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Generally, the prosperity of manufacturers of diapers in a country reflects both its standard of living – the disposable diaper is a commodity rich country – and its demographic effect. It is different in Japan. For the first time in its history, Unicharm, the largest Japanese manufacturer of layers, found that sales of adult models had exceeded those targeting babies for the past year. Japan shows the proportion of over 65 years the highest in the world: 23.3%, according to official figures for October. If the fertility rate (1.39 children per woman) is also anemic, seniors will comprise 40% of the population of the archipelago in fifty years. In the image of Unicharm, out to conquer the market of the third age twenty-five years here, the Japanese supermarket is mobilized on this customer, "the engine of consumption," according to vice president of the largest supermarket chain, Aeon, quoted by Bloomberg overnight pay day loans. The "baby boom" Asian only, however, limited to the Empire of the Rising Sun. If more than 65 years represent less than 9% of consumers in China, the country's one-child policy, their number was still 26 million expanded gray heads in ten years. A market in which the Japanese Unicharm wants to tackle immediately.

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For those who are searching for affordable health insurance for their families, research will be essential here as well.

 

From our correspondent in Brussels.

The French like the Greeks have sanctioned the rigor and Europe seeking his bearings again. After the victory of Francois Hollande and the crushing defeat of the supporters of the euro in Athens, the EU has launched Monday in a forced march to catch up policy. Under the banner of growth, but piecemeal.

Much will depend on the ability of the elected president and German chancellor to silence by their dissonances to May 15 on what was until Sunday the compass of European capitals: the fiscal pact and collective discipline. But it is the vote that created consternation Greek. By depriving democratic legitimacy of the bailout which Europe has devoted two years in a considerable energy, it immediately wakes up the specter of a breakup of the euro.

"Greece is at the limit of what its people can cash in" on austerity, Michel Barnier recognizes facing the electoral advance of the extreme. For the French commissioner, the balance needs to find throughout the EU "between what is credible for the markets and what is bearable for the people." Angela Merkel is weakened by the ordeal, but financial orthodoxy is not provided under attack: "There is no question of renegotiating the bailout" laboriously reached in February with Athens, provides an official at the heart the discussion.

"All debts are created equal"

Sacrificing the Greek plan, or give a penknife in the Treaty budget, would be far worse than burning idols of yesterday. This would pave the way for overflow. Portugal, also on a drip European, certainly require adjustments. In Ireland, it might find in a compact variable geometry a right to say again "no" to a European treaty in the referendum of May 31

Francois Hollande has not specified how its European partners "for that austerity is no longer inevitable." Approaching his victory speech had already begun to move to Brussels as the European capitals. This was done in small steps, but the austerity of the mantras are already chipped or less: less structural reforms and budget cuts, more flexibility, employment and growth. "All public debts are not created equal," ahead of anonymity a senior official opponent of bureaucracy and cost of future investments.

A first dam jumped this weekend when the Finnish Commissioner Olli Rehn, in charge of the case, implicitly admitted that the objective of a budget deficit reduced to 3% in 2013 would perhaps not required by all. Greece, of course, but also Spain overwhelmed by the recession and unemployment could well benefit from this exemption the first inexpressible last month. Under "exceptional circumstances", validated by other EU countries.

The bet is that markets will accommodate this as an act of political realism and not as a confession of laxity on the euro. The big question remains of course France: its budget program is already extraordinary and rare are those who still believe she can hold the line, despite repeated assurances from President-elect.

The second exception to the rule of the game for the Relief Fund of the euro, too painstakingly negotiated treaty with Berlin. Again, this is Spain and its banks eroded by the recession that give cold sweats. The idea agitated in several capitals would authorize the "European Monetary Fund" to provide loans directly – that is to say unconditionally – Spanish banks. But this window open still faces opposition front of Angela Merkel.

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Inflate his resume … "inadvertently"? It is possible, according to Yahoo!, which has adopted this line of defense when one of its shareholders accusing its CEO had lied on his resume.

