Business World |

The agenda is filled Francois Hollande. Two weeks after his election to the French Presidency, and one week after taking office, the new head of state will visit on May 23, at an extraordinary meeting of EU leaders to discuss ways to boost growth in Europe without ceasing to fight against public deficits and debt. A date has been announced on Twitter by the President of the European Union, Herman Van Rompuy.

Wednesday, May 23, Will Be the date of our informal dinner of Heads of State or Government. # EUCO

– Herman Van Rompuy (@ euHvR) May 8, 2012

This dinner will prepare the EU summit on 28 and 29 June next, and open the outline of a debate on growth, crediting the message supported by Francois Hollande during his presidential campaign of saying that the austerity alone can not get out the Europe of the crisis. According to European Commission President Jose Manuel Barroso, "many proposals (Commission) are on the table and waiting for the green light from Member States and Parliament. While the return to growth will take time, we could reach a turning point at the end of the year if the right decisions are taken now. "

Growth, yes, but how?

Because the situation is serious in Europe no faxing pay day loans. The Greek political earthquake this weekend shook the whole euro-zone. The spectrum of an output of Athens in the euro area returns and fears of a precedent is being felt. For bankruptcy and return to the drachma could then contaminate Ireland, Portugal, Spain, Italy and France. In Spain, the situation is alarming. And France, the passage of the political right to left removes an ally to Germany. Francois Hollande and his socialist political concern in the midst of crisis.

Europe, which as a whole is obviously to revive its growth, however, is not yet agreement on how to get there. For Francois Hollande, we must create Eurobonds. No question, the German chancellor. French side, advocates strengthening the European investment bank to support major projects. Okay, they reply the Rhine. However, it remains unthinkable for Angela Merkel to touch the Treaty nor the EU fiscal role of the ECB. Negotiations are open.

ALSO READ:

"The Europeans welcomed President growth

"Between Merkel and Holland, fundamental disagreements

"Angela Merkel and Francois Hollande will agree

"The Growth Pact in five questions

Condemned worldwide, the coup of Cristina Kirchner in Repsol has not affected the Argentine government. Quite the contrary. According to survey, 6 out of 10 Argentines approve the expropriation of the oil company Repsol by the government on April 16, the operation was brutal.

To believe the latest details, disclosed by the press, President Cristina Kirchner had not finished his speech on Repsol, broadcast live on television that a delegation led by Minister of Planning Julio De Vido and vice Minister of Economy Axel Kicillof suddenly landed at the head of YPF in Puerto Madero, the business district of the capital.

Argentine officials have scarcely left time for the Spanish leaders in shock, to take their belongings and leave. "They have not even had time to finish their lunch!" Says an industry leader offended. Some company executives subsequently undergo intense interrogation by the police.

While Spain, Europe and the U.S. protest against the nationalization of another age, questions remain: how did we get here? Why the expropriation?

In Argentina, the wild rumors circulating in the oil industry. Some saying it would be the fear that the Chinese buy YPF (groups Sinopec and CNOOC are already present in Argentina) and Argentina over the oil that would have prompted the government to act, with the blessing of the United States.

Seriously, Repsol, we are persuaded that the discovery of huge deposits of oil and gas shale Vaca Muerta, in the province of Neuquen (South West) was the trigger operations. This discovery, announced in November by the CEO of Repsol, could propel Argentina's third largest reserves of oil shale, behind China and the United States.

Resources would be estimated at 22.8 billion barrels. What the future of Argentines, although this scenario not totally convinced the experts. "The existence of these deposits has been known since 1984! The only difference is that today the technology exists to exploit them, but it takes a lot of capital that the government alone is not able to provide, "said oil consultant Eduardo Barreiro.

Energy deficit

Another scenario, more credible reports of negotiations for several months with the Spanish government to finance part of the country's fuel bill, up 110% in 2011 to 7 billion euros instant credit report. For the first time in years, the Argentine energy balance is in deficit of 2.27 billion euros, beating down the accounts of the nation.

