And yet, the French professional clubs we were accustomed to much better in recent years. "This deficit is due more to a sharp decline in revenue related to shipments by a sharp increase in spending that we had already seen last year," said Vincent warmShe expert sports Ineum Consulting.Today, the situation is simple, both for small than for large clubs: he must sell players first and then build his team. This is far from easy. Why?

Spanish and English clubs are more buyers

Their main "clients", English and Spanish clubs, bear the brunt of the economic crisis and could not like each year to buy the best French players. And unlike like the French clubs do not hesitate to buy great players, the calculation is done quickly. "This deficit is a matter of timing. French football is constantly lagging behind the economic cycle.The French clubs have spent much of last year through the renegotiation of TV contracts in 2006, and the establishment of the right to collective image (which exempts a portion of payroll taxes to pay athletes, can not exceed 30% of the total, Ed), whose clubs n (were really benefit in 2009, "said Vincent warmShe.

Although we are far from 800 million euros of debt the English club Chelsea in January erased by its Russian owner Roman Abramovich. But the fact that this ad is not necessarily good news when we know that UEFA is planning to launch its draft financial fair play in UEFA's two years at the initiative of … France. Thus, from the 2012-2013 season, clubs will no longer spend more than they earn.Again, the French clubs are not the worst placed in terms of expenditure, but in terms of income, they are far from being the first …

If one were to summarize the 2010 summer transfer window, we would call dull. Like any economic activity, football suffers from the crisis. Marseille and Lyon have already purchased a lot last year and Paris and Bordeaux have had a sporting season 2009-2010 more than complicated. Thus, the OM has bought Andre-Pierre Gignac and Loic Remy because they sold Mamadou Niang (at Turkish club Fenerbahce) and lent Hatem Ben Arfa (at English club Newcastle).

Aulas has made "a little fun"

What about Lyon? Until the "little pleasure" that became Jean-Michel Aulas, the Lyon president of purchasing Yoann Gourcuff for $ 22 million last Tuesday, the club Lyon had previously spent only 6 million euros with the former Rennes Jimmy Briand.Far from 82 million spent a year earlier. "Unlike the big Italian clubs, English or Spanish, French clubs can not afford a repeat of" such "transfer window several times. The DNCG requires them to control their spending. And when the crisis gets involved … "Says one expert.

Last year like this year, Lyon as Marseille have sold less and less purchased. But the fact remains the same: they have spent more than sold. The OL has purchased $ 28 million and sold for 3 million in summer 2010 transfer window (82 million against 45.5 million in the transfer window in 2009). For the OM, the losses amount to 13 million euros in the summer 2010 transfer window (about 23 million euros in the transfer window in 2009). For its part, had to sell Gourcuff Bordeaux to balance its accounts and Paris Saint Germain all the trouble to sell his "big bucks" to be able to buy a defender. The crisis affects everyone.Relatively speaking …

.

The specialist oil services records, however, a sharp increase in orders. The order backlog amounted to 8.263 million euros. In the second quarter, order intake was EUR 1.524 million, "almost evenly divided between the segments and Subsea Onshore / Offshore, against 873 million in the second quarter of 2009, bouncing about 74%.The group hopes that the resumption of orders in the Norwegian part will continue and believes that the Brazilian market remains "promising" No fax cash advance.

Work continues

Technip therefore maintains its objectives for the year. The company expects a turnover of between 5.9 and 6.1 billion euros (2.6 to 2,700,000,000 in subsea). The expected operating margin should exceed 15%.

Regarding the oil spill in the Gulf of Mexico, the company said that "at this stage, [its] operations were not affected in 2010 but the new orders could be delayed in the short term."In the longer term we believe that operators prefer to work with contractors who have maintained a constant effort to invest in security," the group added, stressing that it is a central element of its strategy .

This morning, Asian markets have chosen a conservative increase in the wake of the positive closing of Wall Street Friday. U.S. markets ended the week on a fourth consecutive session progress (0.57%).

The LSE is also a timid step forward, the Footsie index gaining 0.16% to 5141.10 points. The DAX index of the Frankfurt Stock Exchange climbs on his side of 0.14% to 6073.75 points.

