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A consensus was quickly found, this weekend in Berlin, to issue in the campaign around the packaging of products Monoprix the thirty-eighth prize in outdoor, which annually recognizes the best advertising campaigns. Although already won several awards in national and international awards, the advertising posters designed by the agency Havas City have once again a hit.

Chaired by Mercedes Erra, Executive President of Euro RSCG Worldwide and co-founder of BETC Euro RSCG, the jury of this new edition has lamented the poor quality of the 217 campaigns submitted for its assessment. But to his credit tightening campaign stand out visually strong, with texts often licked, like the campaign Monoprix, inspired pop art was to "put beauty in the city," as pointed out by several jurors .Slogans like "No daily newspaper" or "milk it can be beautiful" had flourished in the streets in late 2009 to praise the demand for aesthetics of a distributor of consumer products.

Convened by the Union of outdoor advertising (UPE) and in the presence of the main display (JCDecaux, Clear Channel, CBS Outdoor and Insert), professional, creative and business, have this meeting every year to discuss progress outdoor advertising, which includes, in addition to traditional posters, all the displays events and new digital media.Mercedes Erra defended a political vision of the poster, "height of commercial art," she says, both "political" and "cry" as constitutive of the "declaration of a leadership brand."

3000 to 2012 screens

During their deliberations, jurors have widely reported the arrival of the digital display, which should change the ways of working paperless payday loans. None of the award-winning campaigns have used this new technique. The co-founder of the agency Herezie, Andrea Stillacci, regretted that there is not "sharing opportunities between advertising agencies, media agencies and displays, as there are already on the Web ".Digital billboards should represent only about 3,000 screens in 2012, a small percentage of the park, and focus on protected sites (airports, railway stations, subway, shopping centers).

The display, which accounted for 1.2 billion net revenue for the media in 2010 according to the IREP, is the third preferred advertising medium for advertisers, according to the press and television. All operators have plans in digital. But the conversion of all signs to digital is not for now. "2012 will be a year of starting," said Philippe Baudillon, CEO of Clear Channel France. The "business model" current display is not ready for such a switch, which requires huge investments and the total revision of the management of media plans of advertisers.The digital opens up for display, with campaigns more reactive, but new rules of creative play.

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By organizing a eG8 the eve of the G8 in Deauville last May, Nicolas Sarkozy has brought the Internet for the first time, among the concerns of leaders. In line with their statement. Now we must find the tools for an Internet "free, open to all." To do this, Eric Besson, Minister of Industry, Energy and Digital Economy, today organized a seminar in Paris bringing together 13 Ministers of the Intergovernmental digital from around the world.

Innovation and Networks, protection of privacy, digital divide, security against cyber attacks are on the agenda of the conference New World 2.0. However, "there will be no statement after the conference, because there is already the declaration of Deauville, Le Figaro said Eric Besson. I wanted to spend New World 2.0 principles into action. It is time to materialize. "

Participants include, among others, Elliot Schrage, head of public policy for Facebook, David Drummond, Senior Vice President in charge of development of Google and Stéphane Richard, CEO of France Telecom, and Neelie Kroes, Vice President of the European Commission , in charge of the digital agenda. "This is progress as concretely as possible. These are issues that must be discussed together. New World 2.0 will bring together participants from 18 countries from five continents and all walks of life: ministers, large companies, startups, bloggers, venture capitalists, civil society, "explains Eric Besson cashadvance.

Value of content

The question remains networks at the heart of the debate. "There would not have the current development of the Internet without investing heavily in networks. In addition, we are only at the beginning of the increased use of networks.This raises the question of standards, quality of networks and investments, "says the minister. Before continuing, "On networks, we also work with the Americans. We do not want to trap them. What is the value of networks that are circulating over the contents. Our goal is to involve all major players. Thus we are able to be in the same round table number 2 on Google and the boss of France Telecom. "

If no resolution is produced at the end of this seminar, we must also rely on the goodwill of the United States, who will take over the presidency of the G8, to wedge the next go digital . "The event was to bring Internet to the agenda of the G8. And the highlight today is to bring together so many Internet stakeholders to implement together the principles of Deauville, "said Eric Besson.

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.

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Canal +, Verallia, Lucien Barrière, Groupama and may soon Groupon Facebook … Months pass, and delayed plans to introduce as … Since the beginning of the year, stock markets have surpassed the dismal 2008 record of the number of IPOs interrupted, postponed or simply canceled. According to Dealogic, as of 1 January, 215 companies all markets (one more than the previous record of 2008) and have temporarily waived or not to stock their projects. The valuation of these suspended projects is estimated at 44.1 billion dollars.

