International News

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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While the crucial talks between government and private creditors of Greece continued the last few hours across Europe, they rose sharply in Paris. Reportedly, the French Treasury and financial institutions have agreed on the night of Friday to Saturday on a proposal that they hope to win their European partners now. Important first step, a highly anticipated meeting of the IIR (International Institute of Finance), which groups 400 banks worldwide, will be held on Monday in Rome.

It will be remembered, European governments have launched negotiations Wednesday with the holders of Greek debt. They are seeking a contribution of banks, insurers and other pension funds to the tune of 30 billion euros, backed by a new extension of Europe and the IMF to Greece.So far, the proposal on the table was simple: the voluntary, private creditors agreed to reinvest in due proportion the debts repaid by Athens over the next three years in new loans Greek to 5 years. It is the "rollover". However, private capital, especially German, had requested that these new loans are guaranteed in one way or another by Europe. But Angela Merkel, German Chancellor, refused this demand, which is to transfer the responsibility of the public an additional part of the burden.

Hence the impasse. The problem for private financiers, is to pay a state that nothing says it will be out of trouble in five years, the plan has expired. Of course, under pressure from governments, banks and insurers could be convinced.But specifically, if the process is not perceived as voluntary, rating agencies may raise the flag of the "default" and the plan falls overboard because the ECB can no longer accept sovereign debt and stigmatized in the refinancing of Greek banks cheap business cards.The French proposal is a parade, making the "rollover" both more attractive and relevant to them and to Athens, by lengthening maturities.

New loans to 30 years

In addition to the original proposal, a working group led by BNP Paribas, in fact, imagined an alternative, opening the opportunity to reinvest only 70% of amounts received in connection with the Greek borrowing fell 50% are allocated to Greek new loans issued this time in 30 years as to 20%, they are placed on what the financial call a "zero coupon", ie a fund invested in securities of high quality self-reinforcing through then cumulation of interests: the piggy bank somehow secures new borrowing Greek, as would have government guarantees.According to the discussions, these borrowings could be long carry an interest rate equivalent to that of Greece pays vis-à-vis its "rescuers" public, with the addition of a variable interest rate likely to be linked to an economic indicator Greek, such as GDP.

In any case, this alternative would yield less per creditor only 50% returned to the Treasury Greek but is likely to attract more people. And above all, by providing funding for 30 years, she pushes the horizon in part refunds for Athens. The French solution began circulating in the corridors of the European Council on Friday. "We received an initial favorable response," says a close case.

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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.

A war is looming regulatory Does between Europe and the United States? Timothy Geithner, U.S. Treasury Secretary, has decided to establish new rules of the playing field in the financial sector, in favor of the reforms adopted by Washington in the aftermath of the crisis. In a speech in Atlanta yesterday, the manager has to understand that these new global rules should be aligned with the U.S. model. "We do what it takes to strengthen the financial system of the United States. We will do so with caution.And as we act as we rally the world ", assured the Treasury secretary, adding that he did not want" a new race to the bottom ".

Timothy Geithner has particularly stressed the need for more restrictive measures against the derivatives markets, often singled out as one of the causes of the financial crisis Online payday loans.

Last Friday, the European Union just called the U.S. move to reform its financial sector in line with the current one on the Old Continent. Michel Barnier, European Commissioner for Internal Market and Services, sent a letter to Washington.Brussels fears that U.S. banks are gaining a competitive advantage with less restrictive rules, in particular as regards the requirements in equity.

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Announced in January, the IPO was expected Groupon. The figures that he has revealed in the record filed Thursday with the U.S. stock market authorities were much less. The website, which plans to raise $ 750 million in stock on a valuation estimated at between 15 and 20 billion dollars, in fact displays significant losses.

Created in November 2008 by Andrew Mason, a student of music, with one million dollars entrusted by entrepreneur Eric Lefkofsky, Groupon offers users to receive promotions from local businesses – florists, beauty salons … – provided that a specified number of Internet users subscribe to the offer. Over 83 million users have subscribed to the service. They were 1.8 million at end 2009. The turnover increased from 94,000 dollars in 2008 to 713,400,000 dollars in 2010.In 2011, revenues could exceed $ 2.4 billion. Growth driven by the acquisition of 13 companies, including Citydeal in Europe.

