What is the country with the largest trade surplus? Germany, with 194 billion dollars over the last twelve months, ahead of China (173 billion). What is the state that attracts the most capital of the world? The Netherlands, where foreign direct investment to date some 3000 billion, far ahead of the United States (2.25 trillion), according to the review of the IMF. What is the country which hosts the most tourists? France has received 78.9 million last year, against 61 million for the United States.
Each of these expresses a form of performance excellence. Germany feeds her flawless manufacturing tradition since the industrial revolution. The Netherlands, taxation deliberately advantageous for multinational companies, is one of the hubs of global capitalism since its "golden age".The Hexagon cultivates an image of cultural universality and good living. Taken one by one, most Old World nations are doing much better than the European Union, or the idea of it.
The Americans accused him of set themselves up as "fortress" when "big market" Europe was created in 1992. Now she is unable to defend its weak links, as révèlela sovereign debt crisis. Public deficits are, however, generally two to three times lower than those of the United States and Japan, as Jean-Claude Trichet, ECB president, continues to say. But markets look weak countries, not the average of a "Union" in front.
Europe is becoming "the global village idiot" in the words of Hubert Védrine, former foreign minister.He who has not grasped the rules and fails to protect its interests. This is particularly evident in relations with China, became the first trade and investment partner of the Old Continent. The EU has a trade deficit with China of 169 billion (in 2010) of similar magnitude to balance US-China (205 billion euros). But the complaints vis-à-vis Beijing are very far from achieving the shouts of Washington. The Committee of Foreign Trade of Parliament held on October 11 a special session on Sino-European trade.As responsible for relations with the Far East in the European administration, Helena König wanted to do things in perspective: "It is clear that for European companies in China is a source of profits" at she said, with emphasis on German and French companies in China. Certainly.
Unfair competition of the "Made in China"
This can not hide everything savings account payday advance. First of all the unfair competition of the "Made in China", which led last week the U.S. Senate to vote for the first time, a bill accusing Beijing of "manipulating its currency." Or access the Chinese market, fully controlled, as we see "a rush of China in Europe." This is the title of the study that came to write scathing François Godement Jonas Parello-Plesner and for the European Council on Foreign Relations. They describe an all-out acquisition strategy.The recovery of ailing brands such as Volvo and MG in the car, the establishment of SMEs. Beijing has established a fund of 2.8 billion euros to assist innovative German SMEs to develop partnerships with their Chinese counterparts. This may take the form of real industrial cities, as in Florence, on the outskirts of Florence, where 4 800 small businesses employing 40,000 Chinese expatriates in Mainland China are a bridgehead offshore.
Faced with this wave, "Europe has no information or regulations," stigmatizes Francois Godement. The Bulgarian ambassador in Paris, Marin Raykov, explains how his country, not having been able to interest the French car manufacturers, has brought the Chinese Great Wall Motor to manufacture cars in Bulgaria.Deindustrialization and fiscal difficulties of the southern states are an ideal soft underbelly.
With its 3.2 trillion (dollars) of foreign exchange reserves, Beijing appears in turn as the white knight to the rescue of Greece, Portugal, Ireland and Hungary. Last summer, a delegation from the Italian Treasury, modern-day Marco Polo, visited with great ceremony in Beijing to his court. It was rumored that the Chinese central bank holds 25% of all European public debt. Information without foundation, insists Francois Godement. Unlike the U.S. Treasury, following precisely the holding of Treasury bonds by Beijing and publishes its figures, Europe has no statistical tool.Like Greece, which has Eurostat in September 2004 that its accounts were rigged, had not a lesson.
This lack of information is a godsend for Beijing, which keeps his secret. What easy conquest, according to the principle of "divide and rule", as old as the Roman Empire, the British had returned to their use to colonize the Middle East.
