And yet, the French professional clubs we were accustomed to much better in recent years. "This deficit is due more to a sharp decline in revenue related to shipments by a sharp increase in spending that we had already seen last year," said Vincent warmShe expert sports Ineum Consulting.Today, the situation is simple, both for small than for large clubs: he must sell players first and then build his team. This is far from easy. Why?

Spanish and English clubs are more buyers

Their main "clients", English and Spanish clubs, bear the brunt of the economic crisis and could not like each year to buy the best French players. And unlike like the French clubs do not hesitate to buy great players, the calculation is done quickly. "This deficit is a matter of timing. French football is constantly lagging behind the economic cycle.The French clubs have spent much of last year through the renegotiation of TV contracts in 2006, and the establishment of the right to collective image (which exempts a portion of payroll taxes to pay athletes, can not exceed 30% of the total, Ed), whose clubs n (were really benefit in 2009, "said Vincent warmShe.

Although we are far from 800 million euros of debt the English club Chelsea in January erased by its Russian owner Roman Abramovich. But the fact that this ad is not necessarily good news when we know that UEFA is planning to launch its draft financial fair play in UEFA's two years at the initiative of … France. Thus, from the 2012-2013 season, clubs will no longer spend more than they earn.Again, the French clubs are not the worst placed in terms of expenditure, but in terms of income, they are far from being the first …

If one were to summarize the 2010 summer transfer window, we would call dull. Like any economic activity, football suffers from the crisis. Marseille and Lyon have already purchased a lot last year and Paris and Bordeaux have had a sporting season 2009-2010 more than complicated. Thus, the OM has bought Andre-Pierre Gignac and Loic Remy because they sold Mamadou Niang (at Turkish club Fenerbahce) and lent Hatem Ben Arfa (at English club Newcastle).

Aulas has made "a little fun"

What about Lyon? Until the "little pleasure" that became Jean-Michel Aulas, the Lyon president of purchasing Yoann Gourcuff for $ 22 million last Tuesday, the club Lyon had previously spent only 6 million euros with the former Rennes Jimmy Briand.Far from 82 million spent a year earlier. "Unlike the big Italian clubs, English or Spanish, French clubs can not afford a repeat of" such "transfer window several times. The DNCG requires them to control their spending. And when the crisis gets involved … "Says one expert.

Last year like this year, Lyon as Marseille have sold less and less purchased. But the fact remains the same: they have spent more than sold. The OL has purchased $ 28 million and sold for 3 million in summer 2010 transfer window (82 million against 45.5 million in the transfer window in 2009). For the OM, the losses amount to 13 million euros in the summer 2010 transfer window (about 23 million euros in the transfer window in 2009). For their part, had to sell Gourcuff Bordeaux to balance its accounts and finally Paris Saint Germain all the trouble to sell his "big bucks" to be able to buy a defender. The crisis affects everyone.Relatively speaking …

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The explanations are manifold, since by definition, when the exchange rate Euro / Dollar rises, it may come from a strong euro, but also a weaker dollar. In this case, currently, the two factors at play.

The euro rises

First, the rise of the euro reflects a growing confidence in Europe.If the euro has fallen more than 20% in less than six months, overwhelmed by the problems of sovereign debt, Greek, Portuguese, Spanish, Irish, etc.. Have even questioned the existence of the euro, European currency recovers while the EU has proven, with the IMF, she was desperate to save a member of the bankruptcy, and it would be tough on states to put in stringent budgetary policies.

The renewed confidence is also bolstered in recent weeks by a series of rather positive economic statistics in Europe. Especially in Germany.

The dollar drops

On the other hand, the dollar decline. First, the inverse relationship between changes in U.S. equity markets and the greenback continues to hold. But Wall Street has recovered well in July (7.18% on the month for the Dow Jones) and the month of August has begun.In reality, investors are becoming more appetite for risk and sell the dollar in favor of assets or currencies more risky.

On the other hand, the economic statistics on U.S. rather disappointed and shed doubt on the strength of the recovery across the Atlantic. Good reasons to abandon the dollar.

The yen is at its highest in fifteen years

The weaker dollar also largely explains the surge in the yen, which reached a higher Wednesday since April 1985. What open competitive Japanese companies, including the key word for success is export.