In Paris, the stock reached Friday to keep the threshold of 3,500 points, allowing the benchmark index of snatch 6% in five days. On Monday, investors will try to keep this momentum. The meeting, however, looks very calm on the side indicators.The markets have learned before market that current account deficit had settled in France to 4.5 billion euros in May, from 2.9 billion in April, seasonally adjusted data.

The rest of the week will be loaded, the U.S., several interesting publications such as the budget (Tuesday), sales information (Wednesday), registration weekly unemployment (Thursday), or the index of sentiment consumer (Friday).

Caution is also placed on the European stock exchanges should begin when the ball Publications overseas payday loan lenders.From Monday, Alcoa will launch the festivities with the results of its second quarter.

Zodiac rejects the advances of Saffron

As for values, the supervisory board for Zodiac (4.31% to 41.50 euros) announced Sunday that he would not pursue a business combination proposal made by Safran.

Alstom (-0.89% to 38.35 euros) was applying for the construction of four stations on the route high-speed rail that will link Jeddah to Mecca, said Sunday the company to Saudi Railways ORS .

Carrefour (-0.27% to 34.50 euros) is to publish its second quarter results on July 15 after the close of trading.Analysts already expect a turnover of 24, 78 billion euros (+5.7%) including 10.29 billion in France (+1.6%) and 5.18 billion (-0.6% ) in hypermarkets.

Cameo (0.61% to 162 euros) announced Friday for the second quarter decreased by 11.3% of its sales, surface and currency comparable because of the lag of a week of dates on balances as of June July. The turnover for this period amounted to 190.2 million euros, up 1.1% on published data.

Total (-0.42% to 38.14 euros) have launched legal proceedings to challenge the decision of the Court of Appeal of Douai to force him to reopen his site Dunkirk.

The project had been discussed in our columns, before being denied by Accor. Its position has obviously changed since then. The group sells for an undisclosed fee, 60% of the catering on board trains CWL Newrest its competitor, based in Toulouse. From January 2013, the French group will assign the remaining 40%, for an amount which depends on the valuation of the company at this time.

Last year, Compagnie des Wagons-Lits has achieved a turnover of 248 million euros and operating profit (EBIT) of EUR 3 million. In late 2009, the CWL has lost a major contract in Spain.The impact on turnover in the first quarter of 2010 represents a shortfall of 40 million euros, says it Accor, stressing that the CWL has instead awarded the contract for the TGV East March 7 last. A year earlier she had lost the tender for the provision of bar cars off the TGV North-East.

Other possible assignments

Present within the Accor Group since 1992, the Company has lost its former glory. Founded in 1872 by Belgian Georges Nagelmackers, who built the first sleeping cars and dining cars before embarking on the Orient Express and the Trans-Siberian railway, it has diversified into the hotel chains with Pullman, Etap- Hotel and Arcade (now in the lap of Accor) and in the service on board trains. The latter is now the only one of the Company.Over the past year, the Pullman Orient Express is indeed operated by the SNCF ….

Newrest, the new owner of Compagnie des Wagons-Lits, himself is present in the food on board aircraft, the catering, the basics of life for the oil industry and mining, VIP lounges at airports .. . Last year, its turnover reached 407 million euros. "This joint venture represents a unique opportunity to expand into the catering market on trains and expand into new countries such as Austria and Italy," says one in Newrest. For Accor, which is defined as the first global hotel operator, "This transaction is part of its policy of focusing on his heart craft." This does not preclude other interruptions.Draft assignment of Sofitel and Motel 6 chains have been mentioned by analysts of the market … and denials by the management of Accor.

The controversy swells daily. After the Europeans, it is now the boss of General Electric to accuse China of putting a spoke in the wheels of foreign companies. "I'm really worried, I am not sure that ultimately they want that we will succeed," he complained to an audience of businessmen from Italy, reported the Financial Times on Friday.

Last Tuesday was a report of the European Chamber of Commerce in Beijing, which accused China to increase the discriminatory measures. He denounced a "discretionary application of laws and regulations, the registration process unnecessarily complicated and" inconsistencies in the application of national criteria.

