Daily International Headlines

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

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

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

Stunt involuntary RIM

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

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

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

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Concerns still dominates trade in the Paris Stock Exchange on Wednesday. The CAC 40 was down 0.65% to 3763.42 points in mid-session. Elsewhere in Europe markets evolve piecemeal. In London, the FTSE-100 index advances 0.87% at 5915.80 points while in Frankfurt the Dax was down 0.24% to 7331.9 points.

Yesterday, the CAC 40 index closed below 3800 points, troubled by debt problems in the United States. One week before the deadline, Congress remains divided despite the new call for compromise of President Barack Obama urged the Republicans to act to prevent default after August 2, including the economic consequences could be severe.

Republicans and Democrats offer two different plans.On the one hand, the Republican chairman of the House of Representatives, John Boehner, insisted on Tuesday his plan, a "reasonable approach" he said to avoid default. On the other, the head of the Democratic majority in the Senate, Harry Reid, defended his rival project. "The Senate plan is the only real compromise that we have in Congress today, and it's best chance to avoid an economic crisis in a week," he said.

Christine Lagarde, the new director of the International Monetary Fund (IMF) has also called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

The dollar is still worth

Since then, global markets are nervous. In Asia this morning, the issue of U.S. debt was back the Nikkei.Wall Street closed down yesterday for the second straight session. "While remaining confident, we also understand that there is some anxiety as we push things until the last minute," lamented the spokesman of the Presidency, Jay Carney.

On the currency side, the dollar is still abused. The euro, however, gives some ground in late morning at 1.4495 dollars against 1.4509 late Tuesday. Oil is not his direction, the barrel of "light sweet crude" for delivery in August the amount of 34 cents to 99.25 dollars and that of Brent North Sea crude for September delivery taking 17 cents to 118.45 dollars.

In this gloomy atmosphere, operators keep an eye on the indicators of the day. United States, orders for durable goods and the weekly crude inventories will attract the attention early in the afternoon.The Fed's Beige Book will also be an important appointment (20 hours in Paris). The unemployment figures for June in France fall after-hours trading (6:00 p.m.).

Values ​​to follow

PSA: -7.86% to 27.18 euros (largest decrease in the ACC)

Net income in the first half rose 18.5% to 806 million euros and sales of 9.7% to 31.1 billion euros.The negative impact of the earthquake in Japan and the rising cost of raw materials led him to a little more cautious for the full year.

Nexans: -7.62% to 60.76 euros

The group reported a loss in the first half of 151 million euros, and announced a provision of 200 million euros for the European survey.

Atos: + 5% to 39.15 euros

The French IT services company said Wednesday net profit in the first half of 2011 up 66% year on year to 100 million euros, and welcomed the 11% growth in its operating margin in a statement no fax payday advances.

AreclorMittal: + 2.64% to 22.70 euros (largest increase in the ACC)

The world of steel recorded a 10% drop in net profit in the second quarter, but has been as expected a further improvement in profitability, according to a statement released Wednesday.

LVMH: + 1.08% to 131.40 euros

The group saw sales increase by 13% in first half operating performance and increase by 22%, driven by demand for luxury goods that do not weaken despite the uncertainties surrounding the global growth.

Vinci: + 1.51% to 41.22 euros

The group announced Tuesday a record order book and robust business in the first half, making it possible to confirm its growth target of more than 5% of sales in 2011.

Euler Hermes: + 1.72% to 61.02 euros

The credit insurer said Tuesday it hoped to reach at least 320 million euros in net income in 2011, an increase of almost 10% compared to 2010 despite continued pressure on prices and the lack visibility of the markets.

M6: + 0.06% to 15.76 euros

The group is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

Saffron: + 0.12% to 28.74 euros

The group finally completed the acquisition of specialist U.S. facial recognition software L-1 Identity Solutions after hiring a former head of a major U.S. intelligence to overcome any concern related to safety.

