Archive for the 'features' Category
With his candidacy in the general direction of the IMF, announced Saturday at the last minute, after those of Christine Lagarde and Mexican Agustin Carstens, head of the Central Bank of Israel will test the sincerity of the countries facing the board IMF. They have been saying for weeks that "the competence and not nationality" should prevail in the choice of successor, Dominique Strauss-Kahn.
Now Stanley Fischer, highly appreciated by the staff of the Fund where it is still nicknamed "Stan" is one of the best economists in the world. He has unparalleled experience in managing crises. Graduated from the London School of Economics and Massachusetts Institute of Technology (MIT), he worked with Nobel Prize winner Paul Samuelson and Robert Solow. He directed the thesis of Ben Bernanke, the Fed chief. He is the author of economics textbooks for reference.IMF number two in the 1990s, alongside the French director Michel Camdessus, he played a key role in managing crises that shook Mexico, Asia and Russia – its remedies are also not allowed only good memories to the countries concerned. But Fischer is a pragmatist. He has learned the lessons from the mistakes of the IMF in the 1990s ", provides a framework for the institution. At the head of the Central Bank of Israel, it also helped that the country would emerge from the economic crisis in good shape and enjoys a high popularity.
Dual Nationality
However, Stanley Fischer knows better than anyone that has little chance of being elected. The first drawback of this modest man, sparkling in the light of intelligence, is his age personal loan for poor credit. The IMF Articles of Agreement stipulate that the candidate for the superintendent must be under 65 years. Now it has 67.It should therefore be that the board make an exception for his particular case.
Second handicap in practice even more problematic: his nationality. Or rather "its" nationalities. Born in Rhodesia (now Zambia), relatives of Jewish immigrants from Latvia and Lithuania, trained in London, Stanley Fischer has an Israeli passport and a U.S. passport. The first could play against him in some emerging countries, which are among the states in the Middle East conflict with Israel or supporting them. The second might also interfere. It is time that an American was proposed by Bill Clinton as number two in the IMF in 1994. However, in the traditional allocation of posts – that's just emerging challenge – is the World Bank which amounts to an American (Robert Zoellick), while the IMF is the preserve of Europeans.Even though they deny it, they do not intend to cede this seat, especially during a storm on the euro area.
Unless the matter is suddenly deemed unacceptable Tapie, Christine Lagarde remains the overwhelming favorite. The French Minister of Economy has received this weekend the support of Indonesia, and Egypt, during a trip to Cairo. His campaign trail is also passed through Jeddah, where his counterpart has expressed support for Saudi Arabia to his candidacy. She remained silent on the emergence of this new Israeli competitor.
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Lunch with Warren Buffett this year will cost 2.63 million dollars to the winner of the traditional auction held once per year to a charity. Only two bidders this time participated in the sale held on the eBay website, but the low number of candidates did not prevent the sums involved to reach a record level. The winner has indeed paid 111 euros extra to beat the 2010. The latter, who wishes to remain anonymous, then share the meal with one of the richest men in the world between June 27 and July 11 next, in the famous New York restaurant Smith & Wollensky. It may be accompanied by seven friends of his choice.
Fortune ranked third worldwide after the Mexican magnate Carlos Slim Helu and Microsoft founder Bill Gates, Warren Buffett, aged 80, is head of investment company Berkshire Hathaway Inc.The idea to donate the money raised at auction for a lunch came to the investor in 2000 when his wife, Susan, now deceased, presented him with the Glide Foundation and its founder, the Rev. Cecil Williams. As in previous years, funds raised for this twelfth luncheon will be donated to benefit the charity, which helps disadvantaged residents of San Francisco. Through these annual lunches, Buffett has managed to raise over $ 9 million.