In Beijing, many business leaders say the word to cover: it is increasingly difficult to work in China."They understand that they can leave if they are not happy," says a corporate lawyer. Since April, the party newspaper, the China Daily, had sniffed the wind of revolt and was almost threatening."When foreign companies encounter difficulties in their projects (…) if they do nothing but complain that the foreign media and amplify the case without analyzing the merits and slandering the Chinese economy, they will end up delaying the process of improving the investment environment, "he wrote.

Funny way to appease the spirits when President Hu Jintao says it wants to "take concrete steps to reject any form of protectionism and unequivocal support free trade."

The World Trade Organization said in its latest report "Interest in China and its foreign suppliers of more rapid liberalization of China's service industries.But Beijing, which, in a gesture of goodwill, will leave July 15 rebates for export taxes on certain sensitive products, prefer to believe that foreigners "grunt" on account of wages.

Rising labor costs

Demonstration of support to employees of Foxconn, Hong Kong in June Photo credits: AFP

An ad for a symbolic opening week of the G20 summit in Toronto and while international pressure, especially American, was always more intense. The consensus, the Chinese currency, also called the renminbi is undervalued by 30%, boosting Chinese exports and increasing the price of imports for other countries.

In Asia, the news is very appreciated, Awards winner around 2%.

In Europe, the enthusiasm is also present.Already in the past week, the CAC 40 rose 3.91%, the index in London gained 2.26%, and about the U.S. markets, the S & P 500 and the Nasdaq rose by 2 , 24% and 3.44%.

On Monday, the London Stock Exchange climbed 1.01% from Friday's close at 5321.30 points. The DAX index of the Frankfurt Stock Exchange climbed 1.33% to 6299.46 points.

The euro continues to rise

This morning, the euro continued to rise. He was quoted on Monday morning around 9:00 1.2456 dollar (+0.5%) while gold has posted a new record high at 1262.55 dollar an ounce.

The increase was boosted in particular by the reassuring speech by Jean-Claude Trichet, president of the ECB. He pointed out the growth prospects of the euro area 1% against 0.8% previously.While the severe degradation of the note in Greece did not impact the morale of the operators.

The European Union has also shown its unity: the European government leaders during a meeting Thursday, June 17 in Brussels, have pledged to tighten fiscal policy to respond firmly to the debt crisis of the states.

In China, the yuan, hit a record high since July 2005. Two days later, the renminbi, another name for the currency, displays a record on the interbank market at 6.8089 against the dollar, reports the agency Dow Jones Newswire.

No statistics major is waiting on Monday morning.The previous week, on the macroeconomic front, investors have noted the rebound in European Industrial production output is + 9.5 in Europe.

EDF: 10% in South Stream (1.49% to 36.33 euros)

The group vowed on Saturday to take a stake of at least 10% in the South Stream gas pipeline through the end of 2010 a decline in participation of the Italian group Eni. The public company has also signed an agreement for cooperation in the nuclear field with the Russian Rosatom public group.

GDF Suez: + 1.57% to 26.25 euros

The company announced on Saturday he came up to 9% stake in the Nord Stream pipeline, which needs to be redirected from the 2011 Russian gas to Europe.The French gas group has also signed a cooperation agreement with Gazprom in the areas of energy efficiency and energy savings.

Alstom: + 2.91% to 42.14 euros

A tripartite agreement was formalized on Saturday between Alstom and TMH its Russian partner railways of Kazakhstan on the provision of 200 freight locomotives to the latter, the French share is estimated at 500 million euros.

France Telecom: -0.32% to 15.35 euros

The telecommunications group has met on Sunday evening in its board of directors to consider a draft agreement with Claude Le Monde Perdriel, CEO of Le Nouvel Observateur, and Spanish media group Prisa, said a spokesman for the 'telecoms.The Chief Executive Stephen Richard had said in an interview published by the Journal du Dimanche that Orange had invest 50 to 60 million euros in Le Monde.

Renault: + 3.13% to 33.92 euros

The manufacturer could work with an American partner if the opportunity presented itself, "said CEO Carlos Ghosn with the Italian newspaper Sole 24 Ore, but said he was not a necessity.

TF1: + 0.28% to 12.36 euros

The FIFA World Cup looks positive for TF1, although the France team was eliminated in the first round of the competition, Le Parisien said the Group CEO Nonce Paolini.Friday, TF1 shares fell 0.84%.

