With his experience of eight years at the head of the institution, who was also governor of the Banque de France, has recommended that Europeans hear the messages addressed to them. His advice? First, be "extra vigilant" with regard to public finances. Rejecting the idea that the euro area and its currency are "threatened" by the crisis, it nevertheless stated that "all countries without exception must be extremely careful." "Protect yourself rather than cure," he summarized, adding that "it depends on us that we can have the least slower growth."

Then you have to "think about the future," stressed the President of the ECB. "Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for everyone else," he said, referring to the Greek crisis that Europe in a hard to control cashadvance. He called for a reform that would make the European Council "able to impose decisions" in a country slide, with "possible sanctions".

It includes some of the "outraged"

"We must strengthen the management and governance of globalization in all fields," he also said in reacting to the movement of indignation that spreads in several major cities."There are obviously a number of lessons from the crisis that the lessons are harsh: it is not possible to leave a financial system and consequently a global economic system that is as fragile." This does not mean "demolish" the banks, he insisted, recalling that "pay three-quarters of the economy."

That he referred to as de-globalization theme is in vogue right now, as advocated by the Socialist-Arnaud Montebourg, and one can imagine Jean-Claude Trichet tense in his chair … and find that it is a call to strengthening of global economic governance.

"This is the first time that we sponsor an event abroad. Traditionally Chinese companies involved in the financing of aid to natural disasters, earthquakes or floods. They argue that very few art events. But we made several acquisitions in Europe and you want to get closer, "says Jane Zhang, director of brand and strategy Fosun.

This, indeed, holds 9.5% of Club Mediterranean.It has also invested in a chain of jewelry and fashion accessories in Greece. Haier, meanwhile, set up last year, the seat of his European office in Paris. For one as for the other, cultural patronage that they are discovering can be a powerful tool to better integrate. But the payments remain a state secret.

Open the Forbidden City

As many as 350,000 Chinese visited the Louvre last year. The country is now the fifth largest foreign tourists to the museum, behind the United States, Brazil, Italy and Russia. So Wan Jie, head of Artron, specializing in printing, which was not 50 years, is very interested in the Young Patrons Circle of the Louvre.All they need to pay 2,000 euros per year if they are under 40 years beyond 5000 to be included, says Christophe Monin, head of development and sponsorship of the museum overnight pay day loans.

"The demand from wealthy individual to the corporate philanthropy is very strong in Asia, but their goal is to first do something for their country," says Nathalie Sauvanet, BNP Paribas. In its own way, Chen Dongsheng, president of Taikang Life Insurance, is a pioneer in China. He is a founding member of the China Social Entrepreneur Foundation and one of the best friends of the owner of Fosun, Guo Guangchang. He believes that "companies need to focus on modern culture."

It is also believed that Wang Yamin, deputy director of the Museum of the Forbidden City in Beijing. It does not hide it, the Louvre gives him ideas. The palace is full of treasures that can not hardly watch the public.They are crammed into the reserves of the City. If he succeeded in attracting Chinese businesses, it could more easily escape by appealing to the state. The tourists would stay longer when on the site. "The Forbidden City needs to develop cooperation with private companies," he pleads.

Christophe Monin, for whom "patronage is essential today," just waiting to help. But in the meantime, the Louvre would like to create a Chinese version of its multimedia guide … he hopes to be financed by entrepreneurs from the Middle Kingdom.

On the macroeconomic front, the ISM manufacturing index in the United States has, however, unexpectedly increased to 51.6% in September (the consensus of analysts expected 50.5%) and construction spending rebounded in the month of August 1.4% (against 0.5% expected).These publications serve to mitigate the concerns about U.S. growth occurred even as the markets again questioned the ability of Greece to meet its budgetary commitments.

But the crisis of public finances continues to produce its harmful effects on the markets. Bad news yesterday in Europe, where Greece has announced that it would lack its budget deficit targets. The second Country Assistance Plan will be the focus of several summit meetings this week: Monday, finance ministers of the euro area were meeting in Luxembourg hours from 5:30 p.m. and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German debate the future of Greece and "ways and means to accelerate economic integration in the euro area".

