International News

Two world champions, yet two totally separate financial realities. This is the observation made on Tuesday after Camille Lacourt Stravius ​​and Jeremy have jointly won the gold medal in 100 meter backstroke in Shanghai (China).

The first saw its revenues increased more than sixteen in less than a year with new advertising contracts. 42,000 euros per year in August 2010, Camille Lacourt thus rose to 700,000 euros, much of which end of advertising contracts. Jeremy Stravius, it has at present still no agent and a single sponsor, Tyr, obtained through the French Federation of Swimming.

Thanks to a physique, Camille Lacourt has attracted luxury brands like Clarins and beauty, and earns 200,000 euros a year for six years, and Chanel, which pays 70,000 euros a year to wear its watches. But not only.These three gold medals taken down on three different disciplines at the European Championships in 2010 convinced the sponsors to leverage the rising value of swimming. This choice is paying now. "We have no logic, because the muse is the star product, it says Clarins. Such a partnership is a new and unusual practice for us. It's Camille Lacourt who came to us. President Christian Courtin had a crush on the athlete who shared our family values. It has in fact explained that her grandmother was attached to our products payday advance low fees. It has become our first ambassador. What we do not regret today. "

Banking on new talent to one year of the Olympics 2012

A speech that could also take Tyre, the last date of the associate sponsor of the club swimmers Marseille.Last June, the U.S. supplier has signed with him a three-year contract for a minimum of 80,000 euros per year. This amount could go up to 150,000 euros.

The gap is large with Jeremy Stravius ​​which according to our information, does not own advertising contract. But in the basin of Shanghai, the swimmer's club has yet matched the Amiens time Camille Lacourt, which is considered as one of the specialists in the discipline. Jeremy Stravius ​​therefore affect the same amount as for this fellow gold medal.

Amiens and the swimmer is reassuring: the current situation is reminiscent of Camille Lacourt a year ago, before it exploded and sports media to the general public.As long as Jeremy Stravius ​​this week confirmed its performance on other distances, it is not inconceivable that a brand can be associated with his image, in just one year of London Olympics in 2012.

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Republicans and Democrats tear each other apart in Washington for several weeks to avoid economic and financial catastrophe. The draft plan expected Sunday night was supposed to at least prevent markets open Monday morning in Asia, the dollar collapses. Since mid-May, when the debt ceiling up to 14,300 Treasury billion was reached, investors have been remarkably patient. But tired of political impasse, however, they could start selling U.S. Treasury securities and cause a sudden rise in bond yields.

Beyond the immediate threat looming two major systemic risks. Chronologically, the first is that of a selective defect of the Treasury. The latter says that beyond the August 2, it will no longer have sufficient liquidity to pay all its bills.The only way to continue to pay both current expenses such as salaries of civil servants, pensions of the elderly, as well as interest and principal on its debt, is to issue new bonds. $ 87 billion of federal government bonds maturing on August 4. It can only do that by issuing new shares. For this, it must have the authority of Congress as the upper limit of 14,300 billion debt would be exceeded.

Risk of asphyxiation

Without authority to do so, the treasure is August 3 in a position to "selective default" is to say, forced to choose which to honor its debts. Even putting hundreds of thousands of civil servants laid off to focus on pensioners and holders of government bonds, the Treasury can hardly make time.Uncle Sam is, in fact, take roughly 42% of what it spends. If he can not borrow, it quickly asphyxiated. This asphyxiation born a global crisis of confidence, the stock market crashes and bond, a collapse in domestic demand in the U.S. and global recession. The enormity of the threat calls for a last-minute compromise, reducing public spending, paving the way for a poll under the ceiling of the debt.

The second danger is less serious, but the probability is much higher: it is the degradation of the AAA rating given to the debt of the United States. American paper would no longer be the instrument chosen by the risk-free banks and investors around the world to park their cash. The returns required by investors to hold bonds tarnished increase.An increase of one percent of these returns would result in $ 150 billion more than annual burden of debt for the Treasury.

The three major agencies have warned the White House and Congress: America does not deserve to keep the rating the best expense only if it engages in a credible plan to reduce the medium to long term its debt. It is therefore possible that next month, noting that the compromise that made it possible to raise the debt ceiling is accompanied only by inadequate measures of savings, one or more agencies degrade America.

