note. In the wake of Wall Street closed higher on Thursday, the markets have also welcomed the decision by central bankers from the richer countries to mobilize to prevent the drying up of banks' liquidity in dollars. Thus, the European Central Bank (ECB), with the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan has reopened its facilities dollar loans to European institutions in three months, at their request. The Nikkei gained 1.93% to 8836.10 as well.

The IMF, like the ECB through its president Jean-Claude Trichet welcomed the unity of central bankers to the crisis: he stressed that it was more necessary than ever for world leaders to unite to prevent a recession that should spare "person."This will reassure investors, who until now did not cease to spread their fears about a bankruptcy in Greece, coupled with sluggish growth prospects on both sides of the Atlantic.

However, brokers in Asia fear that this improvement is short-lived. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, Japan, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "

Bank stocks and exporters in progress

At the Tokyo Stock Exchange, banking stocks and exporters popped up then. Toyota wins and 1.75% to 2737 yen, Honda 2.27% to 2447 yen.The same goes for banks, Sumitomo rising by 3.39% to 2166 yen, as Mitsubishi UFJ Financial Group (4.24% to 244 yen).

Other places are also Asian financirèes in the green. The Hang Seng Index in Hong Kong gained 2.14% to 19,591.93 points, the Kospi Index in Seoul was up 3.56% to 1837.22 points, the S & P / ASX 200 index in Sydney rose by 1.81% to 4145.20 points, the BSE Sensex index in Mumbai was up 0.96% to 17,039.30 points and the FTSE Singapore Straits Times Index rose 1.35% to 2803.25 points.

On the foreign exchange market, the euro kept most of the gains made the previous day. The European currency was worth 1.3848 dollars and 106.31 yen Friday morning in Tokyo, down slightly compared to 1.3882 dollar and 106.40 yen the night before in New York.Similarly, the oil price displayed in a small increase in morning trading in Asia, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112 , $ 44. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

When a patron of the CAC 40 announced that his family moved to Hong Kong, it creates inevitably stir. Jean-Pascal Tricoire, chief executive of Schneider Electric, a lot of time already happening in Asia, where the group generates 26% of its turnover and that, above all, it takes half its growth. Given the strategic importance of the area, the leader has planned to go there more often. Hence the decision to move his family from his base camp.

"It will not change the management of the group," insists there be at Schneider. The headquarters of Schneider remains in Rueil-Malmaison (Hauts-de-Seine) and its supervisory board will continue to meet in France under the presidency of Henri Lachmann. Nevertheless.The choice of a home owner in the CAC 40 – the first of its kind – has symbolic value: it illustrates the inexorable redeployment of large groups to emerging countries, foremost among them China and India.

Even before talk of investment, one of the main resources of a company lies in its teams. It is no coincidence that Jean-Pascal Tricoire decided in parallel, as he announced internally in late July, to "relocate" in Hong Kong two members of its executive committee: Karen Ferguson, executive director human resources, and Philippe Delorme, Executive Director Strategy and Innovation, based in Europe so far.A total of fourteen members who form the "comex" champion of smart grids and energy, five are based in Europe, five in the United States and four in Asia online payday loan lenders.

The war for talent

It is no coincidence either that the officers dispatched to the new "hub" of Hongkong drive the human resources and strategy. All international companies, General Electric, Siemens, engaged a war without thank you to Asia to recruit the best talent. "We send our best in Asia", recognizes also the CEO of another international group.

The battle rages also to identify and attract good prey. The stakes are high for Schneider, which continues at a run a targeted acquisition strategy.Between May and June, French disbursed within ten days some 2 billion euros to add in his tool kit a Spanish company (Telvent), an Indian (Luminous) and Chinese (Harvest Power Technologies).

While the economic recovery is delayed in Europe and the United States, the dynamic Asian economies stirs envy. The adjustment to which Schneider has just completed, led by the very Sinophile Jean-Pascal Tricoire, could give ideas to Air Liquide, Saint-Gobain and Lafarge other.

We are far, however, the violent change of course given by the British HSBC. The banking giant, headquartered in London but the birthplace in China, was the first to relocate in early 2010, its branch in Hong Kong.He just drive the point home with a strategic plan that includes 30,000 job cuts by 2013, partially offset by 15,000 recruits in emerging markets.

It was, we had warned at the Elysee, to "gather the international community behind the Libyan authorities to help them succeed in the reconstruction of a new Libya." Ambitious goal of the conference of "Friends of Libya," held Thursday, will have almost been reached, at least in terms of number of participants. Sixty delegations, countries or organizations have responded to the invitation launched by Nicolas Sarkozy, in tandem with David Cameron. An initiative no later than last week, so "with the desire to move quickly to engage the clutch in this critical transition period," noted one in the entourage of Nicolas Sarkozy. Implicitly, participation in the conference meant for those who came, a recognition of the new government of Libya.The step was taken, in extremis, by Russia on Thursday while Algeria, home to the family Gaddafi has promised to do. Alger, whose attitude was described Thursday as "ambiguous" by Alain Juppe, was represented by its Foreign Minister, Mourad Medelci. Going slightly, too, China has nevertheless sent a deputy minister Thursday at the Elysee. One notable absence, South Africa, dissatisfied with the intervention of Nato. The African Union, although represented, also known as not yet ready to recognize the CNT.

Stabilize the country and standardize its neighborly relations will not be any challenge for the new Libya. The fighting is still pending. "The fortunes of war can not be reversed, but the strength of pro-Gaddafi nuisance, including snipers, remains important," notes do you as president.NATO strikes will continue "as long as necessary," warned David Cameron.

Even before the reconstruction of the country, relief was on the menu of the Paris conference to try to overcome the lack of water, electricity and fuel. Immediate needs for which funding must be provided by the thaw immediate $ 15 billion of assets Gaddafi clan abroad, including $ 1 payday loan lenders.5 billion in France. The two main leaders of the CNT, Moustapha Abdeljalil and number two, Mahmoud Jibril, a French plane went for Thursday morning in Benghazi, presented their priorities for reconstruction.

Form an "effective policing" and "democratic"

The main challenge will be the establishment of democratic institutions.To the powers that "accompany" the renaissance, it will be mainly to avoid the excesses of a scenario in Iraq or, even more formidable, in Afghanistan. "Nothing can happen without forgiveness and reconciliation," warned Nicolas Sarkozy. The "road map" institutional CNT expects over eighteen months, the establishment of a provisional government, a Constituent Assembly and the adoption by referendum of a constitution, followed by general elections. But the project is far from being finalized. Already, the European Union was prepared to assist the new authorities to form an "effective policing" and "democratic", said Thursday its chief diplomat, Catherine Ashton. At the request of the CNT, Ban Ki-moon proposed sending a quick UN mission.A few dozen men, and even a few hundred, they could stabilize a country the size of France three times? The question will arise, as was the collection of weapons distributed in abundance and that of Islamism. Risk dismissed out of hand in Paris, where it is stated that "there may be small groups but that does not represent Islam in Libya or a sensitivity or a significant threat." The group of new friends in Libya will be judged on his next visit in late September in New York. Nicolas Sarkozy has finally provided to want to go to Tripoli with David Cameron when the CNT will be installed.

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