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The crisis will not spare the textile and clothing, nor in 2011 nor in 2012, according to latest figures released yesterday by the French Institute of Fashion (IFM). Falling from 11.7% in France in the third quarter, sales of clothing have declined 2.1% in 2011, the fourth consecutive year of decline. Much worse than in 2010 (when sales had dropped by only 0.6%), the trend is not likely to reverse in 2012: against the background of a prolonged economic slowdown, the IFM provides a fallback of 1.8%.

Consumption at half-mast and a surge in raw materials (cotton, wool, oil …) continue to affect the sector. "Rising costs could not be passed in part to the customer on prices because demand is down," said Gildas Minvielle, head of the Economic Observatory of the IFM.Consumption can not grow, says he, "when we have an economy that is growing at quite low. It takes 2 or 3% of overall growth in consumption "to expect to see a" dynamic "re-emerge in this sector, he added. It is far less than 1% growth.

The decline in sales has not yet been felt on the production of the textile industry, stable since 2009. She even posted a sales increase of 8% in late August, thanks to strong exports, supported by Asia. But industrial activity may be overtaken by the crisis, "in case of continued deterioration seen since the summer," warns the IFM.

Consumer bipolar

To resist, distributors sharpen their weapons, and strategic marketing. Much attention is given to new behaviors and consumer demands.

Nadine Morano does not hide his satisfaction. The strategy implemented by the Minister of Learning to stick to the commitment of Nicolas Sarkozy – bring 600,000 to 800,000 the number of young alternately by 2015 – appears on track. In October, the number of new contracts signed alternately jumped 7.3% over the same period in 2010 to over 325,000. "This is despite the crisis," said Nadine Morano.

We must recognize that the government has the means to succeed the start: youth outreach campaign before the summer, incentives and administrative simplification passed in late July, doors open at 71 training centers organized in August promotion to employers the new rules into effect in September … with success."It was the battle of youth employment to win and we will continue to put pressure on prefects well they keep on file for the learning needs of businesses," she says.

Nadine Morano is finalizing a regional mapping of places still available in training centers. "It is not normal that there are still 25% of places unfilled in some employment areas," she notes.

Nadine Morano will also continue its work of conviction with regional presidents. The market is simple: for every euro invested in learning the local executive, the government will double the bet.

A winning strategy, because the Minister will sign Tuesday the 19th convention of goals and means with a region. And not just that: the Ile-de-France, which is committed to creating 41,000 training places over five alternating years, through a joint effort of 650 million euros.

Increase in VAT, income tax, any revaluation of benefits: the austerity plan announced Tuesday include unpopular measures. Consideration by the Parliament, which begins Nov. 28 in the Assembly, will not be a walkover. In the majority, the New Centre Group is thus opposed to indexation on growth, less generous, family benefits and housing subsidies. "We must protect families and tenants. We propose instead to plane more strongly niches and seek extra mile to large enterprises, "says centrist MP Charles de Courson.

During questions to the Assembly, Valérie Pécresse, Minister for the Budget, on Tuesday refused any negotiations on this subject, arguing that "we can not spend more than we create wealth payday loans."

The government remains firm, but the battle could be fierce and Gilles Carrez, Rapporteur UMP budget to the Assembly, will have work to do to stay the course. "The increase in VAT will not affect consumption. The move to 7% will not be fully reflected in prices, "he says now, to counter the arguments of sectors such as housing, food, culture and hospitality. Accor claims and the elimination of the tax on hotel stays, while the union of publishing an application meeting with Francois Fillon.

Tuesday, members of the Finance Committee in examining the second part of the draft budget law for 2012, which accepts the austerity plan in August. This has resulted in collisions.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

The contenders are scrambling acquisition of Yahoo!. The U.S. internet group Google would consider helping a third company or a consortium to finance a takeover of its rival Yahoo!, a source close to the talks, quoted by Bloomberg. Google may not take part himself in a transaction and did not initiate serious negotiations with potential partners, the source said.