Thursday milestone for the general construction equipment from France in optical fiber, the network of the future which must provide high-speed Internet to homes and replace the old telephone network today. France Telecom offers to all competitors who wish to offer access to its future fiber optic network in sparsely populated areas, with the possibility of co-financing. He has published Tuesday offers a very detailed in this direction. And it seems to do so fair play as Free immediately signed a co-financing rates ruling "economically reasonable".

After roaming agreement on 3G mobile, the partnership of the fiber is the second major agreement signed between France Telecom and Free in the space of a few months. But the incumbent would also be discussion of the fiber with SFR and Bouygues Telecom.This agreement will give a boost to fiber deployment in France, whose government is a priority. "What are the different actors as their strength together and avoid a dispersion of investment is really a giant step, which launches the real start of the top fiber," said Pierre Louette, secretary general of France Telecom.

If the number of Internet subscribers high-speed barely reaches 150 000 in late June, Nicolas Sarkozy has set a target coverage of 100% of the country with broadband by 2020. In the heart of major cities, very densely populated areas and therefore profitable, Orange, SFR and Free deploy each with its own fiber network. But the issue is acute in areas less dense. France Telecom's offer and provide an initial response to the many local officials who want high-speed on their territory.

Sixty cities

In concrete terms, with the agreement signed between France Telecom and Free the cities of Dijon, Brest, Reims, Le Havre, the community of loops of the Seine around Chatou near Paris, some sixty in total, representing 1,300 Public and 5 million homes will be equipped from 2011 to 2012. France Telecom will deploy its network and will own in the end. But competitors can participate in the financing and get strong trading network usage. "It's very flexible. Our competitors can buy access rights for every 5%. They are true indefeasible rights of use, kind of very long-term concessions, renewable, and can assimilate into their investment accounts, "said Yves Parfait, program director at France Telecom fiber.Since France Telecom agrees to work with its competitors, exit the idea of ​​a centralized national structure "Fibre France" imagined by some. "This fantasy of a national operator vanishes," said Pierre Louette.

The agreement validates the framework established by the regulator (Arcep) and meet in Brussels considered it too little binding. "The framework adopted in France is good, since it works, that France Telecom did what was expected of her and it avoids wasting public money," says Pierre Louette.

In total, France Telecom will invest 2 billion euros by 2015 in deploying fiber. It has covered 3600 and communes, 3440 outside the areas dense. It aims to cover 10 million households in 2015 and 15 million in 2020, nearly 60% of French households.

The difference is certainly on the thickness of the line but it still twists his neck to popular belief. An evaluation of the Ministry of Labour with the redeployment of unemployed Le Figaro has obtained, employment center gets better results that private placement (OPP) to which the accompaniment of hundreds of thousands of job seekers job was outsourced. In other words, the public would be more effective than the private sector to find new jobs for the unemployed.

This assessment focuses on two categories of job seekers who have benefited, in November 2009 and March 2010, a reinforced support: the unemployed far removed from the market (long-term, seniors …) and CTP-fired economic CRP (devices for one year guaranteeing a subsidy equivalent to 80% of the last gross wage). Just under 5000 people were interviewed.In both cases, the rate of return to work thirteen months after the start of the support is higher for employment center.

47% of retrenched in CTP-CRP followed by public service employment benefit and employment (employed or not), against 43% for those followed by a private placement (employment agency, company … reclassification). Less than one in three point still unemployed after thirteen months, against 38% for a PPO. The private sector, which offers support more regular and reinforced, in the end proves better than the public service on one point: the rate of CDI won, higher than 5 points to the result displayed by employment center.

More CDI

The difference is greater for the second cohort of unemployed: the unemployed far removed from the labor market.49% are employed and thirteen months after the start of their employment center for support, against 43% for those followed by a PPO. Unlike the retrenched, the CDI rate is even higher in the public service (44% against 39%). Worse, the number of unemployed, thirteen months after the start of the accompaniment, are higher in PPOs (45% against 41%).

These results revive the controversy over the use of OPP – the cost of an unemployed investment returns twice as expensive (2200 euros on average per year, against 1100 at employment center) – to relieve the crews of the public service of employment in case of downturn. The popular option is to use only an "outsourcing of specialty", on a more targeted, less numerous and where the added value of OPP is proven. Should, in this case, review their terms of payment by paying more in income.PPOs now affecting half of their performance in support of an unemployed, 25% when in use and 25% if there is still six months later. The idea is often put forward to move to a 35% share in the care and placement for 65% effective (against today 50/50). A useful discussion since the OPP always accompany nearly 150,000 job seekers.

