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.
Analysts had anticipated a pleasant surprise in the first quarter for Publicis. They were right. The advertising group recorded organic growth of 6.5% over this period to 1.286 billion euros, against 3.1% in the first quarter of 2010.
An Unusually, this performance is due to the good performance of Latin America (organic growth up 8.7% in the first quarter), supported by Brazil (+20.1%), U.S. USA (+8.4%) and Europe (+6.2%) boosted by France (+8.2%). In contrast, the Asia-Pacific is growing only by 1.5% due to the earthquake in Japan and floods in Australia. China limits the damage with a growth of 8.2%. "Our exposure in Japan is low. The earthquake and tsunami that struck countries, such as the revolts that took place in the Middle East, will negatively impact any of our forecasts for 2011, "said Maurice Levy, Publicis chairman.The boss of the advertising group is also stayed very evasive on the subject, merely indicate that "a 5% growth in sales in 2011 would be a very conservative forecast."
"We outperform the market by 2011"
Thanks to the good performance of China, Brazil, but also Russia and India, growth in emerging countries amounted to 11.4% in the first quarter. Digital activities alone represent 28.2% of Group revenue (against 27% in 2010). "We do not show much innovation and therefore continue to invest in growth markets such as digital and emerging" quips Maurice Levy. Digital activities and represent emerging elsewhere 48.3% of Group revenue in the first quarter "in line with the group's objective is to achieve 65% of its income on these two segments," says he .
The advertising market, the subsidiary of Publicis, ZenithOptimedia, has yet reviewed this week down its forecast for investment growth in 2011 to 4.2% against 4.6% due to the disaster in Japan and uprisings in several countries Arab. But that does not diminish the confidence of Maurice Levy. "Advertisers have not stopped their campaign, assures the President of Publicis. We found no concern on their part. Their primary concern is the growth, not cost reduction. "
A trust that is found when talking about the second quarter. "The second quarter looks good. The year 2011 will be for its good or very good, "said President of Publicis. We outperform the market in 2011. Obviously, the soaring price of raw materials encourages companies to protect their margins.It may therefore be a risk cutoff of investment from advertisers. But the future is growth. "
Future and it is precisely at Publicis issue, that of Maurice Levy, whose mandate expires Dec. 31, 2011 will be extended. But the president still has not set a date or given any indication as to his successor. "My priority is Publicis. I will remain the necessary time. "
Billionaires in the world have never been so numerous. And, with a fortune of 41 billion dollars, the French Bernard Arnault took fourth place in international rankings of 1210 established the very wealthy by Forbes magazine. The boss of LVMH ranks well behind Mexico's Carlos Slim (74 billion) and Americans Bill Gates (56 billion) and Warren Buffett (50 billion).
Within a year, the French businessman has moved from seventh to fourth place on the list of the richest men in the world. Bernard Arnault is even the richest in Europe. It must be said that the CEO of world number one luxury saw his fortune grow by $ 13.5 billion over the last twelve months and $ 24.5 billion over the past two years.The leader has particularly benefited from the recovery in the luxury sector for two years and particularly in Asia and emerging markets.
Fourteen French billionaires, including four in the top 100
The ranking of the world's first hundred fortunes of four French. Liliane Bettencourt, heir to the L'Oréal group, going from 17th to 15th in the world ranking, with 23.5 billion dollars. François Pinault, the former chairman of Pinault-Printemps-Redoute (PPR), won ten seats and is at 67th place with $ 11.5 billion.Serge Dassault, head of Dassault *, back to the 89th to the 96th place with a fortune estimated at $ 9.3 billion.
Ten other French are a Forbes billionaires: Jean-Claude Decaux (162nd in the world with 6 billion dollars), tied with Alain and Gerard Wertheimer, Chanel group, ahead of Alain Mérieux group BioMerieux (247th fortune with 4 bad credit personal loan lenders.3 billion), Xavier Niel (297th with 3.7 billion). Martin and Olivier Bouygues (304th with 3.6 billion dollars) and Pierre Bellon (393rd place with $ 2.9 billion) also appear in the first third of the world's richest billionaires.
The Honorary President of Adecco, Philippe Foriel-Destezet, monitors (459th with 2.5 billion dollars) while Vincent Bolloré (736th with $ 1.7 billion) No Reinold Geiger (879th with 1.7 billion) and Marc Ladreit de Lacharriere (1057, with 1.1 billion) are placed in the bottom.
United States: a factory billionaires idling
With 413 billionaires, the United States remains the largest producer of wealthy people in the world, but their weight becomes lower. Toutfeois, American Bill Gates have been leading the world rankings if he had not given much money to philanthropy.
Groups have generally benefited from the rebound in emerging markets like Carlos Sim, the king of Mexican telecommunications. In one year, the Mexican who weighs nearly 15% of the GDP of his country, increased its assets by more than 20 billion dollars.