Sopra: -0.27% to 56.35 euros

The group confirmed on Tuesday its forecast for organic growth in sales in 2011 and anticipates an improvement in operating margin in the first half.

Spir communiction: -3.20% to 38.14 euros

The group engaged in a difficult transformation plan, announced Tuesday he was still a net operating profit in 2011 despite a drop in this indicator during the first half of the year.

Icade confirms its objectives

Next Radio TV: -0.66% to 13.50 euros

The group reported Tuesday a sharp increase in its financial results for the first half, boosted by the increase in hearings RMC and BFM TV background current density.

Icade: -0.97% to 82.51 euros

The group confirmed its targets for 2011 and Tuesday 2012 after reporting strong growth in its interim results, bolstered by improved margins from its Development division and reducing its cost structure.

Compagnie des Alpes: + 0.09% to 22.20 euros

The group reported Tuesday a decline in sales on a comparable basis as part of its third quarter, related to a decline in activities of skiing due to an unfavorable timing of the Easter holidays and a deterioration in the snow.

After market, Valeo, Thales, Ipsos and FDR will publish their first-half results. Air France-KLM, Vallourec, Areva, Altran, Mr Bricolage, Rexel, Gecina Nexity and reveal their results and revenues for the second quarter.

How to raise potential growth of France? The question for the Centre for Economic Analysis (CAE) – which depends on Matignon – trying once again to respond, this time taking a new dimension: the answer must now take account of financial and economic crisis that has struck down most of the world and considerably tightened budget constraints.

For France to regain competitiveness, the report – Philippe Aghion, Gilbert Cette, Élie Cohen and Mathilde Lemoine – start with going against the fashion of the moment: German copy. "The surplus comes from a German foreign competitiveness gained at the cost of wage restraint imposed over the past fifteen years.This experience is difficult to generalize to all European countries, "they wrote in the document presented yesterday to Secretary of State for Foreign Trade, Pierre Lellouche.

Spend wisely

The report calls for "focus on policies that have a strong effect on medium and long term." And it puts the focus once again on the traditional weaknesses of France: it must develop "a policy of investment in higher education and R & D", more flexible markets for goods and labor, secure career paths, and support the development of dynamic sectors, "such as healthcare, cleantech instant payday loan."

But the authors do not simply advocate new policies. They also raise the funding.Due to budget constraints, they provide should proceed "not a net increase in spending, but a shift of the latter." That's why they point the savings could be achieved by reducing or eliminating certain tax loopholes – the most expensive – and this "despite the inevitable discontent that such measures would generate." And include the reduction in VAT on the restoration and construction, as well as the tax exemption of overtime, which has "not had the desired effect in terms of job creation."

Spend yes, but smart. Intervene "targeted". It's "third way" – between austerity and high expenditure – proposed by the authors. A path that could, in their opinion, report three fourths of GDP per year in potential growth.

Emerging markets have gained a few percentages of voting rights since the reform as demanded by the IMF management. Their weight increased by 38.4% and 42.3% of the vote. But it is always the U.S. and the Europeans leading international institution in spite of the voting down 46% to 43.4%. These figures are determined theoretically based on State participation in financing the institution.

Countries are grouped by school, themselves represented by a director elected to the Board of Governors, the supreme decision making body of the IMF. Except for the most powerful of them. The United States, France, or Germany, but also Saudi Arabia or China, have a seat assigned to them.This system of representation for the pooled least major countries said that Spain, which supports the candidacy of Christine Lagarde, will vote for his opponent, Agustin Carstens. Indeed, his voice is attached to those countries in South America.

If the weight of each country into account, "the IMF tends to emphasize the consensus in the designation of candidates," said Jerome Sgard, research director at the Center for International Studies and Research (CERI). Large countries like Brazil and China, have not indicated their preference between Lagarde and Carstens. "This type of organizations do not publicize their internal conflicts", slipped the researcher.

