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More than a month after the fiasco of the France team in South Africa, the French professional football is definitely getting worse. While professional football league (LFP) expected at worst to a deficit of 150 million euros, the National Monitoring Directorate Management (DNCG) has recently established its report on the finances of French professional clubs. And the finding is instructive: their accumulated loss stood at 180 million euros for the 2009-2010 season, including 140 million for the Ligue 1 clubs. Record. The precedent dating from the 2002-2003 season with a deficit of 167 million.

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 their part, had to sell Gourcuff Bordeaux to balance its accounts and finally Paris Saint Germain all the trouble to sell his "big bucks" to be able to buy a defender. The crisis affects everyone.Relatively speaking …

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The CAC 40 should remain cautious. Following a meeting that ended with some profit-taking, the leading index is expected to begin in Paris in the red a session that will be marked by the wait. Markets await in fact the first estimate of U.S. GDP in the second quarter to be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive. Thursday already on Wall Street, the markets had signed a febrile very bearish session.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

Moreover, this last week's meeting will again be marked by a series of major business publications.

Alcatel Lucent revenues of 3.813 billion euros in the second quarter, up 17.4% sequentially and down 2.4% from the second quarter of last year. The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux announced Friday a net profit in the first half of 65 million euros compared to 4.4 million euros over the same period in 2009. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge reported a sales increase of 2% to 4.43 billion euros in the second quarter. The group now provides a variation of the demand for cement between -1 and +3% in 2010 compared to 2009.Lafarge expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF has announced a net profit group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations easy payday loans. Moreover, the EPR Flamanville, who has two years late, should produce marketable electricity in 2014, with construction costs re-estimated at around five billion euros.

EADS announces first half net profit of 185 million euros and a turnover of 20.3 billion euros. Adjusted operating income is 406 million euros. Its subsidiary Airbus raised its target for gross orders in 2010 to more than 400 aircraft. For Eurocopter, the sales increase for 2010 should exceed 44 billion euros.The adjusted EBIT target is maintained at one billion euros despite negative currency effects that are cumulative outstanding in the first half.

Schneider Electric releases a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second. The group expects an increase in organic revenue in the second half "broadly comparable" to that of the first half and is now an EBITA margin of around 15.5% before restructuring costs and the impact of consolidation of distribution areva , against 14% previously.

Renault posted a turnover increase of 23.1% for first half of 2010 to the same perimeter, to 19.668 billion euros.The manufacturer profitable again, the latter standing at 823 million euros over the period cons net loss of 2.712 billion euros a year earlier.

PPR announced a net profit after minority interests rose 86.8% to 407 million euros in the first half. The turnover was 8.139 billion euros, representing organic growth of 1.7%.

Imerys has reported a net operating income rose sharply to 122 million euros (161%) in the first half with a turnover of organic growth of 16%.

Michelin and Total must follow.

Jean Arthuis, chairman of the Senate Finance Committee and chairman of the centrist Alliance, calls for a revision to bottom of the French tax.

LE FIGARO. – Nicolas Sarkozy said Monday he would keep both the tax shield and the ISF. Defend yourself always the opposite?

Jean ARTHUIS. – Yes. I think we should remove the two devices. The shield is a bad answer to a bad tax, the ISF. This shield has too many defects. It is calculated on income tax, not real income. Its beneficiaries are beyond any possible tax increase. This is clearly not fair.

Precisely, the government released the shield fiscal measures to finance the pensions …

Yes, but suddenly the complexity increases. Daring to break the taboos and radically simplify tax by removing the shield and the ISF.To finance this deletion, I propose to create an additional income tax (IR) to 45% and increase the scale of taxation on capital gains and real estate. I will table an amendment during consideration of the budget 2011, in the fall.

This option does not penalized Does not those with high salaries but little fortune?

No. The rate of 45% is a marginal rate, which would apply that beyond 100,000 euros per share. RI takes into account family responsibilities. And there is a 10% reduction on wages. In fact, it is mostly capital gains on shares or real estate, which enrich.

Should we raise taxes?

France can not escape the tax increases. Because the plan proposed by the Government alone will not reduce the public deficit to 3% of GDP in 2013. The growth assumption of 2.5% is unrealistic and inadequate conservation measures.It lacks about 50 billion euros. Besides reducing costs, I propose that VAT in particular the restoration and renovation for housing increased from 5.5% to a rate between 10% and 12%. To restore our competitiveness and combat unemployment, it would even raise without waiting the standard rate of VAT, currently 19.6%. Funding for Medicare and family policy must no longer weigh on earnings. VAT must take over.

At the risk of penalizing low-income households?