Stallergenes: + 1.85% to 55 euros

The group said to be satisfied with the results of a Phase III clinical study conducted in China for a sublingual immunotherapy (Staloral) for treating asthma to mites.

Eurotunnel (GET): 2.65% + 6.28 EUR

The operator of the Channel Tunnel was given the green light to bid in the privatization of the railway high-speed London-Folkestone, according Wansquare, citing unidentified banking courses.The sale process could be launched today, the Financial Times.

Accor: + 0.14% to 43.89 euros

Standard & Poor's Friday affirmed the credit rating of BBB-group and ended the surveillance period with negative implications opened last September, before the split announcement Edenred of the new entity separate from the hotel services.

Schneider Electric: + 2.28% to 92.14 euros

His finance director has ensured that the group would continue this year to small and medium sized acquisitions in emerging markets.

"Like the problems in the euro area caused by Greece, there is a risk of collapse if we do nothing against the rising public debt and consequently lose the confidence of bond markets," Has he said. Japan's debt exceeds 200% because of GDP (gross domestic product) and threatens to reach 246% in 2014, according to the IMF.

In reality, there is no chance that the archipelago is found in the situation in Athens, since this debt is 95% owned by Nippon investors and long-term rates remain very low, but feared the reaction of Tokyo rating agencies.Last January, Standard and Poor's downgraded the rating of its long-term debt from "stable" to "negative".

Naoto Kan, who can count on the support of 61.5% of the population, according to a poll conducted Wednesday, draws a line over ten years of economic policy that has led the country to choke.

He wants to go fast and run a complete overhaul of the tax system by initiating a national debate beyond partisan barriers "to ensure the support of the opposition. The economic recovery of the archipelago, with an annualized growth of 5% in the first quarter, giving him the means.

Deflationary

But this reform is likely to be painful because it requires an increase in VAT, currently at 5%, one of the lowest in developed countries. Can not kill it in the bud the recovery of consumer confidence recorded in five months? "I do not think so.The VAT could double, but that should not weigh. When households are too indebted state, they are slowing their purchases. If they have a visibility they consume more, "said one investment banker in Tokyo. He added that such measures can help break the spiral of deflation, which, "by dint expect further declines in prices affects consumption."

The government, which wants to reduce unnecessary government spending, is preparing in parallel to reduce the corporate tax, which at 40%, is one of the highest of OECD countries. This would allow companies to offer cheaper products, thereby reducing the impact of the tax increase on consumption.

"It's courageous," says a French financial analyst living in Japan.And Naoto Kan, for once, can rely with confidence on the new Minister of Finance, Yoshihiko Noda, firm believer in fiscal discipline.

Only downside, the prime minister can not deny the social promises made during the campaign of his party. But they are expensive. The only allowance for children continuing their studies, launched in the spring and intended to fight against the declining birth rate, represents 45 billion euros per year. And the Minister of Social Affairs, Akira Nagatsuma suggests it could take another form as a cash payment to families. But "when we preach the rigor of educational way, the Japanese understand perfectly," decide the investment banker, who took the gamble that the revolution Kan prevail.

For a year, one quarter of the CAC 40 have experienced at their head movements, visible these days as AG. This is often an opportunity for groups to reconstruct the position of CEO, dear to the French tradition. Christophe de Margerie, and Pierre-Andre de Chalendar thus inherit full power Discount Total and Saint-Gobain.France Telecom, meanwhile, saw a rapid transition after the scandal of suicide. St?phane Richard, who took over on March 1, Didier Lombard Branch knows that it will not last: it is proposed as an administrator at the meeting of June 9, to get the Grail as CEO in spring 2011 .

Ultimately, if we exclude the Cr?dit Agricole – true to his rule called "four eyes" – and who will succeed Jean-Marie Sander Rene Carron as head of the group, the Germano-Canadian Christopher Viehbacher (Sanofi-Aventis ) is the only general managers to remain under supervision despite the departure of its president. Serge Weinberg takes effect in the torch left by Jean-Francois Dehecq, the founder of the pharmaceutical company.A matter of nationality? Last year, the board of Societe Generale had waived, under political pressure, to entrust the presidency to Britain's Tony Wyand after the resignation of Daniel Bouton. Rather than having a candidate imposed by the Elysee, the bank was then promoted its managing director Frederic Oud?a the rank of CEO and Tony Wyand placed at his side as vice president.

