Washington correspondent
Groupon refused to sell to Google last December for $ 6 billion. From Monday, October 24, the company of Chicago, specializing in online distribution of discount coupons for shopping in local markets, should make its IPO on the basis of a valuation of 10 to 12,000,000,000 dollars . However, it is far from the capitalization of 15 to 20 billion, of which Andrew Mason, founder of the company was still dreaming in June.
Several developments have forced Groupon to be more modest. The first hit all companies eager to use public savings. This is the market collapse in August. Investors, fearing a relapse of major economies in recession, are much more circumspect.The proposed IPO of Groupon had been suspended between August and October.
Even more problematic for Groupon: missteps have troubled his potential investors. On the intervention of regulatory authorities, the firm three years old had to revise up sharply the amount of its actual expenses. She had initially forgot to include online advertising spending to acquire customers. And without the investment of 432 million over six months, she could never show a turnover of 688 million.It is only through this aggressive marketing Groupon also have accumulated more than 115 million subscribers and more than ten-fold increase in sales in one year.
Affected by other accounting blunders – including the inclusion in its sales revenue and then transferred to merchants – the CEO of Groupon, Margo Georgiadis, resigned after only six months on the job easy payday loans. It has not yet been replaced. In addition, Groupon has to convince that his model is viable and that the start-up can stand up to the strong competition rages, especially from Amazon, Google and industry experts as LivingSocial. For now, Groupon is the industry leader – an advantage that distinguishes all Internet companies tempted by the Stock Exchange today.
Sunrise 500-700000000
But stay number one requires a considerable investment.Number of traders attracted by its staff are aware of the experience that customers quickly drawn into their shop with coupons do not necessarily come. To remain attractive to merchants, Groupon and peers rely on the creation of thematic niches (travel, babies, etc.)..
All this explains why Groupon not trying at first to rise from 500 to 700,000,000 dollars. If strong demand materializes, it could go further, or wait a few months and get a higher valuation. Advised by Morgan Stanley, Goldman Sachs and Credit Suisse, Groupon could also benefit from investors' appetite for Internet stocks. Of Zynga Facebook, candidates are numerous, but few have passed the time.
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The billionaire Mohammed al-Fayed and Ali were settled. After months of hesitation, the brothers launched heavy work at the Ritz. "We will close the entire hotel and early summer of 2012, says the management. We hope to reopen for Christmas in 2014 or, at worst, for couture fashion shows in January 2015. The exact schedule will depend on discussions with the social partners. "Mohammed al-Fayed, who calls himself" very attached to the Ritz and its 500 employees ", unveiled his plans at a works council on Monday. "His decision was not easy to take because it will have to part with a number of employees the time of the twenty-seven months of temporary closure, said a spokesman for the Ritz, but denied the figure of 500 layoffs.We hope that the reclassification will be facilitated by the opening of several hotels in the capital and postulates that our staff at the reopening. "In the luxury hotel business, and more at the Ritz, the regulars like indeed to deal with familiar faces.
Rooms, suites, gardens, restaurants, spa … everything will be redone and brought up to date. According to the architects of historical monuments which guard the classified parts of the Ritz, al-Fayed will benefit from the work to restore them. "In the parts not listed, there must be the recent demolition of buildings, explains Gabriel Matar, director of real estate consulting firm Jones Lang LaSalle Hotels. And refurbishment of public areas, such as the lobby. "Work on the Place Vendome should also help to link the car park, managed by Vinci, at the hotel.This luxury that did not exist at the time of Diana, the stars will come and go discreetly. As revealed in our survey ("The Ritz at the dawn of the Renaissance," our editions of 25-26 June 2011), the project was entrusted to architect Thierry Despont. Based in New York, the French had recently abandoned the site of the Peninsula, near the Arc de Triomphe. Reportedly, the work is estimated at 200 million euros. The exact bill will depend on negotiations with the unions.
Already in 1979, when he bought the Ritz to the heirs of the founder, Mohammed al-Fayed had invested 250 million euros in outstanding work, including the construction of the most beautiful pool in Paris. From 1980 to late 1990, the Ritz is true to his legend. Several elderly heirs live throughout the year and the stars of Woody Allen to Kate Moss, make it their preferred address.