As many failures as successes

Finally, with 224 new listed companies, plans IPO in 2011 materialized just above groups who backed down … Reveals a situation very unfavorable market conditions for the candidates to the adventure market."A successful introduction requires both companies which want to move in the markets and investors willing to commit, explains Philippe Kubis, capital markets partner at PwC. If the materials are there, the latter remain far behind, in a context of uncertainty in the business plan of candidates for introduction. In addition, operations are often arrested in very early stage, which means more delays than cancellations of projects. "

On June 20, the materials group Saint-Gobain Building and renounced to introduce an immediate business of bottles and jars, Verallia. Two months later, the CEO of Wendel (Wendel largest shareholder) welcomed the decision, finding that ca "was not a good start to the stock market history."Alongside 59 other companies had suspended their plans after the official launch of the operation, Verallia escaped the summer meltdown of financial markets, which saw the CAC 40 lost 18% between late June and early September. "The very low current valuations are not conducive to achieving the project, adds Philippe Kubis. The adequacy of the valuation of a company with market conditions at a given time is a key to the success of an operation. However, companies do not want an introduction to the discount. "

Market volatility, however, is not solely responsible. In September 2010, the hotel group Accor has sought to withdraw from the group of Casinos Lucien Barriere, via an initial public offering, and market conditions much more calm.No more successful for this group suffered from poor stock market performance of its competitor Partouche, and especially of a development strategy too unconvincing to raise funds expected.

Tell a story

A successful introduction presupposes an attractive project for sale to investors (a "story to tell," according to experts). From this point of view, some candidates still have a stock speech ambiguity, or an economic model that have not been sufficiently proven.

Best example: the site group purchasing U.S. Groupon. The group was founded by Andrew Mason enthusiastic market for two years by the brilliance of its growth. What to think about a possible introduction free credit score. But the news could cool investors.The site, which is a valuation of $ 20 billion, would be delayed by several months its plans stock, following the refusal by the federal authorities of certain elements of his record. The group took many liberties with the accounting to embellish his figures, making it the most beautiful bride. The kind of hocus-pocus that would certainly not digested the market if the group had been rated! Especially since Groupon continues to widen its losses under the weight of investment in advertising and marketing commitment to support its growth.

In terms of social networks, some uncertainty still exists about how to value companies. "The valuations given for these sites seem important in light of an economic model that looks a little, says Philippe Kubis.It seems to move towards a model including user fees, which ultimately enhance the strength of their profile, and investor interest. "

Constraints rating

A case which also the developer of video games on social networks Zynga. Again, the Securities & Exchange Commission (SEC) had requested more information on the group's activities. What backward one month (November) the first steps in Zynga Stock Exchange. Even Facebook, social networking superstar, endless hesitation. Its founder Marck Zuckerberg, fear of such an operation a shift in focus of its product development teams to financial performance. From this point of view, the market performance of its professional counterpart, LinkedIn tends to reinforce his caution.Despite a triumphant introduction to the New York Stock Exchange last May, the group rating today in its opening price.

For SMEs, the fund raising smaller first appear easier. Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

Mauna Kea in its IPO price

For SMEs, the fund raising smaller first appear easier.Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

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The defeat of the France rugby team against New Zealand does not have a bitter taste for everyone. TF1, the broadcaster of the game, was pleased to display a record audience for a rugby match since 2007. Saturday morning, 7.8 million people watched the match on average, 65% audience share on the 4 and older. "The hearings are excellent. It should be noted that with 50% audience share on Women, the games attract beyond the traditional circle of sports fans, "said François Pellissier, athletic director at TF1. The crowd is even rise to 9 million viewers late in the game in hopes of a last burst of the Blues face the All Blacks.

Since the beginning of the competition, the team of France is mobilizing the masses. The first match between France and Japan gathered 5 million viewers and a week later France-Canada has attracted 7.6 million.Scores of rivers, these early morning hours on weekends, spray the audience share. Usually on Saturday morning, TF1 is a teleshopping program that fascinates 200,000 addicts. Even the traditional "Auto Moto" and "Téléfoot" on Sunday morning, only drain an average of 1.2 million and 1.8 million fans.

If matches are followed, the magazine presented by Denis Brogniart is also a ratings success. Before France and Japan, "World Cup, the Mag" was attended by 2.6 million people, after France and Canada, it reached 3 million. Small disappointment, "Mag" aired last Saturday of 10:00 to 10:30 has made a 1 pay day loans.7 million audience. Even fans give themselves a fat oval ball on Saturday morning!

