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Franck Rouas is a man who has the nose. This Nice, 38, who had already done well in the past to become the professor tennis stars, including Sharon Stone, sublime in Beverly Hills, just get the jackpot: he signed with the father of Michael Jackson a contract that ranks it among designer fragrances bearing the image of the "King of Pop".
Franck Rouas took the pose yesterday in Nice, with the scent Jackson. Photo credits: VALERY HACHE / AFP

Bernard Arnault chose not to sell Kenzo and revive the brand. This subsidiary of LVMH group since 1993 is often regarded as the unloved child of the French luxury empire. At that point recurrent rumors about a possible sale had surfaced before last summer. Credit Agricole, Bank of LVMH, has indeed studied the file and buyout offers were presented. But the boss of the group has denied. He decided instead to revive the brand, which recently celebrated its 40 years, but barely surviving the departure of its founder Kenzo Takada, ten years ago.

The president of the company for just two years, James Greenfield, is leaving. He should join another subsidiary of LVMH. According to our information, it will be replaced by Eric Marechalle early January. The latter shows a profile of business.After going through the clothing brand cheap C & A, he was in charge of the group Catimini kidswear Zannier. This recruitment should be only the first of a series intended to beef up the sales and marketing of Kenzo.

The boss of LVMH trying to recoup its smaller brands, which often live in the shadow of the "stars" of the group, like Vuitton, Dior, Moet & Chandon or Tag Heuer. Within the fashion industry, led by Pierre-Yves Roussel, claws Celine, Givenchy, Loewe, Pucci, Berluti Kenzo or contribute less than others in the group's profits when they are not home loss cashadvance. The revival of Celine since eighteen months, led by Phoebe Philo to the creation and Marco Gobetti management, is already a success.Bernard Arnault and Pierre-Yves Roussel would apply the same recipes at Kenzo.

The fate of the artistic director, the Italian Antonio Marras, in place since 2004, is unresolved. Extend his contract until at least 2012. His style often cultural or ethnic does not always convincing. Some models shown at the shows are not even marketed.

Restore profitability

The new boss will have to look at the structure of the collections to make the offer more consistent. Kenzo is a scratch less luxurious than its counterparts LMVH, more accessible, balanced between men and women. Its sales, estimated at 150 million euros, is at best stable and has little of the traditional sector relay accessories (bags, shoes).Moreover, if it developed in Eastern Europe, the Middle East and Asia in recent years the brand has not a globally and remains absent from the United States. Reduced to balance in 2007 after several years of losses, the company did not release significant profit. The new boss's first task will be to redevelop the sales to restore profitability in the medium term. However, its perfumes, whose bestseller FlowerbyKenzo, are a lucrative nugget.

The Paris Bourse was again closed below the 3900 points. After long flirted with the symbolic, the CAC 40 was finally picked to finish at 3890.65 points, up 0.83%. And this in a market again deserted by investors, trading volumes have barely exceeded 1 billion euros.

Even good will in the rest of Europe, with more moderate increases: in London, the FTSE-100 index key values clôtute up 0.21% at 5996.36 points, failing to slightly below the 6000 points.In Frankfurt, the Dax index ended up.

This morning, around 10:00, however, investors have taken note of the allocation of credits to the private sector in the euro area has accelerated in November, increasing by 2% a year against 1.5% in October, according preliminary data released Wednesday by the European Central Bank (ECB).

On Thursday, the day promises to be a little more animated. Americans in particular will publish estimates of their weekly jobless claims, promises of sales for the month of November and the Chicago PMI for December.

Meanwhile, on the side of the currency, the euro continued to rise against the dollar.By early evening, the Euro advanced by 0.27% to 1.3146 dollar per euro.

Areva completes its capital increase

As for values, Areva (0.78% to 37.58 euros) has announced the completion of its capital increase reserved to Kuwait Investment Authority and the French State for a total of about 900 million euros and the launch of the capital increase in favor of holders of investment certificates for a maximum amount of 38,311,992.91 euros. The nuclear expert said in a statement that the subscription period for preferred shares without voting rights would be open from 3 to 14 January this year, while the settlement is scheduled for January 27 payday advance.