413 million loss

Groupon losses widen at a rate just as dramatically. In 2010, the net deficit of the site has reached 413 million dollars. For the first quarter of 2011, it already stands at nearly 114 million, says the briefing book. Abysmal losses that already raise doubts as to analysts who fear a new Internet bubble.Sucharita Mulpuru, e-commerce specialist at Forrester, and wondered how can one "lose so much money?" This is crazy with these numbers is that it should model extremely profitable, "he said The Wall Street Journal.

"Groupon has a very healthy business model, based on e-commerce, thus capable of generating cash," said Jonathan Besnaïou, co-founder of Oh My Deal, a site that aggregates and compares the offerings from its competitors and Groupon. "We must not forget that this is a service where the consumer pays first Groupon, which then pays the merchant on the one hand," he recalls.

If Groupon now displays such losses, it is because it invests heavily in customer acquisition – both businesses and users. The start-up business on account 3500 7000 employees worldwide.Considerable labor costs for a startup but can eventually turn into competitive advantage.

Another advantage of Groupon: the site has steadily expanded its offering – one coupon per day to more targeted deals, for example – to stick as closely to the needs of its users. His dedicated service to the mobile, Groupon Now, promises to be the next growth driver Groupon. Andrew Mason, the young CEO of the company, clearly displays the color in a statement of intent that reveals the very special culture Groupon: "As with any young company of 30 months, the road to success is strewn with pitfalls, punctuated moments of brilliance and sheer stupidity of others, "he wrote, convinced that" Groupon is better positioned than anyone to redefine the local business "and determined to focus on" a long term growth. "

The Organization for Economic Cooperation and Development (OECD) maintains its pressure on Switzerland and its banking secrecy. The Global Forum on transparency and exchange of tax information, which includes 101 countries, under the auspices of the OECD released Wednesday night, Bermuda, his verdict on nine countries, including France, United States, Switzerland and Singapore, two financial centers deemed opaque.

Not surprisingly, the OECD does not spare the Swiss Confederation. The report highlights several "shortcomings" of the Swiss legislation in the light of new international agreements on tax matters. In March 2009, following the UBS scandal in the United States, and under pressure from the G20, which forced the OECD to draw up lists of black and gray havens, Switzerland pledged not to oppose its banking secrecy when investigation for tax evasion.To exit the "gray list", where she had fallen at the time, the Confederation has revised most of its bilateral tax agreements – 29 new agreements have been signed since – to include the latest standards of fiscal transparency required by the OECD.

Problem: According to the OECD Global Forum, the Swiss legislation, pending approval by Parliament, is still too restrictive, preventing the de facto transfer of information on tax evaders. Indeed, the new Swiss legislation stipulate that the requesting State must have the name and address of the alleged fraudster, to avoid "blind fishing" for information.

New promises

Result: "a minority" of the new agreements are found to comply with OECD standards.Alerted this winter, it might be re-pinned to its opacity in the exchange of tax information, Switzerland has made amends, at least orally. Last February, the Ministry of Finance Helvetian committed to make adjustments in its legislation by February 2012 so that the absence of name of alleged fraudster is no longer a barrier to information sharing.

Hailed by the OECD, this new concession Bern was very badly received by the Swiss financial sector, which fears of losing the whole banking secrecy fearing further withdrawals of funds for the benefit of Asian financial centers, less scrupulous. In Switzerland, where the subject is very sensitive, conservative politicians of the UDC accuse the federal government to yield to the injunctions of Paris and Berlin.They hope that at the end of the race, a referendum will force the federal government to reconsider its promises.

Helvetic anger is even stronger than the OECD report on Singapore, released at the same time, is more lenient. The gaps relate to the authority in charge of investigations for tax evasion. According to the World Forum, this institution is not equipped with adequate investigative powers to obtain information from banks and offshore companies. Now it is to Singapore as the most hidden funds have sought refuge in Switzerland for two years.

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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Zhou Mingwang is a young Chinese entrepreneur very reactive. Twenty-four hours after the official announcement of the royal wedding between William and Kate, 16 November, Zhou placed online on its website chinamingwang.cn a copy of the engagement ring, a large blue sapphire set with diamonds, worn at the time by Princess Diana, she received a gift from Prince Charles.

The jewel, consisting of a zircon crystals and 14, is sold for a whopping $ 2.75 to $ 8 per piece, the price varies depending on the quantity purchased. Located in Yiwu city, south of Shanghai, a center of low-cost production, Zhou took care of changing the jewel just enough to avoid infringement litigation payday loans in one hour.

For the first orders from Great Britain, flocked applications everywhere, even Australia. Recently, a French magazine has purchased 35,000 for a commercial transaction.

