Business World |

The "Jasmine Revolution" made him one of his symbols in the Maghreb, but for the Tunisian Salafists, it is now down to the media. However, Nessma, the first Tunisian private channel present in the Maghreb and available via satellite to 90 million people, has every intention on Sunday, play an important role during the first free elections in Tunisia. The staff of the chain refines his election night and will also take the opportunity to offer its viewers a brand new news.A symbol for the general channel, leading audiences in Tunisia and one of the most watched in other countries such as Algeria, Morocco and Libya.

The purpose of the chain is to offer a model that does not really exist in the Arab world: a general close to French and Italian models, including M6, TF1 and Canale 5, that is to say, entirely financed by private funds. The channel aims to break the hegemony of the operators in the Gulf as al-Jazeera or Al Arabiya. Founded in 2008 by brothers Nabil Karoui and Ghazi, the Italian media group Mediaset and businessman Tarak Ben Ammar, she was baptized in a prescient Nessma (the breeze, in Arabic). She now wants to surf the huge popularity that she raised 30 December 2010.It was the first media to dare criticize the regime deben Ali, and to support the "revolution of Jasmin", before calling a return to calm the population payday loan lenders.

Dissemination of "Persepolis"

The elections are for Tunisian Nessma "the birth of a certain editorial line," young, free and modern. "Nessma belongs to everyone, says one of its shareholders, businessman Tarak Ben Ammar, to all those who look at those who make it, and finally to all the political forces that are TODAY 'Today, in the presence to elect the Constituent Assembly that will work with the Constitution of our country.As such, Nessma deal with all of the coalition, including Ennahba with the moderate Islamic party, if elected democratically and if, as he said, condemning the violence and fighting for the freedom of expression and the achievements of Tunisian women. "

But the chain Nessma is in the firing line of radical movements. Last week, the Salafists protested against the chain, burning cars of its leaders and the house of its chief executive, Nebil Karoui. At the root of this conflict is the dissemination of Persepolis, the film of Iranian director Marjane Satrapi. Although awarded at festivals in Cannes or Abu Dhabi as well that of Carthage, the film was exposed on all screens in the Arab world. But its distribution in the midst of Nessma election and Tunisian dialect, so accessible to as many people, set fire to the powder.

The U.S. stock markets have opened up slightly on Thursday. The Dow Jones ceded piointse 11495 0.08% and the Nasdaq 0.26% to 2597 points. The session should be again marked by rumors coming negotiations between the Europeans. This uncertainty should urge caution, especially as the latest results of companies from the United States are often disappointing and does not encourage optimism. Yesterday, Wall Street took a break.

Investors are in effect suspended the decisions that should be taken after the EU summit to be held this Sunday. Before this appointment crucial for the future of the euro area, policy-makers of the Old Continent has already promised that a solution to the crisis would be found.

Meanwhile, last minute negotiations are increasing.According to Reuters, citing a paper, "e European Financial Stability Fund (EFSF), will be able to buy bonds on the secondary market" if the countries in the euro area concerned so requests and obtain agreement European authorities.

Following the publication of this document, the euro hit a session high of 1.3838 against the dollar, the European stock markets have erased much of their losses and future on the major indexes on Wall Street resumed a little high. Expanding the powers of the EFSF and increasing its firepower at the heart of the plan for resolving the debt crisis in the euro area. The European Council of Sunday should be an opportunity to specify the details of how the EFSF will be used.

Wednesday, Nicolas Sarkozy traveled to Frankfurt to urgently resolve differences directly with France and Germany Angela Merkel.No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.

The Beige Book calls for caution

On Wall Street, the report of conditions in the U.S. central bank (Beige Book) yesterday also a moment of caution.The information gathered by the regional branches of the Fed indicate that overall economic activity rose slightly in September but they also point out that corporate earnings have not improved payday advance.

Finally Moody's said Wednesday night that lowered the rating by one notch from five major Spanish banks, following its decision to degrade the sovereign rating of that country.

Chapter macroeconomic across the Atlantic, weekly claims for unemployment benefits will be published 16 hours as well as sales of existing homes in September and the composite indicator of the economy.Activity in the Philadelphia area in October, which often appears an early indication of economic conditions in the United States, will also be unveiled in 16 hours.

New salvo of results

A Wall Street investors dissect a new salvo of results.

After the close of Wall Street, American Express has released the third quarter earnings of $ 1.24 billion, a net income per share of $ 1.03 against $ 0.96 expected and $ 0.9 year past. The turnover stood at 7.57 billion dollars, according to estimates.