In Argentina, more than elsewhere, the external deficit is problematic as it is to be financed without recourse to foreign capital, the debt markets are closed to the country since its bankruptcy in 2001. Accusing Spaniards of being responsible for this deficit, for not having enough invested in oil production, the Argentine government did not hesitate to ask Repsol to use its profits to finance energy imports rather than repatriate dividends in Europe.

Already forced the government to sell its oil at half price in the Argentine market – 42 dollars a barrel – Repsol would have raised an objection of inadmissibility to this formal request. "Repsol YPF, which held 60% of deposits in the country rejected the government's terms, and it has broken down the bridges," says the lawyer for a U.S. oil company established in the country.

According to former Secretary of Energy Emilio Apud, the takeover of YPF may represent "a very good deal for the government who will have access to a" cash "equivalent to more than 11 billion euros in turnover business year, "to finance its oil imports.

Buenos Aires seems to also want to seek help from new investors to boost oil production nationally. Pending the adoption of the bill of expropriation by Congress, the Planning Minister Julio de Vido, interim head of YPF, met executives of Conoco Phillips, Chevron and Exxon. He met with Vice President of Total America, the second largest gas producer in Argentina. On leaving the meeting, he announced an agreement on an increase in production on two million cubic meters in the deposits of Neuquen (South West). Evidence that the government does not get angry with everyone.

ALSO READ:

"Repsol – YPF Spain Argentina threat of retaliation

"YPF causing a crisis between Spain and Argentina

The riposte was swift. Hours after the publication Saturday in Le Figaro in an interview with Philippe Houze, the boss of the Galeries Lafayette, a 50% shareholder of Monoprix, Casino has been keen to dot the "i". "We have never been and we are not our vendor 50% stake in Monoprix," says a spokesman for the group Saint Etienne.

Monday afternoon, the Board should reject the casino proposal Galeries Lafayette to sell half of Monoprix to 1.35 billion euros. And refuse to buy back that share the same amount.

"If the Galeries Lafayette wish to sell their interest, as seems to be the case, the Casino is ready to buy, says the spokesperson, but at a fair price based on realistic financial assumptions taking into account economic conditions and recovery current distribution undertakings. "

Last week, the co-shareholders have made public their disagreement over the valuation of the interest in Monoprix and Galeries Lafayette: 1.95 billion euros according to the group of department stores, 700 million according to Casino. This gap abyssal puzzles many observers. "Most analysts believe that the participation of Galeries Lafayette is 1.1 to 1.2 billion euros", says one expert dossier.

The two shareholders have adopted diametrically opposed calculation bases. The Galeries Lafayette is part of the business plan for three years conducted in the fall through the management Monoprix, which provides a 40% increase in EBITDA (EBITDA) of society. Casino side, it is estimated that this plan can be the basis for an assessment and it is emphasized that the Ebitda Monoprix stagnant since 2008, a sharp increase in the coming years is not credible. With McKinsey, Casino has worked on more conservative assumptions.

"Violation of agreements"

These persistent differences complicate the work of JPMorgan, the bank chosen for the tie. According to the Galeries Lafayette, Casino would like the bank is working solely on the basis of the McKinsey report. That refutes the group St Etienne, where it is said that the Galeries Lafayette want to limit access to the leaders of JPMorgan Monoprix. Conservative, the bank does not seem ready to make its own forecasts on the evolution of the activity of Monoprix no fax payday loans.

Pointing to Pessimism, McKinsey, Philippe Houze, also president of Monoprix, Casino accused of "not believing in the future" of the sign. Reaction was seen as insulting. "It's as if we accuse of having raised prices to inflate the results of Monoprix," protested there be at Casino. The group "rejects these false accusations, confirms its commitment to Monoprix and reiterates its confidence in the management and employees of the company."