A new week promises to be tense on Wall Street, where investors are worried more about a possible erosion of corporate earnings, without the support of foreign demand. Past two years, export sales have averaged 30% of the turnover of listed companies in the S & P 500, allowing the results of many of them to exceed the expectations of analysts. In addition, many U.S. multinationals have benefited in recent months the relative weakness of the dollar to support exports.But the euro shows a quarterly decline of more than 7% against the greenback, depriving companies of the damper.

The U.S. ISM better than expected

Most analysts have already lowered their expectations of results. According to Thomson Reuters data, earnings for the third quarter are expected up 13.3% over the same period of 2010, against an expected increase to 17% in early July.

On the macroeconomic front, the manufacturing sector has grown stronger than expected in September in the United States, according to the purchasing managers' index released Monday. This index, calculated by the Institute of Supply Management (ISM), stood at 51.6 against 50.6 last month in August and 50.5 expected.

Construction spending rebounded against all odds in August after falling in July, according to official figures released Monday by the Commerce Department.They rose 1.4% year on year to stand at 799.15 billion dollars, while analysts expected a decline of 0.3% following a decline (revised) 1.4% the previous month.

Oil continues to fall and the dollar to strengthen

Oil prices have closed lower in New York lundisoir in the wake of the stock markets, despite the encouraging figures on manufacturing and sales of automobiles in the United States. On the New York Mercantile Exchange, a barrel of "light sweet crude" for delivery in November lost $ 1.59 from Friday's close, and accounted for 77.61 dollars.

On the currency markets, the dollar continued its rise against the euro, the euro falling by 1.46% to 1.3192 dollar.

Also note, the protest movement against the excesses of Wall Street gains momentum.The New York police said on Sunday that most of the more than 700 demonstrators arrested Saturday as they marched down the Brooklyn Bridge to protest against the excesses and other finance had been released. Further rallies are planned.

Yahoo! Alibaba in the crosshairs

Alibaba China Internet group would be "interested" in acquiring a large U.S. shareholder Yahoo! (2.73% to 13.53 dollars) and has been approached by private equity firms interested in mounting such an operation, said on Monday the Wall Street Journal. Yahoo! is the main shareholder in Alibaba, with 40.5% of its capital, but relations between the two companies are very tense for months.Alibaba has in the past tried to buy this participation, but the direction of Yahoo! there is still refused, partly because of the importance of the contribution for its own market capitalization. The group, which has dismissed its CEO, Carol Bartz, is valued around $ 17 billion in stock. Alibaba is not listed but the whole group is valued around $ 30 billion.

Intel (-3.35% to 20.62 dollars) will acquire Telmap, an Israeli company that designs software for mobile browsing. Details of the agreement were not disclosed, but Israeli media reported that the semiconductor giant would pay between 300 and 350 million dollars (224 euros 261 million).Telmap will become a 100% subsidiary of Intel, retaining its brand, its management and 210 employees.

For its part, Citigroup (-9.78% to 23.11 dollars) would be subject to an investigation by Japanese authorities for lack of information on financial products, according to Reuters. The Japanese Financial Services Agency seeks in particular to know if Citi did not breach disclosure requirements. It also attempts to determine whether the bank is not involved in laundering operations.

Also note, WellPoint (-4.53% to 62.32 dollars) has increased its budget share repurchases of $ 5 billion more.

Meanwhile, Renault will expand the capacity of its plant to better meet market demand.The investment could be around 200 million euros, according to estimates from an internal source to the manufacturer. The Curitiba plant produced 190,000 cars last year, about 30,000 Nissan vehicles.

