Archive for the 'economic' Category
"From madness in its purest form," "a descent into hell", "a second recession" … The decision by S & P to sacrifice the "AAA" America is strong criticism from the investment community, acted unreasonably, and falls to the "worst moment", while financial markets come to wipe the worst week since the 2008 crisis . The U.S. government itself deplores the decision of the agency, marred by a miscalculation.
• John Bellows, Assistant Secretary of the Treasury
In a note posted on his blog, John Bellows has detailed the error of 2000 billion, and deplores the fact that S & P has not reconsidered its decision and has not "given an extra day to reassess carefully the analysis. (…).The size of this error, and the speed with which S & P changed its primary justification when he presented this error, raise fundamental questions about the credibility and integrity of the decision by S & P on this note, "he added.
• Warren Buffett, one of the gurus of global finance
"If there was an A + grade four, this is it I would give the United States," launched the famous billionaire 80 years on the air Fox Business News. "I do not think we (the U.S.) live a second recession," said the oracle of Omaha.
• Paul Krugman, Nobel Prize for Economics
"These people are certainly not in a position to make judgments," he was lampooned on Saturday, recalling the "AAA" distributed by S & P and its competitors to "toxic" cause of the crash world of Fall 2008.Same story with Robert Reich, former labor secretary in Bill Clinton: "The intrusion of S & P in American politics (…) is ironic because, as I noted recently, much of our debt today is directly or indirectly due to failures of S & P, "he wrote on a blog.
• Daniel Alpert, Westwood Capital founder
"The size of the economy of the United States, the wealth of their citizens and assets of the federal state itself are certainly more than adequate to repay with interest all of a few billion and 14,000 dollars of debt in the country, "said he.
• Mohamed El-Erian, head of Newport Beach
Degradation will "feed the uncertainties in the functioning of the global economy, since no other" AAA "which is able and wants to supplement or even replace the role of the United States at the center of the system Global Financial "
• Steen Jakobsen, chief economist at Saxo Bank
"Welcome to Crisis 2.0! 1.0 The crisis was the failure of the banking system to wipe the losses stemming from U.S. mortgages at risk (…).This has created a run on banks that have policies determined by moving the debt burden of the private sector to the public sector, "says he."It worked in the short term, but as seen in Europe, the market questions the ability of governments to repay their debt."
• Jean-Hervé Lorenzi, President of the Circle of economists in France
This decision is "madness in its purest form because the Americans are in their ability to repay debt one hour payday loan."
• Elie Cohen, an economist and director of research at CNRS
"In the current crisis," the degradation "adds an extra log on the fire that is taking," he laments.
• Paul Dales, analyst at Capital Economics
"The fact that Standard and Poor's has finally pulled the trigger by passing the debt rating of the United States from AAA to AA + will undoubtedly shake the financial markets opening Monday at their (…).If the mess in the markets continues, the risk of recession will increase further, "he warns.
• Ciaran O'Hagan, rates strategist at Societe Generale
"Even if it was half expected, it is a serious decision. The impact will be far reaching, "Ciaran O'Hagan omen, who fears that we have opened a" Pandora's box. " He said the decision will affect somewhat the "risk-free assets (government bonds) but the response will focus on the highest risk assets, including shares and agencies directly guaranteed by the federal government."
• Charles Wyplosz, an economics professor for Advanced Studies in Geneva
The decision by Standard and Poor's "will cause ripple effects on Spain and Italy and France put pressure (…).The euro area falls into the abyss, "he alarmed.
• Thomas Chalumeau, in Terra Nova, close to the PS
In the bond market, "we are moving towards a sustainable price increases in interest rates applied to debts of the States, the United States and Europe (…). There will be an adjustment of public expenditure by raising taxes and charges.The systematic risk of a greater austerity is to maintain unemployment at a high level, "puts it on hold.
The defense of S & P
The unprecedented deterioration of the U.S. sovereign debt "is not a sanction, much less punishment," said his part Jean-Michel Six, chief economist for Europe, Standard & Poor's.
Simply, according to David Beers, head of the department in charge of sovereign debt rating from S & P, "The downgrade reflects our view that the efficiency, stability and predictability with regard to the development policy measures and political institutions of the United States have weakened, in a time of fiscal and economic challenges that continues, even more pronounced than what we envisioned when we assigned a negative outlook to the note on 18 April 2011. "For him, "the bipartisan plan to reduce debt was not strong enough to bring long-term fiscal situation of the United States on a sound.
