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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 .

This is the first crash of a Russian cargo ship for thirty years. The ship Progress M-12M, which was to supply the International Space Station (ISS), catapulted the wrong orbit by the Soyuz rocket, crashed Aug. 24 in a desert region of Altai (South of Western Siberia) . A week earlier, the Russian space agency Roskosmos has lost contact with the Express AM4 communications satellite, launched by the Proton rocket. The Russian Space Agency (Roskosmos) has lost contact with six satellites over the last nine months, representing a total cost of 16 billion rubles (400 million), according to estimates.

A sector that has suffered from funding amnque

These few accidents have nothing to coincidence. A series of failures and a multitude of launch delays "for technical problems" are symptomatic of the troubles facing the aerospace sector in Russia.According to experts, they are the result of lack of funding in the 1990s. After the fall of the USSR, the government was not able to support programs in the aerospace industry in the long run, leaving this area for many years. Funding for this sector has taken the early 2000s, with an annual budget that has tripled between 2005 and 2011, increasing to $ 3 billion (2.1 billion euros), of which 700 million (490 million) in the form of commercial contracts. However, the salary of a junior engineer in a design office in Moscow Roskosmos always varies between 20,000 and 25,000 rubles (500 to 625 euros), while the average salary was over 40,000 rubles (1,000 euros) in the capital Russia in July this year.

A technology gap

Moreover, the funding problem, everything happened right after the fall of the Soviet Union, the sector has accumulated since its inception in the 1960s an important technological gap. According to the Scientific Director of the Space Policy Institute Ivan Moissev interviewed by the Russian daily Vedomosti, the current failures in the sector are linked with the Soviet legacy. At the time, the state spent a large budget for space exploration, and Russian rockets were cheaper than American rockets. As a result, all equipment were mass produced, not that special attention be paid to quality. "A satellite was lost soon be replaced by a new," recalls one specialist Roskosmos, noting that before 1991, the space agency was not used to account for missed assignments.Today, trying to fill Roskosmos somehow technological backwardness of its devices by integrating systems of foreign manufacture. But this poses problems of compatibility between them.

Soyuz is not affected in Guyana

European partners, however, remain optimistic about Russian involvement in the Galileo project. Russia announced in 2010 its intention to join the program launch navigation systems alternative to the American GPS. The project led by the European Space Agency (ESA), will start on October 20 with a deployment in orbit of the first two satellites from the Guiana Space Center (SMC), through the Soyuz. Asked by Les Echos Friday, Jean-Jacques Dordain, Director General of ESA into perspective. "We're doing a difficult job.The difference between success and failure is minimal, simply a failed component to move from one to another, "said he.

Having sacked the former head of the Russian Space Agency in April, Prime Minister Vladimir Putin ordered Roskosmos to make changes "radical" in the production cycle of spacecraft. The management agency has also decided to suspend for now the launch of all flights of Soyuz spacecraft until the cause of the accident with the vessel Progress to be clarified.

Since the withdrawal of the U.S. shuttle Atlantis, France and Russia are the only replenishment of the International Space Station with its Automated Transfer Vehicles (ATV), launched by Ariane and Soyuz.

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The fall of 6.9% of GDP in the second quarter is not for nothing. While the empty streets of Athens with the approach of August 15, the Greeks are reluctant to take a vacation. According to a survey by the Consumers' Association, six out of ten Greeks will not go this year because of the crisis. Specifically, "46% do not go a week, and only 5% will go over two days," Gianna Karatyni analysis of the Consumers' Association. "Morale is not, but the wallet either. Now the Greeks think twice before leaving, especially when the price of ferry tickets, for example to go to Crete for a family of four with a car, is 600 euros, one quarter of household earnings. A luxury, "she says.

