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Fight against the problems of sovereign debt should not kill growth. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund, the world's governments. While massive austerity plans have been passed or are under preparation in several countries, particularly in Europe, it warns against the creation of a "sudden brake budget" that would result in " block the global recovery. "

In this article published by the Financial Times, Christine Lagarde is primarily intended "advanced economies", on the same alarmist tone than its predecessor, Dominique Strauss-Kahn last year. For these governments, while fiscal adjustment "to solve the puzzle is to go neither too fast nor too slow."She said "what is needed is to focus on both fiscal consolidation over the medium-term and short-term support for growth and employment no fax payday loan. This may seem contradictory, but the two are mutually reinforcing, "she writes. "The spending cuts will not suffice, revenue should also increase, and the first choice should focus on measures that affect less demand," said she.

Restoring market confidence

The former French finance minister also notes that "the current market turmoil has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted."

But "this impression is false and could lead to paralysis," she warns.And remember that "markets can be of two opinions: they disapprove of a high public debt – and may welcome a strong fiscal consolidation – they like even less a low or negative growth."

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"SPECIAL – Depression, fear of debt

• The observation

Martine Aubry. "France is suffering from a triple deficit," the public finances, employment, and competitiveness, it says in the Journal du Dimanche (JDD). Two thirds of the deficits are due to the policies of Nicolas Sarkozy, she said, based on a report of the Court of Auditors.

Ségolène Royal. "It's not just a financial crisis but a crisis of civilization," suggests the president of the Poitou-Charentes in an interview with Le Parisien-Aujourd'hui en France. She said "the level of life and employment" are threatened.

• Debt

Aubry. You should immediately "remove 10 billion euros of tax loopholes" as mayor of Lille. It promises to allocate 50% of the financial benefit generated by this measure and the resumption of growth to reduce deficits, echoing a measure explicitly listed in the program of the PS.It is opposed by contrast to the golden rule, namely fixed in the Constitution the principle of balance of public finances.

Royal. "I move that the expenses are secured by new savings." It accuses Nicolas Sarkozy had "doubled the deficit" in part because of "tax breaks to large fortunes".

• Taxes

Aubry. "To boost growth, [should] drop to 20% corporate tax (IS) that reinvest" and penalize those who prefer dividends by increasing the SI to 40%.

Royal. She wants the Estates General on the reform of tax and tax. Then "a referendum to stabilize the rules for five years fast cash online." It also intends to "fight against injustice and tax fraud."

• Employment

Aubry. The candidate wants to eliminate tax benefits related to overtime "that block the hiring."She wants to allocate 50% of future budgetary scope to "investment for the future", that is to say much to use.

Royal. It does not mention once the words "employment" and "unemployment" in the interview to Paris to denounce the current situation. Without advancing a proposal on the subject.

• Finance

Aubry. "It is time to take up the policies on finance," she proclaims. She wants to create an independent rating agency and a financial transaction tax of 0.05% in Europe. What to report 200 billion euros a year, she said.

Royal. It offers "the entry of the state capital of banks that are helped," and wants "to prohibit speculation in government debt." It ensures that in countries where the banking system is controlled by the state, "growth is the appointment."

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J-2 before the ax fell. The United States still be able to honor their claims after August 2? Barack Obama tackle it. So much so that after being long in the back face long power struggle between Republicans and Democrats, the White House decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who wish to be assured that it will not oppose its veto on a possible negotiated settlement to Congress.

If no agreement has so far been found, optimism seems to place the next parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, acknowledged the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

Vote Delayed

Evidence that the climate has calmed a bit, Harry Reid has even delayed by several hours the vote on the plan of raising debt cash advance flexible payments. Originally scheduled on the night from Saturday to Sunday at 1 am (7:00 am Paris time), the vote was postponed to 13 hours (19 hours, Paris time).

However, over the head of the Democratic majority noted that would not give the duration of raising the debt ceiling. The Democrats want a measure that could take until 2013.The Republicans, they insist on a plan in two stages: an initial increase before August 2 and a second early 2012, during an election campaign. "There are ongoing negotiations at the White House to avoid a catastrophic failure on the country's debt, he said. There are many elements to be finalized and there is still some way to go. "

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After Bouygues Telecom and SFR, it is the turn of France Telecom to engage in the battle of the low-cost mobile phone with a new brand, Sosh. The announcement, made in conjunction with the presentation of interim results of the group, aims to address "the intensity of competition" and prepare "the arrival of the mobile Free," according to the admission of the CEO France Telecom, Stéphane Richard.

