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Objective: London Olympics 2012! The challenge is ambitious Laure Manaudou but probably not impossible. "She recovered in the skin of a champion," said Gilles Portelli, CEO of Havas Sports & Entertainment. Absent from the basins since September 18, 2009, the swimming is preparing to make his comeback this Thursday in Athens to the United States. She has eight months to return to competitive, qualified for the Olympics taking place in mid-March. His former mentor, Philippe Lucas, believes it. "It's a good thing for French sport. It changed, it is a mother. She has thought through many things. Swimming was missing.

The importance of achieving good performance will depend in fact a new interest of major sponsors (Lancel, EDF, Arena, among others) who have stopped working when she announced her retirement. These contracts Lancel, EDF Arena and allowed him to reach about three million euros per year between 2007 and 2009. Reportedly, the contract of sponsorship with the chairman of PPR, through his holding company Artemis, who reported one million euros per year, is suspended and not broken. Discussions are therefore underway between the two parties to try to bring back Laure Manaudou and Francois Pinault.But suddenly, its value would decline significantly Advertising (LPG contract with him would bring 200 million euros per year). Necessarily all brands can not match the prices of luxury brands. " Most experts interviewed do not believe that the financial aspect is the main motivation behind this "comeback". "She would have stopped swimming in this case," explains Gilles Portella.

After accumulating the gold medals like pearls and posted disappointing results, shaken by romantic escapades, Laure Manaudou is trying to write a new story of his sporting career. "She now has a stable life, a companion who is immersed in the world of swimming (Frederick Bousquet) and one child (a little old Manon a little over a year). The risk of "relapse" is lower, "said François Guyot. But not nonexistent.

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.

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Just over five years after his return on the stock market, Legrand decided to convene today to financial analysts to present the group's prospects in the medium term. The meeting is held in Limoges, where Legrand has one of the French centers of research and development and a "show room" where he can show his skills in home automation and home assistance.

Legrand is a leading electrical and digital infrastructure in the building. He directed last year's 3.89 billion euros in turnover. Its products are the most visible switches and outlets, but it has extended its offer for several years in the areas of home automation and energy efficiency. Elements that have enabled it to deliver excellent results. And it's not over."We set targets in the medium term annual growth of our average total turnover of 10% and an adjusted operating margin averaged 20% after acquisitions," said Gilles Schnepp, Chairman and CEO Legrand.

To achieve this, the group is a clear acceleration of acquisitions. "Until now, we spend an average of 200 million euros per year to our external growth strategy, says Gilles Schnepp. Now, we have increased the amount to 400 million euros on average per year. Over the past twelve months, we completed seven acquisitions as well, especially in the new segments. "

Focus on emerging economies

The target group now two types of companies. First, the actors in the new economies. "We are already present in these countries. For example, we established in Brazil since 1977.Emerging economies now account for 35% of our business, but we want to increase this share to 50% within five years. "The group also wants to develop or strengthen in new segments. Home automation is to say the pilot via a digital interface functions as diverse as lighting, heating, opening and closing of the shutters or video monitoring of visitors, is in a. Other preferred areas: systems to improve energy efficiency or the digital infrastructure. These activities already account for nearly 20% of its sales and growth is more important than more traditional trades.

This dynamic policy of acquisitions can be done without recourse to debt. Funding is made possible by the structural improvement of the group's ability to generate cash."Five years ago, cash flow (cash flow) of Legrand represented 6% of our sales, says Gilles Schnepp. Last year it had risen to 13%. "

A change made possible by an improvement in its processes, including the decline of its product platforms, much like in the car, or shortening the development time of its products.

Performance that does not go unnoticed by investors. In five years, the stock has gained 49% while the CAC 40 sold 25% over the same period.

Wall Street puts an end to four consecutive sessions bearish on Wednesday. The Dow Jones lost 2.23% to 12,290.06 points, the Nasdaq yield 2.33% to 2769.19 points and the S & P 500 was down 2.28% at 1314.55 points.

