International Business News

On the eve of the 51th Paris Boat Show, the uncertainty is set at the manufacturers of pleasure boats in 2012, the sovereign debt crisis with little visibility, while the water sports market has improved slightly in 2010 / 2011.

French production increased 11% between September 2010 and August 2011, compared to the same period in 2009/2010, while the world market has increased slightly from 0% to 3%, said the Federation of Nautical Industries ( FIN).

"We are in a somewhat unique because our customers are there, the practice is growing, but at the same time we are in a period when accumulated outside the marine industry factors of concern," said Yves Lyon Caen, Vice President and President of the END of the supervisory board of Beneteau.

"The day there will be a release of the brakes, mainly psychological, the industry will rebound very important," he pointed out, however.

The rate of exports is 67% in 2010/2011, against 63.2% a year earlier.

As the name suggests, fast loans give you access to instant cash for meeting your urgent monetary needs. With the recent global recession plunging people into oceans of debts and unemployment, they are always in need of borrowing money to make their ends meet.

U.S. GDP grew by 2.5% in the third quarter, annualized. This level was accelerated by the rise in household consumption and private investment. Barack Obama at the press conference on July 15, 2011 on U.S. debt

GDP figures published Thursday in the United States show a marked improvement in U.S. growth and suggest a strengthening of the recovery, indispensable prelude to a decrease of mass unemployment affecting the country. The first estimate of Commerce, the U.S. domestic product grew in the third quarter from 2.5% annualized over the second. The number of government reflects a significant improvement over the spring which saw growth rise to 1.3% after falling 0.4% recorded in the first quarter.

The period July to September is the best quarter of the U.S. economy since the summer of 2010. The ministry said the growth was driven by the acceleration of private consumption and private investment excluding housing, which combined made up 3.3 point rise in GDP. The main obstacle to the improvement of gross domestic product was slowing, very strong, the increase in business inventories, which lost 1.1 points of growth.

Peter Newland, economist at Barclays Capital, the sharp change in stocks of summer is "a sign that companies have responded quickly to the weakness of domestic demand in the first half, and it is unlikely that [the slowdown in output stored] is repeated in the fourth quarter. "

UBS has announced that the two co-directors of its business activities had resigned Wednesday, and that other employees could suffer the same fate after massive loss recorded last month by the bank due to unauthorized transactions.

Francois Gouws and Yassine Bouhara resigned in assuming full responsibility for the management of business activities, UBS said.

"In addition, appropriate disciplinary procedures will be taken against individuals other activities as a result of actions indicent," said the Swiss bank.

A source reported that eight other employees were involved in these proceedings.

Mike Stewart, who has just joined UBS from Merrill Lynch Bank of America, will become the only leader of the bank's equities business, a position he held previously at BofA.

The three main French banks signed Wednesday in mid-session the worst stock market performance of the European banking sector, some operators are continuing to worry about their access to liquidity despite the increase in denials.

At 12:45, while European bank index fell slightly by 0.56%, BNP Paribas, Credit Agricole and Societe Generale dropping 5.58%, 2.91% and 2.57% respectively.

Some analysts explain the sudden drop in BNP Paribas by the fact that it had best withstood the market turmoil of recent weeks, the course has not, unlike its two competitors, its lowest market in 2009.

For BNP Paribas, which is currently rated at nearly 24 euros, the lowest in 2009 had been hit in January to 20.08 euros.

Christophe Nijdam, an analyst covering the banking sector in Alpha Value, says that fears about the liquidity burden on French banks and the various interventions of politicians and industry have failed to appease the spirits.

Frédéric Oudéa, CEO of Societe Generale and president of the French Banking Federation (FBF), said Wednesday in an interview with Le Figaro, that the situation was "under control" in French banks' liquidity.

"In addition, information Tuesday on fears of withdrawal of deposit of large companies can have a snowball effect," added Christopher Nijdam.

The German group Siemens has withdrawn funds beginning in July of Societe Generale, a source told Reuters that it was due to the underperformance of its investment, but the news was interpreted by some in the market as indicative of the financial health of the bank.

"Foreign investors will not touch these actions (BNP Paribas and Societe Generale) because they are afraid that there are skeletons in the closets of these banks," commented one Paris trader, adding that in his opinion such fears are "totally unfounded".

The decision of Standard & Poor's to lower the sovereign rating of Italy, although it was expected by the markets, also helped fuel the fears of contagion from the crisis of debt in the euro area.

Roselyne Bachelot argues that this reform is not canceled, despite the proximity of the presidential election. A retirement home in Paris in July 2006.

Roselyne Bachelot, Minister of Solidarity and Social Cohesion, said that reforming the financing of dependence "is not canceled, the deadline," in an interview published Friday by Liberation.

"This reform will, I repeat: it is not canceled, the deadline," the minister stressed, explaining that "the global financial crisis we face prevents us, for now, to implement a massive funding for years to come. "

Ms. Bachelot said "a new point will be made in early 2012," but by then, "policy towards the elderly does not stop. We are mobilized, the government continues to act," says does in this interview.