Carlos Ghosn, CEO of Renault-Nissan, said in June, during the presentation of the new strategic plan of the Japanese, that Nissan would announce an investment in Brazil by the end of the year. He also promised two weeks ago, at the Frankfurt Motor Show, the major announcements about upcoming BRIC (Brazil, Russia, India, China).

Renault-Nissan, whose global market share stood at 10.3% in 2010, wants to catch up in Brazil, where the Alliance was granted last year that 5.9% of the market ( 4.8% for Renault and 1.1% for Nissan). The French manufacturer this year is 5.5% of market share and 7.4% in 2013, with 250,000 vehicles sold (against 160,000 in 2010).He estimates that Brazil, last year's third market, could become the second to the horizon behind France.

While the market is currently dominated by Fiat, Volkswagen and General Motors, which share almost two-thirds of sales, the French rival Renault, PSA Peugeot Citroen, also seeking to hold its own in the game PSA , had already announced in 2010 an investment of 530 million euros in Brazil, including the development of models tailored to the local market and increased capacity. The plant in Porto Real, in the State of Rio de Janeiro, should be capable of producing 220,000 cars from next year, against 150,000 now.

Higher taxes on imports

Renault-Nissan also want to be able to benefit fully from the growth of the Brazilian market, last year became the fourth in the world, with 3.3 million vehicles and an increase of 10.6%. In recent months, growth has slowed significantly, however, even if the first 8 months of the year, it still reached 7.5% over the same period in 2010. The country could fall back to fifth or sixth place this year, according to the local builders association.

Increasing their industrial presence in local, French manufacturers are also able to escape the measures recently implemented by the Brazilian government to tax heavily on imported cars and thereby encourage investment in the country.

Renault-Nissan was headed for emerging markets, giving priority to date every time to one of two manufacturers. In Russia, the Alliance is currently negotiating the takeover of Russian Avtovaz before the end of the year, Renault could hold 35%. In India, Renault will produce four new models by end 2012 in the Nissan plant in Chennai. Remains China, where the Japanese are strongly represented, but Renault is still absent. An absence that seems more than ever out of place when Nissan is growing in Brazil.

But Thursday, François Fillon has caused confusion. Referring to the economic convergence between France and Germany, he said that things were moving in the field of corporate tax.He added: "It will take time to go to a joint work towards a common retirement age, to a gradual convergence of economic and social organization of our two countries." But the retirement age with full pension, except for long careers, will be increased to 67 years across the Rhine by 2029.

"Target needed '

Trial balloon of "Fillon-the-discipline"? Clumsiness (this passage was the only improvised his speech)? Applies to defuse his entourage: "Convergence is a general purpose necessary to maintain the competitiveness of France. The recent pension reform is an element of social convergence, and the government does not intend to go beyond in the coming months, "says an adviser.And up, tongue-in-cheek, that the barrier of 67 years had not been mentioned, and that convergence might as well be on "our" 62 years cheap business cards…

In fact, it would be difficult for the Prime Minister to explain that further reform is needed, a year after he hammered the previous balance the books. But in the midst of primary socialist and the day of the budget of the social security, his statement could hardly go unnoticed. For François Hollande, Fillon "revealed the program of Nicolas Sarkozy" in 2012. Segolene Royal accused her of "not being honest", the systems are so different that any comparison between the 67-year German and French 62 years is risky.Exact to the point that Valerie Pécresse also used the argument to play the controversy, noting that the retirement age without financial penalty for people without all their quarters of contribution, would be increased from 2023 in France … in 67 years.

These subtleties have also pushed Martine Aubry to say that the Prime Minister does "not know the subject" and "has a problem with the actual figures." What afoul of Xavier Bertrand: "She would have done better to remain silent. If there is one subject on which the PS has done nothing, other reports and reports of decisions, it's pensions, "responded the Minister of Labour.