Lagardere is gaining ground on Wednesday, the New York Post, citing a third candidate for the cluster group of international magazines.Meredith Corp., which owns titles including Better Homes & Gardens, Family Circle, would be interested to buy, according to an article in the daily New York dated Wednesday. The title of the French media group gained 1.08% to 31.4 euros.

Societe Generale (0.95% to 41.90 euros) does not provide for new wave of banking consolidation in Europe in 2011 and expects another year on the volatile debt market, said its CEO Fred Oudéa in an interview with CNBC to be broadcast Wednesday.The bank reaffirmed its ability to remain independent for 2011 and will always focus on organic growth, without excluding the possibility of an acquisition if the opportunity arises.

BNP Paribas (+0.84% at 49.18 euros) froze two investment funds with a total value estimated at 236 million euros for technical reasons after the transfer of management to another investment manager. The decision a month ago, is purely administrative, said Tuesday a spokesman for the bank, denying an article published Wednesday in Le Canard chains.According to the weekly, BNP Paribas froze funds to cope with leakage of investors and an increase in redemption requests.

STMicroelectronics (+1.05% to 7.82 euros) will redeem the activities of semiconductor Arkados Group for 11 million dollars, said Tuesday the U.S. company.

Alcatel-Lucent will pay $ 137 million to the American justice in a corruption case, was the laggard of the ACC in early trading, but managed to erase its losses in mid-session: the title clinching and 0.32% to 2.21 euros. It was Tuesday the largest increase in the CAC40 at closing.

Snow plays tricks on the euro. Christine Lagarde has missed an appointment Thursday with his German counterpart Wolfgang Schäuble, who was speeding at twice the site opened last EU summit: the economic convergence between Paris and Berlin and building the future "IMF" European.

Nicolas Sarkozy and Angela Merkel have promised to work in the early weeks of 2011 to greater harmony between France and Germany on the fiscal, economic and social development. The sixteen countries of the euro area have also pledged "to be finalized by March" plans of the European Stability Mechanism (SPM) in 2013 which will take over from the current interim bailout fund.

If the principle of convergence is acquired, the sensitivity differences emerge from the implementation, including within the Franco-German couple.The preparation of the meeting in Strasbourg, at first secret and finally canceled, provided confirmation: economic governance, the key fiscal and debt return to growth in Europe, Berlin and Paris keep opposing views.

"Strategic decisions must belong to the states and their leaders. To them the last word, "Christine Lagarde insisted Thursday, taking the French argument, in an interview with the daily Sueddeutsche Zeitung. Viewed from the German side, the European recovery would rather rely on an institution as independent as the Bundesbank is now under the joint control of national parliaments.

Loans Unlimited

This is the central proposal of a working paper of the federal authorities, including Le Figaro has obtained a copy payday advances.Berlin has denied it is a formal proposal, approved by the Chancellor, or even by Wolfgang Schäuble. But they have not denied the content. This is a trial balloon, intended to mark the position of Berlin before the eyes of fifteen other countries of the euro does not undertake before the real discussion.

Renamed the European Investment Fund Stability and Growth in the German version, the MES would be a parallel institution to the European Central Bank (ECB) in Frankfurt. By prior agreement of the Sixteen, it would normally have a capacity of refinancing "unlimited." It would provide "emergency" loans strictly conditioned to the euro countries in difficulty.

In return, recipient countries should give him the equivalent of 120% in senior secured (gold, securities of public companies, etc.)..On a voluntary basis, the fund would also proceed with the rescheduling of debts. If the question was allowed, this very policy confirms that Berlin "has a national interest in the sustainability of the euro".

But it marks equally clear that countries of the euro "should meet German expectations. (…) Is to Germany, as an economy of casting the euro area, it is up to be the anchor of stability. "In short, setting the tone.

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Next January looks bleak on the trade front: more than one in three households (35%, 7 points higher than in the previous barometer) plans to spend less in the coming months for food and clothing, according to a poll conducted for BPCE ViaVoice *, Les Echos and France Info on Thursday. They are only 9% plan to spend more and the rest of the population does not intend to waive the rules of parsimony introduced in 2010.

On higher expenses, the prospects for buying real estate is still very low: 3% of respondents planning to invest in the stone. However, the prospects of acquiring cars increased slightly (7%, +2 points) within days of stopping the car scrapping and environmental bonus.

In total, the total fertility rate of spending intentions of the French lost 17 points compared to last month.

