Daily International Headlines

Nicolas Hulot, who had to declare candidacy for president on Wednesday morning that the economy is disconnected from reality. "I try to ask again and again the question of an economic model compatible with the physical reality of the world," he declared last December. The standard is not abundance but scarcity ", contrary to prevailing economic theories.

Created 20 years ago, Hulot Foundation for Nature and Man published in recent years of economic policy recommendations. The rhetoric to concrete action, these works are now a genuine box idea for an environmentalist candidate.

The instigators. Nicolas Hulot likes to say he knows nothing about economics. This is less true.He has surrounded himself in recent years of senior economists, like Patrick Criqui, an expert in the fight against climate change, or the founders of the consulting firm Carbone 4, Jean-Marc Jancovici and Alain Grandjean, advocates of "development sustainable. " Last December, he sent to Paris for a conference Tim Jackson, a British economist reference advocating a reduction in consumption.

"Desecrate GDP". "An infinite growth in a finite world is hopeless: there must be a fool or an economist to believe it," said Nicolas Hulot last December at a conference, paraphrasing the economist Kenneth Boulding. We must therefore evaluate the progress that otherwise simply by gross domestic product (GDP), which measures the creation of wealth by a country. Hulot Foundation for enthusiastic and alternative economic indicators, such as carbon footprint, or welfare no fax pay day loan.And welcomes the passage Stiglitz report commissioned by Nicolas Sarkozy on the measurement of social progress.

A large loan to finance "green economy". Education, training and research, "clean technology" energy saving … Hulot Foundation has calculated that France needs to invest 600 billion euros by 2020 in sustainable development. To avoid digging all the public debt, the state must borrow from the European Central Bank "to zero or very low." Economists of the NGO out the measurement in a technical appendix of 20 pages. Nearly 100 billion euros should be invested for example in the construction of 500,000 new homes, advocates the foundation.

Radical reform of taxation. Staunch defender of the carbon tax, Nicolas Hulot has apparently failed to disarm it.Its foundation therefore recommends to "pay more in energy consumption and reduce taxes on labor." Through the establishment of a climate energy "tax on energy consumption enterprises, governments and households," says the foundation in a document dated June 2009. This tax would be offset by a universal allowance climate for smaller households and less polluting.

Clamp finance. Hulot Foundation believes that "limiting the ability of banks to finance operations without social interest" in limiting the borrowing capacity of investors who speculate. It proposes to limit operations to leverage and lead the hunt for tax havens.

ALSO READ:

"2012: Day by Nicolas Hulot

"Nicolas Hulot is there a" peopolitique?

Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

ALSO READ:

"French shareholders increasingly rebellious

"The MFA considers the failure of insiders

"Exchange: Paris suffered from the EADS deal

It was the event of the week on European markets: the Portuguese fundraising went well on Wednesday morning. It sets the tone by including a similar operation on the part of Spain scheduled for Thursday and while the Lisbon European countries push to call for international assistance.

In financial difficulty, Portugal has managed to issue 1.249 billion for long-term obligations in the morning. Certainly, granting a high interest rate of 6.716% on the longest maturity, but lower than 6.806% practiced during the last operation last November. At this price, investors flocked: demand accounted for 2.6 times the offer for the Portuguese securities maturing in 2014, and 3.2 times for those maturing in 2020.

The success of the Portuguese operation was predictable, according to observers.They noted a tightening of credit spreads in the early morning, a sign of appeasement. The European Central Bank intervened massively in the markets earlier this week to lower interest rates in peripheral countries (Ireland, Greece, Portugal) that flew. She would have bought it for about 1 billion euros of bonds, according to Societe Generale. Japan's promise to buy 20% of bonds issued by the European Financial Stability (FESF) also reassured.

Doubts over the medium term

The press leaks from Brussels and European capitals helped calm investors. Among them, Barclays Capital analysts report that "according to the Financial Times Deutschland, the European Commission is ready to provide 100 billion euros in credit guarantees in Portugal if necessary, assistance may be released soon" .Other newspapers mention a stronger FESF, demanded for weeks by investors.

The success of the Portuguese of the day "will not erase all doubts about the fiscal situation in the medium term, however, warns Gavan Nolan of Markit. Somewhat optimistic, the National Bank of Portugal said Tuesday it expected a 1.3% decrease in activity in 2011, notably because of the austerity plan. The real test for Portugal should occur in the spring, according to Deutsche Bank. The country will then find 4.5 billion euros in March and April 6.3 billion to finance its debt.

