Daily International Headlines

Fifty-two euros to pay for a Paris-Bordeaux, 10.30 euros for connecting Lyon to Chambery, 87 km. At the time of taking the road to return from holiday, motorists have difficulty digesting the prices of French motorways. They do not understand either why the toll rates rose by an average of 2.24% in February last, while inflation rose only 1.5% in 2010.

These prices are even more crowded than the major networks (ASF, Escota, Cofiroute, APRR, Area, Sanef, AWS …) belonging to the majors in construction (Vinci, Eiffage, Abertis), making profits accumulated very comfortable : 1.5 billion euros, for a total turnover of 9 billion last year.Jean Mesqui, the managing director of ASFA (Association of French Motorway Companies), categorically denies any suspicion of wealth on the backs of motorists, "These results are used primarily to repay the debt incurred by the operators 2005 to redeem these networks to the state 15.4 billion, "says he.

No doubt. But the disparities in prices recorded on motorways for journeys have a way similar to annoy motorists. According to the latest issue of 60 million consumers, a trip from Paris to Nantes so expensive (more than 33 euros) a Paris-Toulouse, 300 km with less. Again, Jean Mesqui disclaims any liability for motorway concession. "These disparities existed in the privatization in 2005, he argues. The state says he does everything for convergence rates.But it will take twenty years. "

Another black tariffs on recent highway. On the A65, which links Bordeaux to Pau, which opened in December 2010, the kilometer is equivalent to 11 cents, against 7 cents on the A1 between Paris and Lille payday loans. Inflation this time due to … Europe. Since 1998, Brussels forbids dealers to finance new highways by their former networks already amortized. So they compensate by setting toll rates higher.

There is still a sore subject: the "expansion", a practice that is to massively increase tolls on the busiest sections and moderate increases on routes less traveled. Starting this year, the administration banned dealers to engage in that game"But she did not return what had been established earlier, said Daniel Discalced, Chairman of the Committee infrastructure and mobility of the association of 40 million motorists. Suddenly, a Paris-Le Mans motorway is much more expensive if we make the journey directly if you come out several times to enter the highway a few miles away. "

The toll is sometimes used to 'green' network

Moreover, the commitments of the "green package" to make more environmentally friendly highways, leaving a more skeptical. For a one-year extension of their concessions, companies that belong to Vinci (ASF, Cofiroute, Escota) and those of Abertis (Sanef, AWS) have agreed to invest one billion to green their networks.But on closer inspection, two thirds of the work initiated in this context concern the implementation of electronic toll.

Barriers that prevent good to stop reducing pollution, but they also allow operators to cut jobs to tolls and sell badges needed to benefit from these facilities. This example confirms that the motorway companies are there to make money. But is it really a surprise and a bad thing for private groups?

Asian stock markets found the way to the rise on Monday. After the extreme volatility of the previous week, investors will decide to follow the bouncing of European and American markets. The Nikkei index of Tokyo Stock Exchange has thus concluded the day on a rebound, from 1.37% to 9086.41 points. The broader Topix index has returned 1.16% share to close at 777.12 points.

The Tokyo Stock Exchange was shaped in the early morning hours. The course of the Japanese currency gave him a break by staying roughly stable against the dollar, the ticket to turning throughout the session around 76.90 yen. The principals in Tokyo were also pleasantly surprised just before the opening of evolution by the numbers of gross domestic product (GDP) of Japan in the second quarter, which showed signs bode well despite the severity of the shock collected after the earthquake of March 11.

The archipelago has suffered from April to June the third consecutive quarter of decline, gross domestic product (GDP) declined by 0 instant payday loan.3% over the previous three months. This decline of 1.3% annualized, but well below that expected by economists, and most of them hope an upturn in the summer.

Moreover, time was also optimistic. The Stock Exchange of Hong Kong and Shanghai respectively gained 2.98% and 1.21%. Exchange Syndey advanced 2.64%.Seoul and Bombay were closed due to holiday.