Europeans "must act quickly" to the risk of contagion from the crisis in Greece, launched on Thursday the U.S. president during a press conference in the White House, largely devoted to the difficulties of the U.S. economy. "There is a G20 coming in November" in France, said Barack Obama. "I really hope that the next summit, they will have an action plan clear and concrete that will be up," he said, after warning that "the problems that Europe is going through could have a very real effect on our economy, when it is already weakened. "
The U.S. president also defended the stimulus package he presented to Congress a month ago, ensuring that the plan "will help us guard against a further decline in activity if the situation were to worsen in Europe ".The plan "will support economic growth, he put people back to work," he added, while the Senate is to decide next week on the proposed $ 447 billion, already described as "dead" by the opposition Republican majority in the House. "Unless we act, the opposite will happen: there will be fewer jobs, less growth," warned the president.
The European aid to Greece drags on and the markets may punish him on Monday. Having completed an eventful week in the red, but after still won by 2% in five days, the CAC 40 is expected down 1.7% at the opening on Monday, according to Reuters.
Concerns about the hypothesis of a failure of Greece are likely to weigh even the morale of investors, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika" of the state progress of promised reforms.In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.
It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .
To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end". Moreover, he warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year.Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.
Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time. Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.
Macroeconomic side, Great Britain, the Financial Times this fall could be a gap of 13.8 billion euros in public finances, or 25% more than expected.Such an amount would extend the austerity policies adopted in Britain.
United States, the NAHB housing index will be released in 16 hours.
On the foreign exchange market, the euro appears sharply lower at 1.366 dollar (-0.94%) on Monday morning. Oil prices are also in the red in Asia, with uncertainty about the U.S. economy and the delay in the euro area in the management of the Greek crisis. In early electronic trading, a barrel of "light sweet crude" for October delivery gave up $ 1.12 to 86.84 dollars per barrel of Brent North Sea crude for October delivery gave 81 cents to 111.41 dollars .
Values to follow
• Banks
Societe Generale, Credit Agricole and BNP Paribas will be particularly scrutinized by investors on Monday.Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals. French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.
• EADS
Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the enactment of Der Spiegel Sunday.
• Technip
The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.
• Sanofi
The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.
• Natixis and Saffron
The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.
• Airbus
The European aircraft manufacturer will present its global market forecast to 2030 in London.
McGraw-Hill confirms the dismantling of its activities. The group, which holds particular one of the three major rating agencies worldwide, Standard and Poor's (S & P), Monday announced its split into two independent companies.
One, called Mc Graw-Hill Market, will specialize in financial reporting. It will include S & P, but also the manager of indices S & P indices, the information service Platts Energy, the research firm JD Power and Associates market, and several publications such as Aviation Week, on the aeronautics. This new venture will be headed by a member of the founding family, Harold McGraw, who was already operating within the conglomerate.
The other company will be named McGraw-Hill Education. It will specialize in publishing, including the sale of school and university textbooks.The group is currently looking for a leader to lead this new company.
Reduce costs
This dismantling was called in late August in person by two shareholders of the group who felt that the issue had become a weight in the activity of McGraw-Hill. Indeed, it represented only 23% of operating profit last year while the activity of the only rating agency weighed nearly 50%. This division is not fully compliant with the wishes of those shareholders who demanded that the financial activity is divided into two with one assessment activity independent of the indices Low fee payday loans. In addition to a specific company for editing and one for the information professional. Four entities distinctness.
Mc Graw-Hill, a division of the two seems sufficient.It should eventually reduce the operating costs of approximately $ 1 billion and improve the group's value for shareholders. Lea management announced in passing that the repurchase program of its own shares will increase to $ 1 billion full-year.
McGraw-Hill Market this year should generate a turnover of $ 4 billion, made almost 40% abroad, and growing "double digit". McGraw-Hill Education should she reach the years of income of 2.4 billion.
On Wall Street, investors welcomed the ads. The action McGraw-Hill climbed 1.44 dollars to 39.26% at 17 hours, Paris time, in a market down 1.04.