The investment fund Third Point, which is mounted to 5.8% stake in Yahoo! in a few months, denounced in a letter to the Board an anomaly on the resume of Scott Thompson, CEO of Yahoo! since January.

In the financial records of Yahoo!, Carol Bartz's successor is introduced as a degree in accounting and computer science from Stonehill College. Now the university has begun offering this course in 1983, four years after Scott Thompson finished his studies there!

For Third Point, this embellished resume "undermines its credibility as an expert in technology" and gives a poor impression when his "character" bad credit personal loan lenders. Incidentally, it also tackles the activist fund board, which would not properly investigated and considered the nominations for the position of CEO.

The risk oversight, however, be difficult to argue, to the extent that this error has been made several times on the resume of Scott Thompson. Previously President of the payment service Paypal online, a subsidiary of eBay, it is always presented as a computer science graduate of the Australian editions of these two sites

.

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The auction winner will take over the shares of Bridgepoint funds (57% stake) and Apax (20%). Alain Afflelou he has planned to stay in the capital. It could even slightly increase its stake, now 22%. "This component has not yet been decided, it will depend on the nature of offers and future discussions with the fund that will prevail," says a close case.

The group, which produced last year a turnover of 785 million with 1,083 franchised stores, is valued around 800 million euros by connoisseurs of the file. To finance the purchase of three quarters of the capital, the next owner will have to fund raise around 300 million euros of debt. A challenge in the current, extremely volatile. The transfer operation, organized by the Banque Rothschild, commissioned last year, has proved complex enough to induce sellers to be cautious. "Bids are expected soon, said Didier Pascual, Chief Executive Alain Afflelou. But nothing is decided yet. The hypothesis of the IPO will remain open. "

A founder ubiquitous

The way back on the stock exchange, which would switch to vendors, if possible in the fall, when tenders found attractive can, was long regarded as the preferred option of management group, and especially its founder. Last June, Alain Afflelou Echoes indicated to not want a new leveraged buyout (LBO).

The entrepreneur has long maintained a difficult relationship with investment funds that have succeeded in the capital of the group. Starting with Alpha-Marine-Wendel, entered in 1997. By 2000, Alain Afflelou decides to regain control; with funds Apax, he released Alpha, which doubles his bet. The group then returns on the stock exchange, before leaving in 2008. Meanwhile, Bridgepoint has taken over half the capital in 2006, in a transaction valuing the company 500 million euros.

But the tone rises rapidly from Bridgepoint and Alain Afflelou, who wishes to provide for the succession of the leader, now aged 64. After months of arm wrestling, refereed by Apax, the owner agrees to step back and became chairman of the oversight committee in the summer of 2010. But the chief executive then hired a former McDonald's has to pack up five months later, before being replaced by Didier Pascual. Alain Afflelou is known internally for its ubiquity and influence. And there is the muse of the brand in advertising the group, making it unavoidable. Bain Capital and Lion Capital, the next business partner, will address these sensitive issues.

 

Kindy clothing, French leader of the sock, was to announce Thursday at the bar of the Commercial Court, the acquisition of Achilles. A small mark, also born in France in 1987 and which reached its heyday in the 1990s thanks to its range of fancy decorated characters and other cartoon heroes.

In receivership, Achilles did not realize more than 2 million euros in turnover to around 500,000 euros in losses. Since 2003, its sales have fallen by half. "Achilles, sleeping beauty, has lost ground due to lack of export, but is very well known and strong presence on the Web, retailers and Galeries Lafayette," said Joel Petillon, CEO of Kindy, income profit in 2010, whose turnover exceeds 45 million euros.

It takes the brand, "whose great fame is inversely related to turnover", and 9 out of 13 employees Business Card Holders. It will boost exports and gradually relocate production for summer 2013 collections, the site of Moliens Kindy (Oise), whereas it was outsourced to Morocco and Turkey.

High value added

Kindy fact itself, since last year, again Moliens knitting socks with high added value, "technical", sports, and allied to allergic or diabetic. But the majority of his socks are made in Turkey, Portugal or, for only 15%, China. It is marketed under the claws Kindy, Sun, or under private labels.