Tuesday, as all global markets, the U.S. stock market had closed on a sharp rise, the Dow Jones climbed 1.03% and the Nasdaq by 1.37%. Investors, who were returning from a long weekend, had welcomed with relief the press releases stating that Germany would give up a debt restructuring of Greece.

On Wednesday, the new no longer effect. Quite the contrary. Moody's has cooled financial markets that had begun to hope that a solution had been found to stabilize the financial situation in Greece.The rating agency downgraded two notches note saying the country more than 50% the risk of seeing the country fail.

This decision adds to several bad macroeconomic news.United States, the employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

Side currency, the euro decreased again against the U.S. dollar after the rating is downgraded from Greece at 1 cash advance loans.4330 dollars (-0.46%).For their part, oil prices fell sharply Wednesday in New York, a barrel of benchmark dropping $ 2.41 to 100.29 dollars in a market undermined by disappointing indicators, especially for job creation States USA.

Yahoo!: -4.26% to 15.85 dollars

Yahoo has resolved its dispute with Alibaba Group in connection with the transfer by the Chinese company's online payment system, Alipay, its chief executive Jack Ma said on source familiar with the matter. The two companies reached an agreement before the meeting with analysts from Yahoo last Wednesday. But the agreement requires the green light from the founder of Softbank, Masayoshi Son, who sits on the board of directors of Alibaba. He was quite reluctant, says one. Japanese Softbank is a shareholder of Alibaba and Yahoo Japan.

Google: -0.65% to 525.60 dollars

Eric Schmidt, the executive chairman and former CEO of Google, said Tuesday night had "planted" on social networks four years ago. He takes the responsibility for the error that allowed Facebook to be the undisputed leader in the category.

Phillips-Van Heusen: 0.58% to 66.35 dollars

Phillips-Van Heusen for its part, announced a net profit of $ 58 million (79 cents per share) in the first quarter of fiscal 2012, against $ 28 million loss (53 cents per share) a year before. The turnover was doubled to 1.37 billion against $ 619 million a year earlier. The group is therefore the goal of annual earnings per share to range between 4.80 and $ 5 per title.

Good student, but must continue its efforts. It is, in short, the message delivered by the rating agency Fitch in France. She confirmed the debt rating "AAA", the best possible, with stable outlook. The French government has taken "a series of measures", says the agency, "which have improved the outlook for public finances." And mention the pension reform, or the draft law in fixing the principle of balance of public finances.

"However, these efforts must be extended to stabilize and then reduce the level of debt of France, which was the end of 2010 to 81.7% of gross domestic product (GDP)," warns Maria Malas-Mroueh, responsible scoring countries at Fitch. A number of risk still hovers in effect on the financial health of the state. Starting with 2012, a major election year.It should not, Fitch warns that the budget skids on the bottom of the presidential election. Especially since the forecast growth in the medium term Bercy (+2.5% per year) are considered "optimistic."

It should not, the agency said that the newly elected unleash the flange to the public finances in 2013. Instead, the agency left little choice to the government that emerges from the polls: "We expect the 2011 budget will meet its objectives (a deficit of 5.7%, Ed), but further efforts are needed to reduce the deficit to 3% of GDP in 2013, as agreed. " Debt levels will then stabilize at a level higher than before the crisis, reducing the flexibility to cope with future crises.

Note "under pressure"

In the medium term, Fitch added that "the memo from France could be under pressure (read: be revised downward, Ed) if the competitiveness of France was deteriorating again and if the position of France was weakening." The agency plans and the current account balance, ie the difference between money coming in and who leaves the territory, will remain negative in 2011 and 2012, approximately 2% of GDP. Fitch impels France to further reduce its "structural rigidities".

Despite these black spots, the Hexagon rest for now, said the agency, a "healthy and diversified economy," equipped "social institutions, civil and effective policies." He added: "financial flexibility reflect its status as a major issuer of sovereign benchmark in the eurozone. Clearly, the markets like, so far, take on France.