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Solidarity and ecological travel. The idea is gaining ground in the minds of many tourists in the summer. This practice has a name very trend: the "sustainable tourism". According to the definition given by the World Tourism Organization (WTO), it is a holiday that "meets the needs of present tourists and host regions while protecting and enhancing opportunities for the future. "
Whether it's a humanitarian mission in Africa, a trek in the Sahara or the ascent of Kilimanjaro, this type of travel always organized around four themes, according to Yann Legendre, coordinator at Libertalia specialist stays abroad lasting. The first two are the exchange and outreach to the local economy. "Sustainable Travel, accommodation is homestay or in hotels, buy food at the local producer, operate a local bus," said he.Next is the protection of the environment. Specific example: instead of buying bottled water which may pollute the tour operator is investing in a filter pump. "We saved the purchase of 9,500 bottles last year," notes Libertalia. There remains one of the most important aspects: the local development projects. This is not a logic of love ", explained Yann Legendre. "We have identified local actors engaged in a dynamic project that we donate 30 to 60 euros per passenger," he adds.
For those who opt for sustainable tourism in the Hexagon, the basics are the same. In the villages of the network Cap France, vacationers are being such offer "kits picnic" without any packaging pollutant. They sort the waste, swim in heated pools with solar panels and eat fresh produce from local agriculture."This is a tourist friendly environment with a local proximity and social," says Jean-Michel Coeff, president of the network.
Contrary to popular belief, sustainable travel is not more expensive. "Investments are included gradually over time," says Jean-Michel Coeff. For trips abroad, the price stays is generally equivalent to those of traditional tour operators and even cheaper because the organizers did not pay any commission to providers or agencies over.
Boom offers
Since the early 2000s, the offers are multiplying on the web. Tour operators who are responsible are mostly from small associative structures are already active in the sector sustainable. But the traditional tour operators are also well represented on the niche, the image of Voyageurs du Monde instant payday loan lenders.The travel specialist tailor even claims to have adopted this approach for many years. "It's not just a fad, it is a binding approach we impose," said Frederic Lavaud, project sustainability. According to the latter, responsible tourism has become a corporate philosophy: "We have adopted a responsible for all travels. We check for instance that our partners pay their employees well. We have a corporate foundation which helps local people. In Asia, some of our destinations travelers take away the excluded villages now live a little better through these visits, "he adds. According to International Travelers, the client would become very attentive to these questions: "People are sensitive to the choice of partners and very critical if we are not in line with what we propose.This is progress. "
Libertalia confirms the trend: "Our customer base is doubling every year since 2007. There is a real awareness, a desire to return to the essence of the journey is the encounter and discovery. "
Credibility problem
Despite this enthusiasm, the trip is still a sustainable niche. According to the WTO, the 935 million tourists who took the road last year, it represents only a small portion still unencrypted. For if consciousness is actually at work, the acting out takes longer than expected. "There is still a gap between this important awareness and its translation in terms of holidays. For tourists, vacation means living without constraints. People do not want to be imposed on things, "admits Jean-Michel Coeff."And for some it is a concept bobo, an ecological cult," he adds.
This credibility problem, mentioned by several tour operators, requires the industry to organize. In 2004, a group of tour operators create the Association of Tour Operators Themes (ATT). The last issue to each operator audited by the certification body AFNOR label "Acting for Responsible Tourism (ATR)." But this system is far from unanimous. "The criteria are too light and too expensive certification" portion Libertalia who prefers to make his own evaluation grid. For its part, France Cape Town in 2004 launched his own label Owl Nature. In short, it is still difficult at the moment to see clearly.
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The president of the U.S. central bank (Fed) Ben Bernanke has a surprise in Jackson Hole, in the northwest United States. Instead of announcing new measures to support the U.S. economy, as expected by the markets, the Fed chairman on Friday merely noted that the issue will be discussed at the next meeting of the Monetary Policy Committee of the institution, scheduled Sept. 20. While stressing that "to weigh the pros and cons" of such a decision, the next meeting will be extended by one day. Suffice to say that a consensus on whether to implement any new measures to support the U.S. economy is far from certain …
It is precisely here that the speech of the day was to shed light.Investors hoped a higher profile, particularly on the implementation or not of a third program of monetary easing (or quantitative easing EQ3), after two other applications since 2008.