Is there any greater injustice than unemployment? By maintaining too high levies on production, is pushed to the relocation. All taxes are ultimately paid by the consumer. For a company that sees its tax increase raises its price. The additional VAT on imported goods will.

Should we cut more in the niches?

Yes.The tax shelters cost 75 billion euros. They are undermining the social compact, by making the tax illegible, unfair and inefficient. In addition, the pricing becomes artificial. Ultimately, we must consider deleting the niches, and especially stop creating new ones. Without the increase of the reduced rate of VAT, the government will have great difficulty in meeting its commitments, that is to say an economy 10 billion in two years. The overall ceiling should be lowered.

The government is strong enough on public spending?

During the hearings the Committee on Finance, I had the impression that some ministers were not always aware of the savings. However, it will be necessary to act with determination.Hack 66 billion in credit assistance amounts to touch on sensitive issues such as individual housing (PLA) or subsidies Réseau Ferré de France (RFF). I would add that it is not easy to force parastatal structures to decrease by 10% of their operating expenses. These organizations, ranging from museums to Météo-France, served as space flight for public expenditure.

Should we freeze the salaries of civil servants?

Despite job cuts, the state's payroll increased from 860 million in 2009. This increase is due to wage concessions and changes of the index. Strict moderation is essential.

As a senator from Mayenne, what do you think the value of blocking the funds that the State grants to local communities? This gel can be leveraged to conduct the review of local public policies.Do we really redo roundabouts standards expensive? Especially, the proliferation of standards must end. Premier promised. Despite this, the agricultural modernization law gives the government a right of limitation on the school lunch menu!

France will she one day a zero deficit?

It must. An overburdened state is in the hands of its creditors and threatens the solidarity between generations. This national independence is at stake.

The one that Sunday was a "very very big niche tax" that deserved a helping hand plane finally spared. Baroin, Budget Minister returned to his whims and confirmed on Wednesday in an interview to Le Parisien / Today in France that the government would not reverse the reduced VAT rates for restaurants given a year ago.

"This measure is maintained" said the mayor of Troyes. "If it must be questioned, the debate will take place during the next presidential election," he added.

10 billion savings

It must be said that the budget minister no longer had much choice. Tuesday morning, his minister, Christine Lagarde, had hammered on RMC and BFM-TV that the reduction in tax loopholes would not affect the VAT at 5.5% of restaurant owners.Baroin will have to find other niches planing to recover 10 billion euros economy expected by 2013. The minister on Wednesday gave few tracks a bit fuzzy.

Besides the movement of the plane 10% on tax loopholes previously announced, it confirms the non-replacement of 100,000 civil service posts (3 billion savings), reduced operating costs (2000000000), the reduction of lifestyle State … Baroin explains that this is the second round of general revision of public policies.The first, launched in late 2007 as it would have to generate 7 billion euros.

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China has emerged unscathed from the slump that has upset the global financial system. "Last year, Chinese banks have been the arm of an expansionary monetary policy", said Yang Zaiping, executive vice president of the Association of Banks of China, during an interview with China Central Television (CCTV) last February.

In 2009, Chinese banks have indeed given some 9.6 trillion yuan (1.150 billion euros) in loans. A staggering amount, to the extent of the recovery plan of 4,000 billion yuan (430 billion euros) set up by Beijing in late 2008. The grants funds have exploded from 30% in China in 2009 and projected to grow further by about 18% in 2010, according to the World Bank. In the first five months of the year, loans have jumped 7.6%, reports the institution in its latest report on China on Friday.And despite the many measures adopted by the central government in recent months to limit the risk of bubble and soaring property prices.

The regulatory tightening is not the business of foreign banks operating in China. These institutions expect that the legislation, already significant concern in recent years, a rigid further, the survey shows "Foreign Banks in China" * PricewaterhouseCoopers, published recently.

Since the opening of the Chinese banking market, 11 December 2006, following China's accession to the World Trade Organization (WTO) in 2001, foreign banks have rushed into the breach. "The market share of foreign institutions is still limited to 2% today, after a slight decline in 2009," said Herve Demoy associated financial sector specialist with PricewaterhouseCoopers in France.

A share market still weak

And half of banks surveyed by the consulting firm believes that this market share will not increase in 2010. Access to the Chinese market is an obstacle course for foreign banks. Three paths are possible. First track, making participation in a local bank. "The regulations limit the non-Chinese banks at 20% equity stake, which limits the chances of key positions within schools," notes David Bernard, associate director of retail banking outside France's Societe Generale Group .

By buying in 2004 a 19.9% interest in Bank of Communications, the fifth largest commercial bank in China, one year after acquiring 8% stake in Bank of Shanghai regional bank, the HSBC Group has quickly made the bet external growth in China.The formation of a joint venture with a Chinese partner is a second possibility for foreign banks, but it is restricted to a specialized field, such as asset management or private sale.

