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The race against time for Christmas toys began. The year 2011 is not easy. In addition to the rising price of raw materials, manufacturers and distributors must manage an additional constraint: the implementation, since July 20, the new European directive on toy safety. This significantly strengthens the requirements. So, in laboratories and offices, the list of requests made to the standards continues to grow … "The timing is not ideal compared to year-end holidays," says Stéphane Azoulai , Vice President Lansay.

The new directive, which replaces a text dating from 1988, strengthens the regulation, including through improved product traceability. Each toy must now be accompanied by his "identity card".Which identifies the entire production chain, from raw material origin to the name of the toy factory where it was manufactured. As for the 'CE' (European Community), it must be printed directly on the product or its label and not only on its packaging.

"The goal is to enable consumers to find out where the toy," says Serge Milon, toy expert at SGS, the world leader in inspection and certification. Mistrust has indeed increased in recent years, the list of suspect products (cadmium, phthalates …) have ceased to grow.

The Directive also takes into account the changing attitudes of children. The markings were made more accessible by using shorter sentences and more punchy ("choking," for example).The new text drummed cards especially among manufacturers, distributors and importers in an area where more than three quarters of the products are manufactured in China. The responsibility for quality and safety, is now shared paydayloan. It no longer lies only to manufacturers.

An implementation guide accompanies the 150-page directive to allow decoding risk analysis, monitoring records … If some importers or distributors may prefer a blind eye to the origin of a particular toy, they could now show zeal. Some will have to conduct additional inspections. "This is monstrous files to provide our clients, Stéphane Azoulai sorry.Some signs are up again test the toys in the laboratory. "

Advantage given to European manufacturers

The cost of the new standards, up from 10% to 20%, also changes the game. It takes 1,000 to 4,000 euros per product, depending on its level of sophistication. Products stored for more than three years must also board safety tests. "When 150 references, it starts to do a lot!" Stéphane Azoulai plague. "These high costs lead us to limit the depth of our range, adds Thierry Bertoux, CEO of Jemini, the French soft toys and furniture for children. It is easier for a multinational company to amortize these costs over several million pieces. "

Some companies have chosen to transform their organization to adapt to the regulations.At Lansay, one person was previously in charge of standards and procurement. A team will soon be established.

If it is more restrictive, the new regulations, however, gives a competitive advantage to European companies, "insofar as it creates barriers to entry," said Thierry Bertoux. "Making cost could lead to compromise at the expense of safety, says Serge Milon. It is a way to make quality and safety of products up by applying best practices. "

The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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At the opening of Wall Street, U.S. indices posted immediately red (around 3%). And losses have widened throughout the session. Accentuating even further their descent, the indices have hurt Barack Obama's speech, who spoke to 20 hours Paris time, the Nasdaq has lost more than 6.5% shortly after the speech. And bad mood has not dimmed until the closing bell on the contrary, the end of the session was sprotive. Finally, the Dow Jones appears falling from 5.55% to 10,809.85 points. This is the first time since October that the index feature finishes below 11,000 points, its worst day in percentage terms since December 2008, a dark period for the financial sector.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Note that in Latin America, falls are breathtaking. Financial center of Sao Paulo (-8%) and Buenos Aires (-10.73%) plunged. In Chile, the Santiago Stock Exchange (-6.96%) did not record such a decline for 13 years. In Lima, a decline of 7.03% has even led to a suspension of trading an hour before closing.

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours.Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb no faxing payday loans.Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply. But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu.But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out. Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC.But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. " The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

In the night from Friday to Saturday, S & P downgraded the rating of the United States, from "AAA" to "AA +". This historic announcement, which comes as the markets have closed a black week, plunged the financial world into the unknown. Munis Hassim, professor at the Institut d'Etudes Politiques de Paris, explains why such degradation threatens the U.S. economy, the first world power, and identifies the situation to that of Japan in the 1990s.

Is the degradation of the notes of the United States plunges us into a new crisis?

The fact that the United States lose their triple-A means that they have a slightly higher probability of defaulting. But by switching to "AA +", this probability is very low. Moreover, experts and analysts do not believe at all a failure to pay the largest economy in the world. So there is no reason to panic.However, the multiple consequences which such degradation can they prove to be very disturbing.

For example?

The fact that S & P has dared to sacrifice the American note puts enormous pressure on other countries rated AAA, particularly in Europe as the UK or even France. This announcement will fuel fears of a contagion of degradation of notes, when the markets seemed to panic this week. In Italy and Spain (already degraded) in particular, tensions are rising, although they seem to be the new target markets. Moreover, the impact on the banks direct. They will have to review their capital allocation taking into account the appearance of more risky U.S. bonds they hold, as they impose the new international regulations, to strengthen the solvency of banks (Basel III).The recent bank stress tests, whose results were given there only three weeks, have already lost all credibility because they did not include either a restructuring of the Greek debt, or a deterioration note the United States.