Further evidence of this dynamic emerging markets: China has twice as many billionaires as last year. And Moscow is the city of the world's most populated by billionaires.
* The Dassault owns Le Figaro Group
The annual results published by Vivendi, one of the last CAC 40 groups to engage in exercise, are consistent with the general trend: in good order. If the results of group communication and media are in line with expectations, Jean-Bernard Levy, chief executive, said in the statement of the group, refer to "slight growth in profits in 2011" as well as maintaining a cash dividend at a level higher than 1.40 euro. In an interview with Les Echos this morning, the officer reiterated that the group also aims to buy out minority shareholders of SFR and Canal + France "if the conditions are reasonably priced."
In 2010, the group announced a net profit up 4.4% to 2.7 billion euros, a figure in line with analysts' expectations.And net income group share, that is to say, after deducting the portion that belongs to shareholders of subsidiaries whose third group does not hold the entire capital, settled him at 2.2 billion euros , against 830 million euros in 2009, an increase of 164.8%. EBIT is also in line with analysts' forecasts of 5.7 billion euros following an increase of 6.2%.
The turnover is slightly higher than expected it: up 6.4% to 28.9 billion euros against 28.6 expected on average by specialists. Vivendi said that the increase in sales was particularly supported by the release of new video game "Call of Duty." The group added that "all professions have achieved their objectives."
Vivendi adjusts its reserves
The group also reduced from 100 million euros, 450 million against 550 million previously, the provision recorded in its accounts under the partnership proceedings initiated against the United States. An adjustment is made after the decision of a federal court to exclude the compensation procedure of the group's shareholders who acquired their shares on the Paris Bourse. Vivendi had announced he would be able to make "a significant readjustment allowance" in its 2010 accounts as a result of this ruling.
Feb
22
The articulation of the French nuclear industry is probably the greatest industrial complex issue to manage for the government. For months, governments are seeking a scheme that guarantees efficient operation, with clearly identified relationships between actors, EDF and Areva head. Monday at the Elysee Palace, Nicolas Sarkozy chaired a Council responsible for nuclear policy to formalize this new system. It issued its findings in stride. All the question marks in the industry are not addressed, particularly the issue of succession to the presidency Anne Lauvergeon of Areva. Similarly, nothing is said explicitly about the possible entry of EDF's capital even Areva, while the previous Council's nuclear policy, last summer, noted that this possibility should be studied.However, the Council on Monday gave a number of key for a better industrial organization and a secure supply of uranium. Finally, more than ever, it confirms EDF's role as leader of the industry, but not under any conditions.
• EDF pilot sector
In the eyes of the Council of nuclear policy, EDF, the first global nuclear electrician, must assume its responsibilities. In this context, the Council of nuclear policy installs a strategic committee of nuclear power, bringing together all actors in the nuclear industry. Minister of Energy will assume the presidency but the Vice-Presidency is entrusted to the CEO of EDF. Load therefore Proglio animate all French industry.The government does not want a repeat of the recent episode of steam generators, where EDF has openly challenged Areva.
• Three new reactors in the study
Nuclear Policy Council took note of the weakness of the French offer for medium-power reactors instant personal loans guaranteed. He asked Areva, EDF and GDF Suez to intensify their cooperation in the TDD, a third generation reactor of 1000 megawatts (cons for EPR 1650) and thus have it certified. The Commission notes that a study be launched to implement a tool of its kind in France. Currently, the only nuclear site in France for the Flamanville. The government, aware that China is the first global nuclear market (100 new reactors are planned over the next twenty years), imply that France is participating in this program successfully.EDF will be allowed to be developed with its Chinese partners a third generation reactor mégawwats of 1000.
• A partnership between EDF and Areva reactivated
Operationally, Areva and EDF are invited to operate more effectively on many issues: in addition to sharing lessons learned about the EPR, improved maintenance and operation of the park is a priority. In the background, extending the life of French power stations.
• Spin Areva mines
A new milestone was reached in the case of mining of Areva. While reaffirming that "this is a mining asset for Areva, the nuclear policy of the Council asks him to spin off. A step that should probably be followed by an opening of the capital.This spin will be "pre-examination and implementation of strategic and financial scenarios to ensure its development," the statement said. At this stage it is not said whether or not EDF will be allowed to enter the capital, while such a scenario is under consideration in the number of global electricity. Areva and EDF are, at present, only invited to conclude an agreement "to long-term supply of uranium EDF.
On the occasion of its big annual event, the Ufip, the French Union of Petroleum Industries on Friday announced the impact of strikes on the fall of 2010 alone oil industry: 230 million euros.
A figure that could grow. For the fourth straight weekend, the activity of French ports will be affected by social movements, the CGT still requiring validation of an agreement on the drudgery.
