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Berlusconi response. In a statement on Monday evening, the Italian Prime Minister was angry: "Nobody has anything to fear from the third European economy and the extraordinary founding of the European Union" which is the Italy. He added: "We honor our debt regularly, we have a primary surplus [excluding debt interest] more virtuous than we and our partners will achieve a balanced budget in 2013."

However, the prime minister called Monday an emergency Cabinet, to provide for new budget cuts. A decision under pressure from its neighbors, France and Germany leading the way. President Sarkozy, supported by Chancellor Merkel, had clearly stated on Sunday: "No way to play the solidarity if those we help are not their own efforts." Lacking only the name of the target country.But everyone understood.

Markets have a cold sweat

"Friendly advice" or insisting express condition of rapid assistance of the European Union (EU) and International Monetary Fund (IMF) in Italy? This second hypothesis has been swept by European leaders, merely to establish a powerful tool for playing a deterrent and prevent contagion of the debt crisis. Nevertheless, doubt has spread on Monday with confirmation from several sources, the European experts 'study' the option of a rescue of the Italian Treasury. Enough to make a cold sweat to markets and European leaders, the Italian economy weighs 2.5 times more than those of Greece, Portugal and Ireland combined, the debt reached 1.9 trillion euros.

However, unless the markets do not hurry the business, there is still no question that Italy is in the near future to help stop the EU and the IMF. Officially, nothing in the pipe. Support Fund for the euro area (EFSF) does in fact not the instrument that experts in the euro area, but shall give it already to be finalized Wednesday between heads of state and government. In addition, Rome has taken any of the three steps which may be imposed for such assistance: assent of the ECB, a general agreement of 16 other shareholders of the Fund (including Germany of course) and a motion for good standing of the part of Rome.

Humiliation

For the Berlusconi government, it would be a humiliation.Leaks on Monday evening seem so at first as an additional political pressure exerted on Silvio Berlusconi, that he arrived late Wednesday in Brussels with a credible plan of action.

The Italian leader has three days to do what he debate with its allies for three months. Berlusconi promised to Brussels to accelerate the pension reform, but is faced with its ally the Northern League. For now, his Cabinet was to consider other measures such as the auctioning of items of public property: barracks, buildings, land, beaches … The product will be used for debt of the state. Other possible measures are more uncertain.Yet another tax amnesty would bring back the money but would be very controversial; liberalization of certain markets, privatization of municipal corporations, reducing the lifestyle of the state, reform of labor law divide unions and parties. The road is very narrow.

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"The euro is a rock against the crisis. "This declaration of Gylfi Arnbjornsson, President of Iceland's largest union, released in turmoil in the euro area, out of place. "While a small floating national currency increases the flexibility and affects employees," he insists. Bryndis, she does not believe more in the EU and the euro area. "It does not work. The crown, however, allowed us to emerge quickly from the crisis, "said the young woman, who works in a bookstore, very committed to the sovereignty of his country. These two strong views illustrate the gap between pro-and anti-Europe.

Iceland began on June 27 last formal negotiations to enter the European Union. At the end, Icelanders will vote in a referendum.The challenge for the small island in the far north that is just three years of severe recession, is to join the single currency.

The debate in Reykjavik is far from settled, including the center-left coalition government, like the Minister of Economy Social Democratic supporter of the euro and its counterpart of Finance defends the virtues of the crown.

"The devaluation of over 40% has boosted the competitiveness of our exports. The gain exceeds the final cost. Unemployment would have been much worse, "says Green Minister Steingrimur Sigfusson. With two key economic sectors: aluminum and fishing account for 80% of exports. In this land swept by the waters and winds so imposing nature, the farm lobby and fishing make their voices heard. They reject the decisions of Brussels and its quotas.Yet, in fact, Iceland is already integrated into the European Union.