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"Standard & Poor's removed the" AAA "rating from the United States
"" The pressure goes up a notch on Europe "
"The crisis puts Europe's leaders under pressure
Relief. Is the word that prevails today in all of world stock markets, after U.S. lawmakers passed this night finally put to an agreement on raising the ceiling on the debt. In the wake of the Asian stock markets, the benchmark index in Paris went on Monday morning from 1.28% to 3718.38 points, and gained further 0.84% to 3702.21 points in mid-session. Without emphasis, therefore, probably in May, the CAC 40 bounced finally, after losing 7.8% in July, of which only 4.4% over the last week.
Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.
After the relief 10 days ago on Greek sovereign debt, the second bailout should be voted on Monday by French deputies, optimism is therefore in the financial center of Paris. After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is not found in default of payment in the coming days.
According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars less, breathe new life in the United States on the forehead of the debt until 2013, after the elections presidential. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.
The reaction of rating agencies expected
On the other hand, no excessive optimism sustainable are to be expected in financial markets, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day. Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.
For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years.From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely adopted by the markets in the coming hours.
On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement. The euro was little changed at 1.443 dollar. The ounce of gold reperd some ground in 1614 Dollard.
In terms of oil prices were up on Monday in a market relieved by this agreement in extremis. A barrel of "light sweet crude" for September delivery gained 1.37 dollars to 97.01 even dollars in mid-day.
Macroeconomic side, investors will appreciate, at 11:00, the publication of a stable unemployment rate in the Eurozone in June to 9.9% of the workforce, according to EU statistics office Eurostat.The unemployment rate is now 9.9% for four months.
Manufacturing index to the lowest in Europe
Less good news, however, on the front of the growth of manufacturing, reflecting a sharp slowdown in July in the euro area, as confirmed on Monday the second estimate of the PMI purchasing managers, at its lowest level in a year and a half. The manufacturing PMI fell to 50.4 points against 52 in June, the company said that performs Markit index, confirming its preliminary estimate published in mid-July.
Overseas are also expected to 16h construction spending for the month of June, the ISM manufacturing index for July, which should appear in decline.
As for values to follow
Last week, the numerous quarterly publications were rather disappointing, adding to the nervousness of investors.The pace slows down this week, though are expected in the next three days the details of the interim bank shares.
After the U.S. agreement, the entire industry is also well oriented in mid-session: BNP Paribas gained 0.54% to 45.71 euros (the bank will release its results on Tuesday), Societe Generale s' awards 0.76%, to 35 euros (Wednesday results), AXA, 2.10%, to 13.38 euros, and Natixis, 1.51% to 3.22 euros on Thursday).
The Committee of French Automobile Manufacturers (CCFA) announced a decline of 5.9% of new car registrations in France in July, up 159,945 units sold. Sealed by the plunge of its brand Dacia, Renault sales were down 12.4%, but stock market, the title is better than the market (0.12% to 37.31 euros).This is not the case of Peugeot, which despite a more moderate decline in sales (-7%), displays one of the worst performance of the CAC 40 (-2.41% to 25.9 euros).
EADS (1.10% to 24.46%) announced this morning that the takeover from Apax Partners Vizada, a provider of communication services for 673 million euros, the second largest purchase of his history. The transaction will be financed entirely by cash.
Eiffage (0.52% to 38.36 euros) reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered down over the period.
Outremer Telecom (0.42% to 12 euros).A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.
EDF Energies Nouvelles (suspended) entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process. The listing of EDF Energies Nouvelles has been suspended following the July 21 filing with the AMF, a project by EDF squeeze.The withdrawal and cancellation of the shares of Euronext Paris EDF EN should be held no later than mid-August.
HSBC (3.95% to 7.10 euros) The UK bank listed in Paris, which will publish its results after market close for the first six months of the year, announced it would sell to First Niagara Bank near half (195 branches) of its retail banking activities in the United States. The transaction amount is estimated at $ 1 billion.
General Health (1.55% to 10.47 euros) issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher stays acute care.
Recylex (6.83% to 6.10 euros) on Friday issued a Revenue for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its lead recycling business thanks to the 16% increase of lead prices and increased sales volumes.
