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China's competitiveness is being eroded in favor of the United States. Producing in China soon will cost more than 10-15% cheaper than in the U.S. by 2015, reports a study in the Boston Consulting Group (BCG). Taking into account all costs associated with transport and storage, the Chinese advantage will be reduced to less than 10% or even completely canceled, said the U.S. consulting firm. This is mainly because of the progressive narrowing of the gap between industrial wages in both countries.
BCG how he arrives at this conclusion at odds with the traditional discourse of economists? BCG has adjusted the salary cost of the two countries based on the productivity of workers, Americans are more efficient – such as better trained – than the Chinese. It also took into account the fact that the Chinese currency, the yuan will continue to rise against the dollar in the coming years.BCG analysts believe, after these adjustments, the wages in industrial cities like Shanghai or very dynamic Tianjin will be lower than 30% of those in the United States.
"Because of the lack of skilled labor in China, wages increase by 15% to 20% per year," said Harold Sirkin of Boston Consulting Group in a study published late last week. "We therefore expect that the net cost of labor in industry in China and the U.S. converge around 2015." Before concluding: "We will see many more" Made in USA "in the next five years."
Americans more productive
While China sees its labor costs rise, the U.S. productivity gain in parallel.More flexible labor code, public grants and favorable agreements negotiated with unions: "Many U.S. states, like Mississippi, South Carolina or Alabama, improve their attractiveness as centers of production to lower cost," says BCG . Some big names in American industry have recently relocated their production to the United States. Caterpillar has recently announced the expansion of a factory production of hydraulic excavators in Texas. About 500 jobs will be created. Previously, NRC had repatriated in 2009 its production of ATMs in Georgia.
Large manufacturers, however, are not going to desert China so far. Goods produced in large scale and require much labor will continue to be produced in China, recognizes BCG.It must be said that the Chinese advantage in terms of cheap labor and unskilled labor remains unparalleled. A study by the U.S. Department of Labor published in April, the average hourly wage cost of a Chinese worker in 2008 represented only 4% of that of a U.S. worker. And only 3% of average wage costs practiced in the eurozone.
The sessions will follow, but does not resemble the Paris Bourse. The CAC 40 is up in the red on Monday, after climbing from 1.33% Monday, following good U.S. job figures released Friday. The index in Paris dropped by 1.25% to end 4007.26 points at closing and narrowly saves the threshold of 4000 points which had been lost during the day.
The other European financial centers retreating in unison. The Dax in Frankfurt Stock Exchange lost 1.09% to 7410.52 points and the London FTSE loose 0.57% to 5942.69 points.
S & P demoralizes markets
Poor market sentiment was caused by the decision of the rating agency Standard & Poor's on Monday lowered by two notches the rating of Greece, due to the increased likelihood of debt restructuring .It also warned it could further lower.
The rating of the country's long term debt is reduced to "B" cons "BB-", which meant that Greece became deeply into the category of unreliable borrowers. His short-term debt is rated for its part "C" cons "B" before, according to a news agency. These ratings remain on negative watch, meaning that the agency could decide quickly lower them again. S & P said its decision on the fact that governments in the euro area, which have agreed to postpone the due date for repayment of their loans to Greece, could be tempted to demand a similar effort on the part of private creditors the country.
After this announcement, the euro goes off in decline against the dollar, trading at 1.4287 dollars at the close of European markets.
Investor sentiment decline
On the macroeconomic front, Bank of France (BoF) provides a first estimate of growth of 0.5% in the second quarter of this year. BdF anticipates a 0.7% gross domestic product for the first quarter.
The business survey from the Bank of France reported a moderate increase in activity in industry in April.The business climate indicator in industry decreased by three points to 107 while in services it has dropped one point to 102.
Investor sentiment in the euro zone fell again in May, with an index standing at 10.9 after 14.2 in April and 17.1 in March, the monthly survey showed Monday from research firm Sentix .
