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At Kiriko, a Japanese restaurant in the ninth arrondissement of Paris, this chef is adamant since the disaster Fukushima, "attendance has dropped from 20 to 30%. A few yards away, in Yokohama, the conclusion is the same. Another borough, figures identical to Kyotori between Place de la Bourse and the Opera, "we lost a third of customers." Even if he refuses to disclose its revenue, the head of another Japanese restaurant says: "In recent days, a lot of customers are asking for certificates on the origin of the fish we use in our sushi. "

Aurelian, a young 26 year old Lille, is one of many suspicious. "Even in normal times, when you see the television reports on Asian restaurants, it makes you skeptical.Where do the fish, seaweed, sauces, rice …? We do not know anything. "

Few Japanese fish imported into France

The ignorance of consumers about the origin of the products they use, just that battle Alain Bailly, Director of Counter ocean, a company based in Rungis, providing no less than 300 sushi restaurants. "The lack of communication and transparency creates among consumers a deep sense of doubt and anxiety, when in reality, almost nothing is anywhere in Japan cash advance." What pushed this company to send a communique to all its customers, recalling that "the salmon comes from Norway, tuna in the Indian Ocean, the Mediterranean sea bream, mackerel and mullet from France …». A reminder that some restaurants have not hesitated to affix labels on their windows.In fact, among the products commonly used in Japanese cooking, only some wasabi and seaweed from the country of the rising sun. "And yet, one can easily find from the USA, China or Korea," says Alain Bailly.

When contacted, the European Commission recalled that on his side since the end of March, all food products from the area near Fukushima are subject to health checks reinforced from Japan, and are re-examined upon arrival on European territory. As the Ministry of Agriculture and Fisheries, services stressed that only 450 tons of marine products in Japan have been imported into France in 2010.

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Malkin family, which controls the majestic Art Deco skyscraper overlooking Manhattan, plans an IPO for a new real estate company that will include the building of 106 floors. Everyone would theoretically invest in the tower of 381 meters climbed by King Kong film from 1933.

Still be there as Malkin cross some obstacles. In particular, obtain the consent of the heirs of the millionaire Leona Helmsley, their main partners, and about 3400 other co-investors. In the middle of New York real estate, we can already imagine the rat race. But Malkin has proven, since their takeover of the skyscraper five years ago after a bitter struggle with the eccentric billionaire Donald Trump, they had flair guaranteed payday loans.They restored the decorations of the Art Deco lobby, added a touch of green in the older building will reduce energy consumption by 40% and, especially, more than double the rent of offices, which remain among the most prestigious Manhattan.

At a time when the real estate sector rebounded in New York thanks to foreign clients, it might be a wise investment. Still, co-owner or not the Empire State Building, it will always pay $ 20 at the entrance to climb up.

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Earlier this year, the head of state went to Mayotte in anticipation of the creation of the 101st French department. For the 186,000 inhabitants of the island, the promise became a reality this Thursday, March 31.

If 2010 has prepared the process of departmentalization, Mayotte has a long way to go. The economic and social challenges are enormous. Economic First, because the island is in a difficult situation. The written conditions of the Institut d'émission des overseas (IEDOM, relay Overseas Bank of France), published recently, last year was particularly weak in all sectors (including agriculture, construction, trade). The labor market continued to deteriorate, consumption fell, as imports.In short, Mayotte had a year 2010 "morose" and, apart from a little less poor prospects in tourism, "in 2011 gave no indication of genuine improvement", said the new director of the IEDOM, Nicolas de Seze.

Development Fund

Social challenges then, as the island is facing significant migration flows. The proportion of foreigners, mostly from other islands of the Comoros – who come to find work, join relatives, to qualify for the schooling of their children or for treatment – from 15% in the early 1990s to nearly 41% in 2007, fell within the central bank in a previous study savings account payday advance.The vast majority would be illegal.

The cost of illegal immigration has been estimated in a Senate report from 2008 to 32.4 million euros for national education and 30 million for health services – more than 3.3 million on the fight against this immigration (police, gendarmerie …). Excluding the cost of moonlighting.