Air Liquide (2.55%, to 98.4 euros) the gas giant on Monday reported a 11% increase in net profit in the first half, to 750 million euros. It maintained its forecast a "steady increase" in net profit for the year.
Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period.
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"Asian stock markets welcomed the U.S. agreement
Attention is on Monday that the PV for non-payment of parking up in all cities in France. Fines will now be € 17 instead of 11 euros, an increase of over 55%! According to the decree of the Ministry of Justice published Wednesday, July 27, 2011 in the Official Journal, the fine of 17 euros suppress "the non-compliance with paid parking," or "stopping or parking in a opposite direction to traffic. " It took about a year for MPs and government agree. Initially, the Finance Committee of the National Assembly had called for a more sustained recovery by adopting an amendment to the UMP Gilles Carrez, president of the local finance committee (LFC), carrying a fine of 20 euros to encourage drivers to have "virtuous behavior".Some elected officials suggested that limits the increase to 15 euros while the City of Paris had called for a penalty of 35 euros.
The government has finally won the decision by setting the value of what is familiarly called the "plum" at 17 euros. The announcement was made on February 8 by Baroin, then budget minister. This increase was long requested by local officials, who denounced a shortfall, either for PV or timestamps as revenues of the two to them. Record to justify this increase, the government put forward a rate unchanged since 1986 (75 francs or 11 online payday loans.43 euros).
"Measure of a pedagogical"
Pélissard Jacques, president of the Association of Mayors of France (AMF), a member of the finance committee of the National Assembly, who participated in this project.He explains: "The fact that there was no change for twenty-five years is extremely rare in the French political and economic landscape." According to the chairman of the MFA, this provision is twofold. First, it is a "measure of a pedagogical" since the price increase of the fine will again act as a deterrent, which was not the case for a long time with fines of 11 euros. Drivers prefer to park their vehicles without paying the parking meter by accepting the risk of being verbalized (although this is particularly common in large cities) because it exists in France a practice not to reprimand the same driver twice in the same day.
Second, the interest is "economic", since 53% of the total return of the fine to fund local government, while 47% accrues to the state.With these increases, the additional revenues are estimated at 36 million euros, given that last year the total proceeds of fines levied by municipalities for bad parking was 600 million euros (up 30% over 2009).
Atos continued to bounce back despite the difficulties of the IT sector in developed countries. Despite a slight drop in sales (-0.7% to 2.47 billion euros on a comparable basis) in the first half, the services company in computer engineering said Wednesday in a statement net income group share of 100 million euros in the first half, up 66% year on year. Atos has indeed improved its operating margin. A 166 million, represents 6.7% of revenues, compared to 6% for the same period last year. "In the first half of 2011, as planned, we managed to increase the operating margin for the fifth consecutive quarter," welcomes these results Thierry Breton, CEO of Atos.
The first group activity is outsourcing, which shows an increase in its turnover by 0.6% to 906 million euros.The operating margin turned positive in all service lines of the group, except for high-tech transactional services (HTTS), where it fell slightly by 0.5% over the first half of 2010. This decrease is attributable to significant investment group in the countries of Asia and Europe, including the Netherlands, the United Kingdom and Spain.
An advance on the schedule for the integration of SIS
Former Atos Origin has officially completed in early July the acquisition of the holding company consolidating all IT activities of Siemens, Siemens IT Solutions and Services (SIS), which gave birth to a new entity, now called Atos. In exchange, the German group was to take up to 15% in the new entity. The merger helped to improve the financial position of the group."The growth in operating margin was performed in the context of preparations for the integration of SIS," said Thierry Breton, adding that the group is now well positioned to increase its competitiveness, and is ahead of schedule to deploy program realization of merger synergies cashadvance.
Growth in the UK due to public commissions
In terms of performance by geographical area, the UK market of the company that turns out to be the most dynamic yet. Group revenue increased by 3% in the United Kingdom, supported in particular by the return of public commissions that have operated in the area of facilities management (6.6%) and HTTS (+7%) after a freeze period of new contracts during the economic crisis, said Michel Alain Proch, chief financial officer of Atos.
Moreover, in Europe, the activity of the company specialized in IT services has suffered persistent problems in the markets, which led to a very high selectivity of the contracts. This is the case of Benelux, where the turnover of Atos was down 4.1% and France, where the decline in the activity of specialist services is 2.9% in the first six months of the year. These are two historic regions for the group, accounting for one third of its business. As for the new entities Chinese, Turkish and Russian, the results should impact the sales of Atos about 50 million, they will be integrated with results from the fourth quarter, it said. The transfer of these entities occurred on July 1, when the acquisition of SIS by Atos.