Financial stocks unscrew
Financial stocks post steepest declines in the CAC 40, while the financial situation of Greece worried, so much so that a new EU aid is getting ready by 2012. AXA (-3.52% to 14.65 euros) is an outlier of the index. It is followed by BNP Paribas (-2.74% to 52.94 euros), Societe Generale (-2.62% to 42.18 euros), Credit Agricole (-2.58% to 10.75 euros) and Natixis (-2.30% to 3.81 euros).
Rumors of transfer and acquisition for Lafarge at GDF Suez
CNP Assurances: -3.60% to 14.73 euros
CNP Assurances reported Monday a net profit in the first quarter down 3.6% to 270 million euros, affected by a strong contraction in sales (-14.1%).
Lafarge: -1.31% to 45.07 euros
Lafarge and Anglo American want to sell 600 million pounds (680 million euros) in assets to their new joint British company, whose creation was announced last February, the Financial Times.
GDF Suez: -2.32% to 26.09 euros
GDF Suez wants to establish a renewable energy division and will consolidate its ten subsidiaries producing green energy in France, according to Les Echos.Also according to the economic daily, the group would be interested in the Italian Sorgenia, 52% owned by the holding of the CIR De Benedetti family and 45% by the Austrian Verbund.
Euler Hermes: -7.67% to 66.13 euros
The credit insurance group Euler Hermes has done in the first quarter 2011 net income rose 58.2% to 75.3 million euros thanks to the continued recovery of the global economy observed in 2010. Turnover increased 7.6% to 544.1 million euros.
Iliad (Free): -0.31% to 87.55 euros
Numericable could announce the launch of a mobile telephone within 40 euro on Wednesday as well and hunt on the land of the Free (Iliad). The mobile virtual network operator (MVNO) that rents the network Bouygues Telecom is the origin of the site larevolutiondumobile.com.The group has denied wanting to launch an unlimited mobile plan.
On the podium of the largest increases Cac 40 include Alcatel Lucent (3.80% to 4.36 euros), STMicroelectronics (1.31% to 8.12 euros) and Accor (0.90 to 29% , 12 euros).
Vilmorin: + 1.40% to 86.95 euros
Vilmorin is up over 8% of its consolidated revenues for the year which ends in late June, when he was counting on this to 7%. The group also announced an operating margin target of 13% throughout the year, against 10.3% in 2009-2010.
Technip: 1.26% to 71.79 euros
Technip won a contract worth approximately EUR 55 million from Statoil for the development of the Vigdis field NE, located in the Norwegian Sea.The contract includes the supply of pipes to be installed by mid-2012 in water depths of 220 to 310 meters.
Air France-KLM: -1.91% to 12.04 euros
The passenger traffic of Air France-KLM jumped 23.1% in April, an increase that is "not significant" compared to April 2010 during which the European sky was blocked by the eruption of an Icelandic volcano, said Monday the airline group. In the past month, Air France-KLM carried 6.36 million passengers (+28%).
The gold will record after record, but the money flies even faster. Since the beginning of the year, its price has jumped 50%, when the yellow metal has appreciated by about 6%. It surpassed the $ 45 an ounce last week and is now very far from its record high, $ 50, set in 1980. Since 2002, when an ounce was worth less than $ 5, its price has been multiplied by ten. At the same time, that gold has only increased fivefold. "Traditionally, an ounce of silver is about 60 times less expensive than an ounce of gold. Now it is about 30 times, "says Catherine Raw, Natural Resources Specialist at BlackRock.
But as this precious metal has therefore to arouse our enthusiasm? The economic recovery has taken its course upward, because it is much more than gold, used by the industry, eg for mobile phones and solar panels."The industrial applications of silver up about half the annual consumption of the metal," said Arnaud du Plessis, managing commodity shares in CAAM.
But mostly, like gold, silver is a financial investment. Past ten years have multiplied around the world (except France) Exchange traded funds, ETFs or ETF, that replicate the price of gold. Investors can bet in a few seconds on the price of silver. No need to hold the metal itself, these funds are keeping in their vaults. "In recent years, silver prices and stocks of these ETFs have kept pace.A significant portion of the increase of money is related to these investments, "said Arnaud du Plessis.
