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General Motors and PSA Peugeot Citroen gradually reveal the content of their historic alliance, which is reminiscent of that between Renault and Japan's Nissan. If such comparisons seem indispensable for international car manufacturers, as the competition is tough, what about in terms of French jobs? "Better buy a Toyota Yaris produced in France, a Renault Dacia produced in Romania," Nicolas Sarkozy launched late January, as an example of the preference to "Made in France" to boost employment in France. Is it that simple? Not in the auto sector, meet Philippe Very and Emmanuel Metais *, professors at EDHEC Business School.

Emmanuel Metais Photo credits: © Hervé THOUROUDE-Mobile: 06 16 29 62 08 – Email: rvthouroude@yahoo.fr

Committee for the Six Nations, the puzzle of the new date of the France-Ireland postponed last Saturday, should be completed tonight. This is not the case of French Rugby Federation (FFR), she also faces the unpleasant consequences of the postponement at the last minute of the match on the second day of the Six Nations tournament.

And for good reason: about 78,000 spectators, with the majority of them paid for their seats, were present in the stands Saturday night. In addition to travel expenses and accommodation, went up in smoke, they had paid to enter the Stade de France between 36 and 110 euros for the major shows of European rugby. "The general conditions of sale do not provide reimbursement for these tickets, it says in the FFR. However, the different parts (FFR, insurance, Consortium Stade de France …) studying the subject and the possibility of compensating the injured fans the most. " If the hypothesis of simple reimbursement of tickets for spectators unable to return seemed logical at first glance, it is not acquired at all.

Necessarily financial compensation pa

If the game is postponed from this Sunday, it will be difficult for the FFR, lack of time to fill the shortfall by the potential resale of tickets redeemed. In the event that the Committee of Six Nations would choose the date of March 3, the leeway to the FFR to re-market these tickets would be wider … and could therefore support the decision of any reimbursement, in whole or part , tickets. The Federation also confirms that no final decision will be taken before choosing the new date, but an official communication will be made on the site of the FFR, when setting the terms of any repayment online payday loans. It also emphasizes the study of "compensation, not necessarily financial supporters the most affected." In case of default, there are still more likely that the fans away from Paris trying to resell their tickets on the black market.

A weekend in 1000 euros for two

In addition to sporting disappointment, the financial damage is also for fans of rugby. Mainly for the fans from the south-west, but especially Ireland. For the latter, the cost of the weekend in Paris often resort to over 1000 euros for two people.

Another player injured by this fiasco: France Televisions. Often questioned, as her sisters, to put pressure on the maintenance of programming events to large audiences, the public broadcaster said, however, have fought to advance the game in 15 hours. Without success. Cost of operation: 130,000 euros, according to Daniel Bilalian, sports director of France Televisions.

Finally, in the Stade de France, the loss is more difficult to assess. According to the task, the final match between France and Italy on February 4 was generated € 1.5 million profit, and a recipe for 300,000 euros for the FFR. The France-Ireland being postponed, not canceled, the loss on the sale of products, beverages and other sandwiches should be controlled.

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At a time when Thiriet just walk on its turf, the company put more than ever on its local image no fax payday loans.

To tout its cars to French consumers, Renault has found nothing better than to tell them all the good we think of the Rhine: "The Germans had never worn if the colors of the Renault group," proclaims a full-page advertisement inserted recently in several major newspapers. And a huge flag Germanic, where the yolk was replaced by the orange Renault, is quoted the testimony of three magazines giving high marks to the products of the firm to diamond.

In a completely different note, our brother Le Monde has published a major survey of its specialist art entitled "The German art is greater" (sic).Dealing with three exhibitions held this fall in Paris (Baselitz, Lüpertz and Richter), journalist and university Philippe Dagen highlights the quality of their training, the dynamism of their collectors and regionalization of their art centers, ensuring competition . After having watered three centuries of sublime music, will they outdo us again?

