International News

Red Cedar rising from the ashes. The brand furniture and decorating high-end look forward to sign this year a profitable year, after reaching the balance last year. "Our sales have increased sixfold, from 1 to 6 million euros in 2010. We expect a turnover of 8-9000000 euros this year, "said CEO Henry the Minstrel. A great success because, in its heyday in the early 2000s, Red Cedar posted sales barely higher (12 million euros in 2001). And by exploiting ten stores, not two, like today.

The company suffered a severe weight loss, following its failed merger with Le Prince Jardinier in 2006.When Henri Le Menestrel, accompanied by the fund Nextstage already present in the capital (20% today), took over the business in late 2008, the group "was making a million sales and a million casualties," recalls it. He who had just sell its media agency online Lagardère decided to open a shop for a new genre, while preserving the historical site at Châtelet and the brand, much appreciated. "We have broken the codes of high-end furniture, installing Red Cedar Feucherolles end of 2009, twenty minutes drive from the Porte d'Auteuil, in the fields," says its CEO. Having seen that "unlike the fashion industry, the decoration brands have never built their own store and are difficult," he wants a "multi-specialist" and exposes the Fermob chairs, sofas and Marie's Corner sunshades in the "dedicated showrooms."

The project won: true destination of family visits on weekends, the store was expanded this summer, for the fourth time, from 700 square meters two years ago in late September 4200. Besides the fifty brands presented, the brands of Red Cedar – tables and mailboxes with Christmas decorations – there are still very place. "With little marks in furniture and decorating high-end customers need to compare really to understand the quality factors and to choose the range that suits them," said Henri Le Menestrel.

Seize opportunities

Same strategy to the shop on the Internet, including a new version has just been put online: the user can learn and even to shop, but it is especially encouraged to move Feucherolles.For if the sign already generates 10% of its sales on the Internet, she wants to see progress especially the number of visitors.

"We feared that the store does Châtelet suffers from the rise of that of Feucherolles, but the opposite is true!", Says the CEO. These good results may prompt Red Cedar to relocate in town to present, for example, one or more product categories in smaller areas. It is precisely to capture "many and varied opportunities" of this type, but also small acquisitions like that of a small specialist light in early 2009, as Nextstage invest in the fall about 2.5 million. A larger amount than in 2008 (1.5 million), a sign of his confidence and that will advance the participation of the fund to 30%.

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.

While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have tried to reassure. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker.

Thus, the finance ministers of the euro area, following a meeting that lasted nine hours Monday, were willing to increase the size of the Financial Assistance Fund, which has now a lending capacity 440 billion euros. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt and reduce interest rate loans to Greece.Other measures are also being considered to "improve the sustainability of government debt." No specific plan of support for the country, however, has been announced. What angered the Prime Minister George Papandreou who believes that "there is no room for indecision and errors", and regrets that European leaders are indulging in "cacophony".

For its part, the executive director of the International Monetary Fund, Christine Lagarde, said she, that the effort of Greece to reduce its budget deficit is still "not enough". The patron of the institution has also sought to reassure over Italy. While the surge in borrowing rates to 10 years in Italy has shown concern on the situation of the country, Christine Lagarde said that "some of the Italian figures are excellent easy pay day loans."She added that "it is clear that Italy is currently facing problems which are essentially driven by the markets." Former Economy Minister further stated that the rating agencies' role "without elaborate. These are singled out: besides the Brussels wants to silence forbade them to assess a country subject to an assistance plan.

The international community "can not save Spain"

But nothing works. Markets are not satisfied and the stock markets tumbling again Tuesday morning. Bank stocks have been particularly affected. In Madrid, the Ibex index lost more than 2%. The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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William Multrier, the CEO of Aegis Media France, leaves office. Present since 2005 in the first group of consulting and media buying in France, he was appointed head of the French subsidiary of British group Aegis in 2009. However, the leader, now forty years old, opted to develop its own projects. Indeed, it is the majority shareholder of Webedia group he founded in 2007 and home to sites like Purepeople.com, Puretrend.com, Purefans.com, but Puremedias formerly Ozap.com bought a few months ago M6. This group should post a turnover of nearly 15 million euros in 2011 and "several million" statement business cards design.Guillaume Multrier, "it became indeed difficult to be both at the head of a media agency and several activities in the media."

However, William Multrier should remain in the group until the end of the year. "I want to help customers but also help the group Aegis to organize my estate and to find my successor," he told Le Figaro.

Aegis Media France is the first French media agency, shoulder to shoulder with Havas (Havas Media). It is also one of Aegis Group's main subsidiaries, which totaled in 2010 a total turnover of 1.68 billion euros.