The case "Icesave" three years ago that poisons relations with Great Britain and the Netherlands also maintained Euroscepticism. The State has spent 15% of GDP to save its national banks but refused to compensate the foreign customers of the bank Icesave, bankruptcy. An early decision of the European Court of Justice could force Reykjavik to set the slate of 8 billion euros. "The bank Landsbanki has the means to repay by selling its assets revalued since the crisis," said the minister.

Indebtedness

Three years to regain control of the IMF, the economy drastically, radical restructuring of the banks have put the country on track for growth, helped by a crown devalued on line pay day loans.In the field, if the maintenance of a welfare state and the strength of social ties, related to the geography of the place and its small population, have reduced the impact, the crisis is far from over. Reflecting Hildigunnur Sverrisdottir, 35, architect, married with three children. "We are living a nightmare, every month, our debts pile up, we have no visibility and perspective," she confesses.

This family alone synthesizes all the symptoms of the crisis Iceland: Hidlig lost his job after the explosion of the housing bubble, the couple bought a house at full price. They chose a loan in foreign currency – yen, Swiss franc and euro – more attractive as deemed stable and offering lower interest rates. This not to mention local specificity to index mortgages on inflation, which reached its highest, 18%.Result, many Icelanders have seen the value of their loans soar. "In my generation, everyone has lost an average of 10 million crowns," says Hubert Koziet, who suffered a pay cut and an increase of one third of its credit.

Unable to repay their credit, Hidlig and her husband were offered a government program, reserved for owners 13 .500, which is to cap credit 110% of the value of the dwelling and convert crown. "We do not know what to do, we are still negotiating with our bank, we do not rule out leaving the country. Many of our friends, architect, engineer, accountant … went to Denmark and the United States. "

Counter the brain drain and attract new investment, are the future challenges for sustainable growth in Iceland. Because the economy remains crippled by capital controls and political instability.Ironically, today is not money that is lacking in the small island – banks are full of capital that the Icelanders and businesses could exfiltrer abroad – but it suffers from a lack of confidence in the future and the political elites.

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Marrakech in March will be a new palace, the Palais Namaskar, the latest addition to the prestigious collection of luxury hotels OetkerD family, which already has four locations: the Bristol in Paris, the Château Saint-Martin in Vence, the Hotel du Cap Eden Roc at the tip of Cap d'Antibes, and finally, the Brenners Park Hotel in Baden-Baden in Germany. Located 15 minutes from the Jema el-Fna, the hotel offers 41 villas and suites, most with private pool. There will be two restaurants, a lounge bar, spa, and can accommodate up to 250 people for receptions.

For the first time, the family Oetker will only manage the facility. Its owner, businessman Philippe Soulier – who made his fortune in shipping in Nigeria – has invested 50 million euros and left a free hand to his designer Imaad Rahmouni. "I told him no limit lines, or budget," says he."The result is a look at oriental, contemporary, in an idyllic, says Alain Brière, vice president of sales and marketing. Prices will be from 1000 euros per night per villa. "

Within months of Marrakech, the Oetker family will settle in … Abu Dhabi, where Bristol is preparing to open a second location in its name, a first for the Parisian palace. Opening in 2014 for this hotel of 184 rooms belonging to Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Public Works of the UAE.

Inventor of baking powder

"Our ambition is to enrich our collection of ten hotels in ten years, announced Marrenbach Frank, president of Oetker Collection. We have a view of another hotel in France.Our priority destinations are Europe (London, Istanbul, Milan, Rome), the Middle East (Muskat) and New York, of course faxless cash advances. "" We had applied for the Hotel de la Marine, "said Didier Le Calvez, CEO of Bristol, which ensures that 2011 is a "very good year for the hotel, with an average price of 900 euros, and an occupancy rate of 77%."

