G20 Seoul (South Korea) has given birth to a mouse. But should we be surprised? This summit confirmed that international cooperation that all economic, political and financial had called for at the time of the 2008 financial crisis frays. And after China, who criticized the developed countries to let its currency at low levels, it is now the United States who are the target of all criticism.
Asia-Pacific region under high voltage
So he has to go to Yokohama to attend the Asia-Pacific (APEC), against a background of rivalry between China and the United States, U.S. President, Barack Obama was quick to defend his economic policy. Objective: To revive global growth.
"As the world's largest economy and engine for global growth is particularly important," he said.He added: "That's why we have adopted an economic plan that led to five consecutive quarters of growth and development of ten consecutive months of private employment. That is why we have adopted and are implementing the most drastic financial reform since the Great Depression, something that our partners in the G20 should also urgently. And that is why we are cutting spending on what is fundamental to face significant fiscal challenges. "
Chinese President to Washington in January
Many countries, including China and Germany, major world exporters, have criticized the recent decision by Seoul to the U.S. central bank to inject $ 600 billion in the U.S. financial system payday loan.For them, this announcement is seen as a means of weakening the dollar and thus boost U.S. exports, thus threatening the global equilibrium. Conversely, the United States accuse the Chinese and the Germans do not quite reduce their exports. On the issue of the yuan, the Obama administration hopes that by January and the visit of Chinese President Hu Jintao in Washington, China has kept its promise to let its currency appreciate.
"It will take two, three or four G20"
The Director General of the International Monetary Fund, Dominique Strauss-Kahn (DSK), warns the U.S. against this "alone". Where G20 expecting a collective work, they had, he said, the impression that the Obama administration arrived with a definitive statement. "The United States went too fast at a time when the foundation of cooperation is not as strong," said DSK.But, for the sake of balance, it also calls on China to implement "as quickly as possible" its business model more focused toward internal demand and European countries to "make efforts to modify their own deficits. If he is pleased to see that the countries have realized that "there is no individual output, we must work together," he knows that respect for the global equilibrium is far from settled. "It will take two, three or four G20 to recreate this feeling that there is a collective work," says DSK.
"Sarkozy inherits a difficult G20
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From our special correspondent in Seoul, Alexandrine Bouilhet.
The G20 just to bury the hatchet on the coins. Meeting of Heads of State and Governments of the twenty largest world powers opened last night in a tense, because of the strong opposition between Chinese and Americans on the front of currencies. "When we discussed the terms of currencies, the atmosphere was so stuffy in the room, we had to open the door!" Said one diplomat Korean.
The working dinner of Heads of State, chaired by the Korean Lee Myung Bak, failed to find an acceptable compromise."All countries must make concessions," urged the South Korean president, who had deliberately placed the dinner, President Barack Obama in front of his main opponents on the issue of currency: Hu Jintao (China) Lula da Silva (Brazil), Angela Merkel (Germany), and Dmitry Medvedev (Russia).
At dinner, Chinese and Americans insisted on the "need for cooperation," but, on the coins, they are sticking to their positions: Hu Jintao will not be imposed by the G20 a revaluation of the yuan more candid when he accuses the United States, issued the world's reserve currency, to depreciate the dollar cool business cards voluntarily. The Chinese are not alone in criticizing the U.S. monetary policy.Europeans, Angela Merkel at the head, then Russians and Brazilians said to Barack Obama all the evil they thought the Fed's decision to inject $ 600 billion into the monetary system, to revive the economy.
The U.S. president was forced to defend the action of the Federal Reserve, in principle independent, placing it in an uncomfortable situation. Barack Obama has assured his peers especially that "the U.S. does not seek to weaken the dollar to gain in competitiveness. Not always convincing.
Towards a compromise "less ambitious" than that of Gyeongju
Failing agreement between heads of state, the "sherpas" G20 continued to work until 3 am on the final communique. But they went to bed without finding a satisfactory compromise."We want to send a message criticizing the competitive devaluations, as the notorious undervaluation of certain currencies, but in the present context, it is not easy!" Said one trader.
At this stage, the proposed compromise on the currency would be "less ambitious" than that reached by the G20 Finance Ministers, in Gyeongju (Korea). "The Fed's decision has robbed the Chinese, which brought us one step back," lamented a European diplomat.