China is disappointed and all stock markets suffers. While the Middle Kingdom has unveiled a disappointing trade surplus in May, the S & P Asia fell back by 0.7% shortly before the close of the Tokyo Stock Exchange. The Nikkei, the benchmark index of the place in Tokyo, which gained 1.3% even in mid-session before the release of Chinese statistics, not put more than 0.6% to 9,522 points shortly before the close. The S & P ASX 200 Index Australian star, he has ended up slightly from 0.1% to 4553.90 points. Of the other major Asian markets, the red predominates. In Shanghai, the China Shanghai Composite fell back by 0.4% while the Hang Seng index in Hong Kong landmark, losing 0.7%, South Korea's Kospi dropped 0.5% and the Sensex Stock Exchange Mumbai was down 0.3%.

China's trade surplus in May released by China Customs reveals to be significantly below expectations.He came to 13.05 billion against $ 11.4 billion in April, but analysts were betting where, on average, about $ 18.6 billion. Chinese exports totaled last month in May reached a new record value of $ 157.16 billion, up 19.4% while imports reached 144.11 billion dollars, up 28 , 4%, according to the joint Customs. These figures were even more disappointed investors they contrast with those published in the United States. The trade deficit the U.S. has significantly reduced in April, falling to 43.7 billion dollars as a result of lower imports, according to figures released Thursday by the Commerce Department.

Moreover, the consequences of the nuclear disaster that followed the tsunami of 11 March the authorities continue to worry.Japanese Minister of Economy has warned Friday that the prolonged suspension of nuclear reactors beyond the areas affected by the tsunami of 11 March, notably in the west, could lead to electricity shortages and hamper recovery. "Energy production may fall, especially in western Japan" if utilities can not rely on their nuclear reactors, Banri Kaieda warned during a press conference, the agency Jiji.

The Bank of Korea raised its key rate

Also on the macroeconomic chapter, the Bank of Korea raised its key rate a quarter point to 3.25%, defying predictions of economists who expected a freeze for the third consecutive month.Seoul remains concerned about inflationary pressure continues to threaten the performance of the fourth largest economy in Asia.

As for values, the title of the Chinese bank Citic Securities fell back by 0.6% to 5.08 HK dollars after it bought 19.9% ​​stake in the trading business in Europe and Asia two subsidiaries of Crédit Agricole Cheuvreux and CLSA. The transaction, valued $ 374 million, confirms the global ambitions of Citic, and should help make Cheuvreux and CLSA a global leader specializing in research on the equity market.

Also, Takeda Pharmaceutical folds of 2.7% in Tokyo while France wants to remove two blockbusters dulaboratoire its market.

Hynix Semiconductor fell back by 4.7% while its shareholders that the group of semiconductors intend to transfer 15% of their participation, according to the Wall Street Journal.

They need water to irrigate their crops and wanted to know. Farmers and grain irrigators said Saturday morning blocked four entrances and exits of the A10 serving the Charente-Maritime. The action, which was intended symbolic since it has lasted about five hours, was intended to convey to the prefectural authorities all the evil they think of an order Wednesday that prohibits irrigation throughout the department.

The outputs 34 from Saint-Jean d'Angely, Saintes, 35, 36 and 37 Mirambeau Pons have been closed to traffic during the morning. The axis Niort-La Rochelle, on the RN 11, was also disrupted traffic in the direction of La Rochelle was totally cut off.If there is no "water for Charentais, there are not tourists," explained the farmer Saturday morning.

Already fragile economy

"We can not accept a decision to ban all prefectural irrigation taken by people who are in an office in La Rochelle, denounced Avrard Francis, president of the Departmental Federation of Farmers Unions (FDSEA) Charente Maritime interviewed by La Charente Libre.

If they are aware of the exceptional drought conditions affecting France today, so much so that 42 departments are now under water restrictions, operators believe that the authorities took drastic measures too. "We forget too quickly that by taking such a decision, an entire economy is weakened.An economy that already is experiencing very serious problems of cash, "says Francis Avrard.

"Cultures have three weeks early and now they need water for forage maize and grain maize, told Agence France-Presse Daniel Seguin, president of the Association County consultation irrigation and water control (ACIME). "Farmers are responsible and draw the resources, we want a true sharing of water," he said. He expects a meeting Monday in the prefecture "to revisit and adapt to the needs closer."

Weather forecasts indicate localized storms but no regular rainfall for the next seven days at the national level.Guest this Sunday on Radio J, the Minister for Ecology Nathalie Kosciusko-Morizet said it was too early to establish a drought tax, because we do not yet know the magnitude of the phenomenon.

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It is in six weeks from 1 July that the law on the reorganization of the electricity market is to take effect. In the coming days, the gazettal of orders on prices will end a long series of months.

In this folder to boost competition in the sector, there is more suspense since the government has established conditions for redemption of nuclear electricity from EDF for its rivals: it will be 40 euros per megawatt hour (MWh ) from 1 July and 42 euros from 1 January 2012. A scheme which largely corresponds to the aspirations of EDF: the company, below 42 euros, had discussed the scenario of "looting".In front, the other operators have defended the basis of 35 euros, which are calculated on the current regulated rates.