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It was twenty years commissions on credit card transactions had not fallen and that the regulator two years campaigning for change that. Following a lengthy litigation, the Competition Authority announced Thursday that French banks got a discount on fees so that they in turn require merchants and consumers for a withdrawal to the distributor or a card payment. This payment remains the most widely used in France and has grown steadily since its introduction, mainly to the detriment of the check.

According to the Competition Authority, which accused the banks to agree to the detriment of consumers, the main interchange fees should drop by 20% to 50%. The agreement will take effect from 1 October and will be valid for four years, with an estimated loss of revenue for banks to 600 million euros a year.

Effect on customers' bills

In detail, the interchange fees for payment, paid by the merchant's bank to the consumer, are expected to decline by 36%. These costs were strongly disputed by the traders, who thought a large majority "penalizing" according to a survey by the Professional Union scale (UPA). The Federation of Enterprises in trade and distribution was also the source of the complaint filed with the Competition Authority no fax cash advance.

More sensitive to the consumer, the fees charged for each withdrawal by the bank's ATM to that of the cardholder to fall by more than 20%. Currently, most institutions charge a euro each withdrawal at another bank in more than a few transactions. Only the Postal Bank currently fails to puncture such fees."The decline of this commission, now passed to the holders of a majority of banks will most likely be a direct down" on consumers' bills, welcomed the Competition Authority in a statement.

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In this case, the fear of financial penalty penalizing banks convinced the 130 stakeholders to negotiate with the Competition Authority. In September 2010, the institution has indeed sanctioned eleven banks to the tune of 384.9 million euros for imposing fees on abusive transactions by check.

But the sector is regularly singled out by consumer associations to impose unfair tariffs, has not finished accountable.The Competition Authority also announced Thursday that it will address in the coming months to commissions established by other types of credit cards such as Visa or Mastercard, and those imposed for withdrawals.

LE FIGARO. Why launch this new brand, B & You?

Olivier ROUSSAT .- Today, with the success of smartphones and mobile Internet, a whole segment of customers has become an expert. They can do many things for themselves via the Internet without the need for assistance. For them we run B & You. It's very innovative. Five years ago, this kind of customer did not exist.

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In recent months, the market has sharply segmented into two blocks, with one side clients who are willing to pay for expensive packages smartphones with many services and, on the other clients are doing by them themselves but want less expensive packages.They are equally distributed among all operators.

How is it innovative?

B & You is a new concept: a revolutionary price, a non-binding offer, all in full on the Internet. All this together, it had never been done. We are entering a new era of data, and we are only in infancy. We are in the early history of digital homes.

You offer no phone packages included. Is this the end of the model based on the grant, which strike the costs of operators?

For the operator, in terms of value is almost equivalent: either we subsidize the phone, and packages are more expensive, or we make the economy of the phone, and we are making this economy the customer by lowering the price of his crime.In the same vein, the fact that everything happens on the Internet can not charge the cost of distribution in stores, and the customer relations center.

On the issue of commitment, is a way to get ahead of the bill presented by Frédéric Lefebvre?

The government's plan does not prohibit the engagement. What is important is that the customer has a choice. The commitment is absolute evil. Some customers ask for formulas without commitment, others with a commitment sooner or later.

You feel that the TV will be blurred in 20% of households in future 4G mobile. Will you still at the tender 4G?

Yes, because the frequencies are necessary for our business. But such interference will have a major impact: TVs will not work, it will be black screen. TV makers should take into account now.That the State to determine precisely the measures to be taken.

Are not you exaggerating the problem?

The financial impact can be heavy, everyone knows it. In addition, I note that much interference on all frequency blocks, not one.

Why fiber optic only does much to take off?

For our purposes, we are making very good recruiting subscribers and Bbox fiber meets the needs of our customers who expect very high speed. It is true however, that in very dense area, the operators had to deploy four networks in parallel, which is a non-economic sense. We should not repeat this mistake in the medium density areas. Bouygues Telecom hopes that the facilities are pooled as possible between the different operators. This should facilitate investment, therefore the deployment.

There are 140 operators in Europe, against five in China and three in the United States. The concentration is inevitable?