If the idea has since made a few followers among the competition, the young man, who has already sold more than 100,000 copies, table for this year on a strong rise in earnings thanks to Kate and William. Friday, he will follow the ceremony in his factory with 40 employees.

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While the Arab riots continue, the World Bank has sounded the alarm. In Washington, facing the 24 countries that make up the International Monetary and Financial Committee (IMFC) responsible for setting broad policy guidelines of the International Monetary Fund (IMF), the institution said that "a worsening of conditions in the Middle East and North Africa could derail global growth. "

It considers in particular that "if oil prices were to rise sharply and permanently, whether due to growing uncertainty or a significant disruption of oil production, global growth could slow by 0.3 percentage point in 2011 and 1.2 points in 2012.The World Bank said that volatility in oil prices and agricultural products had been "even higher" than usual in recent weeks.

"Act Now"

The World Bank has, however, tried to reassure his interlocutors: currently, the impact is limited to local economies themselves. The revolutions in Tunisia and Egypt for example cut the growth of both countries about three percentage points in 2011, compared to what was planned three months ago. "The growth in Egypt and Tunisia should be about 2.5% and 1.5% respectively," says the Bank.A very inadequate compared to their population growth in a context of energy prices and food costs.

Internationally, the economic disruption, "if they remained at this stage, should have limited impact globally," said the World Bank payday loans. Its president Robert Zoellick, however, urged the international community to act now. "Wait until the situation stabilizes, it will lose opportunities," he said

The IMF on the alert

The signal seems to have been well received by IMFC. Its 24 members and confirm that "the immediate economic impact of developments in some Middle East and North Africa require particular attention."The cards are distributed: the World Bank's objective to "strengthen its support" in these two areas and the IMF's role to conduct "economic evaluation" for an "action plan".

"Of course we stand ready to assist, on the side of technical assistance and funding on the slope," assured the IMF Managing Director Dominique Strauss-Kahn said at a news conference. "The example of the Middle East has highlighted this issue, the fact that you can have good numbers in terms of sustainability without growth," he added. Remarks relayed by U.S. Treasury Secretary Timothy Geithner: "Today, the change underway in the Middle East calls for rethink and refocus the commitment of the international community.These transitions involve ultimately the people, increase their opportunities and their freedom. "

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Madame Figaro continues its transformation. Starting today, it is available in both "pocket" that will remain on newsstands throughout the week, while the larger version will pack integrated into the weekend, with Le Figaro, Le Figaro Magazine and TV Magazine.

With this new pocket-sized, already widely adopted by other women, Madame Figaro hopes to broaden its distribution and its audience, especially among readers from 25 to 45 years. "One way we confront the issue sales in another way," says Marc Feuillée, general manager of Le Figaro. There is a real potential for a new "pocket" upscale."Tests conducted late 2010 showed that over one third of the buyers pocket size never read Madame Figaro and they do not know the brand," said Jean-Guillaume d'Ornano, director of the division Madam within the group Le Figaro.

Sold at an introductory price of 1 euro for three weeks, the "pocket" will then be offered 1.30 euros, up 1.50 or 1.70 euros for special issues. This launch will be supported by a promotional campaign, including TV (TF1 and Canal +) and retail outlets.

"2 million will be invested in this new product is a first for us," says Marc Feuillée.This significant investment demonstrates our commitment to strengthen our publications and take initiatives in a highly competitive environment. "The initial implementation will be 207,000 copies.

Additional territories

Associated with the weekend package, Madame Figaro is already the upscale women's most powerful with 429,079 copies paid France in 2010, according to OJD.

The objective set for Madame Figaro Pocket is to increase the combined sales of 5 to 10%, or 30,000 to 40,000 extra copies.

"The" pocket "does not cannibalize the" Madam, "says Jean-Guillaume d'Ornano. Instead, it will explore additional territories. " First at the distribution level because it will be present in the medium and large food stores, where the pack weekend is almost absent.Then, at the level of readership, since it should appeal to younger readers, urban and active.

Finally, in advertising, the weekly exposure of the title should appeal to existing advertisers and attract new ones.

The contents of the "pocket" will be exactly the same as that of large size. "The idea is to make the world more accessible luxury and avant-garde on which Madame has built its legitimacy," said Anne-Florence Schmitt, executive editor of Madame Figaro. The output of the "pocket" is accompanied by the provision of an application for iPad (0.79 euro download), after the launch of a new version of the website in December.

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