A third solution is to create a subsidiary to 100% Chinese cheap payday advance. "To open an agency and develop a network, you must obtain multiple licenses for geographic location or product offering," according to David Bernard, who estimated five years the time required for a foreign bank, once obtained the license for its network covers all of its products and services. Especially since the rules limit the pace of network expansion of foreign banks to open a new parent agency by city and year or so a year to two agencies in a city where the bank is already established .Despite these obstacles, Societe Generale has decided to develop its own network in the Chinese territory, following the failed acquisition of Guangdong Development Bank (GDB) against Citigroup in 2006.

Chinese banks gaining momentum

The regulatory environment is not the only challenge facing foreign banks in China. Competition with Chinese banks has increased, following the implementation of the huge recovery plan, says PricewaterhouseCoopers."With the importance of their networks and their growing expertise, particularly in the development of innovative products, Chinese banks are now better equipped to cope with foreign competition," said Herve Demoy.

However, some foreign banking players fear a backlash for their Chinese competitors, which have multiplied the granting of credits or risk having to cope with non-performing loans to term. On the other hand, Chinese banks are not exactly the same target customers as their foreign counterparts.

"International banks are working with foreign companies that have operations in China," according to David Bernard. But not only. A new type of clientele grows. "Chinese companies are parties to conquer the world and foreign banks are focusing on those slots," says the head of Societe Generale.They support projects and Chinese actors in Africa, where Chinese banks are not present.

If the conquest of Mecca is difficult Chinese, foreign banks remain optimistic. "Most of them expect an increase of 10% to 20% of their activities in 2010," says PricewaterhouseCoopers. Their ability to adapt to playing in China will be the key to their success.

* PricewaterhouseCoopers presented its fifth survey on foreign banks in China, which follows four previous studies published since 2005.This survey was based on interviews conducted in January and February 2010 with CEOs and senior Chinese branches of foreign banks from 42 in Beijing, Hong Kong, Shanghai and Shenzhen.

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The White House is ready to do battle with BP. Pace in London who tries to minimize the diplomatic chill cast by the ecological disaster in the Gulf of Mexico, Barack Obama is stepping up its action against the British group. The U.S. president, criticized for his handling of the spill, went again on the coast on Monday, where he promised to protect the inhabitants of regions affected by the spill, particularly the fishing industry.

In an interview with the Politico newspaper, Bush even mentions a "September 11th green." The environmental disaster in progress "will push us to rethink our energy and environmental policy," he said.The tragedy that is played off the coast shows that it is time "to transition" to new energy sources, "said Obama, whose administration is trying to push through Congress legislation to reduce emissions of greenhouse gas emissions.

Sequestration of payment of dividend BP

The president must give a formal speech to the nation Tuesday night, broadcast live from the Oval Office. Such a device intervention is rare. It reflects not only the seriousness of the situation but also the new turn of the screw that the U.S. government wants to give his handling of the disaster.

Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.Barack Obama said he hoped an agreement with BP on this fund will be concluded by Wednesday. "We have begun preliminary discussions to develop a device that claims to be justified not only presented tomorrow or next week, but over the coming months, to be treated justly, fairly and quickly," said Barack Obama. On Sunday, the adviser to the White House, David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well."

Discussions in BP

The oil group did not show opposition to the creation of such a fund. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty. But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.

This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. At the London Stock Exchange, the title of the oil finished down 9.30% to 355.45 pence. It is the largest decline in the FTSE, which terminates the session to share up 0.74%. In New York, BP shares are no better. They finished down 9.71% to 31.67 dollars on a market down by 0.2. After sessions particularly volatile oil of the title had already sold nearly 10% last week.Since the beginning of the accident, the market value of BP was reduced by almost 44%.

The links between Jean-Marie Messier at Vivendi Universal have gone through good years followed by years of settling scores. They all lead to the court. The group is a civil action against its former CEO and famous. And the court record is a dive in the early 2000s when the euphoria of the communications group was preceded by days of crisis just as intense.

Jean-Marie Messier, went on along with six other defendants should stand trial for dissemination of false or misleading information, market manipulation and abuse of corporate assets. The record comes on Wednesday before the Criminal Court of Paris was born after a complaint, eight years ago, the association of small shareholders assets. The former CEO of Vivendi Universal will mainly meet its financial communication.The inquest has cruelly deciphered the discussions behind the scenes with the song unscrewing the stock market. It is for example the defendants alleged to have, on the fiscal year 2000, largely under-estimated the debt of the media division.