Oil up

Oil prices were also up Monday morning in electronic trading in Asia in the wake of the Asian stock markets, but the gains are likely to remain limited because of persistent concerns about the state of the global economy, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in September gained 22 cents to 85.60 dollars. That of Brent North Sea crude for September delivery took 27 cents to 108.30 dollars.

The timing could not be worse for Levi's. The king of denim, which had just launched its new global campaign "Levi's Legacy" earlier this week, was forced to turn back to the UK market. The spot, shot in Berlin before the events in London, reveals, in fact, scenes of young people in clashes with security forces. Demonstrations, riots, smoke: the images are too echoed the news, depending on the brand:

Called "Go Forth" (On the Move in French), signed by the advertising agency Wieden + Kennedy American, calls young people to take their destiny. The message is reinforced by the recitation of a poem by Charles Bukowski, The Laughing Heart, to the very explicit (your life is your life / do not be discouraged by a tender moist / Be on the lookout)."Because of what's happening in the UK, we have temporarily postponed the release in cinemas and on Facebook in the country," said a spokesperson for the brand with the Daily Mail. He added that "Go Forth to embody the energy and events of our time. She does not speak of a political movement or a specific theme, but rather evokes optimism, positivism and the entrepreneurial spirit. "

The spot has also been removed from the official Facebook page for the brand. "We have all witnessed the recent events that took place in London and other cities in England. It is difficult to see a glimmer of hope amid the violence. But looking good, you will see it paperless payday loans. Not one of the riots and chaos. But through its citizens who take the broom to clean up their cities. It is through their pioneering spirit that make change possible, "says Levi's on Facebook.

Stunt involuntary RIM

Although the jeans manufacturer is trying to detach events, riots in London have a real spotlight on its new advertising campaign. A promotion that seems to also affect involuntary RIM, the maker of BlackBerry. His courier BBM, which equips its phones, known for providing a guarantee of confidentiality of trade, is on everyone's lips. Indeed, it would play an important role in organizing the riots. The British press also devotes a large part in deciphering the events.

But this stunt could serve the image of RIM on the UK market.Already some voices calling for the closure of the service in England, prompting the direction of the Canadian manufacturer to announce, without further detail, cooperation "with local telecom operators, the police and government" of the country if so requested.

This collaboration could involve the closure of the service. The risk is important for the Canadian manufacturer that could alienate her young local clientele. According to a study released last week Ofcom, the BlackBerry is currently the favorite of the English smartphones of 16-24 years (37%) to the iPhone (25%).

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After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

Washing machines, refrigerators, ovens … all the brand Thomson. This is not a museum of the appliance, but a comeback. After production ceased in 2005 Thomson devices, FagorBrandt, the owner, decided to restart it, only on the Net.

An original in more ways than one. This is the first time a group of electrical devices sold directly to the public. Other brands are marketed on the Internet, but always through distributors, specialists or not selling online. Manufacturers usually just sell parts on their website.Not Thomson.

"Given the strong growth in sales of appliances on the Internet, representing about 15% of 800 million euros of turnover generated by large appliances, we decided to use the mark Thomson to sell products through our own site, www.thomson-electromenager.fr, "said Pierre Bondoux, head of e-commerce FagorBrandt.

In one year, online sales of home appliances rose 36% in France. In addition, choosing to launch a brand 100% Internet, the group does not compete with traditional distribution directly, which markets the group's other brands (Fagor, Brandt, Sauter, entry …). Unlike Thomson, owned by the Spanish cooperative since the 1990s, when the activities of Thomson appliances were separated from the pole and arms-mail was not delivered for nearly six years.Finally, by boosting Thomson, FagorBrandt enjoys the sympathy of the brand equity with consumers guaranteed approval cash advance loans.

