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.
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 World Health Organization has classified the mobile phones in the category of products whose use is "possibly carcinogenic". If their harmfulness is not formally demonstrated, scholars have already shown that heavy users appeared to have a greater risk of developing cancers in the head (brain, parotid gland, inner ear). It is therefore necessary to minimize, at least as a precaution, exposure. Lefigaro.fr present you some tracks.
Use the speakerphone or handsfree
The amount of air absorbed by the body decreases rapidly when leaving the phone (decrease proportional to the square of the distance separating the receiver from the transmitter). The use of loudspeaker used to limit its exposure. Similarly, hands free kits are very effective even if a very small waves propagate along the wire.
Bluetooth kits work them on the same frequency range as laptops (or Wi-Fi). But they emit more than 200 times less safe. From the moment the end user's team for that call, they are commendable. Otherwise, they can instead make things worse.
Limit conversations moving
The phones do not emit systematically with the same power. When you start a conversation when the phone connects with the relay antenna, it is more important example.
When you are moving (subway, car, train), your phone also emits more strongly to search for nearby antennas. And when you pick wrong, your phone tries to compensate by sending more powerful waves.In both cases, it is better to avoid spending long shots son.
Call from a fixed maximum
The best way to avoid exposure to wave the phone is still … not to use it. Behind this lies a profound truism commercial development: since December 2010, the major ISPs offer for very reasonable money, unlimited plans to laptops. We can call his friends without breaking the bank since its fixed.
Note that cordless phones and son (also known as DECT) operate on the same wavelength range but emit about ten times times less power.
Prioritize mails and SMS
Speak no more: write. In this way, you keep your laptop away from your ear and you limit the amount of waves it emits. The introduction of SMS packages and mails Unlimited makes this alternative economically viable.As for phones, they are more likely to have full keyboards that facilitate the writing of messages. Some users have already integrated this new way of communicating.
Do not keep your laptop close to you
Your phone emits at very short intervals to keep in touch with the network (or 3G telephony). Better to leave your laptop on your desktop in your pocket, in your living room on your bedside table. Most phones now have a function "airplane" that lets you disconnect your terminal from the network and benefit from other applications (alarm clock, games, etc.).
Buy a phone with a small SAR?
Cell phones all have a SAR (Specific Absorption Rate) which gives the amount of absorbed wave by human tissues for a maximum emission.Limited to 2 W / kg in Europe (1.6 W / kg in the U.S.), it is measured by the manufacturer itself has a legal obligation to mention it in the manual. Some websites will enumerate the values to allow comparisons. Critics point out that a DAS phone can be clamped to get a hint when he issues an average of more waves than cameras with a high SAR.
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"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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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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Billing the rent receipt, inventory costs, closing costs account … Despite the tightening of laws in recent years, many property managers continue to charge tenants for illegal payments, according to the latest study of the consumer association CLCV, as Le Figaro has procured. "We conducted an initial study on the illegal and improper billings in 2006. Since very little has changed, "says David Rodrigues, a lawyer in the CLCV. Some deviations, such as billing receipt of rent paid by check and billing renewal of the lease (up to 95 euros), however, virtually disappeared.
But other practices, though illegal, remain. Several large agencies charge and the rent receipt (between 0.53 cents and 3 euros per month). Yet it is a gratuitous act, as recalled by the 2009 law.Some managers have found a solution by charging these fees under other names. "Typically, managers prefer to play on words, citing" administrative fees "," expenditure "or" fresh chancery, '"said the study of CLCV. Others go even further, by puncturing 1.20 Access to the receipt on the Internet.
Another classic, the cost of inventory input and output (between 40 and 100 euros) imposed by some agencies, so that this act must be free in the absence of litigation.
Charges artificially undervalued
In some agencies, the tenant must pay the costs of recovery in case of late payment of rent allowed by law (about 20 euros on average). Moreover, he charges our account closure at the end of the lease (up to 60 euros).Some managers even collect 34.38 euros to reassess the annual rental charges.