ALSO READ:

The CAC 40 reassured by the issuance of Portugal

"Europe must leave the state of emergency"

"Spain: Zapatero targets markets

"SPECIAL – Europe: States facing bankruptcy

U.S. stock markets open on Monday without much enthusiasm. The Dow Jones timidly advance of 0.15% at 11,509 points. Friday the New York Stock Exchange has experienced a new session without major trend. The Nasdaq gained 0.31% to 2652 points and the S & P 500 has gleaned 0.30% to 1248 points.

Wall Street just surfing to new heights for more than two years, seems to catch his breath. Since September 1, the S & P 500 has in fact increased by almost 15%. "Like many indices have risen, buyers are not lining up. The sellers are so few, large managements have already made their arbitration … "says a professional.

Immobility further strengthened by the approach of several key deadlines. Indeed, if today's meeting promises to be even quiet with no major indicators in the U.S., the next day should be much more animated.Indeed, the major economic releases this week will focus on the day on Wednesday and one Thursday. Investors monitor including sales of existing homes (Wednesday) and new (Thursday). But the main highlight of the week at the macroeconomic level is expected on Thursday with the number of durable goods orders for November.

On the foreign exchange market, the euro accentuated its losses against the dollar on Monday, still weakened by concerns about public finances in the euro area after the cut Friday by Moody's rating of Ireland. About 11:00 am in Paris, the euro bought 1.3154 dollars against 1.3185 dollars on Friday night.

Meanwhile, the National Retail Federation raised its sales expectations for the month of December. It now expects 3.3% yoy against 2.3% previously. For his part, ShopperTrack revised its forecast of 4% against 3.2%.And retailers like Wal-Mart, Toys "R" Us, Macy's has replaced aggressive promotions for this weekend to boost sales with Christmas.

The side of values, the U.S. investment bank JP Morgan (0.62% to 39.92 dollars) on Monday announced the "significant investments in real estate in London" and including the acquisition of a building at 25 Bank Street in the business district of Canary Wharf, which will become its new European headquarters in 2012.

Google Internet group (+0.26% to 592.36 dollars) has asked manufacturers to delay the TV marketing of their models connected to the internet in order to improve the operating software of these televisions, said the New York Times.

Chevron (0.82% to 89.22 dollars) confirmed Monday that one of its pipelines had been damaged in southern Nigeria a lost generation, after the announcement Saturday by an armed group of bomb attack three pumping stations.

Always on the side of s values, according to the Wall Street Journal, the group of North American Food Sara Lee (+0.35% to 17.32 U.S. dollars), full strategic thinking since the departure of his boss Brenda Barnes during the summer, plans to sell the Brazilian JBS. Citing sources "familiar with the matter," the business daily said in its online edition Friday that "JBS approached Sara Lee and discussions were held, with interruptions, for several months."The daily noted, however, that the capitalization of JBS are hardly higher than Sara Lee, "it might be difficult to establish an offer of full recovery."

Also note, the terminal manufacturer Ingenico payment is a "strategic" and "essential" for the French electronics industry, said Monday the Minister of Industry Eric Besson, welcoming the rejection by the Board of Directors this company a bid for a foreign company.Ingenico (75.89% to 7.37 dollars) did not identify its suitor, but according to different observers would be the diverse group of American Danaher (+0.09% to 46.84 dollars).

Moreover, the U.S. online retailer eBay (-0.20% at 29.76 dollars) on Monday announced the purchase for 150 million euros from German site brands4friends that organizes private sales of designer clothes, accessories or consumer electronics. This site, founded in 2007 and which claims 3.5 million members, operates on the principle of private sales is to say promotional offers for its members, on branded products.

There are currently only two out of Galeries Lafayette France: one in Berlin and one in Dubai. Now, it will add Beijing to the list. After announcing Wednesday the creation of a joint venture with its partner IT Limited, a company based in Hong Kong, the group said on Thursday that it plans to open between 10 and 15 stores in China in next five years. The department store chain is planning an annual turnover exceeding 50 million euros in each store. This is the group for a comeback after its previous location in the 1990s. "It was probably a bit early.We missed so the expertise of a partner and demand for our standard offer, "says Philippe Houze.