French manufacturing

Now, 80% of one hundred and twenty references now marketed under the brand Thomson is produced in one of four French factories of the group. "We have participated in the development of the label" Guaranteed Origin France "and will begin to communicate on this topic on our products," said Pierre Bondoux. An additional asset for Thomson, who decided not to price its main selling point. "Manufacturers are investing more and more to innovate. But on the Internet, only the price argument is put forward, "says Pierre Bondoux.

Over the months, Thomson should put online datasheets of increasingly sophisticated, real sales pitches. There is also a service technician "home", true brand specialists."And we deliver at home, made by two persons to the floor in the installation room, with resumption of old equipment and packaging," said Pierre Bondoux. By September, the facility will also be an option. A real difference to benefit from certain sites, which sometimes simply drop the parcels on the sidewalk.

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The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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Concerned about the lack of progress in negotiations on the ceiling of U.S. debt, equity markets began the session in the red. After completing the session Friday without any real conviction, the Dow Jones lost 0.51% to 12,616.64 points, the Standard & Poor's 500 index 0.84% ​​to 1333.72 points and the Nasdaq 0.94% in 2832 , 06 points on Monday at the opening.

If the euro reached an agreement, the United States they still fail to agree on the ceiling of the debt. Crucial negotiations remain stalled between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives.If politicians on both sides do not agree by August 2, the maximum allowed rise of U.S. debts, the government of the world's largest economy may be in default.

In Europe, since the announcement of a new device to try to save Greece and avoid contagion of debt to other countries considered fragile in the euro area, the rating agencies make known their position on the plan, the highly anticipated reactions, since some aspects of the agreement threatens to put Greece under default. According to Fitch, as of Friday, decided that Greece was in partial default, Moody's downgraded three notches this morning note the country of Caa1 to Ca, one notch from the default.

New pressures on gold

Sign of renewed concern about the market, gold, traditional safe haven climbs to new highs.The ounce has risen to over 1620 dollars, while the stalled discussions on the United States raising the ceiling of U.S. debt exacerbated the nervousness of the markets. The price of an ounce of gold rose to 1624.07 dollars on the spot market in early Asian trade, a new record.

On the foreign exchange market, the dollar is penalized. The euro is rising against the greenback to 1.4375 dollars in late morning. Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

First estimate of GDP for the second quarter Friday

On the macroeconomic front there is no any major indicator on the agenda of U.S. investors on Monday.Things should accelerate in the coming days with the highlight of Friday, the publication of a first estimate of growth in the United States for the second quarter, the analysts of the firm IHS Global Insight provides "very disappointing" .

Other statistics will punctuate the week.Tomorrow investors monitor the index of consumer confidence and new home sales and durable goods orders Wednesday and the economic report of the Central Bank (Beige Book) and Thursday the promise of home sales and last Friday of industrial activity in the Chicago area.

Another wave of corporate results to follow

The side of values, the U.S. conglomerate United Technologies is planning a partial sale or other "strategic options" for a subsidiary specializing in rocket engines, Rocketdyne, according to the pattern of this activity, Jim Maser, interviewed by the Wall Street Journal .

Citigrop announced the sale of Egg Banking subsidiary, specializes in mortgages and savings, UK Yorkshire Building Society, announced last Monday.

Dow Chemical has announced its formation of a joint venture named "Sadar Chemical Company" with Saudi Aramco.

For its part, Netflix is ​​in talks with DreamWorks Animation to obtain exclusive rights to its catalog of streaming movies, according to Bloomberg.

Research In Motion plunges him 1.7% after a detailed cost optimization program, which includes 2,000 job cuts.

In addition, financial publications are still very many this week. Kimberly-Clark fell back 0.4% in early trade.The manufacturer of tissue paper, has already announced that its earnings per share for the year could end up in the bottom of the expected range.

Baker Hughes said it more than tripled its earnings in the second quarter due to increased drilling activity in the United States, which has also benefited its two major competitors in the oil services sector, Schlumberger and Halliburton.