Ben Bernanke returns the ball in the political
"The Fed has a range of instruments to provide economic stimulus," said Ben Bernanke, however, supported. Insufficient to convince. For the other hand, the Fed chairman said that U.S. politicians had more room for growth, calling for fiscal stimulus. A sentence which leaves in doubt the ability or willingness-to-the Fed to reignite growth overseas.
"The Fed will certainly do its utmost to help restore growth rates and employment rates in an environment of price stability.However, most of the economic policy measures to support the long-term growth is a spring outside the central bank, "said Ben Bernanke.
The Fed chairman has confirmed rely on weak economic growth in the short term, after the Fed revised its growth goals of the U payday loans with no fax.S. economy, but did not specify the extent of this reduction.While recognizing that the crisis is more difficult than expected a few months ago, Ben Bernanke refuses to show alarming: he predicts that U.S. GDP "should improve" the second half and that inflation will gradually subside, and return to less than 2%.
He said he was also confident "in the fact that [his] colleagues in Europe have completely aware of what is at stake in the difficult problems they face today and that over time it will take all necessary measures and appropriate to address them fully and effectively. "
Deception temporary markets
Initially, this lack of concrete measures to try to revive an economy whose recovery is "much less robust than expected" in the words of Ben Bernanke, has dampened market expectations, suspended for two days this intervention .Sign of these expectations, the U.S. indices, already feverish, have widened their losses immediately after the announcement of the postponement within a month of discussions at the Fed on possible support measures. Similarly, in Paris the CAC 40 index plunged more than 3%.
But an hour after the intervention, investors rallied. The index in Paris reduced its losses, while on Wall Street, the Dow returned to the same balance. The markets have indeed put their disappointment. If the hope of a decision of intervention by the Fed was huge, the probability that a major action plan to be presented today was very thin, many commentators had warned in recent days.
The Italian government, which has set a target to stop the speculative pressures of markets on Friday adopted an emergency order providing for a new austerity plan amounted to 45 billion euros over two years. These austerity measures designed to recover "20 billion euros in 2012 and 25 billion in 2013." Their adoption will enable Italy to cancel its public deficit to 3.9% today – by the end of 2013.
For the first time, the prime minister has agreed to weigh the tax burden with a "solidarity tax" on higher incomes. According to leaks distilled by the social partners, this contribution could rise to 5% for every € 10,000 for employees earning over 90,000 euros, and 10% in excess of 150,000 euros. Self-employed workers earning more than EUR 55,000 will be taxed at 41%. However estates and housing will remain free of taxation.A single tax of 20% will be charged on income from capital, currently 12.5% against and 25% of bank deposits. The introduction of fiscal federalism will be early in 2012, the government hopes to make them more aggressive fight against tax evasion us fast cash. The bill payments in cash will be severely restricted. A single municipal tax will also be created.Finally, the Economy Minister Giulio Tremonti said, in an interview with representatives of regional and local authorities, that the government intended "to reduce the number of provinces (departments)" and "consolidate the common" – today the number of 8000.
Heavy sacrifices will be required to Italians in particular with regard to the welfare (social services and family) who will suffer next year the bulk of the effort (about 20 billion euros) all levels of social assistance and transfers to local governments will be affected. However the Northern League had opposed the cuts, pensions will be spared. Women in the private sector will be encouraged to continue working until age 65, or 7 years older than today.
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Financial stocks were again at the forefront of the crisis of sovereign debt in the euro area. The financial sector index values fell by almost 10% within a week, and most major French banks are publicly traded close to their lowest annual levels. The inability of Europeans to agree on the establishment of a second bailout of Greece concern the market, which now feared a contagion to other countries in the euro area.
With the fear of an incident on the Italian debt, the problem of sovereign debt in Europe is a very serious turn, as the Italian government debt-which amounted to 1.9 trillion euros is 5.5-fold to that of Greece. The banks are primarily affected through their exposure to traditional state claims.