50% of fortune to charity
Spurred by Warren Buffett and Bill Gates, several American millionaires have pledged to donate over 50% of their fortune to charity easy payday loans.This initiative, called "Giving Pledge" ("Pledge") was launched in June 2010 and already has 69 signatories, including director George Lucas, CNN founder Ted Turner, or the co-founder and CEO of Facebook Mark Zuckerberg. "We see tremendous progress in just one year", says Warren Buffett in a statement. "I am delighted that so many people who have done well in America publicly commit and participate in philanthropy."
But despite the enthusiasm of the creators of the association "Giving pledge," they are struggling to find recruits abroad. Hoping to make a successful campaign in the Middle Kingdom, which houses a quarter of large fortunes in Asia, Bill Gates and Warren Buffett went to Beijing in September 2010 for a charity dinner party, after which a very small number of guests would have answered the call.The list of philanthropists also contains no French name, despite the presence of four large fortunes (Bernard Arnault (LVMH), Liliane Bettencourt (L'Oréal), Francois Pinault (PPR) and Serge Dassault (Dassault Aviation) in the Top 100 Forbes.
The government is very worried by the drought that has spread to 61 French departments and is willing to provide aid to farmers. Nicolas Sarkozy, who is in the Charente on Thursday presented a plan to help farmers affected by drought which includes a "shift one year" repayment of loans granted to farmers in 2009, and waived the Tax on undeveloped land.
"It is essentially a cash flow problem is (…), you repay your debts, or you pay for your food animals," said Nicolas Sarkozy after visiting the operation of a cattle farmer Montemboeuf . "We will find you some leeway and we will shift all the payments of a year," he added. "Essentially this is a map of deferments," stressed the head of state.He stressed that the "encryption" of this measure, the state will take over the payment of interest owed by farmers, could not be established "now" does not exclude other measures if necessary .
A budget of 500 million
At a roundtable in La Rochefoucauld, the Head of State later clarified that this related only to the reimbursement of aid paid under the plan launched in 2009 Poligny (Jura). "I just do not tell the difference repayment of all loans in French agriculture, it must be serious," he said. During the roundtable, the president also said that "farmers in the affected areas would benefit from an exemption from tax on undeveloped land (…) which represents 300 million euros."
In the process, he said that the state would pay the national guarantee fund against agricultural disasters, mobilized by the Minister of Agriculture, Bruno Le Maire, a budget of around EUR 200 million to enable the payment Advance compensation "from the month of September business cards." "On 12 July there will be a first test session files (…) the first payments will be held in September," he said.
Facilities of National Defence made provisions
Finally, Nicolas Sarkozy has announced, next week, a meeting of professional agricultural organizations with the Ministers of Agriculture, Ecology and Defense, as well as the CEO of SNCF to adjust logistical problems posed by the movement of fodder from farmers in difficulty."The problem is less a production problem at those you book (fodder) that a massive logistical problem," he said, adding that "national defense facilities" will be made available to allow storage straw and fodder.
In his speech, the head of state has ruled out any direct assistance to farmers in difficulty. "Do not fall back into bad habits to give you benefits that would be declared illegal (by Brussels, ed) in a few months," he said.
In addition to these economic measures, Nicolas Sarkozy also announced the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture. "We must learn how to use the water," he concluded.
(With AFP)
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Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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This is unprecedented in the history of the prestigious American newspaper The New York Times, founded in 1851. A woman, Jill Abramson, will take the lead, at a time when the newspaper industry is undergoing a revolution. At 57, she succeeded on September 6 to Bill Keller, who declined to slow down but will remain a contributor to The New York Times Magazine and the weekend edition of the newspaper.
New York, Jill Abramson began his career as a journalist for Time magazine, while still a student at Harvard. From 1976 to 1986 she worked for The American Lawyer, a magazine for lawyers, before being appointed editor of Legal Times. From 1988 to 1997, she was a correspondent for the Wall Street Journal in Washington.
In 1997 she joined the editorial of The New York Times, still in Washington. Bureau chief of the Federal Capital in 2000, she became its editor in 2003.In his new position, she aims to make "The Gray Lady" nickname of the newspaper, a "multichannel media committed to providing excellence in journalism," as explained by Arthur Sulzberger, owner of the title.
