International Business News

"Line of precaution and Liquidity" provides a credit of the member states to meet their emergency needs. This is one of the G20 commitments in Cannes.

The International Monetary Fund announced Tuesday, November 22 creating a new lending instrument to "break the chains of contagion" of financial and economic crises. The institution said in a statement that its board had given its green light to the "Line of precaution and liquidity" (LPL), which had been promised by the G20 at its summit in Cannes (South East of France) earlier this month. The TPA provides a credit of the member states to meet their emergency needs.It "can be used as a source of liquidity, allowing an agreement six months to meet the needs of short-term balance of payments," said the IMF.

This device replaces another established in August 2010, the precautionary credit line, which has a single member state, Macedonia. The difference is that the old line of credit was designed to be held in reserve, while the news is expected to eventually be used immediately. Countries that are eligible are the same: those with a crisis, and have sound economic policies and undertake to maintain. Executive Director of the IMF, Christine Lagarde, had said at the summit in Cannes that Italy could meet these criteria. To support this country, "the typical instrument we would use is a precautionary credit line.

The New York Stock Exchange ended Thursday up 0.31%, the Dow Jones 30 Industrial winning 35.27 points to 11,539.89.

The S & P-500, wider, took 5.43 points, or 0.45% to 1215.31.

The Nasdaq Composite Index, however, declined 5.42 points (0.21%) to 2598.62.

These data are likely to vary even slightly.

Paris and Berlin would have agreed to increase the capacity of European Financial Stability Fund (EFSF) in 1000 or 2000 billion. Paris gained 0.76%.

Despite the deterioration in the sovereign rating of Spain by Moody's, the Paris Stock Exchange was up Wednesday morning, encouraged by rumors of a Franco-German agreement on the recapitalization of banks and strengthening of the support fund in Europe. At 9:37, the CAC 40 clinching 0.76% to 3164.70 points, the German Dax gained 1.02% and 0.97% took London. Investors reacted positively to news reports on the European Financial Stability (EFSF), analysts have said Aurel BGC.

Paris and Berlin would have agreed on a plan to end the debt crisis by increasing the response capacity of the EFSF to 2,000 billion euros, against 440 billion currently, according to an article posted online by the British newspaper The Guardian. According to the Financial Times Deutschland, the German finance minister, Wolfgang Schäuble, for his part, mentioned the figure of 1.000 billion euros as the future financial capacity of the support fund.

"The important point to remember is that an agreement exists between France and Germany, which suggests significant progress this weekend," noted strategists Credit Mutuel-CIC. "However, do not expect miracle solutions that will enable us to turn the page of the crisis", they said.

Especially as the situation remains confused in the eyes of analysts.We do not have the essential piece of the puzzle, namely how the "size" of EFSF may "be increased" in 1000 or 2000 billion, and asks the broker Aurel BGC. The hope of a future strengthening of the EFSF relegated to second the blow firmly told to Spain by Moody's Investors Service on Tuesday night which lowered the country's credit rating by two notches.

According to Reuters, two senior officials of the European Union say that no agreement has yet been found. "It is naive to think we can do this kind of calculation and come up with a nice round figure of 2000 billion. It's not that simple, "said one of them.

As for values, the banking sector was up sharply, driven by any progress on the EFSF.BNP Paribas take the lead in the rating (4.21% to 31.19 euros), followed closely by Credit Agricole (2.28% to 5.03 euros) and Societe Generale (2.13% at 19 , 65 euros). Accor took 2.08% to 22.53 euros after posting a turnover of 1.62 billion euros in the third quarter, up 2.7%.

Paris Mayor Bertrand Delanoe announced Monday his intention to devote one third of the investments of the city housing next year. Housing is the recurrent problem of large cities.

One third of the total investment in the city of Paris will go to housing and 6,000 housing units will be funded in 2012, announced Monday the mayor of Paris Bertrand Delanoe in Paris with the Council in 2012 budget guidelines based on "solidarity". Before "crisis," said the mayor of Paris, the city "will intensify its efforts this year to promote solidarity and innovation."

As for 2011, "more than 2 billion euros" will be devoted to solidarity: "It is necessary to preserve and develop the diversity of Paris' Bertrand Delanoë argued, often accused by the UMP Paris to promote "most helpful and easier."

