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Indecision on the Paris Bourse. After opening sharply higher the CAC 40 has erased most of its gains and slipped into the red. By mid-afternoon he sails around the equilibrium (-0.15% to 2816.50 points). The technical rebound was short-lived deal with a series of bad news from the euro area. . As the day they are still unable to overcome their fears about the outcome of the crisis.

The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

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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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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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?

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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"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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While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have attempted to reassure financial markets. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker.

Europe and the tent she set up a second country assistance plan, and in this context, the working group to find a solution to save the country from bankruptcy does no longer a " partial default "of Greece. A possibility ruled out by the Greek Finance Minister Evangelos Venizelos. "We want full coverage of our borrowing needs and the Greek financial system, which is part of the European financial system, he says.This coverage must be offered either by the ECB or by the Eurozone and the member states, other agencies such as the support fund. There is no alternative. "

European leaders have failed to completely reassure the financial markets. The slopes of measures that finance ministers of the euro area, launched on Monday night, increasing the size of the Emergency Fund Financial (440 billion euros) and longer-maturity loans have not convinced investors the opening of the Paris Bourse, the CAC 40 was down over 2% overnight pay day loans.

However, after announcing a special summit could take place Friday, financial markets have recovered somewhat. And the CAC 40 closed down 0.98% to 3770.21 points. "More than numbers, investors especially need a specific timetable," said Franklin Pichard, Director Barclays stock.The new Executive Director of the IMF, Christine Lagarde, has reminded European leaders the importance of early implementation of the measures promised.

The international community "can not save Spain"

The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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Investors are seeing all the colors in the Paris Bourse. The Cac 40 alternates from the beginning of the week with clockwork regularity sessions in bright red and dark green. His rise on Thursday and leaves room for a dull meeting this Friday. The Cac 40 was down 0.21% to 3870.65 points in mid-session.

Industrial production fell short of expectations

On the macroeconomic front, industrial production fell 0.3% in April due to lower energy production, according to statistics released Friday by the INSEE. The consensus of analysts forecast an average increase of 0.4%.

In the U.S., prices for imports and exports will be announced at 12:30. The fiscal deficit of the federal government should come out to $ 140 billion.The official figure will be presented to 18 hours.

Yesterday, the president of the European Central Bank, Jean-Claude Trichet, has confirmed that a veiled rate hike will go ahead in Europe in July.

In China, exports in May reached a record $ 157 billion, an increase of 19.4% monthly, but the strong recovery in imports (+28.4% to 144.11 billion dollars) in the same time ultimately does a moderate growth of the Chinese trade surplus.It came out at 13.05 billion dollars, up from its April level (11.4 billion dollars), but an amount well below analysts' expectations, which projected $ 18.6 billion .

For the first time in five weeks, listed in London Brent oil exceeds $ 120 a barrel supported by the U.S. trade deficit lower than expected and the lack of a decision by OPEC on production.

The small increase in banking sector

Vivendi: -0.11% to 18.92 euros

The media group Vivendi and Telecommunications announced Friday it had obtained clearance from the European Commission to buy the 44% stake in Vodafone phone operator SFR, that winking in years.

Altran: -0.2% to 5.2850 euros

The CEO of Altran Friday defended his record before the shareholders of technology consulting at a general meeting crucial to keeping him at the head of the group. Yves de Chaisemartin is engaged in a standoff with the largest shareholder of the company, Altrafin Holdings, claiming his departure. Remains whether the CEO's arguments convince shareholders.

Credit Agricole + 0.74% to 10.27 euros

Credit Agricole and the Chinese investment bank Citic Securities announced their merger in brokerage shares in a transaction that will become a shareholder of CITIC Cheuvreux and CLSA to 19.9%.

The Wall Street Journal reported this morning that Spain's Santander missed his bond last week, not being able to raise only half a billion euros that it intended to collect.Evidence of investors' doubts.

However, banking stocks continued their rebound yesterday. In mid-session advance BNP Paribas 0.97% to 52.86 euros, Societe Generale of 0.36% to 39.99 euros and Natixis 0.65% to 3.54 euros.

Peugeot: -1.43% to EUR 28

The Minister of Industry, Eric Besson said he was "reassured" by the boss of PSA Peugeot Citroen, Philippe Varin, following their meeting on the future of industrial sites Aulnay-sous-Bois ( Seine-Saint-Denis) and Sevelnord (North).

Suez Environment: -0.35% to 14.24 euros

The subsidiary of Suez Environnement, Lyonnaise des Eaux, delegate to the historic water management in Bordeaux, could lose its largest contract French, according to Les Echos.The urban community has decided to switch to a management board by 2018.

Arkema: -2.43% to 71.95 euros

The chemist accused one of the largest declines in the SBF 120 on Friday after Nomura cut its rating on the title to buy to neutral with a target price maintained at 90 euros.