Why such a lowering of note can threaten the global economy?

When the debt rating of long-term decline in the U.S., this means that more may not be refunded if the creditor is. However, the markets, the risk is remunerated by interest rates: if I am less sure of being repaid, so I request a higher rate. Thus, losing the "AAA", the U.S. interest rates at 5 years, 10, 20, 30, will mechanically increase.And if rates rise, it's a downward spiral of investment and consumption that will engage, which produces more unemployment, less tax revenue and public expenditure. This government deficits widen further, and sovereign debt. But during the past two weeks very turbulent markets, the U.S. long rates remained very low. There have never been so low, a sign of investor confidence.

There is still a little time, no one imagined the United States lose their AAA. How did they get there?

The problem the U.S. is that they have more flexibility, or a monetary point of view, or budget.On the one hand, monetary policy can not be more accommodating, having pumped billions and billions of dollars of liquidity into the markets and set the interest rate floor (they are between 0% and 0.5 %) to restore the U.S. economy weighed down by the subprime crisis that has capitulated Lehman Brothers, three years ago. On the other, public spending has been poorly controlled, while the U.S. tax burden is already high. Difficult in these conditions for fiscal consolidation.

It is like in Japan twenty years ago …

Exactly, you are right in the Japanese-style scenario. The United States could enter a situation of liquidity trap in which Japan was mired in the 1990s, but never really escape. Rates were zero and sluggish growth, while prices fell, leaving Japan trapped.United States, the U.S. central bank, the Fed is now more capable of supporting the U.S. economy, which has not really recovered from the crisis, according to the latest statistics. Growth for 2011 looks less than expected, despite the monetary support giant that has been deployed. It remains to be seen whether this will result in deflation (lower prices) or if inflation will return. The best case scenario would be the second, to prevent the United States is experiencing a "lost decade" in Japan.

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Relief. Is the word that should prevail today on all global exchanges, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. At 8:15, future contracts on the CAC 40 advanced sharply from 1.39% to 3724.50 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the calm would return to the Paris financial center.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism are to be expected in the financial markets today, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will then be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by the markets.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.At 8 am, the euro fell slightly (-0.13%) against the greenback at 1.4385 dollar, while it bounces against the yen. Around 6:00, the dollar stood at 76.73 yen 77.58 yen against Friday night cash advance in one hour.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of June Overseas are also expected to 4:00 p.m. construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank values ​​(Tuesday BNP Paribas, Societe Generale on Wednesday and Thursday Axa and Natixis).

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom. A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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"All global markets are wondering whether U.S. policy makers are able to compromise and reach agreement on the debt." Here is essentially what Sunday said the secretary general of the White House, Bill Daley. Adding that financial markets are prepared to live very stressful day, Bill Daley has brought into the hands of President Obama and Speaker of the House of Representatives, John Boehner. Both said last night their will to reach agreement by Sunday night (Paris time), a few hours before the opening of Asian markets.

Just relieved on the question of the end of the Greek fire, after the adoption of a new plan Thursday to help Greece, all the concerns of operators should indeed focus on the United States, where elected Democrats and Republicans are still debating on what to do to reduce the U.S. debt. After another weekend of heated discussions, the status quo is always appreciated. Nine days is the time left now to senior U.S. policy makers to tune their violins. If no agreement is reached by Aug. 2 on raising the debt ceiling (about 14,300 billion) as well as budget cuts and additional taxes, the world's largest economy could be in default payment at the beginning of next month. Which would surely induce panic in the stock market.

Fear of a deterioration in the rating of sovereign debt

Even without going to default, the risk of a stock drop on the American question remains possible payday advance lenders. According to the White House, a simple short-term renewal of the debt (to which scenario we are heading according to Republican Senator Tom Coburn) could lead to a deterioration in the sovereign debt rating by U.S. rating agencies. These sanctions are rarely applauded the stock market, especially when they concern the world's largest economy. Waiting to see the Asian markets the first consequences of the new fruitless discussions of the weekend, analysts stress the importance of the issue to investors.

"The markets have liquidated" Friday, they had learned during the day the failure of negotiations between the White House and Republican opponents of a plan to reduce long-term deficits, said David Kotok, chairman of Cumberland Advisors. But now "the markets have had time to digest" and determination displayed by both others to avoid default is reassuring. Still, that nervousness should remain in force next week on the large world. After removal of the threat of the eurozone, the political debates around the indebtedness of Western countries have not yet finished obscure markets.