"Every year we create 7,500 extra places in nursing homes. And this effort will increase in 2012," she promises.

However, questioned the immediate need for one billion euros for the departments in charge of dependency, the minister replies that "we must adapt our systems" and that it is possible to provide "more information" and that "structures of respite, but also the structures of days" to families who request this.

The rating agency Standard & Poor's reaffirms its trust in "AAA" of France. The opportunity to understand the links in a few risks to the note light, and challenged the role of rating agencies. This Thursday, August 18, Standard & Poor's is confident the triple A of France

Standard & Poor's is confident the triple A of France The rating agency expressed "confidence" in the ability of France to maintain its optimum rating "AAA". The president of the rating agency for the French-speaking Europe Carole Sirou said Thursday on RTL radio that "the note of France is" AAA "stable, it is the case since 1975." Asked about rumors of Degrate the French note that shook financial markets last August 10, she declined to comment.August 8, John Chambers, chairman of the state rating of S & P reaffirmed that France had a "well-designed fiscal policy" which justified its "AAA" rating with positive outlook "stable".

Read the interview with Carole Sirou, president of Standard & Poor's, on RTL: "We are confident about the AAA rating of France."

The Triple A of France inquièteMalgré assurances from the rating agencies, who denied rumors of degradation of the note of the Hexagon, the concern remains. "The ratio of debt / GDP ratio is approaching the danger zone, said Jean-Christophe Caffet, economist at Natixis. It is not yet in the red but already in the orange." The rating agencies scrutinize closely the social spending of France. Second weakness, the lack of French growth, which does not pay interest on public debt.And the slowdown could continue. The expected growth in 2012 would not exceed 0.2%.

Read also: The anguish of the triple A of France

Why persistentPremière doubts because in the circle of countries stamped "AAA", France shows the worst budget ratios. Its deficit to 7% of GDP, above the level of other countries rated in the euro area. In addition, the primary deficit (excluding debt burden) is twice as high (3% of GDP) than its neighbors. From there to suggest that the hexagon is at the forefront of the next breakdown … Second reason, the commitments to reduce the deficit of France are struggling to convince. With growth low and, consequently, lower tax revenues, the country will have to make efforts for additional savings for deficit reduction.But in a report published mid-June, the Court of Auditors considers that "the effort goes beyond the measures that have already been taken." Removing more than expected tax loopholes, tax on very high incomes, increased taxation of life insurance, all measures envisaged by the Government, which will result in tax increases in 2012. Unless these measures to reduce the deficit does the cost of the presidential campaign. In 2007, Nicolas Sarkozy has loudly proclaimed that he was not elected to raise taxes …

See also: Why France worries markets

Rating agencies, the oracles marchésPour Gunther Capelle-Blancard, deputy director of CEPII, in times of great uncertainty about the economic outlook, financial markets are among the rating agencies the information readable and easy to interpret.These new oracles, act as aggravating factors of the crisis. They sow or exacerbate panic. Over the past 15 years, they never alert the warning signs of a crisis. Neither the failure of South American states in the 80 or the subprime crisis, nor that of the Greek debt in 2009. What to doubt their credibility. However, legislators and regulators have raised finance rating agencies to the level of ultimate reference. Difficult to deny that they have become essential because they illuminate the investors on the creditworthiness of the borrower. But to limit their destabilizing effects, detoxification is necessary, according to Gunther Capelle-Blancard. To limit their influence, they should be separate texts that regulate international finance, so that the rating agencies become mere sources of information among others.

See also: "You have to detoxify the rating agencies"

Dagong, rating agency alternative? According to the criteria of the Chinese agency Dagong Global Credit Rating, neither the U.S. nor the UK or France deserve the highest rating. Criticized for its dependence on the Chinese government, the agency presided over by Guan Jianzhong, at least has the merit of representing a creditor country, when the three major agencies, Standard & Poor's, Moody's and Fitch are from debtor countries. With public debt ratio of 96% for the United States, 83% for the UK and 85% for France in 2011, difficult to challenge their degradation. Dagong aggréée was not in the U.S., it has no influence on the markets. Yet there are voices calling for alternatives analysis grids.Thus, Norbert Gaillard, specialist and consultant ratings for the World Bank, like the arrival of players offering "different angles of analysis."

Read also: The rating agency Is China too hard on the West?

Also: Financial analysis: the troublemakers of the rating

The president of the association of German exporters (BGA) Monday urged the leaders of Germany and France to agree on the creation of common bonds in the euro area at the bilateral summit planned Tuesday in Paris.

In an interview with Reuters, the head of the BGA Anton Boerner said that without the "Eurobonds", as Berlin refused so far, there was a risk that the debt crisis in Europe leads to a global depression.

"We need to show markets that we are ready to use the right tools, that is to say Eurobonds signed by Germany," he said.