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Nathalie Kosciusko-Morizet now provides 80% of travelers already enjoy discounted tickets and the "cheap tickets Prem's up more than a TGV ticket sold in ten."In response to the survey of consumer association CLCV which revealed that 87% of the French TGV are too expensive, the minister said that "high speed train in France is 10% cheaper than in Spain and 33% cheaper than in Germany business cards. " It recognizes that there is still room for improvement particularly on the transparency of the fee schedule. To remedy this, she wants to hold in 2012 the operator to display on its website, and for each link, the price the cheapest and most expensive, excluding promotions. The station will also pledge that half of the passengers pay a price at or below the reference price set by the state traditionally. "This will be controlled with Thierry Mariani, the Minister for Transport.We will monitor closely "assures Nathalie Kosciusko-Morizet.

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The cold snap of the second quarter mainly due to a decline of 0.7% of household consumption. "This is the highest in fifteen years and the third largest drop in consumption in fifty years," notes Laurence Boone, chief economist for Europe Bofa Merrill Lynch. The end of the scrapping weighed heavily on automobile purchases.But the damage is deeper: "Households have reduced their spending in all positions in industrial goods," notes Catherine Stephan, at BNP Paribas.

Now, with an asset growth of 1.4% since early 2011, observers doubt the capacity of France to meet its objectives over the next two years. Jennifer McKeown at Capital Economics, expects no more than 1.5% in 2011, far from the 2% of the government. BNP Paribas, it is hardly more optimistic, showing 1.7%. "To achieve a growth of 1.8% throughout the year, it takes a minium that GDP grew by 0.5% in the third and fourth quarters," said Philippe Waechter, Natixis AM. This is exactly what INSEE predicted in June, before the market crisis.But "given the surveys suggesting a slowdown in July, balances that are a priori not unique and shock the financial markets, an increase of 0.5% in the third quarter was the highest of the range, "he says.

Tax loopholes

Under these conditions, the forecast of 2.25% of GDP growth for 2012, on which the budget was to be built next year, is totally obsolete. "This year we will be online," however, assured Baroin RTL on Friday, saying that "this second quarter, disappointing that the first course, which was far ahead was anticipated."For the Minister of Economy, therefore, "it does not change the matrix on which we are working on the budget."

This position should change Aug. 24, at the meeting at the Elysee, presided over by Nicolas Sarkozy, to wedge the new budgetary decisions. At that time, many expect a downward revision of growth forecasts that will involve … an upward revision of cost savings! "We will no matter what the objective of reducing the public deficit to 5.7% of GDP in 2011 and 4.6% in 2012 to reach the 3% in 2013," insists there be tireless in the entourage the budget minister, Valérie Pécresse. The equation is simple. "A lower growth of 0.25 points in 2011 will not prevent Bercy to meet its objectives for the year. However, at current rates, the deficit is moving more towards 4% of GDP in 2013, "calculates Laurence Boone."To return to the 3% target should be achieving 20 billion in additional savings over two years."

So far, the government planned to cut 3 billion in tax loopholes. He will have to change gear. Philippe Marini, rapporteur of the budget in the Senate, calls for 6 to 10 billion in additional savings. If the final figure is not stalled, the method is refined: there will be a general plane of the tax loopholes, coupled with the removal of some of them, for the sake of "tax justice" according to Bercy. Niches affecting corporate tax for large companies are in the sights and the tax on real estate gains could be reviewed upwards. No question, however, to one year of presidential, touching the 5.5% VAT in catering. A niche that cost 3 billion each year and the economic effects, however, uncertain.

The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.

In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.

The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.

The deficit is widening

Especially since the official debt of Cyprus – which accounts for about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.

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This operation was performed twice. In October 2010 first of all, Bernard Tapie in Belgium created a company called "GBT Holding" has, according to Rue89, a capital of only 20,000 euros. Evidenced by a deed recorded in the registry of Brussels and whose site has obtained a copy.

