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Apple has made off with digital music. The group of Cupertino recurrence in video on demand (VOD). United States, its download platform iTunes controlled the first half of 2011, 65.8% of movie sales online, says a study by the Institute IHS Screen Digest. According to it, video on demand and downloading films have generated $ 229 million in revenue over the period.

Within a year, Apple has gained almost a point of market share. In parallel, the number two market, the platform Zune Video Marketplace Microsoft lost 2.3 points to 16.2% market share. The disappointment is huge for Sony, whose PlayStation Store will not pick up more than 4.4% of revenues from online video, against 8.2% market share in the first half of 2010.

Only Wal-Mart, with its platform Vudu and Amazon have increased over the period.They control 5.3% (+4.3 points) and 4.2% (0.2) of the market. Both players have recently muscled their offerings in the online video, is launching a range of streaming, or by signing new agreements with Hollywood studios.

"The expansion of the market share of iTunes is a remarkable result in view of increased competition from aggressive rivals some" notes Arash Amel, senior researcher in charge of digital media at IHS. The Apple platform was driven by the growth of the park iPad, special offers on movies and the ability to stream movies from a wireless terminal on a screen Apple TV, IHS analysis.

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Annick Goutal perfumes changes hands. Korean cosmetics group Amore Pacific, which owns the Lolita Lempicka fragrance and cosmetics Laneige, acquired the French brand to the U.S. fund Starwood Capital. The latter had acquired in 2005 by taking control of several jewels of the Taittinger family group: hotels Crillon and Lutetia or Baccarat crystal pay day loans.

Goutal perfumes, bought by Taittinger in 1985 and still led by Brigitte Taittinger, had been founded by Annick Goutal in 1981. The brand has stores in France, Belgium, UK and Canada, but mainly distribution agreements with 1300 stores in twenty countries. Amore Pacific sees growth potential in Asia.

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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The lull will not last long. A week just after the EU summit that was to stop the crisis by helping Greece, markets fall back into distrust. The plan of 109 billion euros, which would act as a sedative, is no longer effective. "While Greece is doing a little better than before the summit. But Wednesday the gap between interest rates Greek and German, the reference, has widened. Another day or two like this and the country will end up worse off than before, "notes Paul Donovan, economist at UBS.

Feared the contagion to other fragile states (Spain, Italy) was not stopped. Their rates have continued to climb and investors are questioning the limits of the plan presented last Thursday.

Inaccuracies

For the first time, investors will be strongly encouraged to participate in the rescue effort in Greece.Problem: lack of market information needed to assess how the financial industry will lose this game. "Financial institutions are supposed to have the three options, but these are not detailed in the European statement last Thursday", wonders Justin Knight, in charge rates for the euro area at UBS. The banking lobby, the Institute of International Finance, which participated in the negotiations, estimated probable losses for the sector to about 20% of total investments in the Greek debt.

Slow and laborious operation

EU leaders decided to put more tools available to the European Financial Stability Fund (EFSF), the mechanism to assist states in need. The latter, which could only provide the states, will now buy the debt of these countries if attacked by the markets.Such action requires great responsiveness. However, the EFSF will have to wait to obtain the unanimous agreement of Member States before acting. "It is as if a city council should meet every time before sending firefighters extinguish a fire," concerned the analysis of ING, who would have liked a more flexible operation.

Not enough resources

The EFSF could also not have the means to exercise its new powers. Laurence Boone, euro zone economist at Bank of America Merrill Lynch, said it would take 290 billion euros to defend Italy and Spain if they were attacked by the markets Payday Loan for Bad Credit. However, it has only 220 billion euros available. "The lack of risk to amputate the Fund's effectiveness," the economist concluded. A member of the European Central Bank (ECB) said it would increase the envelope of EFSF to 1000 billion euros.Economists European Centre for the Study of CEPS for their part feel the need to 4000 billion euros.

Not generous enough for Greece

European leaders have relaxed the conditions under which they provide loans to Greece, Portugal and Ireland. The repayment period was extended and the interest rate was lowered to 3.5%. Insufficient, according to analysts at Nomura: "The average interest rate on the Greek debt should be below 3% to enable it to achieve its goals of reducing its debt to 2031, ie to fall below 90% of gross domestic product (GDP). "The rating agency Standard & Poor's therefore believes that a new Greek debt restructuring will be needed in two years.