Ebay announced a profit of $ 491 million, or 37 cents a share in the third quarter, in line with expectations.The turnover amounted to 2.97 billion dollars against 2.91 billion expected.

Edwards Lifesciences has recorded a net profit of $ 51.6 million in the third quarter, against 48 million a year earlier.

Noble Corporation saw its net income nearly tripled in the third quarter to $ 135 million against 54 million last quarter.

Stryker has done for the third quarter, a turnover of $ 2 billion, up 14.9%, and earnings per share of $ 0.91, up 13.8%.

Wynn Resorts has achieved a net sales in the third quarter of $ 1.3 billion, against $ 1 billion last year.Adjusted net income totaled $ 133 million or $ 1.05 per share, against 49 million or $ 0.39 a year earlier.

On Thursday, Philip Morris International will release its figures before the opening of Wall Street and Microsoft after closing.

The contract whopping 42.6 million euros a year signed between the French Football Federation (FFF) and Nike Will it deflate like an old windbag? Girls Team France soccer unwittingly gave a good penknife into the balloon in qualifying, against all odds, for the 2012 Olympic Games.

Background: In 2008, The Christmas Graët, then vice-president of the FFF, signs the "Contract of the Century" with Nike: 320 million for the period 2011-2018. This negotiation will be the argument of his election as president. At that price, the Graët sells equipment for national teams.And bang, that the France team that female become pampered football in France, makes his way to the London Games guaranteed high risk personal loans.

Problem: all the French Olympic teams – football, basketball, athletics – must participate in the Olympic Games under the banner of Adidas, the equipment of the National Olympic Committee of French sport (CNOSF). This did not escape the law of Nike, which, according to RMC, call … € 10 million for breach of contract! The CNOSF, attacked on his prerogatives and paid by Adidas, will not compromise. Nike either. One of two things: either the new president of the FFF "sold" which does not belong to him or he had bet on the failure of the Blue qualifications.Charles Gautier

The Unedic Thursday sharply revised its financial projections and employment for 2011 and 2012 following the economic downturn. And the results are anything but good. While the unemployment insurance system in late May included a slight increase in unemployment this year (12,000), it is now estimated that 144,100 more job seekers through the doors of employment center in 2011.

A variation in the end, more than 130,000 people! Worse, for next year, the decline was announced before the 91,000 unemployed in 2012 should eventually turn up … 123,100. Or, this time, a delta of close to 215,000 job seekers.

Job creation in 2012 will also suffer from the slowdown by 2013.According to projections by Unedic, they will simply be divided by 2.5, to stabilize below 70 000 in late 2012.

13 billion euros of accumulated deficit late 2012

The effect on the finances of the unemployment insurance system is important easy to get unsecured personal loans. The deficit for 2011 is expected to increase to 500 million euros, 2.5 billion tangent again. And over 272 million anticipated four months ago for 2012 will turn into hole of nearly $ 1.8 billion. Result, the deficit which was initially just exceed 10 billion by 2012, also off again on the rise and be around at the end of next year, the $ 13 billion.

"These poor results do not Unedic in a dire financial situation, however, reassured the president, Gaby Bonnand. We have the means to meet our commitments and pay allowances.We just need to remain vigilant because it will be difficult to borrow in the markets, given the situation worse. "

ALSO READ:

"The unemployment rate fell slightly

"Unemployment illustrates the" total failure "of Sarkozy for the PS

(Special Envoy to Florence)

The tax collectors, 1540, Marinus van Reymerswaele personal business card. (Florence, Museo Stibbert)

LE FIGARO – You met President Nicolas Sarkozy Friday. What is your analysis of the crisis in the euro area?

Pedro Passos Coelho – Our views are converging. We must accelerate the process of ratifying the plan in July that the EU speaks with one voice. It is essential to avoid systemic risk. How to convince the markets where European leaders expressed doubts on the future of Europe! It must be absolutely avoided, it is better to be silent than to sow doubt.

Would it be better to organize the failure of Greece?

I refuse to make predictions, I'd rather be patient and hope that Athens takes its objectives and carry out sustainable reforms. If Greece dark, the entire EU to be at risk.We need to help Greece and at the same time strengthen the EU, to establish a more integrated economic government which deals with taxation.

What are the consequences in Portugal of the deepening crisis in Greece?

Portugal is in a vulnerable position vis-à-vis Greece. If the crisis worsens, it will make our recovery process more difficult. My vision is very pragmatic: we must make every effort to carry out reforms and fiscal consolidation.

Economists doubt your ability to meet commitments on fiscal 2011?

