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Coty buying spree. The American group of perfumes and cosmetics just bought the Carlyle care products Philosophy skin. It would have paid about $ 1 billion to get hold of this company, who wishes to involve the care of the skin to "general welfare" of women.

Ten days ago, offered himself Coty cosmetics German Dr. Scheller, owned by Russian Kalina. By seizing particular brand of makeup Manhattan, the group founded in Paris in 1904 became No. 2 sector in Germany behind his great rival L'Oreal.Embodied by the brand Rimmel, Coty's cosmetics business generates 23% of sales (3.6 billion), against 62% for its perfumes (Calvin Klein, Chloe, Marc Jacobs, Jennifer Lopez, Davidoff, Playboy … ).

"Coty is now forced to diversify because of declining U.S. market fragrances," says Oru Mohiuddin, an analyst at Euromonitor International. Coty Prestige, which will be integrated Philosophy, has recently extended its partnership with Calvin Klein to the development and distribution of the makeup of the mark. Coty seriously eyeing the California OPI nail.

Its activity in muscles, skin care, Coty goes further cheap credit report. "This is the category grows, and grow it faster in absolute value in the global market for beauty, boosted by the wrinkle," says Oru Mohiuddin.Yet apart including creams Lancaster, Coty is still very present in this sector.

Agreement with Lady Gaga

By acquiring Philosophy, mainly present in North America, Coty is also betting on synergies in distribution on one of its biggest markets. Creams, makeup and bath products of Philosophy include distributed in stores such as JCPenney or Sephora, where a limited edition of its cream Hope has just been launched in honor of Oprah Winfrey.

Multiplying acquisitions and diversifying its portfolio of brands, Coty also seeks to give a strong signal. The group, of which 57% of business comes from Europe, has suffered from the crisis. But it gets better. He boasts of having made from July to September the best quarter in its history.The results he celebrated last week by signing a partnership in perfumes with Lady Gaga …

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Ireland

• Weaknesses: The banks are the main problem of the Celtic Tiger. Almost all of the deficit abyss of 2010, representing 32% of GDP, is due to the aid plan for banks.

The financial sector had grown beyond the reasonable riding the housing bubble of the 2000s. The crisis has killed the market for construction and real estate. Households find themselves in great difficulties: their debts are often secured on their house, atteingnent 150% of their gross disposable income. "The default rate could rise in coming months, which could weaken banks and indirectly increase the deficit of the state, which would come to their rescue," worries Adele Renaux, economist at Natixis.

• Strengths: Ireland is a highly competitive country, unlike Spain and Portugal.The corporation tax to 12.5%, remains well below that of its European counterparts, between 20% and 30%. The workforce is highly trained.

Contrary also to countries of the Iberian Peninsula, Ireland specializes in industries carriers. Through pharmacy, chemistry or even the food, the island has a trade surplus. Exports should also be the principal-if not the only engine of growth in the medium term. In 2011, BNP Paribas expects an increase in activity of 1.5%.

Portugal

• Weaknesses: Its economy is specialized in industries with low added value, such as textiles. It is in direct competition with low cost countries such as the Asian tigers, Tunisia or Turkey. In addition, its main customer is none other than Spain, a country in deep trouble.

The economic outlook is bleak. The recent increase in VAT and a labor market should destroy any heavily damaged recovery in consumption. GDP expected to fall 0.2% in 2011, according to BNP Paribas.

• Strengths: "Portugal has launched the 2000 reforms to improve its competitiveness," says Jesus Castillo, an economist at Natixis. "But the compression of wages has cut consumer spending."

Spain

• Weaknesses: As in Ireland, the consequences of the explosion of the housing bubble were terrible freecreditscore. The regional banks are in big trouble. The real estate market and construction industry are affected. For a long time.

