World News, Financial News, Breaking US News

It's already Christmas in the "civet"! The government has made on Friday, a nice gift for tobacconists. Their pay on each pack of cigarettes will increase from 6.5% to 6.9% of the selling price. This increase will begin in January 2012 and will be spread over five years, the duration of the new "future contract" signed between Valérie Pécresse, Minister of Budget and Pascal Montredon, president of the Confederation of tobacconists. This is in addition to various support measures for tobacco shops located near the border and in rural areas, estimated at 320 million euros.

The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros Business Card Holders.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

ALSO READ:

"The tobacconists supported by the state

"Cigarette smuggling: the war is declared

"The government is strengthening its fight against tobacco

Pay gold more expensive than platinum? Before 2008, impossible for investors to believe this hypothesis. At that time, an ounce of platinum, the metal so rare and more precious than gold, skirting peaks close to 2200 dollars, while the gold turned laboriously around the bar in 1100 dollars. That gold can fill such a gap appeared unlikely. Yet three years later, this is real. Since the beginning of September, gold has repeatedly passed the plate at the meeting.

What happened in three years for such a reversal of steam takes place? The answer lies in the United States. In September 2008, Lehman Brothers went bankrupt and causes his fall in the economy and global finance. Or "platinum, like palladium, is a precious metal that is used to build cars.The automotive sector, linked to economic conditions, decreased high during the crisis. The platinum price has consistently dropped sharply during this period, "said Steve Allard XTB.

The evolution of the gold price since February 2010 (top) and platinum in February 2006 (below). Source: XTB France

All Americans should be involved in the effort to reduce the deficit. This is the message sent on Monday by Barack Obama from the White House Rose Garden. The U.S. president, who presented his program of deficit reduction, confirmed a tax plan of 1500 billion to the deficit of 3000 billion over the next ten years. "We can not get out of this abyss only by reducing spending. It is normal that we ask everyone to pay their fair share, "said the president.

In Focus: the wealthiest Americans. Barack Obama chose not to extend beyond the end of 2012, the expiration date, the tax breaks granted to wealthier by the administration of his predecessor, Republican George W. Bush. "We can not afford these tax rates low for the rich.We can not help us while we are suffering large deficits, "he says.

The most significant proposal remains the introduction of a tax, "Buffett," the name of the investor Warren Buffett who has proposed. As expected, Bush did not go into details about the conditions of its applications but according to the New York Times, the tax on millionaires that will concern only 0.3% of taxpayers.

"This is not the class struggle is mathematical"

According to Barack Obama, "it is not the class struggle, it is mathematical," he joked, responding to criticism from his Republican opponents who accuse him of wanting to punish those who have succeeded and discourage "create jobs". "Any reform plan will increase revenues to help reduce our deficit.This must be part of the formula, "argued the U.S. president, noting that" middle-class taxpayers should not pay more taxes than millionaires and billionaires. It is loud and clear, and difficult to contradict. "

The project also includes U.S. President down $ 580 billion (425 billion) in mandatory spending on social programs, including Medicare (health insurance for the elderly) and Medicaid (the federal program for the poor). It is also banking on an economy of one trillion dollars (733 billion) over ten years due to the withdrawal from Afghanistan and Iraq.

But the camp of the Republicans who control the House of Representatives has already ruled out raising taxes to reduce debt abysmal in the country.The proposals of the White House must still be forwarded to a bipartisan parliamentary committee, which means that this bill is unlikely to be adopted in the state.

ALSO READ:

"Obama will spend 447 billion for employment

"Exemptions from charges, a key measure of the Obama plan

"SPECIAL CRISIS: fear of debt

The CAC 40 plunges into the red Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6%, falling more than 4.73% to close below 3000 points to 2999.54 points, after a opened down 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 3.58%, in Frankfurt the Dax was down 3.94%. Madrid and Milan unleash respectively 3.38% and 3.97%.

