The European Union last month presented a draft revision of MiFID came into force in 2007, which led to a proliferation of trading platforms, which make more complex markets work and the work of monitoring their police.Today, "it replays the same scene!" Complained Jean-Pierre Jouyet.

The tackle of the President of the MFA vis-à-vis Brussels has earned strong support from representatives of the Paris present yesterday morning, as Mestrallet (GDF Suez CEO and president of Europlace), Dominique Cerutti ( Nyse Euronext number two) but Ramon Fernandez, director of the Treasury. But on this subject as on others, the good alignment between gendarmes and police positions in finance in France lack relay abroad. But "it is here that we must share our ideas," Ramon Fernandez fell Thursday. "It's the G20 that plays the game."

Credit Risk

Global or European scale, several parties have just recently lost by France. The recapitalization of the banks decided at the Brussels summit of 27 October had not favored by Paris.

Analysts saw in recent weeks that the Italian bond market suffered from a premium of distrust Berlusconi estimated at 100 basis points (1 percentage point) on the rates of government bonds to 10 years. Not surprisingly, the announcement of his impending departure should have been welcomed by a substantial amount of rates.

Even the state is beginning to apply the principles it imposes on the private sector. Saffron, which is a shareholder, allowed him finally to have the first three women's representative in a large group when he joined the CAC 40 index in September.

Support networks

The verb "undertake" is combined also becoming more feminine. Women represent an entrepreneur in three. Some embark necessity. "After working twenty years as product manager and then as marketing director, I was forced to give up my profession for family reasons. When my husband died, I had 50 or more years of employment.The idea to set up my own business has become a highlight and a necessity, "said Agnes Terrillon who created Voskel, an art gallery for young talents. Others launched by personal desire. "I always knew that I would one day own guaranteed fast personal loans. The trigger came from a personal need for which I could not find a solution. I could not rent equipment for childcare for the birth of my children. Separated with two children, I also wanted to take a new turn in career almost 50 years, "says Florence Pouzergue, who created Louli & Go Kids, a site that offers baby equipment. Younger do not hesitate to give up the comfort of well-known companies.

"I created the Factory Design to 24 years at HEC," explains Emily Gobin.Women can especially make the attempt and assert their professional ambitions that support networks are increasing. InterElles, Women's Network, O'Pluriel, Action'elles help them win in businesses. Force Femmes, EPWN, the first European network of women executives and entrepreneurs, and encourage others to take responsibility and develop their society. Martine Liautaud, founder CEO of investment banking Liautaud & Co., launched in September 2010 a mentoring program called Free WBMI, including BNP Paribas is a partner. "I met by chance WBMI at a time when I was at a standstill. With my mentor, I found the keys to move, "said Martine de Richeville, head Svelt'Coaching, now in Paris, Brussels and Milan. The financiers also are mobilizing.Women Equity, founded by Dunya Bouhacene, loop a fund raising 100 million euros for investment in growth SMEs run by women and made his first investment. With an aim to discover the female champions of tomorrow.

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Despite the quarterly results better than expected, the action Abercrombie & Fitch has lost 6.5% Wednesday to the New York Stock Exchange, investors who held that the prospects bleak in the face of declining consumption and increase in the prices of raw materials in textiles. Sales in late July, the group, which operates 1073 stores, rose 23% to 916.8 million dollars.In stores constant, the increase was still 9%: 5% for the brand Abercrombie & Fitch, Abercrombie Kids 7% and 12% for Hollister Co, which plans to open four stores in France by the end of year no fax payday loans. Net income totaled $ 32 million, against 19.5 million a year earlier. "The cost pressures will be stronger during the second half of the year and macroeconomic uncertainty is greater," warned Mike Jeffries, president of Abercrombie & Fitch.

From 60 to 65 closures in the U.S.

United States, consumer confidence fell in August to its lowest level for over thirty years. Further price increases may slow their spending even more, while the new school year is crucial for the ready-to-wear.In this difficult context, Abercrombie & Fitch warned that it would close from 60 to 65 stores in the United States, most corresponding to maturities of leases at year end. But the chain has confirmed its willingness to open five flagships during the fiscal year 2011 (including Paris). Madrid, Dusseldorf, Brussels and Singapore are scheduled for the fourth quarter. Hamburg is announced for spring 2012, and Hong Kong in the summer. Hollister provides more than 40 openings abroad, in shopping malls.

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Short sales are a complex and risky speculative practice, which involves, initially, borrow securities (eg 10 euros) which anticipates the decline. Then sell it. And finally to buy it when its being dropped (8 euros). By selling what he had not yet acquired by the speculator has pocketed a gain of 2 euros.

This practice is alleged to amplify the declines of the securities markets. Its prohibition is routinely considered during financial crises."Short sales are trading strategies consistent with the rules but they become abusive when they are clearly associated with large and false market rumors," said ESMA, the European regulator of financial markets in a statement.

Eleven French values ​​involved

In France, the AMF has decided to ban short selling of eleven financial stocks which were particularly severe on the stock market due to rumors about the health of the banking sector guaranteed payday loan. Societe Generale is one of them: the bank has seen its price falls by 15% Wednesday due to a rumor of a false information about a bank failure in the British tabloid Mail on Sunday.Crédit Agricole and BNP Paribas are also among the financials involved.