Safe haven as gold, silver prices have soared as the debt crisis was undermining confidence in sovereign states, the war of currencies weakened the dollar and inflationary pressures appear. "The dollar is weak, investors lose confidence in the U.S.. They take refuge in gold and silver, "says Christopher Wyke, commodities expert at Schroders. In the turmoil, the gray metal rises even much faster than the yellow because that market, ten times narrower than that of gold, is more speculative. The courses, more volatile, overreact to news.In addition, since the money is much cheaper than the yellow metal (hence its nickname "poor man's gold"), investors may, with the same capital, to buy larger quantities, thus multiplying their profits .
Central banks invest
While most experts are confident about the continuing rise in gold, opinions are more divided about the fate of the money. "He got too fast, too high. He could now move more slowly than the yellow metal. But I do not see it crumble, "Catherine Raw edge.
Professionals still remain positive. "As long as confidence does not return on currencies and bonds, gold, as money, should continue to appreciate," says Alain Corbani, Managing Director of Commodities AM. Especially as central banks, notably in emerging countries, have decided to invest more of their reserves in gold and silver ….And the production of silver mines should not increase significantly for two years.
The day after a jump of 2.46% which allowed the Cac 40 to exceed the 4000 points, the index should take a break this Thursday, though the trend remains positive: last night Wall Street ended sharply higher and highest in three years, supported by the technology sector, and this morning, Asian markets are doing well. Around 8:40, the Cac idnices futures advance of 0.64%.
Side currency, the euro continues to rise inexorably. This morning, it still takes 0.32% and 1.4568 dollar rating, a level not seen since December 2009. The next resistance is at $ 1.46. On the commodity front, oil flies: the classes were still on the upside this morning, boosted by gains on Wall Street the previous day. In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars.That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars. Wednesday, the price of a barrel of oil jumped more than three dollars in New York, under the effect of an unexpected fall in stocks of petroleum products in the United States and a sharp weakening of the dollar.
On Thursday, the economic program, we will now German Ifo barometer at 10 am, followed very investors.United States, the traditional weekly claims for unemployment benefits fall to 14.30, then 16 hours, the composite indicator of economic activity will be unveiled in March, and the figure very important activity in the region Philadelphia in April.
Sodexo more optimistic
Side values, it was discovered this morning that Sodexo has revised upwards its forecast for annual revenue: the world's second largest catering, Compass now thought behind achieving organic growth for 2010-2011 to around 4.5 % so far it expects a growth of 3 to 4%.
Publicis publishes this morning an organic growth of 6.5% over this period to 1.286 billion euros, against 3.1 in the first quarter of 2010 and the chairman of Publicis, Maurice Lévy anticipates that 2011 will be "good or very good. "
The wine and spirits group Remy Cointreau said Thursday sales for its fiscal year 2010-2011 (ending March) up 12.4% to 908 million euros, with demand still buoyant for its cognacs, particularly in Asia.
Last night was revealed turnover of Accor hotel group has seen its business grow by 5.8% in the first quarter and remains confident in the continued recovery in the hotel cycle in 2011. Turnover totaled 1.354 billion euros in first quarter (+5.5% organic) with respect to 1 payday loans in one hour.359 billion provided by Reuters.
Plastic Omnium, whose sales grew more than 36% in the first quarter, estimates that its activity should remain good in the second quarter due to continued strong global automotive production.
The builder Beneteau yachts engaged in a development plan, has reduced its operating loss in the first half of 2010/11 and expects a 62% jump in net throughout the year.
APRR, whose activity increased by 4.1% in the first quarter, expects a less favorable trend in the second quarter mainly due to higher fuel prices could influence car traffic and weight heavy.
Annual revenues of Remy Cointreau and quarterly results from Plastic Omnium are still awaited.
Alstom builds a joint venture in China
The French group Alstom and China's Shanghai Electric together through the creation of a joint venture their boilers from coal, creating the market leader.
Eiffage debt is not a concern, said in an interview with Les Echos published on Thursday the chief delegate of the construction group and concessions, but stressed that the objective was to reduce the debt 300 to 400,000,000 for each of the years 2011 and 2012.