New French department, Mayotte "will benefit from development funds relatively large," recalls Will there be IEDOM. Another issue will then arise: "The ability to use knowledge. The real problem is there. We need a real project management for projects, it will take time. "There must then be the private sector take over public investment. Not a small feat in a country where, today, produce is more expensive than importing "…

Rising energy prices could rise even faster. EDF, controlled nearly 85% by the State, public authorities have offered to pass on higher energy prices on the individual invoice. The increase in electricity prices would range between 5.1% and 6.5% per year until 2015, including inflation, reports Les Echos. At EDF said this morning it had not formally asked the government increased tariffs. On the government side, it also denies the information.

The Energy Minister, Eric Besson announced in effect a "slight increase" in electricity prices this summer. Before the National Assembly, he added that the government did not study "no significant increase" of these awards, underlining that "EDF did not transmit the request to increase rates corresponding to the ranges cited.He had said this morning: "In any event, a document emanating from EDF does not commit the Government." According to Eric Besson, "future pricing decisions will be made with a view to protecting the purchasing power of French people should continue to benefit from electricity 40% cheaper than the average of other European countries, thanks to the nuclear .

Increase between 28% and 37% in five years

The minister however said in February that the increase in electricity prices was "inevitable" in France to finance investments in nuclear power and renewable energy development. And this increase is expected to reach between 28% and 37% in five years, says Les Echos.

The increase in electricity prices depend on the price of Arenh (regulated access to nuclear power history).As part of the liberalization of Europe's electricity, law Nome, EDF is forced to sell up to 25% of its production of nuclear energy to its competitors prices Arenh no fax pay day loan. This rate has not been fixed and is continuing to debate. GDF Suez campaign for a level of 35 euros per megawatt hour (MWh), where the group chaired by Henri Proglio claims 42 euros in 2011 and steady increases to reach 46 euros in 2015. For now, the Regulatory Commission of Energy recommends a redemption price of 37.20 euros and the Champsaur report favors him a price of 39 euros.

Two scenarios

Eventually, the Nome Law provides that the cost of nuclear power in the rates converge to the price of Arenh 2015. But the cost of megawatt is estimated at 35 euros today.So to mitigate rising electricity prices on the invoice particular, EDF has scaffolded several scenarios, reports Les Echos. The electrician tricolor believes that the rise may reach 4.7% per year above inflation to 6.5% including inflation. However, if the government agrees to a modification of certain taxes, including the ability to finance renewable energy, the annual increase in rates could be limited to 3.3% above inflation to 5.1% with inflation.

At the debates on nuclear safety and the needs of investment in nuclear power seem to dominate after catastrophe Fukushima, appeals to higher energy prices could be heard. Still, the context is already loaded for the French who are with increases in fuel and gas.These potential increases could well fuel a new controversy and the fourteen months of a presidential election.

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The arrival of Alain Afflelou on the French market for hearing aids confirms a recent diversification of industry players, after opening in 2009 by the Leclerc group's first store Audition E. Leclerc. Today the market is still very fragmented, with nearly 1,351 independent hearing aid on the 3395 French centers. Nevertheless, the concentration is on, with specialized groups that develop their own network, often a sudden external growth accelerated. Among the most important, French Audika represents 11, 9% of centers (406), followed closely by Italian Amplifon (9.4%, or 321 centers). Following mutual centers with 291 retail outlets, and signs cooperatives (Hearing Health Hearing, Audio 2000 …) with 1026 centers.Finally, beyond the general logistics, opticians that are Grand Hearing, Optical Center and more recently Alain Afflelou want to focus on issues of health carriers.

Audika is by far the best known

The group is best known in France Audika, created by brothers Tonnard the mid-1970s. Its leaders have relied on such marketing campaigns are very active. With Robert Hossein, ambassador of retail chain for 10 years, Audika has also greatly increased his reputation among those 60 years and over, bringing to 71%, far ahead of his Italian counterpart Amplifon which is just over 26% on the same population category.The group spends an average of 7% of its annual turnover in the development and improvement of marketing materials (national advertising on radio and on TV, online marketing, offering testing, direct marketing, event image …)

Sector auditing is carried by positive trends in France and in most European countries, the first of them being an aging population fast payday loan no faxing. However, unlike other types of device (glasses …), it is much more sensitive to economic conditions, as many less well-reimbursed by social security. For example, a device for both ears costs on average 3,200 euros, and will be reimbursed only up to about 10%. What a wait encourage seniors and hard of hearing in the context of economic crisis.Audika has also regularly highlighted as a factor in the slowdown in growth over the last three years. The group next week will detail the accounts of the past year, but already announced a withdrawal of its sales from 0.8% to 105.7 million euros (-4.4% at constant number of centers.