Sosh will mark "all digital", only sold on the Internet. If have to wait until September for details and more particularly the rates, Stéphane Richard said it would be a "soft offer, without commitment," which will decline "two kinds of attractive packages in price ", available with and without mobile terminal.Sosh, whose name is "a nod to the term" social network ", wants to build on social networks and user communities, said Stéphane Richard. It offers a low-cost but not low value. "

With this brand, France Telecom follows the lead of its competitors. SFR was the first to lead the way in June 2010 with its "economic advantage". The operator proposed a package on average 10 to 20% cheaper if the customer subscribing or purchasing retaining also his mobile. A year later, at the launch packages "Square", SFR explained that 15% of subscriptions were dry, that is to say without a telephone.

In early July, Bouygues Telecom has taken a step forward in the world of low-cost brand by launching the first low cost of a large operator.The two packages of "B & You" (our editions of July 5) are attractive, for example, 24.9 euros per month for calls, SMS, MMS and unlimited Wi-Fi 24/24, but that a terminal it is associated.

Reduce subsidies

The recent popularity of telecommunications operators for low-cost offers several origins and first of all the expected arrival of Free, renowned for its ability to break the established codes. Whereas in 2012, its competitors are afraid to see him land in October 2011, with rates very low, just like what he has done over the Internet, with the first offers to 29.99 euros. There is also growing competition from virtual operators (MVNO).Finally, the increase in the price of the terminals has also forced the operators to review their business model.

Until now, to lure new customers or retain old, operators put forward the phones heavily subsidized. But the development of smartphones has changed the situation, with the arrival on the market for phones with more than 600 euros 149 euros … sold by subscription.

If operators and manufacturers refuse to disclose the sale price of "professional" and therefore the exact amount of the grant, it is the secret that the cost of acquiring new customers is a clear tendency to increase.The development offers low-cost in telephony, which are essentially free subscription offers mobile, could however not be sufficient to reverse the trend.

Consumers, especially the French are, by the admission of Stéphane Richard, very attached to offers of renewal.

The private broadcasting group said Wednesday a drop of 3% of its turnover.

LE FIGARO. – How do you explain the 5.3% increase in advertising revenues from M6?

Nicolas de Tavernost. – The group is in a virtuous circle: the one who is to invest in programs to improve the quality of our offer to all our channels (M6, W9, Teva, Paris Première …) and therefore grow our audience and thus make our chain essential to advertisers. In a pub in the TV market declining by almost 100 million euros over the last four years we have increased our advertising revenue (3.1%) of 13 million. In the first half of 2011, the market is stable and the group realizes M6 6.2% growth reaching a market share of over 24%.This reflects our audience ratings: M6 is thus the only channel history to have increased this year to 10.5% audience share. If the duration pub fell slightly, however, we have increased our prices by 11%, in parallel with our audiences.

In 2010 you announced an increase in the cost grid of your chains. This strategy will continue?

We announced an increase in the cost of grid M6 5% in 2011, which remains our forecast. The first half of the increase is 2.3% and very fine programs are planned for the autumn. Similarly, the cost of grid W9 increased significantly over the past two years. It's a winning strategy: M6 was regularly leading the Friday night during the first half and also became the program Monday night with his hit "Love is in the field."We are pleased to have won 400,000 viewers in two years on our JT "The 19.45", gather 3 to 4 million ahead of "Scenes from" and to reach 6.3 million, as last Monday with "The Love is in the meadow. " We are not in a logic of cost reduction but in an offensive position in the investment programs.

You have experienced performance-cons as "X-Factor" and now the series "Soda" ….

X-Factor is a disappointment all the greater as we do not fully understand the failure of the program while at the same time, the program was aired in Belgium very well. As for Soda is a summer program of fiction for young people and, from this point of view, the program fulfills its mission. What matters for a program schedule is a recurrence of his success is created through well established brands.This is the case for the M6.

Diversification of your revenues are falling. These activities need to be restructured?

Our group is based on two pillars: the main advertising, which exceeded the level of pre-2008 crisis, and diversification, which have been in 2009 support our business. There is no going back on that balance online payday advance. Although profitability for some of them is less, the diversification continue to earn money including distance selling. In addition, our business grew strongly and our Internet subsidiary Interactions (music licensing) has redeployed well. For its part, the department Audiovisual Rights, a slight decrease in H1, is subject to the seasonality of film releases. It remains the Girondins, who have experienced difficulties.We reduced payroll accordingly and we hope the new stadium will allow us to Bordeaux, in the medium term to increase our own resources over TV rights.

