International News

Anglo Irish Bank is "too big to fail". So the government is mobilizing to help him, at the cost of deteriorating public finances. The Irish Finance Minister Brian Lenihan warned that the cost of the bailout AIB will raise the government deficit in Ireland to 32% of Gross Domestic Product (GDP) this year.

"There will be a very important leap in the public deficit in 2010 because of our support to the banking system, which will total nearly 20% of GDP," the minister said in a statement, adding that this would bring the deficit public "about 32% of GDP" this year, instead of the 11.6% forecast last December.

And the Irish government debt will also soar to 98.6% of GDP this year to raw data, against 64% in late 2009, the minister said.

However, the minister wanted reassurance and he said that the state would not need to borrow additional funds to cover this deficit exorbitant because it has sufficient cash reserves.But he added that the government should further savings next year, beyond the 3 billion euros minimum on which he already foresaw.

Brian Lenihan has also ensured that Ireland remained "firmly committed" to bring its deficit below 3% of GDP in 2014, as she had promised the European Commission announcing that he would present "early November" a plan fiscal consolidation over 4 years to fulfill this goal.

Rescue Anglo Irish 34 billion

It must be said that Anglo Irish bank is a real money pit. The Irish Central Bank has estimated 34 billion cost of the rescue of Anglo Irish Bank, in the worst case scenario and to 29.3 billion euros in the best case payday loan lenders.

Anglo Irish Bank addition, the state will also help the Allied Irish Banks group to recapitalize more than expected, becoming its majority shareholder in passing. The Central Bank has calculated qu'Allied Irish, who had already increased its capital by 7.4 billion euros this year, should raise an additional 3 billion by the end of December.

Never two without three! The Irish government will also have to increase its aid to the mutual bank Irish Nationwide (INBS), nationalized in the spring and had already recapitalized to the tune of 2.7 billion euro, said Brian Lenihan.The state will pay an equivalent sum, subject to the Brussels agreement, bringing to 5.4 billion euros are pumped into the facility.

No help from Europe

Ireland may solve the problem bank "without recourse to the European rescue, said Thursday the leader of the finance ministers of the euro area, Luxembourg Jean-Claude Juncker.

Already yesterday, the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said that Ireland must do without any emergency financial aid from the European Union and the International Monetary Fund, and recalling the EU position .The Commissioner had also said the country should undertake reforms to achieve savings of several billion euros by 2014.

ALSO READ:

"Anglo Irish Bank, the bank threatens Ireland

"Ireland is about to face the market

"Ireland did not need help (Juncker)

While the government has this week the draft State budget and Social Security, a sector emerges as the main contributor to the reduction of niches: the insurance. Initially, the industry should be punctured up to 3.2 billion euros to finance the Cades (Sinking Fund of the social debt). Was the amount shown in late August by Bercy during the presentation of the project. But since the encryption has been quietly re-evaluated at 3.5 billion by the government. And the French Federation of Insurance Companies (FFSA) expects even at a cost of 4 billion. A waltz figures due to several phenomena.

And late August, Bercy was estimated that the new 10% tax on the capitalization of reserves of insurance would yield $ 1.4 billion in two years.Insurers, on the basis of the amount of their reserves – 16 billion closer – had so far amounted to 1.6 billion. And even at $ 1.7 billion, including mutual funds. As a result they have requested that the tax rate be lowered to 8.75% for the 1.4 billion it reported promised. Alas, Bercy is determined to keep the rate at 10%. And the Department now includes in its back tax costings a $ 1.7 billion in two years!

The FFSA and Bercy also diverge on revenue collection over the water of the CSG and CRDS on compartment in euros (not risk) contracts for life insurance MPT. The 12.1% Social Security each year will then be punctured, rather than the unwinding of the contract. The government expects 1.6 billion next year, the FFSA table for 1.9 to 2 billion. Insurers are particularly concerned the cost of computing this measure.For if ever the MPT contract ends with losses (which is possible, since it includes a compartment risky), then the administration will pay the investor the CSG and CRDS seen year after year on the part euros. This involves tracking all flows.