A spokesman for Casino also ensures that the decision of the Galeries Lafayette to extend by one year the mandate of Philippe Houze as head of Monoprix is ​​"a frontal violation of agreements." In the entourage of the group St Etienne, it ensures that the owners of the Galeries Lafayette, Monoprix very attached to, have long sought to Casino to abandon its purchase option, before changing his opinion in December, faced with its commitment to take control of the sign. "Then they considered they had an incentive to sell quickly, Monoprix likely to be challenged by the arrival of other signs in the city center and the site-private sale of its textile department," says a close case.

Casino, which publishes its results Tuesday 2011, should recall at this juncture that the partial withdrawal of its subsidiary Mercialys should bring him 800 to 900 million euros in the coming months. Funding for a possible takeover of 50% of Monoprix would be no impact on its debt. Such an operation could easily be done in parallel with the takeover of Pao de Acucar, the Brazilian subsidiary of Casino, on 22 June. The group will then only pay $ 10 million. Finally, if the status quo were to continue on the control of Monoprix, unable to consolidate this subsidiary in Casino's accounts in 2013 "would have only a limited impact on operating profit of the group and would not change the net minority interests, "argues an expert in Casino.

ALSO READ:

"The conflict for control of Monoprix gets stuck

"Casino and Galeries Lafayette, Monoprix conflict

"Galeries Lafayette in great shape

Football clubs are they like other entities? The question worth asking, when European football comes back to show a record deficit for its fiscal year 2010: more than 1.6 billion cumulative loss by 665 European clubs in first division. As for the debt, it reached nearly 15 billion euros, according to the latest data from the European body of football (UEFA). An aberration by some as a time when European countries are asked to clean up their finances. Besides, if football clubs were rated, they would pass the test? Not sure … There is a little over a year, research firm AT Kearney also noted that "if they were functioning as normal businesses, the championships of Spain, England and Italy would be put in bankruptcy within two years. "

Spanish and English clubs have reached an astronomical debt.

Nicolas Sarkozy counting on the G20 in Cannes to shape its international image to six months of the presidential elections. It has been used beyond its expectations. This is not one but two summits taking place in parallel, for 48 hours on the Croisette.

The first official meets leaders of the twenty richest countries in the world. The second, far more dramatic, is between two doors off the record: it brings together the countries of the euro area G20, joined by the bosses of the EU executive, Jose Manuel Barroso and Herman Van Rompuy fast cash.

This crisis summit took place in two stages. A first in the morning, followed by a second, which began Thursday night in the presence of U.S. President Barack Obama.

After weeks of procrastination, Silvio Berlusconi now seems to want to accelerate the implementation of reforms in Italy. The panic that gripped the markets on Tuesday following the announcement of a referendum in Greece, weakened still further the country's situation. The President of the Council has convened yesterday a special cabinet meeting to approve the emergency plan for submission to the G20.

This meeting was preceded yesterday morning by a preparatory meeting involving key ministers.A tax on wealth was also considered.

For its part, the Bank of Italy said yesterday, after completing a "stress-test" on the public debt (equal to 1.9 trillion euros, or 120% of GDP), it was "sustainable and expected to remain stable or decline slightly over the next two years, although rates on government securities amounted to 8% and that growth is zero. "

"Be responsible"

Silvio Berlusconi pledged Tuesday to Angela Merkel to present the stimulus at the G20. The stakes are high for Italy, when the borrowing rate to ten years the country approaching the "point of no return."

Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

ALSO READ:

"S & P lowered the rating one notch to Dexia

"Standard & Poor's sued in Australia

"3 billion for local

The Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was low rates payday advance.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

ALSO READ:

GroupM was promised a destiny to Twitter and Foursquare. Like the latter, the start-up in New York was revealed at the conference Internet "South by Southwest," which was held in Texas in March. But barely a year after its creation, GroupM has already attracted the attention of the giants of the Internet and has just been bought by Skype for an estimated $ 80 million.

The operation allows the specialist to Internet telephony to build a niche in the amount of online communication: messages grouped. With services such as GroupM, users can create discussion groups on their mobile phone and communicate with others, forming "chatrooms" private SMS.In recent months, major Internet players have been enamored of such services, which range from communication, and coordination, like Facebook, which bought the Beluga service in March 2011, eight months after its creation. In addition, the social network launched mid-August, Facebook Messenger, a mobile instant messaging application.