Yet the absence of the Greeks is not visible on the beaches of the islands of the Aegean Sea. And for good reason, this summer, tourists from around the world flock by the thousands.Travel agencies estimate that 20% increase in bookings compared to 2010. "The French are fighting the same record," adds Theodore Chartomatsidis, director of the Hellenic Tourism Office in Paris: "Applications abound every day with our services. The numbers prove it. There is, for now, an increase of at least 28% of French tourists in Greece this year, "says he. "That means they could exceed one million visitors, a figure that was the goal for three years. It is therefore encouraging because with few means of promotion, we have shown that there is another Greek than the economic crisis, like the food for example No teletrak payday loan. The French responded immediately, in solidarity, above all, "he adds.

A safer country as Tunisia and Egypt

In the port of Piraeus, boats, coming and going in the islands of the Aegean Sea, are met.Karine, a French tourist, who came with family, preparing to embark for the island of Kalymnos in the Dodecanese. Impressed by the number of travelers, she concluded that ultimately the economy will be beneficial to Greece: "I think people, especially the French, were frightened by the situation in Tunisia or Egypt. Greece remains a safe country, to which is attached without really knowing him. The holidays are enjoyable, even if sometimes small strikes, "said she. Like many tourists, Karine does not hide his desire to acquire a small house overlooking the sea "if prices fall with the crisis," she says. The property prices have not fallen but never mind, for some tourists, there is an incentive to come back next year.

The Greeks do not let themselves down so far.Some invade the beaches near the capital, while others go for short-haul and less expensive way, almost 30% of Greeks went beyond their prejudices to enjoy the beaches and rates of neighboring Albania.

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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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To save its common currency, Europe is the part of the fire. The seventeen countries of the euro have violated a prohibition group, assuming the risk of a possible partial collapse of Greece. But national leaders have also pushed their own taboos in order to restore confidence and resolder the team in front of the fire.

The Brussels summit, cleared the day before by a dinner at three in Berlin, saw everyone had a role. Jean-Claude Trichet, haughty guardian of monetary orthodoxy, has reluctantly accepted the possibility of a "default" of Greece, even if he believes will be averted. Nicolas Sarkozy rempoché its bank tax – a project specifically designed to avoid trial in Athens of bankruptcy, albeit limited. Angela Merkel pays back.She agrees to substantially beef up the European bailout fund of indebted countries, ignoring the doubts that undermine his coalition in Berlin. And it sends a "very big thank you" to his interlocutors.

Unexpected, even courageous, the device stopped Thursday night is also a leap into the unknown. The danger was that the shock wave feared a possible default "selective" in Athens come sweeping new defenses in the euro area. The Head of State has carefully avoided the word "default" but he assured that the euro area lavish in time "all the necessary guarantees." Encouragingly, the agreement was welcomed Thursday by a rising euro and a market rebound.

Reduce the debt burden

By sacrificing a principle, the summit also seeks to limit the contagion. "What we do for Greece, we will not do for any other country," warns Nicolas Sarkozy.The summit's final declaration said that "Greece is in a unique situation of gravity in the euro area (…) Therefore it requires an exceptional solution." In contrast, the other 16 euro countries "reaffirm their inflexible determination to honor their individual signature" loan. No way to drift to other parts of the chain, such as Portugal and Ireland have a drip European, or like Spain and Italy regularly shaken up the markets.

For Greece, the immediate objective is to reduce the debt burden by involving banks and private equity funds. "This is to address the root of the problem" of insolvency, said Angela Merkel. The summit adopted a "menu of options," modeled on the plan proposed by the international financial community.It was also shown Thursday in Brussels by Baudouin Prot, Director General of BNP Paribas, and Josef Ackermann, head of Deutsche Bank. Voluntarily, but under strong pressure, banks must give up some money owed to them, particularly in France and Germany. Financially, the most dramatic innovation is the green light to EFSF to "intervene in the secondary market" in the clear to buy back government debt to investors. In the case of Greece, Ireland and Portugal, it would relieve the banks that hold securities impaired.