Vice President referent

If he returns to court, the model of the French boss is omnipotent and more often mitigated by the presence of a guardian "Jiminy Cricket" by his side. At Veolia, already, after the departure of Henri Proglio, his successor Anthony fawn followed closely since last fall by his vice-president, Louis Schweitzer. Axa similar pattern. Henri de Castries, chairman of the board so far, has certainly been converted CEO last week.But at the same time, Norbert Dentressangle, the owner of eponymous transport group, has been appointed as vice-chair, "referring independent director.

Jacques de Chateauvieux, who had succeeded to the presidency of the Executive to Claude Bebear, Axa's founder, had found himself as the structure to the Executive and Supervisory Board was not justified.

As at Societe Generale, had to adjust the statutes to give substance to this vice presidency, that does not exist in French law. Thursday, shareholders of Vinci will last for Yves-Thibault de Silguy at the podium as President. The great servant of the State, which had been called to the rescue in 2006 following the hectic departure of Antoine Zacharias, sits down on the vice-presidency. Xavier Huillard, the group general manager of concessions, makes him the scepter of CEO.A development designed to end the tensions that prevailed in Vinci.

Not easy, indeed, to live day to day relationship between a "chairman" and "CEO" in a foreign country that tradition. "France and the United States are the only countries where these functions remain separate," recalls Loic Dessaint, in Proxinvest, a consulting firm in corporate governance. In light of these latest twists, it appears increasingly that the wave of the separation of powers, meeting in the mid-2000s, showed more concern for some employers to ensure a smooth transition with a real cultural revolution. We had already seen, in 2009, Carlos Ghosn CEO of Renault erected at the term of office of Louis Schweitzer. The method remains valid.Essilor, Xavier Fontanet was withdrawn and the presidency since January 1, transmitting the general direction Hubert Sagnieres. Even the intended movement of 1 July for the specialist Veritas Geophysical GSC.

Finally, it may be tempting to take the highway in reverse, it can be expensive. Jean-Francois Roverato, CEO of Eiffage, who had time left for the operational reins back then paid dearly for this year. Its board of directors granted a renewal of his mandate for one year …

After the setbacks in terms of image for Total, with Erika – Total was sentenced on appeal to pay 375,000 euros – and AZF, this attack could further extend the negative perception of the French vis-?-vis the oil group .

A decision "incomprehensible"

The investigation started in 2002 had directed to various French personalities suspected of having distributed the early 2000s kickbacks to members of the Iraqi regime of Saddam Hussein that the group continues to source barrels of oil outside the framework imposed program of the UN oil-food cons.

Several officers and employees of the group had been indicted personally since 2006. But this time, it's Total as corporation that is under no faxing pay day loans.

"This decision (of indictment of the Total Group, NDRL) recommence the proceedings," said Master Veil, the lawyer of Total, has told AFP the date of the indictment, and thus confirmed information from the newspaper Les Echos."The judge took this decision against all odds, while his predecessor and the prosecution had held the contrary, at least implicitly," he added, saying the indictment "incomprehensible."

Total will watch his side surprised by this indictment, which "comes eight years after the commencement of the trial, with no new element has been placed on file," according to Les Echos.

Indeed, Serge Tournaire succeeded Xaviere Someone who had requested a non-place for all employees and former employees, and the boss of Total, Christophe de Margerie. In addition, Total said that "the report Volker independent commission of inquiry established by the United Nations had rejected any complaint of corruption."

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On Thursday, Citigroup shares have risen again by 5.56% to 4.18 dollars. Since the beginning of the week, the securities have soared by almost 20%, pulling in their wake the whole banking sector on the rise on Wall Street.Witness the rise of the index values Bix U.S. bank, which was awarded 1.38% on Thursday on the Exchange of New York.

"The general feeling is that investors anticipate a step toward normalcy," said analysts at Briefing.com.

Citi expects 20 billion profit

End of 2009, Vikram Pandit had said that Citicorp, the bank portion of the assets comprising the most healthy and who make up the bulk of the company, had assets under management reaching approximately 1 payday advance