Elsewhere in Europe, demographic trends are also sector growth, while the rate remains the highest gear that the Danes, with about 50% deaf. In Italy there is now barely 1,500 hearing correction centers, almost cons 4000 in France, for a population of just below 6%. This facilitates beyond redemption centers Alpine also many independent, accelerating the creation of outlets.

Technological advances needed

Match or remains taboo, especially for younger seniors (age 50), which is still a psychological brake to purchase, in a context where power is often equated with disability. Hence the importance for these groups, as well as their manufacturers, to work on the miniaturization of devices and discretion in order to rejuvenate the heart of their target clients to the fifties, and bet on a rate of equipment in France still low, with only 17% of the 6 million hearing impaired equipped in France.

Collaborators Anne Méaux are fine and well educated people and that's what made me want to meet her. After all someone who is recruiting good people must be interesting … The route of Anne Meaux is inseparable from the small medium French politico-economic. One might say that Anne Meaux is the image patterns of ACC what Alain Minc has been in French capitalism. Yet there is a dimension to the lady more down-to-earth in his particular way of saying things "cash" and bluntly: "someone who does not bump too network," me destabilize the mythos, "" I want to hire who I want as I want, "" I do not like the fake-ass ". Anne Méaux responds quickly and accurately to questions as if she had learned from his own life, as if she knew exactly what it is, what she wants, she does not want.He blamed his contacts with the "right" circles of power, she knows she does not care and it shows in his composure. For it appears from the interview the lady finally gives importance to simple things: work, honesty, direct relationships, independence. Not to mention Latin, of course.

The most powerful earthquake which claimed the North-eastern Japan early this morning has an impact on the Japanese economy. Before long, the Nikkei has literally collapsed, the yen has fallen and the country is, for now paralyzed.

In fact, air transport and railways have stopped Friday in much of Japan. Traffic was stopped in the major airport of the archipelago, at Narita, in the Tokyo area, where services were checking the status of airport runways. Shinkansen express trains were immediately arrested throughout the northeast of the archipelago, and highways in the Tokyo area closed a few minutes after the earthquake.

Similarly, the markets, the response is immediate. The Japanese currency fell against all the eight major currencies.The Japanese currency is thus dropped to a low of two weeks against the dollar at 83.30 yen to the dollar and 114.98 yen per euro after issuing a first warning to the tsunami.

The index of the Tokyo Stock Exchange, the Nikkei 225, has accelerated its losses late in the session. The benchmark index of the place of Japan and ended lower by 1.72%

It must be said that the disaster – which worsens progressively transmitted information has been particularly violent. The quake had a magnitude of 8.8 at 6:46. A scale rarely observed. Waves of 4.2 meters swept the Pacific Coast. Japanese TV shows and soon after the earthquake has made "many injured".

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The markets decide on Thursday to follow the trend on Wall Street yesterday or the Asian markets this morning. Disturbed yesterday by a further rise in oil prices, the Paris Bourse tries the rebound: the CAC 40 gained 0.54% to 4057.91 points.

The DAX index of the Frankfurt Stock Exchange following the same path with an increase of 0.61% to 7225.23 points. Just as the London Stock Exchange takes 0.34% to 5935.11 points.

However, investors should be wary. The barrel was still an upward trend on Thursday in electronic trading in Asia with a barrel of light sweet crude for April delivery at 102.47 dollars a barrel of Brent North Sea to 116.70 dollars. The situation in Libya, which explains the spike in oil shows no sign of improvement.Worse, the country's leader, Muammar Gaddafi, said yesterday in a speech delivered on television, there would be "thousands of deaths" in case of foreign military intervention in his country.

In Europe, attention will focus on the ECB meeting, which will decide on interest rates from 13.45. A hardening of tone is expected this Thursday, but not to the point of a rate hike is imminent. Inflation reached 2.4% in February in the eurozone, a figure higher than the target of 2% of the European Central Bank, growth was also up, despite the debt crisis, to 1.6% in 2011, according to Brussels.

As for currencies, the euro remains under pressure, but stable against the greenback to 1.3864 dollars in morning trading.Stack on a very important technical resistance

Battery Statistics

In this context, markets will try to focus on the series of macroeconomic statistics to be published Thursday. In France, the unemployment rate fell slightly in the fourth quarter of 2010 to 9.2% of the workforce in France and 9.6% including overseas departments, a decrease of 0.1 points per quarter previous INSEE announced Thursday.