• Strengths: The patient self-inflicted shock therapy and public debt should remain well below levels seen in other peripheral countries.On the other hand, "clean the economy continues as the show (…) the sharp increase in household savings and the shift in activity towards the industry," noted economists at BNP Paribas.

Still, activity has been driven, in recent years by the housing boom. Spain now has to find another engine. In the coming years, "the challenge for Spain is to find a new economic model by investing in training in particular, Analysis Jesus Castillo, an economist at Natixis. A metamorphosis that would take time. Meanwhile, the country counts on tourism.

Greece

• Weaknesses: Historically, the Greek public finances have been badly managed, with a side boondoggle spending and tax revenues that did not fit. Blame it on a very strong culture of tax evasion.Result, public debt will peak at 150% of GDP in 2013. A record in the euro area.

The economy remains in recession. The GDP fell 1.1% in the third quarter. Tight budget, business investment and sluggish demand at half-mast should lead to a 3.1% decrease in activity in 2011, according to BNP Paribas.

• Highlights: Greece is the first World owner. This asset should tell him when world trade recovers. Tourism remains a strong point.

His hourly productivity is higher than those of Spain and Portugal. Moreover, it is still catching up with the economic level of the rest of Europe, which ensures a reserve growth over time. Finally, it enjoys substantial EU subsidies (8.5 billion euros in 2008).

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New outbreak of labels in civets. The packets of cigarettes are sold on average 30 cents more from this Monday, up about 6%. The ministerial order determining the increase, which comes almost one year to the day after the previous increase, was published Saturday in the Journal Officiel.

Baroin confirmed by the Minister of Budget, mid-September, this translates into higher prices for the state by 660 million euros in additional tax revenue per year. Thus, according to Bercy, the revenue of the State under the law of tobacco (excluding VAT) are expected for the first time in 2010 exceeded 10 billion euros.These funds are mainly allocated to the social security budget and will be distributed among various funds.

An increase in "moderate and reasonable"

For Baroin, responsible for registering price changes desired by manufacturers, this increase is "moderate and reasonable" and therefore consistent with the Cancer Plan 2 of President Nicolas Sarkozy. An argument is unconvincing associations fight against smoking, that an increase of less than 10% has no effect on consumption, and therefore on public health, then that smoking causes 60,000 deaths a year France.

On its website, right of nonsmokers (DNF) even asks the government and the president of preferring "an increase of 60 cents every two years" rather than "small increases of 30 cents per pack of cigarettes each year. "French Office for the Prevention of Smoking (OFT), "this increase requested by the tobacco industry is calculated to the penny so as not to reduce consumption."

Tobacconists fear yet the impact of this increase in tobacco prices instant payday loan. According to them, it's not just a "dance labels. With this increase, "it is a network that could pitch," said the Confederation of tobacconists. For the profession, rising rates could "restart the procurement of cigarettes outside the formal network. That is to say across borders (Spain, Belgium, Germany) where cigarettes are 20 to 30% cheaper in a hurry or on the Internet.

Fears tobacconists

According to Pascal Montredon, the patron saint of tobacconists, "18-20%" of cigarettes smoked in France were not purchased in any of 28,000 tobacconists.He requested a formal study on this phenomenon. For their part, manufacturers evaluate different surveys between 12 and 22% off purchases of the official network.

On 9 November 2009, tobacco prices had already étérelevés about 6% increase already criticized by anti-tobacco as too weak to be effective in terms of public health. This increase was also not significantly changed tobacconists qui sales fell by only 0.2% over the first eight months of 2010 compared to 2009. Data dubaromètre health 2010 show that tobacco consumption has increased by almost 2% between 2005 and 2010.

MPs recently rejected an amendment by Yves Bur proposing to overtax the profits of manufacturers. Next step, photos shock will be mandatory at the back of every packet in April. And the government continues to consider a generic package, without any logos or color.

(With AFP)

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A "sharp reduction of the tax credit." With these words qu'Enerplan, the trade association of solar energy which represents 250 companies, denounced the passage of 50% to 25% tax credit granted to individuals for the installation of photovoltaic panels.