Achilles is not the first acquisition for Kindy, who notably restored color to children's shoes GBB, repurchased in 2006.

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Subject to market pressure, the Spanish government is ready to break all taboos to address the public accounts of the country. Latest idea, unveiled Monday on a radio by the Minister of Economy, Luis de Guindos: as health care are no longer free for Spaniards earning over 100,000 euros per year. "The regions are responsible for health and education spending. Take into consideration that, in the case of health expenditure, we have accumulated a debt of 15 billion euros and that this can not happen again, "justified the Minister.

The reform is far from being seated. But the Conservative government of Mariano Rajoy has indeed decided to initiate discussions with local executives on this delicate subject. "The regions have to give up spending much of what they spend today," said the budget minister, Cristobal Montoro, in an interview in El Mundo. This can only go through cuts in health and education, two positions that absorb 60% of the budgets of the Spanish regions. Even weakened, the Socialist Party, however, give account of the voice, his number two Elena Valenciano, who said that the decline of these two budgets was a "red line".

British example

If the regions are on the spot like is that they are the cause of the slippage of the Spanish public deficit, which reached 8 guaranteed online personal loans.5% of GDP in 2011 instead of the 6% forecast. To reduce the deficit to 5.3% the government has unveiled a new austerity plan (down from departmental budgets, cuts tax loopholes etc..). But that was not enough to reassure markets. Hence this new trial balloon, that was just after the Minister of Economy assured in an interview with the Frankfurter Allgemeine Zeitung on Saturday that Spain will emerge from this crisis "without outside help."

The idea of ​​restricting the access of the wealthiest households in the social system is not new in Europe. The UK in 2013 will remove child benefit when parents earn over 88,000 pounds (106,000 euros). In France, however, no candidate provides such a measure. Health, successive governments have preferred to increase the share paid by all French. One solution that the Spanish Economy Minister determines not to be "a panacea".

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Happy who like Ulysses, has made a great trip, and then returned to live with his parents the rest of his age … This aspiration, a bit outdated, back up to date. For young Americans, the journey of initiation into life ends more often at home. They have gone to university, got out, they struggle to find work and even when they got their job, they are so indebted for their education they can not afford a roof. This is the "boomerang generation", as it is called there, one that returns to its starting point, in the family cocoon.

Three out of ten young adults 25 to 34 years lived at one time or another permanently with their parents in the United States since the beginning of the economic crisis of 2007, reveals the Pew Research Center. This body of socio-economic, non-partisan and hyperactive, which one would like there the equivalent in France and Europe, launched last December a survey of 2,048 adults. He points out that 51.4 million Americans now live in a "multigenerational family" (at least two generations of adults in the same dwelling). A record since the postwar period. The proportion of 25-34 year olds living with their parents, or sometimes with their grandparents, has doubled since 1980, as already shown by the decennial census of population conducted in 2010.

The problem also as much of Europe, although it is regrettable delays in our statistical system. "One in three men and five women living with their parents," according to the latest Eurostat survey dating back to 2008 and 51 million Europeans in this situation. Old Contains more distinguished by its diversity. In Italy, 47.7% of men 25 to 34 years remain in the family fold (and 32.7% women), against 2.8% and 0.5% in Denmark. While the Italians look fondly their "bamboccioni" (big babies), the Danes are doing everything to make them go away. "In Denmark, young people receive public assistance for their education and housing from 18. These scholarships are awarded regardless of parental resources: youth autonomy is considered a right, "says Olivier Galland, research director at CNRS.

For its part, France is among the Nordic model and that of southern Europe, where the crisis has amplified the tradition of bringing together several generations of adults. As part of the Eurostat survey, INSEE has identified "340,000 women and 630,000 men who live with at least one parent or step-parents, or 8% of women and 16% of men aged 25-34 years. "

In the U.S., the multigenerational family is experienced as a convenient answer to the economic crisis and unemployment. "If there was an alleged defect with living with his parents" when you have 25 to 34 years, "Today" boomerang generation "does not have this complex," says Kim Parker, Pew Research Center . For the vast majority (78%), they are satisfied with "the arrangement of their lifestyle." And besides the figures show that families where several generations are less affected by poverty than the rest of the population.