Yahoo! is looking for strategic direction since the forced departure of his former boss, Carol Bartz, who was landed in part because the group failed to catch up with Google on the advertising market in line. Google, meanwhile, is sitting on cash of $ 42.6 billion, hence its interest in helping a potential buyer of Yahoo!. And thus strengthen its dominant position.

Neither Yahoo! nor Google have commented on this information.The Wall Street Journal had reported earlier Saturday that Google would consider a takeover offer for Yahoo! and have begun discussions with two private equity investment to help finance the acquisition. However, any operation involving Yahoo! and Google would not fail to attract the attention of the U.S. competition. In 2008, they had already stopped advertising partnership between the two groups.

Chinese Alibaba on the offensive

For weeks, speculation about Yahoo!, which is valued at 20 payday loan online.35 billion dollars (14.5 billion) abound. Microsoft would be combined with the investment fund Silver Lake and a Canadian pension fund to file a joint bid.Several other potential buyers would have emerged, including KKR & Co. and Blackstone Group LP, or Providence Equity Partners, together with a former head of News Corp., Peter Chernin, according to recent rumors that boosted the stock market as Yahoo! .

The attraction of the group in Sunnyvale, California, is to China. Jack Ma, head of the Chinese Internet giant Alibaba, has reaffirmed its "strong interest" to Yahoo! Thursday. He announced that he would leave to meet American partners, in particular investment funds, with whom he could buy the Californian group. Jack Ma intends to soothe U.S. opposition to a possible acquisition of Yahoo! by a Chinese group. The first time he had expressed interest in the American group in early October, the owner of Alibaba aroused strong emotions in the United States.Associations for the protection of personal data concerned have to see the information of U.S. citizens go under foreign flags.

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Danone has published a quarterly revenue in line with expectations. At first, in the absence of good surprise, the valuation of Danone can call. The title pays more than 14 times earnings expected for 2012, while the CAC 40 builds about 8.2 times the estimated profit for 2012. "This is justified from the point where Danone is growing higher than the overall economy. The group offers products with high added value for the elderly and babies. It is well positioned in emerging markets, "says one fund manager.

We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects online payday advance. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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"Good quarter for Danone

In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices easy pay day loans. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

The government this morning that the budget should allow France to keep its AAA financial rating. Last year, the government of Nicolas Sarkozy wanted to "virtuous" this time, if it is still no word on what awaits the hex next year, things are clear: the austerity before us. Because France no longer afford to spend a euro unnecessarily. The budget minister, Valérie Pécresse, and his colleague of Economy, Baroin have therefore presented a roadmap for 2012, which "is a continuation of the strategy derestauration of our public finances."

France, which has not recorded a single budget surplus since 1974, sets ambitious targets: the budget deficit is planned at 80.8 billion euros next year from 95.7 billion this year. And the government deficit to increase from 5.7% this year to 4.5% in 2012 and 3% in 2013.This is not only to respect the commitments prices from the European Commission, but also give a strong signal to markets.

It will however not enough to flow back the debt next year, culminating then 87.4% of GDP. "The crisis has had on our public finances an unprecedented impact. This increase in debt is not specific to France, "notes Bercy. Interest paid by the state to finance it are the second expenditure items behind the budget of School.

Debt crisis

This forecast is an uncertain economic climate, while the debt crisis was raging in Europe free instant credit score. Bercy nevertheless wanted to rely on proactive growth forecasts. It provides a GDP growth of 1.75% this year and even next year.In 2012, according to figures released by the Ministry, the activity is further supported by business investment than by household consumption. Inflation, it would reach 1.7% over the year.

The outline of this budget were unveiled by François Fillon this summer. It is based on spending cuts and increased revenues for a total effort of 45 billion, according to Bercy.

It includes some of the measures of anti-deficit plan of 24 August (movement of the plane on the niches, windfall tax on very high incomes, etc..), Other measures have already been passed by Parliament in the part of a supplementary budget at the beginning of the month (tax on mutual and insurance, additional contribution of capital income, etc.).. It shall include a windfall tax next year on sales of duty free subject to large industrial CO2 quotas."We set up a tax system fairer, more efficient and competitive," insists Valerie Pécresse.