The group arrives in Morocco and Indonesia

The first store with an area of 18,000 square meters – the second largest department store Galeries Lafayette on Boulevard Haussmann after the one in Paris, and its 70,000 square feet – will be launched in 2013 in the shopping district of Xidan, Beijing instant cash with bad credit. "The offer will accessibility to luxuries, will be the pride of the French fashion brand, but also include major brands in the region," said Paul Delaoutre, general manager of the branch department store group.He added: "The store will adapt to local customers, much younger than in France, but also in life, which is lower."

Besides Beijing and Dubai, Galeries Lafayette will also be located in Casablanca, Morocco, where a store will be open from September 2011 and in Jakarta, Indonesia, the group has found a franchise agreement with a local operator to open a store . But China remains the top priority of the group. "We want to book all our means of overseas development in terms of investment in China, said Paul Delaoutre. Furthermore, the openings will be free without us putting money. "

Take your time to grow internationally

Chairman of Galeries Lafayette, Philippe Houze said in an interview to the newspaper Les Echos reported on Wednesday that the group takes its time to grow internationally."The store is difficult to export in that it reflects the sociology of its country of origin no credit check personal loan."

Not to mention that his group has other advantages: "The International is certainly not the only developing our brand, says the president of Galeries Lafayette. The most important today is through the Internet with our online shop that is the subject of much effort and investment. And then there's our French department stores (61), who continue to achieve outstanding performance. "

ALSO READ:

"Worf: Philippe Houze implanted Galeries Lafayette in Beijing

Le Figaro. – What was the purpose of your visit to Paris this week?

Pressure mounts on France Televisions. And the new direction is not far from declaring a state of emergency. More than anything, the staff of Remy Pflimlin obsession with public television show reaching a France Telecom syndrome. And for good reason: in recent months, the company experienced a case of suicide of a medical officer at France 3 Alsace, the death of an employee of RFO his colleagues continue to find suspicious, and several cases People who commit suicide or to RFO France 3.

The situation is serious enough that the office has become the priority of the new direction. It has set up a committee which met last Wednesday and whose mission is to investigate all these cases to find solutions to social unrest which poses "a serious and imminent" for most employees Business custom business card fragile.A month after his arrival, Patrice Papet, the new Director of Human Resources, commissioned a report to Cabinet Company & Staff findings final.

Professional elections

The expert believes the "state of the social concern and the judge" tired physically and mentally. " It is the "undeniable fact and a unanimous feeling of malaise." This applies to all levels of the company, including the highest line functions as the report notes that "the managers themselves are in trouble." Administrative functions would be particularly affected. The report denounces "HR proximity overwhelmed," a "sense of powerlessness," "too many meetings, too many messages." The focus is on the new organization put in place by 1 January 2010.The report says this is "a logic that goes wrong," and gives the employees' sense of work prevented. "

This alarming fact has already been made in a report commissioned by the firm Cédaet representatives committees on health and safety of working conditions (HSC) from France 2, France 3, RFO, and 4 in France during the first removal and the establishment of the new "fonctionnogramme" of the company. Dated 6 September, the report denounces "the loss of work content," that of "professional role", or "relational field", "reducing the scope of powers in favor of a logic of control ' and "dilution of work collectives and collaborations."Warnings that have prompted the management to suspend the movement of people and to revisit the business organization and its human needs unique business card .

The excitement is such that social Patrice Papet did not hesitate last Wednesday to criticize the unions their tensions and to invite more serenity. "This situation is particular to put into the account the next election will be professional in February 2011," he says.Jean-François Tealdi, the SNJ-CGT secretary general of France Televisions, he replied: "I do not think it is the prerogative of management to resolve the relationships of these unions." To avoid any interference , France Televisions has decided to "stop the clock" negotiations on the agreement that should have been discussed by 7 February. They will not resume until after the elections business.

By early evening Thursday, the U.S. State Department, speaking through his deputy secretary James Steinberg, announced that four majors had agreed to terminate their investments in Iran and to "refuse any new activity in the energy sector in Iran: the Anglo-Dutch Shell, Statoil, Total and Italy's Eni. French has confirmed to AFP that decision.

"Following the questions we were asked by the State Department, Total has confirmed that it complies with all applicable laws at both the international and European and national level which (… ) can only limit our activities to Minin in the country in which we were very weak, "according to a statement to AFP.

Such a stance allows especially to avoid the penalties they would have seen inflicted by the U.S. themselves.James Steinberg, who insisted on this point has echoed the new U.S. law, passed last June (at the same time as the European Union), which imposes new sanctions on Iran aimed particularly the energy sector Islamic Republic.