For its part, Google has made this communication bundle a cornerstone of its community platform + Google launched in late June, with the "hangouts" spaces bundled instant messaging and video. Finally, as recently shown by the London riots, the BlackBerry is an actor to be reckoned with in this area, through its private courier BBM (BlackBerry Messenger). Now owns GroupM, Skype will better stand up to these types of communications fast cash without a hassle.

175 million monthly users of Skype

"Skype and GroupM have a common vision.GroupM's team has created a messaging experience incredibly attractive bundle that runs across the terminals and mobile platforms, making it a perfect complement in voice, video and text of the Skype family, "said Tony Bates, general manager of Skype, in a statement.

For Jared Hecht, co-founder Steve Martocci GroupM, "there is a natural affinity between Skype and GroupM.""Our goal is to continue to develop tools that allow people to easily communicate, share and keep in touch with their close relations and important," he said, arguing that integration with Skype would allow the start-up achieve its vision of "ten times faster."

The start-up is already looking forward to see the service offered to 175 million monthly users of Skype.

The acquisition of Skype by GroupM, which is the subject of discussion for several months, could also be beneficial to Microsoft. It announced the acquisition of Skype for $ 8.5 billion in May.While sentencing the operating system (OS) Windows Mobile Phone 7, the software giant could find with GroupM a valuable feature to include in its bid for smartphones.

ALSO READ:

"Facebook and Google are interested in Skype

"Microsoft buys Skype for $ 8.5 billion

In May 2010, McDonald's France was a sensation with a TV spot in which a teenager going on a phone call to her boyfriend before having lunch with his father, who explains that, as he did at that age, it could be a 'real card with the babes. " Advertising has been around the world. In the original French with subtitles in English, it even triggered a controversy in the United States. The conservative Fox News channel has even made a field day. Sacrilege: great American brand in the gay friendly side!

In this spot, designed by BETC Euro RSCG, is not known if the son ends up coming out to her.But the statement by McDonald's, which has declined in all genres, is very clear that you're straight or gay, black or white, young or old, rich or poor, we do not judge, "just like you are. "

Before, we criticized the pub not to be representative of "visible minorities", not to be sufficiently "black-blanc-beur". Today, the debate has shifted to the "non-visible minorities" and still gets carried away on the issues of communalism, which are still taboo in France.

10% of "non-white"

The proportion of ads depicting characters perceived as "non-white" compared to the total advertising (TV, press and poster) distributed and reviewed by the Regulatory Authority's professional advertising (ARPP) reached 7% in 2008 against 3% in 2005, and this share has increased further since then, around 10%."Racial minorities are now represented quite rightly, said Ingrid Zerbib, image editor for the magazine Strategies, who viewed all the ads that come out in France. The next step is in progress. Homosexuals, the disabled and the sick are increasingly visible. "

McDonald's campaign has been emulated. Krys posted Orangina or gays in their pubs. Personalities with disabilities such as Down syndrome Pascal Duquenne for the virtual mobile operator Simyo, or the blind Gilbert Montagne, for heating specialist camera, turned in spots. Diseases are also commonplace."You can be sick without stigma," said Anne Ramon, communications director of the National Cancer Institute (INCA), the last campaign "I am a person, not a cancer," conducted by the agency La Chose , seeks to change social perceptions of one of the most widespread diseases in France.

In another, more commonplace, but also an affirmation of reality: that of the Community consumption, with the campaign launched last year by the brand halal Isla Delight "Proudly halal." On the occasion of Ramadan, for the first time in France, the brand was as diverse a reference food, free of any cliché. "This campaign is a marker, decrypts the marketing consultant Jean-Jacques Urvoy.The brand was treated as the French leader Charal. "On a halal market estimated at over 5 billion euros – and therefore highly competitive – the whole trick of the ad was to challenge the EU labeling, while displaying a rooster and a Charolais beef! A war of images in a way.