In this context, the tax burden, taxes, social contributions and CSG-will continue to rise, up 44.5% of GDP in 2012, after 43.7% in 2011. The French now know what to expect. A one detail: the budget commits the government …

Do not talk to them especially from Apple. At the IFA in Berlin, the largest European exhibition devoted to electronics, PC manufacturers have submitted their first "ultrabooks", these notebook PCs, ultra-thin and light, on which they rely to boost their sales. And they all say: it is by no means to copy the MacBook Air.

The class of ultraportables has, in fact, not created by Apple payday loans. When the first MacBook Air was launched in early 2008, Apple instead act as follower. If the design is innovative monocoque (chassis consists of a single piece of aluminum), Sony, Toshiba, Dell and Fujitsu already have roughly comparable models with SSD storage, a 12.1 or 13 , 3 inches and a weight of between 1 and 2 kilos.

The revival of the MacBook Air

The Acer Aspire S3.

The Finance Committee of the National Assembly on Wednesday adopted an amendment removing the increase in the VAT rate in the theme parks to theme. Then Saturday, Jean-Pierre Raffafin said the head of state had waived this. If the professionals, and local elected officials – Jean-Pierre Raffarin and Philippe de Villiers in the lead, have welcomed the government ends up in turn with a hole of 90 million – expected gain with the increase in VAT – in new revenue under the austerity plan. There is indeed little chance that the measure be reinstated Tuesday by the parliament met in extraordinary session. But the government was clear: any measure removed must be compensated.Asked on Sunday to go to Europe Grand 1-Le Parisien / Today in France-i-Télé, Labour Minister Xavier Bertrand described the week ahead of "week of choice."

Taxing luxury hotels …

The general rapporteur of the Budget, the UMP Gilles Carrez therefore working on a measure that would affect this time the luxury hotel, the four, five star and luxury hotels in France. Since the 1960s, the area has a rate of 5.5% VAT. A niche that has cost 930 million euros this year to the state. Hence the idea of ​​submitting the luxury hotel at the standard rate of VAT at 19.6%.

For compatibility reasons, the European creation of a flat tax is now considered. The benefit for the state would be about 90 million euros in 2012."Politically, it's interesting," said one parliamentary source Agence France-Presse (AFP), while the tax on high incomes, which will be discussed in the fall, was ridiculed by the opposition is not high enough to taste some big names of the majority. But professionals do not agree. For Jacques Borel, consultant-lobbyist, the measure would be "shooting in the foot."

Secretary of State for Tourism, Frédéric Lefebvre agrees. He told AFP on Friday to be opposed to any measure that overtaxed the luxury hotel, and "deal a blow to the competitiveness" of the French tourism. "I am adverse to anything that overtaxed the luxury hotel business because it is precisely the quality and upmarket who left the area of ​​crisis," he said.As for the Synhorcat, union of the profession, he said that a tax of 33% between 1981 and 1994 on 4-star hotels of the period, against 7.5% for the rest of the hotel, had resulted in what "Many of these hotels" will downgrade "to escape the VAT hike." In Le Parisien, Aujourd'hui en France, director of the Plaza Athénée expresses fear that his clients go to other capitals as cheaper in Italy or Spain.

… And real estate gains

MEPs also STRIPS removing reliefs on capital gains of second homes, so far exempt after 15 years. The measure is expected to bring 2.2 billion in 2012, but the alarm real estate professionals. Gilles Carrez warned: the measure is "brutal" and may seize the sector, while growth is sluggish.Charles de Courson (New Centre) feared him "bribes, fraud and promises to sell anti-dated", while the device was supposed to apply from August 25 …. To soften the blow, staggered in time is considered, not removing the ceiling of 15 years, but by passing it to 25 or 30 years. Problem should be found close to 900 million euros if this relaxation was determined.

Valérie Pécresse, making his debut as budget minister in the chamber Tuesday, said "respect" the parliamentary debate. But it should not drag on so that everything is completed before the Senate elections of 25 September.

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