"Need for sustainable growth and balanced"
Failing to extract a commitment on the Chinese yuan, the U.S. insists to get in the final communique, firm commitments for the reduction of current account imbalances. "We want to stimulate growth at home but also abroad," urged Barack OMAB.This should translate to Americans, by creating a new "mechanism" requiring exporting countries China, Germany, Japan to reduce their current account surpluses, which would translate into practice by opening new markets to foreign companies Professional Business Cards . Washington has given up trying to impose the limits of 4% surplus or deficits, a goal firmly rejected by Berlin before the summit.
But Barack Obama insists: if domestic demand and falling deficits in the United States, without China or other countries with high savings take over consumption, "it will result in a decrease of growth" for the world wide."You see, we find an agreement by all countries including Germany, the fact that we need a sustainable and balanced growth," said Barack Obama. Answer today in Seoul.
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Tuesday, Alexander Pugachev, owner of France Soir, Christiane Vulvert ousted the Branch delegate daily. The latter provides that it had decided to leave his role as representative office due to lack of information on the sustainability of the newspaper. Alexander Pugachev esteem he had lost confidence in her. He says he will continue to invest to get the daily balance. A new formula of France-Soir is scheduled for January.
LE FIGARO. – Why did you delegate your DG sacked yesterday, Christiane Vulvert?
Alexander Pugachev. – I put an end to his corporate office because I lost confidence. First, we had differences on the functioning and management of the company. More importantly, Christiane Vulvert preparing a new round without my knowing. She had made contact.
The financial situation of the newspaper went wrong?
No.We do not have more debt than it was six months or a year. France-Soir has no bank debt. We have 1 million of payables and 1 million more arriving later in maturity. We have, in addition, 1 million euros in cash.
You owe money to AFP …
We have an unpaid bill on 139,000 euros. Since last March, the bill of AFP was multiplied by three or four, because their rates are calculated based on sales of the newspaper. An appointment is made to review the terms of our contract. However, we are current on all past due invoices with AFP.
How much are the monthly losses?
About 2 million. I put money each month in the current account. Wednesday in the works, I reassured employees. I will continue to put money into the needs of society.I do not need to give guarantees. For it is my company and my interest is that France-Soir works and earns money.
At what point is your mailing equilibrium point?
We do not lose more money with a paid circulation of 150,000 to 170,000 copies and weak advertising revenues. I aim to balance the company in 2012.
How much have you invested since the takeover of the title in January?
My investment is 50 million euros and I'll still invest 20 million in the new formula. Everything indicates that we invest in the future.
The group's difficulties of your father, Sergei Pugachev, Russia pose a risk to your money?
No way. My father always other activities, and I personally have the money necessary for the development of France-Soir.
Dissemination of 76,000 copies, is far from the 150,000 expected.Getting there?
We will launch a new format in January, which will make a France-Soir tabloid and public. I never had the intention to make a daily "trash." We've already won 21,000 readers on our competitor now in France. But, personally, I'm still disappointed with the current content. We have therefore strengthened the newsroom with the arrival of Remy Dessart, as editor, and Airy Routier, Frederic Helbert and Philippe Duroux, and we're going to hire another dozen journalists. We also hired the firm Casas, who has worked for major dailies to the strange, the new model.To reach the 150,000 copies, we will resume a campaign of TV ads and display of newspapers and put more points of sale.
Will you increase the selling price of 50 cents today?
Will you reduce the book devoted to horse racing?
We're doing a test in the PACA region with a single page against eight normal horse. Results are pending. In the past, we had 10,000 loyal readers in the book horse, and they are still there. But the 65,000 new readers are not looking for this content. Moreover, dissemination of press horse is much lower, and since the launch of paris online sports predictions are widely available on the Internet.A reduction of the Paging horse would save several million euros per year.
Do you have an Internet strategy?
Yes, our new website will also be released in January. Currently, our audience is limited to 1 million unique visitors.
"The CEO of France Soir rejected
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The investigation by the Financial Markets Authority (AMF) on the rise in the share capital of LVMH group Hermes is just open. Without prejudging their outcome, the case has sharply intensified discussion room on the stock exchange regulations. A statute should quickly amend the existing rules, which would result in preventing such an operation to reproduce, at least in the same conditions of surprise.