Safran will hold a general meeting at 10 am during which shareholders must appoint Jean-Paul Herteman a second term and appoint the CEO, while Vivendi will be held at 10:30.Jean-Bernard Levy, "Vivendi saw a major turning point" means the Chief Executive has explained to Le Figaro in an interview the group's strategic direction.
That of Schneider Electric is at 15 hours. Yesterday the group reported turnover up 26.5% in the first quarter to 4.94 billion euros and confirmed its objectives of growth and profit for the year 2011. According to its chief executive Jean-Pascal Tricoire, interviewed by Le Figaro, there are no talks with U.S. giant Tyco. Bouygues finally start his own at 15:30.
Meanwhile, technology stocks, widely acclaimed yesterday, should still be viewed on Thursday. The record results from Intel, the giant high-tech, support the entire sector in the world.
The Director General of the transatlantic exchange operator NYSE Euronext, Duncan Niederauer, on Wednesday defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan a takeover by Nasdaq and the ICE documentation of decommissioning.
After-hours trading, we take note of the quarterly results from Michelin, Boiron and BioMérieux.
Fears over demand are installed
The threshold of $ 105 a barrel was saved just in New York. Only two sessions on Monday and Tuesday, a barrel of light sweet crude for May delivery lost nearly 6% to U.S. $ 106.25 while Brent North Sea abandoned 3.06 $ 120 , $ 92.
Investors have been troubled by a note of surprise the U.S. bank Goldman Sachs sent its clients and unveiled on the markets. It announced the closure of its positions to purchase a basket of commodities, including oil, saying that rising prices would lead to lower demand. His call to take profits was reinforced by the report of the IMF and the IEA. The first has already revised down its forecast by 0.2 percentage point growth in the U.S. economy for 2011 to 2.8%.As to the second, it confirms in its monthly report the existence of a "real risk that oil is now over $ 100 a barrel is not compatible with the pace of economic recovery." "If oil prices remain at these levels sustained for 110-113 dollars and beyond, it has a good chance of derailing the economic recovery," confirmed Ilczyszyn Rich, the manager of Lind-Waldock.
However, the second part of the week was marked by an abrupt reversal of the market despite the announcement of a further rise in crude inventories in the United States. Again, the combined action of the weak dollar and renewed tension in Libya, explains the movement. Moreover, the operators had their eyes on Nigeria, where presidential elections were held Saturday.Largest producer of crude oil in Africa, eighth largest exporter, the country was the scene of violence, often directed against oil installations in the Niger Delta. "This amounts to asking who is next. As a producer, should be monitored Nigeria: the political uncertainty is not a source of stability for the prices, "stated Rich Ilczysyn, Lind-Waldock.
Friday on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude ended at 109.66 dollars, while London Brent went back to 123.53 dollars. Prudence, however, remained in order. "There is a reluctance on the part of brokers to have too many positions to purchase more than 120-125 dollars a barrel because they know what the IEA says is true beyond 100 dollars it raises questions.At more than 120-125 dollars it raises serious questions about the impact of oil prices on the economy, "warns Adam Sieminski of Deutsche Bank.
Precious metals
Gold continues to race ahead
The gold and silver, however, have not declined. The yellow metal has soared for the first time in its history, the threshold of 1480 to $ 1487.65 dollars an ounce Friday. The same day, silver touched the 42.84 dollars per ounce, a level not seen since February 1980.
The reasons for this rise does not change. There is first of all the renewed concern around European debts. The markets are marked by speculation about a possible restructuring of the Greek debt, while Moody's has once again deteriorated note of Ireland. Then the inflationary world.The latest example: China, which reported a rise in consumer prices of 5.4% in March. Inflation Up 0.5% in the U.S. and 2.7% in the eurozone. Finally, the accommodative policy of the U.S. central bank, which accentuates the phenomenon of inflation, contributes most to the decline of the dollar. But the weak dollar is also a factor in higher prices because it favors purchases. At all these factors added pressure on gold demand from China and India.