Not enough integration

The German finance minister, Wolfgang Schäuble, has himself acknowledged Wednesday: the summit does not mark the end of the European crisis of debt. "A deeper economic union, including debt issues debt securities in Europe, is needed before we can declare overcome the crisis of debt in the euro area," said Michala Marcussen, chief economist at Societe Generale CIB.

In the end, "a supranational institution with real power to limit public deficits is essential," ING slice. It is the dream of Jean-Claude Trichet, president of the European Central Bank on the move: a European finance minister who would enforce fiscal discipline, over the states.Until such a reform, economists predict further mounted fever, until the appropriate remedy is provided.

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A lifeline to 158 billion euros. The Greek Government did not hide his relief on Friday. He said that local banks were now able to overcome the crisis and promised to accelerate reforms, fight against tax evasion and privatization in mind. The entourage of the Prime Minister insists that the country now has an obligation of result and ensures that it will manage to escape the nightmare of debt.

A view that is far from sharing all the Greeks. A good part of them remains in an attitude of rejection of "the dictatorship of the markets." For Giorgos Delastik, political analyst, "Europe has saved Greece and its banks but not the Greeks. The country is under the supervision of the EU budget and the IMF for many years. It is humiliating that Greece is so singled out. And Greece is a kind of European laboratory.Wage cuts and new taxes imposed, will be too soon in all countries without exception. "

The hope of a recovery

Point of the Brussels agreement, however, found favor in his eyes: "The most positive is that Europe keeps its promises to implement an economic recovery strategy." The compromise provides that Greece has a largest share of EU funding for development (the so-called "structural funds"). For the economist Alexandros Paparsenos, "is the best announcement of the summit. By reducing debt and injecting money into the development, financing of infrastructure and major projects, it gives people hope for a recovery.The rigor was not an option and now hopefully return to a positive growth rate early 2012, "said he.

As part of the compromise on Thursday night, the banks had to make sacrifices. In the Greek banking sector, the tone is at the discretion. "This decision removes the pressure on Greece and will allow him to return to the market in three years to borrow large sums," hopes the president of a major Greek bank, on condition of anonymity. "Instead of paying 14 billion euros in interest rates, or 6% of GDP, the country will pay 11.5 billion. By cons, now the government has no excuses, he says. The Europeans, creditors, the people, everyone made an effort. This requires that led George Papandreou promised reforms in a fair and especially the privatization program.He has to channel the discontent of the Greeks, some want to boycott the system, and it encourages us to lend to entrepreneurs to boost the economy. "

The risk of a new social explosion will be part of the challenge of the Papandreou government. After the indefinite strike of taxi drivers, other sectors such as marine and port workers, announced that they observe similar movements. The game will be tight.

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.

Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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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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At least fifteen days of its entry into force, the "Google tax" does not ultimately see the day. This is the conclusion of a battle of several months, after the Senate's budget rapporteur Philippe Marini (UMP) withdrew his amendment yesterday to tax by 1 July up to 1%, advertising revenues business generated by online advertising. Adopted at the end of last year by the Senate as part of the proposed budget law for 2011, it was later removed when the collective review on first reading by the National Assembly. With the withdrawal of the amendment Marini, the restoration of this measure is therefore definitely thrown to the wayside.

Illustrating the arguments in favor of setting up the device, the centrist President of the Committee on Finance, Jean Arthuis regretted that choice. "Google does not pay taxes in countries where there is profit.Attention, so does the return to balance public finances and respect for our trajectory, "he said Tuesday. This tax, incorrectly called "Google", companies are taxed advertisers and not portals, would bring a little more than 20 million to state coffers. Several players saw this device the way to avoid tax evasion of income generated in France by Internet groups domiciled in other countries. For example, advertisers of Google domiciled in Ireland, escaped to the French tax.