"Housing is about a third of our total investment. 6,000 housing units will be funded in 2012," Mr. Delanoë has announced. For the poor, "we will enhance our efforts to create, by 2014, 2,000 places of emergency shelter," pointing out that this type of accommodation 1700 "have already been funded." He also indicated that 940 nursery places would be funded in 2012 and the extension of the tramway to the door of the chapel is completed.

The UMP denounced the tax increases

On behalf of the UMP, Mayor Jean-Francois Legaret I found that these budget guidelines reflected "disarray" and denounced a "hype tax". "You have increased taxation in all its forms" said Mr Legaret who cited the "increasing every conceivable tax levied on Paris.""During that time, transfer taxes, which are not an adjustment value, represent an 1/7th of all revenue of the city and will likely reach one billion euro of revenue" he said .

For his part, chairman of the NC Yves Pozzo di Borgo attacked the "tax snake that chokes strangle businesses and households," and cited a study of the Paris workshop planning (APUR), which he , has "made the finding of an increasing gap in the territory with a poverty rate of 13.9%, to a regional average of 12.1%." The 2011 budget of the City of Paris in the amount of 7.7 billion euros, is the most important of all French communities.

MIPCOM, the world's audiovisual content market, ends Thursday. Again, the TV series cartonnent with chains. And for good reason, they can provide maximum profitability. Kiefer Sutherland, actor beacon of potential hit series Touch at MIPCOM 2011

NCIS, experts, or other Mentalist not familiar with the crisis. "The industry of TV series is thriving and continues to grow well. It reaps hundreds of millions of euros of turnover" provides Didier Liardet, author of twenty books on the history and evolution of the series. The international market for audiovisual and digital content Mipcom ends Thursday. Again, it confirms the success of soap operas. The key points of success.

Series account for the hearing

The series are the mainstay of the French audience, before the movies, reality TV, or even football.In 2010, nearly 70 of the 100 largest audiences were TV shows. Each episode of CSI or Mentalist includes about 8 to 10 million viewers. "Just one or two films, or some sporting events, reach this audience on a full year. While each episode of a hit, every week," Didier decrypts Liardet. The side of reality, the audience is also the rendezvous, but the level is still a notch below that of the series. Larger posters as Love is in the meadow or Koh-Lanta meet from 6 to 7 million viewers.

French soaps are not left out either. Episodes of Josephine Julie Lescaut guardian angel and still attract 6 to 7 million viewers."The problem is that the French series are struggling to grow as time slots are trustees for the U.S." finds Didier Liardet.

Worldwide, the success of the series is no less either. The U.S. always exported cartonnent (65.3 million viewers in over 100 countries for CSI). But the programs are not left out either. In Turkey, the local series As Time Goes By is a hit with 12 million viewers on average and exported "very good" according to Médiamétrie, while in China the most-watched series brings together 108 million people!

Of huge advertising revenues for the channels

Advertising revenue is the main TV series.A study by Forbes magazine, a Half Men, 24 and V reported each in ad revenue in 2009, approximately $ 3 million (over 2 million) for a half-hour broadcast, to their American chain. Knowing that a chain buys a successful episode between 100,000 and 200,000 euros profitability is there. According to the website dedicated Yata, experts have reported more than 1, 2 billion in gross revenues from 2005 to 2011 of TF1. And M6 would hit 530 million by NCIS. And "the industry has increased advertising revenues. He is doing very well" ensures Laurine Garaude, director of the division Reedmidem television, a company that organizes MIPCOM.

TV, DVD and derivatives: the winning formula for producers

And the studios producer profitability is no less either. The making of an episode costs about 1.5 to 4 million.And the series are then sold to the chains around the world. The expertsse are well sold in over 100 countries. And also the money that has strings, TV shows industry is fueled by the tremendous impact of DVD sales and products. "The derivatives market a hit series, including the United States. Caps, figurines, t-shirts, guides … Each series has its range. It works less well, however, in France. The prices are often three times higher "Didier notes Liardet. Proceeds from sales of DVDs and Blu-Ray of the "off-fiction film" retreat, however, by 3.4% year on year, but remain at 262 million euros in 2010, according to GfK.

