My Opinions

The end of the franc is big to the Treasury. The latest * franc notes were redeemable at branches of the Bank of France until February 17 at midnight. Ten days after the end of the countdown, the institution is taking stock. A total of 1.5 million tickets have been reported for a total value of 378 million francs (57.6 million), from 1 September 2011 and the deadline of February 17. According to the Bank of France, there is 55 million franc banknotes in circulation, hidden under the mattress, forgotten in old bags or kept by collectors nostalgic. A nest egg estimated at 526 million euros. This balance, called "emission cap" will be donated to the state, she says.  

The countryside of the Banque de France will not have been very successful, despite his repeated reminders to the holders of francs in recent months and the creation of a dedicated website (www.jechangemesfrancs.com). Indeed, the franc banknotes still in circulation became a treasure of 602 million euros in late 2010. Yet the French had thrown at the offices of the institution's approach to the deadline. "Just under 200,000 cuts were exchanged in December 2011, but nearly 367,000 in January 2012 and 733,000 cuts on the first 17 days of February," says the Bank of France. A record was set on February 17, with 91,000 tickets reported.  

The large denomination reported mass

For latecomers or those who have not managed to get hold of these small economies too well hidden, they have "no choice but to keep their tickets as a souvenir or sell to coin collectors," warns we at the Bank of France. But beware, all tickets will not take the value. "Better to have kept the cuts of 20 francs or 50 francs Debussy Saint-Exupery," advises Michael Prior, specialist of currencies within the Compagnie Générale de Bourse (CGB.fr). Now demonetized, only small values ​​will make a "margin buxom." A lesson that apprentices numismatists have understood. "Two thirds of the reported cuts are notes of 200 francs and 500 francs," says the Bank of France, which states that "the average volume of trade amounted to 15 tickets per transaction, for an average value of 3627 francs (553 euros). "

* The range of notes that can be exchanged against euro: CHF 20 bills bearing the image of Debussy, equivalent to 3.05 euros, the "Saint-Exupery" 50 francs (7.62 euros) , the "Cezanne" of 100 francs (15.24 euros), "Gustave Eiffel" of 200 francs (30.49 euros) and the "Pierre et Marie Curie" of 500 francs (76.22 euros).

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Remained elusive to date on the possible assistance that could contribute to Europe to solve its debt crisis, China is beginning to establish conditions.

Thursday, the Chinese Ministry of Commerce has strongly condemned the recent anti-dumping investigations launched by the EU against him, suggesting that their maintenance could jeopardize any assistance from China to the Old World.

"While the global economy is still not out of the financial crisis, many European countries are stuck in the sovereign debt crisis, all countries should adopt a cooperative, open and tolerant to work through this crisis' , he said on his website, adding: "The European anti-subsidy investigation to the outside world sends the wrong signal that protectionist (..) undermines Sino-European joint efforts to address the crisis."

The European Union opened an anti-subsidy investigation on some organic coated steel from China, coupled with an anti-dumping investigation launched last December 21 on imports of these products. Procedures triggered by a complaint by Eurofer, which represents over 70% of European manufacturers of the products concerned. According to the website of the European Commission, these producers believe that their Chinese competitors receive subsidies in the form of tax exemptions and purchases made by the Chinese government over the market price.

Beijing claims its status of "market economy"

"The Chinese professionals in the industry have expressed strong dissatisfaction with the investigations that violate WTO rules," said in response that the Chinese Ministry states that it "will follow with great attention the development of this case."

At the 14th Sino-EU summit held last week in Beijing, Premier Wen Jiabao had stated its support for European integration and the euro while promising to be more involved to find a solution to the debt crisis. "China will continue to invest in government bonds, while ensuring their safety, liquidity and the appreciation of their value," had assured, meanwhile, the president of the Chinese central bank, Zhou Xiaochuan, before defending his country would "become more involved in finding a solution to the debt crisis in Europe through various channels such as the IMF, the European Financial Stability Fund and the European Stability Mechanism."

At that time, Beijing had reissued the hope that the EU recognizes its status of "market economy", without waiting for 2016, when this status will be granted under the accession agreement China to the WTO. 

"When a country is not under market economy status, the EU can impose antidumping duties very high with very little evidence," said Patrick Messerlin, director of the Groupe d'Economie Mondiale (GEM).

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Skills transfer will take place earlier than expected at the head of Canal +. By the beginning of 2013, Rodolphe Belmer, now deputy director general in charge of the publishing division, will replace Mr. Meheut operational as president of Canal +. According latribune.fr, the television group would prepare the encrypted handover, while the current president's mandate runs until 31 December 2014. This plan would have been endorsed by Jean-Rene Fourtou, almighty man of Vivendi, parent company of Canal +.

Bertrand Meheut, who took the head of Canal + in complete disarray in 2003, has restated the financial statements and the group's image in recent years. If it passes control to Rodolphe Belmer, who seconds since 2003, Bertrand Meheut keep one foot in the house as President nonoperational. An unusual transaction in the media world where the big bosses tend to devour their children to organize their succession.

In fact, Rodolphe Belmer is already one that drives the progress of Canal + to define whether the strategy or make appointments. He is the architect of the historic change that the group is trying to achieve by establishing a presence in the market for free TV. Against the initial notice of Mr. Meheut, Canal + has led to develop the draft Canal20 free channel. Then in the summer of 2011, he contributed to the redemption of DTT channels free of Bolloré, Direct 8 Direct Star, proving its ability to convince its president.