For the euro area, the news will also be very rich at 11 am with the area GDP in the fourth quarter and retail sales in January.

The day will also be busy with the U.S. productivity in the fourth quarter and weekly jobless claims (1430) and the ISM Services February (16 hours).Attention should also dominate the market before the publication of the traditional monthly report on U.S. employment on Friday.

Values to follow

Alcatel-Lucent (5.56% to 3.80 euros) is supported by the recovery of target price of Barclays. The sign as the largest increase of the SBF 120 in early trade.

Renault: 0.39% to 42.91 euros

The manufacturer does not manipulation in the case of alleged espionage whose company reported but awaits the return of investigations into the existence of bank accounts abroad to decide.

Total: +0.36% at 43.51 euros

The petroleum announced Wednesday it will pay $ 4 billion (2.9 billion euros) to take a 12% stake in Russian gas producer Novatek.

In addition, the group will soon stop operating Mabrouk field, whose production capacity is between 40,000 and 50,000 barrels per day. Muammar Gaddafi confirms that oil production in his country was "at the bottom."

Alstom: 0.43% to 41.62 euros

The group announced Wednesday the signing of an agreement for its participation in the development of a technology center in SKOLKOVO Russia.

Unibail Rodamco: +0.03% to 145.35 euros

Europe's leading retail real estate announced Wednesday it had acquired from Eurohypo AG a stake of 7.25% in SFL (FSH) for 106.5 million euros.

France Telecom: 0.63% to 15.77 euros Iliad: 4.66% to 84.60 euros

Free and Orange signed a roaming agreement 2G to 3G expanded. The announcement had been evoked by the daily newspaper Les Echos on Thursday.

Air France-KLM: 0.98% to 11.81 euros

The company plans to reorganize in order to make acquisitions, "said La Tribune.

GDF Suez revises goals upward

GDF Suez: -0.64% to 28.03 euros

The band recorded in 2010 net income group share of EUR 4.616 billion (+3.1%), especially through its activities in France, and has revised upwards its targets for 2011 due to taking control of Britain's International Power.

Carrefour: -0.28% to 33.51 euros

The French distribution giant has recorded exceptional costs in 2010 of 1.13 billion euros, which have weighed on operating profit.The group, which announced Thursday a net operating profit up 9%, according to its own forecasts made in January, said an anticipated earnings growth in 2011.

Manitou: -3.31% to 23.98 euros

The group was cautious about the recovery in margins in 2011 after having returned to growth in its turnover last year thanks to a rebound in orders.

Club Méditerranée: 3.25% to 17.45 euros

The group announced Thursday a turnover in the first quarter of fiscal shifted 2010/2011 (1 November-31 January) up 14.6% to 337 million euros and bookings for the summer "growing two numbers. "

Always on the side of publications, after market, we will follow the annual results of Areva and results for the fourth quarter of Bio Alliance.

The Irish vote is also a warning to Europe. By giving more than 36% of the votes of the opposition Fine Gael in parliamentary elections on Friday, voters clearly endorsed the government that had negotiated the bailout with the EU and the IMF. The ruling party had won just over 17% of the votes. The future prime minister, Enda Kenny, has already announced he intends to immediately renegotiate the terms "punitive" of the device. For Europeans, the case falls ill while looming in March, a marathon of negotiations critical to the future of the euro area.

"We will act on it next week," promised Enda Kenny, who considers "bad for Ireland and for Europe" the bailout of 85 billion euros signed in late November. The future prime minister wants to broach the subject on Friday in Helsinki at a meeting of conservative leaders of the EU.With two requests: to lower the rates "punitive" loan, fixed at 5.8% and involving banks, making them bear a larger share of losses.

European side, the rhetoric still print campaign promises was greeted with caution. "The Commission will continue to support Ireland" in the implementation of its austerity program, "which is essential" to the country's economy, said Sunday the spokesman on economic issues, Amadeu Altafaj. Before the elections, Brussels had suggested that there might be a little leeway for adjustments after 2011.A lower interest rate can not be excluded, but Dublin will probably make concessions on its corporate tax rate, seen as fiscal dumping elsewhere in Europe.