Among the values ​​of Dow Jones, the retailer Wal-Mart, the aerospace group Boeing, the consumer group 3M, DuPont chemist, or the oil ExxonMobil and Chevron.

So far, the vast majority of large U.S. companies posted higher profits than expected in the second quarter, particularly in the technology sector.

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If tourists have their holidays ruined by this July "rotten", the farmers themselves are partly reassured by the rain. The drought, which promised to be catastrophic end of May, appears to be narrowly avoided. For the first time in several months, the rains approached normal in June, easing the dry surface soil. However, only the northern regions have truly benefited. The first half of July and greatly reduces the effects of drought on the eastern countries, such as Rhône-Alpes and Burgundy, where the normal monthly rainfall has been exceeded. The West remains in a difficult situation.

Ranchers are in trouble

These rains helped to clarify some of the grain prospects.The agency has adjusted FranceAgriMer last week its forecast of wheat production, providing 32 million tons instead of 31. What remains below the 2010 harvest, already one of the less good the last two years.

If rain has arranged grains, however, it comes too late for some farmers. Given the difficulties to feed their animals for lack of grass in the meadows, it has been prematurely cut down some of their livestock. For others, it was necessary to buy straw to grain. Contracts were signed with them, which helped to avoid speculation and keep the price around 25 euros per tonne.FNSEA has signed agreements with the SNCF for transporting the straw with the cost and highways to avoid tolls for trucks.

Despite these measures, the additional cost of purchasing straw will reach 10,000 to 50,000 euros per farm, according to the FNSEA. Some farmers will use a short-term loan from the Credit Agricole, at preferential rates (1.5 to 2%). This will allow them to wait until payment of the advance on the compensation of losses due to drought.

This advance, initially planned 100 million euros, has already been revised to 200 million and will be available by the National Fund for risk management in agriculture in mid-September. Nicolas Sarkozy also pledged to offset one year's repayments of loans to farmers in 2009.Christophe Chambon (Young Farmers) estimates that the measure "will give an impetus to helping farmers," but wants more: a deferred annuity of total loans.

"There are two ways to bring artists in a festival. It depends if you have money or if we have not. " Here's how CEO François Floret and coprogrammateur Festival Route du Rock in Saint-Malo (from 12 to 14 August 2011), summarizes the difficulties faced by the organizers of summer music festivals at the time to place their programming. Because the area is changing for ten years.

Faced with the collapse of record sales, artists tend to want to catch up on their live performances. In recent years, the stamp of a headline average doubled from 100,000 to about 200,000 euros concert . Two years ago, the claims of artists such as rock bands Radiohead and the Arcade Fire could reach 500,000 euros a night delivery. A luxury that the Route du Rock, after more than 20 years of existence can not afford.Especially since the philosophy of the festival "has always been focused on the discovery of new talent," says its director.

A total of 340,000 euros per year are devoted to the artistic, or just over 19% of the annual budget of the event. Festival Rock en Seine in Paris (from 26 to 28 August 2011), this percentage reached 33% on a budget of 6 million, for a festival attendance of 105,000 in 2010.

Few artists have their own agents

To perform their scenes, organizers go through the special agents of the artists. But in most cases, they must go to production companies (the "turners") who sell the show, usually including travel, by winning 15% of the sale. Remains the responsibility of organizing the cost of hotel and catering.The financial balance of a music festival, big or small, is always delicate balance between inflation of stamps and need for headliners known to attract an audience often more sensitive, especially in times of crisis, to "safe bets".

Especially as competition from large foreign festivals like that of Open'er in Gdynia (Poland), heavily sponsored and line art more variable, contributes to the inflation of the claims of artists and the business side of an event. This year's Route du Rock will receive about 17,000 spectators to reach its equilibrium point. To get to lower costs artistic, the organizers can sometimes rely on the recognition of certain groups. This was the case last year, where the rock band The National has made a financial investment for their third participation in the Route du Rock, who has made known in France in 2005.But these returns elevators are rare, "artists tend to quickly forget their ideals of youth" deplores François Floret.

