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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The Cairo Stock Exchange will not reopen its doors on Monday, as announced on state television last Thursday. The president of the financial Egyptian Khaled Serry Seyam, who said that Saturday, the official MENA news agency. "The date of resumption of the stock market has not been set. It will be decided in light of events, and the reopening will be announced 48 hours in advance, "he says.
The announcement of the President of the Cairo Stock Exchange comes as the uprising demanding the resignation of President Hosni Mubarak, has entered its twelfth day. Anxious to find solutions to these events, it decided to convene on Saturday morning, the ministers responsible for economic issues.According to Mena, were present Prime Minister Ahmed Shafik and the Ministers of Petroleum, Trade, Finance, Social Solidarity and the Governor of the Central Bank. No details were given on the topics discussed.
"The economic potential of the Egyptians is important"
It must be said that the financial and economic conditions imposed such a meeting: closed since January 27 last, after closing down more than 10%, the Cairo Stock Exchange has lost about $ 12 billion. Moreover, according to ratings agency Fitch, the GDP of Egypt would "fall sharply" due to the closure of businesses and banks fast cash advance loan. Moreover, the Organization for Economic Cooperation and Development estimated losses due to cutting of the Internet to 90 million U.S. dollars.
Economically, many countries and companies repatriate or reduce the number of their expatriates in Egypt, some foreign groups to suspend their production in the country. The cost looks important, tourism has generated about $ 13 billion in 2010, with 14.7 million visitors.
The good news is banks. Closed for a week, they will reopen their doors this Sunday at 10 am (9 hours in Paris) until 13:30 (12:30 in Paris). It is the deputy governor of the Central Bank, Hisham Ramez who announced Saturday. This should help speed the reopening of the Egyptian financial sector. Since banks will have sufficient liquidity to ensure all transactions. While the challenge seems to be marking time, a return to normal economic prepares."If economic and financial solutions are found quickly and that the country does not fall into chaos, the economic fundamentals of Egypt long term will not be questioned. Its potential will remain important, "says Vincent Juvyns, strategist at ING IM.
Social dialogue in small businesses. Taxation. Pensions. Dependence. The employer representative. Professional services are on all fronts. "I am delighted that a member of the government, Frédéric Lefebvre, is again in charge of the professions. We want our role is fully recognized in the economic and social debate. 750 000 entrepreneurs Liberals talk every day to 5 million French people in their professional activities, "said David Gordon-Krief, president of the National Union of Professions (UNAPL) last year.
This organization brings together 65 associations and unions representing both notaries as physiotherapists, insurance agents as architects, lawyers and nurses. Because the professions have felt neglected and sometimes abused until recently despite their economic weight.They realized a turnover of 180 billion euros and employs 1.8 million workers. Approximately 10% of employees in France. They employ nearly 86% of women. They create jobs.
"Sustainable Enterprise"
"We're an actor in the vitality of the territories. We are creating jobs in small towns and rural areas. We create sustainable enterprises. The pharmacist, the accountant, the doctor will not relocate their activities. We created 60,000 jobs in 2008, both in 2009 and 2010. We pledge to create 100,000 this year, "said David Gordon-Krief. UNAPL has signed an agreement last November with Secretary of State for Employment and partnership with the employment center payday loan no faxing. It develops activities for young people.
David Gordon-Krief also wants to promote women's role in launching a think tank in Women professions."We want to identify drivers of success and the obstacles women still face. By sharing their experiences, they exchange in order to stimulate new ideas about their place, their future in society's interest to bring such business model in other industries, "says President UNAPL. He asked Roselyne Bachelot, Minister of Solidarity and Social Cohesion, for the launch of this think tank to be held March 8 at the Women's Day.
Determined to be considered a full partner with government, UNAPL wants recognition as an actor of social negotiations as well as the MEDEF, CGPME and UPA, representing artisans and merchants.
Francois Fillon, in his policy speech in November, announced his intention to address this question, but it no longer seems to be among the priorities of the executive. "The employer's representative must be as broad as possible. We hope that the actors find a reasoned solution. This must be done if the events are likely to impose reform. And Pandora's box is opened. We will make every effort to find a solution agreeable to all. It is the sense of history, "says David Gordon-Krief.
The "hawks" are back in Frankfurt. While inflation has increased "more than expected" by the European Central Bank, at 2.2% in December, raising the main interest rate, set at 1% over a year n ' is excluded.
"On inflation, we are on constant alert," confirmed on Thursday, Jean-Claude Trichet, at the end of the monthly conference of Governors in Frankfurt. "We are never committed in advance to leave unchanged the level of our interest rates, which aims at maintaining price stability," he said, assuring that the ECB saw "no dilemma" between higher possible rates and the fragility of the economy.