The health of European banks up to the center of attention. The President of the French Banking Federation (FBF), François Perol, recognizes this Monday, in an interview with Les Echos, that if "bank liquidity in euro is not a problem," "the dollar is more refinancing tense. "Executive Director of the International Monetary Fund, Christine Lagarde, in turn repeats, in an interview published Monday in Germany, criticized the request of a European bank recapitalization. "We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

The chief executive of Deutsche Bank, Josef Ackermann, in turn, poured oil on the fire by saying that some European banks would not survive if they were to reassess the sovereign debt of their accounts at market price.Recapitalization forced the European banking sector could in turn send the wrong signal to markets, in this case the loss of faith on the part of authorities in the ability of measures to succeed, however, said Josef Ackermann .

Societe Generale lost 8.75% to 20.25 euros (largest decrease in the ACC). The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime .

In its wake, BNP Paribas lost 7.33% to 30.97 euros, Crédit Agricole 6.22% to 5.80 euros and 4.85% at Axa 10.01 euros. Natixis lost 5.05% to 2.57 euros.The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Bad signals on growth

In addition to banking problems, the first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August. Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September)."Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

In China, HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July

No other indicator may move the indices are expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States payday loans direct lenders.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors.Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

Markit, the company that carries out the PMI, however, said on Monday that growth in private activity in the euro area slowed more than expected in August, falling to its lowest level in two years, reinforcing fears of a return to recession by the end of 2011. The composite index, which summarizes the activity in the service sector and manufacturing fell to 50.7 points against 51.1 points in July, according to a second estimate.

For his part, Jean-Claude Trichet, president of the European Central Bank said it is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis.

The euro fell to 1.4127 dollars, its lowest level in three weeks. For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.Saft takes off

EDF: -2.77% to 20.37 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -4.67% to 13.46 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.94% to 54.05 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -6.01% to 41.35 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 4.81% to 22.87 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -5.16% to 29.21 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.67% to 12.36 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

Faced with bronce generated by the project operators to end unlimited Internet packages fixed, two questions remain suspens.Premièrement, who are these "netgoinfres" very heavy users of Internet operators that want coach? Opinions differ. "These are 5 to 10% of consumers who use 80% of the bandwidth. They are found in all countries. The population is fairly limited, "says Yves Le Mouël, Director General of the Federation of Telecom.

In Focus: the "geek" who downloads movies and massive music, spends time on YouTube and Dailymotion. "They are also SMEs with a standard Internet connection and download all day, they are hotels or student residences," said an executive at one operator.

David Charles, president and founder of MVNO Prixtel, but rather the fault of television over the Internet.Growing, it smoothly, he said, the networks. "If we want to free up bandwidth, it must be stopped. The TV is made to switch to TNT, especially since the state has paid dearly for the setting up in France. "

Edouard Barreiro, association UFC-Que Choisir, goes further. For him, "the netgoinfres, these are all of us." "During the day fixed networks are not busy. But they explode in the evening when everyone comes home from work, watch movies, videos, updates made its Apple … We all do the same thing at the same time, he says.Talking netgloutons is an excuse not to make the investments. "

Amend contracts

Operators deny it, but if they decided to go into action, could they change the current contracts? "Yes, it's Chatel law: an operator can easily change its offer, but the client is then free to go free, as was the case during the episode of the VAT," said Edouard Barreiro. Clearly, either the consumer accepts the new conditions, it is part.

But leave her Internet provider is not as easy as changing mobile operator. First, we must do without the Internet for about two weeks. Second, number portability works well on mobile remains fragile on the set. "Things are going well when you leave France Telecom to another operator.But when we leave SFR example, sometimes you lose his number, "said Edouard Barreiro. Finally, it must also return the box and be reimbursed for the possible bond. Not so simple!

ALSO READ:

"The Internet may not be unlimited in the home

"" The user usually has nothing to fear "

"Unsubscribe ADSL and mobile: not so simple

LE FIGARO. – How do you solve the structural problem of Fnac, the erosion of its major markets?