Artistic expenses under pressure

More confidence in the festival of the summer Vaour (Midi-Pyrenees), the artistic budget does not exceed 28%, 5% for the music (about 10,000 euros). Again, the trend in the price of contracts bought production companies are on the rise. No need to be an international star in setting its prices. "We can see, especially for groups that have no problems selling dates, says Sylvie De Sousa, in charge of music programming of the festival that drew in 2010, 18,000 people in nine days. Those who have more difficulty selling their shows make an effort. " The average cost to the organizers groups received between 800 and 1300 euros per service.And the festival should be more attention to his artistic expenses, some concerts are free.

Finally, the last festival that highlights specific financial issues, the uniqueness of the service provided. Artists to bring only one date is in fact a greater financial effort, where the organization of a tour allows you to spread fixed costs over several dates. A show to 1500 euros per day on tour will be up an average of 4000 euros for a single date.

Theater festivals are much more subsidized

In terms of theater festivals, the financial efforts of the programming is even greater. "Music festivals generate more ticket revenue for those plays, because they mobilize a public far more numerous. Which is also the case for ancillary revenues (bar, derivatives).In the end, the part flow from music festivals, especially the general public is much stronger, "said Jonathan Fox, the head of the theater program of the festival Vaour. In addition, the confidential nature of the discipline is also in this sense, although of lesser importance.

On the other hand, the troops come for several performances, which smooths the cost over several days. Ultimately benefits of a theater festival like the summer of Vaour range from 500 to 3000 euros, "the notoriety aspect of the company also playing its role," says Jonathan Fox. By comparison, a one-man show in Paris like the comedian François Rollin costs between 5,000 and 10,000 euros. These characteristics explain why the sector is generally far more subsidized. For example, 22% of the budget of the festival of the summer of Vaour comes from public subsidies.

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Christophe de Margerie confirmed and signed. In mid-April, the boss of Total has caused an uproar by saying that the super two euros per liter was something inevitable.This time the statements are more subtle but no less firm: on the margins of economic meetings in Aix-en-Provence, the head of the French company said that "the price (of oil) rather than being on the rise, so do not expect long-term prices (fuel) down. "

The issue is very clear to Christophe de Margerie, "If it does not reflect the increase in oil prices, the box runs." Under these conditions, while going on holiday will intensify in the coming days, the price the pump are about to take four to five cents extra.

The decision of the International Atomic Energy Agency (IEA) on 23 June, to tap into strategic reserves to lower prices will have had a very limited impact."The effect was instantaneous – crude has fallen from 115 to 107 dollars, almost four cents less at the pump – but the fundamentals of the market quickly regained the upper hand," said Jean-Louis Schilansky, President of the French Union of Petroleum Industries (Ufip).

$ 200 a barrel

In this case, is the increase in demand on prices. While the IEA has estimated that the outbreak in the spring classes began to slow global consumption, but the 90 million barrels per day (bpd) is no longer so distant pay day loan lenders. Moreover, if growth continues, the cap could be gone by the end of the year, according to the scenarios of the Agency.

Meanwhile, it is unclear how far prices will rise at the pump. At the end of last week, the Brent crude in London closed above $ 118."The courses tend gradually to 120 dollars," said Jean-Louis Schilansky which states that within a few days fuel prices should find their levels of early June. An average of 1.50 euro for unleaded 95 and 1.33 euro for a liter of diesel. As for the bar that fateful two euros per liter, it corresponds to the experts at a price of 200 dollars a barrel. "We still have some respite," said Jean-Louis Schilansky.

In this issue so sensitive fuel prices – especially in summer – the government continues to be very careful. A few days ago, they had encouraged retailers to pass quickly down the barrel instantly.This time, they should encourage stakeholders – oil and supermarkets – to smooth the rise in crude.

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