World and National News

In 2006, one of the most famous clubs in the world has struck a blow in the world of sports business. By signing a partnership with UNICEF, and offering a free exhibition on his jersey, the Spanish club FC Barcelona has upset the traditional approach to sports sponsorship. Regularly criticized for its financial excesses, the world of football in effect seeks ways to improve its image by focusing on positive values ​​of caring and solidarity. The achievements of the Spanish club, which brings each year to the humanitarian organization € 1.5 million to fund prevention activities and information to children, and treatment campaigns. Even players are involved, since 0.7% of wages are paid to the association. A mini-revolution for the club whose shirt was previously devoid of any inscription marketing, but also for the world of sports economics. Not only the team receives no money but it gives.

Since the club was founded in 1899, FC Barcelona had never flown a sponsor on their jerseys. An agreement of 165 million euros until 2016, signed in 2011 with the founding of Qatar, has not questioned the gracious partnership with UNICEF. This indeed bears fruit on both sides. For Barca, it's also a brand that is exported … and rather well. The Catalan club recruited more than 60% of his fans outside its borders *. Enough to radiate the action of the international humanitarian organization. For the club, which activates the partnership with the media and the public (Barca: "more than a club"), the exchange is also charged. The message from the club president Sandro Rosell, repeated at Global Sports Forum Barcelona organized by Havas Sports & Entertainment, is clear: "Making every child in the world of fans of FC Barcelona." Today, the club's Facebook page counts 1.6 million fans. Used to treat as its online reputation.

* According to the annual study Havas Sports & Entertainment (Globalization and new media in sports) published in the GSF Barcelona.

The maneuvers are accelerating around Flammarion. On the eve of the filing of takeover bids from the publisher from its owner, the Italian group RCS Mediagroup (Rizzoli Corriere della Sera), the Strategic Investment Fund (ISF) said Tuesday be prepared to financially support a candidate . He justified his action as possible to "ensure that there is a French solution to the continued activity of this great publishing house," Jean-Yves Gilet, its chief executive.

And indeed, the ISP would have already talked to three editors, all French: Gallimard, La Martiniere and Eyrolles. As usual, the ISP would take a minority stake, ranging from 30 to 35% of the amount of the acquisition. The latter could reach between 200 and 250 million euros.

French solution

The position of the ISP would support a French solution. The group La Martiniere but Media Holdings (Dargaud, Dupuis …) have finally decided to make an offer. Editis is always a contender but he said the lack of belonging to the Spanish group Planeta. Remains in contention Gallimard, who could join with the publisher Eyrolles. This tandem could be helped by the ISP.

Well-managed home

Gallimard is well positioned to win. The current boss of Flammarion, Teresa CREMISI, was one of the closest collaborators of Antoine Gallimard between 1989 and 2005, when, to everyone's surprise, she took the reins of Flammarion. "The scheme would simultaneously Gallimard to share the financial burden with the ISP, and Flammarion to become French," says one banker no fax payday loans.

RCS Mediagroup would hope to draw from the sale of 300 million euros, twice the price he has paid in acquiring the publisher in 2000 to its family shareholders. The Italian group, which owns 77% of Flammarion, has already considered the sale of its French subsidiary in the past, without carrying the process forward. "We have no certainty, says an editor familiar with the matter. The diagram Gallimard is long established. But RCS Mediagroup trying to raise the stakes. "

Flammarion is rather salivate. This is one of the best managed houses of the French edition. The publisher, owner or Casterman J'ai Lu, emerging among the most profitable market.

The fund has financed 850 companies in 2011

By leveraging the Strategic Investment Fund (ISF) has managed to drain the last year of € 2.5 billion of capital into about 850 companies. Over three years, it is 7.1 billion euros were injected into more than 1,800 companies. Equity arm of the Caisse des Depots (51% stake) and state (49%) reached 19.1 billion euros at December 31, 2011, down 9% year on year, due the decline in France Telecom or Eiffage. Last year, the tool of public investment is limited to 3% decline in net profit to 629 million euros, at the cost of sales, which offset higher depreciation.

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Friday night, Greece officially launched the enormous debt exchange it has obtained with its private creditors. This is a complex mechanism that aims to relieve the country by erasing more than half of the slate, or 107 billion euros, and pushing the date for repayment of the remainder (99 billion).