Low morale

A relative majority of French people (42%) still expects a decline in purchasing power, and this proportion is increasing compared to last month (+3). They are only 13% to bet on a rise in their purchasing power.

In a second aspect, the study focuses on Christmas gifts and notes that the French are shared between termination of a consumerist frenzy and caring towards one part relational authenticity. On purchases (frantic) Christmas, youth aged 18-24 believe overwhelmingly (63%) which was due to make as many gifts.In contrast, seniors (65 and over) believe overwhelmingly (59%) that we should do less of gifts.

* This survey was conducted on December 16 and 17 by telephone on a sample of 1005 people, according to the quota method.

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The Tokyo Stock Exchange finished Friday's session down 0.72% to 10,211.95 points, many investors rushing to take profits in holding that the market was showing signs of overheating. The activity was very high, with 3.12 billion shares traded on the primary market.

Since the beginning of November, the Nikkei was up 12%. After touching a high of seven months in the morning at 10,373.70, it fell as a result of profit taking. The Nikkei remains behind other major international indices. According to analysts, technical signs that the market is overvalued. Coupled with the approaching end of the year, this should be downward pressure on the Nikkei.

On the whole week, the Nikkei has gleaned 0.33%.

The decline so far in the Japanese market is also explained by the index of consumer confidence in Japan continued to deteriorate in November for the fifth consecutive month, after a semester of improvement, including employees holding the poor employment situation, according to data released Friday by the government.The overall index of confidence was established in November to 40.4 points against 40.9 in October, 41.2 in September, 42.4 in August, 43.3 points in July and 43.5 points in June .

Record of Chinese foreign trade

China announced Friday a record level of foreign trade, confirming the strength of its economy ahead of talks with the United States that will address the question of the rate of the yuan.

In November, exports as Chinese imports hit a record high: 37.7% to 130.4 billion dollars. Strong exports, which rose 34.9% year on year to 153.3 billion dollars, is an argument for a revaluation of the yuan, which would relieve pressure on prices by making imports less expensive, according to observers.In total, the trade surplus from October, to 22.9 billion, declined.

On stock exchanges, Shanghai enjoys the CSI: 0.98% to 3153.92 points. In Hong Kong, the Hang Seng, himself, was down 0.68% to 23,014.50 points.

Chinese refiner Sinopec on Friday announced the acquisition of the Argentine branch of the U.S. company Occidental Petroleum for $ 2.45 billion, an acquisition that will enable China to better secure its growing energy needs. Through a subsidiary, Western Argentina is involved in production and exploration concessions in over 23 provinces of Santa Cruz, Chubut and Mendoza.

Elsewhere in the Asia-Pacific, the S & P / ASX Australian gleaning 0.10% to 4745.90 points.

The India great shape

In India, the BSE is in the form of Bombay: the index was up 1.04% at 19,443 points.

The growth of industrial production in India has clearly rebounded in October, rising 10.8% yoy against 4.4% in September, thanks to strong demand during this period of religious festivals, according to figures official published Friday.

The increased production of factories and mines of the third economic power in Asia in October was higher than analysts' forecasts which projected an increase of 8.5%.

This strong growth was driven by strong demand during religious festivals this month and the strength of the manufacturing sector.

"From next month, half the restaurants business of Air France, managed by the central works council (CEC) could no longer be fed. Imagine the reaction of the mechanics! "This very short-term outlook is one of the practical consequences, reported by a member of the EAC, the cash flow shortages alarming facing the central works of the airline.

On an annual budget of more than 100 million euros, the instance name is fed by a grant of 42 million euros of the company, and approximately 10 million paid by the EC seafarers.But it would face a hole 15 to 20 million euros.

Faced with this situation, the auditors decided, according to our information, at a meeting Wednesday night to write to the President of the Court of Pontoise to ask him to decide actions: appointing a representative ad hoc or put into receivership. The CEC has authorized its secretary general parallel, Jean-Claude Filippi (FP), to declare insolvency.

260 permanent employees

The failure of the corporate body of Air France could have cascading consequences, including the eight works councils that compose it, to whom he owes money. The agency employs 260 permanent employees, a workforce that can climb to a thousand with seasonal bad credit pay day loans.