Besides this "handicap" represented by the unreliability of the port of Marseilles, and denounced by Jean-Louis Schilansky Ufip Chairman of the rising discontent especially from the bosses of companies weakened by the downturn port. Under the patronage of the Phoenician city, the losses at the end of November last, relating to strikes, would amount to 800 million euros.In the medium term, the continued movement threatens 41,000 jobs directly and indirectly specifies the organization, who attended Thursday at a meeting of major economic players in Marseille.
Now "A container for two to France through foreign ports," a late Jean-Luc Chauvin, president of the PSU 13, the Union for companies in the Bouches du Rhone. Companies are dying to Marseille where we are in a state of permanent strike. "
Threat to long-term activity Ports
"Companies are tired, we are undermining the economic fabric," adds the CEO of the Port of Marseille, Jean-Claude Terrier. Especially if short-term impact of strikes on the job can be cushioned by partial unemployment, it is not the same in the long term.
Plagued by recurring blockages, the poor image of the port of Marseilles is widening. What is not without consequences for the activity: traffic from all terminals of the Grand Port Maritime de Marseille (GPMM) grew twice as fast in 2009 as the Mediterranean ports, and three times less than those Northern Europe.
And the fall in traffic could continue. On the site of Fos sur Mer, terminals and cargo containers are still totally blocked this weekend. A new arrest brings to 29 the number of calls to cancel since the beginning of the month. Between 1980 and 2010, the port of Marseille has lost 12% market share, reaching 16% last year. He has yet to lose a place among the European countries (5th in 2010).
However, difficult before any return to normalcy, to quantify exactly how many jobs really threatened.Meanwhile, a cell of the Prefecture of the Bouches du Rhone will be created to select the companies affected by social movements, and conduct an evaluation in terms of jobs. About 2,500 companies will receive bank facilities, said the Prefect Hughes Parant.
Side Le Havre, or movement is also closely watched, the loss of port activity related to strikes brought to 40% in Les Echos said the president of the Maritime Union and port of Le Havre. About 80% of the 16,000 jobs that include the organization today are indirectly affected, "he said. In January more than 50 calls were canceled out of 170 were provided, again in favor of other ports, Belgian and Dutch.
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Opodo acquired by an investment fund? Unless dramatic turn of events is what should happen to the travel site on the Internet, offered for sale by its current owner, the Spanish Amadeus. The candidates had until Tuesday to surrender themselves to the operator of ticket reservation system. Two tenders, valuing Opodo more than 400 million euros, are clearly identified. Tuesday night, a question still hung on the willingness of rival Expedia and the quality of bank guarantees provided by the applicants.
The offers are from known three investment funds: one side the French and British Axa PE Permira together in a consortium, and the other the U.S. Carlyle. These three financial occur in this case with the faces of industrialists. In a highly fragmented industry, they know it's the size that makes the difference.Indeed, in a business where margins are low, everything is business volume. Only the largest will win, because they will be able to negotiate better purchasing terms, especially vis-à-vis the airlines.
Carlyle was positioned on the first sector. In association with Vista Capital, holds Spanish Orizonia since 2006. Orizonia and Amadeus, Opodo seller, is familiar: in 2008, the first acquired its interest in the second their compatriot, the online travel agency Rumbo.
Axa PE for its part, Go Voyages acquired last spring. The fund, chaired by Dominique Senequier, hoped in the wake swallow Edreams Spanish, offered for sale just before the summer break by TA Associates flexcheck cash advance. But the case, which turned, as the transaction Go Voyages around 300 million euros, was won by Permira. The two competitors are involved in the case Opodo.The idea being of course to bring the three champions to build Europe's number one industry. If their bid was not accepted, Axa PE and Permira would simply close and Go Travel Edreams.
Profitable since 2007
Launched in November 2001 by nine European airlines, Opodo has achieved a business volume of 1.2 billion euros between January and September. The site, which has been profitable since 2007, is one of the heavyweights in online travel in France, alongside SNCF Travel, Go Travel, Travel Private Promovacances or Lastminute. Opodo offers a wide range of benefits (package holidays, tailor-made packages, car rentals, hotel nights, vacation rentals, cruises …) but retains the heart of the business of selling airline tickets.
If Axa Private Equity and Permira to prevail, they could face a competition problem.Opodo Travel and Go in the majority on the market only flights sold by online travel agencies in France. The answer will define the size of the relevant market. Amadeus should determine the winner of the auction in the coming days.
Expanding the difference between age and the appearance of age. This is the Ojectives large corporations care and cosmetics like L'Oreal, to meet an insatiable demand.
With age the skin thins, dries and loses its elasticity. "Take the back of your hand, pinch, rotate, if your skin does not call up is that you need cream," quips at the outset Bruno Bernard, head of research of life sciences At L'Oréal, during the presentation of new scientific anti-aging, described as "shocking."