On the London Bullion Market, gold finished Friday at 1476.65 dollars at auction in the afternoon, and the gray metal closed at 42 fast cash now.67 dollars per ounce. The analysts at research firm GFMS now anticipate an ounce of gold exceeding $ 1,600 by the end of the year. The ounce of silver should his side reach 50 dollars.
The platinum metals have however suffered from the note from Goldman Sachs.On the London Platinum and Palladium Market, an ounce of platinum closed lower Friday at 1,787 dollars per ounce while palladium finished at 772 dollars.
Base Metals
Base metals neglected
On the London Metal Exchange, industrial metals have also been a tough week. Copied their movements with those of the oil markets, prices fell $ 7 on the first two sessions of the week, also penalized by the note from Goldman Sachs.
The red metal finished Friday at 9419 dollars, down from 2.86%, despite a likely reinforcement tensions on supply (mining giant Rio Tinto announced a fall of 14% of its production in the first quarter and expects down 21% over the year).
In the fall, copper has resulted in the lead (-5.11% for the week) and nickel (-3.04%).The latter also suffered from the announcement of a production surplus of 600,000 tonnes on the market after a note by the International Study Group on Nickel (INSG). Going against the tide, tin exploded his previous record by climbing to 33,600 dollars per tonne on Monday. But the increase should not continue because of the resumption of exports from Indonesia, world's biggest exporter, which had been disrupted by bad weather.
Overall, traders should remain cautious on the LME. China, world's largest consumer, has sent conflicting signals Friday announcing both a rise in industrial production (+14.4%) and inflation of 5.4% leaving consider a further strengthening of monetary policy.
Agricultural materials
Côte d'Ivoire still worried
Cocoa prices have begun to put together after losing nearly 10%.However, the arrest earlier this week of outgoing President Laurent Gbagbo and the announcement of an immediate resumption of exports would have led to lower prices. Because they are nearly 10% of global demand for cocoa which will be on the market the next few weeks. But the operators are already focused on the effect of political events. They fear in particular that the president Alassane Ouattara fails to pacify his country as he promised and restart the economy, including banks, the pillars of supply chain finance bean brown.In this context, the announcement of a 3.5% increase in demand by the European Cocoa Association has added to rising cours.Sur Liffe in London, a tonne of cocoa for July delivery finished to 1972 pounds (2.65%) while on the NYBOT-ICE U.S., the contract for the same period was worth 3248 dollars (8.67%).
Their sides, coffee prices went up significantly, driven by limited supply and consumption robust. In London, a tonne of Robusta for July delivery finished at 2463 dollars while in New York, the pound of Arabica for May delivery was trading at 287.75 cents in New York.
In contrast, good production prospects in Brazil and Thailand have tripped sugar prices in London to 697.40 pounds and 24.85 cents in New York.
Side grain on the Chicago Board of Trade, a bushel of corn for May delivery rose in Monday meeting new level of 7.8375 dollars before retreating to 7.42 dollars on Friday. The threshold of 7.50 should be maintained as looming pressures on supply due to a wet spring in the United States. A bushel of soybeans and a bushel of wheat for the same maturity respectively closed the week to 13.33 dollars and 7.4450 dollars.
In fifty years, two times more dependent elderly. This is the perspective that traces the working group on "demographic and financial issues, set up by Roselyne Bachelot to prepare the reform of addiction. Projected that this group, led by Jean-Michel Charpin, study Tuesday afternoon, holding it in effect a "middle scenario" leading to rise from 1.15 million addicts in 2010 to 2.3 million in 2060 (being considered as dependent persons entitled to the allowance APA, according to current criteria for the award).