In fact, the future boss of the IMF "is not elected," according to Jerome Sgard in an analysis published in Le Figaro."He is chosen, namely the international political establishment which gives it a personal mandate." In this race there, Christine Lagarde seems to have some advance on his Mexican challenger. Performance to be confirmed by June 30, when the "selection process" will be closed.

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Capgemini continues its acquisitions in Western countries. After the buyback and Avantias Artesys in France and BI Consulting Group in the United States, the group specializes in IT services and outsourcing is in exclusive negotiations with the investment fund Apax Partners to acquire Operator transactional flow multichannel Prosody, according to a joint statement the two companies on Tuesday.

The operation, which could be finalized by the end of July, valuing the company at around 382 million euros, this amount also includes the acquisition price of Internet-EN LevelIP in France and Italy. Present in France, Spain and Belgium, the company achieved a turnover of 172.3 million euros and an operating margin of 15.3% published.Also specializes in cloud computing (cloud computing) and mobile services, Prosody is currently 97% owned by the fund Apax Partners and the management team guaranteed online personal loans.

Offer services that can complement Prosody Capgemini, particularly in the field of new IT services to its clients financial and public sectors, but also telecom and retail. And for the hosting of websites, the customer portfolio of Capgemini and market knowledge will enable it to continue its international development.

The acquisition, funded from net cash from Capgemini, would be accretive to the group's operating margin. The statement said it would also be accretive to earnings per share excluding operational synergies of at least 3% in 2011 and 4% in 2012.

At 9 pm, at the Paris Bourse, the title of Capgemini gained 2.07% to 38.19 euros. This is the largest increase in the CAC 40 to open Tuesday.

No surprise decision. The European Central Bank (ECB) kept interest rates unchanged Thursday at 1.25%. President Jean-Claude Trichet implicitly excluded a rate hike in June. He did not mention the "high alert" of the Central Bank, usually a speech announcing the increase in borrowing costs next month.

In contrast, the ECB president said that the Governing Council will continue to monitor "very closely" developments "regarding the upside risks to price stability." "It is likely that inflation will remain well above 2% in the coming months," he said. This surge in prices "is confirmed because of oil prices," said the central banker.

This vocabulary suggests, according to analysts, the likely rate rise in July."If such a decision is uncertain, admits Chris Williamson, economist at Markit, it seems very likely, especially considering the latest economic data fast cash without a hassle."

Monetary policy remains "accommodative" in the words of Jean-Claude Trichet, economists expect the ECB to take its revised outlook to raise rates in two months. "Increasing rates twice in succession with a delay between the two, only two months, could have panicked the markets because of the aggressiveness of such a policy, analysis Ken Wattret, chief euro zone economist at BNP Paribas. "It would have been even greater rise in the euro against the dollar."

The ECB president also hammered a debt restructuring Greek is "not on the agenda." Contradictory statements about it are increasing in the euro area.

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In early spring, a group of experts from the European Union and the International Monetary Fund is once again in Athens. For a week they will examine the preliminary draft budget triennial Greek (2012-2015), which will be unveiled at the end of the month and includes estimates for large departments, linked to continued structural reforms.

The fifth installment of the loan of 110 billion euros granted by the IMF and the EU is not directly involved this time. But the enforcement of austerity measures remains a priority for creditors became suspicious. And for good reason: the Greek government has revised upwards its deficit for 2010.The figures will be formalized by Eurostat on 26 April, but already, George Papaconstantinou, the Greek finance minister, admits he will not but at 9.4% to 10.6% of GDP.

Privatizations

For Yannis Stournari economic think tank IOBE, "from 15 to 10.6% of GDP deficit in one year is a good thing. But the government will soon be at an impasse if not privatize as quickly as some public enterprises, "he warned. The impasse is the debt restructuring, but the EU still denies such a possibility.