For three months, the dollar has lost 9.48% against the yen. A worrying trend: according to calculations by the OECD, a 10% appreciation of the yen would cut growth by 0.2 percentage points in the first year and 0.4 the second and third year."The impact is not significant when the forecast is 2-3% growth per annum over the next two years," relativized in a note Takuji Okubo, senior economist at Societe Generale IPC.

According to Raymond Van der Putten, Japan specialist at BNP Paribas, "the yen's appreciation is mainly due to poor growth expectations in the United States."

IN BRIEF – Australian dollar and sterling

The doubling of the surplus balance of trade of Australia and its implications for sustained economic growth, has rekindled hopes of a future market for new rate hike by the Australian central bank, providing support this morning the Australian dollar.

In the United Kingdom, the earnings published by the UK banks have supported the pound sterling, which reached a high of six months against the U.S. dollar.

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The issuance volume of prepaid titles, the key measures for the sector, up by 7.5% to 6.615 billion euros in the first half, in line with the annual target growth of 6% to 14% in the medium term set by the group.

The activity was led by Latin America region, which posts revenue up 4.9% to 181 million euros. "The strong growth in operational activity in Latin America offsets an economic environment still difficult in Europe," notes the group.This region is indeed a cash decrease of 5.3% to 79 million euros over the same period.

The turnover of the financial group fell from 25.6% to 39 million euros, weighed down by "the low level of interest rates," according Edenred.

Chouchou brokers

Edenred, which develops on land Sodexo, Compass Group or Mastercard and Visa, should still jump on the stock exchange after advertising 100% free credit report. Introduced last July 2 at a reference price of 11.40 euros, still have won titles this Monday 1.37% to 13.30 euros, giving a market capitalization of around three billion euros.

The new entity has the benefit of brokers. Most recently, Goldman Sachs who recommends buying the title with a target price of 18 euros."Edenred should long-term growth and profitability linkage, analysts also noted the CM-CIC Securities. The broker Aurel bgc, hailed for its part "the potential for development" on the market for vouchers.

For the second half, Edenred does not change in sight. "It follows the same trend. In Europe, we do not see the restart of employment, which is a trigger of our volumes, "said CEO Jacques Stern during a conference call.

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Rigor

The word is out. Against all odds and for the first time, François Fillon spoke of the "rigor" to describe the economic policy of France. Boasting to an audience of Japanese businessmen, austerity measures launched by Paris, the Prime Minister said: "In every state budgets, the only one who is not subject to discipline, that is the budget of Higher Education and Research. Until now, the executive refused to fully use the term "hardship" may be too unpopular with the French.The economy minister, Christine Lagarde, recently described the French policy of policy of "ri-lance, a neologism describing a mixture of" rigor "and" revival ".

France has pledged to save 100 billion euros by 2013 to reduce its deficit. For now, the government relies on its growth forecasts to find half the sum. Otherwise, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and only slightly increase health spending. The state should also remove the tax loopholes and create a new tax on the wealthiest to raise 3.7 billion euros.

In Japan, the country's debt is colossal. The International Monetary Fund press and the country to reduce its deficit.However, there are uncertainties about the government's austerity policy, weakened by his recent defeat in the Senate elections.

The euro and yen to each currency's problem

And the Prime Minister was not content to praise the austerity policy of France, he also invited Japanese investors not to "turn away from the euro payday loans. He also promised that the EU would emerge "stronger" of the economic and financial crisis. It must be said that the disallowance of Nippon contractors for the euro area is growing. Proof is the recent A japponais Nikkei business daily, the 30% decline in investment in the euro countries during the first half of 2010. The concerns of the market seem to disappear on the Old Continent.The success of recent debt issuance in the euro area and witnessed the rise of the euro against the greenback, which is currently processing over $ 1.29.

In contrast to the euro, the yen continues to strengthen against the greenback. It operates at its highest level this year against the dollar, to 87.3 yen against the dollar.

Mitsubishi and Areva

At the industrial level, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries (MHI) in the capital of nuclear group Areva. The Prime Minister has expressed his desire to "see strengthened the association between Areva and Mitsubishi for the particular realization of a new reactor, the reactor TTY. MHI and Areva have forged various partnerships, including establishing a joint venture, TDD, a developer of nuclear reactors of medium power.

Mitsubishi Heavy Industries does not hide its ambition to grow the European market nuclear pressurized water reactors. Nuclear is not the only area in France to attract companies Nippon. In 2008, France has 450 Japanese companies employing nearly 57,000 people.