Spot € 100,000

With France virtually guaranteed to play the quarterfinals, TF1 can breathe.The chain should at least remove some ten million euros in net advertising revenue (not including sponsorship) of this adventure even if France stops at the quarter-final stage. If the Blues are in the semifinals, the addition will reach 11 million and if they reach the final, TF1 should earn 12 million euros net, according to forecasts by Philippe Nouchi, director of media expertise for agencies Starcom and ZenithOptimedia. With France in the quarterfinals, the 30-second spot is expected to sell 84,000 euros, 90,000 euros semifinals and finals 100,000 euros. Without France, it will settle for 37,000 euros a spot in the semifinals and 43,000 euros in the final spot.

For TF1, the economic equation should not be too unfavorable. The group had bought the two editions (2007 and 2011) to 80 million euros.For competition in New Zealand, TF1 decided to sell some games to France Television and Canal + to 13 million euros. If the chain reaps a dozen million of advertising and it boosts average audience of September and October, the operation will be advantageous.

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(Special Envoy to Florence)

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

On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Reassured the markets for a while

But around noon on Monday, the dollar back down a little already, one euro was trading against 1.4437 dollars (0.23%). Same against the Swiss franc, another safe haven, which goes back to full speed again against the dollar and historical levels of force, to 0.78 Swiss francs to the dollar.

Thus, if the news is welcome, the markets are not won by the euphoria. They are waiting because the confirmation of the plan by a vote, or some Republicans have expressed strong opposition to the agreement.Already on the European stock markets, the increases are bunched together in mid-day. And on Wall Street indices predicted a future increase in the Dow Jones 1.3%. Not enough to make up for the fall of 4.4% registered in the past week.

Markets are also wary because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections. Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped. However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded.In this case, markets may again sink into depression.

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Pessimism still dominates the Paris Stock Exchange on Monday. After a week complex, marked by a loss of almost 5% for the CAC 40, investors do not find the moral. The CAC 40 lost 1.2% in mid-session and falls under the 3700 points to 3680.20 points. The gap even widened to 16 hours with a decline of 2% to 3652.77 points. Meanwhile, the London Stock Exchange lost 0.81% to 5796.60 points and the DAX index of the Frankfurt Stock Exchange was down 0.94% to 7152.30 points.

The Asian market has not sent a clear signal this morning. Only U.S. markets manage to stay the course despite the many warnings about agency debt. In this regard, President Barack Obama issued an ultimatum to Congress on increasing the debt ceiling while Republicans are sticking to their positions.In Europe, the problems of sovereign debt will also be at the heart of discussions of heads of state on Thursday at a special summit meant to calm markets.

Meanwhile, next currency, the euro fell slightly against the greenback at 1.4046 dollars against 1.4156 dollars on Friday night. Gold, meanwhile, took advantage of the nervousness of investors to assert its status as a safe haven: an ounce on Monday has risen to 1600.10 dollars, linking 11 consecutive sessions of gains. The most since July 1980.

In terms of indicators, the day will be particularly quiet with only the index of the real estate market in the United States waited for the afternoon.The rest of the week will be richer with, among others, the German ZEW index (Tuesday), the U.S. existing home sales (Wednesday), the weekly jobless across the Atlantic (Thursday) and the confidence index Business in France (Friday).

Oil markets, oil prices were without direction. A barrel of "light sweet crude" for August delivery lost 9 cents to 97.15 dollars while that of Brent North Sea crude for September delivery took 22 cents to 117.48 dollars.

Bank stocks led the largest declines

By sector, the entire banking sector unscrewed, after publication of the study undigested JPMorgan Cazenove, which assessed the need for additional capital of European institutions on the basis of more stringent capital adequacy ratio payday advance lender.According to JPMorgan, BNP Paribas (-2.64% to 44.08 euros), Societe Generale (-4.81% to 33.03 euros) and Credit Agricole (-2.31% to 8.28 euros) should raise 20 billion euros, one quarter of the amount to raise in Europe. This study follows the results of stress tests of the European Union that French banks have yet passed. In turn, AXA (-3.60% to 13.13 euros) and Natixis (-1.98% to 3.07 euros) drop sharply.

For beyond this study, a European project to create a tax on banks to help Greece is under consideration, according to Die Welt. It concerns all European banks, whether or not active in the Greek market.

France Telecom: -0.36% to 13.72 euros

The operator plans to launch a bid for the fourth mobile operator in the Democratic Republic of Congo, Congo-China Telecom (CTC).The terms of any agreement, still being negotiated, would provide for the redemption of 51% of CTC held by the Chinese manufacturer ZTE telecom equipment, and 49% owned by the Congolese state.

