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In early May, to everyone's surprise, he had not been declared worthy of a palace by the jury. A great controversy at the time … Four months later, the George V, consistently ranked among the best in the world is finally named Palace …! On the recommendation of the jury, the Parisian hotel becomes the ninth luxury hotel to win the award, given by Frédéric Lefebvre, Secretary of State for Tourism, for a period of five years."At its meeting on 8 September and under the regulations governing use of the mark" palace ", the jury made a further review of the application of the Four Seasons Hotel George V Paris and decided to recommend to the hotel granting of the distinction palace, "said the jury in a statement issued by Trump France, responsible for the promotion of France.

"Since May, the board revisited the hotel and on the basis of new evidence, he said that George V was worthy of having the distinction," said Le Figaro academician Dominique Fernandez, his President. "We did not submit a new folder and nothing has changed in the hotel since last May," says the other hand a spokesman for George V.

The regulations governing use of the brand palace provides that a losing candidate to stand again (not three), without having to create a new folder.The jury, which decides on subjective criteria, is not required to explain his motives. Wednesday again, he was careful not to do so, despite the misunderstanding brought about by its decision to dismiss the first George V, before finally considering the palace, in a very short time. "This award palace, far from being an end, only reinforces the motivation of all employees to go deeper into the quest for perfection to continue to the Four Seasons Hotel George V reference in the Hotel World, "responded Christopher Norton yesterday, its chief executive.

A small score in the long term

A new session is scheduled for late November. Two hotels in Saint-Tropez, the Château de La Messardière and Byblos, are still candidates, and The Reserve at Ramatuelle. New applications are expected in January."The appointment of George V delights me, says Michel Jauslin, general manager of Park Hyatt Paris-Vendome. With us, the distinction has received a lot of the hotel, the echo went deep into China and Latin America. We have created interest because we are in an unexpected segment, the palace today. We saw this happen was a new customer, in addition to our loyal customers. Our occupancy rates are in the average Parisian palaces and the average price of our rooms – suites out – is 800 euros. "

Ultimately, how many hotels could become palaces? "We heard everything and anything. Given the excellence of this initial list of nine palaces, there should be a small twenty palaces in France in the short and medium term, providing Christian Mantei, director general of Trump France. Before the distinction is, too many luxury establishments said they were palaces.It ended happily. It is too early to measure the economic impact of the distinction on prices and attendance. "

For his arrival in France, Banana Republic offers a prime location: the Champs-Elysees. At the bottom of the avenue, sunny side, work has just begun. The Gap Group, owner of the sign, hoping his inauguration in early December naviral Admiral Paris, next to the shop and in front of the Adidas Abercrombie & Fitch.

"After the success of our new stores in London and Milan, we found the right time and the right location for us to launch in Paris," says Sonia Syngal, who oversees Gap's European operations. On two floors and 1,500 square meters, the brand of "affordable luxury" – as this group – will present its Ready-to-wear for men and women in chic and classic style, at prices close to those of Sandro and Maje , signs in French of the moment.In the mid-dresses (from 85 euros) and trench coats (from 189 euros), guests will find the same accessories and care products.

With a multilingual concierge and personal stylists, "This store has the ambition to become a major destination for Parisians and visitors from France and abroad," says Stephen Sunnucks, President of Gap International Group.

Born in 1978 in the United States, five years later bought by Gap, Banana Republic is still little known on this side of the Atlantic. Since October 2010, the French and the inhabitants of 24 European countries can also purchase the pants and shirts of the brand on the Internet. But the first European Banana Republic store was opened in early 2008 in London, in the shopping of Regent Street.Five other outlets have been opened since Britain, and other launches are planned this year and in 2012. Banana Republic has also planted a flag second in Italy last November. The store in Milan is a great success by group, who does not wish to provide figures. He expects the same home in Paris, but it is "too to think about other openings in France," said Sonia Syngal, which has not yet finalized the launch of marketing operations.

Seven new countries by the end of the year

Struggling in its home market for years, Gap, which also owns brands Old Navy, Piperlime and Athleta, setting internationally to find a second wind. Only 20% of $ 14.7 billion in sales in the group of clothing last year came from abroad.By the end of 2013, this share should be increased to 30%, counting both the activity of physical networks Gap and Banana Republic and that of its other subsidiaries on the Internet.