One million copies a day
An 'ascension into heaven, "according to its own terms. Jill Abramson takes the reins of a newspaper sold nearly a million copies daily, which is speeding up the turn on the Web (31 million unique visitors per month).
The site was chosen in March for a mid-free formula, half-pay: After the free consultation of 20 articles a month, readers are offered Internet users to subscribe monthly or yearly.A "freemium" inspired from the Financial Times.
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GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.
Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.
On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.
Regain control
The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "
Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.
Energia says victim of the same strategy
While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."
Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.
The beautiful series continues to Xavier Bertrand, who six months after returning to the Ministry of Labour, shows a fourth consecutive month of decline in the number of job seekers registered at employment center. A performance that had not arrived since December 2007. According to data released Wednesday by the employment center, the number of unemployed registered in category A was down 10,900 in April, bringing to 53,400 the reflux recorded since early 2011. Either close to 1600, the total number of job seekers in less expected for the full year 2011 by employment center. In one year, the variation is almost stable, rising by 0.2% is far removed from + 25% recorded two years ago.In late April, there were 2.67 million unemployed was not active in France.
Labour Minister, Xavier Bertrand, welcomed the figures, which he had already unveiled the trend earlier in the day. "This fourth consecutive decline in category A is an important sign of crisis. We must now intensify. Margins for further exist because all the measures we have taken on learning or assisted contracts are not yet in application, "he said.
Rising unemployment part time
For the fourth time since October 2010, the number of jobseekers registered in categories A, B and C (including the unemployed engaged in a Pool) also declined from 6300 on a month to reach 4.04 million people.In other words, if the number of those unemployed decreased than those in reduced activity increased (from 4600) but to a lesser extent: impact of an economic recovery that is primarily through the development of small jobs and Part-time jobs, only opportunities available to job seekers so that switch of category A to B and C.
"We can only rejoice that the full-time unemployment is down but at the cost of increased insecurity and unemployment, part time," says Francois Chereque, secretary general of the CFDT, for which this new situation has important consequences. "Young people who alternate periods of unemployment and insecurity in early life will be dragged on for years and this will impact in terms of salary increases, career advancement or retirement rights," he justifies .If the number of unemployed in category A, B and C only increases by 3.3% over one year (cons progressions around 20% there are still two years), the increase in those engaged in a Pool of more than 78 hours a month is close 13% over the same period.
Youth down
The rest of the April data is consistent with trends observed in recent months. The number of registered voters under 25 years in Class A, B and C continues to decline (-0.5% on a month to -4% over a year) while those over 50 years continues in reverse to rise (+0.9% over March and 14.1% in twelve months). The horizon is not cleared for the 1.53 million long-term unemployed (unemployed for over a year), whose number swelled from 0.1% over one month and 11% yoy . It is especially bleak for those registered for more than three years are 18.4% more than a year ago to point to the employment center.Not since January 2000 to find such a level. As for the average length of unemployment, it rose by two days to 450 days.
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Jean-Charles Naouri, the head of the Casino Group, did not appreciate that Lars Olofsson, Executive Director of Carrefour merger talks with its ally Brazilian Abilio Diniz. "Casino was never informed of the existence of such negotiations, even though the agreements that bind us to the group Diniz (…) provide that both parties should take all important decisions by mutual agreement. Casino rights (…) are fully established, "wrote on Monday, Jean-Charles Naouri Lars Olofsson, and the chairman of Carrefour, Amaury de Seze.