The admiration of Germany has become the national sport on the left bank of the Rhine. "It will take time to go to a joint work, we must move towards a common retirement age, it will move towards convergence of economic and social organization of our two countries," recommended last month François Fillon, in a speech at Matignon.The Prime Minister handed "the price of creative audacity!" The finger of suspicion towards the merger, given the respective performances, 150 billion trade surplus with them, 75 billion deficit at home, 6.9% unemployment there, by 9.2%. And then this terrible figure, which summarizes and explains its own precedents: from Munich to Hamburg, we continue to manufacture 5.3 million cars, with no change in recent years, while French car production fell by 3.2 2 million in five years.

Our guide would rather "fear of the police"

For their part, manufacturers are Germanic full of praise that they braid.Witness the latest ad Opel France on the radio on the bottom of a thundering speech in the language of Goethe, this comment means voice-over: "No need to understand German to know that Opel is German quality. "

Narcissism which the Germans, like all people, are tempted to succumb long history. Just remember the famous phrase of Richard Wagner: "To be German means to do something for herself." Taste for work well done. The composer of Bayreuth, revered by the French intellectual circles of the second half of the nineteenth century despite the defeat of 1870, speaking at a time when industrialization took off in all Europe bad credit personal loan lenders. Wagner wanted to stigmatize the mercantile spirit and the Anglo-Saxon capitalism. The industrial Germanic still close artisans described in his opera The Maîtrbaes Singers, the contrary does not care that the quality of its products.National competition of capitalism was raging. So much so that London had mandated in 1887 to register the trademark "Made in Germany" on products from Berlin. It was a way to deter British consumers to buy them. In vain, because they had quickly perceived the letters as a synonym for excellence.

Reforms "imposed" in Brussels

Our current debates on the tropism of both industrial and financial capital of others have nothing new. It is tempting to attribute the course to specific national cultural roots. The philosopher and sociologist Theodor Adorno, hardly suspected of complacency vis-à-vis the countries that had pushed him into exile, invoked "the great German ideas that celebrate independence with excitement, the purity of the things that the we only for themselves. "

The French seem all the more admirable that such principles are totally foreign. Our guide would rather "fear of the police" that the search for autonomy. Our drivers are less concerned about road safety control radars. Our governments are concerned with reducing budget deficits to meet the rating agencies and the "Maastricht criteria". The reforms we are "imposed" in Brussels, says it for ages. The euro was sold to the public as a "shield" and not as an instrument of independence, etc..

Renault advertisers are part of a powerful ideological trend in France when they refer to the standards of the Rhine. That Germany is a reference-ministerial in Paris, it is called "benchmark" – is obvious, considering its size and its results.That we should draw on the successes of others is also clear. But can we trace our tax on Germany not adjust the level of public spending (over 10% of GDP at home)? Lack of guiding principles, we simply stack the remedies indiscriminately. "Against unemployment, we tried everything!" Claimed pathos with François Mitterrand. One wonders if Wagner had not just right when he treated the French as "monkey people" (1864).

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Politicians and leaders of employers' organizations concerned regularly extinction risk of thousands of business for lack of buyers. Their fears are great, but it is impossible to quantify accurately the number of companies involved, lack of national statistics. "The market for the transfer of SMEs is opaque," said Gregory Bush, President of Epsilon Research, a consultancy specializing in financial analysis, acquisitions of unlisted companies in Europe.To better understand this market, Epsilon Research and National Society of mergers and acquisitions (CNCFA) created last year, a barometer of the transfer of SMEs in France.

The second edition of the barometer, which analyzes the SMEs employing between 20 and 249 employees and transactions with a value between 1 million and 50 million euros, the market potential is estimated at 4 130 SMEs on a total of 87,000. The SME market for family businesses in 2840 a total of 44,400. It consists of 710 transfers and 2,130 internal transmissions. For SMEs subsidiaries of large groups (42,670 businesses) in 1020 and 260 sales outlets LBO.

Rising prices

Direct consequence of the crisis, the market recorded transactions from the database professional has experienced sharp declines in 2008 and 2009.The value of transactions fell from 5 billion euros in 2007 to 2 instant personal loans guaranteed.1 billion in 2009. "The activity was slightly recovery in 2010 with a 7% increase in volume and 7.5% in value," says Gregory Buisson. The price of SMEs increased by 10% compared to 2009. However, the number of transactions, which had risen to 862 in 2007 was only 698 last year. LBO funds "were the only engine of the recovery," while industry groups have remained cautious in their procurement policy.