Your cash flow reached 282 million euros. Will you invest?

We are waiting arms at the opportunities to continue to grow in television. For this, there should have sales or clearances that are proposed and data. We are also ready to develop in the production.

TF1 has requested the passage of LCI free. Do you react?

We had anticipated this possibility since, as of May 28, we seize the Higher Audiovisual Council to say that if the spectrum allocation rules changed, we would be interested in getting free in Paris Première.So far, law enforcement had not anticipated the transition from free to fee. If the doctrine changes, and if, as it seems, the essential criterion of fluidity between paid and free was the diversity and quality of programs, then our chain would be the solution. Unlike the info where several channels exist, Paris Première, with its public + CSP, is actually a complementary, not equivalent free chain and a living creation. We are ready to make commitments to it. Pending the response of the CSA, we concluded a new agreement with CanalSat not to mortgage the future of our channels.

Have you changed your position on the launch of new channels on DTT?

Not at all. Should there be new, we would not be the worst placed to succeed. But we ask for consistency.The market is crowded in France and is not elastic in advertising. Also, reduce the costs of existing channels to create new sense to me! It would therefore be wise to take a break. This would allow players to improve the quality of their program offerings (more original programming and fewer reruns) – that ask the French – their digital services (TV catch-up …) and dissemination (HD …). This would also be the best way to resist the arrival of television connected. Ultimately, our position is simple: a break in the creation of channels may be useful, but if it was not the choice of government, the M6 ​​has rights to assert and skills, proven to enhance .

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U.S. stock markets open up on Tuesday. The Dow Jones advance of 0.32% at 12,126 points, the Standard & Poor's 500 and NASDAQ 100 respectively go up by 0.43% to 1292 points and 2713 points to 0.39%. On Monday, Wall Street has ended sharply lower. Markets are always hampered by bad macroeconomic indicators published U.S. these days who are fears of slowing growth overseas and the crisis of public finances in euro area continues to produce their effects.

Operators have very few indicators to follow this week to get a clearer picture of the economic situation. To 21 hours, however, U.S. investors will read the digits of consumer credit.U.S. carriers like their European counterparts, should be particularly attentive to developments in the crisis of public finances in Europe. Aurel BGC specialists also worry about the constraints of increasingly heavy burden on U.S. banks that ultimately risk, according to them to make them more restrictive in the distribution of credits. The real estate sector, already in bad shape for many years could suffer. The U.S. Treasury Secretary argues in favor of new rules to all U.S. financial world. It aims in particular the derivatives market.

On the foreign exchange market, the euro is rising against the greenback at 1.4666 dollar.The dollar is under increasing pressure since the announcement late last week to disappointing figures on the labor market in the U.S., where the economy has created three times fewer jobs than expected in May, and where unemployment rate went up against all odds. And the oil markets, a barrel of losing 25 cents in New York at 98.76 dollars while that of Brent North Sea fell by 41 cents to 114.07 dollars in the morning. Investors await a meeting of OPEC in Vienna tomorrow could decide to increase production.

The side of values, the paper group American International Paper (30.88% to 4.15 dollars) on Monday launched after the close of Wall Street, a hostile takeover bid for rival Temple-Inland for $ 3.3 billion in cash. International Paper has 30.6 dollars per share for 108.3 million shares floating.This represents a premium of 44% over the course of Monday afternoon, which was 21.21 dollars. Temple-Inland said that its board of directors rejected the offer of International Paper "after careful consideration" because it "grossly undervalues ​​Temple-Inland and is not in the interest of its shareholders" .

Apple Monday unveiled two new versions of its operating system Mac OS and IOS, and the novelty icloud should still be surrounded by very Bourse.

Sales of General Motors (+0.76% to 28.78 dollars) in China in May decreased by 2.7% over the same month last year, according to an AFP calculation based on Figures released Tuesday by the American manufacturer. The first global car market, GM has passed 190,674 vehicles. The group emphasizes that its sales in China for the first five months of 2011 reached a record of 1.079 million units.In 2010, General Motors was up 2.35 million vehicles in the Chinese market.

Also in the automotive industry, Ford Motor (1.87% to 14.17 dollars) is preparing to announce ambitious production targets, setting aims to sell 8 million vehicles a year by the middle the current decade, said on Tuesday the New York Times. The group, which currently produces 5.3 million vehicles per year, ranking it among the major automotive.In 2011, the global leader Toyota has sold 8.42 million vehicles.

The U.S. company RSA Security said Monday evening that information in connection with its products, recovered during a cyberattack, had served in another cyber attack against the defense group Lockheed Martin (-0.12% to 77.29 dollars), and proposed to replace its equipment.