"During a conversation I had with her on Friday, Christine Lagarde (Minister of Economy, Ed) told me wanting to propose an amendment to the legislation so that all possible instruments are taken into account in crossing the threshold ", told the Journal du Dimanche Jean-Pierre Jouyet, the president of the AMF.This would allow us to catch up with the financial regulations of other countries, "he added.
For two weeks, and the revelation by LVMH of its position of 17.07% in the capital of Hermes, the debate is focused on the modalities of its operation deemed unfeasible on Anglo-Saxon markets. The group Bernard Arnault acquired shares for less than 5% stake in Hermes, below the threshold at which a declaration is required, and qualifying derivatives, cash, on any gain recognized on the equivalent of about 12% of shares Hermes. In late October, LVMH has signed additional agreements with its banks, turning the cash settlement paid in shares.A neutral operation for financial institutions no fax payday loans.
As instruments held by LVMH were payable in cash, they fell outside the scope of the reporting obligation to the market. The luxury group said so calmly that he "scrupulously" followed the rules. But instead, these rules may no longer be sufficient under their goal of market transparency and good financial information of shareholders of listed companies.
Broadening the scope of transparency
In 2008, the report commissioned by the AMF to a working group chaired by Bernard Field had found a need to broaden the scope of transparency beyond the actions themselves, and thus derivatives. The law, however, retained as derivatives adjustable stock, not cash.The possibility of transforming them into action by amendment, however, was already known. Field report which indicated the example of an operation led by the Agnelli family of Fiat titles. The transaction has also been sanctioned. All of which leads critics to LVMH that its operation is not necessarily unassailable …
The filters of the AMF investigation, then his college, and finally, if any, of its disciplinary committee may determine. One trend, however, might emerge during the review in December, by the disciplinary committee of the operation in 2007 by Wendel in the capital of Saint-Gobain.
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For many commentators, the eighth day of mobilization against pension reform scheduled for today, Saturday, akin to a "symbolic gesture". For the eighth time in two months, the unions called for a new day of event: 241 marches are planned in the area. But skepticism weighs on the scale of the movement, now that the law was passed by parliament. The first six days of mobilization, including two held on a Saturday, have collected each time millions of people, according to unions, and around one million, according to police. But last October 28, following the vote marked a sharp reflux, with a peak split in half – 560,000 according to police, nearly two million according to the CGT-stop background of strikes, particularly in refineries.
In addition, differences on the effect of movement seem to appear between the unions.The CFDT, pessimistic, appears to outline a crisis while the CGT promises to go through. The number one of the CFDT, Francois Chereque, ruled Friday that the mobilization could now be "back" Nicolas Sarkozy, left to temper the enthusiasm of protesters. "On the subject of pensions, we will now move away slowly," he said on Canal +. "If I say today" we will roll back the president, "I do not think anyone would believe me. We say this, he dreams, "he added."We talked a lot about pensions because the government has accelerated the reform because of the crisis, now we return to the elements of the crisis: massive unemployment, youth unemployment, older, working conditions, the hardship, these are topics that will express in the coming months, "he said pay day loans.
CGT: "A sequence that can not be that of renunciation"
The determination of the CGT remains rather intact. The organization will continue to mobilize, including whether the bargaining unit cracks, said its general secretary Bernard Thibault, Saturday, in L'Humanit. "Today represents a new high. There will be others. CGT will end up, "warned Bernard Thibault, who said" the movement is deeply installed in the country. " The secretary general of the CGT said that "laws are constantly subject to revision.""The social movement is entering a new sequence that can not be that of denial," he says, criticizing the fact that "some push for alternatives that are either, to give appointments to presidential elections, or to take for granted the rendezvous of 2013 set by the government to overhaul the pension system. "
The scope of the mobilization of Saturday will be scrutinized by the unions. It had reached agreement Thursday on a new "appointment" to mobilize between 22 and 26 November, the details of which will be set Monday. Government and unions have also staring at the Constitutional Council, by the PS, which must approve the reform by December 2.The President of the Republic may promulgate the law, which rejects 60 to 62 years the age of retirement and 65 to 67 years of age for a start at full rate, within 15 days of the downstream of Wise.
"SPECIAL REPORT: The challenges of pension reform
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The most influential man of the world is today in France.Crowned with the title that has just awarded him the magazine Forbes, which placed it at the top of the world list, ahead of U.S. President Barack Obama, Hu will spend three days in Paris, where he is expected to sign a flurry of contracts and try to find common ground with the head of state, Nicolas Sarkozy.
