2009-2010 season: OM won his first championship of France since 1993 and PSG end to a sad 13th place. Two years later, the situation was reversed: after 14 days of the championship, the club of the capital take the lead in Ligue 1 Marseille and his rival just to exit the middle of the table (tenth). Economically, the situation is identical. The reason lies in two words: Qatar.

By buying in May, 70% share of the capital club for just over 30 million euros, Qatar Sports Investments (QSI) ushered in a new PSG financial sphere. "Lyon brought an offering in February 2007, 28% of its capital to 100 million euros, valuing the club at 360 million, said Vincent Chaudel, expert sport at Kurt Salmon. For its part, the Parisian club would be valued 50 million. Is it more than six times less than Lyon? I'm not so sure.Potential, if only as local, is enormous. "

"Manage your club is good, investing is better"

For its part, the main shareholder of the OM, Margarita Louis-Dreyfus was clear: "I am neither my husband (Robert Louis-Dreyfus died in July 2009 and former owner of Marseille) or Qatar," Has she told the world last October. In other words, it does not align the euro as easily as the Qataris. "Manage your club is good, but it's better to invest a club like OM, which is dependent on the income earned by the Champions League. And if he does not qualify for this competition, losses can reach 20 million. Which, for a budget of 140 million, is not negligible, "said Vincent Chaudel.

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• On the principle of austerity plan

To: "Rigorous, that means we are trying simply not to spend more than we earn, defended Gilles Carrez (UMP), General Rapporteur of the budget to the National Assembly. This is still the least serious. It's been 35 years since we spend more than you win. "

Cons: Attention Cycle "infernal restraint, lower growth," warned the Socialist Michel Sapin, close to François Hollande.(…) Must be avoided that there is more possibility of moonlighting. "

More broadly, the self-entrepreneurs fear that their services are subject to VAT, which would increase the cost to the customer and complicate their efforts. "If the specific regime of VAT on maintenance, repairs had to be increased from 5.5% to 7% to meet the economic challenges in Europe and that of the euro", the Union of self entrepreneurs ( UAE).

• Taxing more large companies

To: The boss of bosses Laurence Parisot is not opposed to the principle: "It is possible to consider things temporary, exceptional measures, time adjustments. But we must not imagine a device that would be sustainable.

After the vote of the Maltese Parliament – which unanimously passed in the night from Monday to Tuesday the agreement of 21 July on aid to Greece – Europe now has their eyes on Slovakia. The Slovak Parliament began its deliberations this morning which should lead to a vote in the early afternoon. The uncertainty is very high on the outcome of the election: the Freedom and Solidarity Party (SaS) member of the ruling coalition threatened to vote against, in fact, which would switch the winning side of the "no" with to Greece.

In the early morning, Prime Minister Iveta Radicova recognized that there was still no agreement in favor of a positive vote. The government could be forced to get a favorable vote, to offer in exchange for the organization of early elections.That is to scuttle.

Slovakia is the last state to ratify the agreement of 21 July, which must be adopted unanimously by the seventeen member countries of the euro area to take effect. If the vote is negative, in a few hours, the shock could be severe in the financial markets. Sole ground of hope, the Slovak parliamentary system allows in case of negative vote of Parliament to seek a second, which may occur on weekends and offer a last chance for negotiations.

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Anticipate a future opening up slightly from the New York Stock Exchange on Thursday. Wall Street and should build on the previous day, still driven by hopes of a coordinated European bank recapitalization.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines.On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Meanwhile, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday by the Washington Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.

On the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

It's great oral reentry. Denis Hennequin, the controls of Accor since the ouster of Gilles Pelisson in January, will unveil early next week its strategy to revitalize the hotel group. It will present its first new priorities for employees at headquarters Monday and Tuesday to investors and financial analysts.

His method and revenues to improve the performance of Accor are particularly expected that the share price has lost more than 30% since the beginning of the year, in a very difficult indeed. "We should have a clearer view on marketing initiatives, brand repositioning and expansion plans, hoping Exane analysts in a note published this week.Their impact will probably do not feel immediately, but a better brand strategy could lead to a better average income in both years, as if Holiday Inn has reopened. "

Accor should provide a detailed annual forecast for the year. In a context of great tension on the purchasing power, investors also hope that the group will provide guidance on trends for next year.

But the most anticipated the evolution of the brand portfolio, a question that Denis Hennequin, who spent his career at McDonald's, has always considered a priority. Reportedly, the CEO of Accor is expected to announce its intention to make Ibis spearhead the group's development in economy hotels. Ibis brand is already the highest contributor to the results of Accor.Denis Hennequin wants to further exploit its strengths in the imposing new on land now occupied by All Seasons and Etap Hotel. Ibis would be broken down into three "versions": Ibis, corresponding to the current Ibis, standard hotels, all in the same vein Ibis Styles, corresponding to the current All Seasons hotels, which would then be renamed; Ibis Budget, instead the current Etap Hotel. New logos would be launched with a pillow and different colors according to the formulas (red, green or blue). lnterrogée yesterday, the management of Accor declined to comment.