The group now expects an operating margin of 6.2% for all of 2011, for an annual turnover of around 6.8 billion euros. Atos also confirmed a target cash flow up 20% to 170 million euros.
These encouraging results have been applauded by the Paris Stock Exchange on Wednesday. The title of the SSII took 5.01% to 39.16 euros to 10 hours.
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The European Central Bank has pointed out as planned today its main interest rate from 1.25% to 1.5%, at meeting of its governing council in Frankfurt. The financial markets were convinced that since Jean-Claude Trichet, its president, expressed his "great vigilance", vis-à-vis inflation, June 30, before the European Parliament. It reached 2.7% year over year, according to Eurostat.
This will be the second time this year that the ECB interest rates rises and the eleventh increase since Jean-Claude Trichet took charge of the institution in 2003.
Not since the single currency is "European economic growth has been uneven," noted economists, however, Societe Generale. Industrial production rose 9.6% year on year in Germany (2.6% in France), whereas it fell by 10.9% in Greece.Jean-Claude Trichet is expected to speak on the role of rating agencies include difficulty many observers that the ECB does not it stands out more openly to their own decisions refinancing of banks.
Day of truth for Greece on Wednesday. While Athens is on strike yesterday, members are asked to vote for or not an austerity plan for four years. The vote will be followed by a second vote tomorrow on the law enforcement.
The President of the European Union, Herman Van Rompuy, warned Tuesday that the next few hours would be "decisive" for Greece, the euro area and the global economy.
Since yesterday, the U.S. and Asian markets seem optimistic about the outcome of the vote in spite of renewed clashes on Wednesday between protesters and police Greek. Optimism is always de rigueur at the Paris Stock Exchange: the Cac 40 rose 1.32% to 3902.87 points.
As for other European exchanges, the FTSE-100 in London gained 1.01% to 5825.21 points and the Dax in Frankfurt was up 30% 1.23 to 7258.50 points.The FTSE MIB in Milan climbs from 1.60% to 19,765.46 points. The Italian luxury group Salvatore Ferragamo for his first day of trading, taking 8.89% to 9.80 euros in mid-session.
The first quarter growth revised down
On the macroeconomic front, INSEE revised down growth in the first quarter of France at 0.9% against 1% set in mid-May
For the euro area, the confidence index of entrepreneurs and consumers in June fell for the fourth consecutive month. The index fell to 105.1 points, down 0.4 points compared to May.
In the U.S., two indicators are on the agenda: the promise of sale of homes in June (16 hours) and the weekly inventory of crude oil (16.30).
On the corporate side, the banking sector is in good company in this context of optimism surrounding the Greek parliamentary vote.BNP Paribas takes 1.51% to 51.90 euros, Crédit Agricole rose 1.34% to 10.11 euros and Natixis advance of 0.90% to 3.34 euros. Yesterday, banks have earned an average of more than 2%.
Offshore wind: Areva alliance with Iberdrola
Societe Generale: 2.60% to 39.82 euros
The participation of private creditors to the new plan of financial support to Greece to be as fair as possible to increase the chances of success, said CEO of the bank, Frédéric Oudéa, the Senate Public TV.
Values cars respond well to the good performance of Japanese manufacturers on the stock market after the Japanese industrial production confirmed the rebound in April.Renault climbed 1.81% to 40.65 euros and Peugeot is up 1.61% to 30.95 euros.
EDF: 1.88% to 26.79 euros
The energy group confirms its investment in the LNG terminal in Dunkirk, along with Belgian Fluxys and Total.The cost will be borne by EDF to 65% (650 million), 25% Fluxys (250 million) and 10% by Total (100 million).
GDF Suez: 0.93% to 24.34 euros
The gas is in talks to take over the assets of the U.S. company Duke Energy in Latin America, according to the Brazilian business newspaper Valor Economico.
Areva: -0.40% to 25.20 euros
The nuclear group has confirmed that he would ally with the Spanish Iberdrola Renewables on two of the five areas of the tender for offshore wind launched by the state, confirming a report of Echoes.
