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%.

How to make the Greek economy to become as competitive as the German? Nothing simpler. "I guess the teachers of vocational schools and skilled craftsmen to retire would be willing to be sent (in Greece) fixed-term" is to suggest the European Commissioner for Energy, German Günther Oettinger in an interview with the Hamburger Abendblatt. "We hope that the German economic culture will allow transfer to Greece," said simultaneously the Minister of Economy, Philipp Rösler, also Vice Chancellor Merkel's government as head of the Liberal party.

The Minister of barely 38 years of Vietnamese origin, embodies the virtues of miscegenation and he is proud payday loans for bad credit. Philipp Rösler considers that there is no reason why the methods used to shore up the former communist East Germany do not work in favor of Greece.His words, the hints of cultural imperialism, appear a bit naive. But they clearly reflect a large part of public opinion in Germany. And after all not ready do we not have to Jean Monnet, one of the founding fathers of Europe, this formula, "If it again, I would start with culture"? It's now or never to try.

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion euros, against 25 billion for UK institutions and 14 billion euros for German lenders, including Deutsche Bank. The Italian UniCredit, Credit Suisse and Santander are also cited in the report by JPMorgan Cazenove.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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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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