In the 2010 annual report of the group, Denis Hennequin felt the need to strengthen the brands so that they emit more personality. "They will be more aggressive in their communication, in their boldest and most innovative design in their service offerings," he writes.He continued: "Our priority is to strengthen their DNA. Ibis is a good example. It is not only the first contributor to the results of Accor, but also a nugget: in a market dominated by the economic basis of price, it has more soul and warmth that all clients recognize him. This is all the difference. "In late January, Ibis opened its 900th hotel in the world, in Tangier in Morocco.

"The Big Mac of Accor"

Launched in 1974 in Bordeaux, the chain now operates in fifty countries. It has opened 44 schools last year and provides 10,000 new rooms per year by 2015.In addition to providing accommodation at an affordable price, it offers the opportunity to purchase snacks and drinks 24 hours 24, a breakfast from 4:00 am to noon and to use an Internet space.

In late February, presenting the results of the exercise, Denis Hennequin was ruled IBIS takes to become a world reference. "Ibis is a bit of the Big Mac Accor, a jewel in a market economy. This is a brand that works everywhere, "he was delighted, much more critical of other brands. After the Big Mac index, he said he would see an "Index Ibis" to the extent of the global economy hotels. Walking is engaged …

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"A 900th Ibis Accor

Despite the announcement of a sluggish growth for the euro area, the Paris Bourse on course. After being shoved in the afternoon, following the announcement of lower growth expectations than expected for the euro area, the CAC 40 has finally completed the session in the green, slightly below 3100 points.

After increasing by 0.63% in mid day, the CAC 40 dropped 0.9% in the afternoon, in response to the correction of growth forecasts for the euro area European Central Bank (ECB) . But late in the session, the index gradually returned in the green, gleaning 0.41% to 3085.83 points. On other European financial centers, the London Stock Exchange finished the session up, the FTSE-100 index took 0.41% to 3085.83 points. The Frankfurt Stock Exchange is on his side remained more hesitant, the Dax closed at balance, 5408.46 points (0.05%).

Not surprisingly, the ECB rate remained at current levels, at 1.5%. But the European Central Bank has revised downwards its growth forecast Thursday for the euro area, and taking note of the recent negative developments in the economy and the mood in financial markets. The ECB now sees growth of 1.6% in 2011 for the euro area. However in June it had the opposite raised its forecast to 1.9%. For 2012 it expects growth of 1.3% against 1.7% previously. Inflation expectations remain unchanged at 2.6% this year and 1.7% next year.

The U.S. employment under the microscope

United States, several indicators of the health of the economy fell. Among them, the weekly jobless claims, which rose during the week to September 3, at 414,000 against 412,000 (revised) the previous week.The trade deficit for its part, declined significantly in July to $ 44.8 billion after two consecutive months above 50 billion, with an unexpected surge in exports. In addition, U.S. inventories of crude oil fell more than expected last week, revealed the U.S. Agency for Energy Information (EIA). They fell 3.96 million barrels to over 353 million, while economists had forecast a decline of 1.9 million barrels.

Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy.This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro continues to widen its losses: the European currency fell to 1.3945 dollars, its lowest level since July 12.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States.

Banks react well. Among the largest increases in Société Générale took CAC 3.72% (at 20.01 euros), BNP Paribas 4.49% (at 33.06 euros) Crédit Agricole 3.06% (at 5.92 euros).Natixis took the head of the CAC 40 (4.77% to 2.65 euros).

• Areva (-0.20% to 20.74 euros)

The French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• Gemalto (5.46% to 35.43 euros)

The title leads increases the SBF 120, the group is in the midst of "road show", between August 26 and September 15, analysts point out. The action bounces also important on a technical device, which accentuates the rise in the stock, analysts note charts.Since August 25, the title was up over 13%.

• EADS (-0.85% to 21.69 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (0.34% to 10.38 euros) and EuropaCorp (-0.91% to 3.90 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -2.20% to 26.90 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: + 0.32% to 20.55 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: + 1.73% to 67.03 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: -0.54% to 49.65 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline.U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: + 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million. Vivendi would see him, his taxes increased from 250 to 400 million.

Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (0.28% to 23.02 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).

Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese instant payday loan lenders. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

American billionaire Warren Buffett wants his share of sacrifice to help America reduce its budget deficit. In an article published in The New York Times, the head of Berkshire Hathaway investment fund called on parliamentarians to raise taxes on Americans with annual incomes exceed a million dollars, and even more taxing those who earn more than ten million dollars per year.

He said it does not hurt to use or for investment, while helping to clean up the country's finances. "Our leaders have called for shared sacrifice, he writes. But when they did ask, they spared me. I checked with my friends to see which mégariches sacrifices they expected.Them either were not affected. "Warren Buffett has led his small survey: last year's tax rate accounted for 17.4% of its taxable income, while that of 20 workers in his office was between 33% and 41%.

