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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.

A standard feature of life insurance quotes is a set of written terms and conditions which set out whether the policy being sought is a term policy or a permanent one.

From our correspondent in Berlin

The symbol will not have escaped anyone. The first act of the EU summit held in Berlin earlier this afternoon. German Chancellor Angela Merkel recueillli a very large majority, including within its own ranks, having traced the Bundestag outline of the stabilization plan for the euro area, as envisaged by Germany.

Some 503 deputies of 596 votes cast, approved the "motion" filed jointly by the government majority and the opposition. The two pages of the text set to Angela Markel its room for negotiation, deal with its European counterparts, tonight no question of charging more the European Central Bank, making it taste too many Germans. And not about to spend more than 211 billion euros already pledged by the country.The Chancellor had to fly to Brussels with a clear mandate, intended to strengthen the positions defended by Berlin.

She assured members that the solutions involving the ECB for the enlargement of the European Financial Stability Dondi "are no longer on the table" for negotiations provided for in the evening. A key point for Berlin, where the risk of inflation is the line not to cross. Therefore the purchase of government bonds on the secondary market should be transferred to the ECB EFSF. The outstanding guarantees amounting to 211 billion euros in Germany, will not be increased, has added Merkel.The conclusions of the summit will EFSF then again ratified by the Bundestag, the chancellor promised.

Need to amend the Treaties

"Unemployment has not been this low in 20 years" in the country said Angela Merkel, stressing that it will work on the implementation of "viable" tonight online payday loans. But Germany can not continue to act as if its European partners are in trouble. This is why Europe must become a "union of stability." The objective is clear: "prevent the crisis from spreading to other European countries."

For Greece, the Chancellor said that the goal is to "find a solution that would allow Greece to have a debt / GDP ratio of 120% by 2020." "It is impossible without the private sector participates more strongly than had been decided in July," she said.The discount should be between 50% and 60%, parliamentary sources said.

"The report of the troika shows that Greece is the beginning of a long and difficult road," said Merkel advocating sending a permanent mission in Athens to help the country return to growth .

For Angela Merkel, the crisis demonstrated the need to modify the EU treaties to impose greater "stability culture" in the economic and monetary union. Berlin wants to include enhanced penalties, with the possibility of prosecution before the European Court of Justice, for countries that violate the rules of the European Stability Pact. "We must repair the imperfections of the euro, now or never," she insisted.

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MEPs adopted Wednesday night special tax on high incomes, who must participate in the return to equilibrium of public finances. As announced, following a compromise between the Assembly and Matignon, mandated after the changeover to the left of the Senate, it will be 3% on income from 250,000 to 500,000 euros, and 4% in excess of 500,000. It will apply until the public finances are in balance. If it retains its provisional nature, it should last beyond 2013 in order not to die better than 2016-2017.

The fee will cover the 26,000 to 27,000 homes, as determined by the general rapporteur of the Budget, Gilles Carrez (UMP).It should bring 410 million euros, according to latest figures, nearly twice that in the version announced by the Prime Minister on August 24.

Rejection of the marginal portion

At seven months of the elections, the vote of the tax as part of the 2012 budget was at high risk. Prime Minister Francois Fillon had in fact called to order the deputies, some of which expressed inclinations tax too pronounced. In Focus, an "amendment Piron," which proposed to introduce an additional tax bracket of 46% for incomes over € 150,000 per unit. UMP deputy from Maine-et-Loire, Michel Piron, was shown last fall by attacking the tax shield. With the help of the president of the deputies of the majority, Christian Jacob, the Prime Minister has finally managed to convince the group which instituted this new band would be a bad idea.The amendment was eventually withdrawn. Taken on the fly by the opposition, it was nevertheless presented to the vote and rejected.

The new center, which has long championed a range of income tax to 45% from 150,000 euros per unit, he has also left his amendment to the closet. The option of withholding tax "is a much harder edge to 45% on income", defended on Wednesday night Charles de Courson (NC).

Charge against ISF

The budget minister, Valérie Pécresse, has in turn highlighted the "justice" of the tax as "a targeted very high incomes in all their components," as calculated "income tax reference." An argument which has not really convinced that the opposition believes that the tax is "cosmetic"."I want you to do a good number throughout the evening by saying" we tax the rich "while in June you have left half of the taxpayers (ISF) for 1.8 billion euros. The movie tonight is to say they are going to take 400 million! "Launched Henri Emmanuelli (PS). François de Rugy (EELV) was also delivered to a small calculation: "A single person earning just under 500,000 euros or 40,000 euros per month, you ask 625 euros a month!", He denounced . Senators will have their turn to vote.The total budget for 2012 must be voted by AUI December 15.

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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."