On its website, the union of the waters of Ile-de-France (SEDIF), explained that the tax price per cubic meter fall under the responsibility of end December 2010 from 1.75 to 1.51 euros or 1.41 euros , following the return or not nine municipalities in the SEDIF. A decrease of at least 14% plus taxes, which amounts to 6% taxes, according to Le Parisien on Friday.

The new contract also provides for the creation of a multi-rate habitat option that will allow residents of an apartment building to "benefit from rates close to those living in individual homes. The union figure to 19 cents per cubic meter of savings for consumption of 180 cubic meters.In return, the affected households will pay a quarterly subscription of 5.72 euros on 1 January 2011.

Other measures under the contract, an amount of 2.5 million euros devoted to households in difficulty should be established. 1% of revenue from water sales will be allocated according to the statement from Veolia. Tariff escalation in the volume of water consumed should also be introduced.

A highly concentrated market

According to André Santini, President of SEDIF and deputy mayor of Issy-les-Moulineaux, is "the price" that made the difference in the manager's choice of water in the Ile-de-France for the next twelve years. For this mega-contract that represents a combined turnover of around 3 billion euros, the offer of Suez Environment has been ruled out from the month of May in favor of Veolia Environment.Leading distributor of water in France, with 24.6 million users, Veolia is already holder of the Paris agreement since 1923 and is now committed until 2022.

Lack of competition in the market for water distribution in France is regularly singled out by the Competition Council. Some cities are returned to management in public ownership (without going through a private company), as Paris at the beginning of the year. Yet, according SEDIF is "the direct competition between candidates" who has achieved this "significant decline" in prices.

However, the issue of price allow the investor indifferent. At the Paris Stock Exchange shortly after 9:30 am, the title Veolia Environnement rose 0.46% to 20.955 euros on a market up 0.44%.

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The agency explains reflect the strong upward revision of the volume of oil spills every day in the Gulf of Mexico, the persistent failure to seal the well and the staggering costs associated with damage from the disaster."The oil spill will have a lasting negative impact on cash flow generation of the company and its financial position for a number of years," the agency said in a note.

Moody's believes that the creation of a fund by BP of estimates of 20 billion dollars to compensate victims of the disaster is "a moderately positive development": the pressure of U.S. government could indeed become more flexible but the substance is in no If an expenditure ceiling of BP.

The agency states that all notes of the group remains under surveillance.

The three rating agencies have become so degraded the note of the oil company is the largest British company listed on the London Stock Exchange.Last week, Fitch downgraded BP six notches, to BBB (cons AA), Thursday, Standard & Poor's downgraded two notches, from A to AA-.

Nevertheless, BP wins the title at 2.45% 368.50 pence shortly before 15:30 at the London Stock Exchange. In New York, where the group is also listed, the share was up 3.12% to 32.70 dollars.

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"Oil slick: Obama promises to pay for the damage to BP

"BP is surrounded to avoid bankruptcy or a hostile takeover

Why? Because they fear being punished by the stock market investors, who watch carefully the amounts of debts and, thus, the risk levels of a bank. And also because they fear that the ratings agencies are reviewing their notes down overnight pay day loans. What would frighten investors Exchange.

In fact, between two publications, the debts are upgraded in the accounts.In the end, nothing illegal, writes the WSJ Online, which emphasizes that while some complained of the banks confirmed this tinkering, representatives of Goldman Sachs, Morgan Stanley, JP Morgan Chase and Citigroup, have made no comment.

The spokesman for Bank of America has however stressed that "efforts made to manage our balance sheet size are suitable, and these strategies are compatible with the rules and accounting standards.

Moreover, Nicolas Sarkozy has argued that the EU should "assume that the productivity of its business" and the development of its uses should not be on the bottom of unfair competition.

On this last point, it must, according to the head of the French state, "simple principles and common sense, without which living together is not possible."Remarks that echo those of Christine Lagarde, set mid-March to Finanial Times.La Economy Minister had expressed doubts on the German model, very competitive, but at the expense of the rest of Europe, which has yet need for "greater convergence cash till payday .

Nicolas Sarkozy intends to "continue the reforms" and "continue to reduce (our) labor costs and investment" and refuses any new tax increase. "

All to save the CAP

A crisis in Europe? Nicolas Sarkozy did not say no, if it saves the Common Agricultural Policy (CAP).The Head of State said refuse "to accept the dismantling of the common agricultural policy and leave the speculation fix erratic agricultural prices that would not allow our farmers to make a decent living from the fruit of their labor."