Internet: friend or foe?

If illegal downloads are losing money to the sector, is also an internet business tool size.Several chains have already posted a video-on-demand to watch a series online for a price of about € 1.99 for an episode of Dr. House, for example. TF1 is able to join Facebook for HD episodes of series 24 hours after its U.S. broadcast on the channel at the same rate, but currency Facebook.

In addition, various games and online applications are jumping the reputation of the series. Prior to the release of Dexter, viewers can, for example, through a Facebook application, get in the shoes of the hero. And the recipe has taken: the game already involves 10 million fan! "Some series, such as the American Jericho was even stopped on the TV, then revived because they have had great success on the internet," recalls Didier Liardet.

"The growth of the Internet, social networks, new technologies, the arrival of the iPad, tablets, PDAs or digital channels … This is not a threat. It will just cause change in the sector of audiovisual content. It is the major challenge of Mipcom 2011, "Laurine Garaude advance. "The screens are fragmented and consumption patterns change. The viewer not only wants to be master of what he looks, but when and where he looks" she says. Heads-we moving towards an era where the series will be broadcast on the Internet directly, without necessarily going through the TV? Laurine Garaude ensures that the event is more than credible: "Some meetings are in the show evoke the possibility. Pilots have already been launched on the internet before TV."

Future star series

One of the major trends to emerge at the Mipcom 2011 has been the alliance between the film and TV.To attract funding and viewers, the series are more and more appeal to movie stars. The four most anticipated productions of the season in the United States are no exception to the rule.

Touch, which tells the story of a father who discovers that his autistic son is endowed with supernatural powers will soon broadcast on Fox, will be played with Kieffer Sutherland. The star of the series 24 has recently made a name for the cinema with Melancholia, Lars Von Trier, presented in May at Cannes. Smash, Steven Spielberg, is a music series in which we follow the plight of players to mount a musical about Marilyn Monroe on Broadway. It will air in February on NBC, before arriving at the TF1 fall. American actress Ashley Judd will play in an old Missing CIA spy who will try to find her son disappeared 18 years in Rome.The series will air on ABC in the United States. And M6 is already on track to acquire it. In Hell on Wheels, where the hero is a former soldier in the Civil War who seeks revenge for other soldiers who killed his family, it will also play the actress Dominique McElligott.

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.

Wolfgang Schäuble, German Finance Minister, said that Greece could not come back next year on the capital market and will need a decade to have a competitive economy.

In an interview published Saturday by the economic weekly "WirtschaftsWoche", the great financier think it is "clear that Greece will not be able to return to the capital market in 2012, as we thought in 2010."

Against the backdrop of European fears of a possible failure of Athens to its sovereign debt, the chief economist of the German insurer Allianz, Michael Heise, told German radio that restructuring ("haircut") important Debt holders of Greek government bonds would only increase the risk of contagion in the euro area.

"I do not think the time has come for a similar debt restructuring," he said in response to Greek media reports – denied by Athens Friday – a scenario for overcoming the crisis and would be a default ordered at a discount of 50% for holders of sovereign debt.

To the economist, similar scenario would create new problems and increase the risk of contagion to other countries in the euro area, which would create "a very, very serious."

The Tokyo Stock Exchange finished up 2.25% Friday, the coordinated action announced by major central banks easing fears of a credit freeze in Europe.

The Nikkei took 195.30 points to 8,864.16 and the Topix, broader, ended up 16.37 points (2.18%) to 768.13.

Financial stocks have borne the market after major central banks are expected to cooperate to provide banks with dollar loans to three months to prevent freezing of the money market which would be caused by the crisis of sovereign debt in Europe.

The debate over the possible lack of Greece and the prospect of another banking crisis are precisely the two main topics that will be addressed Friday and Saturday, European finance ministers on the occasion of an Ecofin Council again decisive.

"If the meeting is able to allay the fears of contagion from the euro area and American values ​​continue to rise, the Nikkei could rise above the 9,000 points next week," said Mitsushige Akino, manager funds at Ichiyoshi Investment Management Co.

Steve Jobs resigned Wednesday from his position as CEO of Apple, which is now occupied by his right arm Tim Cook, saying he could no longer bear the load.