The aid package was negotiated before the elections. Since then we have taken additional steps preventive and our calendar of spending cuts is more ambitious. We have the political support for it.We will keep the target of 5.9% of GDP deficit in 2011 and are targeting a primary surplus (excluding debt service) in 2012 for a balanced budget in 2015 and an external account deficit by half a point against 9% last year. In addition to the expenditure side and the privatization plan, we will conduct several structural reforms, justice, labor market, too rigid regulation. We will create a board of public finances, which will be independent to ensure full transparency in the management of the state.

Where are you from privatization?

We are to remove the golden shares held by the state in public enterprises, then we will begin the process of privatization in the energy sector by mid-November, by selling the companies for electricity, gas and oil, which Galp.We will then proceed to the privatization of the airline TAP, the airport manager Ana, mail, freight rail and radio station public television RTP. The whole process should be finalized in late 2012, the objective to recover at least 7 billion euros.

Have you received expressions of investors?

Yes, many, from the European economies but also emerging countries, Brazil, China and several Arab countries bad credit unsecured personal loans.The president of the National Bank of Economic Development in Brazil (BNDSE), the President of Brazil, Dilma Rousseff, Lula and his predecessor have already come to us with investor interest in Brazil.

This interest is there also for the government debt?

The purchase of public debt is subject to specific rules, but the important thing is that there were demonstrations of confidence in this government about the quality of Portuguese debt.

Will you create a wealth tax, such as Spain prepares to do?

We refused this solution, not to discourage large fortunes to come and settle in Portugal. However, we have created a special tax of solidarity that will help tackle the portion of 2.5% marginal tax on income that will affect higher wages and will last two years.We also created an additional tax of 3% on business profits in excess of 1.5 million euros, also for two years. The purpose of these taxes is not to create an additional revenue but to allow us to finance social assistance measures for families hit hardest by the crisis.

What are these measures?

They are primarily related to housing. Households that can no longer repay their debts to buy their apartments can contact their bank for the loan to be converted into low-rent, which will relieve the financially while allowing them to remain at home. Similarly, those earning up to one and a half times the minimum wage benefit from using public transport.In addition, if we were forced to raise to 23% VAT on gas and electricity, we have created a social tariff for the poorest.

How to boost growth given that domestic demand will remain very low?

It is true that the austerity has a recessive effect. The middle class will suffer significant sacrifices. That's the ticket out of the crisis, the price of a country that has spent too long. Domestic demand will have a negative contribution to the end of 2012. This will be offset by exports that are doing well. The adjustment must be done very quickly to ensure the financing of the economy. Privatization are important to increase the availability of cash to help recapitalize banks. This will improve competitiveness, greater openness and internationalization of our economy.The State abound 12 billion euros in guarantees for banks.

Competitiveness remains the weak point of Portugal?

Hence the urgent need to launch structural reforms, which should have been done in conjunction with the entry into the EU. The country in several sectors – textiles, information technology, biotechnology … the high performers.

The airline announced Friday morning the details of his mega-order long-awaited by the industry. Air France-KLM is in need of long-haul 110 and passes a total of 50 firm orders and 60 options from Airbus and Boeing. Choices that are equally balanced between the two aircraft manufacturers as the firm order for 25 Airbus A350-900 and 25 Boeing B787-9 and the options are based on 35 A350-900s and 25 B787. The slight advantage, theoretical, obtained by Airbus was offset by the secret location by KLM B787 10, said La Tribune.

The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

ALSO READ:

"Orders Air France: Airbus preferred

"Air France freedom of choice (Welsh)

The debate increasingly keen on tax loopholes, which confirms that in each there is a lobby ready to bark! – Would almost forget that the draft supplementary budget for consideration Tuesday in the National Assembly is primarily to validate the plan to support Greece, July 21 designed by the Heads of State and Government. Paris wanted to quickly translate into national law, to enable the European Financial Stability Fund (EFSF) to be operational by the autumn.While some of our European neighbors dragging their feet, "France is the first country in the euro area to become involved in the adoption process", and was praised Tuesday the Minister of Economy, Baroin.

The votes of parliaments must give the green light to the Fund to make it more flexible: if the process goes smoothly, the EFSF will in future lead to a state pre-emptively "as a precaution", "finance the recapitalization of banks and financial institutions through loans to governments "and finally" intervene directly in the secondary markets sovereign debt, to avoid contagion and to fight against speculation. " The text extends the guarantees of states to these new missions.In the previous supplementary budget, the ceiling of France had been increased to 159 billion.

PS If the judge plan "inadequate" and abstain on the vote today, some members of the majority on Tuesday said they would adopt "without enthusiasm".