Hermes is Monday night in Paris the first general meeting of shareholders since its entry in October 2010, the capital of LVMH (with 20% today). The heirs, who hold 72% stake, hoping to get the green light in September the Court of Appeal of Paris to their proposed freezing holding a majority of shares, to defend against a raid by Bernard Arnault. Bertrand Puech, president of Émile Hermès family (sole general partner of the listed company Hermes International), a member of the fifth generation of heirs, is against the proliferation of litigation against the project, including those of the Association for the Defence of Minority Shareholders chaired by Colette Neuville.

LE FIGARO. – What will you announce to the general meeting of Hermes on Monday night?

Bertrand Puech.- We will announce, as we know already that 2010 was one of the finest, if not the best year, Hermes has lived for 174 years. The results were extraordinary in an economic context that was not favorable. This allows us to pay a dividend of 1.50 euro increased significantly compared to normal.

LVMH will he represented and he can enjoy his voting rights? Are you afraid of possible obstructions of the meeting?

The shareholders are all invited. LVMH said it would. He always said, if his friendship, in any case his pacifism. I am not chairman of the meeting but things should happen normally, as usual.

What do you think of recent legal actions taken by minority shareholders against the proposed family holding Hermes?

I do not understand.It's very sad and painful for members of a family committed to an ethic of openness and honesty for generations to be scratched before the courts, then we're just defending the values ​​of quality. You should know that Ms. Neuville is a minority shareholder, who owns a single share, which represents only herself. She can not speak for the association which is not approved by the AMF. And it is wrong to fight. If she wanted to play a role in defense of minority, why does she not be interested in the fact that one shareholder said suddenly have 17% of our capital, purchased since 2008 without making it to the markets? I think she has given way to a big bad wolf.

On Wednesday morning, the Cac 40 should fall: the index futures yield 0.96% to 8.20am. Yesterday, the index stabilized at above 3900 points, after starting the week on a Loude loss. Concerns over debt crisis persists European: German morale, according to Gfk survey, should continue its degradation in June for the third straight month due to the debt crisis in the euro zone and the outbreak oil. The index shows a decrease to 5.5 against 5.7 in May In addition, the Netherlands and Germany are threatening to commit the privatization of the Greek economy to foreign experts, reveals leFinancial Times.A new threat which seeks to lobby the Greek government to take drastic cost-saving measures.

All eyes are turning to the Minister of Economy Christine Lagarde, the favorite to succeed DSK to head the International Monetary Fund, which should give a press conference "important" to the Department late Wednesday morning. Moreover, in France, we look particularly figures on registered job seekers and job advertisements collected by Pole in April. Baroin, Minister of Labour, has already warned that the unemployment rate would decline again in April for the fourth consecutive month.With regard to the Icelandic volcano, France should be minimally affected, which should reassure the airline industry.

Next major economic figures to be followed today: in France, we will look particularly figures on registered unemployed and job advertisements collected by Pole in April. In Germany, the GfK barometer of consumer sentiment will be released at 8:30. United States, is expected at 14:30 durable goods orders in April, at 16.30, the weekly inventory of crude oil.

Airbus confident for Le Bourget

Side companies, consumer complaints of gas and electricity rose 25% in 2010, about problems with their energy supplier.The mediator of Energy notes that complaints from customers at 43% of GDF Suez, to 38% of EDF, 12% of Direct Energy and 4% of customers Poweo payday advance.

Airbus and its parent EADS were optimistic Tuesday on future orders at the Paris Air Show in June in a market "active."

The French group Alstom and its Chinese joint venture Casco signed two contracts worth a total of 85 million euros for the supply of signaling systems in metros of Shanghai (east) and Kunming (south).

The partner of minority shareholders (Adam) who assigned Tuesday referred the saddle for Hermes "deprive" the essential rights of family voting at the next general meeting, has been confronted with an invalid procedure and case was adjourned to July 12.Or after the meeting to be held June 30

Casino on Tuesday denied having agreed to the opening of the opening of negotiations between the Brazilian distributor GPA, which holds 35%, and Carrefour Brazil.

PPR and Volcom announced Tuesday it had received notification of the end of the statutory review period on the bid of French on the American brand.

Rexel announced Tuesday it had won its bond issue of 500 million euros, whose order book has surpassed 1.8 billion euros.