"We deal in various European countries to rumors that are unfounded," noted the president of the AMF. "These rumors can amount to market abuse", by which the MFA refers to price manipulation and insider trading. Finance Minister Baroin has in turn welcomed the decision of the AMF.

In France as in Spain and Italy, the ban is valid for 15 days and may be renewed. In Belgium, where naked short sales (where the investor does not own the loan) were already banned, the new ban is enforced for a period inderterminée.It concerns four titles: KBC Ancora, Dexia and Aegas.

The Dutch financial markets regulator AFM, meanwhile, said he saw no need to ban short sales on the exchanges of Amsterdam.

The panic was the same on all stock exchanges in Europe: the FTSE-100 from the London Stock Exchange closed on a fall of 3.43% to 5393.14 points, its worst since the two September. The Dax in Frankfurt Stock Exchange ended down 3.40% to 6414.76 points. The Madrid Stock Exchange drops 3.89%, below 9000 points.

The diffusion index star of the Milan Stock Exchange, the FTSE Eb, it is suspended since 3:05 p.m. GMT when he fell more than 3%, announced the financial manager without explanation.

In the process, the Dow Jones on Wall Street was down 2.96% at 11,545 points.

Lower cost of debt Italian and Spanish

Financial markets were not convinced by the meeting of the Board of Governors of the European Central Bank. This has not surprisingly left its rate unchanged at 1.50%.Above all, the ECB president, Jean-Claude Trichet said the share repurchase program of continued monetary institution, but would concern "that the Irish and Portuguese bonds" and not "those of other nationalities" .

After the award in Madrid some 3.3 billion of bonds with three and four years, the yield of the loan in ten years Spanish retreated 6.09% to around 11 hours (Paris time) against 6.35 % late Wednesday. The Spanish Treasury also announced it was canceling its bond issue, scheduled for Aug. 18. The rate of return of Italian ten-year paper fell, meanwhile, up 5.97% before stabilizing at around 6% against 6.10% the previous day.

On the currency markets, the euro falling 1.26% against the dollar at 1.4167 dollar. Oil is also displayed down 1.47% in New York at 90.58 dollars.For its part, the ounce of gold hit a new addition Thursday historical 1677.90 dollars on fears the global economy and becoming bogged down again in the wake of the conference of ECB President Jean -Claude Trichet.

On the corporate side, both companies have published this morning, Veolia Environnement and Axa.

Veolia Environnement: -9.44% to 12.95 euros – the largest drop Cac

Veolia Environnement, which warned last Friday that it would not achieve its goals for this year, released on Thursday a net loss of 67.2 million euros in the first half, weighed down by exceptional asset write-downs 800 million euros.The world leader in environmental services will focus its activities "in less than 40 countries in 2013 against 77 today."

Axa: + 3.08% to 12.40 euros – the largest increase Cac 40

However, Axa reported first half net profit more than quadrupled to 3.99 billion euros (324%), driven by gains on sale and very little affected by provisions related to the support plan to Greece.

Bonduelle: -2.06% to 64.15 euros

Bonduelle has increased from 10.7% in sales from 2010 to 2011. Sales of specialist canned vegetables and frozen emerge to 1726 million.The group confirmed its annual targets.

Vinci: -1.60% to 36.92 euros

Vinci said Wednesday QDVC, its joint venture with Qatari fund, won a contract for 374 million euros for a metro project for a new town being built in Qatar.

Vilmorin: + 5.11% to 76.99 euros

Vilmorin has confirmed its margin target of 2010-2011 by announcing an increase of 12.1% of its turnover for the year, thanks to the vegetable business, along with the acquisition of assets and maize seed and sorghum Brasmilho of Brazilian society.

Hermes: -0.57% to 234 euros

Hermès responded Wednesday to the Association of Defence of Minority Shareholders (Adam), who asked why the luxury group spent so much money to buy back its own shares."Share repurchases are intended to cover the programs free shares to employees," said a spokeswoman for Hermes.

Cegedim: -2.59% to 32 euros

Cegedim dropped its goal of increasing revenue for 2011 but remains confident in its ability to generate an EBIT close in absolute value, that of 2010. The group also announced Wednesday for the second quarter of 2011, a consolidated turnover of 247.1 million euros (+1.6% as reported and 0.1% organic).

Natixis (-0.10% to 2.923 euros) and Dexia will publish its second quarter results after market close.

Most successful in the history of cinema, the adventures of the bespectacled wizard is also the most successful global publishing.Since the release of first installment, "Harry Potter and the Sorcerer's Stone" in 1997, over 400 million books were sold, having been translated into 69 languages ​​and 200 territories.

Consequence of its popularity, the saga has been an all-out merchandising. In all, video games and other clothing, stuffed animals and candy bearing the image of the heroes of the series would yield more than a billion a year, according to AFP. In June 2010, a theme park has even opened its doors in the United States. Stamped "The Wizarding World of Harry Potter" ("The Wizarding World of Harry Potter"), the attraction has cost $ 200 million, and would experience a growing success since its opening.