This letter also stated that Casino has "received on the night of Mr. Abilio Diniz, a letter confirming the existence of contacts with Carrefour and expressed its willingness to abide by our agreements."Jean-Charles Naouri "draws attention" to its competitors on the fact that no negotiation can be initiated only with Abilio Diniz: Casino and he exercised joint control over the number one Brazilian sector, CBD. And his boss does not seem to consider a merger with number two, Carrefour Brazil …
Meanwhile how OL GROUP, led by Jean-Michel Aulas, will provide funding for a new stadium, investors seem to be on the lookout for any new funding. On Monday, the track climbed nearly 2% to 5.90 euros after the announcement this weekend by the management of the signing of the syndicated loan of 57 million. The group currently holds the club's third championship in fact explains in a statement it had finalized with Credit Lyonnais, Groupe CM-CIC (as mandated arrangers) and BNP Paribas (as arranger) this line of credit a maturity of 3 years, "with an option to extend for one year." Other consortium members are bank Societe Generale, HSBC, Natixis and Banque Populaire Loire and Lyon.More than the mobilization of new financial, OL Groupe thus increases its flexibility by bringing together under a single credit to longer maturities and unique, its old lines of credit previously negotiated on a case by case and according to different timelines, with each bank . "The credit line is part of a substitute bilateral credit lines currently in place," said Chief Financial indeed.
Avoid tap into cash
Figaro.fr reached, the group does not want to give details of the use of these funds, but said "they will not be allocated to build the new stadium payday loans. They will secure the needs of medium-term funding to continue the group's strategy in avoiding the use of cash. " In late 2010, it (net debt) amounted to 8.2 million.The group said in a statement that the proposed new stadium will be dedicated funding, "under consideration". The latest plans known to management, project financing would be split apart roughly equally between bank loans, funds provided by the club itself, and commercial contracts. However, the project now appears stalled, while the group is still awaiting authorization from the Stadium of Light in the suburbs of Lyon. In 2009/2010, the net loss of one football club side at the Paris Stock Exchange reached 35.6 million euros, hit by a decline in product transfers of players.Last February, the club has however announced a reduction of 2 million euros of its semi-annual net loss to 6.7 million.
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A symbol of French fashion has changed hands. After several weeks of discussions, the sale of the Jean Paul Gaultier to the Spanish group Puig was confirmed Tuesday. Perfume specialist, this quiet family business Catalan is not a novice in fashion. It owns the brands Nina Ricci, Paco Rabanne and Carolina Herrera, she manages the business of ready-to-wear and fragrances operates. Moreover, this expert also manufactures and distributes toilet waters claws Prada, Comme des Garcons and Valentino. But also the general public perfumes Zara and Mango or artists Shakira and Antonio Banderas. It also manages the luxury cosmetics brand Payot and supermarkets in Spain. Puig has achieved a turnover of 1.2 billion euros last year, and net profit of 130 million euros.
To get your hands on the former troublemaker of French fashion, he spends about 100 million euros, 60 million to take over 45% of Hermes Jean Paul Gaultier. This is a book profit of EUR 30 million for Hermes. The designer, advised by the bank Aforge Finance, Puig also sells 10% of its shares, thus assigning to the control of his home, he agrees to be diluted to 45% of capital.
He remains master of the creation and image. " The remaining investment will be devoted to a development plan by Jean Paul Gaultier, especially in the accessories and distribution in Asia payday loans with no fax.
Manna fragrances
Other candidates were interested in the brand, which PPR (which owns Gucci) and perfumer Coty (Chloe, Balenciaga), who quickly closed the case. Inter Parfums (Burberry, Lanvin) was launched in the race without much conviction.At the finish, Puig has eclipsed the joint project presented by the Chinese group Fung, who has just bought Cerruti and Robert Clergerie, and Japan's Shiseido. The latter, through its subsidiary Parisian Beauty Prestige International, is behind the success of Jean Paul Gaultier fragrances, which are the real gem of the house.
If fashion and haute couture have made 26 million euros in turnover last year, with a slight loss, fragrances, with several bestsellers, representing several hundred million euros in turnover business very profitable. This is manna for the moment at Shiseido, until his contract expired in 2016, when Puig likely want to see it reach its other lines. Among them, Paco Rabanne has become a cash machine. Perfumes represent 83% of revenues Puig.
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