Indeed, the measure could turn against the state and Safely. If the CSG and CRDS increase – the hypothesis can not be excluded after 2012 – then the system over water is not very attractive, having made the first payments to a lower tax rate. Conversely, the rule allows termination of taxing all earnings at the maximum rate.

A hefty

The government and the FFSA, however, are in agreement on encryption to 1.1 billion in the last measure, the introduction of a tax to 3.5% on health insurance-leaders.

Anyway, the rest of salty note for insurers.The FFSA will therefore demand that the contribution of 1.8 billion per year, payable by mutual insurance companies and the bottom CMU (universal health coverage) is reclassified as a tax. The issue is not semantics. Considered contributions, this collection is integrated into the sales of insurance and mutual, which, because of the solvency rules, increase their capital requirements. This would not be the case with the tax.

ALSO READ:

"The insurers will settle the debt of Social Security

"Reduction of tax loopholes of insurance

This Friday, the CAC 40 index continued to decline in early trade, following the close of the day in Paris and on Wall Street and Asian stocks on Friday morning. Midway, Paris does not yield more than 0.20% at 3703.24 points, while the U.S. futures index pointing upwards.

Free business publications, the meeting was facilitated by the numerous macroeconomic figures.

INSEE has unveiled details of national accounts for the second quarter. The gross domestic product (GDP) grew 0.7% in the second quarter, according to detailed figures from INSEE published Friday.The previous and first estimate, which already was a nice surprise, was counting on 0.6% growth, after 0.2% in the first quarter.

At 10 hours, the business climate in Germany, against all expectations, increased slightly in recent weeks show the results of Friday's monthly survey of the Ifo Institute. Its business climate index rose to 106.8 in September against 106.7 in August (as confirmed) while economists and analysts polled by Reuters had forecast decline to 106.2.

The next installment will take place early in the afternoon at 14:30, with orders for durable goods in August in the U.S., followed 16 hours by the promise of home sales for that month.Finally at 18 o'clock Back in France, with the employment numbers in August (Dares and job center).

Early this morning, Asian markets have surged briefly thanks to a sudden drop in the yen at 6:22 am. According to Japanese media, the Japanese government would again intervened to bring down the currency. In addition, traders explain this slip by rumors – denied – of a resignation of the governor of the Bank of Japan (BoJ), Masaaki Shirawaka.

The euro, he, continues beyond 1.33 dollars on Friday.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

Gold has chained a new record of 1296.25 dollars overnight.

Technip a contract with Algerian Sonatrach

Algerian state company Sonatrach announced that it has awarded a 682 million euros in the oil services group Technip French (-0.90% to 57.39 euros) to rehabilitate and modernize a refinery guaranteed unsecured personal loan Algiers.

L'Oreal (1.23% to 83.01 euros) inaugurated its first plant in Russia. The group will produce cosmetics, shampoos, one product that sells best in this promising market that has suffered the crisis but increased 10% per year on average.CM-CIC has brought the value in its list of preferred companies.

In addition, Nestle said Thursday it would hold a press conference Monday morning in Lausanne, which has revived speculation that the Swiss group could make an announcement on its shareholdings in L'Oréal.

Behind, EADS (2.99% to 19.1 euros). JPMorgan raised its recommendation from "neutral" from "overweight" with a target price of 23.73 euros.

Analysts at Morgan Stanley lowered its recommendation on shares of French bank Natixis (+0.35% to 4.25 euros) and BNP Paribas (-0.48% to 53.64 euros). They went from "neutral weight" from "underweight" on the title Natixis, which has made its entry in the CAC 40 Monday, and "overweight" from "neutral weight" on the BNP Paribas.

PSA Peugeot Citroen (-1.01% to 24.12 euros) and Renault (-0.37% to 36.60 euros).Sales of commercial vehicles rose 5.4% in July and 10.1% in August in the European Union, giving up 5% over the first eight months of the year.

Vallourec (-0.32% to 72.21 euros) held today its investor day in New York.

Beneteau (4.89% to 13.08 euros) issued a turnover up 18.2% in 2009-2010 to 659.2 million euros, exceeding its own expectations.