The French group Mersen (ex-Carbone Lorraine), specializing in high performance components for industry, today announced a cooperation agreement "long term" with the U.S. manufacturer of glass and advanced ceramics Corning.

Walt Disney Studios (0.66% to 39.66 dollars) would consider dismissing 250 employees, or 5% of their staff around the world, especially at company headquarters in California (West), said Monday U.S. media specialist.

The British oil group BP (0.93% to 44.35 dollars), listed on Wall Street has informed the co-shareholders of its Russian joint venture TNK-BP that it might sell shares in it at Russian oil giant public Rosneft to boost its proposed alliance with the latter, says the Wall Street Journal on Tuesday.

It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.

Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.

First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.

Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council.

Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.

The delay of Apple

This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.

The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.

Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.

Still no comment from Oberthur Technologies on Thursday. Yesterday, Bloomberg launched the rumor of the sale by the specialist of security technology in its field of smart cards CardSystems, then this Thursday's Les Echos that delivers its information on the possible transaction. According to business newspaper, Oberthur want to part with 60% of this activity, which represents 73% of its total turnover, which would be valued over a billion euros. Rothschild and advise the company transaction could be in the form of an LBO is to say, an acquisition by a bank loan.According to Les Echos, the offers of the candidates will be received during the first fortnight of June.

Oberthur, which is no longer publicly traded since November 2008, is the world's second largest smart card with 20% market share worldwide, according to Gemalto, another French side in the Paris Bourse, which claims about 40 %. If smart cards are the heart of business, Oberthur weaker margins amid fierce competition.This could explain why the group wants to break away.

Sell ​​to watchlist De La Rue?

But the transaction would not she intended to make funds available to propose a new offer on the UK's De La Rue, he has failed to buy earlier this year? Oberthur could indeed put on the table more than 1.08 billion euros previously offered to pay for a company that works primarily on the trustee and that prints the tickets of more than 150 countries around the world instant payday loan. Eyeing a lucrative market that Jean-Pierre Savare, CEO of Oberthur, even if it might confront the British government, who intends to protect its business.

In addition, analysts said Exane BNP Paribas, "if the activity CardSystems was sold to an investment fund, it is not certain that the owner undertakes R & D, while at the same time Some key executives could leave the company. " For them, "the industry could then experience a period of turbulence that could lead to Gemalto the opportunity to win market share." Meanwhile, Gemalto folds from 1.37% to 33.73 euros on the Paris Stock Exchange on Thursday to 13 hours.

The activity CardSystems provides smart cards and related services to segments of the mobile but also payment, transport, digital TV and convergence.The other divisions handle everything trustee (bank notes, checks, etc..) Identity (manufacturing and personalization of documents such as passports or driving licenses), and the cash protection ', emerging market of equipments for the protection of banknotes in the distributor for instance. Oberthur Technologies has approximately 6,800 employees in all continents of the world.

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A month and a half after the start of hostilities, the war in Libya has already cost 50 million euros to France. Gerard Longuet, the defense minister, that figure dropped Tuesday before the Committee on National Defence, says Les Echos.

The invoice missiles fired by fighter planes is around 30 million euros each cruise missile costing nearly a million. We add the operating costs of aircraft: the flight time of a Rafale is estimated at 40,000 euros and time response of the aircraft carrier Charles de Gaulle to 50,000 euros. Premiums paid to military also weigh on the bill, amounting to nearly 10 million.

The war is not over and the cost of operations should increase if the conflict stalled. But whatever the final cost of these unforeseen expenses will be funded.The budget of the Ministry of Defence was counting on 900 million euros for external operations in 2011, an amount identical to that of 2010, with approximately $ 500 million for Afghanistan. Of this amount, 630 million euros have been budgeted and 50 million are expected from the UN, says Les Echos. Thus, 220 million are already short and we must add the cost of expenditures in Libya. Part of the money spent in Libya are at present drawn from the budgets of the military trainings that may not be sufficient, however. Time and budget constraints, the sum could be more difficult to refinance.

To international funding Libyan rebels

The "contact group" on Libya has agreed Thursday on the creation of a mechanism of financial support to insurgents fighting against the regime of Muammar Gaddafi.The special fund will be temporary "operational within the next few weeks," said the head of French diplomacy Alain Juppe, after a group meeting in Rome. "The temporary funding mechanism set in Doha is now well defined" so as to be "operational in the coming weeks," said the French minister told reporters.