158 billion euros

Seventeen of the two, however, establish safeguards. The one at the request of Jean-Claude Trichet as the ECB will return to establish a priori the "exceptional circumstances".The other at the request of Angela Merkel, as the green light is given "by mutual agreement" of members of the rescue fund. This leaves almost a right of veto in Berlin, leaving no question of a European institution to have its way of guarantees provided by Germany

The summit amounted to 109 billion euros the amount of public funding in the second bailout of Athens. Taking into account the participation of the private bill climbs to 158 billion euros. The IMF confirmed its contribution in the evening, without specifying the amount. As expected, the euro area has decided to extend for 7.5 years "to a minimum of 15 years and up to 30 years' duration of its loans to countries in need. Meanwhile, the interest rate will be reduced to 3.5%. The summit finally evokes "a comprehensive strategy for growth and investment" in favor of Greece, through the European Structural Funds.He renounced the baptized "Marshall Plan" European and still has to quantify.

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The Tokyo Stock Exchange shows the green on Friday morning the Nikkei advance of 0.61% to 9876.10 points to 7 hours while the broader Topix rises at the same rate, at 854.39 points. A good mood, which contrasts with a local situation still fragile confidence of major Japanese companies fell because of difficulties due to the tsunami of March 11, and the extent of recovery is rendered uncertain by the lack of electricity under this was, according to the results of the Tankan index. According to the quarterly survey conducted by the Bank of Japan (BoJ) in June, the moral of the major manufacturing firms plunged by 15 percentage points in March to -9 points.

But the unemployment rate in Japan fell 4.5% in May against 4.7% in April, said Friday the Ministry of Internal Affairs.In May, there were 2.93 million unemployed in the rest of Japan, 11.5% from a year earlier (area basis) for a working population increased slightly from 0.1% to 60.19 million people.

In addition, new vehicle sales in Japan, excluding mini-models, dropped 23.3% in June compared to the same month last year, to 225,024 copies, the consequences of the tsunami of March 11 continued to weigh on the activities of automotive industry. The decline is however much less pronounced than the dives 50% and 38% respectively recorded in April and May, in the aftermath of natural disasters absolutely free credit score.

Greece supports the markets

But it is mainly Greek considerations that bear the financial markets yesterday.Like the European and American stock exchanges, the main financial markets in the Asia-Pacific moving sharply higher, while the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of next installment Assistance from the European Union and the International Monetary Fund.

In China, the Shanghai CSI does it take 0.60% to 3062.44 points while the Hang Seng in Hong Kong is 1.53% to 22,398.10 points. Manufacturing activity in China continued to grow in June, but at a much slower rate, according to an index released Friday by an organization close to the government, indicating that the measures taken by Beijing to control inflation bear fruit.PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell last month to 50.9, against 52.0 in May.

In South Korea, the KRX advance of 1.18% to 4512.99 points. In India, the BSE allows itself to 0.42% 18,924.60 points and Singapore's Straits Times gained 0.55% to 3137.70 points.

Luxury brands can not remain indifferent to the model of the fast fashion H & M or Zara. With logistics unstoppable, they can send in a few weeks in their shops products inspired by the catwalks of big names. Meanwhile, the actors remain frozen in luxury with their two seasonal collections per year. Hugo Boss has completely reorganized its production to respond to this accelerating cycles. The German group has reduced from 50 to 38 weeks the time between product design and delivery.

"Prior to the summer of 2012 for example, should have initiated the creation in January 2011, regardless of what would have worked or not during the summer of 2011, said Claus-Dietrich Lahrs, president of Hugo Boss. Before, we delivered the stores early in the season and were left to fend for themselves.Now we can better respond to sales, competition, consumer habits. "The group has already spent two to four collections a year. And spends about a third of its offering trendy products, delivered each month in the shops.