How are things going? In exchange for an obligation of an initial $ 100, Greece proposes to give creditors securities with a value of 46.5 and waive the rest. The new obligations that creditors will accept the exchange are, for the initial value of 31.5, Greek titles and 15 titles from the European Stability (EFSF). The bonds will EFSF of short duration, to enable creditors to receive quick cash. Greek bonds, however, will last far superior. Specifically, for each security traded, the creditor will receive 20 new, lasting spread between 11 and 30 years. The goal is to push the repayment schedule of Greece on the amounts it still accepts honor for him time to recover. In detail, the tender specifies that the interest rates on new bonds will be 2% for securities maturing between 2013 and 2015, 3% between 2016 and 2020, 3.65% for maturities of 2021 and 4.3% for those from 2022 and beyond.

The debt exchange, sometimes called PSI (Private Sector Involvment, private sector involvement), is supposed to allow Greece to reduce its debt ratio to 120% of its gross domestic product by 2020 against 160% TODAY ' Today in the hope that it can eventually regain access to bond markets.  

Everything will depend on the reception of the operation

Athens hopes to conclude the procedure of exchange of debt by 12 March. The whole question now is how much of creditors will participate. According to a Greek politician, the government is optimistic it will be massive. Charles Dallara, managing director of the Institute of International Finance (IIF), which represented the private creditors, has also expressed its confidence. "When they have read the terms of the debt swap, there will be a high turnout," he said from Mexico City which opens a meeting of finance ministers and central bankers of the G20 countries.

Greece said it would not be required to make the debt swap if participation was revealed less than 90%. If it appears between 75% and 90%, then it will launch consultations involving its creditors. At a rate below 75% the exchange will not occur, warned Athens.

The future of Greece still doubtful

The crisis is still a long way to Greece. The Eurogroup President Jean-Claude Juncker said he could not exclude that it takes a third rescue package, echoing the offers of German Finance Minister Wolfgang Schäuble: "there is no guarantee that chosen path lead to success. It is also possible that this is not the last time that the German Parliament should consider financial assistance for Greece. "

Robert Zoellick to head World Bank until next June, the Court also found that the latest aid package of 130 billion paid to Greece would only allow Athens to save time. Finance ministers of the euro area will gather next week ahead of EU summit in Brussels on Thursday and Friday to review the measures provided for Greece, so that the second European rescue plan to be activated.

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PSA announced this morning its annual accounts. The group recorded an operating profit of 1.31 billion euros, against 1.79 billion a year earlier. The net profit is not apparent at 588 million euros, against 1.13 billion euros in 2010. Meanwhile, turnover rose by 6.9%, to 59.9 billion euros.

Peugeot loses money on its core business, namely to build and sell automobiles. To be precise, the industry grouping of PSA Peugeot Citroen and recorded an operating loss of EUR 92 million in 2011. In the second half, the deficit in the division has even approached the 500 million euros. Outside this perimeter, the Chinese subsidiary is profitable but it remains small (404,400 vehicles sold).

After a brief stint in the green, the action has continued to sink throughout the session. At 16 hours, as the same fall of 6.9%, to 14.07 euros.  

Peugeot said it plans to open the capital of its subsidiary Gefco, specializing in logistics. He also plans to sell the walls of his Paris headquarters. This is to return cash to the group. It is perhaps this aspect that worries investors.

These efforts include a major program of asset sales of 1.5 billion euros. This amount includes the sale (completed in February) of the car rental company to quote an American group for 440 million euros, the IPO of the highly profitable logistics subsidiary Gefco, which PSA could take about 560 million, and dispositions of real estate assets – including the walls of the Paris headquarters of the Avenue de la Grande Armee – to 500 million.

Vague and cautious outlook from Moody's

Beyond the figures, investors are sensitive to the perspectives of PSA. THERE is no forecast of operating margin. It is unclear whether Peugeot will be profitable this year. The group expects a 5% drop in sales in Europe, including a 10% decline in France. Growth should be at the rendezvous in emerging countries.

For its part, Moody's placed under surveillance in his note on the group. If the rating agency's rating deteriorates, Peugeot would be in the category of junk bonds.

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The appointment of the new Italian Prime Minister, the respected economist Mario Monti, seems to reassure the markets. After last night the appointment of a successor to Silvio Berlusconi, the euro recovers against the greenback and the yen. Early Monday morning, it is 1.3770 dollar and 106.29 yen against 105.97 yen and 1.3739 dollar on Friday night. This change in the executive in Italy, and one that took place in Greece, revived the hopes of ending the crisis in the euro area and reinforce the mood of the Asian indices, sharply higher this morning.

The comments made yesterday by the new Italian government attempted to reassure people, but realistic. On the occasion of a brief statement to the press, the former European Commissioner said that Italy could "win" the debt crisis through a "collective effort" payday loans no teletrack.Mario Monti also found that Italy, a founding member of the European Union, would be "an element of strength, not weakness." Thus, he said, the objective of the new government will "clean up the financial position and resume the path of growth in a context of increased attention to social justice." Meanwhile, the Italian Senate passed this weekend the anti-crisis plan promised the European Union.