"While the poor and middle class fighting for us in Afghanistan, and while many Americans are struggling to make ends meet, we, the mégariches, continue to benefit from special tax exemptions," says the American billionaire.

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Friday night, two days after intervening in Parliament without presenting concrete and after two weeks of falling markets, Silvio Berlusconi announced a drastic revision of budget targets. He was accompanied by his Minister of Economy, Giulio Tremonti: both showed a facade of unity after publicly bickered on the eve of the ECB's role in the crisis, which had a bad effect.

The new roadmap is binding. Parliament will be asked to register immediately the "golden rule" which prohibits any deficit in the Constitution. The balance of public accounts will advance to 2013 instead of 2014, deadline too far in the eyes of the markets. This means emerge from 7-8000000000 new resources in the form of budget cuts and reductions in structural costs.In this context, the Minister of Administration, Renato Brunetta, estimates that the deficit target to 1.5% of GDP next year and 0.2% at end 2013 is achievable. The government is also considering a new Labour Code introduced more flexibility in wage bargaining, tax reform, growth-oriented and cuts in government spending. It remains to translate these intentions into decrees by the Cabinet, so that Parliament can approve the final quarter of 2011.

Historically high rates

The pressure has paid off. Brussels and the ECB have joined forces this weekend to make the government realize that the time for procrastination was over. Rates have exceeded 400 basis points with the German Bunds, a historically high level. Italy has urged the ECB to acquire Italian government securities on the secondary market.Frankfurt on Sunday night welcomed the efforts of the country. The German Government considers that it is first in Italy to prove the seriousness of his reforms.

A crucial week therefore expects the peninsula. The social partners will be informed of the contents of the measures of fiscal austerity plan Wednesday. On Thursday, the budget committees and Constitutional Affairs will shorten their vacation to hear Giulio Tremonti.

In Tokyo, the stock market took a break after seven straight session chained. Around 7 am on Thursday, the Nikkei loose 0.14% to 10,066.20 points, still maintaining the threshold of 10,000 points achieved by closing yesterday. Orders for capital goods in the private sector in Japan, excluding energy and shipbuilding, rose 3% in May compared with April, a sign that the investment return to the tsunami of March 11.Spending on equipment rose sharply for manufacturers of electronic equipment for telecommunications (28.4%) and precision instruments (31.5%), rising also, to a lesser extent, the manufacturers of automotive and suppliers (2.9%).

Note values ​​aside, there are rumors that the next release in 2012, the Sony PS4 (0.68% to 2208 yen), six years after the release of the PlayStation 3.

Elsewhere in Asia, the trend is also sluggish, as small movements recorded the day before in the region. And Australia, the S & P / ASX gleans 0.05% to 4607.40 points. The Anglo-Australian mining giant BHP Billiton (-0.13% to 44n39 Australian dollars) has suspended its operations Thursday to sea and rail transport to the site of its large iron ore mine in Western Australia, after " major incident "that took the life of an employee, he said.BHP said the accident happened early Thursday morning on its facility in Port Hedland which is exported the ore on the west coast of Australia.

In South Korea, the KRX managed to climb more sharply in the green, growing by 0.48% to 4640.52 points. Samsung Electronics Group (-1.89% to 881,000 won) said Thursday that he was counting on an operating profit for the second quarter 2011, down 26% to 3,700 billion won (2.4 billion euros ), against 5,010 billion won a year earlier.At the same time, its sales should be up 2.9% to 39,000 billion won, against 37,890 billion won a year earlier.

China has raised interest rates by 0.25 percentage points

Moreover, the battle between the U.S. computer maker Apple and Samsung has further escalated, the first requiring U.S. authorities blocked the import of smartphones and tablets of the second. The two companies accused each other since April to copy and to violate patents, increasing the number of complaints to both United States and South Korea, but also in Japan or Germany.

In India, the BSE advance of 0.580% to 18,820.10 points. In Singapore, the Straits Times is 0.49% to 3130 points. Finally in China, Hong Kong Hang Seng gained 0.66% to 22,666.10 points and the CSI 300 of Shangahi, 0.57% to 3131.58 points.Markets include the new and much higher rates that took place in China yesterday, Wednesday, the third since the beginning of the year. Rising consumer prices rose, with 5.5% in May, its highest level since July 2008.The yuan, it continues to appreciate.

The small increase in oil

Oil prices were on the upside in electronic trading Thursday in Asia, due to signs of an increase in consumption in the United States, world's largest consumer of oil. A barrel of "light sweet crude" for delivery in August takes 66 cents to 97.31 dollars.That of Brent North Sea crude for delivery gained 57 cents to equal 114.19 dollars.

On Wednesday, oil prices have retreated a bit in New York, however, offering some resistance to a series of negative indicators for the application, between rate hikes in China and fears of contagion from the debt crisis in Europe.