Remy Cointreau (2.04% to 48.5 euros, one of the largest increases). JPMorgan raised its recommendation to "underweight" from "neutral."

The chemical group Arkema (-1.64% to 35.9 euros) to build a new plant in China will be manufactured acrylic latexes for the market of coatings and adhesives, according to a statement received Friday.

When things are not right, Nicolas Sarkozy can at least reassure themselves … with the pension reform. This is the paradox of this academic year. And the Elysee, finally, learned to appreciate it. Surveys that measure the confidence of the French towards Nicolas Sarkozy are bad, in addition to the polemics polemics, and a state of exasperation dominates the political class. However, the expected high mass social looks wise. And the social partners give the impression of a form of resignation.

Raymond Soubie, indestructible social adviser of the president, is "the stove" for the last time in his long career as an expert in social negotiation. This wise man has announced his departure from the Elysee after the pension reform, and he does not want to miss his exit. Yet he seems remarkably confident. He described the "action day" today as "a classic social figure.In other words, nothing terrible, for now. "In May-June 2003, there were seven successive days of action in a month, and that did not stop reform," says he, and erecting the events of 2003 as a master standard intensity and volume antiretraites events this fall. At the time, the Raffarin government had not surrendered. Raymond Soubie suggests that the government will divest Fillon even less, because the social partners have created two major events in a month.

Clearly, the president's men do not want to brag, but they hardly conceal unexpected optimism as they are only half-time of "the" Battle of Verdun of the quinquennium. Because, for now, the scenario of pensions is the only one who follows the plan. Both Roma have caused unexpected reactions, clergy until the European Commission. Both retreats will spawn their way."Even attacks against Eric Woerth have calmed down a bit," says an elected official close to the Elysee. A state of mind that should not break into the open.

"Right now, it goes pretty good," slipped, cutter, the head of state during his meetings with elected representatives of the majority. "Let us remain vigilant," he said laconically at the end of the Cabinet on Wednesday. He had previously explained that the terror threat level was "not a manipulation." "There is no policy on this kind of subject," he told ministers.

"Adjustments in the margin"

Analyses that are circulating internally in the same spirit: "A large majority of French people consider the inevitable reform," see internal notes.But the Elysee is aware that the Government's proposals prevail unless the membership: "We have just 50% of French people with us, we must not be below the low water," says one slide. Elysian counselor sees the union mobilization strategy is a lack of fighting spirit which seemed to bode well: "I find it curious that the tactic is to make an event every two days," he slips.

Not too boastful, Nicolas Sarkozy has also short of his one day trip to New York to be hard at work. And he heard the Senate president, who announced earlier this month in an interview in Le Monde that he would "listen" to events. Aware that Gerard Larcher needs the extra centrists to pass the law, the Elysee said "openings", which the government says are "adjustments at the margin."Of development should not change "the bounds of age," swears the Ministry of Labour. "A month ago, we would not polarized on the contribution of women but about 62 years," says there's entourage Eric Woerth. Pending the outcome of the second day, Nicolas Sarkozy has no plans to speak about it today or tomorrow, said his entourage.

ALSO READ:

"Pensions: the promise of PS does not convince the French

"Sarkozy has confidence in his electorate

Without new revenue to offset the end of its blockbuster drug Zyprexa schizophrenia cons, Lilly is reviewing its numbers down. The lab announced Tuesday the removal of 250 jobs in France, representing 10% of the workforce. This program, implemented on an exclusive basis for volunteering for medical representatives, headquarters staff as well as the production site Fegersheim, near Strasbourg. It fits into the overall plan announced by Lilly a year ago. The seventeenth World Laboratory had announced its intention to improve productivity and eliminate 5500 jobs cash advance.

Zyprexa is the first drug of its U.S. laboratory. It represents one quarter of its sales in France and worldwide, a turnover of nearly five billion dollars in 2009 for the whole group.But the patent, which protects against generic competition, comes to extinction in September 2011et Lilly expects to live three years so difficult. Despite a rich pipeline of 65 drugs in development, Lilly will market, in fact, no new product can compensate the loss of activity expected before 2014.