Mario Monti had to race to form a new government as soon as possible, within ten days. From last night, the new head of state has initiated consultations to obtain a broad political consensus.

The wait is dominant. After clearly displayed in the green yesterday, the Nikkei gaining 1.90%, Asian stock markets oscillate around equilibrium on Tuesday, pending a decision of the euro area to stem the debt crisis in the next EU summit. The benchmark index of the Tokyo Stock Exchange lost 0.45% to 8803.83 and points, while the Hang Seng Index Hong Kong rose 0.54% to 18,873.10 points. The CSI 300 Index of the Shanghai Stock Exchange gained 0.92% on the other hand points to 2600.27, the BSE Sensex 30 in Mumbai 0.37% to 17,002.60 points. And the Kospi index in Seoul lost 0.18% to 1894.99 points, like the S & P / ASX 200 index in Sydney (-0.66% to 4226.80 points) and the FTSE Straits Times of Singapore (-0 , 10% to 2758.15 points).

Investors are wary and vis-à-vis the euro zone leaders, whose plan to end the debt crisis on Wednesday is expected.Thus, the Japanese Minister of Finance today called Europe to take steps to restore calm on the foreign exchange market. "The stability of the foreign exchange market can be ensured by a single country," said Jun Azumi at a press conference, while Tokyo is facing a record surge in the yen weakening industrial activity in the archipelago. "The European problem is entering a decisive stage, he added. The question is whether Europeans can establish a pattern likely to appease everyone. We call them to do so without firing a shot. "

Clearly, the statements by Franco-German tandem, following a first anti-crisis EU summit this weekend, are still a sceptiscisme markets. In this line, Baroin, Minister of Economy, was considered "satisfied" on Monday that European leaders would reach a "global agreement".For the Minister of Economy, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

The price of gold mixed black

But investors, it seems, keep in mind the slowness with which the European Union handled the crisis of the Greek debt, leading to a contagion of the crisis. And in Italy, while rumors of using the European Union and the International Monetary Fund will crescendo in Rome.It must be said that for the first time since the outbreak of the sovereign debt crisis in November 2009, the EU will apply directly to other states and their sovereign wealth funds to head out of water and multiply the capabilities of the European Financial Stability Fund (EFSF).

As for commodities, oil prices were mixed in early trade on Tuesday in Asia, a barrel of "light sweet crude" for December delivery gained 27 cents to 91.54 dollars. Barrel of Brent North Sea crude for December delivery yielded 44 cents to 111.01 dollars. For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

Side values, Japanese banks are feeling the pinch: Sumitomo Mitsui Financial Group lost 1.11% to 2140 yen. As Mitsubishi UFJ Financial Group, to -1.48% at 334 yen.At the Hong Kong Stock Exchange, the values ​​are dependent on raw materials, however, much higher, the image of China Coal Energy (5.83% to 9.26 Hong Kong dollars) and oil giant CNOOC (+ 4.68% to 14.32 dollars).

An order in 2004 and a law in 2008: Both were necessary to bring the PPP (public private partnership) to be baptized in France. But since the formula was an unexpected success.

According to experts gathered at the end of last week on the occasion of international meetings of PPP, 104 such contracts have been signed. The European Investment Bank has calculated that it accounted for 9 to 10 billion euros, or 6 or 7% of public procurement in the Hexagon. "We are the first European country in terms of PPP, said François Bergère, Head of MAPP (Mission Support PPP). In the first half, 60% of registered contracts on the Old Continent were signed in France. "

Click on the thumbnail to enlarge the graphic.

Why the rise? Because this arrangement allows the state and local governments increasingly impecunious to build infrastructure by private funds. Specifically, the construction company built largely at the expense of the equipment. In return, she receives a very long time (decades) the rent paid by the public to maintain the structure.Today, we build on this model just about anything you can imagine: prisons, stadiums, swimming pools as well as police stations, TGV lines … and the formula adjusts as well to huge contracts ( more than 7 billion for high-speed rail line Tours-Bordeaux) than smaller deals (ten million for public lighting of a city average).