The ECB's mandate requires it to maintain price stability around 2% "medium term", that is to say more than six months.For now, the ECB sees inflation increase as "short term", that is to say, by the summer, with a deceleration in year-end. If this scenario continues, the ECB should not raise its key rate this year. Otherwise, the risk of a tightening of monetary policy is very real. Especially since the euro-zone inflation is driven by commodity prices, are difficult to predict six months in advance. "This is a conditional caution," says economist James Nixon of Societe Generale in London.
At his press conference, Jean-Claude Trichet has twice alluded to higher interest rates, decided by the ECB in July 2008, he felt justified, while the price of a barrel of oil ablaze to 147 dollars, against a backdrop of financial crisis and weaker dollar. At the time, the decision of the ECB had been widely criticized by governments, particularly in Paris.If it happened again in the current debt crisis, it will not fail to provoke very negative reactions from European capitals.
Rise of the euro against the dollar
A rise in interest rates in the short term can certainly calm prices, through higher rates, reducing energy bills, but also weigh the cost of borrowing for states most fragile in the euro area, Ireland, Greece and Portugal, and on the balance sheet of banks in the euro area.
On Thursday, markets were quick to respond to Jean-Claude Trichet. The interest rate loans to Germany two years has gained 12 basis points to 1.103%, leading to higher European interest rates all the same maturity, while the euro climbed to 1.3279 dollars, against 1.3206 before the press conference of the ECB.
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LE FIGARO. Do you know exactly what you blame your employer?
Bertrand ROCHETTE. -The interview lasted nearly an hour, and I still do not know, nor understand the specific complaints made against me. The people at Renault me just suggest that I received money from a foreign source. And, given my responsibilities, they are convinced that I could provide sensitive information in exchange. I immediately denied without really understanding what I was guilty. This story for me is madness. I feel like in Kafka's The Trial …
How did your interview prior to your possible dismissal?
With a certain courtesy, I would say a certain quality relationships.I do not wish to enter into polemics with Renault, a company I work for body and soul for twenty-two years with the feeling of a job well done. But they are in a steamroller approach and already warned me that there would be legal action taken. I go into an unknown world. I'll probably lose my job and I have no idea of the evidence available Renault. Until then, I had the impression of having succeeded in my business, to fight with him and she trusted me.
Do you have offshore accounts?
I did not and I never had no account in Switzerland, Liechtenstein, Panama and elsewhere. I have never given or transferred sensitive information to the outside. I'm aware enough and professional not to do anything.I want to say that I've never been approached or solicited in one way or another to provide personal information payday loan.
Can there be any mystery about your accounts in France?
Of course not. I've never been paid any money. It's so horrible that night, I recheck all the accounts on all movements to try to find an irregularity …
What are your exact functions in the company?
Nothing that can affect this so-called espionage! I am responsible for projects for front line vehicles. I design vehicles to offer solutions to specific requests. This activity animation house that does not cover electric vehicles, because Renault has created a specific direction given the new challenge it represented. This organizational arrangement is logical because the ambitions of the company.Besides the fact that I do not work at all on the electric field of my intervention is not an area of deep technical expertise, whether body or engine. I know Michel Balthazar, who is my superior, and very little Matthew Tenenbaum
Do you have contacts with clients?
Never! And I'm never in contact with suppliers. I do not work in-house and does not travel very little, mainly subsidiaries of Renault. I am too involved in my work Technocentre Guyancourt. Since the beginning, I made a trip to Korea to see a subsidiary of Samsung who holds no secret. I have nothing to hide …
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France remains the largest AAA. This note, the best is always what the rating agency S & P (Standard & Poor's) – one of three major awards at the world-France.And what is triple A party to last at least a few months since S & P's note accompanying a stable outlook.
This assessment "reflects our views on health and strength of the French economy, the political environment, which we estimate to be flat and oriented towards prudent economic policies," says Marko Mrsnik, an analyst for S & P cited in the statement.
S & P increases the scenario in which the French government will continue its effort of fiscal consolidation and "could reduce the deficit to about 3% of gross domestic product in 2013."
France has promised to reduce its budget deficits (government, social security, local) of 7.7% of gross domestic product (GDP) this year, a record at 6% next year.Paris is a deficit of 4.6% of GDP in 2012 and 3%, the maximum allowed under the European treaties, in 2013.
Debt in a few dates and figures
The debt of France amounted to 1591.5 billion at the end of second quarter 2010 (latest figure available), or 82.9% of gross domestic product (GDP). It is expected to exceed 1,600 billion at end 2010 to 83.2% of GDP, or about 25,000 euros per capita.
It increased by almost 60% since 2003, during which she had crossed the symbolic threshold of 1,000 billion euros and the 50% of national wealth. The mark was surpassed 500 billion in 1993. Ultimately, the burden of debt to GDP has tripled in 30 years.