But now the Regulatory Commission (CRE), Constable of industry practices, offers a different vision, and especially more reasoned, that of government. These, indeed, have given their price scenarios, but without much explanation to the key.

In its decision of May 5 – Le Figaro has procured – the regulator first recall that to make a reasoned opinion on the draft decree, he had to "establish the identification method and cost accounting (…) to reflect the economic conditions of production of nuclear power history. " But this method of calculation, according to the resolution of the CRE leads to a price ranging from 36 to 39 euros per MWh.This estimate is below the repurchase rate set by the government.

Formally, the regulator therefore not permitted under the price of 42 euros per MWh. Certainly, he said that the government wants to anticipate "the investments needed to promoting safety in nuclear power plants," but "these costs are not known to date, and the CRE is not able to appreciate" .

The controller is not alone in discussing the figure of 42 euros. On Monday, the Supreme Council of Energy, which brings together all actors involved in this case, adopted an amendment deeming it inappropriate.This amendment has no impact on law enforcement, but it is indicative of the perception of the situation.

Audits of nuclear

Rather than this threshold of 42 euros, the CRE recommends "that the potential effects on production costs of measures undertaken audits on all French nuclear power are valued only as they materialize in the accounts of EDF and are then fully integrated into the regulated price of access to nuclear power history. "

Is it provided a negative opinion given to the law? In reality, it is rather a surveillance.The controller takes note of any additional expenditure on nuclear power in the wake of the disaster Fukushima, but even if the pass, he prefers to know the exact amounts to be allocated.

Remains to the European Commission, guardian of the reality of opening to competition, to address the issue. "It will certainly ask for accounts in the true sense of the term in government. Similarly, operators will be heard, said one observer. But do not expect a decision very quickly, given the time required. "The start of the new system will be thoroughly examined.

Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

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After Operation Oil cons food (Oil for Food) "designed not to starve the Iraqi people emerge from the Gulf war, Argentina has invented a new form, but lighter, clearing:" From Wine cons of Porsche. "

In Buenos Aires, the fight against the deficit of trade balance is in effect a special twist. The Government has authorized imports of Porsche country Fangio, obtaining in return compensation, dollar for dollar, the price of cars by the importer, the group Pulenta. To obtain satisfaction, this distributor is committed to export the same value in wine and olive oil as the hundreds of Porsche imported this year, about 5 payday loans.7 million.A real challenge, since the distributor will sell about 1 million bottles to meet the Argentine government.

All manufacturers of luxury cars are housed in the same boat: to sell his Audi in Argentina, the VW group is committed to export more cars manufactured in the country. As for BMW, whose cars are popular, the brand would consider implementing a motorcycle plant.

The government takes action to defuse the controversy over rising energy prices. And Francois Fillon has "taken a series of measures to limit the impact of energy prices on the purchasing power", Matignon said Tuesday in a statement.

The Government has expressed particular the cancellation of the rising gas prices initially expected July 1. In addition, departments will review the tariff applied to gas prices. Gas prices rose 5.2% Tuesday, bringing to more than 20% price increases year over year. With the calculation in force today, it might also increase again by 7.5% on 1 July.But while the subject of rising prices are especially sensitive to thirteen months of the presidential election, Eric Besson, Minister of Industry, Energy and the Digital Economy, had already indicated that decisions were expected at the end arbitrations and the Elysee Matignon "in the days to come."

The government also plans to review the public service contract that binds GDF Suez to the state, "to make it more favorable to the ultimate consumer when the market prices are persistently lower than the price of long-term contracts." Since early 2010, GDF Suez, owned 35% by the state, which offers fares. The CRE then verifies that they conform to the formula.This was pronounced in recent days to a new formula.

"Special contribution" of oil

Another measure expected: the oil companies will now be drawn upon to finance the oil import bill. They will finance the upgrading to 4.6% "of the flat rate mileage apply for tax revenue in 2010 compared to the level used in 2009." This tax deduction will allow those who use their cars very much to offset soaring fuel prices bad credit payday loans. Matignon stresses with the oil companies define the form that this "special contribution". The idea of ​​a fuel voucher donated to the poorest households had been discussed but time does not appear to have been selected by the state.The establishment of a solidarity fund, financed by oil tankers, would be the preferred path to creating a new tax.

But this idea goes wrong with the oil companies. The president of the French Union of Petroleum Industries (Ufip) Jean-Louis Schilansky pointed out that the "flexibility" was "extremely small".

Focus on energy savings

Moreover, the Prime Minister indicate that electricity prices for households will increase by 2.9% on 1 July 2011, then remains unchanged until 1 July. An increase of more than 5% until 2015 had been raised so far, an increase of nearly 30% by 2015.

Finally, the State affirms its commitment to achieving energy savings."The Grenelle environment in 2020 will continue the energy reduction through the support of renewable energy, energy efficiency and reducing CO2 emissions." The government will thus to 1.35 billion euros the program "Living better" which assists households in a precarious situation. EDF, GDF Suez and Total will participate in 250 million euros in the program.

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