Ipsos: 3.85% to 32.80 euros
The British advertising group Aegis said to be in exclusive talks with the institute of studies and surveys for the sale of its subsidiary Synovate market research.
Havas: 2.26% to 3.58 euros
In an interview with Echo, the executive director of the group will develop two commercial microarray in the world, one around his BETC teaches French and the other about Arnold, his agency based in Boston.
DS: 1.41% to 58.37 euros
The software developer, a subsidiary of Dassault, owner of the Figaro Group, combined with a subsidiary of American online retailer Amazon to offer a paperless commercial in "cloud computing" (technology that allows a company to dispense servers physically located in its premises), according to a spokesman for the group.
After the close of trading, EuropaCorp will release its results for the year 2010-2011.
Monitor prices and margins on agricultural products launched in September 2010 will make its findings on Monday. According quotidienLes Echos, the 250-page report, commissioned by the Ministry of Agriculture in collaboration with INSEE and Agrimer, the responsibility of leading retail chains in maintaining the sales price to consumers despite lower commodity prices.
Cherries five times more expensive
The experts, headed by Philippe Chalmin, an economics professor at the University of Paris Dauphine, studied agricultural production subject to the most serious crises in the last ten years such as milk, beef and pork, and fruits and vegetables. According to their findings the distribution has made such an important and constant gross margin of red meat even though the farmers of this category recorded the lowest incomes.
The situation is similar with regard to pork. In ten years from the final price going to farmers has increased from 45% in 2000 to 36% in 2010. At the same time, one devoted to retailers jumped 39% to 55%. The long-life milk, gross margin was doubled when the signs that producers declined. Distributors also apply high margins on fruits and vegetables. Cherry cherry has been charged five times more expensive to consumers that it was paid by the distributor. Only segment where margins have been reduced signs: the yoghurt.The report provides no explanation but Les Echos believe that the power companies such as Danone, which reach more to negotiate prices is one reason.
Annual Report
The report, which should help parliamentarians better navigate the debate between producers, manufacturers and distributors for years, however, said it is difficult to track the price of a product from production to exposure in the linear. Investigators also complain that the distributors did not provide all the necessary elements to determine the composition of the margins.Information they hope to meet next year, the Observatory should indeed provide an overview of the situation every year.
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"Average basket price: 2.4% (association)
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In recent days, European health authorities are engaged in a real police investigation and a race against time to trace the trail of a new epidemic. Prime suspect: a bacterium Escherichia coli, accused of causing bloody diarrhea and kidney complications. Yesterday, Europe accounted for 1 000 patients in Germany, England, the Netherlands, Switzerland, Austria. In France, six suspects, three of which the Germans are under investigation. All had lived in Germany. Fifteen deaths are regrettable in Germany, one in Sweden.
Where is the health survey? Is this really the cucumber?
At first, the deadly bacteria was traced to imported Spanish cucumbers in Germany. But the German authorities admitted Tuesday that the latest tests showed that the vegetable was not the offending bacteria.
Only the stool of patients contain Escherichia coli enterohaemorrhagic (EHEC). The hypothesis of a contamination plant is however maintained. Tomatoes and salad greens are suspected. The question remains: the vegetables have been infected in Spain, Germany, during transport?
Next Monday, all European health ministers meet in Luxembourg for an update. Francois Grossetete MEP, said "the need to label products to determine their origin."
What is hemolytic uremic syndrome (HUS)?
HUS is a severe complication, sometimes fatal, infections of the digestive bacteria Escherichia coli enterohaemorrhagic (EHEC) types of E. coli that produce Shiga toxin. After 3-7 days of incubation, these infections are revealed by diarrhea, which may be bloody.Nine out of ten patients recover within ten days. HUS occurs in 10% of cases, linked to the spread of the toxin. It is characterized by acute renal failure, anemia and thrombocytopenia (low platelets). This complication is fatal in 3-5% of cases, a patient care on two renal sequelae. One hundred cases are reported each year in France, mainly in children under 15 years.
How to transmit these infections?
Cattle that are healthy carriers, are the main natural reservoir. Transmission to humans is most often through ingestion of undercooked beef (hamburgers, for example) or products containing raw milk Faxless payday loans. Water and other foods like vegetables contaminated by feces, can also be a source of infection. A direct human transmission is possible.Many serotypes of EHEC are identified, the most common is O157: H7.