In late June, the group had shops in 34 countries and could be delivered in 114 countries. "We enter seven new countries by the end of the year, the highest number for a single semester ever," said Glenn Murphy, CEO of Gap, in the presentation of interim results .

Credit Agricole took over the Cac 40. The title wins more than 6% at the Paris Stock Exchange to 6.60 euros. Investors welcomed the results of the second quarter of the group, better than expected.

In July, Crédit Agricole said that the participation of the bank in terms of aid to Greece and the operations of its subsidiary Emporiki, the country would have an impact of up to 850 million euros on its performance in the second quarter. Finally, the load is lighter than expected: Greece does not cost "only" 640 million euros on quarterly Credit Agricole. A load that is distributed as follows: 202 million euros (146 million after tax) for impairment of securities of the Greek states and 494 million for the goodwill of the Emporiki Bank (2006).However, the debt problem gecque led the market value of Crédit Agricole in a dramatic decline: its stock has lost nearly 35% of its value since the beginning of the year.

These results confirm the long-term goals

As for results, the bank has indeed announced Thursday a net profit after minority interests fell by 10.6% to 339 milion euros in the second quarter versus the same period in 2010. But this is higher than expected by analysts who had forecast a quarterly profit of 193 million euros. BNP Paribas and Societe Generale were published at the beginning of the respective benefits of 2.12 billion euros and 747 million.

According to the CEO of Crédit Agricole Jean-Paul Chifflet, these results confirm a positive underlying trend at the operational level of the bank, in the 2014 strategic plan, presented last March. The group aims to achieve a return on equity of 10% to 12% by 2014. The bank would also surpass the 25 billion euros in net banking that date.

In the medium term, Crédit Agricole has no plans to increase the capital despite the market turmoil in July and August, denied the report, published Wednesday in the Letter of expansion of 1.5 billion euros, dedicated the recapitalization of its subsidiaries in Southern Europe. However, the group recognized that its goal of returning to profit for Emporiki Bank in 2012 would be compromised.

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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?

Solidarity … under certain conditions. Nicolas Sarkozy and Angela Merkel have called on the table a proposal to increase pressure on countries in the euro area would not make enough effort to balance their finances. Structural funds, the grant made by the European Union (EU) regions, would be suspended to encourage States to comply with the "golden rule" budget.

"Payments from the Structural and Cohesion Funds should be suspended in the countries of the euro area that do not comply with the recommendations of the excessive deficit procedure", suggests the president of the French Republic and the German Chancellor in a letter Communication to the European Council President Herman Van Rompuy.

All states of the European Union benefit from the funds created in the 1990s.The three main funds (European Regional Development Fund, European Social Fund and Cohesion Fund) are paid to countries that request it. Any region whose gross domestic product is less than 75% of the EU average receives these subsidies with the aim to help them develop.

Thus, 49 billion are paid each year as part of regional policy for 2007-2013 fast cash loans. In total, 347 billion euros, or 35.7% of the total budget of the European Union, which are allocated to regional aid policy.

20.4 billion for Greece, 21.5 billion for Portugal

To critics of these funds, the aid is ineffective: among the first beneficiaries are precisely the most indebted countries in the euro area.For 2007-2013, Portugal and must receive 21.5 billion euros from structural funds and cohesion, Greece 20.4 billion, Italy and Ireland 28.8 billion 901 million.

By transforming this aid as an instrument of pressure to encourage States to more fiscal discipline, the EU could further depress the areas most in need. But the idea is gaining ground as European leaders explore all the ways out of the euro zone debt crisis.

The idea is not new, and Germany is also one of the strongest promoters. The proposal in that the Franco-German duo at the end of the meeting Tuesday she will succeed in finding support among other member countries? The Dutch Prime Minister Mark Rutte has also expressed Tuesday in favor of these sanctions.

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"An appraisal contains an error of 2000 billion dollars speaks for itself." Lapidary, the only reaction to the loss of "AAA" rating from the U.S. Treasury, the equivalent of the Ministry of Finance, illustrates the strong tensions that occurred Friday between the Obama administration and the rating agency Standard and Poor's, crystallized around a miscalculation of 2000 billion.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency payday loans for bad credit.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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LE FIGARO. – In March, you have confirmed your strategic plan. You present today a major restructuring program. What happened a few months?