Regarding the Italian sovereign risk, the exposure of the French banking system amount to 35 billion euros, which is quite colossal. Unlike debt Greek, Portuguese and Spanish, which are now mainly carried by hedge funds, the Italian debt was previously considered to be of good quality. It is still very much in the balance sheets of major financial institutions in Europe.
Crédit Agricole and BNP Paribas in the red
The other concern is the amount of banks' liabilities to the private sector in Italy. And there, the amounts involved are more important because sometimes in the different estimates circulating on the market to nearly 300 billion euros. The two institutions most concerned are the BNP Paribas and Credit Agricole, which are present in Italy through subsidiaries.The markets fear that these institutions are forced to fund a portion of commitments to local borrowers Italian, especially a possible depreciation in the value of their subsidiaries in the accounts in any major difficulties in this country.
That's why the price of Crédit Agricole and BNP Paribas are approaching their lowest level this year. The insurance group Axa, very present in Italy and holds direct obligations of the Italian State, is also affected. The stock has lost more than 10% in just three days. It now processes at a level much lower than the amount of capital.
A race against time. On Monday, the French stage will present at the National Rugby Marcoussis, before the DNACG (National Directorate of assistance and management control) financial guarantees as to the survival of the Parisian club, after the fraud case linked Facem the Canadian Foundation (Foundation for the Improvement of children in the world).
Still two million find
The figure is known, the French stage has a deficit of 6 million euros to be filled Monday. Bernard Laporte would have found new investors. But after the spectacular failure of Facem, the pool of investors formed by the Englishman Richard Pool-Jones, former player for the club, has also been reactivated, with the help of Serge Kampf, CEO of Capgemini and a great patron of rugby French, and former international Jean-Pierre Rives.The DNACG, before which the Parisian club had already presented in May, is now more demanding, it expects 12.6 million euros in guarantees, in the amount that would normally Facem injected. The round of Pool-Jones would have raised 8 million – the amount initially met – and another 2 million could be saved by reviewing the operating mode of the Parisian club. Remains yet to find 2 million euros to avoid the gauntlet of the "financial policeman" of French rugby. The question is which of the two solutions will be chosen.
A bloated workforce that will have to degrease
Ironically, the missing 2 million in the plane of Pool-Jones correspond to expenses incurred in recruiting high-end by the French stage version which had Laporte on 20 million euros pledged by the Facem but are never arrived.
A total of 19 players have committed to the Paris Club, including the Argentine Felipe Contepomi, New Zealand's Byron Kelleher and Paul Sackey English free instant credit score. The wage bill had increased to 8 million euros. Another nod, the signature of South Africans Mostert and Van Zyl was announced just minutes before the revelation of the scam. Tuesday afternoon, already aware of the shock, the agents were in turmoil, many trying to resettle their foals outside the capital. Obvious: we'll have to degrease the mammoth. Pascal Pape and David Attoub could rebound in Lyon, recently promoted to Top 14. Bastareaud, who wishes to engage with Toulon but is retained by Bernard Laporte, will get the proper output in the coming days. Mourad Boudjellal, the president of RCT, intention, however, take advantage of the situation. "The first thing that the French stage recovers.I prefer to renegotiate with Max Guazzini and Bernard Laporte in top form in this situation. I really do not want to take advantage, "he said Friday in Var Matin.
Laporte, a return that is like a slap in the face
It would revive the French stage, it could remain who precipitated his fall. Without money from the Facem (three related to this foundation have since been placed in custody), there is nothing. Former Secretary of State for Sport has played with fire. He has left € 170,000 under the guarantees. Salagoïty Francis, former president of the Bayonne where "Bernie" was a brief passage, drives the point home in South West: "Everyone will understand that my apprehensions were based on Bernard Laporte." The only way to bounce back is that the new rescue plan is adopted.In either case, it is rumored that Serge Kampf would not want to hear about it …
With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "
In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.
Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.
"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "
2011, promising
The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .
2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.
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