Eurazeo Tuesday announced a capital increase, offering its shareholders one new share for 20 old shares held as of May 25, 2011.

The land Gecina in 2nd place behind France in Unibail-Rodamco will continue to sell its assets in Spain and in the logistics industry, said Tuesday its chief executive Christophe Clamageran.

BioMerieux announced Tuesday that the Health Authority (FDA) had recorded rapid testing and automated molecular diagnostic NucliSENS EasyQ MRSA screening for patients infected with Staphylococcus aureus resistant to methicillin.

Europacorp publish its annual turnover, while LCD (poultry) will announce its annual results after-hours trading.

Associated with the circumstances of departure, the figure will not be without cause some backlash. Dominique Strauss-Kahn, managing director resigned from the International Monetary Fund (IMF), should reach about 250,000 euros in compensation, according to several media. The ABC even mentions an amount closer to 300,000 euros.

The IMF issued a statement challenging the magnitude of the sums advanced. Nevertheless. The contract of a head of IMF does provide for the payment of a "separation allowance" which is triggered automatically if the mandate is terminated before completion.According to the deliberate calculation based on the formula detailed in the contract, the compensation amount to 60% of final annual salary received by Dominique Strauss-Kahn, who is 441,980 dollars (310,000 euros) from the report 2010 of the institution.

A pension supplement

The allowance is supplemented by the payment of retirement by the IMF as DSK has completed more than 3 years in office. "Annual payments for subsequent years will be much less important," the IMF said.

The amounts have not yet been released by the Fund. But the clause providing for the allocation works even in the case of resignation related to legal proceedings, and the IMF should not oppose it. DSK is not the first to receive this allowance. His two predecessors who also left their positions in anticipation hit the allowance.The severance pay granted to a director involved in a sex scandal may be more difficult to sell to the public. When leaving their office, the Spaniard Rodrigo Rato had cited family reasons, while Horst Köhler became President of the Republic in Germany.

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A man at the crossroads of the worlds of music, technology and business. Norio Ohga, father of the "Compact Disc" and former boss of Sony, died Saturday at age 81. It was as boss of the Japanese consumer electronics that monitors closely the birth of the CD with its Dutch partner Philips in the early 80s. He insisted then that the disc 12 cm in diameter can hold 75 minutes of Beethoven's Ninth Symphony.

This commercial success and technological, which then lead to the emergence of DVD, will remain as the main weapon is to Norio Ohga. But it should not overshadow his work as head of Sony. "He transformed the Japanese conglomerate manufacturer of electronic products in a firm's creative music, movies and video games," says the Wall Street Journal."We were always digging the tracks that other groups did not dare to follow," explained Norio Ohga in 1998. "This is the real secret to our success."

Explosive path

His entry into the firm, like the rest of his career then detonates. Student in musicology at the University of Tokyo, in 1953 he impressed the executives of the firm which became Sony in a letter advising them of improvements to the prototype of tape. Hired as a consultant, Norio Ohga follow a rapid and brilliant trajectory within the company. He became one of the executive directors from the thirties, something extremely rare in Japan. In the '70s, he led negotiations with CBS that will lead to the creation of Sony Music Entertainment and will lead.

President of Sony from 1982 to 1995, Norio Ohga innovates. It supports the development of the Walkman, launched in 1979.In 1989, he led the largest acquisition at the time a Japanese firm abroad by offering the Hollywood studio Columbia Pictures for $ 3.4 billion. This maneuver discontent across the Pacific. Rumors will ever drive on the possible resale activity, difficult to make profitable. The real stroke of genius of the president Norio Ohga is unquestionably won his bet in video games. In the early 90s, he in fact supports the launch of the Playstation division within the group. It is now one of the largest departments of the group.

Debonair boss

Nohga Norio, Japanese boss atypical-described good-natured, not shy, and has an artistic temperament, however, has not as successful. Shortly after the launch of the CD, and it fails to impose its Betamax video format against HSV.Advisor to Sony these days, he could only see, in recent years, the cons-performance of its group. Sony did not see coming the success of the flat screen and has lagged behind its South Korean rival Samsung. In video games, Nintendo has his compatriot hewn cruppers. Even in the music industry, the Japanese has been exceeded. By innovations from Apple this time.