Aware of some potential problems in some firms, the U.S., the largest union of property managers, regrets these abuses. "Those who do not obey the law are punishable," says Serge Ivars, President of the United States. Thus, some agencies still require the tenant to make a check (corresponding to one month's rent excluding charges) for a good book. A deposit will not recover if he changes his mind. This practice has become less frequent, but it has not totally disappeared. Yet, "since March 2007, the law prohibits Dalo the lessor to claim a reservation check.But this kind of practice continues, "the study says.
The CLCV also points out certain abuses, such as voluntary understatement of rental charges for "bait barge" and artificially lowering the rent. The study cites the example of a lease signed in 2006 with a provision for charges 30 euros per month. At the first adjustment, which occurred in 2010 (!), The provision has been revalued to 148 euros (an increase of 393%). After the tenant leaves the end of 2010, housing has been rented with a provision for expenses … 30 euros.
Why such abuse? The first reason is economic."A rent receipt charged 2.5 euros per month represents a heritage of 500 houses for example the tidy sum of 15,000 euros per year," says the study, said that property managers are already paid by the owner housing.
However, all management professionals are not housed in the same boat. "The abuses are more frequent in larger groups than in small firms," said David Rodriguez, who would like to be displayed in agency fees that a tenant does not pay.
The destruction resulting from the earthquake and tsunami that struck Japan on Friday are still difficult to assess. Nevertheless, for many economists, which provide a parallel with the Kobe earthquake of 1995, the impact of the disaster on Japan's economic growth will in the medium term, positive rather than negative.
While the cost of the quake could amount to several tens of billions of dollars. In the short term, the destruction caused are enormous: infrastructure damaged production facilities at the stop, the areas impacted are placing great weight in the economy. If the worst-affected region, that of Tohoku, north-east coast, only 8% of Japanese GDP, that of Kanto, which houses including Tokyo, by contrast produces 40% of national wealth.
Besides stopping the oil refinery of Cosmo Oil Ichihara, east of Tokyo, the activity of the Japanese nuclear industry, which produces between 25% and 30% of national electricity production, is seriously compromised. Eleven of the fifty reactors are currently stalled, while an explosion in one of two plants in Fukushima, northern-eastern countries, has caused extensive damage and the evacuation of all population within a radius of 20 km.
"The temporary closure of production plants and oil refineries, and the interruption of power plants should have an impact on the country's production. GDP could result in decreased again slightly in the first quarter, "predicted the AFP and Wolfgang Leim, an economist at Commerzbank.
Rebound in construction, steel and telecommunications
In the medium term however, the Japanese economy could rebound strongly. Drawing a parallel with the Kobe earthquake in 1995, Takuji Okubo, senior economist at Societe Generale, said that reconstruction should generate an increase in activity, and the need for people to renew their property damaged boost consumption. The sectors of construction, steel and telecommunications sectors should benefit fully from the increased activity post earthquake.
"After the earthquake of 1995, Japan's GDP grew 1.9% in 1995 and 2.6% in 1996, while the average growth of the Japanese economy over this period was 1.5% .Consumption grew 2.2% between 1995 and 1996 against 1.1% on average between 1995 and 2004, "said Takuji Okubo.
Risk on debt
The Japanese bank Nomura, which also anticipates strong growth in the Japanese economy in the medium term, says his side as the stimulus state has played a key role in 1995 to revive the economy. "Immediately after the earthquake, the government passed an emergency budget which has contributed 0.3 points to GDP growth in the second quarter 1995 and 0.5 points in the third quarter. We anticipate a similar response from the authorities, "notes Peter Westaway, economist at Nomura.
The opposition conservative Japanese has already announced its support for extraordinary measures promised by the center-left government.A situation which should not, however, help improve the financial health of Japan, whose debt stood at 200% of GDP. The rating agency Standard and Poor's has also recently lowered the debt rating of Japan, considering that the country's budget deficit will remain high in coming years. But Moody's did its part Friday that the earthquake should not cause a subsequent breakdown of the score attributed to the Japanese debt.