For Researchers L'Oreal, which set sail on a strategy of "youth development", it is no longer just watching the epidermis, the outer layer of the skin, but what it covers, namely the dermis. On its surface, that is to say, at its junction with the epidermis is the papillary dermis, also called the dermis.It is precisely here that ensures the future of anti-aging payday loan lenders.
With time and sun, there is a functional impairment and loss of cells in the papillary dermis, while cellulles the reticular dermis (the layer below) are preserved. Yet these are far less "useful" than the first to preserve the skin from aging.
Hence the idea of finding molecules effective to stimulate or restore the activity of these papillary cellulles at the junction between the dermis and epidermis. "But beyond the elastin and collagen, the papillary dermis is rich in sugars and related molecules specifically to dare," said L'Oreal, which then identifies the Rhamnose, from the silver birch-otherwise a source easily found, as an asset effectively.
Left, structure of the untreated skin, right, the same structure, the taitée Rhamnose.
"The world economy is currently experiencing an earthquake." Economists at HSBC does not speak of the crisis, but the profound disruption that should take place by 2050. Namely the irresistible rise of large emerging countries, China and India in mind.
Two reports have been published in recent days on the subject. HSBC and, secondly, the consultancy and audit PricewaterhouseCooper (PwC). The latter predicts that, together, the seven main emerging economies (China, Russia, India, Brazil, Mexico, Indonesia, Turkey) by 2020 will exceed the group of G7 economies (U.S., Japan, Germany, United Kingdom France, Italy and Canada). And this, by measuring the wealth created in purchasing power parity, that is to say if the exchange rates of currencies perfectly reflected living standards.By simply comparing gross domestic products (GDP), developing countries will exceed the developed countries by 2032, according to PwC.
Wealth multiplied by three
Economists at the British bank HSBC in a note published in early January, reached the same conclusions, a few decades by: in 2050, 19 of the 30 largest world economies are emerging. Both studies agree perfectly on one point: the U.S. will lose their top spot in favor of China. India, HSBC said, heels close. In total, the wealth produced in the world will be multiplied by three.
France, for its part, is expected to fall from 8th to 11th place, behind Mexico and Brazil, according to PwC."The dominance of China in particular implies a return to the historical situation that existed before the Industrial Revolution of the late 18th and 19th centuries," said Bernard Gainnier, development manager at PwC payday loan. "This revolution was originally from a transfer of economic power from Asia to Europe and the United States."
At the source of these changes to come next forty years: a bustling population, coupled with better education and democratization of the key emerging markets, economists at HSBC list. Moreover, "the United States and Great Britain, with the best prospects for population, will succeed with some success to maintain their rank, they are."However, the small but wealthy European countries aging, such as Switzerland, the Netherlands and Sweden, will drop in the rankings."
"The Economics of Climate"
Military or commercial wars, return of protectionism, epidemics … The study authors, from HSBC and PwC, acknowledge that their predictions are surrounded by uncertainties. The biggest challenge? The ecological balance and exploiting resources increasingly scarce. In this context, "the economics of climate should play a role as important as that knowledge during the past century," say analysts at HSBC.
"In 2050, the economic earthquake will do at its beginning, also warn them."Although increased sevenfold in 40 years, living standards of a Chinese only account for 32% of that of an American." The growth potential will remain substantial.
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Jan
6
Jean-Paul Agon, CEO of L'Oreal, has benefited from the traditional greeting to the press to announce the 2011 goals of his group. Thus, the number one global cosmetics is ready to "enter a new phase in its history" defined as "the stage of universalization. The group is "fully prepared to seize opportunities," said the boss of the group.
To achieve this major objective, L'Oreal has confirmed its intention to win a billion new customers, relying in particular on the development of the middle class in emerging countries. As recalled by Jean-Paul Agon, L'Oréal makes the moment most of its revenue with "less than 15% of the global population.""We expect to double this in the next 10 years" and "win as many customers in Asia Pacific that we have today in Europe and the United States," aout there.
Research, more decentralized, particularly should meet "the diverse needs of consumers worldwide."
"2010, year of conquest"
This presentation was also vows an opportunity to review the past year. L'Oreal "in 2010 has found the path of growth," says the executive director of the group, for whom 2010 was a great year for the enterprise of conquest no faxing payday loans. It has bounced back after a year 2009 was the year of crisis, "he concluded.
Jean-Louis Agon assured that "the group had made progress in all areas, all circuits and all trades" and its "brand gained ground everywhere," citing in particular "new markets".The first nine months of the year, "indicative of the year 2010, were marked by higher sales of about 11.6% to 14.5 billion euros.
L'Oreal boss, who was accompanied by the new executive committee set up earlier this year, said the group had benefited from "strategic decisions" taken during the crisis as "the deployment of innovations accessible" "The rapid globalization of brands and products" and "increased investment" in research and commercial means.
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