A symbolic death
And then, the drama. On August 31, 1997, Diana and Dodi dined there the night of their deaths. Mohammed al-Fayed will never recover from the loss of his eldest son. Withdraws into the palace itself. As if the Ritz was also symbolically die. In spring 2011, the State denied him the new name "palace." The Ritz has to settle for a five-star rating. Mohammed and his brother, aged 80 and 78, have the choice of selling or investing. Bellehaven installed, an enclave for billionaires near New York, Ali al-Fayed is not passionate about the hotel, as his son, who created Bespoken, a line of clothing dandy. The fate of the Ritz was decided in London, home to Mohammed al-Fayed.
Everything changed in May 2009.To everyone's surprise, his youngest son, Omar, supposed to take over his father, resigned from his administrative positions at Harrods and the Ritz and disappears into the wild. Ten months later, the billionaire gives Harrods the royal family of Qatar. Therefore, Mohammed al-Fayed has the cash to replace the Ritz afloat. After some wrangling, he finally decided and for the delight of lovers of the Ritz.
From our special correspondent in London this small affable man with a mustache in suit and tie eight months ago was still at the heart of the Libyan regime of Colonel Gaddafi. Chokri Ghanem presided over the national oil company, NOC, key partner for foreign producers. Yesterday and Tuesday, Ghanem was in London one of the guest stars of the annual Oil & Money ("Oil and Money"). For in the oil industry, the former Libyan dignitary has always enjoyed a reputation as a respectable career.
Prime Minister of the Guide, he was the architect of the return of Libya in the comity of nations before being dismissed in 2006. He had the good sense to defect in May, and moved between Vienna (OPEC headquarters where he has long represented his country) and London.It was at Vienna that Chokri Ghanem was the guardian of one of Gaddafi son, Seif al-Islam, which was regarded as before the rebellion, modernization.
With this pedigree, the diagnosis of Ghanem on the prospects for black gold in Libya was carefully listened to by the cream together oil on the edge of Hyde Park. He said Libya will not return to its level of production before the war (about 1.6 million barrels per day) prior to eighteen months while the production may rise to 350,000 barrels a day currently to 500,000 in the coming weeks .
Workers protest
More than massive destruction, looting Ghanem evokes parts and piping of oil installations. Two thousand and 4×4 have gone, stolen by the rebels or simply stolen. But the main problem, according to the former official, is the lack of security of oil fields.Added a new unimaginable before the war: the oil workers increasing protests and claims.
A fellow Ghanem, Abdallah Salem el-Badri, the current Secretary General of OPEC, also present in London, is more optimistic. He expects a return to 1.6 million barrels per day within a year. Neither of the two Libyans anticipate any changes in short-term contracts with the "majors" Foreign strong support for Libya.
Chokri Ghanem there a future in the new Libya? "I do not think it's a good idea to go," says the former "Mr. Oil" Gaddafi by announcing months of instability. Far from Tripoli, he just turned 70 years old and aspires to peace.
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It's a real bolt from the French audiovisual landscape. Wednesday morning the competition authority has simply removed the authority granted to Canal + in 2006 to buy its rival TPS. Result, Canal + and its parent Vivendi will re-notify their proposed acquisition of TPS before the competition authority in a one-month periods. In addition, the authority sanctioning Canal + up to 30 million euros.
The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.
Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels business cards.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"
Gendarme Competition
All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The competition authority had imposed severe conditions, but Canal +, no one has apparently ignored it.
With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.
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Site managers have the smile of memory. While attendance at places recalling the two world wars is rising, the events will be even more gratifying. In 2014 will indeed be celebrating the centenary of the beginning of the First World War. A great event that is expected to attract many visitors, French and foreign.
A study Trump France on the economic weight of this sector, 56% of managers has provided for very short-term investments to enlarge the reception area, improve the scenery of the place, upgrading showrooms or implement new services such as mobile applications.At the Douaumont ossuary, in Lorraine, where a cemetery pays tribute to fallen victims of the Battle of Verdun, the projects are already defined: "We expect the complete renovation of the monument which will be subsidized by the state, region and department. New exhibits will also be installed, "said one official.