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The Asian market ends week on a very tentative. The Tokyo Stock Exchange, closed Friday for a long weekend, is not there to give clear guidance to markets remained open. They follow in the footsteps of Wall Street, which closed yesterday at equilibrium.
U.S. investors have shown particular concern about the evolution of bond rates in Europe, and they were also suspended from the developments in Egypt where President Hosni Mubarak spoke not to announce his resignation but to state transfer his powers to Vice President Omar Suleiman. The voltage is therefore likely to rise a notch with protesters angry and disappointed by the announcements of the president.
Chinese markets are leading the dance
Egypt is this Friday at the center of attention of investors. But not only.A new measure of monetary tightening in China worried the markets. After raising interest rates, the Chinese central bank had indeed ordered some banks to small and medium-sized to meet their reserve requirements in order to control the volume of credit and inflation, according to Bao Zhongguo Zhengjuan ( China Securities Journal). The measure would be effective this week, according to business daily.
In Hong Kong, the Hang Seng 0.28% loose while the Shanghai Composite climbed 0.19%. The banking sector values are eroding. In Hong Kong, Agricultural Bank of China (-1.37%) and Cheung Kong Holdings (-1.57%) declines sharply while at the same time in Shanghai, AGBANK lost 0.4%.
These doubts have consequences for other markets in the region.
The new week begins in the red for the major Asian stock markets. Investors are following the trend-driven American and European markets. While Wall Street ended lower on Friday as it had not been recorded since mid-November, stock markets in Europe all let loose about 1%. At issue: the rising tension in Egypt that worries investors. The anti-government protests have killed at least 125 dead and thousands injured for almost a week.
On Monday, the Japanese Nikkei sets the tone. The key index in Tokyo dropped 1.18% to close at 10,237.92 points. The broader Topix index of all titles of the first table has in turn yielded 1.04% to 910.08 points.
Japan announced today that it would send aircraft chartered to evacuate its nationals from Egypt.Some 500 Japanese nationals were stranded at the airport in the Egyptian capital because of the events. Moreover, Japanese companies doing business in Egypt, like Nissan, Toyota and Panasonic, have reduced their activities on site and asked their employees to avoid travel in this country.
This information occupy the minds of investors who set aside the announcement of a 3.1% increase in industrial production in Japan in December on a month, its second consecutive monthly increase.It increases by 15.9% over the whole of 2010, according to preliminary data released Monday by the Ministry of Economy, Trade and Industry (METI).
Please note, this Monday, the Japanese industrial conglomerate Toshiba has announced a net profit of 40 online payday loan lenders.2 billion yen (363 million euros) for the first nine months of 2010-2011, against a loss last year, thanks the NAND flash memory, and has significantly increased its annual targets. In addition, the automaker Honda said it had more than doubled its net profit for the first nine months of 2010/11, to 489.5 billion yen (4.45 billion euros), despite a drop in profits third quarter and raised its annual profit forecasts.All Nippon Airways (ANA), it always provides for an annual net profit of 6 billion yen.
The rest of the region into negative territory
In China, markets progressing piecemeal. In Hong Kong, the Hang Seng dropped 1.12% at 23,352 points while in Shanghai, the Shanghai Composite climbed 1.04% to 27,814 points. According to brokers, this increase reflected gains in gold and oil producers.
The Korean KOSDAQ lost 0.86%, the S & P Australian loose 0.44%, and the Indian Sensex was down 1.02%.
The increased gross
Only one to benefit from the troubles in Egypt, oil up that appears Monday in electronic trading in Asia. The market fears of disruptions in the transport of oil via the Suez Canal, said analysts.
In morning trading, a barrel of light sweet crude for March delivery gained 37 cents to 89.71 dollars.Of Brent North Sea with identical maturity appreciating by 18 cents to 99.60 dollars.
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