More than its entry into force overnight on 29 September is the very announcement of the fall in tax assistance has an impact on solar professionals, says managing director Enerplan " The market has completely stopped. Some of our members who sold tens of photovoltaic kits per week are spent in a week, says Richard Loyer.There is a real loss of consumer confidence in the word of professional who does not know if the tax credit is temporary or if the current feed-in tariffs are likely to fall. "The price of 58 cents per kilowatt hour which EDF must purchase the current was maintained for the individual, but the rates accorded to the "collective photovoltaic (businesses, warehouses, buildings) fell in September. Result for this niche, "there is no project", asserts Richard Loyer. He said banks are reluctant to finance installations because of uncertainty about the rules of the game

"Compensating the crisis"

"Programs have been canceled," says Christopher John, co-manager of Kaori, a small research department of three employees in Avignon.In addition, solar roofing projects exceeding 250 kilowatts peak (kWp) is about 2000 square meters have been revised downwards to switch to the particular category, eligible for redemption at the best price, the contractor finds Avignon. Roland Gard, an electricity company General Valencia was launched two years ago in photovoltaics "to offset the crisis," the requests for quotes have fallen.

However, professionals are not hostile in principle to lower the tax credit pay day loans. This is the case of Damien Tessier, sales manager at Enercos young company of twenty employees based in the Ardeche, specializing exclusively in the photovoltaics. "This is the way to learn the tax measure, the media, without consultation," which has shocked."The sector has grown much faster than expected, says the trade, and prices have fallen." Irrespective of any tax assistance, a facility that cost to the individual € 25 000 three years ago is now up to 16 000 €. The industrial solar panel suppliers have reduced their prices, especially following the decline in tariff for solar electricity in Germany, which has raised concern among German factories overcapacity.

With a 25% tax credit and a spending limit remained unchanged from 16,000 € for a couple, "the individual maximizes her investment in eight years." Finally, given the lower costs, a tax credit of 25% in 2010 is more interesting than a tax credit of 50% two years ago.Richard Loyer confirms that the French professionals drop their prices again in 2011.

The bulk movement of the plane on the tax credit has also to be excluded from the market under the "home sellers" and other "less serious people" who rushed into the "bubble photovoltaic, advanced the Ardèche Tessier not worried about his company that return regularly for new projects. The solar sector employs, according to the census of the Union of renewable energy sources (RES) 25,000 people in France, 8,000 in industry and about 15,000 for installation. André Antolini, president of SRE, and favored a gradual withdrawal of state aid, is fully accepted that "public support for the industry is costly" and that ultimately "an industry does not live properly grants.

How to go on vacation without gasoline? That's the question many people have the day before the holiday of All Saints. Traditionally, it is not those who have the highest rates of reservations highest. But the fuel shortages and disruptions and repeated strikes to reinforce a wait station for customers, already more inclined to book at the last moment. Result, even a few cancellations, but reservations that pack for a few days.

Thus, the CEO of tour operator Voyageurs du Monde, Jean-Francois Rial notes that "strong growth in bookings since early September has been stagnant for three or four days." "Customers who had already decided to go do. Others delay their entry, "he analyzes.

Odalys at number two tourist accommodation in France, the situation is the same."A slowdown in orders has been observed since Sunday," while "bookings for the holidays of All Saints were higher than those recorded last year."

Customers worried

"The horror of tourists to move in limbo! And this is normal. The constraints are in contradiction with the concept of vacation cash till payday loan. "Explains Jean-Pierre Serra, president of the National Network of departmental destinations (RN2D) which includes all offices and agencies of county travel. Suddenly, the picture was mixed. Regions not affected by closures and are still well supplied with fuel are not affected by deferrals or cancellations. In contrast, more distant destinations of major cities suffer from the prolonged conflict on the pension reform.