Less sale items

This revolution was made possible through a very thorough work upstream. Hugo Boss has reduced from 1300 to 300 the number of suppliers, factories with which it works worldwide. He also sorting through their collection bloated to halve the number of items offered each season. Finally, it has refined its inventory management and controls to reduce the risk of being left with unsold quantities of arms.

Result: The rate of products sold at high prices (before discounts and sales)-a key indicator of success in the fashion-jumped by at least 10%.And, therefore, the company's profits were buoyed. The gross margin rose from 50 to 59% of sales in three years and operating profitability, once 15% of sales, reached 20%.

This will delight the shareholder, the British fund Permira, which bought Hugo Boss and its parent, the Italian Valentino Fashion Group, a high price in 2007. "Permira we had set a goal of profitability by 20% in 2015, we have already achieved in 2010, welcomes Claus-Dietrich Lahrs, formerly of Dior and Cartier arrived in 2008. I think we can go beyond. "

The Exchange appreciates: the price has doubled in a year, bringing the enterprise value to 4 billion euros. After a difficult 2009, sales and profits rebounded last year. The group plans a 12% increase in turnover and 15% of the profit this year.It intends to increase its sales of 1.7 billion euros last year to 2.5 billion in 2015. "Hugo Boss seems well positioned to successfully accomplish its plan," says a study by the bank Nomura.

The acquisition debt was restructured in 2009. Four years after the takeover, Permira could extend his contract. "I would not be surprised if they wanted to wait to see the development of this potential before selling," said Claus-Dietrich Lahrs.

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Satisfecit of some and disappointment of others. If the club of wealthy G8 welcomes the progress made in official development assistance (ODA), NGOs denounce a shell game with numbers. Put on the table at the summit in Genoa in 2001, aid to Africa has been quantified in Glenaglee in 2005, which, according to the first report on accountability presented Thursday at Deauville, are almost required. Of the 50 billion promised, it only needs 1.27 billion in current dollars. Note that the G8 contributes 70% this aid, the rest of the Development Assistance Committee of OECD. "This gap represents only 2% of the initial target," the report said.While Oxfam criticizes "a whitewash" which does not account for inflation since constant dollars compared with current dollars.

In fact, according to OECD estimates, the donor has paid only 31 billion dollars, or a lack of $ 19 billion. "The promises are far from being held for Africa," said Maureen Jorand, CCFD Earth solidarity. Of the 25 billion announced, only 11 were paid. The NGOs also criticized the meager results for food security, following the commitments made at the summit of L'Aquila in July 2009 after the riots, to spend 22 billion by 2012. "To date, only 22% was actually disbursed," says Maureen Jorand.

In detail, France is the third largest contributor behind the United States and the United Kingdom.The French Minister of Cooperation, Henry Raincourt, indicated recently that French ODA rose by 52% since 2004 and is concentrated up to 55% on Africa. With 0.50% of GNI to ODA in 2010, Paris was close to the target bit by Brussels to 0.51%. Again, NGOs are challenging the scope of assistance which includes loans and home to foreign students. Knowing also that budget constraint forces, France has announced a freeze over three years. Hence the importance of innovative financing defended by Nicolas Sarkozy.

After Operation Oil cons food (Oil for Food) "designed not to starve the Iraqi people emerge from the Gulf war, Argentina has invented a new form, but lighter, clearing:" From Wine cons of Porsche. "

In Buenos Aires, the fight against the deficit of trade balance is in effect a special twist. The Government has authorized imports of Porsche country Fangio, obtaining in return compensation, dollar for dollar, the price of cars by the importer, the group Pulenta. To obtain satisfaction, this distributor is committed to export the same value in wine and olive oil as the hundreds of Porsche imported this year, about 5 payday loan.7 million.A real challenge, since the distributor will sell about 1 million bottles to meet the Argentine government.

All manufacturers of luxury cars are housed in the same boat: to sell his Audi in Argentina, the VW group is committed to export more cars manufactured in the country. As for BMW, whose cars are popular, the brand would consider implementing a motorcycle plant.

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.