What previous epidemics?
The first two outbreaks due to these producers shigatoxin coli were reported in 1982 in the United States. In total, about fifty people were infected with E. coli O157: H7 via hamburgers. In 1996, Scotland, over 500 people who were victims of the same serotype, also by eating beef. The largest epidemic was recorded in Japan in 1996. More than 9400 cases and 12 deaths had been identified, contaminated radish sprouts. In 2000, Canada, 2000 cases of infection were identified among the 4600 inhabitants of the town of Walkerton.In this area of intensive farming of cattle, the infection was transmitted by drinking water.
What precautions should I take?
In general, these bacteria are destroyed by heat, "two minutes at 70 degrees or 100 degrees a minute," says Professor Patrick Berche, microbiologist (Necker Hospital, Paris). Currently, there is, in his view, no reason not to eat raw vegetables. "The only precaution is to wash your hands before and after preparing raw vegetables, and wash vegetables and fruit, possibly with hot water," he insists.
What is special about the current epidemic?
The first is the serotype in question, O104. "It's fantastic, I have not had a case several years ago, said Professor Edouard Bingen (Hôpital Robert Debré, Paris), whose laboratory is associated with the National Reference Center for E.coli-Shigella. This serotype O104 has been the source of an epidemic in the United States in 1994. "It's odd to have a highly virulent strain and immediately resistant to powerful antibiotics such as cephalosporins," adds Dr Berche. Moreover, the current epidemic affects mostly women, while the hemolytic uremic syndrome usually involves children. A difference that, according to Professor Bingen, may be related to the origin of infection: the hamburger more often, raw vegetables in this case.
"Asia, the Mecca of luxury groups. This could be the slogan applied to Gucci, Prada, Burberry, Hermes, Dior and others at the end of the financial and economic crisis that has shaken the past three years the global economy. For all these companies, if they were not spared by the crisis, have largely absorbed the shock by taking advantage of the growing appetite of Asian markets for luxury, chic, and know-how almost craft of some European countries.
This appetite, the luxury sector was well integrated, making the Asian market including China and Japan, their main growth drivers. For example, the French LVMH in 2010 from nearly 35% of its turnover in Asia (25% excluding Japan).In the first quarter 2011, excluding sales of the Japanese archipelago (affected by the tsunami on 11 March), billings Asian group Bernard Arnault grew 24% and 30% on the only Chinese territory.
Finally, by 2015, China should be the first global luxury goods market in all sectors according to consulting firm Pricewaterhouse Coopers. And to develop there, Western societies today are choosing bulk of trading in Hong Kong, the gateway to become known in China. "With its historical heritage, the Hong Kong is much more attractive than that of Shanghai, details of William Corbiac, emerging equities manager at Axa IM. It is much more liquid, accounting standards are long Anglo-Saxon, there are many financial analysts, fewer permissions and cheaper.In Hong Kong, Western investors feel almost like home. "
Making a name
This is the typical case of American Coach, specializing in accessories (shoes, bags, sunglasses, jewelry …) who announced in early May will be doubling its side by the end of the year, Stock Exchange of Hong Kong and its place of origin, New York. For all the luxury groups, for historical reasons or qualitative, not in Asia have the notoriety of LVMH or Hermes. The goal of Coach is clearly stated: "better brand awareness among consumers and investors in the Chinese market and throughout Asia," according to its CEO Lew Frankfort said in a statement.
This Friday, the luxury goods group Burberry has come to swell the ranks of contenders.Already present in London Stock Exchange, the British group would try to seek a listing in Hong Kong by Hong Kong Economic Journal, to "increase the interest of Asian investors."
The idea is not new. "Many Chinese entrepreneurial companies, including Internet companies and in renewable energy, are parties in the 2000s to seek a listing on Wall Street to take advantage of both technologies and to conquer the U.S. market, said William of Corbiac. We can now do the exact parallel with these Western groups visionary who want to be closer to the markets they want to grow. " A listed company must indeed comply with the requirements of disclosure and / or related to its activity, which increases its exposure to the media and therefore the general public.What support development activity in new geographical area. A strategy that seems to have also adopted in another sector, BNP Paribas. Initially, the French bank will not undertake a capital increase at its eventual listing and just want to "enjoy a better visibility in China."