"Staying lucid"

Yves Bur (UMP, Bas-Rhin) in front of his colleagues wondered "if the answer to the crisis of the Greek debt does not come too late or if we do let's face at the failure of Greece to take its responsibilities ". He fears that this has a consequence: add to "a little more our own debt load."We must "stay lucid," warned the rapporteur of the Finance Committee, Gilles Carrez, which asked the vigilance of the "public debt that replaces private debt."

According to the scheme adopted by the countries of the euro area, loans made by the EFSF is a financial transaction with no effect on the deficit, public debt, it will increase the amount of guaranteed loans "as and when they pay "says the text. Remains to be hoped that the fears of investors about the ability of Greece to reform and to repay its debts do not materialize …

For now, Paris refuses to give in to defeatism. "We trust the Greek government to decline in terms of economy that is essential to condition the support they have, the Europeans and the International Monetary Fund," insisted Tuesday Baroin.Lucid on questions about the situation today, he also tried to reassure the state of the economy in Europe, "without denying that there are difficulties," the minister assured that the fundamentals were "good" and expressed confidence in the soundness of the banking model. In this context, "France is not threatened with recession," he said.

ALSO READ:

"SPECIAL – crisis: the fear of debt

"The worsening economic and social crisis in Greece

"Europe is concerned about the lack of progress made by Athens

Angela Merkel and her government are holding their breath. Renowned for its warmth towards Europe, the Constitutional Court in Karlsruhe invite this week in the feverish debate on the rescue of the euro. The judges will vote Wednesday on the constitutional legality of financial aid given to Greece in May 2010. Their decision could affect the vote of German MPs, who must decide on Sept. 29 in the Bundestag on extending the powers of the European Financial Stability Fund (EFSF).

Already facing a rebellion of the members of his conservative party (CDU), the German Chancellor has been careful to separate into two parts the vote on aid to Greece and that concerning the adoption of the future European Stability Mechanism (SPM) .More than two dozen elected officials of the CDU threatened not to ratify the decisions taken at the European Council of 21 July, fearing that Berlin does not transfer too much power to Brussels. MPs are reluctant to help Greece, which they consider a "bottomless pit" and feel that their powers in budgetary matters were trampled. The Chancellery is concerned that the decision of the judges in Karlsruhe will come inflame the debate.

Growing skepticism

Largest economy in the euro zone, Germany is also the primary funder and many elected officials in Berlin believe that they should as such have much more say in the rescue plans in the area that other countries. If the Court in Karlsruhe decided to grant German MPs a say too much in the allocation of European aid, the mechanism could find them paralyzed.German lawmakers already ensure tooth and nail over the interests of their taxpayers from a decision of the Court of Karlsruhe, dating from 2009, in which the judges had distanced themselves from the Lisbon Treaty. The Court could also decide to set limits on the allocation of aid to countries in difficulty due to the entry into force in 2012 of the brake mechanism to the debt, the golden rule in Germany. For this aid could lead to cuts in the budgets of the Federal Republic.

Across the Rhine, the distrust of the single currency is growing. A survey of the institute Allensbach with German parliamentarians center-right shows that 76% of them have little or no confidence in the euro, against 71% in a similar poll two months ago.This was reinforced by the departure of Athens, Friday, representatives of the European Union, the European Central Bank and the International Monetary Fund have given ten days to the Greek government to advance structural reforms in the country . The parties of the center-right coalition in power have multiplied over the weekend their warnings to Greece, ordered to implement as soon as his promises of reform in return for aid to balance its budget.

ALSO READ:

"Merkel is fighting for his political survival

"Greece: Berlin warnings

"The Greek prime minister believes the crisis

"The worsening economic and social crisis in Greece

LE FIGARO. – Economic activity appears to be a brake brutal. How do you explain it?

Laurence Parisot. – The slowdown is due to meet two sets of causes: the United States, an economic and political situation that was deteriorating, and in Europe, the States that crossed the red line in terms of debt. Once you overcome these difficulties, we find a strong growth and job creation but do not mistake in the analysis of what we experienced this summer. The situation was tense when China began to lecture the U.S. on their debt. The Americans probably wanted then iron the mistigri to Europe. There has been a kind of psychological warfare and an attempt to destabilize the euro area. The markets have overreacted, being by nature very sensitive to rumors, even organized.The moral of the story is that we should not be naive and fall for the autodisqualification: if Europe were attacked, not because it is weak but because it is strong, and if it is envy, because it is enviable.

Who was behind this conspiracy?