The Department of Budget expects that the French debt will represent 86.2% of GDP in 2011 before reaching 87.4% in 2012 and to decline slightly.Government debt is owned 70% by non-resident investors, a figure rising steadily in recent years.
A closed
In the "club" very closed countries rated triple-A by all three agencies (S & P, Fitch Ratings and Moody's) include, in addition to France: Germany, Netherlands, Finland, Austria and Luxembourg in the euro area; Norway, Sweden, Denmark, Switzerland and United Kingdom in the rest of Europe, USA, Canada and Singapore around the world.
S & P, "an issuer of bonds rated AAA has extremely strong capacity to meet its financial commitments." Moody's, the Supreme Aaa rating thus reflects a "strong economic, financial and institutional exceptional, allowing unfettered access to credit" and requires that "no conceivable impact is likely to affect repayment capacity."Fitch, meanwhile, explains that "the political will and capacity to mobilize resources to meet their financial obligations is a key element of sovereign credit reliability.
The rating agency Dagong Chinese, meanwhile, has awarded its own "Triple A" only seven countries: Norway, Denmark, Luxembourg, Switzerland, Singapore, Australia and New Zealand. It notes the AA-France, the United States and Germany AA AA +.
With agencies
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Heavily criticized for his handling of the debt crisis, Angela Merkel can at least count on the support of Nicolas Sarkozy, will host today at Freiburg on the occasion of the thirteenth Cabinet Franco-German. On Thursday, the Elysee said there was "no place" to discuss the issue of Eurobonds, "while the Euro has come to an agreement on a permanent mechanism for crisis . The Chancellor strongly opposed on Monday the creation of "Eurobonds" advocated by Jean-Claude Juncker, chairman of the Eurogroup, and Giulio Tremonti, Italian Minister of Finance in order to pool European debts. "Such obligations do not allow competition among interest rates," Critical Angela Merkel, who considers the principle of common obligation contrary to the European treaties.
Annoyed, the Prime Minister of Luxembourg held the refusal of Berlin "anti-European", immediately attracting the wrath of the Chancellery. "That does not Europe, if its members qualify each other of anti-Europeans", replied the voice of Angela Merkel. These passages of arms between euro zone leaders bodes ill for the European Council next week will be devoted to the debt crisis.
Position "tactical"
Cabinet francoallemand Day aims to resolve differences through a united Franco-German.Without being hostile, in essence, the creation of Euro-bonds, or increase the Fiscal Stabilization Fund, advocated by the IMF, Paris, Berlin household, whose agreement is necessary to enter into a treaty European mechanism of stability (MES) enabling the rescue of a state of the eurozone, even impose on the private sector "restructuring" of the debt.
"The attitude of France is mostly tactical, because it has an obvious interest in having these Eurobonds" says Guy Verhofstadt, former Belgian prime minister, MEP and astute observer of the Franco-German.Germany believes it has no incentive to let the Eurobonds, but if the pressure on the euro continues, it can not avoid it. "
By pooling some of their debts, most states in the euro area, including "PIIGS"-Portugal, Ireland, Italy, Greece, Spain, would benefit from higher interest rates and a financial incentive to comply the Stability Pact. But Germany, she is afraid to pay more for debt issued jointly with unscrupulous borrowers. "If the German bond rate is lower than in the Eurobond, it must be a mechanism for financial compensation for Germany," says Guy Verhofstadt.
In this debate, France was careful to make revolutionary proposals, likely to hit Germany. "The Elysee is dedicated primarily to influence the German position, which is already not bad," says a diplomat.In Germany, the positions are already moving. On Thursday, a key government economic advisers, Peter Bofinger, expressed support for Eurobonds.
It is no coincidence that the Greek Finance Minister George Papanconstantinou, waited until the eve of EU summit to announce bad news: the revision of the public deficit from 13.6% to 15% of GDP. Official figures published by Eurostat are in mid-November. And the Greeks have debated for several days in the press. But the government seems to want to take part in the debate on the revision of treaties backed by France and Germany, without regard for the moment of impact on financial markets, convinced that Greece will "restructure" its debt is to say, negotiate a deferral of repayment.
"Europeans must take into account the Greek example and provide the bankruptcy of a member," said political analyst Giorgos Kirtsos, editor of City Press newspaper."It is impossible to repay the 110 billion euro loan from the IMF and the EU in just three years: we will have to restructure our debt in an orderly manner. For us it means more time and a better rate to pay, "he adds.
Not covered by treaties today a restructuring would allow Greece, who has accumulated 300 billion euros of debt, declare bankruptcy without messing in the markets, by paying its creditors on a date Later, at a price negotiated. "Greece could well ease the austerity plan imposed by the IMF and the EU and contain social unrest," said Giorgos Kirtsos overnight pay day loans. The hypothesis of the restructuring had been raised in December 2009 when the Greek crisis erupted.At that time, the EU had no bailout and many experts say that if this were the case, billions of euros were saved and the Greeks would have avoided the horrors of such a rigorous .