The Museum of the Great War in Peronne, efforts will focus on the renovation media: "we will launch the iPhone and Android affecting up to visitors. They will be more useful in 2014 when more people will be equipped smartphones, "said Karine Loison, Cultural Attaché of the museum. "These are important tools to enhance exhibitions, highlighting items that we keep in reserve, which allows video recording, interactive courses for children," she adds.Other changes to the program, including signage and the replacement of audio-guides "a little tired," will be detailed to the public on the museum site in September. "We must prepare for this year 2014 will be very important," said Karine Loison.
"Hang the young"
More massive investments will even give rise to new infrastructure. Among the flagship projects include the opening and in the country of Meaux (Seine-et-Marne) Museum of the Great War of 7000 square meters, which will use the latest technology no teletrek payday advance. It was inaugurated on 11 November. "It's both a museum of history and society, to help understand the contemporary world," said the mayor of Meaux, Jean-Francois Cope, at the First Assembly of remembrance tourism held in Senate in May
"It should also be noted that France has the remains important in its territory that must develop, enhance," says Joseph Zimet, deputy director of the memory of the heritage and archives of the Ministry of Defence, which states that scarcity of witnesses is also one of the reasons why managers to invest to preserve the memory of these places. The longer term objective is clear: "hang the younger generation" a duty to remember. "The 100th anniversary will take place in the heart of the miracle of peace in Europe, to be put forward," said Daniel Percheron, President of the Regional Council of Nord / Pas-de-Calais, which emphasizes "the universal dimension" of the event.
Meanwhile, the management of memory and heritage archives of the Ministry of Defence hopes to establish a tourism observatory memory and perpetuate the appointment of foundation organized around its players. The next will be held in Lille in 2013.
SEE:
"The site interdepartmental www.cheminsdememoire.gouv.fr, which lists all the important memorial sites in France.
"The video presentation produced by the Ministry of Defence and projected opening of the Assembly of Tourism Memory:
On the paths of Memory: MEMORY FOUNDATIONS OF TOURISM davbon99 from on Vimeo.
Low growth, but at all levels. The Bouygues group announced Wednesday an increase in sales of 4% in first half (1% at constant exchange rates) to 15.2 billion euros and a net profit of 391 million euros, withdrawal of 27% over the same period the previous year. The net result appears, in turn to an increase of 6% to 752 million euros, the group said in a statement. The debt ratio of the group remains unchanged from the end of June 2010 from 43% to 42%.
As for the 2011 second quarter results, they are also an improvement over the second quarter of 2010. Revenues rose 4%, with an increase in trading profit of 11% and net income of 2%. For its first quarter 2011, Bouygues had reported a turnover of 6.686 billion euros (up 4%), and net income of 34 million euros.
The positive interim results allow Bouygues to revise upwards the target of revenue, it is revised upward to 32 billion euros.
Good activity for all occupations, despite Alstom
All trades of the Bouygues group showed a good business in the first half. Construction Bougues renewed growth and recorded a turnover of 4.7 billion euros, up 4% (+5% in France, 2% internationally), with net income which amounted to 94 million euros (+6%). The order book of the subsidiary recorded a record 15.5 billion euros, up 12% compared to June 30, 2010 and includes the project Balard, up to 1 billion euros.
TF1 realizes a turnover almost stable at 1 no teletrack payday loans.278 billion euros, confirming its ability to control costs and adapt its business model.The group's net profit stood at 119 million euros (61%).
As the group announced, following a first quarter strongly affected by non-recurring expenses, the financial contribution to Alstom was down sharply, with net income of 94 million euros in the first half of 2011 ( 216 million euros in the first half of 2010). However, in line with the second half of 2010/2011, Alstom has experienced strong growth in orders in the first quarter 2011/2012 and confirmed its operating margin target of between 7% and 8% for the year 2011/2012.
Issuer bid of 1.25 billion euro
To address the recent decline in its stock price (-27% since June 1), Bouygues said on Wednesday a draft tender offer in its own shares for total of 1.25 billion euros.This offer is for a maximum of 11.7% stake in the company at a price of 30 euros per share, representing a 30% premium on the closing price on August 30 and a premium of 29% on average months. The repurchased shares will be canceled, the company said in a statement released Wednesday.