Unilateral sanctions

On June 9, 2010, the Security Council UN adopted a new resolution condemning Iran's sixth since 2006, which was followed by new unilateral sanctions decided separately by the United States, the European Union, Australia, Canada, Japan and South Korea.These sanctions are aimed in particular the energy sector of Iran, the second largest OPEC oil that takes 80% of its foreign exchange resources.

That's when lacquer Total had decided to suspend deliveries of oil products to Iran in June, but it currently continues to buy Iranian crude as it is permitted under the sanctions recently imposed by the EU European payday loans for bad credit.

This new resolution condemning Iran's sixth since 2006, was followed by new unilateral sanctions decided separately by the United States, European Union, Australia, Canada, Japan and South Korea.

Iran embarrassed

For its part, Iran could quickly be annoyed by these withdrawals: the country is, of course, the fourth largest producer of crude oil, but it is in lack of refinery on its soil, and thus depends heavily on imports for its supply gasoline and refined products.

Mid-September, the former Iranian president Akbar Hashemi Rafsanjani today called on the country's leaders to "take seriously" the international sanctions against Iran, which he said has never faced such a "planned aggression "Since the Islamic revolution of 1979.

President Mahmoud Ahmadinejad, the government and the official press have them systematically downplayed the scope of these sanctions, saying they would only strengthen the economic independence of Iran and would not affect his determination to continue its program Nuclear.

ALSO READ:

"Iran: sanctions to be taken seriously

"Tehran withdrawing assets from European banks

"The European Union's muscle sanctions against Iran

"Nuclear: Iran is trying to dodge sanctions

LE FIGARO. – Do you double dip scenario?

I believe more in a low growth as a relapse of the activity. There have been a very sharp slowdown, as the pace of growth fell from 5% at end 2009 to 1.6%. These figures, subject to some volatility, however, overstate the true extent of the downturn even if the coming quarters, many uncertainties remain.

Let's start with the volatility …

The restocking of companies boosted the activity at year end, without any increase in imports. The opposite effect has played in the first quarter. Despite the slowdown of GDP, domestic demand excluding inventories accelerated, rising by over 4% annual rate in the second quarter. The latest indicators (monthly or weekly) are obviously more worrying, especially in real estate.However, we do not rely on the construction as an engine of the economy!

What drives the U.S. economy?

Exports are an important driver. They rose 15% between mid-2009 and mid-2010 and continue to grow at a rate of 10% per annum. Investment in equipment has also greatly contributed to the recovery since late 2009.

What can we expect consumption?

Two elements of condition, the rate of savings and disposable income. Households who have seen their assets melt, have sought to rebuild their savings. Their savings rate, which now exceeds 6% – against less than 2% in 2007 – should now be stabilizing. Changes in consumption should therefore, over the next month, depending on that of their disposable income and therefore the payroll.So far, the increase in weekly hours of work allowed a reasonable growth of income despite the weakness in job creation. But after hours of work returned to normal, job creation of about 130,000 each month will be needed to avoid a recurrence of the activity. But the last three months, there was an average of only 50,000 jobs created in the private sector.

Is there any new stimulus package?

Even if they are significantly smaller than before the crisis, the leeway of economic policy are not necessarily zero. Two measures are also to be discreetly passed: an extension of the duration of unemployment benefits and federal funding of $ 26 billion to states. Americans are pragmatic: whether to again support the economy, they will.The Federal Reserve may also help prevent a recession by pushing more time to raise rates and, especially, in announcing a new program of buying shares of Treasury bonds.

ALSO READ:

The U.S. growth revised sharply downwards

The fall is twice larger than expected. Sales of existing homes in the United States have unscrewed from 27.2% in July compared to June, according to figures released Tuesday by the National Association of Realtors (NAR). A statistic which agrees with the economists providing a relapse of the U.S. economy.

Sales of existing properties and have hit a 15-year low in July. The June sales have they been revised downward to 5.26 million units, against 5.37 previously.

These figures are certainly worse than expected catastrophic but are not a total surprise. They indeed correspond to the decision of the tax credit established by the Federal Government to support sales. "Citizens are very rationally rushed on the market before the expiry of the measure in May," says Laurence Yun, chief economist of the NAR."Since that date, signature of contracts of sale were far less numerous. Expect a break until late September. "Other economists expect a further slide in sales volumes until 2011.