After the announcement of the participation of the United States, France "also define" the height of his contributions soon, he added.

The National Transitional Council (CNT) formed by the insurgent wants to be granted loans totaling two to three billion dollars to cover its needs for food and medicines, to ensure essential services in areas it controls and to pay salaries.About 250 million has "already" been collected for humanitarian aid to Libya, said the Italian Foreign Minister Franco Frattini.

This request has so far been examined carefully in the Western embassies, particularly because of legal obstacles that the Rome meeting was intended to circumvent.

The administration formed by the insurgents is far recognized only by France, Italy and Qatar.

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On Thursday morning, Vivendi held its General Assembly at the Carrousel du Louvre in Paris. The opportunity for its chairman, Jean-Bernard Levy, back on the recent strategic transactions conducted by the media and telecoms group. The acquisition in early April, the entire capital of SFR marks the end of an era. The former Générale des Eaux was transformed into Vivendi Universal Jean-Marie Messier. This group was then a holding company, often minority participations disparate telecoms, television, cinema, internet, music … After going through a severe debt crisis in 2002, Jean-Rene Fourtou and Jean-Bernard Levy has radically restructured the group .

LE FIGARO. – The purchase of 100% of SFR is it a milestone in the history of Vivendi?

Jean-Bernard Levy. – Since its inception in 1987, we never had sole control of SFR.Jean-Rene Fourtou, upon his arrival, has understood the strategic importance and it has fought since 2002 to buy Vivendi's participation for sale by BT. It is only recently that Vodafone, our partner from the beginning accepted the idea of ​​selling his share. In late 2009, we launched the sale of our 20% stake in NBC Universal, and there is barely three months we have realized. The proceeds from this sale enabled us to negotiate and secure the purchase of 44% of SFR held by Vodafone. It is a major turning point for Vivendi. It marks the completion of a long phase of restructuring and simplification. In less than ten years, Vivendi has experienced a profound transformation.

What is your strategy?

First, Vivendi has strengthened its core businesses into global and national leaders.Then, a conglomerate we have an industry group, managing all its assets and without minority participation. Finally, buying GVT in Brazil, we went looking for growth. Now we focus on organic growth through internal innovation, developing new products and services.

This transaction is financially attractive it?

It is a very good transaction for our shareholders and I am sure they appreciate it. With 100% of SFR, we have better access to its cash, especially a sharp increase in the outcome of Vivendi over 400 million euros in 2011, more than 600 million euros in 2012 and 2013, 350 million euros in 2014. This acquisition will bring us so 2 billion euros in extra profits in four years. Accordingly, we expect to grow our dividend in 2012.However, the dividend will increase more slowly than profit, as our distribution rate, currently 64%, is among the highest.

Are you going to buy out the minority of Canal + and Activision Blizzard?

For our subsidiary Activision Blizzard, world number 1 video games, trading in the United States gives visibility and shows the true value of the company fast cash. It also helps to develop the best talent pay systems that underpin the success of such businesses. Regarding Canal +, Lagardère our agreement with a scheme based on fairly simple: either we reach an agreement on the purchase price of the 20% stake in Canal + France, or it can make the market participation stock. The operation failed OTC, Lagardere launched and then stopped the IPO.We did not reopen negotiations with Lagardere.

Vivendi now appears as a group of telecom. Will you keep the contents?

I reject the relevance of the classification between telecom and media. For me, it is the organization of markets in the last century. Today, we live in a continuity in the value chain to the consumer digital content creation, platform services and applications, network infrastructure. Vivendi has a unique advantage is that it is present at all stages of this chain. Recently, the value focused on platforms such as Google, Facebook, iTunes. We, we, our own specialized platforms that fully meet consumers' expectations and World of Warcraft in-game video, Vevo in music, Canalsat in television.We continue to firmly establish and develop platforms to expand our services, not to be reduced to the role of "dumb pipes" as some would have us confine.

Do you create platforms that will be the future of Facebook or Twitter?

From experience, this is not in large groups to create social networks like Facebook, Twitter or their successors. Our presence in the platforms has a logic of knowledge and travel beyond the borders of our core businesses. Our mission is to cultivate more land to our jurisdiction, our businesses and our territories.

Do you intend to create more synergies between telecom and content?

The group did not need to be justified by synergies artificial. In contrast, we develop joint projects in our activities, piecemeal.For example, Universal Music and GVT created a digital music offering in Brazil, SFR sells offers Canal + in its 820 shops, Morocco Telecom and Canal + are working together on pay-TV platforms in Africa. I think when the synergies they can create additional services and therefore additional growth.

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