Antoine Frérot. – We must accelerate the transformation of Veolia to a new model. Circumstances require. Our strategy has not changed in three months: we want to regain profitable growth. To achieve this, we must be more selective by focusing on industries and geographies well chosen rather than spread ourselves too thin, and generate an ability to maneuver by selling assets less attractive and reducing costs. The first results are there, but insufficient, he must go further and faster. The world has changed since January. Problems related to the financial structure of local government and sovereign debt of countries of southern Europe have worsened.They depress the economy and weigh on the purchasing power. Among the consequences, the pressure on the prices of water contracts in France is increasing. Moreover, the tensions in North Africa have had an impact on our business.

How will formalize this acceleration of the reorganization?

We operate in 77 countries and carries 79% of Veolia's sales in eight of them. We decided to give some to focus on 40 countries. In many countries, we carry less than 30 million euros in turnover. We will leave less than 10% of our business. Veolia is a global, but it is not intended to be present in every country in the world. We will leave some countries of southern Europe and northern Africa, and dispose of marginal activities.The dispersion of administrative costs and control excessive.

The group did he not been arrogant in its expansion?

Between 2003 and 2007, strong global growth has been the opportunity to expand into new countries. Central Europe and Asia, we did not know it would work so well. Other activities are less well developed. Only those who do not take risks do not make mistakes.After this expansion phase, we are in a phase of digestion and concentration, although there are also some great opportunities for profitable growth in a difficult period, provided to be extremely rigorous in their selection.

What are your priorities?

We want to develop expertise on rare occasions when the demand and profitability are strong in areas where our critical mass allows us to increase our business without additional structure. These include, for example, combined heat Poland, waste treatment in England and wastewater treatment in Central Europe. By focusing on what we know how and know less than our competitors do, we will maintain strong profitability.I would add that we want to develop our own, without additional debt.

Do you think the executive committee now has the same vision of the company. This was not the case before?

In new era, new team. With the pressure on prices, our cost reductions are insufficient. We must go further, which is difficult without changing the organization. Management must be mobilized to achieve our goals: to remove a layer in the organization, change the map of our business units and restructure our seats. This acceleration of the implementation of our strategy is the next step. Veolia must be more than ever in battle.

What is the impact of your savings plan in France?

In France, where we make 39% of our business, we must strengthen our management. Our seats are too numerous and sometimes redundant, they must reduce.We will also review the organization of our teams in our division for water efficiency.

Could you get a capital of Dalkia?

It depends on the strategy of our partner. My feeling is that EDF is now the job of energy efficiency.

The transport activity is less profitable than others. Can you speed up your withdrawal from this sector?

We already share this activity with a partner, CDC, and the proposed initial public offering is to provide the means for its development without mobilizing financing of the group.

All these measures are not they also a way to settle the age Proglio?

No. They have one goal: preparing the future of Veolia.

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.

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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The employment contract is signed between Christine Lagarde and the International Monetary Fund. The new CEO of the institution will, in the words of the document published today, an annual salary of 467,940 dollars (323,257 euros). It will benefit in addition to 83,760 dollars per year (57,829 euros) for participation in expenses. In total, the director will receive 551,700 dollars (380,989 euros) a year, a net amount of taxes on income.

The remuneration of Christine Lagarde was up 1.1% compared with that of Dominique Strauss-Kahn as stated in the contract signed in 2007 when he took office. A parallel increase in inflation over the past four years. The price index for the Washington area, which serves as reference for the calculation of wages to the IMF, has in fact increased by 1.1% between May 2007 and May 2011.The remuneration of Christine Lagarde will be indexed to inflation, the IMF said, and adjusted each July 1.

In addition, like its predecessor, at the cost of business travel by Christine Lagarde will be paid by the IMF. With a change at the margin, however: even if not married Christine Lagarde, his companion will also be covered by these reimbursements. The IMF said the word "spouse" of the partner. Christine Lagarde, in fact, lives in concubinage with Xavier Giocanti since 2006.

The IMF has mostly benefited from the inauguration of Christine Lagarde to strengthen the code of conduct of the Director of the IMF, from the document signed by Dominique Strauss-Kahn in 2007. It is now clear that the new director should "avoid even the appearance of improper conduct," a phrase that was not before.It will also, as now all members of the IMF, training in ethics-the very word was not included in the document of 2007. Another addition, the French will see banned from participating in any political meeting, although it may remain a member of a party if it so wishes.

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