In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC began the session down 1.49% at 2 883.29 points after having already closed on Monday, down 1.85% to 2926.83 euros. Dexia tumble more than 15% in early trade. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.

Dexia tumble more than 15% in early trade

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece.Europe is planning to review the particupation private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF). Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen.This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1 absolutely free credit score.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday.The board of directors of Dexia announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular. The Franco-Belgian bank should sell its flagship accelerated and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

GDF Suez has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution. The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle has presented a sharp drop in its annual net profit by 48% to 30.4 million but expected a rebound in profitability for the year 2011-2012.The food group is also in talks to buy the vegetables Aucy in Russia.

"We can not talk about withdrawal of state for education," says one Wednesday evening at the Ministry of Education. Of course, the "mission school education" total in 2012, 62.33 billion euros in payments against 61.8 billion euros in 2011. But in practice the proposed 2012 budget builds on the budgets of previous years with the removal of thousands of teaching positions. School education "contributes substantially to the efforts of non-replacement of retiring in two. Thus, 14,200 jobs will not be replaced in 2012, "says Bercy.

At the request of President Chirac, concerned the ski local elected officials, "the balance of closures and openings will be no classes in September 2012 in the first degree": 5700 positions will be eliminated, however.Secondary education will pay the heaviest price, with 6550 faculty positions and less. To these job cuts, plus those of private schools and about 400 administrative. The ministry expects a dozen of "levers" to achieve this. The number of students per class is expected to increase in schools and colleges, except where an educational priority regulated ceiling sets a maximum of 25 students.

Innovative devices

The deletions will focus on language teaching assistants, teaching assistants, and teachers redundant. Institutions will be grouped, pooled options. "Today, 300 public colleges and 500 private colleges with fewer than 200 students," do we observe. The Department intends to continue reducing the number of children in kindergarten for two years payday loan companies.He also mentioned the possibility of job cuts in classes préparatoires (CPGE) and the BTS (brevet de technicien supérieur). "3000 places are now vacant in the BTS, since, in particular, graduates who preferred to go to university," says one. The Ministry also points CPGE classes consisting of four to five students, only one "indecent situation." Local elected officials "are fighting to keep mostly kindergartens and preparatory classes, this explains so this …».

Consistent with commitments made, the savings "benefit to employees first," says Bercy.Teachers early in their careers benefit from an increase in their treatment since the 2010 school year: 180 million euro will continue to improve their financial situation.

The document Bercy also indicates that "the development of innovative devices can provide an appropriate response to each student" as "strengthening the reception of students with disabilities" with "progressive recruitment of thousands of enrollment qualified assistants (2000 recruitment in September 2011 and 2300 in September 2012). "

Boarding schools of excellence that the capacity is "10,300 places in September 2011 should be increased to 16,200 places in September 2012 and approximately 20,000 seats in time, mostly financed by appropriations from the investment program for the future ".

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. As announced by the Financial Times on Wednesday, the bank's objective of a structural reduction of 50 billion euros of its debt between June 2011 and December 2012.

Without going into details, the statement, issued while the CEO of Credit Agricole, Jean-Paul Chifflet, speaking to investors in a Paris hotel, said that three branches are involved. The first, the investment banking and investment will suffer a reduction in its funding requirements from 15 to 18 billion euros, which will involve the phasing out of "certain activities after a portfolio review "and" the closure of non-strategic locations abroad. "

For specialized financial services, reducing financing needs will be 9-11000000000 including "the sale of the loan portfolio." Finally, to retail banking in France and abroad, the effort reduction is most important, between 21 and 23 billion euros.

Target capital confirmed

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East.

With these assignments, Crédit Agricole plans to reduce its refinancing program medium to long term from 2012 to 12,000,000,000 euros markets in 2012 against 22 billion in 2011 poor credit personal loans.The institution also confirmed a target of 9% equity in 2013.

Limited exposure to the peripheral countries

Crédit Agricole profits from these ads to minimize its exposure to euro-zone countries in trouble, she calls "limited and manageable." This is 0.7% of total assets in Greece, Ireland, Portugal, Spain and Italy. The countries receiving international aid (Greece, Ireland, Portugal) weigh only 0.07% of the balance sheet, according to the bank. Regarding Emporiki, its Greek subsidiary, Credit Agricole said conducting "enhanced measures" on the diversification of the refinancing and the cost of risk.

This exposure to the debt crisis in the eurozone has earned the bank a deterioration in his note by Moody's ten days ago, as its rival Societe Generale. At the Paris Bourse, to 15 hours, the Crédit Agricole sells 1% to 5.13 euros in a market down by 0.47%.

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The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4 payday loans.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months.In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal. In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had bought the Spanish government bonds for a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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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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