The President of the People's Republic of China and should buy a hundred aircraft from Airbus, order two EPR reactors and a supply of uranium from Areva, and conclude a lasting cooperation between the ICC and Chinese energy group Total, build a coal gasification plant in China.
These trade agreements are expected to reach a total of several billion dollars, which "will be far more important than in previous visits of European leaders in Beijing, or China's leaders abroad," said the Elysee.Hu Jintao will then continue its journey to Portugal, where he could buy Treasury bills in the country, but the French stage is considered special. In China, the People Daily newspaper said in effect that "France was the first Western power to forge diplomatic relations with China and to establish agreements with Beijing military and nuclear cooperation."
This visit of the Chinese just a few days of the G20 summit in Seoul will also be an opportunity for the French head of state to try to persuade his counterpart to officially open the debate on the yuan.The Financial Times argues that Nicolas Sarkozy will also seek the support of Hu Jintao to promote a reduction in the volatility of commodity prices, and reform of global institutions.
"Sarkozy wants China to join" his "G20
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Pascal Negro is the head of Universal Music France since 1994. Not in counterfeiting (Editions Fayard), it decrypts the evolution of the musical economy with the advent of the Internet. A revolution that affects all cultural industries.
LE FIGARO. – Your argument does he too late?
Pascal NEGRO. – It's never too late to explain his craft. There has been much debate about the music but the music industry has not always been heard. The job of producer is unknown. It is the man from behind, leaving the impression that the artist has done everything. This is not false, but not quite right either. The other image is that of Eddie Barclay: producer dressed in white, best known for its holiday catalog that he built. I wanted to remove the glitter side, explain our business and what it faces, shared thinking about entering the music on the Internet.
This job is exciting because it is based on the irrational, and at the same time it is a business with economic reality. We must ensure that no one ever kills the other.
You return to arrival of the crisis. In hindsight, would you have done things differently?
We forgot all the irrational that existed around the Internet at the time. All the big bankers who believed in the Internet bubble, feared a political divide between Europe and the United States. Content as an industry, we are happy to have new containers.
But the limit was free. However, we had few allies who were betting on the monetization of music. ISPs, themselves, have their communication about downloading music: Wanadoo then sells something that does not belong! There was a shift in the value of content to telecom.It is only Apple that has been a model.
What do you think of models that the crisis has come about?
The model Deezer – free ad-supported – is a model either for them or for us payday advance online. However, I believe in the subscription offer with Orange. There is a natural relationship between creation and pipes. If consumers want to access the Net, because there are things to see and hear.
Internet becomes Does your main source of income?
Today, 95% of singles sales are downloads. The album is getting stronger. Within five years, the majority of our revenues come from the Net. But this is no longer our only income. There is also the merchandising, the association with brands …
You pin the rank of singers Figaro.Why?
This ranking feeds a popular imagination that artists spend their time to win the Euromillions! A gold record is part of a salary. Some artists draw their game, sometimes only every four years or once. We can not neglect this fragile and suggest that we defend the elite. I show it by publishing accounts of artists operating in very different situations. This book aims to correct these visions. Thus the theory of the long tail, I oppose that of the Vietnamese restaurant: the more choice, fewer consumers choose.
Should it happen less?
No. Our job is to propose, we must have an offer the broadest possible. But the model is that at some point, artists will have a harder time finding ways to create. There is a crisis, the sales decline and we need to save money.But with Universal Music, it was savings on the back office, not the heart of our business, creation. That's what helped us win market share. The music, like the book, is in a free economy but reasoned. Before leaving, we must see how the market develops: we tip on effective systems, such as subscription and the device Hadopi reminds consumers that not everything can be free. The coming months will be exciting.
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The summer ends with a bang for Emirates Airlines. The airline of Dubai has recorded an increase of 351% of its net profit in the first year began in early April, to 925 million. These findings "incredibly high," said the president of the board and executive director of the company, Ahmed bin Saeed al-Maktoum, explained both by "an increase in demand, spurred by investments in new devices, new products and improved service. "
For several months, Emirates, the first airline in the Middle East, and its local competitors Etihad (Abu Dhabi) and Qatar Airways are making a particularly offensive strategy.This requires in particular a growing number of flights to Europe, then to bring passengers to the hubs of Dubai, Abu Dhabi and Doha, before forwarding them to more distant destinations.