For their part, Gîtes de France noted a slight drop in bookings, but more importantly, they receive many calls from consumers worried about whether they will be refunded if cancellation occurs. "Yes, says a spokeswoman, provided you have purchased cancellation insurance.

At Pierre et Vacances, the concern of customers was expected. "We started thinking about the problem earlier this week, says it to management. We have implemented a monitoring system that warns if the number of calls increases. " The group also proposed deferrals or credits for customers who wish to stagger their holidays but do not have insurance cancellation. "We received a few calls from people worried, but there is no postponement en masse.

Transportation heart of the problem

National Union of Travel Agencies (SNAV), it is optimistic."Among our members, the Halloween holidays often bring breaks by air to and from abroad," says Jean-Marc Roze, its secretary general. "As long as the planes take off, we have no problem." But should there be a train or gasoline to get to the airport. "We could be indirectly affected and on time, because travelers can not manage to go there," says Jean-Marc Roze.

In France, the issue of distance from home that arises. "For example, to Paris-with a full Landes is very complicated, while with a full tank of fuel, a CL can descend on the Riviera and back!" Exclaims Jean-Pierre Serra RN2D."The autonomy movement will drive holidaymakers to shift their residence to a destination closer to home."

The government is reassuring

"There is no problem for the holidays to come," said Wednesday the Secretary of State for Tourism, Hervé Novelli, while the Elysee on Wednesday ordered the release of fuel depots Cash Until Payday . "There is no current impact (social movement) on tourists, foreign or domestic, even if in some regions, there are real difficulties," explained Herve Novelli.

But Didier Arino, director of Protourisme, the impact of strikes and shortages of fuel have already cost "3% occupancy rate at the French hotel industry, 15 to 18 million euros".Even if it is "not significant because October is very good. Growth will be weaker. "

This is especially the reservation rate for the long weekend from November 1 which will be scrutinized by industry professionals. "Holidaymakers can still worried see their stay and leave for a big weekend. That's where we will surely larger migration. But not sure the French will have, by then refuel their vehicles.

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"Pensions: Thibault calls for a new mobilization

"Strikes and blockades disrupt the economy

After the fifth day of action since late March against the pension reform, a clear line separates the central unions.

There is one side the "diehards" who hope no progress senators. FOR, FSU and Solidarity (SUD) are calling the "withdrawal" of the bill, "non-negotiable, non-amendable" to them. These three centers offer to move to the next level and call for renewed strike. CGT rocking slowly in the camp, while not requiring the withdrawal of the text, and relies on the mobilization to roll back government.

While rejecting this reform "unfair and unequal", the other unions are expecting a number of advances to the Senate. "They understood that the government would not back on the fundamentals of the law and they try to improve at the margin", decrypts an expert in social relations.This is particularly the case of the CFDT, a duet with the UNSA.

"Elected officials are saying that we are right"

The plant led by Francois Chereque wishes to grant to all employees, automatically, a year "free" premium for ten years of exposure to psychosocial strain at work (night work, noise, vibration, contact with carcinogenic … ). It also calls for maintaining 65 years of retirement without discount, at least for women and casual workers for careers fragmented. This measure would cost about 3 billion euros per year, with the Central Reform also proposes to save by limiting the increase of 10% of the pensions paid to fathers and mothers of three or more children. "We can redeploy unfair to finance family benefits some progress," explains Jean-Louis Malys, M. Retreats CFDT."There's a real openness on these issues," he hopes. Senate President Gerard Larcher, has been an open time for reflection, but the Elysee slows the four irons.

The CFE-CGC plays his own music.She seeks to create new resources, as in the public, a "shield retirement guaranteeing private sector employees a specific replacement rate (pension amount from the previous salary).

The union executive has two other claims: taking into account the contribution period, years of study or, alternatively, qualifying periods (the Assembly has agreed in principle but referred its terms of entry in force to a report published in 2011 by the government) and the abolition of the income ceiling for receiving a widow's pension in the private sector (which prevents widows and survivors earn income from work).