Alexandre Bompard. – With the offensive Wednesday unveiled, we want to build a new Fnac looking to the future and whose identity will be based on three strong pillars. The first is the extension of our current product offering. Today, our offer is concentrated around the cultural and digital entertainment. With this plan, we will extend it to other types of activities: those aimed at children and families first, and in the future than in the discovery of the escape or the home and interactive design. The second line requires a paradigm shift for a brand that was built around its product: it aims to put customers at the center of our business and our business, emphasizing the relationship at any time with them.Of these, we will finally pay special attention to customer expectations family: it is the third pillar.

How will decline precisely this strategic plan?

To pass this plan, we will implement a number of levers. With the new consumption patterns, our stores will no longer be organized by product, but by world usage. For music, for example, you will find the same space CD, MP3 players, but also hats, concert tickets … well, we will create a world dedicated to children under 12 years with not only a comprehensive range of books to products edutainment and advanced technology, but also animations and dedicated services. More generally, however, the development of personalized services is a priority.We will innovate in this area soon, especially with takeover bids and the subscription of technical products.

This plan does not sign then the end of your physical network?

On the contrary! To be closer to customers in two French Fnac does not close to home, we take two major initiatives. By 2015, thirty stores will be open as well, on the outskirts of large cities in particular. Furthermore, after signing a partnership with Lagardère Services establish ourselves in stations and airports (the sign will replace the Virgin next week, Ed), we will launch a new store format: fifty Fnac proximity, about 300 square meters, should be released in four years, first in clean and free.These small signs, offering all the universe Fnac, will complement the department stores and will allow us to install in smaller cities. Of course, this is also associated with an increased fnac.com, because customers prefer the greater integration of the two sales channels. With our power in store as on the Internet, we will deploy a multi-channel strategy so successful and will offer such customers to withdraw all their in-store purchases made online or ordering of kiosks in stores.

You mention the date of 2015. Can you elaborate on the timing of this plan?

Speed ​​of execution of this plan is a key to its success. The first initiatives will therefore emerge in the next few months. Openings and reorganization of our stores are involved, they mainly in 2012 and 2013.The mobilization of our people, aware of the need for change, will also be one of the key elements of enforcement. I hope that the implementation of this plan is a lever to renew the social dialogue.

What budget has been earmarked to ensure the success of this plan?

I do not want to give numbers. The planned investments are suitable for our ambitions as we can. It is both a plan of conquest and a realistic plan. Therefore, we will continue to identify what we need to do it alone and that we can do through partnerships, both strategic in nature, as with Lagardère Services, or Screenrush SFR, or commercial, as with Apple, which a dedicated space in stores.

When do you expect to see the first results of this new strategy?

The first effects will be felt in the second half of 2012.Our aim is then to find a sustainable and profitable growth in France and abroad.

The sale by PPR of Fnac it not only jeopardizes the implementation of this plan?

My mission is to ensure the economic development of the Fnac. Since 1994, the PPR Group has played a leading role in particular for the implementation of the Fnac outside France and its growth on the Internet. As it does for all its businesses, the PPR group will manage the Fnac as if it had intended to remain within the group. Proof: This strategic plan is not a buildup of short-term, but a plan of conquest.

ALSO READ:

"Fnac Allociné and engage in e-cinema ticket

"Fnac says its rays telephony SFR

"The brands target the customer in the street and on the Internet

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

ALSO READ:

"Stress tests insufficient to reassure markets

"10% of European insurers fail resistance testing

Marc-Olivier Fogiel left mid-February morning of the orders of a Europe that was in September 2008. At 42, he will find at the back of the antenna M6 where he had led the program "everyone to stop you sleeping."

The FIGARO. -You will return to television with a project to M6. What will this new appointment in September?