The luxury hotel is a small business conglomerate Oetker, present also in banking and in sea freight, which it now derives nearly half of its sales. Oetker, which was founded in 1891 by inventing baking powder, owes its fame to its food brands (Dr. Oetker, Ancel …). The German group, whose turnover is approaching 10 billion euros, is present in both the beer, pizzas and puddings, all over the globe.To India, where he sells such sauces and mayonnaise.

In Europe, the king of frozen pizza. Ristorante with its range, it is the leader in Britain and Italy. In France, where he landed in the frozen five years ago, its competitors were making fun of his ambitions. By offering the first pizza to the size of the plate, he took in record time the first place.

Ancel with the brand, which has in France a stronger reputation, he became for several years with his sticks and pretzels.And he now intends to regain ground to Alsa, the radius for which preparations desserts Oetker brand has also recently been replaced on the packaging Ancel.

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To allay the suspicion that surrounds the future of the single currency, Europe is beginning to have a somewhat more precise remedy to administer. For proof, Paris, which was until now very reluctant to discuss any other plan than that of July 21, hesitate, now, to openly discuss an alternative scenario.

First, European banks will have to be prepared to give up a larger share than expected of their claims on Greece. They will erase "probably more than 21%" expected, it was said Thursday the Department of Economics in Paris. Where we quick to point out that "it is no secret." "We are working on this issue" with Europe, they added. In Brussels, the figure of a discount of up to 50% is quoted."What we do not want is a credit event because it's an adventure," insists on the Ministry of Finance, where it is estimated, however, a "selective default" of the Greece "can be managed."

Once this fault act, he will then create a "confidence shock" at European level. Bercy is estimated that the French banks "are solid and have no problem of liquidity or solvency." However, "France is not deaf to the demands of the market for bank recapitalization." In other words, if the confidence shock has to go through the recapitalization, the Hexagon did not persist to refute.

Prohibit dividends

In the scenario that is emerging, which should be clarified at the EU summit of 23 October-, financial institutions would seek money on their own, in the markets.And the United States would open the "Windows" public that those who wanted to could come and borrow money guaranteed unsecured personal loan. "I'm not sure that French banks rush in!" Says a government source, thereby capturing the mood of the French bankers. The German bankers have also expressed their displeasure with Thursday to leaving the project "thinking that European banks are aware of alleged weaknesses." European level is mainly intended "to institutions that have failed the stress tests published in early summer, to those who have succeeded narrowly and perhaps a few regional banks," said Paris.

Nevertheless, the imperative that all will meet the objective of equity of 9% hard no later than mid-2012 that the EBA is about to impose.A figure Bercy "appropriate."

Will finally ensure that institutions do not go further curb the financing of the economy to meet this requirement. "To ensure that banks continue to finance the economy well, we can do things. It has, for example, how to play on their dividends, "said the entourage of the Minister of Economy, Baroin. In fact, the supervisory authority has the right to ban certain payments (dividends and bonuses, for example) as the level of fixed capital that is not achieved."If banks were not distributed as dividends in the last three years and focused on strengthening their capital, there might not be as urgent today," said a finance specialist.

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It's a real bolt from the French audiovisual landscape. Wednesday morning the Competition Authority has just withdrawn the authorization in 2006 to Canal + to buy its rival TPS. Result, Canal + and its parent Vivendi will re-notify their proposed acquisition of TPS before the competition authority in a one-month periods. In addition, the authority sanctioning Canal + up to 30 million euros.

The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.

Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"

Gendarme Competition

All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The Competition Authority had imposed severe conditions, but Canal +, no one has apparently ignored it.

With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.

In a brief statement, the Canal + Group announced this morning that he took "note of the decision of the Competition Authority to date. He noted the highly unusual and disproportionate in relation to alleged breaches identified and appropriate action will commit. "

For the audiovisual group chaired by Bertrand Meheut, "it is naturally not possible to challenge a merger that's almost five years. The Competition Authority sees clearly in this decision means to force the group CHANNELS + to enter into new commitments, applicable beyond the end of those foreseen in the 2006 authorization, "said he.

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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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