A significant influx of capital
But watch it only as a matter of image. For BNP Paribas may, in a second time, make an appeal for funds on the Hong Kong site, thus killing two birds with one stone. For their part, the intruding Western luxury brands in Hong Kong are also looking to take advantage of capital and investors who flock to this place. In 2010, according to data from PricewatershouseCoopers, nearly 45 billion euros have been raised, an increase of almost 80% over one year.And for 2011, the firm estimated 30 billion funds in Hong Kong through introductions. A total of one hundred companies are entering the stock each year, more than half are Chinese.
This is the case of the Italian Prada, which recently received the green light from authorities in Hong Kong market. Pending the final IPO price (June 16) and the introduction scheduled for 24 June, the Italian company hopes to raise about 2 billion dollars (1.4 billion euros). After three failed attempts, Prada therefore preferred to Hong Kong to Milan, saying "better" opportunities offered by the international capital market.
Before her, and with the same motivations, the French L'Occitane has chosen Hong Kong to make his first public offering, there is just one year.One way for the group operating on the cosmetics market is very dynamic in Asia and almost treated as a luxury brand, to raise 532 million euros. What repay debt and finance part of its development. This gamble on the brand image now appears successful, while Reinold Geiger, President of L'Occitane, explained that he initially had great difficulty to prevail in Taiwan and Hong Kong. And for investors who subscribed to the introduction, the operation has also been very positive, because despite the turbulent early sessions, the stock rose over 30% year on year.
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The director of Medicare does not hide its intention, revealing new figures on excess fees, weigh on the negotiations with private doctors, which should lead to early summer. "The system just drift since its inception 30 years ago, Frederick van Roekeghem regrets. We want to sound the alarm on the need to implement structural reforms. "
Overruns (these are requested beyond the "tariff Safely" legally by doctors of "Sector 2 but poorly repaid by certain complementary health) accounted last year for 2.5 billion euros, on a total of 20.9 billion euros in fees. A proportion is similar in style singled out by the Inspectorate of Social Affairs in 2004, which argued that while a "significant increase" during the previous decade.But behind this "apparent stability", says Fred van Roekeghem lies a greater concentration.
In 1990, 16% of physicians "family" could charge excess fees. Since then, the degree requirements were introduced which prevent virtually any plant of the generalist sector 2, and only 7% of workforce is concerned. The proportion of specialists in Area 2, with her stable for the past twenty years (41% in 2010). But if she fell for clinical specialties (pediatricians, dermatologists, gastroenterologists between 32% and 40%), it flies in the operating room: 34% against 28% for anesthesiologists, 85% against 73% for surgeons.And in all these areas, the sector will expand in the next two years as junior doctors settle overwhelmingly.
Physicians increasingly "greedy"
In addition, doctors applying overruns are becoming more "gourmet" on the amounts required: 54% of the "Safely rate, on average, against 25% in 1990. Note that Medicare confirms the intuition of the French Mutuality: 4.5% of public hospital doctors allowed to perform – for 20% of their working time to the maximum – a professional activity in area 2 practice overruns higher than their liberal counterparts "pure." Supplements such resources reach 81% in surgery, against 56% in the private sector, 80% against 48% in ENT, ophthalmology, or 96%, 60% cons.
Overtaking both more frequent and higher are concentrated in certain areas – with high purchasing power – like Paris and West of the Ile-de-France, Rhône, Alsace and the Coast d'Azur.
A problem of access to care
Nevertheless. "The phenomenon empire, says Frederick van Roekeghem. It poses a problem of access to care. " The boss of Medicare does not refute the argument of doctors (surgeons in particular): they are using the overruns is that the social security system pays too little certain acts, given their cost, their difficulty, duration, or the risk that affects the amount of insurance premiums. It's good to help doctors make more money without costing too much to Medicare that the sector 2 was created in 1980 by Raymond Barre.And it's not a coincidence that the least among specialists in Sector 2 are installed cardiologists (20%) and radiologists (13%), considered very good living by simply make rates Safely.
Frederick van Roekeghem says ready to act on the question to finally allow the entry into force of the solution advocated since 2004: the "optional sector. This would be for anesthesiologists, surgeons and obstetricians Area 2 volunteers to achieve at least 30% of their actions and costs Safely, do not charge for overruns over 50% on the rest of their activity, complementary health s 'committing their part to repay the money. "This discussion will reopen. I think it's the last time, "warns the director of Medicare.
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