Enrollment growth would be 2% per annum by 2017-2020, then 1.1% per year until 2030 (period when the cohorts born in 1930 will reach the age of dependency), then 2% between 2030 and 2045 (the baby-boomers) and 0.6% per year thereafter.These figures are higher than the latest official forecast, prepared in 2005 by the Center for Strategic Analysis. "Three factors explain the discrepancy, details Roselyne Bachelot. First, the start of the APA faster than expected. Then, the latest forecast by INSEE, which increased the proposed number of seniors. "In half a century, France has 5.4 million over 85 years. "Finally, it was betting up to that every year of life expectancy gained would be a healthy year, says the Minister of Solidarity. It seems that this traditional view is rather trite and does not hold in recent years. "
This scenario, so far "predominant" is now considered "optimistic."However, the opposite idea (gains in life expectancy would result in full by a lengthening of the duration dependence) is not in the heart of the simulations of the working group, although it is mentioned in a "pessimistic scenario" payday loans. The main scenario is based on the assumption that the proportion of dependence-free life expectancy to 65 years in total life expectancy at age 65, will remain stable. Currently, life expectancy at age 65 is 22.5 years for women, 19.1 years without dependence (85%). It would increase to 27.6 years in 2060, including 23.4 years without dependence, 4.9 years gained healthy (85%). And, therefore, 0.8 year older in a state of dependency.For men, life expectancy at 65 years falling from 18.1 years currently, with 16.7 years without dependence (92%), of which 21.7 years to 23.6 years without dependence.
Evaluate the probabilities
"While some questioned the usefulness of new projections or accused the President of the Republic of catastrophism, nobody can say" everything is going very well, Madame la Marquise,''said Roselyne Bachelot. We have a scenario in which the political decision to meet. "The minister nevertheless admits:" No one can certify that these assumptions will be realized fifty years.Maybe we'll have a vaccine against Alzheimer's! But the horizon of political decision, it is ten years and, unfortunately, we are almost certain that there will be no vaccine by then. "
Work will continue over the coming weeks, especially to better assess the probability and consequences of extreme scenarios that lead to this point a very wide range, from 1.85 to 3.15 million addicts in 2060.
Affected by the crisis of the disc labels would they even dream? Two months after the sale of Warner Music Edgar Bronfman Jr., the prospective takeover of the major U.S. seem to shake the door of the bank Goldman Sachs.
Live Nation, the giant concert organization, claiming to be the last time, revealed the Wall Street Journal and the New York Post on Friday. It is well to mark the seventh interest in Warner, after BMG Music Publishing, Sony, the investment fund of billionaire Poju Zabludowicz Tamaris, the fund's billionaire Russian-American Len Blavatnik, the fund Yucaipa Ron Burkle, Platinum Equity or Permira.
But Live Nation has very different interests of the latter.While it is primarily the catalog of Warner Chappell, and revenue from the exploitation of rights, which attracted investors such as BMG, Turner lurks on the production activity of the recorded music major.
The latter would, in effect, expand Live Nation offer, which already covers much of the music profession. Organizer of 20,000 concerts a year, Live Nation has gained a foothold in the ticket purchasing Ticketmaster last year. The group also controls the company Front Line, which specializes in artist management. Live Nation has, moreover, of working in merchandising and merchandising cashadvance. Finally, via Live Nation Network, Turner also holds agreements between brands and artists.
Sales erode
All these activities play an increasing role in the artists' income, while sales of recorded music are being eroded.The acquisition of Warner Music at Live Nation would get their hands on the activity of recorded music. Less profitable, it remains a precondition to sell tickets for concerts, tours, T-shirts and management contracts. But the operation could thus face a denial of competition authorities. The shareholders of Warner Music could therefore be tempted by an offer of a simple competitive standpoint.
Another uncertainty, the financial position of Live Nation. The group posted a record loss of $ 228 million in 2010. The group has 165 million of free cash flow. According to the Financial Times, Live Nation could lean group Liberty Media, which owns 20% of Live Nation, to submit an offer.
All activities Warner (production and editing) is now valued at between 2.2 and 2.5 billion dollars.A price likely to decline while the major EMI, fell into the hands of his creditor, the bank Citigroup, should be placed on the market soon.
No professional football without modern infrastructure and schools of quality training. While this project is still in its infancy in the least developed African countries, Morocco wants to lead. The country hopes to turn these clubs into limited companies by next September and reach South Africa, Tunisia, Senegal or Algeria to rank African countries with a professional league.