Meanwhile, international creditors imposed on Greece a privatization program of 50 billion euros by 2015, "which is entirely possible and desirable," says Yannis Stournari, "but we need the Prime Minister change in philosophy.The Greeks are bled dry by the rigor, and they said they will soon have more taxes and more cuts than revenue payday advance. Only the stimulus will help them relax a little. " Indeed, the announced new austerity measures by the end of the year, in order to save 4.2 billion euros, angered and worried the Greeks. If they show less and less in the streets of the country, many of them strikes multiply the zeal and slow pace of work. Others simply give up.

In 2010, more than 55,000 businesses have gone under the door and the Forecasts for 2011 are not encouraging. To counter the recession, the Greek government decided to facilitate business creation. "Until now, to create his company, he had to go to eight different administrations and wait over a month.Some would even give a small envelope to the employee so that his case should take less time, "says Akis Skertzos, political advisor to Minister of Development. Personally responsible for coordinating this initiative, he is confident of his success: "Now it takes an hour and only one place to start his business. This is not a matter of time, it is also an effective way to fight against corruption and in fact against tax evasion, since the system is connected directly to the Ministry of Finance, "adds it. Greece hopes to move from 149th to 83rd in the standings, which measures countries according to ease procedures for new businesses.

The future of Latécoère which publishes its results on Wednesday for the year 2010, is accurate. A little over six months after his appointment as President of the aerospace equipment overburdened, Pierre Gadonneix has a better vision patterns capable of ensuring the sustainability of the French specialist aréostructures (pieces of aircraft fuselage), also present in wiring, engineering and services.

The former President of EDF has developed a "short list" that counts, according to sources familiar with the matter, three diagrams on the ten considered. "After a month of consultation, Chinese Avic, Britain's GKN and the Dutch Stork Fokker-submitted bids with a detailed estimate," says one. In contrast, "American Spirit nominations, and Vaught of U.S. funds have not been successful," says one. For his part, Daher-Socata has not given an offer.The family company believes that the recovery block Latécoère weighted with debt of 351 million (at June 2010), would jeopardize his own future. These three bids must be refined.

EADS is expected to play a key role

Meanwhile, many argue for a solution in which EADS, parent company of Airbus, would play a key role to create a "Spirit to the French." The idea would be to cultivate a senior leader in the business by marrying aerostructures Latécoère Aerolia and Sogerma, two subsidiaries of EADS specializing in aircraft structures. The operation would be realized with the assistance of the Strategic Investment Fund (ISF) and Aerofund I and II, dedicated to aeronautics. "It seems that the position of EADS and Airbus have evolved," one observer noted with caution in Toulouse, headquarters of the European manufacturer.

End of 2010, EADS assured not want to go further after agreeing to prepay development costs on programs for about 200 million euros and have assured Latécoère four years of work load no fax cash loans. Not issue or redeem Latécoère Aerolia bring him with two sites of Saint-Nazaire and Meaulte. Least in the short term because the scheme, already proposed in 2007, retains its industrial sense. Airbus can not remain indifferent to the future of one of its major partners which carries 58% of its turnover with him. Especially as the manufacturer needs a partner to the forefront in the Aerostructures, able to share with him the financial and technological risks of future programs. The French market has crumbled between four parties: Latecoere Daher, Aerolia and Sogerma. Ideally, it should do one.

Tough choice

Today, Airbus faces a choice. "Either it leaves a foreign group to take a key position in France in this activity or it believes that this business is strategic since it represents one third of the value of a plane, and it comes to French Latecoere remains in the perspective of a European grouping term, "says one expert dossier.

We do not see why foreign applicants would not be acceptable. Avic example is the partner in the Airbus plant in Tianjin, China. Debt Latécoère not frightened: it is a ticket to acquire technology that can not control.