The auditors have requested information on the financial position of CEC in the month of June.Postponed several meetings during the summer and September have shifted deadlines. They triggered an alarm at a previous meeting on September 29 and Wednesday, were not satisfied with the answers of the leaders of the EAC which failed to meet a deficit of several million euros at the end of the year Despite a line of credit of $ 5 million and another 1.5 million euros paid recently to 6 million.

This is not the first time that the organization faces financial difficulties. Its offices were raided in January after suspicion of embezzlement. An audit report on the management of previous years had revealed a chronic budget deficit, or nearly 15 million since 2005. The situation had been regularly covered by advances of Air France.For 2009, the CEC had announced last September a historic loss of 11.6 million euros, but said the point of "get out of the rut this year."

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Click on the thumbnail to enlarge the graphic.

Assists Is there a turning point in public opinion? The ruling of the French on the movements of strikes against pension reform is changing and becoming more complex. The idea of a massive and persistent support for the mobilization seems to crumble. The poll by the Opinion Way Institute for Le Figaro notes including a significant rise in disapproval of the bottlenecks in refineries or in high schools. But the newest item of the survey is also the wish of 56% of respondents that unions "shall respect the parliamentary vote" as soon as the pension reform is adopted, and "stop movement".A view that is shared by an overwhelming majority to the modem, the UMP, and also the FN – yet very antiparliamentarianism tradition.

The strategy of Blitzkrieg

This validation of the parliamentary republic is the first element buttress the contention of the Elysee, which has always argued that we should not take the French by surprise vote by the law during the summer or very early September, while in recent times, some viewed the majority that the strategy of Blitzkrieg, the time desired by Xavier Darcos, should be preferred. "The time for consultation and parliamentary debate was totally respected," stands near the head of state, "and the French have seen.""It's also a recognition that the method Sarkozy was not particularly authoritarian, except to consider one or two million protesters necessarily right against the president and parliament," says a devotee of the head of the state. The final acceleration of the Senate debate was the only departure from the compliance rate of parliament.

However since the beginning of September, the parliamentary debate was not forced. Informed of the failure of the CPE in 2006, Nicolas Sarkozy has been guided by the idea not to expose themselves to criticism to the French traitor, and so much more that pension reform was not a campaign promise. He chose this method to the risk of social conflict difficult to negotiate. "This survey shows that the law of the street shall not prevail against the law of Parliament," says someone close to the head of state.This optimism is tempered however by the Elysee, which does not fully suit the protests on "other issues around a ras-le-bol against the president."

A difference between "understanding" and "support"

OpinionWay our survey also shows that the public has a viewpoint more complex and nuanced than expected on the conflict quick payday loan. For example, there is a significant difference between "understanding" – more passive – the choice to demonstrate or strike, and "support" – most active – at these events. Respondents "include", 61% demonstrations and strikes against pension reform. But they are only 51% to the "support". "The idea of support is far more engaging. In general, the French are surveyed on their sympathy for the movement, or their approval.But approval is a far less involving than the support, "Bruno Jeanbart analysis, institute OpinionWay.

This grade vocabulary, which may seem high, is important. It also explains the difference between the rate of support collected by this survey and the very high rates published by other institutions, such as PVA (69% approval for strikes). Moreover, the quasi-equilibrium between support and non-support – 51% against 48% – shows a return of the cleavage between right and left, thanks to the radicalization of the conflict. There is a massive presence of the right and one from the modem to the disapproval of the student movement (55% of respondents). And this mobilization of the right is even stronger against blocking refineries (disapproved by 59% of respondents).Government intervention to unblock the same refineries is acclaimed to 63% above the 61% approval rating in the demonstrations. The reaction of "not touch my car" has played to full against the "blockers" and "thugs" that deprive the French of gasoline and burn their cars. "This means that the French are sympathetic to the protesters who does not at all," says a pollster. One point that Nicolas Sarkozy has understood, Thursday, choosing a hard line against the radicalization of the conflict.

Despite these favorable trends of public opinion, the Elysee acknowledges one of its communication failures: the pension reform was seen as inevitable, but "unfair" by the French. The contribution announced on high incomes – the first sprained tax shield – nothing changed."The visibility of the social movement was much stronger than our teaching," admits a counselor. "When the president will speak, this is an opportunity for him to repeat it calmly," he adds.