Two themes "on which many politicians from the majority tell us that we are right," says Daniele Karniewicz, the representative of the CFE-CGC, but not among the flexibilities envisaged at the Elysee."For the Senate to show that they have a genuine autonomy, as they claim," says Daniele Karniewicz … without excessive optimism.

Finally, the CFTC hopes to persuade senators to raise the CSG and allocate the resources generated in the pension industry.

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New beginning in the administration's economic team Obama. Latest, the renowned economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year. He "has announced plans to return to his professorship at Harvard University at the end of the year," said the White House in a statement.

Lawrence Summers was the chief economic advisor to President Barack Obama since January 2009. As such, he was the author of the fiscal stimulus of $ 787 billion issued in early 2009.

During his years at Treasury, this man will define in particular the response of U.S. financial crises in emerging countries such as Mexico or South Korea.At the head of the department, he devoted a return to budget surpluses.

However, Lawrence Summers has suffered much criticism from the left wing of the Democratic Party, who accused him of being too close to Wall Street. Lawrence Summers also happens to have made a very bad decision by Barack Obama in the summer of 2009 to extend Ben Bernanke to head the central bank (FED) as he would look good in that position.

Experience that completes a career speak for themselves. Joined Treasury in 1993 as Deputy Secretary for International Affairs, Lawrence Summers grew up under the wing of one of the architects of financial deregulation, Robert Rubin, his predecessor at Treasury where he became assistant in 1995 pay day loans . He then himself favored the rise of the current Treasury secretary, Timothy Geithner.He was also a key economic figures of the Clinton administration (1993-2001).

He graduated with a PhD in economics from Harvard, Lawrence Summers was the youngest university professor in the United States at the age of 28 years. After spending a decade teaching at the Massachusetts Institute of Technology (MIT) and Harvard University, Lawrence Summers was chief economist of the World Bank from 1991 to 1993.

For now, the name of his successor within the Obama administration is not yet known. One thing is for sure is that he will be responsible for finding the proposals to boost job creation in which the executive recognizes that it remains very poor, more than a year after the end of the recession. The official U.S. unemployment rate is close to 10%.

Departures multiply

Accumulate and defections within the economic team of President of the United States. Indeed, the departure of Lawrence Summers is the third in the economic team of the White House in three months. The Head of Budget Office, Peter Orszag, announced his resignation in late June. He became a researcher at the Council on Foreign Relations and a columnist at the New York Times.

Later, in early August, the Chair of Economic Advisers to Barack Obama, Christina Romer, announced his decision to return to teaching. Thus, the Treasury secretary, Timothy Geithner, is the last member still in place of the original team of economic advisers.

Bids climb for 3PAR. The computer giants Dell and Hewlett-Packard are engaged in a struggle to redeem the American Society of data storage. A standoff that intensified this week.

Last rebound on Friday: HP announced in mid-afternoon that he raised his bid for 3PAR to $ 30 per share, valuing the company proposed data storage to 2 billion dollars! Rival Dell had announced earlier in the day he lined up on the previous HP offers made Thursday night: $ 27 per share, or $ 1.8 billion.

In this battle of "cloud computing (cloud computing via the Internet), and two days are alike. The day of Thursday has been marked by the same scenario.By putting on the table an offer to 1.8 billion, HP responded to Dell, which had outbid earlier in the day.

For Dell, the matter seemed closed Thursday morning. Thirty cents per share closely. Indeed, the offer was raised from Dell was barely higher than that of HP, to 24.30 cents per share against 24 cents. If the transaction would receive the green light from authorities, Dell assured however that it could be finalized before the end of the year. The computer maker also added that the operation "should have a positive impact on [his] profit excluding exceptional items from fiscal 2012.