The boss Featured

At that time, Jean-Marie Messier, who had relied heavily on telecommunications, including SFR, saw its short-term ambitions ruined by the financial crisis and the attacks of September 11, 2001. To fill gaps, the group's management had ordered the takeover market of over one billion euros of Vivendi in order to artificially raise the title. The maneuver, which took place in autumn 2001 had also attracted the curiosity of the Commission des Operations de Bourse (COB today MFA).The financial analysis reports thus form the backbone of a judicial inquiry which has also been able to stop on items less austere, starting with the part of alleged abuse of social good to Jean-Marie Messier.

"J2M" had, following his departure in July 2002, received a driver, health coverage for five years and, according to justice, a sum of 18.6 million euros … The skipper featured n 'had not actually received the money, having given up after an arbitration proceeding in New York. But the magistrate Jean-Marie d'Huy, who decided against the advice of the prosecutor to refer the accused before the court, has severely criticized the gap between the sinking of the accounts of Vivendi Universal and conditions of departure its CEO.It was "manifestly excessive benefits in relation to the situation at this time of Vivendi Universal," the judge wrote in his order of dismissal.

During the investigation, the gap between the financial health of Vivendi Universal and benefits granted to its CEO has also held various volumes of the file. In his complaint, which triggered the whole affair, counsel for small shareholders, Frederik-Karel Canoy me, questioned the use by "J2M" and his family from a New York apartment paid by the group . His curiosity was also flying in helicopters and private planes paid by VU.

Jean-Marie Messier was cleared on this point. But, amid internal squabbles with former anti-terrorism judge who was then the officer in charge of security of Vivendi, Jean-Rene Fourtou successor "J2M" at the head of the group, which has a time been concerned .An investigation had been opened on weekends in private jet before being discontinued, after repayment of disputed amounts. The episode is closed for justice. He could resurface during the trial in Paris if the tone rises again between Jean-Marie Messier and his former group.

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Essilor, the world leader in ophthalmic optics, has released this Friday's turnover of the first quarter of 2010. It reached 905.8 million euros, up 7.8% over the previous year.

The Group's organic growth rose 2.5% thanks largely to strong sales in emerging markets and a gradual recovery in activity in mature countries. The rest of the group's growth came from acquisitions or equity investments during the quarter, seven in total, including FGX International, a leading North American sales of pre-mounted goggles.

At the time of publication of its 2009 annual results in early March, the Director General Hubert stated Sagnieres wait "growth between 5% and 7% excluding currency effects" of sales in 2010, indicating that the number of cases of this first quarter is in line with forecasts.In contrast, the group does not other forecasts for the full year 2010.

Large mechanical precision that are the engines of airliners are not certified against the effects of volcanic ash. "It protects engines vis-?-vis things like the ingestion of rain, of course, hail, sand … volcanic ash are rare events and highly variable, "said Jean-Paul Herteman, CEO of Safran, the parent company of the engine manufacturer Snecma, during a conference call.

Why are they so sensitive to dust Icelandic volcano? Because a reactor is a kind of vacuum overkill. "The engines are machines to suck air volumes extraordinary (…) They are sensitive to a certain level of ingestion of ashes," continued Jean-Paul Herteman.

No "miracle technology"

And the ashes are a phenomenon so rare that manufacturers will focus their attention."This is a subject that is not standardized at this stage by the certification regulations and civil aviation", according to the head. "The current priorities are in terms of fuel consumption, emission of greenhouse gas emissions and noise. (…) If certification is evolving and the demand of course we look at what should be done. "But do not expect" miracles of technology, "he pleaded. Especially since the composition of the ash may vary, it says at Safran.

The British engine manufacturer's Roll Royce has to share content with a press statement that the group is working with the rest of the sector to ensure that the impact of volcanic ash on our engines would be properly understood. "

Two Finnish fighter F-18, last Thursday, and an F-16 NATO on Monday, were damaged engine after flying in the cloud of ash."The engines of fighter aircraft are most vulnerable from this point of view than those of airliners," says one in the French engine. Airbus conducted flight tests on Monday between France and Germany with long-haul A380 and A340. "The crew did not notice anything unusual and technical inspection showed no irregularity in the future", said the aircraft manufacturer.

The pilots union European ECA (European Cockpit Association) has called on Monday not to sacrifice security in favor of economic considerations. The ECA, representing 38,200 pilots and crews in 36 countries, said that some of its members were confronted with the effects "extremely abrasive and clogging" of volcanic particles.

The air nozzles and blade cooling systems measure only a hundred microns.They can easily be blocked by volcanic particles are vitrified, told AFP Michel Gliniasty Scientific Director General at ONERA (French Aerospace Research Center). 'The old engines are more durable.'