Specifically, this is to limit the payment of appropriations made to the public company for the loss of advertising revenue due to the partial shutdown of advertising on the main branches of the group since 2009. France Televisions already committed for 2012 to increase its advertising revenue from 410 to 425 million euros but also revert to the state 28 million euros in credits not used by the public group.

But the chairman of the Finance Committee would go further.

In the Middle Kingdom as in the rest of Asia, food is becoming more and more often on the go, bought in the shops that fill the streets.Or international chains of fast food like McDonald's or Kentucky Fried Chicken, which are present in large cities.

"The goal of Barilla is to be present in twenty years with an offer dedicated to Asia, which is consistent with the true Italian gastronomic tradition, says Guido Barilla. We look at different ways to adapt the offer to local habits with recovery modes that do not exist in the business portfolio of Barilla. "

Ready meals in Europe soon

Therefore no question of selling Barilla noodles Asian or to eat his pasta with chopsticks. The Italian group, which wants to reach consumers in major cities of the region is still at the beginning. He formed earlier this year a regional team of five people based in Singapore. He also sent ten people in Tokyo.All work closely with the headquarters in Parma.

In emerging markets, which account for only 7% of sales, Barilla also looking to South America. "Barilla is a family business, we are not pressed by the objectives of growth or profitability, says Guido Barilla. Our priority now is to install Barilla in new geographies. But we do not make shots. What matters are the group's financial stability and product quality. "

The internationalization of the Italian group has accelerated since the mid-1990s, when Guido and his brothers and sister took over the reins of the company at the death of their father, Pietro, grand-son of the founder.

After settling in France – its second largest market after Italy – and Germany in the 1980s, Barilla headed for the United States.Three years ago, he won first place in the pasta market. Barilla, which generates $ 500 million in sales in the U.S., it now holds 30% market pulp and posted growth of 4 to 5% per year. The Italian was offered four years ago a second plant in the country, near New York. The growth potential is enormous. If the Italians consume 27 kg of pasta per year per capita, Americans eat three times less …

Meanwhile, Barilla brand of pasta popular in Greece and Turkey. In Europe, where the group wants to expand its business scope, it introduced last year pasta with vegetables. This board today the launch of cooked pasta, bearing the signature of chefs.France, where the brand holds 20% of Barilla pasta market, would be among the first countries to sell this product.

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Before the Dreamliner, Boeing's cooperation with subcontractors, but former French was limited. "Boeing has opted for the CFM-56 engine, co-developed by GE and Safran, to equip its B 737 and he turned to Dassault Systèmes to draw the B 777," says Yves Galland, president and CEO of Boeing France."The implantation depth of French aviation has made possible and with as Boeing 787 B is increased from 2 to 14 partners meeting in the French Team Boeing. We now work with hundreds of French companies, "says the CEO.

When Boeing launched the program in 2004, he decided to review its parallel in industrial organization by giving up 80% of the unit to major partners. It launches international tenders and the French make a lot. Some drop their first contract with Boeing. This is the case Latécoère that provides long-haul passenger doors of (8 air).

"For the first time a French industrialist involved in the structure of an American plane," said Yves Galland. Once a foot in the door, Latécoère won a second contract to supply the cargo doors of the B 777.For his part, Messier-Bugatti a world first on an airliner: the design of the electric brakes B 787. "After winning the contract, Messier Bugatti was referenced on the B 737 to replace the brakes," said Yves Galland no fax cash advance. For its part, Labinal was selected for the wiring of the unit, or a hundred kilometers to install per machine. A particularly crucial position on the B 787 presented "as the more electric aircraft ever designed."Just as the power conversion system entrusted Thales was also selected for in-flight entertainment and integrated flight displays.