Airbus celebrates its 40th anniversary in style. And in public! The manufacturer has opened this Sunday's five factories in the region of Toulouse and its headquarters in Blagnac families and friends of its 16,000 employees to help them discover their planes and know-how. An initiative called "Family Day". By early afternoon, Airbus announced already 145,000 to 150,000 visitors on tickets distributed.

"Airbus is much better than three years ago," said its chief operating officer, Fabrice Bregier, the few journalists who attended the open house. A healthy both commercially and in terms of "integration industries," Fabrice Bregier insisted, assuring that the A380 had overcome its difficulties.

"We led the industrial integration forced march on the program since mid-2007, and I think we came out of industrial problems of the A380.The aircraft giant Airbus had gained three years of delay due to failures of cooperation between French and German engineers, including electrical wiring. "We have set up common tools and since early 2010, we have a rate of delivery in accordance with plans and an excellent flight availability," he added.

Thirty-six A380 already flying, 200 remain to be delivered, and Airbus confirms its target of "at least 20 deliveries this year." However, Fabrice Bregier warns that "there remains much to do and especially to rise to 40 deliveries a year." In June, the airline of Dubai, Emirates Airlines has signed a contract for 32 A380s. A command record $ 11.5 billion, bringing the fleet to 90 A380 Emirates.

A380 profitable in 2014

Airbus hopes to make money on the A380 delivered from 2014, "a gap of four years which it would have happened," says Fabrice Bregier. The setbacks and lessons superjumbo Airbus has learned, however, may be used to the manufacturer for its newest: the twin-engine long-haul A350 XWB need a personal loan with bad credit. "We have common development tools to all our engineers and our leading partners," said the deputy director general.

Fabrice Bregier ensures that the A350 XWB, already ordered over 530 copies will be available "in 2013, within very close to what was planned in 2007." Les Echos revealed in late August, Airbus had lowered its production targets for its long-haul for the years 2013, 2014 and 2015.This week, the Hong Kong airline, Cathay Pacific, confirmed a firm order for 30 A350s, with a total list price of 7.82 billion, following a letter of intent signed in early August.

The emergence of "new competitors"

Thomas Enders, CEO of the group, for his part underlined the scale of the challenge raised to produce the A350, "with new composite materials, new manufacturing processes for new partners and Airbus extended enterprise." The manufacturer has started, August 31, the production of its future long-haul in Germany. The production plant in Stade, near Hamburg, will produce the upper fuselage, a gigantic piece of almost 32 meters by 6 designed composite materials.

Finally, Thomas Enders stressed the importance of "internationalization of the company, including China and India, to meet new challenges."According to the boss of Airbus, "in 20 years, our new competitors in these countries, and Russia, have had success and it will adapt to this environment."

(With AFP)

ALSO READ

"Airbus Wins an Order record

"The manufacturer is a new wave of orders

"Airbus is negotiating the outright sale of 150 aircraft to China

Who won? Who lost? 48 hours after transmission of a preliminary report of the WTO on aid granted by the U.S. Boeing and two months after the publication of the final report on the aid granted by the European Airbus, the two camps continue to claim victory.

"The judgments of the WTO have lifted the veil on the massive level of launch aid enjoyed by Airbus and distorting the market," said Ted Austell, vice president for legal affairs at Boeing. The manufacturer puts in one basket, however, on certain Airbus aid – funding of R & D, infrastructure, local measures – which benefit both manufacturers. And that the WTO consider to be pure subsidies."It is now time for Airbus and its parent government (Note: France, Germany, Great Britain and Spain) are in accordance with International trade rules," says Ted Austell.

Continuing a kind of dialogue of the deaf, Europe continues to claim victory. Today, Jean-Louis Borloo welcomed. "It'sa great victory, very important. The truth is that Airbus would not aid that Boeing did not, but rather the opposite, "he told an appreciative audience of employees at Airbus site Bouguenais, not far from Nantes . "I was sure that justice will be done," still insisted the minister.