This year, no fewer than 12 new international destinations outside Europe are offered by three companies of the Gulf, including Seoul, Tokyo, Melbourne, Goa and Bangalore. Now, a passenger wishing to travel to Asia may well pass through Dubai or Abu Dhabi, whose hubs have the best geographical location between the U.S. and Asia.
This severe battle with Western companies is not likely just beginning. The UAE currently in effect discussing with France and Germany to increase their traffic rights. The negotiations are not smooth.In early October, Air France-KLM has officially branded the government subsidies enjoyed by Emirates and it would place orders with unparalleled easy pay day loans Airbus and Boeing.
"We grew up without aid through a business model based on commercial considerations, and we see no reason to apologize for what we've succeeded," immediately responded in a statement the president of Emirates, Tim Clark . In June, the company distinguished itself at the Dubai Air Show in Berlin by announcing a landmark order of $ 11 billion for 32 very large aircraft.
In the process, at Farnborough Air Show, Emirates announced an order for 30 new 777-300ER Boieng, for an amount exceeding $ 9 billion.Meanwhile, the fleet of Emirates intends to use futures 120 Airbus, whose A380 dozens.
Currently, the Dubai-based company recorded an annual increase of about 20% of passenger traffic. It intends to maintain this pace over the next five years, despite the harshness of discussions with key target countries.
The last issue to date is reached in October after the refusal by Canada to increase flights by Emirates Airlines and Etihad to North America. This trade dispute has led to a political response: the United Arab Emirates did not renew the lease at the Canadian Forces military base of Camp Mirage located in the Gulf region.
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Steve Jobs, Apple CEO, had promised during his last speech, he prepares a "big surprise" by the end of the year. And if this was it? The iPhone could be sold with its own integrated SIM card (not provided by an operator) for Apple to directly manage its subscriber base and short-circuit the telcos.
The information revealed by the U.S. site GigaOm, is loud. Even if none of the actors involved in this case does officially comment.
The transformation from a manufacturer of telephones in mobile virtual network operator (MVNO) would upset the economy of the system. The opening of such a breach would mean that eventually, the incumbent operators (France Telecom, Bouygues and SFR in France) would lose control of their customer base and even control their offering.They should then be content to rent their networks to actors who, as could Apple sell them. With any transfer of profit induced. The icing on the cake, the SIM card, which is rumored to have been developed with Gemalto, could afford to switch networks to choose the best offer. That would boost the price war.
In addition, it will mean that Apple would be the only seller of its iPhone in its stores virtual or real. A prospect that has something to annoy the operators denied the windfall provided by the marketing of this smartphone. And accept such conditions for a manufacturer would also lead operators to extend the same to other cash advances pay day loan.
A new model
This is not the first time that Apple would do the forcing to change a business model. Apple Store, it has already managed to take control of application vendors.Apple is one who manages customer relationships and know their consumption patterns. What he can, in turn, manage the flow of advertising revenues and pocket. Certainly, when you buy an application, the developer receives 70% of income while the remaining 30% going to Apple, but it is the latter who has knowledge of the credit card number of the customer.
Google has attempted a similar challenge with its Nexus One sold only online. Faced with the reluctance of U.S. carriers, Google has finally yielded in order not to jeopardize the chances of Android. But the iPhone is an essential product. 14.1 million units were sold worldwide during the last quarter. What gives Apple more weight in negotiations. Gemalto could be the weak link. The sale of SIM cards is half of its turnover.Difficult in such conditions, to take risks losing half of its outlets. The inventor of the smart card has already been under pressure, what he denies.
The question remains whether consumers are willing to put all their eggs in one basket and to entrust their entire mobile consumption to one speaker, it was there Apple.
With the return, households have started to eat. Their spending rose 1.5% in September after declining 1.6% in August, according to the latest figures from INSEE. On the entire third quarter, they rose 1.2% after falling 0.8% in the second. Enough to power the growth of the economy over the period.
Main driver of consumption in September, car sales rebounded by 11.2% over the month, after sharp declines in previous months. The economy minister welcomes the "enduring success of the scrapping despite the partial reduction of the device earlier this year." Throughout the quarter, spending on clothing experienced "record growth" of 4.5%, Insee said, "because the sales have started late this year."
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