23,000 jobs created in France

A total of ten French companies, among which there are also Zodiac, which will provide 100% of the seats of 55 B 787 ordered by ANA and management systems and waste water and slides, Dassault Systems (Catia) Messier Dowty Michelin and boarded the program which counts 821 orders from 56 airlines.According to several experts, the B 787 alone should generate between 600 and 800 million dollars in sales per year for the French industrial partners.

In total, Boeing 787 and B have shown "significantly more" than $ 4 billion purchase of components and assemblies to the French aerospace industry, 80% are made in France. Of this total, $ 2.8 billion came from direct purchases. The U.S. giant has generated 23,000 jobs in France and half direct. "Boeing buys in France ten times more value than it sells," said Yves Galland noting that Boeing will be exported to France three aircraft this year.

The rise of French subcontractors will not stop there. The "Boeing French team" is growing to meet from 17 to 18 members by 2012.

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In fact, the time is right. The presidential campaign in full swing as early as January. Common ground between Democrats and Republicans are thus virtually impossible to find in March.

To appeal to conservatives, Barack Obama is wearing more than half of its plan to 447 billion dollars of reductions in charges paid by employees and businesses.By halving the payroll tax that finances the retirement program, Social Security, the President went even further than previously thought.

The issue of funding on hold

In the minutes after the speech, John Boehner and Eric Cantor, the two leading House Republicans, said they wanted to do that such measures are discussed. They do not want to obstruct all types of measures: their constituents are just as concerned about the risk of relapse into recession as the Democratic voters low rates payday advance. Other reaching out to Republicans: the promise to submit to Congress on free trade agreements negotiated for a long time with Korea, Colombia and Panama.

Finally, the issue of infrastructure spending, Republicans should also be attracted, even if the chances that they align themselves to finance projects rail transit are slim. Moreover, the proposed transfer of funds to States to preserve the jobs of civil servants might not pass Congress.

Then there is the crucial issue of financing of these measures. Barack Obama has stated repeatedly that they would all be funded. But he did not say how.

It should not provide details until next week, when finally published its plan for debt reduction over the medium term. The White House makes plans to finance these stimulus measures need to be involved in 2012, by savings in the longer term.Republicans, eager to reduce public debt now, will try to find savings elsewhere in 2012, to finance what they will accept the plan Obama.

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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. "

In fact, it is especially risky assets, which suffer from fears of contagion cuts ratings of sovereign debt payday loan.Evidenced by the plummeting global stock indexes following the shock announcement Standard & Poor's. Over the past five trading days, the Cac 40 lost almost 8%, and the index companies were affected differently. These are "primarily growth stocks" that have suffered the most, says Patrick Artus, "since the fall of 2400 billion over ten years the U.S. deficit will cost a point of growth the first year." Over the period, it is almost 70 billion euros in market capitalization went up in smoke. The equivalent (almost) the biggest company in France, namely Total!

]]> http://chestnutchurch.org/bourse-de-paris-eur-70-billion-evaporated-in-five-sessions/feed/ 0 http://chestnutchurch.org/entries-health-of-banks-published-on-friday/ http://chestnutchurch.org/entries-health-of-banks-published-on-friday/#comments Fri, 15 Jul 2011 05:16:05 +0000 admin http://chestnutchurch.org/entries-health-of-banks-published-on-friday/ While the EBA is preparing to issue health bulletins today of 91 European banks, not this year – the third of its kind – had emerged as perilous. These stress tests are designed to reassure the strength of the European banking system, ensuring that they are adequately capitalized to deal with simulations of shocks on growth, equity markets or real estate.

So far, the main risk was to fail to convince, as was the case a year ago.With markets abusing European banks in turmoil on sovereign debt, the danger is now adding fuel to the fire …

The Institute of International Finance, which includes 400 credit institutions in the world, concerned that the emphasis of the supervisor to publish banks' exposures to the sovereign debt would aggravate tensions in the markets.For if the stress tests are unwilling to consider the hypothesis of a failure, even partial, state of the euro area, even though the scenario is not ruled by some European finance ministers, analysts will not go without applying the discount corresponding to their own calculations.