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It is a page in the history of Paule Ka, the ready-to-wear clothing, which has just been turned. Serge Cajfinger – President, Artistic Director and founder of the brand there are twenty-three years – and his family transferred control of the company to an investment fund Change Capital, which specializes in retail and consumer goods . Serge Cajfinger, 56, remains in control, but keeps his family that 30% stake in Paule Ka, known for her dresses inspired by fashion icons of the 1950s and 1960s.

Change Capital's arrival also marks the start of the Deposit, which held 17% of the company since 2007 through one of its funds, Heritage and Creation.

It is a success story in the French-Change Capital, which was a shareholder of the Jil Sander label and distributor of garden furniture Unopiu 'adds to its portfolio."Paule Ka dresses women 25 to 55 years, both for work and special occasions, combining a quality worthy of the luxury and affordable, says Stephan Lobmeyr, Partner at Change Capital, created in 2004 by Luc Vandevelde , former president of Carrefour and Marks & Spencer. There are not many brands with such a position and grow as regular "/

The brand, which has weathered the crisis with no air pocket, grew by 17% of its turnover (40 million), related to sales of its own stores (8 stores) and the acceleration of its order book from the department stores (29 outlets) and multi (370).

Ségolène Royal in 2007

The new majority wants to move up a gear. In the provinces, he intends to develop the number of stores as in large cities.In Paris, where the brand was born in the Marais district, opening in 2007 of its flagship on Rue Saint-Honore has given greater visibility.

As for the international Paule Ka is present in 53 countries, it could be within five years 65% of sales, against 50% today. Leaders and are working on a new shareholder settlement in the United States with the opening of a shop in New York within a year. They would be well set the mark on Madison Avenue."In countries where we are not yet present, we are entering a flagship, and we aim to grow between 50-50 own stores and multibrand," said Anthony Bing, deputy general manager of the company.

In China, another key market for the future, Paule Ka has signed an agreement with a franchise partner, the Hengdian Group, which plans to open 14 corners in the first five years and a shop by the end of the year Hangzhou, two hours from Shanghai. In Asia, the brand – who dressed Ségolène Royal during the last election – has already attracted the fashionistas in Hong Kong, Singapore and Japan. In Europe, the company hopes to double its number of stores as the next five years, starting with a location in Madrid in September. By broadening the territory of Paule Ka, Change Capital aims to double sales of the brand by 2016.

As the successor to Dominique Strauss-Kahn to head the International Monetary Fund could be announced this Tuesday – Christine Lagarde is the favorite – Greece has decided to strike until the vote of the austerity plan by the Greek Parliament should occur by Thursday. However, it seems, according to analysts that the markets are betting on good news. The euro area would have a backup in case of a negative vote.

So, in the wake of Wall Street Monday closed sharply higher, Bourse de Paris amplifies gains the previous day. The Cac 11 hours 40prend to 0.77% at 3825.83 points.

On the currency markets, the euro is stable against the dollar at 1.4279 dollar.For their part, oil prices rebounded in electronic trading in Asia Tuesday and remained under pressure, before the 48-hour strike in Greece to the appeal of unions to protest against austerity measures, analysts said . In morning trading, a barrel of "light sweet crude" for delivery in August gained 36 cents to 90.97 dollars.That of Brent North Sea crude for August delivery was taking 25 cents 106.24 dollars.

Housing: housing starts and building permits up

On the macroeconomic front, the number of starts of new homes increased by 11.4,% year on year in France for the period from March to May, while the number of building permits for these homes has increased 4.3%, according to figures from the Ministry of Housing.

At 18 hours, will be published the figures for registered job seekers and offers collected by the job center in May.

In the U.S., the S & P / Case-Shiller of home prices in April (15 hours) and consumer confidence in June (16 hours) are also expected.

Carrefour jumps, Casino unscrews

Against a background of optimism about the outcome of the parliamentary debate on the budget austerity in Greece, the banking sector performs well: Crédit Agricole climbed 2.50% to 9.87 euros, Societe Generale is 1.54% to 38.25 euros, BNP Paribas rose 1.10% to 50.71 euros and Natixis gained 1.04% to 3.29 euros.

EADS: 0.09% to 22.07 euros

China could control dozens of Airbus during a visit of Chinese Premier Wen Jiabao Tuesday in Berlin, said on Monday sources familiar with the matter credit report.

Carrefour: 1.97% to 26.86 euros; Casino: -3.58% to 64 euros

The distribution group received Monday a "proposal" to create Gama Brazilian joint venture equally owned by both groups in Brazil, the latter to eventually become a shareholder of Carrefour.Casino intends to disturb their alliance, saying the project "hostile", prepared in secret, but against which "has the power to oppose."