Marc-Olivier Fogiel – It will be a weekly news magazine providing an update on current events that marked the week with those who make it. If I had to make a comparison, I would say it resembles the concept of the Sunday Journal, a daily newspaper published once a week and often the event. M6 has already emblematic of news magazines and reports of investigation, we want a news program, interviews with no frills and away from the talk-show atmosphere.It will be the opposite of an issue since zapping will be based on in-depth interviews. Thus there will be no more than three guests. They will live on the channel just as was the case for "7 of 7" or "The moment of truth." Moreover, this one-hour program on Sunday at noon.

On this market, competition from other channels is tough …

It is tough but not insurmountable. Of course, we have to create an appointment for a check and content that do not exist today on M6. But if there was no issue, it would not be worth the trouble to launch this new program.To me being able to meet weekly casting and the best to become the M6, like other chains, a place where those with expressed wish in the news.

When you leave the morning of a Europe in February, many gave you leaving for the public service?

He never discussed or near or far no faxing pay day loans. The only contacts I have had were with the news channels free DTT. To redo the TV, it was essential that it be consistent with what I have begun in recent years and therefore in the wake of the info. I admit that it was not easy to match a weekly basis with the passion of the "hard news". What was more, was returning to M6.When I left three years ago, there was a tacit agreement with this system, I've known for twenty years, talk with their leaders if I wanted to remake the TV.

On the occasion of this new project, you again become producer?

Not at all. When I came to Europe 1, I closed my news agencies and production Paf Paf Press and Prod. It seemed important to enroll in the drafting of the radio, as it is clear to me now to work with that of M6. For me the best way to participate in writing the History Channel and be somewhat in the same "juice" that the teams in place.

However, give yourself projects that you started with Matthew Pigasse?

Instead, we move forward. At that time, I become entrepreneur! But at this point we're still thinking.A reflection not only conducted but also Pigasse Matthew David Kessler, who directs Les Inrockuptibles. I stay in the same vein, that of the info. The idea is to propose a new offer but this time on digital. We would like to launch in 2012. If we had originally planned to create a newspaper on the shelves, now we want to expand our project to all digital. We're a team and especially to think about the business model.

ALSO READ:

"Fogiel why I left Europe a

Far ahead of London and New York, Ile-de-France is the first tourist metropolis in the world. It is also the first French economic region, with a gross domestic product (GDP) alone accounts for 4% of GDP in the EU! Pride of place, then, but a place increasingly challenged: Paris is losing market share, overtaken by Singapore, Vienna or Barcelona for the organization of congresses. 26 billion euros in 2006, business in France has fallen to 14 billion euros in 2010, according to a barometer American Express. For Bercy, so it was now "urgent to take measures to enable the Grand Paris to retain its preeminence."In February, Christine Lagarde, Minister of Economic Affairs, and Frédéric Lefebvre, Secretary of State for Tourism, has commissioned Gilles Pelisson, Accor's former boss, to develop a precise inventory of the situation and formulate proposals improvement. The report presented yesterday – titled "Business tourism in the Greater Paris: a new ambition" – recommends a score of practical measures, which include both travel, equipment, reception conditions, the organization but also taxation.

Priority to the CDG Express

"Paris is a destination that is well and is efficient in terms of reception bad credit pay day loans. But in a world that moves, other destinations are on the rise, said Gilles Pelisson. A number of handicaps and weaknesses that passed before will be more crippling future. "Her number one priority is to CDG Express project."Like the great European cities, Paris should have a direct fast with its main airport, it said in its report. The project, in the form of public-private partnership of the CDG Express, should be released: it will in the near time horizon (2015-2017) to connect directly (19 minutes) Roissy to Gare de l'Est. "

Paris also lacks large rooms. "There is only one large auditorium of 3000 seats, while most major cities have two or three," said Gilles Pelisson, convinced that it also lacks "a few thousand hotel rooms "and" 100 to 200 employees "to improve service to the border police at Roissy-CDG."Small things" could also make life easier for tourists to encourage taxis to be equipped including electronic payment terminals or negotiate packages for some races (CDG-Villepinte, for example).

The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office cheapest personal loan rates. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

Click the preview to enlarge the graphic