In fact, stress tests, vintage 2011, were built partly in response to criticism of the 2010 vintage: his credibility was undermined when the Irish banks were left to the mat a few months after passing their check-up! Hence the idea that the number of "recalibrated" should be higher than last year: in July 2010, seven banks have been stigmatized with a lack of capital combined 3 billion euros only .

Confusion

From this perspective, the tension went crescendo in recent days.Adding to the sense of confusion at the moment that sticks to all European decision-making, many countries or institutions have formally or informally, started to spill the beans. The German regional bank Helaba was denounced by itself, Wednesday, accusing the same time the EBA does not take into account the 'silent participation' 10% owned by the state of Hesse in his capital is not regarded as capital drives. In Spain, two savings banks, suspected to be among the victims of stress tests, have healthy self-proclaimed as yesterday, stating that their criteria are not exactly the same as those used in Europe! The Spanish authorities have also criticized the method of Constable European banking.

Although it was heavily judging, fiscal 2010 proved useful over time.A study by Morgan Stanley, 19 of the 22 listed banks passing the bar set by the supervisor by a margin of 2.25%, have increased since their capital. Thus, if the EBA requires a minimum of 5% capital ratio, "we believe that investors will scrutinize those who pass with a margin of less than 1%," warned analysts at Morgan Stanley.

Still, by nature, the exercise is not enough to reassure the markets. It focuses, in fact, on the solvency of banks when the rising concern about the cost and availability of the resources they need to find on the market. In the current climate of mistrust, the market assess the health of banks, primarily through the quality of the signing of their country of origin.For financial institutions of Europe device, each day that passes makes access to capital more expensive and more difficult and more involved when a deterioration in the sovereign rating by any rating agency.

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"U.S.: Obama tries to avoid a default

After discussions between key leaders of Congress – Democrats at the head of the Senate and the Republican majority in the House of Representatives – Barack Obama said he will hold a press conference Monday at 17 noon, Paris. The negotiations between elected to continue thereafter.MPs also plan to meet every day until they reach an agreement, says Bloomberg.

Despite the optimism displayed by the U.S. Treasury Secretary Timothy Geithner, who believes that "the U.S. will not default," the discussions on key topics such as tax increases or program of government spending have little progressed. Republicans and Democrats continue to disagree on the remedies to lower debt. "It is appalling that the president and his party continues to insist on the need to raise taxes in a crisis when they refuse to reduce spending," said the spokesman of the Republican minority in the Senate at the end of meeting Sunday night.For her part, Nancy Pelosi, representative of the minority Democrats in the House of Representatives, is confident that "a consensual agreement is reached (…) it could, she says," include more cuts in public spending but on a longer period. " But she says being uncomfortable with the idea of ​​"saving billions of public health."

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Came to power in 2005, Socialist, 53, divorced and father of two children, probably his last book political battle, the most difficult of all. Tomorrow's elections will determine its future.

The "wild beast" as he describes himself, refuses to admit defeat.Last March, soon after announcing his resignation as Prime Minister Socrates was reelected as head of the Socialist Party (PS, center left) by a final score: 93.3%. And there's another week, opinion polls placed the PS elbow to elbow with the Social Democratic Party (PSD, center right). Today, the latest opinion polls give a lead of 6 points to the DSP. "But the fact that he can still compete with the opposition is surprising analysis Teresa de Sousa, a columnist for the newspaper Publico. This is still the premier of the crisis! "She said the strength of Socrates explained by his personal qualities:" He has great charisma, a good speaker who uses simple words and direct "says she. The flip side is "low fidelity" ideological, considers Teresa de Sousa.Socrates is supposed to represent the right wing of the PS, the current more moderate training already very centrist. But throughout the campaign, this positioning does not stop him to shake the specter of anti-social right, which will liberalize at all-if she came to Sao Bento, the official residence of Prime Minister.