I call it an "orchestration" overseas challenges of Europe. See the rumors about the French banks, which were released immediately when they were absolutely unfounded. Our banks are among the strongest in the world. Some of the U.S. media yet announced the death of a particular and even the end of the euro area.We went from attacks on Spain in attacks on Italy and then France, until rumors of degradation of Germany last week! When American publications widely read by investors and financial analysts on false ads headlined drama, questions arise.

The accumulation of debts of the States, however, is a reality …

Certainly. The debts are no longer tenable. They must be absorbed quickly. As shown by the measures taken last week, the government was quick to hear the warning.

You are therefore in favor of the gold back to a balanced budget?

The principle of the golden rule would consolidate the reputation of our country and facilitate the work of any government.Many countries are engaged in it, it would be strange that we're not able to do French.

Ten billion of additional levies for a billion expenditure savings, is this the best way to fight against the deficit?

We had to quickly adjust the situation, the government has. But you are right, this is not enough, and the state must also accelerate the decline in spending. Ideally, a ratio of 1 to 2: twice as many savings on expenses for upward social and fiscal revenues. Measures such as pension reform and the non-replacement of an official two-point in this direction.Going further will require further structural reforms: focus on local communities and to decline the RGPP; work as health, including public hospitals (why does bill over to the insurance sector private for the same benefits?), and finally develop across the public-private partnerships and public service delegations. These channels have the immense advantage of not touching our social model.

François Fillon he had the "SME attitude" that you keep advocating in his anti-deficit plan?

It has indeed been attentive to small businesses but we must do more. Among the SOHO-SME-ETI today are the CAC 40 companies in 2030: they must get the best possible environment in order to grow.That's why we call for an extensive program to délégiférer and deregulate the legal system that encircles the neck to the small and medium enterprises. It should also reduce their taxes. It is shocking that the corporate tax (IS) actually paid by the SOHO-SME is (relative to the operating surplus) of about 39% against 19% for large companies. Among other reasons, the latter deduced from their result the interest on loans, while the SOHO-SME do not because of their reduced ability to borrow free 3-in-1 credit report. That's double trouble! There is also a reduced rate of corporation tax (15%) for companies whose turnover does not exceed 7.6 million euros. Medef request that the ceiling be raised to 10 million.

Sixteen top managers were willing last week to be taxed more.Do you agree with the exceptional tax on high incomes will be instituted?

We see very high incomes in athletes, actors, professionals: it is not an issue specific to some entrepreneurs. I understand the principle of a special tax to a special moment, but the tree should not hide the forest and make us forget the need for moderation in executive compensation. Also, do not confuse everything. There would be demagoguery to compare the incomparable and put in the same bag annual revenues of 250 000 euros and 2.5 million.Let us ensure that future developments of the threshold does not affect the middle class, including the upper middle classes, which are the engine of the economy.

The inclusion of overtime in the calculation of reduced charges on low wages is not likely does not increase the cost of labor and destroy low-skilled jobs?

There are of course in this action plan that we like less than others. We also deplore the passage of the social package 6 to 8%: it penalizes the profit-sharing that we want to encourage. But all part of a clear logic of debt and that, we salute.

Are you concerned about the evolution of unemployment in the coming months?

We can stop the recent deterioration. Understanding that in TPE-PME is the greatest employment potential and the fostering.Working on better employability of job seekers, integrating strong mutations trades, adapting in real time training.

The precarious employment with the proliferation of part-time, Temporary … How about it?

As part of the agreement on unemployment insurance signed earlier this year, we will create with the unions a working group on the evolution of modes of compensation. We have also provided a social debate on the labor market. I want to bring these reflections to improve the overall employment-unemployment-training. The procedures surrounding the employment contract must further progress: as such, they are blocked by their length and excessive legalism. Fear of hiring is the biggest problem for companies.Should be conducted with the collective labor disruptions that have been done with individual outs. We do not say enough that breaking conventional setup for the first time in France "flexicurity" and everyone wins.

What is the menu of your negotiations with the unions in the second half?

The priority in the coming days is to implement the employer-union agreements in the first half of youth employment. We will also continue negotiations on the value and the modernization of the peer. We will also discussions on the social well-being at work and professional equality between men and women, in which we will include paternity leave.

What is your strategy to get your ideas during the presidential campaign?

In 2007, we published a book, Need air that marked the campaign.We prepare "Need air 2" due out in early January. "Need air 2" propose structural reforms but also bring a great European project. Some time ago, it happened that I meet entrepreneurs who admitted to having voted no to the Maastricht Treaty, now I see those same business leaders confident, enthusiastic and ready to move resolutely towards European federalism economic and social development. France will remain in France if and only if Europe is united, united and powerful.