To mark the International Week organized sport for the first time in Marrakech, the Minister of Youth and Sports of Morocco, Moncef Belkhayat and President of the Royal Moroccan Football Federation Fassi Fihri stressed the importance of football in particular as a "national issue and driver of economic development.""But to play its full social and economic role is a structured football that Africa needs," said Vincent Chaudel, communications director Europe, Africa and Middle East at Kurt Salmon, a consulting firm.
In this regard, Africa has more work for the president of the Confederation of African Football, Issa Hayatou, although he welcomed the progress made by Morocco, which he readily describes as "an example for African football. " "Wanting to professionalise football is good, but it requires a disciplined organization," he says. And schedules must be met to optimize working conditions of media and attract business partners. "
"Without our states, there would be more African football"
Because for now the core of private investors remains low in Africa."In Morocco, no bank and no insurer invest in football," said Jalal Hajjou, general manager of Optimum. Because they have no visibility into the return on investment. The new project of the Ministry of Youth and Sports should change the situation. But key players must come together around a table now, not six months from the African Cup of Nations in 2015 (organized by Morocco, Ed).
Suddenly, football clubs are still very dependent on public subsidies. "Without our states, there would be more football in Africa, provides Hayatou faxless payday advance. If they want to become professional clubs must take control and reduce government subsidies. " The example of infrastructure is significant. "Most clubs do not own their stadium, says an expert. They therefore depend on public authorities to use them. "Stadiums that can accommodate up to 50,000 steps and does not fit the profile of pregnant may receive league games. "Africa has few speakers to more reasonable dimensions, that is to say between 10,000 and 20,000 seats especially in less developed countries," says this expert.
"Football in Africa is more a political and economic"
The low inflows coupled with the lack of a disciplined organization also discourages presenters who bemoan a lack of technical means, limiting the broadcasting of matches in quantity and quality. "While football is not professional in Africa, the broadcasters will be more patrons as economic partners," says Njike Jackson, CEO of Canal + Cameroon.And regrets: "Today, football is more a political than economic or social issue."
Consequence: significant differences have widened in TV rights in Africa. When they rise to 30 million in South Africa where the FA is professional, they are close to nil in Cote d'Ivoire, Mali and Senegal. "The total weight of the economy of football in Africa is between 1 and 1.5 billion, equivalent to the economy of football in France," said Christophe Bouchet, former president of the Olympic Marseille.For the former CEO of Sportfive, a company specializing in sports sponsorship, "the success of African football through the mobilization of all stakeholders (sports institutions, government, partners, media), but the central role must be held by the clubs. "
After installing the African Cup of Nations as the third major world football event (after the World Cup and Euro), Africa has shown that he could organize a World Cup. "It remains now to win 'dream President Issa Hayatou.
Mar
23
After two lean years, chemical production in France is recovering. Between price increases – about 5% – and the rebound volumes (+10.8%), the turnover of the sector in 2010 grew 14% to $ 77, 1 billion euros. First industry affected by the crisis, the Chemistry is also one of the first to emerge. French chemistry has benefited last year from "improving global economic conditions" and bounce "in the industry, especially with the end of destocking and the return of the application, said Olivier Homolle, President Union Chemical Industries (UIC).
Some sectors such as soaps, perfumes and cleaning products have benefited more than others, including organic chemistry, rather breathless last year.But the movement should continue at a slower pace of around 3% in 2011, provides for the UIC.
Back acquisitions
The recovery is also evident in terms of margins. "They benefited last year cost reductions generated by the severe crisis and back to rising raw materials," says Peter Gadrat, director of chemistry and metals within the consultancy Alcimed. Enough to allow chemical manufacturers to raise cash and to engage in acquisitions. After a series of acquisitions announced since October – activities resin Total Arkema for 550 million euros, Chinese Feixang Rhodia Chemicals ($ 489 million) – the movement is probably far from over.
"The chemical industry is still very fragmented.The approximately behemoths – BASF leads the game with a turnover of 63.8 billion euros represent little in a sector that weighed 1.87 trillion euros in 2009, "said Pierre Gadrat. Future operations should be fairly targeted medium. Because "chemists have money but not an urgent need for new growth."