Two months later, the businessman makes a capital increase of the holding company by transferring 60,999 shares of Groupe Bernard Tapie (GBT) headquartered in France, worth over 215 million euros. A discreet way to transfer his assets abroad, in a country where taxation is more advantageous.Rue89 is also the same period, Bernard Tapie assured the Socialist deputy Jerome Cahuzac he only had that 100 to 120 million euros of assets …

Liquidation of debts

This is not the only mounted by the businessman to evade taxes. By the 1990s, Bernard Tapie would indeed be served in another company, called Superior Ventures Limited, to conceal large sums of money to the accountant in charge of liquidating its debts, revealed this week Chained Duck payday loans. Bernard Tapie's lawyer denies the very existence of this company. For its part, the satirical newspaper, without citing sources, provides an extract of transfer slip from Superior Ltd Venture.

Subsidiary of a company established in Malaysia and half owned by Bernard Tapie and half by Andre Guelfi, businessman otamment sentenced in connection with the Elf affair for misuse of corporate assets, Superior Ventures Limited cashed including revenues his musical performances – 120,000 euros copyright for singing "Beautiful Life" on an album of Doc Gyneco – and advertising – 250,000 euros for the campaign to stamp shops Log -.

With the Superior Ventures Limited, Bernard Tapie had also received 12,000 euros per month in wages between 1997 and 2000. According to the accountant questioned by the satirical newspaper, the company would never enter the perimeter of liquidation of debts of Bernard Tapie.

Jean-François-Salessy After his success in Budapest in August 2010, Camille has indeed come to me with Fabien Gilot Ménart and William, all three members of the Swimming Club of Marseilles, so we work together. In less than 24 hours in September 2010, and even if I was going to take a year off, it was decided. Camille's situation was a bit special because it suddenly goes from darkness to light, and was approached by many brands, especially in the beauty and cosmetics.We are closer to Clarins and their way of approaching things convinced us to work with them, rather than with other brands, less respectful of the requirements for driving a top athlete. The first six-year contract (to 200,000 euros per year, ie), indexed on the results of Camille and with a conversion clause, was based on what competitors offered. It was a beautiful first contract. We have also partnered with the OEM Tyre, which is unusual since Camille involved in the development and technical improvement of products it uses. He is also interested in the sale of these products, between 10 and 15% of sales according to the ranges.

French swimmers are they becoming future footballers?

I do not believe, and I do not want to turn into Camille Lacourt Christmas tree.We will announce in September a new partnership with a ready-to-wear, but it should be the last. He is now fine partnerships should not be wasted by "selling" in all directions. When talking about total earnings of Camille Lacourt (estimated this year to 700,000 euros ed), we forget that it is barely a month's salary football star. On the other hand, it is undeniable that the French swimming much more interested in brands and sponsors that there are six or seven years. I think Camille can say thank you to Laure Manaudou, who opened a gap, taking the very strong public support. It is no secret: it has made this popular sport, which attracted the public, media and sponsors. Today these brands look like a real sport discipline of competition, with major events and boys and girls out of the ordinary …who is a potential advertising. In a few months, these boys and girls who emerge may tell themselves, thank you to Camille Lacourt!

Jeremy just Stravius, who also athletic Tuesday, he may steal the show with brands?

It is a bit simplistic to look at it that way. Each swimmer to his personality. Camille Lacourt someone is authentic, casual and simple, has a rather glamorous image. This is not a scoop. But by winning yesterday with Jeremy Stravius ​​his world title in 100 meter backstroke, he also confirmed that he had not physically beautiful, he had another dimension. Which was very important to us because being European champion was not enough.If that fails, many would have indeed been delighted to say that he had lost in the advertising contracts and partnerships! The next objective is to confirm the sporting dimension to the London Olympics in 2012 (which would also provide the swimmer performance related bonuses as part of its contracts with Clarins and Tyre, ed.) For his part, Jeremy Stravius ​​has the best performance of his career. I am not his agent but I think its position corresponds to a different segment than Camille. His image more reassuring, more associated with strength, may be of interest to companies in the energy sector, banking or insurance. Like Alain Bernard for example, and partnerships with EDF Assurances or April.

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