Boeing denies need "new rules"

Neither side has agreed on the amount of illegal state aid that the WTO would be denounced in the opposite camp.According to several sources including the European Airbus, the WTO condemned for about 18 billion dollars in illegal aid to the 24 billion identified by Brussels. The WTO would require their removal. By contrast, Boeing said that "the WTO has accepted the claims of the European Union to the tune of three billion dollars." A verdict which is logically a "massive rejection of the accusations" made against the European United States, according to the American group. This, while in its June report, the Organization has terminated, said Boeing for 15 billion dollars in illegal aid granted to Airbus in the form of repayable advances 200 billion (1970, birthdate of Airbus) identified by the United States.

While Brussels hopes that these relations will pave the way for negotiations at the highest political level, Boeing denies need "new rules of the game.The giant of Chicago believes that, in ruling last June, and September 15, 2010, the WTO has set new "rules" for public support for aerospace. And everyone must comply. In his mind, so no need to renegotiate.

Position of principle and / or bluff, Boeing is "right in his boots' … until perhaps the" go "policy to soften its position. In the past, Americans have already agreed to negotiate. In 1992, a transatlantic agreement had set the rule unofficially between the two aircraft manufacturers. Washington agreed on Airbus funding public funds up to 33% of the cost of developing a new device. Brussels agreed to its side as the Americans are helping Boeing to 4% of turnover of the group.At the time, Airbus was a dwarf in front of the giant and neither the Chinese nor the Russians had declared their ambition to become (or become) a world leader in civil aeronautics.

The Chinese Comac ready to blow up the duopoly

In 2004, when Americans have denounced the 1992 agreement and filed a complaint with the WTO, the situation has radically changed. Airbus has become a world leader and has overtaken Boeing. And the European cause on the ground with its jumbo A380 (which has no counterpart at Boeing) against a B 747 has been the king of the sky for half a century.In ambush, ready to blow up the Boeing-Airbus duopoly, the Chinese Comac developed with the ambition to compete with the West on all market segments.

In light of this new Airbus and Boeing should instead focus on ways to cope with this new player from China instead of continuing to spend millions of dollars in legal fees. According to the manufacturers, lawyers working on the aircraft folder in Geneva, headquarters of the WTO, are paid between 800 and 900 euros an hour. And the case has lasted six-year … ..

It is the traditional story of the small company became larger and that annoys the industry giants. In sportswear, the role of the small company is held by Under Armour. He is played by giants Nike and Adidas. In 2009, Under Armour has become, with 10.8% market share, the second most important sector in the United States at the expense of Adidas. His goal now is to approach the leader Nike, which holds 23% market share.

For this, the company headed by Kevin Plank, a former player of the football team at the University of Maryland, has arguments to spare. Positioned high-end T-shirt with $ 60 on average, the brand offers clothing intelligent, concocted by scientists in his laboratory studies.Among them, the "moisture transport" which limits the transpiration under high stress, the "UPF" which protects the skin against ultraviolet rays, or the "Wind Resistant" that regulates body temperature in case of large cold.

These arguments have already convinced several overseas stars, Jonathan Vilma (player of American football team the New Orleans Saints) to the skier Lindsey Vonn, through one of the rising stars of the NBA basketball player Brandon Jennings. Known for its media outlets, it has also recently told the media that had he not been called to the national team to contest the world championships because he was not under contract with Nike, "If you look carefully, half of the team is under contract with Nike. This brand has a lot of influence.They do not advertise at Under Armour extrovert with a player like me "

Other media star to have signed Michael Phelps. The swimming champion in 16 Olympic medals has signed a three-year contract in February estimated at $ 5 million. It appears in the latest advertising campaign for the brand:

The popularity of sports has also prompted a quick reaction from the competition. Nike has launched the collection in 2006 Nike Pro apparel offering in line with those of Under Armour.

B ouche to ear

But the popularity of some sports stars for this brand is very discreet about as recent as the corporation. Kevin Plank got the idea in 1995. At that time, he makes his prototype t-shirts in the Bronx with his $ 17,000 savings and a loan of $ 40,000.Hiding out in locker rooms, it distributes its jerseys to players university for testing and waiting for word of mouth to take effect. The bet is a winner: the célèbbre football team of "Giants" New York is seduced. Other teams followed internationally, particularly in Asia and Australia. Amateur athletes are discovering that mark in turn through a half-page ad bought $ 25,000 in ESPN Magazine. In 1999, the brand has a different ad campaign with a presence in the movies Any Given Sunday (Oliver Stone) and Alternates (Howard Dutsh).