Two strategic
The companies focus on two strategic axes. They seek to increase their presence in growth sectors such as food and health, the image of the American DuPont announced in December the acquisition of Danish Danisco for $ 6.3 billion. The industrial sector also intend to strengthen in emerging markets. "There are huge needs in basic chemistry in Asia, particularly in polymers," says Edward Croufer, director of global chemical with the firm Arthur D Little.This should change the mapping of the major players. Edward Croufer expects that by 2015, the world leader should return to Saudi Sabic, along with German BASF and India's Reliance.
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The Paris Bourse approaches helm of the 3900 points to 10.00, after laboriously saved the technical threshold of 3800 points last Friday with an increase of 0.63%. Having opened strongly in the open green, the benchmark index in Paris accelerates gains with a rise of 1.80% to 3879.62 points, based on the rise on Wall Street this weekend, but also on Asian markets on Monday morning. Despite the closure of Tokyo because of a holiday, they have continued their upward trend, encouraged by the stabilization of the nuclear crisis that has rocked the archipelago.
In the absence of major indicator scheduled for the first weekly session, all eyes turned abroad. Optimists, operators retain Parisian improving the nuclear crisis in Japan. On the central Fukushima, no aggravation was reported in recent hours.Soldiers and firefighters are still at work to cool the reactor and prevent significant amounts of radioactivity being released into the atmosphere. The operator Tokyo Electric Power announced Monday that the six reactors at the north central Japan were again connected to the mains.
Moreover, the World Bank has estimated that the earthquake and tsunami of 11 March could cost the Japanese economy up to 235 billion (165 billion), up 4% of national production. The international agency notes, however, that reconstruction would quickly resume.
Libya, the center of attention
However, caution about the strength of this long-term uptrend, while investors should still be observed in the coming days, the situation in Libya.The strikes of the international coalition began this weekend and the Libyan air defenses had been severely damaged. In the viewfinder, on Monday: the supply lines of forces of the regime of Muammar Gaddafi.
This tension is already affected oil markets, fueling the rise in oil prices. In morning trading, a barrel of light sweet crude for April delivery was taking 1.57% to 102.66 dollars. That of Brent North Sea crude for May delivery gained 2.14 dollars to 116.07 dollars. "Some oil facilities could be destroyed during strikes or when sabotage," said Victor Shum of Purvin and Gertz firm.
As for currencies, the euro remains stable, declining only 0 online pay day loans.16% against the greenback at 1.4157 dollar.Note that the yen continued its downward trend against the dollar at 80.90 yen against 80.59 Friday in New York, supported by the G7's decision to intervene to counter the outbreak of the Japanese currency.
Side indicator, the news will be published with the U.S., 15 hours, sales of existing homes in February.
Values to follow
EDF: 1.93%, to 27.98 euros
The Ambassador of France to Italy was summoned to the offices of Chairman Silvio Berlusconi on the Parmalat case and Edison. The two Italian companies are the subject of sharp differences between their French and Italian shareholders.
Areva: + 3.46%, to 31.22 euros
A renewal of Anne Lauvergeon to head the board of the nuclear group is a "possible scenario", said Sunday the Minister of Energy, Eric Besson.
Renault: 1.43%, to 38.68 euros
The Industry Minister Eric Besson has appeared to dismiss the resignation on Sunday a car manufacturer CEO, Carlos Ghosn, after the false espionage case that shook the manufacturer, stating the need to avoid "further destabilize 'the group . Nissan's partner Renault has also announced it would boost its production lines in Japan.
L'Oreal: 2.29%, to 76.36 euros
Jean-Paul Agon, CEO of the group, also holds the post of president since Friday but will retain the same salary this year than in 2010.
Air France-KLM: 1.15%, to 11.44 euros
The idea of "bases Province" was overwhelmingly approved by referendum.The Cockpit living near the bases would not have to make stopovers, which should allow the company to save money.
Diageo: 2.06%, to 13.40 euros, Pernod Ricard: 0.97%, to 63.26 euros
The Sunday Times, the group plans to launch a bid of two billion dollars on the brand of tequila Jose Cuervo, the newspaper added that Pernod Ricard might also be interested.
Audika SeLoger.com and publish their annual results after market close.
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