The transaction will be submitted for approval at the extraordinary general meeting to be convened on October 10. For information, the offer would be open from 11 to 31 October 2011.
This morning, the rating agency Moody's affirmed the A3 rating of the group, with a stable outlook.
Shortly before the opening on Tuesday on Wall Street index futures Standard & Poor's 500 and Nasdaq 100, respectively, yielded 0.74% to 1199.20 points and 2207.50 points to 0.56%. The Dow Jones was waiting for his part, down 0.59% at 11,449 points.
After the flight of the day, the New York Stock Exchange and could catch his breath at the opening on Tuesday. Profit taking, mixed with caution always appreciated by investors, seem to encourage U.S. stock markets to begin the session backwards. Even if the words, held last Friday by the Federal Reserve Chairman Ben Bernanke reassured, prompting indexes rebounded strongly yesterday, investors remain worried.As recalled in a note Tuesday that Jean-Michel Six, chief Europe economist for Standard & Poor's, a "recession" double-dip "is preventable, but the risk increases."
Real Estate and Consumer Menu
Investors monitor more than ever the various macroeconomic indicators of the week free credit report and score. Both are on the agenda for this Tuesday: the Case-Shiller real estate index of house prices for June, from 15.00. Then will come at 16:00, the numbers of consumer confidence for August.
The minutes of the Federal Reserve (Fed) minutes of the last meeting of 9 August, the Monetary Policy Committee (FOMC) of the U.S. central bank will also be observed under the microscope, after market close, at 20:00 Paris time .
On the corporate side, no major publication on Tuesday.Bank of America on Monday launched a new large-scale operation to strengthen its capital by selling about half its stake in China Construction Bank, which allows him to approach the future requirements of rules known as "Basel III". The bank will retain 5% stake in the establishment of China (BCC) after this transaction, which must be completed by the end of September. The sale includes 13.1 million shares of the CCB to a group of investors.
The mining industry in developed countries is not quite dead. Yet the crisis of 2008 had seemed to him a fatal blow, after years of attrition caused by the scarcity and soaring costs of extraction. But today, the United States, the United Kingdom, Canada … mines reopened thanks to soaring commodity prices.
Chibougamau camp, north of Montreal, had not survived the collapse of prices and had to close in 2008 after fifty years of activity. But the soaring price of copper (+47% in one year), gold (+40% in one year) and money (113% in one year) has to hope René Galipeau, CEO of Nuinsco: "Hundreds of children left when the production was closed after years of operational and financial problems.But work on only two mines could lead to the reopening of the Chibougamau camp … and the return of minors to accelerate the revival of the region. "
Nuinsco group is not the only one who had this idea. Many investors would like to reopen the largest gold mine Bontddu UK (Wales). It must be said that the price of gold rose from $ 250 per ounce in 1999 to 1850 dollars lately!
Local authorities are sometimes hostile
"When we closed the mine, it had become too expensive to operate but with the rising price of gold, we are considering reopening the Clogau mine," Wales said Ken Jones, manager of marketing Clogau Gold jewelry company which owned the rights to the mine.
Other metals are benefiting from soaring prices.Thus, the largest silver mine in the United States will also open in Texas as well as the Chino Mine (copper) in New Mexico. In Britain, the last tin mine, South Crofty Mine, closed in 1998, remember to return to activity. The metal price has increased fivefold over the period (+51% over the year).
Nevertheless, we are still far from the great return of the mining industry. Two challenges are needed to interested investors: the financing of such a project (Nuinsco believes that it would require 40 to 50 million dollars to revive the Chibougamau camp) and agreement with local authorities, sometimes hostile projects. This is the case in South Crofty in England, where the community wants to build a recreation center on the site.
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Cyprus is on the brink both economically and politically. Many speculate that the country, which joined the euro in 2008 to become the fourth of the area to apply for financial support.
The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.
In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.
The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.
The deficit is widening
Especially since the official debt of Cyprus – which is about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.
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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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