"Family accordion"

Sociologist Katherine Newman and university, recognized expert of "working poor" across the Atlantic, invented the concept of "family accordion": it inflates and deflates at the discretion of the business cycle. But one of the factors that penalize the hardest young adults today is debt-related educational expenses: average $ 27,200 for each graduate and 1000 billion total, according to Federal Reserve Bank of New York. A huge ball during periods of unemployment and wage moderation.

But beyond the explanation of economic and financial "boomerang generation" she expresses the most profound changes in society? In France, the phenomenon of "Tanguy", the name of this young 28 year old who can not leave the parental nest, was highlighted in 2001 in the film of Stephen Chatiliez. And last month, Jean Ormesson recalled with happiness (in the Figaroscope): "I lived with my parents until the age of 35" (at 95 rue du Bac, in Paris). The lifestyle of the Faubourg Saint-Germain and its charms are democratizing Proustian would be good news after all.

Across the Atlantic, the debate rages on the implications of this return to the patriarchal family. "The Go-Nowhere Generation" (which goes nowhere), accuses Todd Buschholz economist (former advisor to George Bush Sr.), and cite the decline in driving among young people and even falling sales Bicycle. Mobility is one of the strengths of mythic America.

Conversely, Professor Robert Shiller, an expert on real estate and finance, cites the example of old farming families that housed three generations on the same farm. This intergenerational solidarity daily should help us better understand and manage the practical problems of pensions. "Family, I love you" is a good slogan.

 

Firmly supported by the Head of State, Mario Monti has pledged Tuesday in an unprecedented forcing to wrest the agreement of the unions and management to a comprehensive reform of labor law.

A real marathon began Tuesday afternoon at the Palazzo Chigi to convince the social partners to accept a proposed capital for renewed growth and the return of foreign investment. Leaders of business and all confederations workers clashed Council President and several ministers, including Labour, Elsa Fornero, who prepared the reform.

Throughout the morning, it has stepped up informal contacts to try to reduce the opposition of the main workers confederation, CGIL, strongly opposes any amendment to Article 18 of the Labour Code that prevents layoffs "without just cause. "

In a manner quite unusual, the President of the Republic, Giorgio Napolitano, has thrown its full authority in the balance by calling the social partners to "understand that it is time to uphold the public interest."

Line of Sight markets

The Head of State supports the efforts of the government: It is serious that there is no agreement. You must negotiate. "Meanwhile, Mario Monti has invited the unions to" give up something. "

The economic commentator duCorriere della SeraFrancesco Giavazzi reminded Tuesday that Italy was still in the crosshairs of the markets: "One wonders how investors would react if they had to learn German as (for lack of labor market reform), Italy is not able to return to balanced budgets in 2013 as planned. "

The measures taken so far have been welcomed by the markets, evidenced by the reduction of 166 basis points differential between Treasury bonds and German Bunds Italian: "The largest decline in the euro area", welcomed European Central Bank (ECB). Susanna Camusso, the patroness of the CGIL, Elsa Fornero recognizes the merit of the stubbornness. This minister, who broke down in tears in front of television cameras by saying the word "austerity" when presenting the government's agenda Monti last November, has proved a tough negotiator and determined.

Moderate unions and political parties had welcomed last week in his proposed reform, complex and highly structured. Until the CGIL flu not the wheels.

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Strong positions internationally

On the Old Continent, German manufacturers have their dominant position in Germany, the strongest of the major European markets, making them less vulnerable to the slump in Southern Europe. More importantly, they are very well established internationally in areas experiencing strong growth. The Volkswagen Group sold 2.26 million cars in China last year (+18%). The volumes of BMW and Mercedes jumped 37% and 31% in this market. VW owns 20% of the Brazilian market. United States, he occupies a position lower than in the rest of the world, but continues to gain market share. BMW and Mercedes also post strong gains overseas.