The business is growing very rapidly: sales increased from $ 17,000 in 1996 to 837 million in 2010. IPO in 2005, Under Armour is now valued at over $ 2 billion.The brand, which employs 3,000 employees, with locations in Amsterdam and Hong Kong, and has signed contracts with 20,000 distributors.

At only 37 years, Kevin Plank is the fifteenth in the standings of the forty most promising employers at CNN. "I threw the best t-shirt in the world," says the young boss in an interview with Newsweek. Had I not done that immediately after completing my studies, I worked in industry for five or seven years and I have been intimidated by others. "

Conquering Europe

Today the brand enjoys an innovative image. But Kevin Plank does not stop there. Under Armour, which makes 80% of its sales on clothing, wants to diversify into the shoe, a market that weighs 35 billion dollars worldwide.Hence the annoyance of Nike, who wishes to retain his undisputed leadership in this niche with Under Armour that only captures the moment that 136 million dollars.

More worrying for major brands, Under Armour wished to make a breakthrough on the European market today is lacking. The group is only present in Britain, Germany, Italy and the Benelux. In France, the brand has been distributed since 2006 at Foot Locker, Go Sport and some independent shops. Under Armour's ambition to expand in France and gain more visibility. A first step in this direction was made with the signing of a contract in July with the champions of France, rugby 2010, the ASM Clermont. Now remains to convince the other stars of Europe's favorite sport: football.

ALSO READ:

"War of the sports equipment will go ahead

France Televisions response to the attacks of TF1, which requires compensation to the maintenance of advertising after 20 hours of the public service channels and denounces the "outperformance" of recent trade.

For public group chaired by Rémy Pflimlin, it is wrong to assert that "advertising before 20 hours is more important today than two years ago." The group says, in effect, that if the number of spots broadcast reached 238,000 in 2008, it had dropped to 215,000 in 2009 and 130,000 in the first half of 2010. Regarding sponsorship, he was "77 million euros in revenue in 2008 against 72.6 million in 2009 and 39.8 million in the first half of 2010." Finally, France Televisions loudly denies the charge of "dumping" prices.If the group publicly acknowledges that "gross advertising rates on France Televisions are 28% cheaper than those of TF1," he also notes that "the average net cost GRP four channels of France Televisions on the target housewife least fifty years is 2% higher than that of TF1 and 30% higher than the M6 one hour payday loan.

However, France Televisions is willing to correct the "illusion effect" of the viewer regarding a sponsorship that would be too far.The public group is willing to limit it to civic causes and community service.

That said, in the corridors of France Televisions, one can not help but note "the contradiction of a speech" which "is to complain of too well the public broadcasting group while claiming loudly that TF1 does no revenue problem for 2010, quite the contrary. "

ALSO READ:

"Bars on France Televisions: requirements of TF1 and M6

A two-year reprieve for advertising on France Televisions

"France Televisions exceeded its targets pub

Meetic is it for sale? The two main shareholders of the leading European meetings in any case confirmed Sunday that Messier Partners mandated to "evaluate all strategic options for the company and its shareholders."

Among these options, Marc Simoncini, who still holds 22.98% stake in the company he founded, and Match Pegasus, which owns 26.72% stake, may sell their holdings. That is what is said in the press in recent days.

According to the statement released Sunday night, "no takeover bid has been received as part of that mandate or otherwise, any decision to sell was taken, Marc Simoncini and Match Pegasus reserves to take any appropriate decision Having tests that will be submitted at the end of the mandate has been given. "

Meetic, still solid

By unveiling half-year results in line with expectations in late July, Meetic has confirmed his good health: the sequential growth stood at 10.6% in the second quarter, online marketing is the beginning of the year on the matchmaking segment. A segment devoted to play a "leading role this year, according to analysts at Natixis Securities, the purchase value.

Since the beginning of the year, Meetic shares rose 12.3%.