The "cloud computing" is popular

It was without counting on the pugnacity of HP payday advance lender.The acquisition would allow 3PAR to expand its range of storage products for cloud computing and support services activities, like other industry heavyweights like IBM, they tend to generate higher profit margins than sales of computers.

The ball is now in the hands of Dell. And it did not intend to waive 3PAR Friday. "The group continues to believe that the acquisition of 3PAR, and its storage technology market leaders, is an important operation for our customers and will strengthen Dell's position on these services," he said in its statement.Dell has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR, "unless the offer is extended," he says.

The battle began last Aug. 16, when Dell announced plans to acquire 3PAR price of $ 18 per share. A week later, HP came out of the woods. Last Monday, the group also proposed 1.6 billion dollars against 1.15 billion for Dell. The suspense continues, therefore. And the recovery of 3PAR flies …

On Friday, shares of Hewlett-Packard bend 1.5% to 37.6 dollars in Wall Street, about 17 hours, while Dell shares advance 1.8% to $ 12. 3PAR him, flew 21.5%.

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Societe Generale on Wednesday posted a net profit by 3.5 Muliple the second quarter of 2010, above expectations, with a decline in its stores and a smaller than expected loss in its toxic assets. The bank led by Frederic Oudea confirms its objectives. SocGen, which has set a target of an annual profit of 3 billion euros, has already earned a net profit of 2.1 billion in the first half alone.

The second quarter was particularly strong for the second French bank by market value after BNP Paribas. It has indeed achieved a net profit of 1.084 billion euros for the second quarter ended in June, where the consensus reached by Reuters expected a general result to 732 million. The jump of the result depends primarily on a favorable base effect.In the second quarter of 2009, the bank had indeed been beset by such elements exceptionnels.Le group had had to reassess the value of its debt, due to improved market conditions, which had cost $ 1.3 billion over the period. This time, Societe Generale has received the opposite effect, to the tune of 254 million euros.

The cost of risk declines more slowly than in BNP and HSBC

Like BNP Paribas, which has published its accounts on Monday, its provision for potential loss on the credit over the period fell 6%. However the pace of decline in the cost of risk is much slower than some of its rivals, reflecting a more cautious speech of SocGen on strength of economic recovery.

BNP Paribas and British bank HSBC, for example reported Monday in stores near their level before the crisis."The economic recovery that began in late 2009 confirmed, but it remains fragile," said Frederic Oudéa, CEO of Societe Generale, said in the statement. "Especially in Europe, growth prospects remain subdued," he adds.

Penalized by the toxic assets, and author of "profit warnings" on their accounts of 2009, SocGen tries since the beginning of year to convince the market of its ability to turn the page of the financial and economic crisis and the of the Kerviel affair. The new management team led by Frederick since May 2009 Oudéa promised mid-June to double the profits of Societe Generale in two years and is targeting a net profit of six billion euros in 2012.

Proposed acquisitions

The bank is also considering acquisitions but said it does not fund them through capital increases.Besides the new strategic plan, the results of resistance tests conducted on 91 European banks and the announcement by the Basel Committee's flexibility to draft new banking regulator has made a boufée oxygen action SocGen, long shunned by investors.

In the past four weeks, the title, boosted by good news on the European banking sector jumped 40%. Since the beginning of the year, however, still leaves nearly 8% and continues to underperform its benchmark Stoxx 600 European banks.

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New twist in the drama of the French ship Financial. As stated Wansquare, Saade family, owner of CMA CGM, has initiated discussions with the Belgian billionaire through its capital increase required by the creditors of the group. These negotiations were still preliminary notified to the Commercial Court of Marseille. Brother Albert is not alone. He would lead the discussions in partnership with another French investor.

In this tandem plus the Strategic Investment Fund (ISF) has always said he would participate in this capital increase valued at approximately $ 750 million. Qatar Holdings, which in turn has made an offer earlier this month, would not be totally ruled out by Saade.