The reputation of "Made in Germany"

The renowned German manufacturers is such that Opel now speaks the language of Goethe in its advertising. Renault, who wants to prove the reliability of its cars, has also made him also to speak in German last year, in a spot parodying the brand in flash. This reputation allows German brands to sell their products more expensive than their French rivals. "This is the result of an approach based on decades of product quality and innovation, says Philippe Houchois, an analyst at UBS. In the early 1990s, there was little difference in perception between a Volkswagen Passat and Peugeot 504. It is no longer the case today, with the successors of these models. "The VW group continues to accelerate: it plans to invest 62 billion euros by 2016 in its cars and factories, over 14 billion in China. It is also thanks to the obstinacy Audi, brand considered robust in the 1980s, has turned into a symbol of social success. Result, three manufacturers, BMW, Mercedes and Audi (VW Group), dominate the high-end sales, a lucrative and growing faster than the world market. Profits are particularly high in China, where wealthy customers are willing to pay a high price. This market, Audi's largest market, is also one on which flow over the Mercedes E-Class and 7 Series.

Economies of scale

To take advantage of its size and achieve significant economies of scale, Volkswagen, like the Renault-Nissan, went further in sharing components of its brands. The group strenna this year its new scalable platform, MQB, which shares many components between cars belonging to segments of different sizes. It plans to manufacture about forty models on a common basis, the Polo to the Passat, through the next Golf and the new Audi A3. More than 3 million vehicles will be assembled each year on this platform, enabling the group to reduce procurement costs and investments by 20%.

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Sony, with its new portable video game console, the PlayStation Vita (Vita PS), released this week in the U.S. and Europe, plays big. The Tokyo group has difficulty in televisions and scalded online players last year due to piracy of bank cards. In addition, Sony should try to forget the limited success of the PSP. Its first handheld console was "to compete with the DS" Nintendo. Finally, in its different versions, it sold half of PSP than DS, with respectively 75 million and 155 million units.

To impose its PS Vita, Sony is betting on innovation in terms of hardware and business model. Faced with the rise of smartphones, the PS Vita has a large touch screen in an advanced display (OLED) and has, on the back, a touch pad used to play. It can connect to the Internet or network of Sony PlayStation Network via Wi-Fi or a 3G mobile operator.

Before subsidies, it is sold between 250 euros (WiFi only) and 300 euros. In stores, Micromania began presenting to potential clients the console.

In addition, the sales model evolves. The PS Vita will be offered by mobile operators. It will be well funded, in part, in exchange for a commitment of subscription for mobile data, such as those proposed for internet tablets. "We have signed a European agreement with Vodafone. In France, SFR will offer the console exclusive, "said Philippe Cardon, the CEO of the gaming division of Sony in France. SFR should have three to six months ahead of other operators, if Orange, Bouygues Telecom and Free Mobile wanted to offer.

Console to a euro

This is the first to launch a portable game console, even if mobile operators, TV channels, pay TV, cable operators and Internet service providers have already offered or sold at prices minimal consoles in exchange for long-term subscription to their service. SFR offers the console and at 29 euros, which includes reimbursement of 100 euros. And its price drops to 1 euro provided a subscription to 37 euros per month, with 3 GB of data included. "The goal is to provide a console that will satisfy both players and allow them to? Socialize? other players who are around them, "said Philippe Cardon. He added that the console will have "at its output a fifty titles. A score can only be downloaded, of which 7 were developed at Sony. "

Download, games should cost about ten dollars less than those available in store. These titles should be richer "that games like Fifa for smartphones that cost 1-2 euros but have fewer features. The casual gaming (single games, Ed) smartphone and tablet is complementary to our business. It serves to broaden the gaming audience, "says the head of Sony. Nevertheless, despite a score of 0.5 million PS Vita sold in Japan in less than a month, some critics ensure it takes off more slowly than the PSP.

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