Disappointments for other organizations, who hoped, through this measure, access to new resources to finance the creation free business cards. This is the case of the Society of Dramatic Authors and Composers (SACD), which campaigns since 2007 for the introduction of this tax, hoping of course to be part of the beneficiaries.

Taxation envisaged at European level

Relief on the contrary side of the digital players, for which such tax could hinder the development of a growing industry. The recent National Council of Digital (CNN) had indeed heard his opposition to the project. For its part, the Association of Community Internet Services (ASIC) in a statement welcomed the choice of the Senate "to preserve the French digital economy," avoiding "the potentially heavy burden on the shoulders of the few French companies, penalizing especially small and very small. "A relayed spoke about Senator Catherine Morin-Desailly, who denounced a tax against-productive: "It would be paid by advertisers, not by the large international groups, Google, Facebook, which were located in countries with attractive tax" has She stated Tuesday.

Remains that the taxation of Internet giants is not totally abandoned. Budget Minister Baroin invoked for the possibility to reflect on actions at EU level. "The government has pledged to establish conditions for a European standard for a tax on a broad base, without waiting for the G20," he developed Tuesday. An argument inadmissible under Jean Arthuis, for whom total absence of tax harmonization in Europe would only bury the project.

Spring 2011 is the warmest spring (+2.6 ° C) since the beginning of the twentieth century, surpassing 2007 (+2.1 ° C) and 2003 (+1.8 ° C). The lack of rainfall between March and May 2011 (deficit of 55%) is also the largest before 1976 (46%) and 1997 (40%).

Result: the vine is ahead. Flowering, key moment, arrived three weeks early. According to the adage, the harvest takes place one hundred days later, the Beaujolais expects to harvest around 15 August, the Bordeaux and Burgundy in late August.

First question: the heat and drought are they harmful to the vine? In principle, no. The vine is a perennial plant with long roots, sometimes over 10 m, which are immune to the vagaries of weather: it is only the first foot of land that are dry.Only the vines suffer not worked and amended with very shallow roots.

We therefore takes a great vintage? Is going a bit far, because spring is not only the result. Moreover, in recent vintages hot, 2007 has not left a great memory, because the summer was wet and ruined the great hopes of the Champagne, Bordeaux and Burgundy, among others. Everywhere, 2007 are to drink, and only Sauternes and some great Rhone wines, especially side Chateauneuf-du-Pape, save the reputation of the vintage.

As for the 2003 vintage, with its very short growing season, it remains a curiosity, because with the hot clouds an average but the wines are of low acidity. At birth, the great Bordeaux had raised the enthusiasm of a few tasters, especially overseas, and prices had skyrocketed.But today, the big bottles are rare, first quantitatively, because the harvest was reduced, and they do not shine by their qualities. Those who blindly follow the sirens Bordeaux were fooled. It goes back to 1893 or to 1811 for a hot high quality, but primarily because the weather was dry.

Lower yield

Drought, it should not be confused with heat, produces other effects personal loans for bad credit. The concentration is generally at the rendezvous, but with diminishing returns. The year 1976, which is included in the collective unconscious with his "drought tax" does not figure in the pantheon of great vintages, came too late because the rain has swelled the grapes. In contrast, small droughts have resulted in some recent vintages, like 2005 and 2009.But not too much should not, because it can harden the wines, as in 2010.

For now, the drought of 2011 is not worrying at all, and the vine does not suffer. All the more she has spread the bloom in some places, which is still not a good sign for the quality of the vintage. If it lasts for another month or two, the vine will slow its growth and lead to smaller bays, resulting in a lower yield.

However, "until there is no rain, no need to treat, philosopher producer. The vines are planted on soils with good moisture capacity, which saves them. "Because, contrary to conventional wisdom, it is not enough sun and heat to make great wines, and even wine while short, seeing as Australian producers, who had been seduced by the warm valleys they are forced to abandon due to lack of water.Even with irrigation, there are no great wines in the deserts.

In the New World, the science of irrigation, source of many theses and a large number of studies, has made tremendous progress, but not enough to work miracles. Good wine, let alone the great wines, the result of a complex alchemy between the sun, temperature and water from the sky just as we must, with consummate skill and suspense.

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