20 million books sold in France

Well represented in the saga (including the Academy of Magic Beaubâtons), France has not escaped this wave.According Gallimard Jeunesse, which has an exclusive publishing contract, the figure of 20 million copies sold recently passed. In the dark rooms of the Hexagon, the adventures of Harry made a card, even if the number of entries went out over the decrescendo. The first movie ("Harry Potter and the Sorcerer's Stone") has attracted some 9.4 million entries, against almost 6 million for the first part of the seventh installment.

Olivier Snanoudj, vice president of Warner Bros France, the decline in the number of entries "not surprising" since, over the episodes, movies, like the books have become "increasingly dark ". "As a young child, and by extension their parents or grandparents, came to the movies less," said he. This does not prevent targeting "a minimum" the bar of the six million tickets for the final film in the series."All fans want to see the end" of the adventures of young wizard, he bet.

Gallimard reissued the series in October

Display, advertisements in the press, promotion on the Internet … Nothing in any case been left to chance to boost inflows. Thus, the film was scheduled at the beginning of the school holidays and in the wake of the film festival, a promotional weapon of choice. Highlight of the campaign, a preview was held by Warner Bros. on Tuesday evening at the Palais Omnisports de Paris Bercy. "We installed the largest 3D screen in the world with six projectors, for an audience of 8000 people," recites the vice president of the distributor.

Via this strategy, the distributor looks forward "to revive the cash machine in particular in view of Christmas sales, or special boxes will probably days," slips a specialist.Hand books, Gallimard Jeunesse has relatively good performance of the game first, "the release of the latest installment in the film is likely to boost the sale of books, as has always been the case in the past," said Frédérique haunch, responsible for the communication of the publisher. And to project, announcing a repeat of the saga, in Volume by volume, from the month of October. With the menu, "new coverage to be carried out by the famous English designer Jonathan Gray," she says. Thus, Gallimard Jeunesse renewed the assault of a young audience, "from 8 to 10 years, as we did 15 years ago." On the commercial side, Harry Potter has not said its last word.

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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 countdown has begun a year before. The Association of French manufacturers of aerospace and space (Gifas) entrusts its commercial arm, SIAE with l5 permanent organization of the largest airshow in the world – which takes place every two years alternating with the Farnborough event UK.The marketing of 217,000 square meters of exhibition divided between 6 halls (54,000 square meters), cottages business (35 000 sq.m.) and surface static display of aircraft (130 000 sqm) is launched. The team grows in strength and currently has 2500 people.

In January, the entire exhibition space was sold, never seen by Gifas. Exhibition Place, built in 1953, was renovated with an investment of 15 million euros. Meanwhile, the ESIS gives the kickoff of the construction giant. It starts with a shuttle trailers between Le Bourget and Chalons-en-Champagne. This town of Marne welcomes its periphery warehouses rented by SIAE order to repair, maintain and store the 350 cottages. Once conveyed to Le Bourget, they are reassembled on site. Mid-May, the assembly of the equivalent of 2 km cottage is almost completed.

They are willing delivered "naked" to exhibitors who have previously chosen from among several options: with or without terrace, with or without garden, sliding glass doors or not … On average, renting a cottage costs 30 000 euros all related services: water, Wi-Fi, electricity, telecommunications … "The interior design, decoration, catering or direct services are the responsibility of the exhibitor," said Louis Le Portz, Commissioner General of the show. The layout of the chalets, exhibition halls and pavilions begin five to six weeks before June 20 The designers are at work. Tons of carpet, furniture, carpets, curtains, decorative items, tableware, vases, … refrigerators are delivered.

The temperature rises because the clock is ticking. The risks multiply.In conjunction with the Departmental Directorate of Labour, the organizers ensure that companies and their subcontractors comply with French law. No question of allowing Chinese workers to sleep on site and work at night! Checks are also made with security companies and cleaning. Meanwhile, SIAE is recruiting a thousand people. Among them, 500 guards who work day and night to monitor the site, about 400 hosts and 200 cleaners. With staff hired for the occasion by the exhibitors, "there are more than 4000 people are ready to welcome visitors, provide catering services, and keep the premises clean," says Gilles Fournier.

Solar Impulse, guest of honor

Today, the first aircraft entered the air show and exhibition ground will arrive at Le Bourget.Not easy to "park" 150 planes and 20 helicopters but all find their place assigned in advance. This year, large birds are exposed, including two Boeing B 747-8, world premiere, 1 B 787 Dreamliner and the Airbus A 400 M military

With 1.6 T, the Solar Impulse Bertrand Piccard is a featherweight. The experimental solar device is the guest of honor at the fair. The suspense remains, since a series of incidents have forced on Saturday to make a U-turn, while in flight to Le Bourget, and return to its point of departure for Brussels. Its designer, Bertrand Piccard, however, has not given up being present.

The latest up and the ultimate "dirty rag" will take place Sunday. The festival starts tomorrow. A party whose Paris region expects 500 million economic impact.