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"Sony Walkman turns the page

No democratic government would dare to address and to his people. "If they have no bread, let them eat cake" Marie Antoinette would have said in the fall 1789. Similarly in the third century, the Chinese emperor Huida Jin replied to his subjects desperate to get rice, "Why do not they eat meat?" Such arrogance is more appropriate. But strangely, the board would surely relevant today. In our industrialized societies and hypertechniques, buns, indeed, increasing more slowly. They are sometimes even cheaper than home-made bread. It's the world upside down: the more a product is essential and its prices are soaring.And conversely, anything that is sophisticated, even a questionable value, such as electronic gadgets, continues to be cheaper.

The remark of Marie Antoinette, perhaps apocryphal – Jean-Jacques Rousseau, who died eleven years earlier, told the same thing to a "princess" in his Confessions – anticipates fully functioning modern economy. Core resources become scarcer and more expensive, but we regorgeons of superfluous goods.

Americans talk about "biflation"

This paradox is one of the structural features of globalization, as we said Xavier Timbeau, director of the OFCE (French Observatory of Economic Conditions). On the one hand, rare goods, whether oil, farmland, building land or water, whose supply is naturally limited.On the other, the industrial production capacity almost endless with the arrival of new players and technology advancement. The Treasury has calculated that the Bercy "the global labor supply has more than doubled between 1980 and 2006" on the market of international trade. And that's not going to stop. The UN considers that 'the world's population of working age will increase by 40% by 2050. " Even the experts the less catastrophic, as the International Energy Agency, never imagine that oil production is growing at this rate. It instead addresses his reflux.

This disparity between two types of products has already resulted in a dramatic upheaval in relative prices. In France, "the purchase price of vehicles" increased from just under 10% since 1998, according to Insee, while "fuel and lubricants' jumped 78%.These figures do make sense only when compared to the higher minimum wage that was 46.8% over the same period. "The acquisition of a car is less expensive, but it is more expensive to roll," says Xavier Timbeau. INSEE also considers that the cost of using a car weighs 2.4 times more than its purchase in the budget of a French household.

Across the Atlantic, the Americans, always eager to create new concepts, coined a neologism to express this reality in two speeds. They speak of "biflation", meaning the coexistence of inflation and deflation. "Inflation is What We Need, deflation is What We Want" on one side, sharp increases for all products required, which can not be happen in real life and on the other hand, price declines for purchases may be delayed.Housing and automobiles belong to this second category, because U.S. households, overburdened, are reluctant to use credit, which tends to depress their markets.

The "bi" is characteristic of periods of transition

The very term "biflation" was created in 2003 by Osborne Brown, a financial analyst from Phoenix Investment Group, at a time when there was already wondering if the U.S. economy did not run the risk of depression. The debate has rebounded in recent months with the monetary policy of the Fed chairman, Ben Bernanke. The head of the U.S. central bank says there is no inflation in the U.S., since the increase in consumer prices is just 1.1% over one year if one ignores food and energy.

But the price of gas soaring, now exceeding $ 4 a gallon (3.78 liters) in California, when they fell to $ 1.67 in December 2008, the worst of the crisis Financial. Heavily enough to amputate the purchasing power of households. Bernanke is also accused by the Republicans to fuel speculation on commodities, through its policy of cheap money too. Which penalizes savers, particularly pensioners, whose income depends largely on the level of interest rates …

France is also struck by the syndrome of "biflation", although unlike the U.S. housing market would rank rather camp in the inflationary exuberance for reasons of physical inadequacy of housing specific Hexagon . There is no doubt that the term "biflation" is spreading among us.In the press, swears by the "bimédia" to describe the juxtaposition of newspapers printed (print) and information sites on the Internet (Web). The "bi" is characteristic of periods of transition. Oh so painful periods, as at dawn and dusk, when no one knows distinguish between dog and wolf.

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"A basket of food at low prices