"I always said if I ever came to not being able to perform my duties and obligations as CEO of Apple, I'd be the first to let you know.Unfortunately, that day has come, "he wrote in a brief letter of resignation.

This letter and a terse statement from the firm at the apple raise more questions than answers about the health of Steve Jobs and the future of society.

These questions explain that Apple stock has dropped 7% in the post-closing transactions on Wall Street and has lost nearly 6% in Frankfurt in early trade.

There are only eight short sentences in the letter of resignation from Steve Jobs addressed the board as well as fans of Apple.

"I would serve if the board deems appropriate, as chairman of the board, directors and employees," writes Steve Jobs.

THE "CREATIVITY AND INSPIRATION 'FOR TIM COOK

While this departure does not challenge the Apple's ambitious trade agenda in the short term, some question whether the firm will retain its high-tech creative beyond next year without his boss emblem.

In the press release from Apple, the independent director Art Levinson leases on behalf of the Board, "an exceptional leadership and vision" and "innumerable contributions to the success of Apple," and added that Steve Jobs continue to serve society by his "intuition, creativity and inspiration that belong to him."

The statement, which also boasts the exceptional performance of Tim Cook, says nothing about the health of Steve Jobs, who is 56 years old.

His battle against pancreatic cancer has been for years a source of concern for Apple fans, investors and the board of directors, which Steve Jobs now occupy the presidency, a new position for the high tech group.

Until now, Apple would rather have a structure consisting of two independent co-administrators.

Steve Jobs was on sick leave since Jan. 17, Tim Cook taking office on a daily basis.

He spent the day Wednesday meeting with members of the board and management's Cupertino headquarters, and has actively assume his new responsibilities, told Reuters a source close to him.

A second source said that Steve Jobs will remain on the board of Walt Disney.

Some industry experts believe that Steve Jobs made it clear he was no longer able physically to perform a function as demanding as the general direction of a company.

Steve Jobs appeared gaunt when he made a brief appearance in March to unveil the iPad 2.He then made an appearance at a dinner hosted by President Barack Obama for business leaders in Silicon Valley.

"It's really sad"

Tim Cook, a former Compaq aged 50, known for his mastery of the supply chain, has been acting at all three sick leave Steve Jobs.

"Investors are very comfortable with Tim Cook even though Jobs has been a force for innovation and an obvious success of Apple.Tim has shown that Apple could still outperform extremely well when he was interim CEO, "said Shannon Cross, analyst at Cross Research.

For a boss in Silicon Valley told Reuters the letter from Steve Jobs indicated that his condition could be worse than what is known publicly. "It's really sad," he said, wishing to remain anonymous. "No one sees this as a professional issue but a human issue. No one believes that Steve retires because he simply does not want to lead Apple."

In particular, the new sensation in Asia, where many are based suppliers and competitors to Apple. Samsung Electronics, a supplier of chips for Apple but also on its rival smartphones and tablets, has gained 2.4% on the stock market.Sony, Apple defeated by the segment of players, took 2.07%.

Oncologists surveyed who did not participate in medical care given to Steve Jobs, said it was likely many complications of a rare form of pancreatic cancer he had and the liver transplant that followed. They cited a hormonal imbalance or relapse even more difficult to treat the patient is weakened.

France rejects currently a Swiss proposal to tax the assets of French citizens hidden in Switzerland on the model of a recently concluded agreement with Germany, a source said Thursday the Department of Budget.

Germany and Switzerland have in fact agreed to implement a tax on assets held by Germans in secret accounts in Switzerland.A similar agreement is about to be concluded with Great Britain and could be considered by other countries of the European Union.

Paris, which seeks to substantially reduce its budget deficit, estimated not to be able to accept such an agreement at this time.

"We see what our European partners and we study the compatibility of this proposal with our principles," said the source.

According to Le Monde, which was the first to reveal that France has declined this proposal, Paris considered that it amounted to drop the charges against the tax evaders and therefore it was inconsistent with the policy in recent years.

According to the agreement with Berlin, the existing assets in Switzerland and held by the Germans will be taxed between 19% and 34%, in particular according to the duration of concealment of assets.

The French government and parliamentarians are working to define an exceptional contribution of the wealthiest French next year to fill a small part of the budget deficit.