Ramp-up

This strategy is more widely in the conviction of Rodolphe Belmer that the future of television will belong to those capable of building strong and clean content. They must guarantee the autonomy and the attractiveness of the audiovisual group.

Rodolphe Belmer also imposed the idea that in matters of pay, it could not be any offers low cost. A position which today is reflected in the decision to close the Canal + TPS Star channel on the DTT present and whose financial losses amounting to millions of euros.

But the rise of those who arrived as number two of the group in 2003, at the height of the storm, was also illustrated by the process of appointments within the group during the summer. Wishing to renew and rejuvenate frames, Rodolphe Belmer organized the transition i-TV, the news channel group with the appointment to head one of his relatives, Cécilia Ragueneau. It also decided the appointment of Peter Fraidenraich, former head of i-TV, at the head of sports rights acquisitions.

Finally, there is barely a fortnight, Rodolphe Belmer has redesigned the organization of the group by naming the head of a center of free TV Aprikian Ara, and poaching of BETC Euro RSCG Raphaël de Andreis, now supports of pay-TV operations.

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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.

Gran Via, Saturday afternoon, thousands of Madrid overflowing sidewalks to rob the shops in the center. Plaza Santa Ana customers compete tables for a drink and some tapas … According to a recent survey, 68% of Spaniards say they are happy despite the economic depression. The Spanish crisis is a strange crisis. Five million unemployed, a growing half-mast and a debt to the edge of the alert levels, but the fiesta continues. On the surface, anyway.

The costs of the crisis, in fact, are unevenly distributed. On the one hand, those who retain their jobs. Possibly concerned about the situation, their objective situation has changed little since the crisis began, three years ago. On the other, 21.5% of those unemployed, whose number is increasing. Poorly defended, forgotten unions, their suffering is silent.As to the exhaustion of benefits, the first victims of the crisis, however, sinking slowly into exclusion.

Withdrawal into the family

Alejandro lives under the threat of expulsion. He, his brother and his mother, he unwittingly embarked in his galley. 28 years old, he had offered to help a colleague get a home loan. He signed his mother too, and they vouched. Before the crisis, Alejandro had a job as an electrician, he believed that his salary was only threatened, if by chance his friend forgot to pay a bill. When the colleague left no forwarding address, the bank asked his due: 168,000 euros of debt. "Due immediately," says the letter from the bailiff. Now unemployed, Alejandro key 340 euros compensation unemployment. His brother does not work either. Only his mother still affects a salary: 1200 euros.

Is this the end of the action? Thus David Shairp, strategist at JP Morgan Asset Management, started his weekly newsletter. An issue that should speak to investors today on the defensive, discouraged by successive storms experienced stock market.

In response, the asset manager first makes common sense. "No asset class is likely to outperform indefinitely, since this would imply a permanent inflow of capital that would eventually not lower the rate of return on investment," notes David Shairp cash advance payday loan. A way of saying that investors will eventually return to the path of the Exchange. The current bad patch will indeed end. But when?

Persistence of large fluctuations in sawtooth

This time, the history market it refers. "The current period is not unprecedented.

Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.

Unions and senior civil service did not hide in the day Thursday, their fear of participation for the first dive vote simultaneously in all jurisdictions of the state and all hospitals (it was around 64 % in previous elections).

The former pointed to many problems: errors in the delivery of ballots in the electoral lists, complexity of the software used in e-voting Education …

The latter, without denying the difficulties, in advance have found that the federations of civil servants should take some responsibility paydayloans. "Even the great labor leaders" are engaged in the campaign, noted the Minister of Civil Service, Francis Sauvadet.

This fear seemed about to be true, in view of the first digit.Thursday late evening, less than 40% of voters, according to unions, National Education, which alone accounts for almost half of the officials.

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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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To save Greece from bankruptcy, the banks will have to put their hands in the pocket, and it more than expected. This was recognized by the French Ministry of Finance on Thursday. Creditor institutions of the country in trouble will "probably" erase more debt than originally agreed. European leaders are currently "working" on the issue, said Bercy.

On 21 July, the euro area has decided to ask the banks to accept a debt relief of up to 21% of their funds invested in government debt. This participation is about 50 billion euros, in addition to using the new euro 109 billion. This was torn by Berlin, while Paris was reluctant, wanting to protect its banking system.

Since the announcement, Greece has sunk even further into crisis, with growth forecast and worse than expected public deficit targets not being met. Several diplomatic sources said in recent days that European leaders are now working on discounts of around 30% to 50% on Greek debt. However, a source told Reuters in Brussels, "it is still very open. You have to see what the initial reaction of investors. Voluntary participation is the goal, at least for now, and many feel that we must avoid the risk of total failure. "

"Window" for banks

To prevent European banks from sinking while erasing part of the slate of Greece, European leaders are studying at the same time the recapitalization of the sector savings account payday advance.Bercy said Thursday that European states will open a "window" for banks would be unable to recapitalize on their own or directly in the markets. France would have wanted to use it for the European Financial Stability, established to help countries in trouble. But Germany is opposed, wanting to limit its use to countries under international infusion (Greece, Portugal, Ireland).

"French banks have no liquidity problems or solvency", held a state Department of Finance. European financial institutions that need to be recapitalized, said Bercy, are "those who failed the stress tests" released in early summer and those who have succeeded just in time. Eight banks have failed and 16 passed the examination of accuracy.Dexia, which is now being dismembered, had passed between the cracks.

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