"We need Eurobonds under strict conditions," he added, mentioning the introduction of "golden rules" budget in the constitutions of all countries in the euro area.

"We need it, and we need it quickly," he said Anton Boerner, who called for the issuance of these common bonds of unlimited volume.

Citing unidentified sources, the German daily Die Welt reported this weekend that the German government began to consider the idea, but senior ministers of the government of Angela Merkel agreed that the time was not ripe for think about it.

Chancellor Angela Merkel will meet Tuesday in Paris President Nicolas Sarkozy for making "joint proposals on the reform of the governance of the euro area before the end of the summer."

Taxing the sale of cannabis at the same level as tobacco yield over a billion euros to the state, says economist Peter Kopp in an interview to Le Monde. If marijuana were taxed like tobacco, the French state will reap over a billion euros in revenues by Pierre Kopp

If marijuana were taxed like tobacco, the French state will reap over a billion euros in tax revenue, said in an interview to Le Monde dated August 2, economist Pierre Kopp.

"The state continues to spend around 300 million euros a year to challenge about 80,000 people, without having a drastic effect on consumption, which stabilized at a high level," said he.

Legalize the sale and consumption of cannabis could save the $ 300 million and to fund prevention surout."Legalize not lead to an explosion in consumption if the fee fixed by the state for maintaining the current price (about 5.50 euros per gram)," said Peter Kopp also.

JCDecaux announced Friday a lower growth of its sales in the second quarter, hit by the difficulties of the countries of southern Europe and the bases of comparison difficult.

World number one outdoor advertising company in front of the U.S. Clear Channel Outdoor has said it expects a stabilization in the third quarter, with growth of the same order as the previous three months.

The French in the second quarter generated a turnover of 634.7 million euros, representing organic growth of 4.3% from 7.8% in the first three months of the year.

This figure, higher than the 4% target announced by the group, however, appears below market expectations which projected 4.6%, according to estimates by nine analysts.

Referring comparison bases demanding (11.3% in the second quarter of 2010), the group warned that its economy is slowing in the second quarter as its competitors Omnicom and Publicis have seen their growth accelerate over the period.

In the first half, JCDecaux has posted a turnover of 1.17 billion, in line with market expectations, representing organic growth of 5.8%.

The action has opened up 1.4% to 19.47 euros.It was down 15.4% since the beginning of the year against a decline of 8.3% of the European sector index.

DISPLAY AT THE PENALTY

"While concerns remain about the economic outlook in the short term, we are confident in our ability to generate solid growth in our business," it said in a statement Jean-Francois Decaux, CEO and Co-CEO .

JCDecaux has signed a significant increase in revenues in the Asia-Pacific and "Rest of the World" (respectively 19.8% and 31.4%) which was however overshadowed by a slowdown in the UK and France and persistent problems in Southern Europe.

The group's operating margin stood at 260 million for a rate of 22.2%, unchanged from the first half of 2010.The market expected a slight improvement with a margin of 268 million for a rate of 22.8%.

The margin was mainly impacted by the activity of display that saw the decline in sales accelerated in the second quarter to -4.9% after -2.1% over the first three months of the years.

The transport division, however, maintained a high growth rate, signing an increase of 16.9% in the first half, while the furniture, the first division in terms of revenues, rose a moderate 2.4% .

JCDecaux has reduced its debt to 264.2 million against 358.8 million at end-December and has a cash flow of 106.9 million euros.

The group has openly expressed interest in CBS Outdoor, a subsidiary of the American CBS, in order to strengthen its presence in the United States.

"So far, nothing has changed", however, said Jean-Charles Decaux, co-CEO of BFM Business.

L'Oreal said Tuesday sales rose only 0.9% restricted to the second quarter due to lower sales in North America and Eastern Europe.

The world of cosmetics, owner of L'Oréal Paris, Garnier, Lancome, Armani and Yves Saint Laurent Beauté, saw its sales totaling 4.99 billion euros.

On a comparable basis, sales growth was 4.6%, marking time compared to 5.8% in the first quarter, and falling well below expectations of analysts on average expected organic growth included between 5.5% and 6.0%.

The group, which does not give a forecast for the full year, confirms just be confident in its ability to outperform the global market for cosmetics in 2011 and advance sales as its results.

In April, it estimated global growth of the market between 3% and 4%.

L'Oreal has enjoyed a very strong dynamic of its luxury products division (+9.5% on a comparable basis), while sales of consumer products have signed up 4.0% and those of professional products (for hair salons) were limited to 1.2%, as are the products of "cosmetic active", sold in pharmacies and drug stores.

Emerging markets (35% of sales) have once again taken up (8.6%), but with a marked against performance-Eastern Europe, where sales fell by 5 , 4% on a comparable basis.

In North America, sales rose 4.4% on a comparable basis, while they have gleaned only 1.2% in Western Europe, which accounts for 37% of revenues and more than 50% of operating profit of the group, a weakness which raises questions about the evolution of margins.