At the Salon of Agriculture, where he held a round table – a first – with all unions representing agriculture, the President proposed 800 million euros of additional loans, and 50 million more in cuts financial costs for the old loans.

At the close, the Dow Jones, Nasdaq 100 and S & P 500 climbed 0.11%, respectively, to 10,564 points, from 0.36% to 2341 points and 0.17% to 1,140 points. Cisco's announcement boosted the Nasdaq, which connects the tenth consecutive increase.

There is exactly one year, March 9, 2009, the major stock indexes have hit a "low point". Since the S & P 500 has started the largest rally in history. In one year, the U.S. index has increased by almost 70%!

The next U.S. statistics are expected tomorrow with the traditional weekly report on unemployment.Weekly Market in the United States, will then be placed under the sign consumer. The two major economic indicators this week, published Friday, will be the sales details for the month of February and the preliminary estimate of consumer confidence.

Oil prices retreated Tuesday in New York, a barrel of reference giving 38 cents to 81.49 dollars, penalized by the strengthening of the dollar.

Cisco will revolutionize Internet

The values listed, Cisco Systems (the balance at the close at 26.13 dollars) today announced a new bid to speed internet connections bad credit payday advance .Analysts said the group could announce as Google, investments in new broadband network.

In the wake of this news, AT & T, a major customer of Cisco rose 1.15% to 25.57 dollars, and Apple rose 1.8% to 223.02 dollars.

Also in the technology sector, the U.S. manufacturer of electronic components, Texas Instruments (2.27% to 24.13 dollars) has revised upward its earnings forecast for the first quarter.

AIG has flown Boeing format

AIG. The shares jumped 13% in session amid optimism (+11.9% at closing): investors reacting to efforts by the insurer to sell its assets and repay billions of dollars to the state shareholders to 80%. The group published a series of announcement that it will bring back some 25 billion dollars in cash in his accounts.

Same with Citigroup, which soared 7.58% to 3.83 dollars. Fannie Mae and Freddie Mac have also grown strongly, respectively 10 and 11% during the session.

After the withdrawal of EADS and its U.S. partner Northrop's tanker contract to the Pentagon, whose first installment is only valued at 35 billion dollars, Boeing remains alone lice.Les Boeing shares advanced 0.82 % to 67.79 dollars and Northrop Grumman declined him, from 0.25% to $ 64.

UAL shares have appreciated by 3.6% (18,16 dollars) after announcing profits in February increased by 17% in one year.

Emirates has increased its frequency this year in Nice and open lines on Amsterdam, Madrid and Prague, Qatar Airways has launched Barcelona and has strengthened Paris, Athens and Madrid; Ethiad has multiplied its rotations on Dublin, Frankfurt and Athens.

Meanwhile, 12 new international destinations outside Europe appeared in the list of three companies of the Gulf, including Tokyo, Seoul, Melbourne, Goa and Bangalore.To go to Japan, a client of Lufthansa or Air France has a choice between going through Paris or Frankfurt and transit through Dubai or Abu Dhabi.

In this battle, Gulf companies have strong points to make: their hubs have the best possible geographical position between the U.S. and Asia, and have unit costs of staff 50% lower than those of Air France, Lufthansa and British Airways. "They also have a very good product recognizes a part of an EU airline. They all have strengths to further participate in industry growth than we are. "

Orders for Airbus A380 should also provide them with an armada of large aircraft instant payday loan .While Air France and Lufthansa 27 total orders for the new jumbo Airbus, the three companies in the Gulf will eventually 72.

Competitors very annoying

The subject is considered sensitive by European airlines. It has even been mentioned before Tuesday elected staff at the surveillance committee of the CCE Air France. Lufthansa said that its offer seat on intercontinental flights the group should grow by 4% from 2009 to 2012, against 12% for companies in the Gulf.

These competitors are now considered more annoying than low-costs addressing some profitable lines. This time, it is a battle between European airports to those in the Gulf."For now, we have a better mesh of Europe they, believes the framework of an EU airline, but they are very difficult to prevent, where they arrive."

This competition, hitherto confined to flights to Asia and the United States extends to Africa, far backyard of Air France and Lufthansa. Emirates already offers 16 destinations in Africa, 7 Etihad and Qatar Airways 13. "Gulf companies are even more threatening than their owners are not obsessed with profitability, said a European competitor. They invest a lot and are a showcase for the UAE. "