Purchasers of the euro area are the most active (35%) on the French market. They regained their 2003 level. Europeans outside the euro area, that is to say mainly the British, are increasing. North Americans are sharply down. They are at their lowest.Asians, who were increasingly active since 2002, are also down.

2011 will probably be a difficult year. The recovery in 2010 seems compromised. "According to preliminary figures, the market fell by 45% by volume in the first three quarters of 2011 compared to 2010," says Gregory Buisson. But the valuations of companies that are fit are high, thanks to the appetite of the funds.

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This year again, the market shelves is essentially … the Apple iPad, despite an influx of competing products on the market. "Other manufacturers are struggling to create the right set-shelf applications to counter Apple," says Kirk Campbell, CEO of IDC. Samsung advanced course in second place world ranking producers of tablets, but it is still far behind the iPad. "RIM, the maker of BlackBerry, will come with an improved product. It retains its chances of success, "said the boss of IDC, while sales of PlayBook, the first tablet of RIM, have not changed the world rankings.

"There's always room for one leader in the business world," said Kirk Campbell.Indeed, users have iPads'm more likely to want to use it in a professional, IT departments are often the resistance, finding the subject too insecure. "The market remains very open shelves and Apple will sell mechanically market share," said Kirk Campbell. However, the firm at the apple still have good days ahead. If Microsoft Tuesday unveiled a new Windows Tablet 8 can equip, no product should be on the market before the end of 2012. Accordingly, IDC does not anticipate any real rebound in the PC market before that date.Then, computer sales are expected to further growth in France, with the arrival of the new Windows, but also new forms of computers and especially ultrabooks These extra thin and light PC Faxless payday loans.

Sales of smartphones are also expected to continue to grow, reaching four billion euros, an increase of 33% at the end of 2011. About 12 million handsets will be sold in France this year. "This increase meets the mobility needs of consumers," said Kirk Campbell, for whom the main battle takes place on the side of operational systems. If for the moment the landscape is dominated by IOS (Apple) and Android (Google), "there is room for five or six players, according to Kirk Campbell. There will be regional solutions. Remember that the Chinese are still not entered the race. "In France, Bada, the operating system from Samsung that plays the third male. Korean is also passed by Apple in July. Android now holds more than 50% of the French market of smartphone sales, against 17.7% for Bada (which equips Samsung Wave) and 17% for iOS Apple.

"The future cars will be connected devices" said Kirk Campbell, who predicted the establishment of a new economic model that would allow manufacturers to generate recurring revenue by selling subscription services. Ford has already extensively engaged in this way with Sync.

The U.S. stock markets resist panic that has driven down European shares on Monday. At the close, the Dow gained 0.63% to 10,061.12 points, the Nasdaq climbed 1.10% to 2495.09 points and the S & P is 0.70% to 1162.27 points.

Very hesitant, the indices increased to rise at the very end of the session after the Financial Times announced that Italy has asked China to perform major purchases of its sovereign debt. Senior Italian officials told the FT that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Dspositi e Prestiti.

In addition, investors seemed anxious not to pass down the technical threshold of 1140 points on the S & P 500 (he flirted with during the day)."If we can not maintain this level, the next support is around 1120 points," said Marc Pado, an analyst at Cantor Fitzgerald.

U.S. operators, such as Europe and Asia, however, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties have weighed heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.

Busy schedule for

United States, Barack Obama will submit to Congress today plan to revive the economy and employment announced Thursday.The president renewed his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

Oil climbs the slope

In the wake of renewed tensions, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, due to another bout of market panic response to the crisis in Europe. End of the session in Paris, the single European currency was worth 1.3645 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen. The euro bought 104.64 yen against 105.91 yen Friday.In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Oil prices have them finished up in New York Monday, bouncing after suffered early in the day of the depressed European stock markets. On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 88.19 dollars, up 95 cents from Friday. "All the elements seemed to fall together in oil prices. I do not know why they are up now. I talked to brokers in the trading room, everyone is scratching their heads, "said Rich Ilczyszyn, broker at MF Global. As equity markets, it evokes a technical reason "because of coverage positions."