STMicroelectronics: -1.24% to 7.16 euros

Credit Suisse has provided 356.8 million dollars (about 246 million euros) in cash to STMicroelectronics, ending the dispute that divides the two groups since August 2008 on investments in bonds ARS (auction rate securities), announced Thursday manufacturer of semiconductors.

Hermes: -3.67% to 184.90 euros

Hermes will follow. LVMH reiterated that they have no intention of launching a takeover bid for Hermes, and reacting to news reports in the sense that boosted under the saddle of luxury.Three family members Hermes and companies belonging to them were also conducted in late May and early June in an internal reclassification of shares through a series of disposals, acquisitions and exchanges of shares to 130 euros unit, according to statements recorded on the AMF website.

Bolloré: + 0.38% to 173.40 euros

Vincent Bollore, a shareholder of Aegis, said on Thursday approved the discussions by the British agency for media buying with French Ipsos for the sale of its market research.

Novagali: -1.54% to 3.56 euros

Novagali specialist ophthalmic products, has signed an exclusive agreement with the company Ardeo Health for distribution to its formula Nova23041 for the treatment of symptoms of dry eye, the United States and Canada.

"QUIZ Estimate the Cac 40 in late June

In late March, France had 687,900 autoentrepreneurs, according to statistics released yesterday by ACOSS, the umbrella organization Ursaaf nationally. Established in 2009, this scheme, which offers many benefits to tax and social entrepreneurs, creates less enthusiasm now: it came into full swing. Thus, in the first quarter of 2011, the number of accessions was 67,864. Even if, as recalled by ACOSS, this figure is provisional, the inflection is sharp compared to 2010 and its average of 80,000 accessions per quarter (excluding the first quarter, which saw a boom).

Radiation have also increased: 15,165 in first quarter 2011, against 10,000 a year earlier. "The flow of radiation 2010 is around 22.3% of the stock of late 2009," said the statement from ACOSS.

What are the radiation regime of autoentreprenor? For 93% to a cessation of activity. In 7% of cases, the contractor leaves the system while continuing its business under another statute (most often because it exceeded the thresholds of turnover regime autoentreprenor) payday advance online.

Among those who left for autoentrepreneuriat cessation of activity in 2010, two thirds had made no sales. This is one of the peculiarities of this scheme: it is very easy to join, even with a little project successful. Result, about 40% of autoentrepreneurs are really active and record revenues.

8300 euros turnover per year

The turnover generated by autoentrepreneurs reached 785 million euros in the first quarter of 2011.Either a priori – subject to confirmation by the final statistics – a trend similar to that of 2010 ($ 3.1 billion in sales reported throughout the year). In 2010, autoentrepreneurs assets have achieved an average turnover of Euro 8285. The commerce and construction bring together the largest cohorts autoentrepreneurs. But many also in IT, consulting, education, science and art.

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The well-honed timing of Apple, which saw the last three years the presentation of a new generation iPhone around June and its marketing in the following weeks, is about to shatter. By the end of April, Apple will launch its two U.S. carriers with partners, AT & T and Verizon, a new model of the current iPhone, says Bloomberg, based on testimony from three sources familiar with plans the company.

The model in question is well known. This is the iPhone 4 white, presented at the same time as the black model, which was originally scheduled to be launched in June 2010. Because of engineering difficulties, this release has been delayed for nearly a year. Apple was unable to obtain an opaque white and uniform, because of the heat on the back of the unit.In addition, pictures taken with flash turn out poor quality.

This information on the release of the iPhone 4 White arise while developing its next version remains shrouded in mystery. According to a note from an Avian Securities analyst, who spoke with component suppliers, mass production will begin in September. The iPhone 5 could integrate a larger screen, the same processor as the iPad A5 2 and an NFC contactless payment. It would be followed later this year or early 2012 with a declination of entry, an "iPhone mini" J. Avian Securities.

The iPhone catches up with Android

Meanwhile, now is a white model who will support sales of the iPhone 4.While most manufacturers have released since the beginning of a new more powerful models, Apple does not oppose them so that a simple variation of color on camera as it prepares to celebrate its first anniversary. This competition is very fierce, it also nibble market share. In one year, the share of Android in the smartphone in France jumped from 4 to 23%, according to data from comScore, the iPhone when it hovered around 30%.

Apple however, has not only on hardware to differentiate the iPhone from other phones, recalled last week's analyst Robert CIHRS, Caris & Company's. The software plays such a significant part. If the date of the iPhone 5 remains uncertain, the California company announced it would present early June at its annual developer conference, the latest IOS, the operating system on his phone.This could include a remote synchronization, wireless, telephone with computer and data storage on Apple's servers.

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