In addition, the rating agency Fitch has downgraded the French retailer Carrefour up a notch to BBB +, along with a negative outlook, expressing concern the pace of recovery activities and French pressure from shareholders, according to a statement Tuesday.

Thales: 0.46% to 28.52 euros

According to an internal study cited by the Tribune, the electronics group shows a drastic decrease of 13% of customer satisfaction since the arrival of the new direction. Some regret the centralization of applications and other lack of attention to their concerns.

Lagardère: 2.95% to 28.57 euros

Analysts at the Swiss bank UBS raised their recommendation on the title to "buy" against "neutral" before.

Trigano: -3.36% to 22.27 euros

The specialist for caravans and motorhomes has said it expects a sales growth and results in 2011, following growth of 8.2% of its business in the third quarter, which covers the period from March to May

Teleperformance: -4.49% to 19.90 euros

The global call center cut its operating margin target in 2011 because of the recent slowdown in its business in the United States.

BioAlliance Pharma: 2.33% to 6.15 euros

The biotechnology company said it had filed with the French Drug Agency an application for leave to Phase III clinical trial for Livatag, treatment of primary liver cancer.

CGG Veritas: 1.14% to 23.45 euros

The group signed with the oil services group Bourbon marine services to offshore oil and gas a charter contract for five years to six new vessels support and assistance to its seismic surveys.

Alstom takes 14 hours to its General Assembly on Tuesday.

With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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Brasilia, Beijing, New Delhi, Cairo … Christine Lagarde has just completed the first part of his world tour to tout his candidacy for the general direction of the International Monetary Fund. Here she is back in Europe. She is in Brussels on Tuesday and Wednesday will be the Elysee for the Council of Ministers. For his part, Nicolas Sarkozy consults to choose one who could succeed to the Minister of Economy. Multiplying during the weekend of Pentecost, phone calls to his closest. "Nicolas Sarkozy is favorable to a minimum redesign. Its priorities, it is women and centrists. He feels he can not promote that of men, "says one of them.Another relative agrees: "Even if the president is anxious to raise a generation" Sarko ", its priority is to weaken the operation Borloo."

Another Chirac?

Three candidates stand thus Bercy: Baroin, Valerie Pecresse and former Secretary of State for Foreign Trade Anne-Marie Idrac, whose name has been blown by the President Edouard Balladur. If you believe the president of the UMP group in the Assembly Christian Jacob, the appointment of Baroin would be "more natural". "Francis knows the house and it would be hard at work immediately," says his friend. Which adds: "Remember that the successor will be named Christine Lagarde for a relatively short time."

But Baroin name "would raise another Chirac," sighs an elected UMP. Baroin has used the weekend to demonstrate its utility by Nicolas Sarkozy.The "adopted son" of Jacques Chirac would have intervened with the entourage of the former President of the Republic that he inflected his words on his vote in favor of Francis Holland in 2012. Is he aware of the frustration has been caused to the Elysee, Chirac's exit? He dreads the knock-on effects that this might have on the next redesign? "Sarkozy thinks he was badly rewarded by Chirac. He thinks of the consequences of the attitude of Chirac, "said a close.

"Sarkozy is like Chirac"

Should be appointed Minister of Economy, the carrier would lose Baroin parolat government installment payday loans. Sarkozy has thought of Bruno Mayor to replace him. A nice consolation prize for the former chief of staff to Dominique de Villepin who would succeed him as Christine Lagarde but the president wants to stay in agriculture. "Sarkozy is like Chirac.He does not move people when they give satisfaction to their job, "analyzes a former minister. More recently, he cited the name of the Minister for Ecology Nathalie Kosciusko-Morizet for door-parolat.

Nicolas Sarkozy would then play the "woman card" by ricochet. Unless he chooses to replace Lagarde by a woman. In this case, the Minister of Higher Education and Research Valérie Pécresse, Chirac also, who would hold the rope. More centrist than the Anne-Marie Idrac, on which the President recently expressed some reservations. Pécresse has several other advantages: the autonomy of universities is being hailed as the most emblematic of the reforms five years, his training and his career at HEC Ministerial Research have honed economic issues, his mastery of English , Japanese and Russian.

Viewed from the Elysee, his appointment at Bercy present another advantage: that of "liberating" a ministry full for the centrists. "John Leonetti or Marc-Philippe Daubresse Pécresse could succeed, but I think the president has a preference for Daubresse," said a relative. The name of Lawrence Hénart, secretary general of the Radical Party and close to Jean-Louis Borloo, also returns. Indeed, some suggest that poaching of this very close Borloo would be more "useful" than to honor a debt vis-à-vis Leonetti. "Leonetti said a member, is a faithful while qu'Hénart would be a prize of war."

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