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EDF does not give the deal with Constellation. While both companies are in the midst of conflict around their nuclear power plant project in the United States, EDF has proposed to his American partner to meet next Tuesday in Washington to put all issues on the table and find a solution to the dispute .

EDF tends to Contel hand, not really a spirit of conciliation, but because the French utility is in a position of weakness and not of any interest to upset the U.S..

EDF and Constellation formed a joint venture together, UniStar in order to build a nuclear EPR in the United States, the Calvert Cliffs site in Maryland (northeast U.S.), which could big dividends.A step which has also been fraught with difficulties and that took several months to finalize.

Except that earlier this month, the U.S. has unilaterally abandoned this project and announced that he wished to exercise an option to sell assets that could cost up to $ 2 billion to EDF. This clause is part of a contract that both groups had signed in 2008. But since power plants in question have "lost a lot of value," insists EDF, who said he was initially "surprised" and "dismayed" and finally "shock" of such a threat.

For EDF, this option is "obsolete": it had been signed while Constellation was suffering from a severe liquidity crisis due to financial crisis cash advance payday loan.This is no longer the case.

Constellation ready to sell its shares in UniStar

Since the announcement of withdrawal from Constellation, EDF has sent a letter this week to Constellation, by offering two ways out of this crisis situation: either EDF takes over until the start of the project, all risks and expenses related to the site of Calvert Cliffs, it is bought by Constellation in Unistar, with the possibility of involving another U.S. partner in the project.

Constellation has been suggested to sell its shares in EDF UniStar. The American company has applied for a dollar more than $ 117 million in reimbursement of past costs.

But on this option, Constellation has maintained a strong speech: EDF must "respect its commitment to fully honor its contractual obligations."

At the meeting scheduled for Tuesday, EDF would be represented by Thomas Piquemal, group finance director, financial advisors accompaniment of investment bank Lazard and lawyers for the French company.

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José Socrates plays his trump card. Portuguese Prime Minister presented the vendrediau Congress a new austerity budget for 2011, the third in less than a year, the most severe since fifteen years. The project combines wage decreases and increases in VAT has led to violent passages of arms with the opposition. The leader of the socialist government that claimed to have obtained a consensus in May this time risk a veto of the PSD (Social Democratic Party). This vendrediencore, Passos Coelho leader showed his firmness, hostile to new tax increases.

In retaliation, Socrates has threatened to resign. A "thin" political maneuver, say most analysts. "He managed to defer responsibility for the failure on the opposition.A government's resignation would cause political chaos, untenable vis-à-vis the financial markets with the risk of climbing interest debt, "says Pedro Magalhes, a political scientist at the Institute of Social Sciences. This Friday, meet deputies, Jose Socrates drove home the point: "This budget responds to an emergency."

Wage adjustment

In late September, the Portuguese rate in the wake of the Irish bonds have skyrocketed, exceeding 6.5%. The sanction, in the case of Portugal, was the government's inability to contain the slide into deficit. The finance minister warned on Saturday in an interview with the weekly Expresso, setting the limit at 7%. Beyond that, it becomes too expensive, and Portugal will have to resort to international assistance.

Hence this new potion of the most drastic.Sections 5 to 10% on the wages of civil servants from 1500 euros gross monthly pension freeze, raising VAT by two percentage points to 23%, removed several tax allowances and social pensions tax the highest tax credit … With a stated goal of reducing the deficit by 7.3% this year to 4.6% in 2011, Portugal signed one of the most austere budgets in Europe after Greece, Spain and Ireland . The risk is falling into recession predictions are at best stagnant in 2011.

Above all, this budget does not solve the structural problem of the Portuguese economy: a lack of competitiveness, which undermines growth (0.7% per year on average) and increased public debt for ten years. "The country was in crisis before the crisis," says Carlos Gaspar, Director of Ipri.

For a decade, the country has lived on credit, consuming more resources than it produced.Households and businesses are heavily indebted and the public sector has continued to swell. "Many sectors such as energy, telecoms and banks charge prices well above international standards," said Nicolau Santos, deputy director of Expresso. The adjustment to restore competitiveness can be done only on wages. "What awaken social protest. For the first time in nearly twenty years, the two major unions, UGT and CGTP, are united front and call a general strike on November 24.