In the euphoria of the beginning, we mostly retained the advantages of this approach: greater compliance costs and delays faxless cash advance. "In the PPP, 71% of projects are delivered on time and 80% are made in the envelope provided or an additional cost of less than 3%," says Christian Rasoamanana, consultant for the consulting firm PWC has just loop a study on the subject."This allows us to carry out four projects simultaneously (the TGV line between Tours and Bordeaux, that between Le Mans and Rennes, Nîmes-Montpellier bypass GSM and rail), said Jean-Marc Delion, Managing Director of RFF. Without PPP, we would have done that. "

The failure of the hospital south-Ile

But today, this model also raises critical. Thus, the hospital built in south-Ile PPP Eiffage is a failure. The planned opening in May 2011 will take place as early as January 2012. "I believe that there was injury to the State, noted Sunday on Canal +, Xavier Bertrand, Minister of Health. Do we remain in the same terms of the contract? We'll see. "Regarding the TGV lines, some argue that the partnership is too favorable to the public."On Tours-Bordeaux, the dealership made up of Vinci and its partners brought the third of the investment but receive 100% of the revenue generated by the passage of trains," protested Marc Fressoz, author of FGV, failure at high speed.

Others point out that the formula has its limitations. "The PPP will not return TGV lines as Bordeaux-Toulouse without sufficient traffic," said Hervé Mariton, UMP deputy, member of the Finance Committee.

Reassurance. Forty-eight hours after the announcement of an orderly dismantling of Dexia, the watchword is always the same. Reassure savers first. This is one for this purpose that the Belgian and French immediately announced they were giving their guarantee loans that the bank will carry on the markets. In Belgium, where Dexia has set up shop through its retail bank, investors have withdrawn, Tuesday, 300 million euros in their accounts, according to local media. Movement still moderate – Dexia is sitting on 88 billion of deposits – but pushing the government to act. The Prime Minister, Yves Leterme, a planned Wednesday nationalization of Belgian bank Dexia activities.

Fitch Monitoring

Then reassure markets about the solvency of the future together. This is the second role of the Belgian and French guarantees granted to the bank.They will enable Dexia, reduced its operating subsidiaries, to refinance its huge bond portfolio until no commitments. Fitch Ratings has nevertheless expressed its skepticism by placing Wednesday under review with negative implications for sustainability of the note Dexia.

Finally, reassure local communities payday loans. They expressed concern, saying that in France they would lack 1-2000000000 funding by the end of the year. However, the pattern of the new local bank – fiercely negotiated by Philippe Wahl (La Banque Postale), Pierre Mariani (Dexia), Jean-Dominique Comolli (EPA) and Antoine Gosset-Grainville (CDC) – "guarantees them instead continuity in their funding, "says one expert."We are working on a solid solution, structured," assured yesterday the Minister of Economy, Baroin.

The structure of this new bank is complex. A first entity, which will provide loans to communities, will be majority-owned by La Banque Postale. Behind, another entity, refinancing this time will be majority-owned by Caisse des Depots. It is this which will take Dexma (Dexia Municipal Agency) and its loan portfolio of over 70 billion. In negotiation, it was expected that guarantee Dexia loans risky. And as a guarantee of Dexia is not worth much today is the state-guarantee against these assets. Post convened last night a special board to validate this scheme, which should be presented in the coming days.

The battle of mergers is relaunched in the mid-markets. The London Metal Exchange (LME), the first metal market in the world, 134 years old, is about to be redeemed. According to a source familiar with the matter, the buyers would be the Singapore Exchange (SGX) associated with the London Stock Exchange (LSE). Both players could make an offer to one billion pounds (1.15 billion euros).

The negotiations around the LME were made official last week by its owners, trading houses and banks market users. They admitted that it was highly coveted. Without the name, the CEO of the LME, Martin Abbott, said yesterday that a dozen candidates had appeared.Analysts believe that among them are the American Stock Exchange or ICE that of Hong Kong.

Operation diversification

If the LSE and SGX are able to stand, the operation will allow them to diversify into the sector buoyant metals brokerage. The London Stock Exchange represents 80% of volumes on world markets of the future of metals and recorded a record 120 million packages last year, 2 payday loans.8 billion tonnes of metal. In value terms, this represents 11,600 billion (about 8.56784 trillion euros).

This acquisition will also provide them the opportunity to recover from failures of failed attempts to merge internationally very competitive market of securities and derivatives.To recap, the LSE had to abandon its bid on the Toronto Stock Exchange on behalf of a syndicate of Canadian banks, while the takeover of SGX on the Sydney Stock Exchange (ASX) was rejected by the Australian Government five months ago.

Any bid will nevertheless be accepted by 75% of its shareholders, which include Goldman Sachs, JP Morgan and trading companies.

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A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." The latter has also expressed confidence the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to failure to pay? ". A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International.

The rising social discontent in Greece

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid. "Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece.Further strikes are planned next week before a general strike on October 19.

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