It is also difficult to EADS not hear the requests of local officials and governments anxious to preserve the 3,650 jobs Latécoère one year of presidential elections. "EADS is sitting on 12 billion euros in cash.It must be involved in the treatment of debt Latecoere, "says one observer. "This is not the manufacturer to address this issue but to shareholders and bankers, the problem is that Latécoère do not generate enough cash, even if it improves the recovery of the aerospace market, to repay debt, "says someone close to the case. The banks believe that they have already done a lot by accepting a moratorium freezes 80% of the debt until the end of 2011.

The relationship between employees and their business is a little "I love you I do not either." According to a survey released this morning by the firm Accenture, "more than half of employees worldwide are not satisfied with their current work situation, but they still expect to remain loyal to their employers." We do love each other anymore, but we stay together despite any lack of anything better!

"Even if they are dissatisfied, today's employees are not willing to change employers.They prefer to build their skills based on training, resources and people that can help them, "said Armelle Carminati-Rabasse, CEO Human Capital and Diversity at Accenture.

Conducted in 29 countries with 3400 employees, the study lists the main sources of job dissatisfaction: inadequate pay arrives logically at the head, after three lean years, for 47% of women surveyed and 44% of men. The lack of prospects for career development is another strong point for 33% of women and 34% of men. In France, 50% of respondents highlight "the feeling of being trapped."

Involving more staff

Men and women are they the same analysis on the reasons for job dissatisfaction? Not totally.Women are thus more likely than their male colleagues to believe that "their career is not progressing fast enough" (63% against 55%). They agree, however, the identification of barriers to career progression this is the lack of support from management tops (33% response) and the career fuzzy and poorly defined (24%).

They do not adopt either the same steps to improve their situation. "Women are less likely than men to seek wage increases (44% against 48% of women) or promotions (28% against 39%)," said Armelle Carminati-Rabasse. They are also much more reluctant than their counterparts to target a senior officer or equivalent (14% against 22% globally).

"The leaders should use the results of this study to involve more of their employees and support them in their careers.They are now pursuing new opportunities to create in-house, and companies can help, "says the investigator.

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"The compensation is a priority for executives in 2011

In July 2010, stress tests on the European 91banques were passed handily, with only 7 failed institution. This time, the new series of stress tests, to be launched next March 18 to 88 banks, whose results will be announced in June, hyptohèses would be even more flexible, according to the Financial Times, which has been view documents sent to banks.

In other words, the conditions for obtaining the review will be even more straightforward and the results should still be unusually good. The log book of some hypotheses deteriorating economic situation and financial. The supervisor is considering a decrease of 0.5% of GDP in the euro zone this year and -0.2% in 2012. Outlook more gloomy than what is expected.This item had been criticized in tests last July because of hyptohèses deteriorating economy were too low.

But apart from this good point, the tests include a 15% drop in financial markets against 20% in the previous tests, as revealed yesterday by the German newspaper Handelsblatt. They forget to take into account a possible "clash of commodity prices" or non-payment of a European state. They submit that the idea of a loss of 20% of the value of Portuguese government bonds held by banks and 15% on values related to the Spanish sovereign debt business card design. Moreover, the tests are considering an increase of 1.25 percentage point to core funding for European banks.Note that last week at the monthly meeting of the European Central Bank, Jean-Claude Trichet did not rule out raising rates of interest of 0.25 European Directors in April. They are currently at 1%.

Finally, the scenario for the stress test provides a steep decline in the housing market.

A new marketing campaign?

Obviously, the consideration that the banks must pass can not be too difficult to pass. For fear of panicking the markets. Because the exercise is really to make communication.But be careful not to discredit, just as was the case last July.

Already, the findings of this new wave of resistance testing could introduce a new category for institutions "tangent", which would be imposed certain constraints, as the chief authority for these tests.

"What I want is that there is not only a binary result pass / fail these tests – if you succeed, there is no action to take if you fail and must proceed a capital increase to reach the required threshold, "said the Financial Times on Monday, the president of the European supervisory authority of banks (EBA), Andrea Enri.