Tensions with the press and justice

"It's a fighting personality, not an intellectual," says José Adelino Maltez, a political scientist at the Technical University of Lisbon payday loans. And to appeal to the French philosopher Jacques Maritain: "Socrates is leading a leftist government with a right temperament." A follower of political marketing, in short, which modernized the Portuguese public life, for better or for worse. Rui Costa Pinto, who wrote an unauthorized biography of the Prime Minister (José Socrates Homen o, o lider), speaks of "a bipolar character.""It is both a deceiver and an authoritarian," he says. This journalist is one of those who have suffered the pressures of the head of government, which maintains an ambivalent relationship with the press.

"We got along well, we familiarly," recalls the biographer. Until the day Costa Pinto puts his finger on a possible bribery case. Socrates then goes into a rage. "I lost my job twice because of him," says the author, who just won a lawsuit against the protagonist of his biography. The "wild beast" is a blood. The justice professionals are in open conflict with Socrates. "The attempts of manipulation against the courts have reached unacceptable levels," has accused the head of the union attorneys, Joao Palma.The name of Socrates is released in several cases, but until now the Prime Minister went through the drops, lack of evidence.

In six years of government, Socrates has accumulated enemies. If he departs from the Republic of gold, it could lose its last allies. As for Portuguese, they will eventually unravel fact from fiction: to identify what is "a culpa do Socrates' … and assume that their structural problems remain unsolved.

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The movement is otherwise identical to other European markets. The Dax index featuring the Frankfurt Stock Exchange, which opened down 0.85% at 7155.86 points, losing 0.96% at the same time points to 7148.25. The FTSE-100 index of London Stock Exchange, which started on a decline of 1.06% to 5965.02 points, its share reduced its losses to -0.76% at 5883.67 points.

The mood has changed beyond recognition from the beginning of the week.Greece seemed to approach Wednesday in an agreement with Europe and the IMF for further financial assistance, which could avoid insolvency. But the announcement a few hours later by a new Moody's downgrade of the Greek debt was added to the fears already heavy burden on Athens. Judging probable restructuring of the country's sovereign debt, Moody's downgraded three notches the rating of the country, pushing further into the speculative grade.

For its part, Spain has managed to raise 3.953 billion euros of bonds 3 and 4 years on the market but, despite strong demand, the rates reflected on the rise.

In this context, risk-taking are not numerous. The activity is minimal anyway since France, Ascension Thursday is a holiday.Upcoming Events, however, some indicators should capture the attention of investors present electronic check payday advance. They are mainly American with productivity quarterly, weekly jobless claims and industrial controls.

Note that the currency market, the euro remains strong against the greenback at 1.4475 dollar. Oil prices, they were down in electronic trading in Asia. In morning trading, a barrel of light sweet crude for July delivery yielded 21 cents to 100.08 dollars. That of Brent North Sea crude for delivery same lost 8 cents to 114.45 dollars.

Values ​​to follow

As for values, no news.Stay tuned, however:

The banking sector

High risk debt Greek, French banks react poorly to the degradation of the country note by Moody's: Societe Generale (-0.12% to 40.47 euros), Credit Agricole (-0.47% to 10.48 euros), BNP Paribas (-0.93% to 53.30 euros) decline. Only Natixis (+0.22% to 3.64 euro) is in green.

AXA (-1.83% to 14.78 euros) also declined.The day before the title had been the star of the CAC 40 gained 1.45%, boosted yesterday by the announcement of its new strategic plan and the sale of its Canadian subsidiary.

TF1: -1.28% to 12.38 euros

The group said Wednesday it had received offers "constructive" of several Internet service providers to distribute its pay-TV from 2012.

Trading in Gecimed remain suspended until the opening of the buyout offer followed by a withdrawal bond, its parent company Gecina (-0.59% to 99.41 euros). This opening will be later than June 8, after payment of dividend.