ArcelorMittal: -1.15% to 22.40 euros

The group could respond to the study of the British consulting firm Meps specializes in the steel industry that China would underestimate production. Beijing would have produced 672 million tons of steel, half of the world, against 627 million tonnes officially announced.Meps suspects including small local mills continue to run ads despite the closure due to pollution problems and productivity.

Publicis: -1.13% to 36.86 euros

The group has obtained a syndicated multi-currency $ 1.2 billion.

Atari: -9.77% to 2.31 euros

The French publisher Atari video game released Monday sales down 36.1% to 9.2 million euros for the first quarter of fiscal year 2011/2012, he explained his shift to online games and mobile.

As for publications, Edenred deliver its sales in the first half after market. Guyenne et Gascogne announce its second quarter earnings as Audika.

Among the threats to U.S. debt and the beginnings of a sovereign contagion in Europe, investors await first the responses of States to end the unbearable uncertainty. Therefore, the announcement of the holding of an EU summit Thursday and the speed with which Italy passed an austerity plan of 47 billion euros should focus the attention of operators.

By construction, the stress tests conducted by the EBA (EBA) based in London could only disappoint. While the market test, to gauge moves in risk premiums and other diving banking stocks, the scenario of a collapse of the euro, the banking supervisor did not have policy space to go very far this path.Therefore, the 11.5 billion euros of writedowns of sovereign debt simulated by 90 banks under scrutiny seem meager 194 billion against their commitments on debt accumulated state of Greece, the Ireland and Portugal. Not to mention Spain or Italy. By this standard, too, the 2.5 billion euro recapitalization needs highlighted Friday for the European banking sector border on the ridiculous.

Analysts at Credit Suisse quickly corrected this and submitted sovereign exposures of banks, published an exhaustive Friday, at their own assumptions discounts: 50% Greece, 35% Ireland, 30% Portugal, 10% on Spain and 5% on Italy.These calculations on a small sample of 49 banks show 45 billion euros of capital inadequacy! But – and this is reassuring – the "holes" always concern the banks of the countries in oxygen tent. Domestic banks in Greece, Ireland and Portugal are, in fact, between 61 and 67% of the loans of their country of origin.

Two "Lehman year"

If the credibility of the EU suffers from a fiscal laxity apparent on the front of the State debts, however it is particularly harsh on other aspects. Cumulative, testing the assumptions made in simulating the equivalent of two years similar to 2009, the post-Lehman, cost banks some 400 billion euros of provisions, plus 352 billion of additional costs of refinancing.

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The consultation ends on dependency. Roselyne Bachelot and Marie-Anne Montchamp participated in the last debate on Monday in Strasbourg. Yesterday, the Minister of Solidarity and the Secretary of State received the reports of working groups. The opportunity to review the options, when the decision phase starts – Nicolas Sarkozy is expected to decide by mid-July.

• The trails open

Roselyne Bachelot refuses to contribute the only people dependent on a recovery via succession. On behalf of the job, it excludes an increase in contributions Safely weighing on wages. More broadly, she refuses to "seek too assets" and conduct an overall increase in taxes, hence the rejection of a general increase in the CSG, as expressed last week by François Fillon.Finally, the "pattern Axa 'mandatory private insurance is also rebutted by the prime minister – incompatible choice to keep a" floor of solidarity "public.

• Funding potential

This base should look like the current personal autonomy allowance (APA), improved. To finance, the minister mentioned three tracks. First, the alignment of the CSG pensioners (6.6%) of the assets (7.5%). Then, up the "solidarity contribution for autonomy" (employer tax) in exchange for a second "day of solidarity" worked by employees, and / or its extension to independent professionals and retirees.Finally, taxation of all legacies and donations (1% suggested by the Economic and Social Council).

• Law or no law?

Alleviate the "rest dependent" people who are very dependent in retirement homes, relieving departments – the first funders of the APA – in need. These "emergency requirements" will be answered in the fall, confirms Roselyne Bachelot, who estimates that one billion annual funding required. Measures included in the budget of the social security, which can only accommodate financial arrangements. The working groups have launched other ideas, starting with better coordination of stakeholders around the dependent person (our Monday editions). Nicolas Sarkozy will decide whether the subject the campaign of 2012 or if it retains some now. In this case, should be considered a separate act, in a crowded parliamentary timetable.Marie-Anne Montchamp argues that meaning is: "A law would provide visibility, draw perspectives, we will show later that clogging effects of the crisis, as the Head of State wished" . In this case, it could be a framework law, setting guidelines, and perhaps initiating experiments.

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