For Bouygues Telecom, there would be no incentive to merge with another operator. On purchases of infrastructure, we are well positioned. And terminals, exclusive agreements are reduced to a very short period.

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"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.

In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "

Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.

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Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.

Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.

On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.

Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.

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The race started Wednesday in the Greek Parliament for the adoption of the new austerity plan was completed Thursday. After an initial victory yesterday leading to the adoption of the text by 155 votes against 138, the Socialist government of George Papandreou has successfully overcome the last step: the passage of the legislation implementing the new master plan. The bill received 155 votes against 136, or an absolute majority in parliament, which comprises 300 members.

On Thursday, all the Socialist deputies, more Conservative MP Elsa Papadimitriou, who had made the day before his voice to the government to adopt the master plan of austerity, approved the text "on principle".The 136 deputies present to the opposition of left and right voted against, while five dissidents centrist conservative opposition voted white.

The second text, submitted to MPs, concerned the procedure for implementing conservation measures for 28 billion euros over five years free credit score online. Its adoption was imposed by the eurozone in return for the payment of a new tranche of aid to 110 billion euros developed with the EU and the IMF. A meeting of finance ministers from the euro area, scheduled July 3, will be devoted to the continuation of aid to Greece.

The Greek Parliament has fulfilled the necessary conditions for release of money to Athens to avoid bankruptcy, estimated Thursday the permanent EU president, Herman Van Rompuy, and the European Commission, José Manuel Barroso."The conditions are now in place for a decision on the payment of the next tranche of financial assistance for Greece and for rapid progress on the second bailout", they tried in a joint statement.

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The emerging markets are facing a "problem-rich" fight against the overheating of their economies – from 6 to 7% last year – when developed countries are seeking to boost their low growth. "Their macroeconomic management faces a dilemma: keep inflation that accompanies this growth through restrictive monetary and fiscal policies, knowing that increases in interest rates contribute to the massive influx of capital," says chief economist of Coface, Yves Zlotowski. Some countries are better equipped, such as Brazil, the driving force of the South American continent and one of the first to respond, noting early on interest rates and imposing taxes on capital inflows.

Dilma Rousseff, Lula's successor as president, also began to impose fiscal restraint.If the funds continue to flow, growth has slowed down somewhat in the first quarter to 4.2% against 7.5% previously. "Brazil is a highly diversified economy in its exports, with an internal market dynamics. Above all, the country has lead the last ten years important structural reforms, "adds the analyst.

"Institutional delay"

Conversely, the credit insurer is more concerned about the neighbor Argentina, faced with high inflation of 23%, where the industry is operating at full capacity, supported by consumption and fiscal and monetary policy very accommodative. Overheating is very important in part masked by a current account surplus driven by exports of soybeans in China. But the landing is likely to be brutal crash.

In Asia, the weakest link is located in Vietnam, with a very open economy model of development with Chinese characteristics, based on the investment, mainly Asian. Iran is benefiting from rising costs in China, resulting in even relocation. This generated a huge credit bubble, whose share in GDP increased in ten years from 30 to 120%. The difference is that it does not have the same cash reserves that China and he is obliged to regularly devalue its currency, the dong. "There is a real institutional delay, the risk is, in a skid, discourage investment, which finance the huge current account deficit," Yves Zlotowski analysis.

However, the restrictions put in place gradually in the large emerging economies – China, India, Turkey, Brazil – should provide a soft landing.The challenge is to develop real consumer markets that go through a reduction in inequalities and a growing middle class and to provide for future growth in developed countries.

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The response of government was quick. Thursday afternoon, members of the IEA (International Energy Agency), which includes industrialized countries, have decided to use their strategic oil stocks. One way to compensate for the lack of production Jamahiriya, the latter being blocked since February. A few hours later, the Energy Minister, Eric Besson said in a statement he wanted to Total "that any drop in oil prices is reflected at the pump." A wish welcomed by the CEO of Total, says Besson, who will make the same request to other fuel dispensers.

The decision of the IEA is not surprising. The agency warned in May that it was ready to use "all means" in case of persistent lack of production paydayloans.Specifically, it will bring to market 2 million barrels per day for a month, compared to 1.6 million barrels of Libyan production. PAGE The United States will provide half of Europe about 30%. France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks.

To some analysts, this is a "rifle-shot." Coupled with the renewed concerns about global growth, the announcement Thursday caused a decline in oil prices – about $ 8 a barrel in London and $ 6 in New York.