Broadcom target NetLogic

The side of values, Bank of America (0.86% to 7.04 dollars) on Monday announced it would cut about 30,000 jobs "in the coming years", or just over 10% of its workforce, in As part of the first phase of a major restructuring.

The chip maker Broadcom (-1.11% to 33.07 dollars) plans to buy NetLogic Microsystems (50.80% to 48.01 dollars) to $ 3.7 billion (2.7 billion euros) to develop its line of chips for wireless networks. The announcement helped to bring the technology sector.

The French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries (51.07% to 7.78 dollars), a specialist oil services submarines, based on a valuation of $ 1.07 billion (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon (2.45% to 216.56 dollars) would be in discussions with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its edition line.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! (-1.48% To 14.27 million) and AOL (0.14% to 14.74 dollars) have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, Hertz Global (-1.73% to 9.66 dollars) has extended the date of its offer for Dollar Thrifty (0.05% to 64.92 euros) Automotive Group (DTG) until November 1 .

Wynn Resorts (2.19% to 151.68 dollars) through its subsidiary, Wynn Macau has announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

Free for now will accept cash, or take away from the call for applications for licenses 4G. Wednesday, the Council of State rejected the application for an interim operator to obtain a spreading of the payment. The sages have ruled that Free was justified "or a breach sufficiently serious and immediate interests, or consequences that may affect sustainable competitive market structure that would be likely to constitute an emergency." In other words, not Free convinced that the call for candidates favored the larger operators, who have the means to immediately implement the fixed portion of the license.

Free for all is not over. The State Council will consider the application for annulment of the procedure "in the coming months." Meanwhile, the call for applications for these frequencies will take its course. And the timing is tight.The operators concerned must submit an application before September 15 for the 2.6 GHz band and before December 15 for the 800 MHz band, which relate to the state at least 2 low fee payday advance.5 billion euros and accelerate access mobile Internet. "We were as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, "explained the Minister of Industry Éric Besson Le Figaro on Monday.

Two other cases against the call for applications for licenses 4G remain. Several unions require the licensing to be accompanied by a clause of "location of jobs in France." Bouygues Telecom, for its part, denies that the operators have to bear the costs associated with the 4G frequency interference by the signals of TNT."We assess that risk to less than 2% of homes," said Eric Besson minimized Monday in Le Figaro. In response, however, the government will establish "a single phone number with a small call center, so that individuals can report any such interference on their TV and get the linkage with the responsible operator."

Money does not replace the sun. Companies still have made the bet offer insurance against bad weather, which compensates tourists disappointed by the weather. The concept was born three years ago and now sold by some tour operators – Pierre & Vacances, Maeva, Marmara or campsites Sunêlia has unsurprisingly met with greater success this year, boosted by the greyness of July.

"It has exceeded 20,000 subscribers in July 31. It's more than double last year, "says one at Aon, which launched the concept. The insurer does not expect to have to make as many checks: among the 200 French destinations covered by these offers, 50 have now opened right to compensation, according to data Metnext, a subsidiary of Météo France.

In previous years, about 5% of subscribers had received a refund due to bad weather.This year, this share has already increased by 20%, excluding the month of August, which promises but under better auspices. Tourists who spent their holidays on the Atlantic coast, especially in the northern half of France, will be the first question online payday loans.

Two hours of sunshine per day

All however, are not reimbursed the same amount, or under the same conditions. It depends on the tour operator with which the offer was contracted. If insurance is included in the delivery Sunelia home, it costs 12 euros extra in Marmara, and 69 euros at Pierre & Vacances, who included it in his pack "casualty".

For example, Marmara guarantees four days of sunshine a week of seven days, or reverse 300 euros to its customers. A little less generous, Pierre & Vacances is no guarantee that three days of sun, otherwise 150 Euros will be paid to unlucky.A "sunny day" is one day with at least "two hours of hot sun and cloudless" between ten and eighteen hours.

Weather assuming a more capricious, insurers have much increase in the future their number of subscribers. The year 2011, no sun, they will have made good publicity.

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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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