Fears for the other weak links

The Irish case puts the euro area in front of his responsibilities on the eve of a series of summits that bring together Heads of State and Government (11 and 24 March) and Finance Ministers (14 and probably 21 March) low fee payday loans. It is to decide on remedies for the debt crisis, first by raising the ceiling of the Rescue Fund (FESF) to assist countries in serious financial difficulties, and partly by tightening governance . Germany has much to impose his views on fiscal discipline.But his range of proposals, unveiled a month ago, was recently welcomed by its partners.

This bodes ill for the magnitude of the final result, even though the euro area sees risks reappear after a brief lull. Between record high oil prices and market concerns, Portugal was in the front line. The fear of another recession pushed its lending rates to astronomical levels (7.579% Friday, a record since the country's entry into the euro area). Investors are already convinced that Lisbon will shortly call on European rescue mechanism – such as Ireland and Greece before him.A perspective that revives fears for the other weak links in the eurozone, Spain in mind.

On Wednesday, the Portuguese Prime Minister Jose Socrates, will be received by Angela Merkel in Berlin to discuss the support fund – and how countries' having problems with their sovereign debt, such as Portugal "could best use of the devices financial assistance.

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The economic and financial crisis has shown that market prices could deviate from the long-term fundamental value of assets. Speculation and economic fundamentals are not sufficient to explain certain behaviors described as irrational. It is the foundation of a theory, behavioral finance, developed in the 1970s by Daniel Kahneman and Amos Tversky, rewarded by a Nobel Prize in 2002. It is now taken by some societies as JRC AM that it is a specialty, with its capital CCR Growth Flex.

lefigaro.fr / jdf.com – Since the beginning of the year, investors prefer the values they abandoned last year. They would lack of discernment?

Roman Lahoste – Investors may lack discernment as shown by some excessive turnovers.And indeed this is true for sectors but also for geographical areas, as the CAC 40 index outperformed both the U.S. stock indices as the indices emerging.

L'horizon économique s'éclaircissant quelque peu, les investisseurs reviennent sur les valeurs ou les zones géographiques qui ont le moins bien performé l'an passé et qui paraissent donc bon marché. They do not care whether they are rational or not. Besides, if you look at previous cycles, they have always worked like that.

We are witnessing yet to rebound more than 20% for certain sectors such as banking shares.Did we go from one extreme to another?

That's true if you look at sectors or certain geographical areas but more broadly, I do not think you can talk about brutal downturn: global equities continue rising started out of the summer of 2010 as as fears subside.

Financial markets bull born in pessimism and doubt may be long upon the optimism and reach their climax in the euphoria. 2010 was a year of doubts and 2011 will be the return of optimism. But guarded optimism. We are not yet in a phase of euphoria. We go out to the penalty phase of doubt.

When is it we're in this phase of euphoria?

When investors do not perceive more risk and will not want to see positive signs.In other words, when financial markets are no longer concerned about the European and U business cards.S. debt or the rising inflation in emerging countries for example. But at this point, it will not necessarily leave the market as rising euphoria can last very long.

As the saying goes on Wall Street, he must stay invested in winning positions and cut their losing positions. Investors such as portfolio managers generally have the temptation to do the opposite. And that is their mistake. After realizing a profit, even if they can still hope to double their bet, they will tend to take profits. However, after a loss, rather than cut their losses they will tend to leave the risk and not sell. The investors then react as casino players who want to "remake".

How should investors do to prepare for this phase of euphoria?

Anticipate market reversals is a very difficult, unreliable and time consuming. Investors should instead be setting standards of conduct and maintain it, even if they miss some opportunities. Indeed, we believe it is better to forego a gain in the short term to avoid a larger loss in the long term.

From a technical standpoint, we recommend the establishment of "stop loss" (order placed by an investor to limit his losses in case of falling stock price, Ed) that serve as "safeguards "to compensate for the risk manager in the extreme phases of markets or the decision is often distorted. A phase of euphoria usually turns into a bubble.However, if one knows when it starts, you never know when it stops.

Should we fear the next bubble?

Since markets exist, there have always been bubbles and crashes. Each time, investors have not learned.Behavioral finance teaches us that all these risks are extreme benefit related to human psychology never changes as economic fundamentals./ P>

"Faced with losses, investors' attitudes changed dramatically": they are more likely to renew their commitment vis-à-vis an investment when it posted a loss