Municipal Elections
In one week, the Greeks are called to vote in municipal elections. The Prime Minister, George Papandreou, took part in the campaign by turning it into a plebiscite for or against leaving the country of the crisis this way, of course, by the rigor. In his speech during a televised debate, he has also not ruled out holding early parliamentary elections on failure of the Socialist Party in municipal elections. But the possibility of a new political instability in the country has again rattled markets. The announcement of the new deficit figure has boosted rates Greek to ten years from 9.7% to 10.2% in twenty-four hours.Given these uncertainties, the hypothesis of a de facto restructuring is reactivated.
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Between 25 and 30 million of new money
Rumours of a takeover, at least part of Paris Saint-Germain resurfaced. According to Expansion, Sébastien Bazin, representative of Colony Capital have signed an agreement to sell a stake in the club at the Al Thani, Qatar's royal family. The deal would cover 30% stake in the club, valued by Colony by at least 80 million euros. The royal family of Qatar, which has already acquired the Spanish club Malaga this summer for a check for 36 million euros and inject between 25 and 30 million euros in the PSG. The transaction is conditioned on the other hand the award to PSG by the Mayor of Paris from a long lease (lasting between 18 and 99 years under French law) to operate the Parc des Princes.
Colony denies sale
Contacted by L'Expansion, Colony Capital, who has never hidden its intentions to withdraw from the club where the offer is interesting, has categorically denied "having signed an agreement with any investor whether for all or part PSG flexcheck cash advance capital. "The main shareholder of the Paris Club does not, however, denied that discussions have taken place over several months between the two parties. Expansion states and the eventual agreement was signed in early October, days before the Prix de l'Arc de Triomphe, sponsored by the emirate of Qatar. That day, discussions would then take more consistency. If Colony has denied the prospect of obtaining the land lease from the Parc des Princes, very likely because Colony has succeeded in ousting the latest candidate to obtain it, has certainly attracted investors.Because if he gets the lease, the U.S. pension fund may engage in what he wanted from the beginning of his appointment in 2006 to commercially exploit the Parc des Princes in the renovating and landscaping the complex commercial and / or hotel.
A giant American hotel is about to transform the old courthouse in Nantes in a hotel with 142 rooms Radisson SAS. Scheduled to open in 2013. In the Philippines, Carlson opens next week a brand new hotel with 400 rooms in the country's second city, Cebu. He is also preparing to open in spring 2012, a new resort with swimming pools and tennis in Corsica, near Porticcio …
The American family group Carlson, owner of hotel brands Radisson, Country Inns & Suites, Park Inn and Park Plaza, goes into high gear by accelerating the pace of opening its hotels worldwide. The goal is ambitious: he wants to get their number from 1075 to over 1500 by 2015. 250 are already under construction, in partnership with real estate investors (Carlson owns less than a hundred hotels).
"We are the ninth global hotel group, Le Figaro said Hubert Joly, president and CEO of Carlson. Our brands have a strong development potential, especially in emerging countries. " In India, the group intends to use more than one hundred hotels by 2015. It already boasts a leading position in the country with about thirty institutions. "There are many hotels in India than in New York, noted Hubert Joly. This room is 0.1 per 1000 inhabitants, while it is 15 U.S. and 10 in Europe. " China is also one of its priorities. Carlson is already ten hotels. It plans to open ten more by 2015."China today is overcapacity, but the trend is reversed with the global economic recovery and development of the middle class in China," he justified, noting that currently there are only 2 rooms per 1 000 inhabitants in China online payday loan lenders.
Upmarket
United States, the priority is more upmarket than growth. The Carlson group operates 649 hotels across the Atlantic, and the park has missed his last years of renovations. There will spend 1 to 1.5 billion by 2015, while preparing to open two flagship hotels Radisson SAS in Chicago and Minneapolis, the city headquarters of Carlson.
Last year, Carlson has generated a turnover of 40 billion dollars in the minority with its hotels.The band is indeed also present in the restoration (1000 establishments, under the brand TGI Friday's mainly) and especially the travel business with Carlson Wagonlit Travel, which performed last year $ 25 billion of business volume . Ironically, France is a small country for Carlson, while its owners – the heirs of the founder Kurt Carlson – chose to lead a French group. There are only 23 Radisson hotels in France. "We did not set a numerical target for development in France, acknowledges Joly, knowing that three hotels are under construction (in Nantes, Corsica and Defense). If TGI Friday's is destined to grow outside the U.S., it will be mainly in emerging countries."Our goal is 500 TGI Friday's off U.S. by 2015, said Hubert Joly, but we have no plans openings in France."
In travel, the group has recently teamed up with New Frontiers, to transform its 350 travel agencies in the Carlson brand Havas Voyages.
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