World and National News

To save the decline of its magazine group, the head of Time Warner has chosen a specialist in the world of digital media communication. By appointing Laura Lang to head Time Inc.., Jeff Bewkes, the head of Time Warner, has plunged the newsroom of titles such as People, Time, Fortune and Sports Illustrated in perplexity. "She knows nothing about the press and publishing," some have criticized this woman of 56 years who previously headed Digitas, an interactive agency acquired by Publicis 1.3 billion in late 2006.

"It depends how you define the word" press "and" edit "," their replies in advance Laura Lang. The latter has extensive experience in communicating with users, readers of tweets, Facebook addicts and fans of digital tablets.A graduate of Wharton, a prestigious business school of the University of Pennsylvania, she serves on the board of directors of the agency Vivaki (Publicis Groupe) as well as advice clothing company VF Corp.. And Benchmark Electronics, industrial society and electronic engineering.

"The revival of the European economy is broken." The verdict of the European Commission, which presented on Thursday its autumn forecasts for 2011-2013, is categorical. According to Brussels, all signals of the economy are red. "The sharp drop in confidence hinders investment and consumption, while the slowdown in global growth reduces export and fiscal consolidation to operate emergency weigh on domestic demand." Accordingly, the Institution provides a low growth for the EU in 2012, about 0.6% against 1.9% forecast last spring. In the euro area, GDP is expected to show a slight increase of 0.5%.

The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …Olli Rehn, European Commissioner for Economic Affairs has indeed warned that Europe could "experience a new recession." He urged governments to restore confidence in "fiscal sustainability and the financial system" by accelerating the reforms. For the European Commission, the restoration of that confidence is well underway. "The measures adopted in recent months should help to remove uncertainty regarding sovereign debt and the financial crisis in mid-2012, and this should gradually unlock investment and consumption," says his report.

In France, Brussels forecasts should take a cold. François Fillon on Monday presented a new plan of austerity measures designed to bring 65 billion euros by 2016.

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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Unlike many leaders of the UMP, Bernard Accoyer does not support a convening of Congress on the golden rule if the vote is not granted.

LE FIGARO .- What impression do you get from the Summer of PS?

Bernard ACCOYER. – We saw a new battle of images and egos between the candidates in the primary. The PS seems to be a party curled up, in contrast to a world wide open. At La Rochelle, it was all in the posture of a facade of unity and there was nothing to find ideas to respond to the challenges of the moment. The PS stands still deal with the crisis.The implementation of its program for 2012, comparable to 1997 and even 1981, would have two consequences: swelling public spending and raise taxes, while France must control its spending and tax measures to adjust without affecting the household consumption or business competitiveness.

Among the subjects of contention between the majority and the opposition included the "golden rule". Do you support the convening of Congress?

It is a responsibility of the President of the Republic. It is major. French Parliament's vote on a commitment to fight against excessive deficits is a key decision. It is also a commitment of 17 countries in the euro area. We must measure the impact of the convening of Congress. I trust the president to decide or not.For my part, I hope of course that the golden rule is adopted, but I also measured the risks of this approach. Currently, all the conditions do not seem right for the look.

Namely, that you do not have three-fifths majority to pass it?

Indeed, I spoke with most opposition leaders. They spoke clearly. They are not committed to voting the golden rule in Congress. Pending the outcome of consultations with the Prime Minister, I note that the French Socialist Party is the only one in Europe to adopt this posture.

Should we still call the Congress?

The president said if the opposition decided not to join this initiative, decisive for the future of Europe, it would be one element of the debate for the next presidential campaign. There is no emergency.We have until the summer of 2012 to reform the Constitution. Until then, it happens a lot and the French will have to choose between courage and dangerous demagogy.

What would happen if the text was finally rejected in Congress?

The absence of a qualified majority in Congress, after a positive vote in both chambers, would be a first under the Fifth Republic. The risks of rejection are real in a very sensitive issue, so we know very well that national unity has a lot in the difficult times through Europe and the euro, and also through France.

Jean-Francois Cope continues to ask Borloo to surrender to appear in 2012. Do you think the president of the Radical Party will go anyway?

Borloo belonged to the government of François Fillon for nearly four years.It is in the majority, a personality that counts. He contributed greatly in the ministries which he was responsible. His place is obviously in the campaign alongside Nicolas Sarkozy, not a competitor.

You think he will return to the fold?

I hope with all my heart and, as an intelligent and responsible, I think.

What makes you optimistic for the re-election of Nicolas Sarkozy?

What matters are not the polls, which have often said the opposite of what came out of the polls. The important thing is what has been done and what the French can expect the next five years. The President has taken, in exceptional circumstances, the right decisions at the right time with courage. Nicolas Sarkozy, during his presidency of the European Union or the G20, led the way.It was also the strong man in particularly difficult crises: the economic crisis in 2008, the crisis in Georgia, the Libyan crisis. The French need in a dangerous time, a head of state determined, courageous and experienced.

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Leo Kirch, one of the biggest media moguls German, died Thursday in Munich at the age of 84. For fifty years, this son of a humble winemaker Bavaria built a sprawling group that, until his resounding failure in 2002, has continued to shake Europe's media. Even in May, this devout Catholic, who had kept the headquarters of his last activities – Constantin Medien AG and its management company KF15 – a few blocks from the cathedral of Munich, made headlines in the trial as opposed to the Deutsche Bank. Known for his fighting spirit is in a wheelchair he made his last public appearance to claim to the bank 3.5 billion euros in damages.He accuses its former CEO, Rolf Breuer, have precipitated the collapse of his empire in 2002.

An empire in its heyday had 10,000 employees and was a pioneer in the trading of sports and cinema rights and the emergence of pay TV in Europe. In acquiring the rights to credit La Strada, Federico Fellini, Leo Kirch has the intuition, in 1959, the contents will be the black gold of the emerging market of media. Rounding up the rights of the American box office and what is the best in Europe in terms of cinema, the man finds himself at the head of a catalog of 64,000 hours of programming which ensures a quasi-monopoly marketing rights in Germany and a prominent place in Europe.

With this heart of business housed in the structure of Kirch Media, Leo Kirch between the mid-1980s, capital of Axel Springer which will hold up to 40%.A raid that the group in Berlin will not forgive him.

Football rights

At the same time, he founded the group of private channels Sat 1. The latter will become the group ProSiebenSat 1 in 1997, when the IPO of the empire. For he that was nicknamed the "Ogre Bavarian 'needs funds to achieve its second major gamble: the control of sports rights in Europe. In Focus rights of German soccer but also those of the World Cup and in 2001, those of Formula 1. His critics accuse him of having, between 1998 and 2002, multiplied by the broadcasting rights … 40.

At the same time, Leo Kirch, nothing seems to stop, began by buying pay-TV Premiere, now in the lap of Rupert Murdoch. It must be said that this man secret, a great lover of art, is also a close to the government and a friend of Chancellor Helmut Kohl.For many conservatives, it is the counterweight of the "red" Reinhard Mohn, who heads the group Bertelsmann.

But in early 2002, the luck changes: first is a failure and the amount of the group's debt – 6.5 billion – the banks panicked whistle stoppages in play Legend has it that at the time of bankruptcy Leo Kirch has said: "What God gives God back." A good word that did not prevent him in 2007 to build three billion euros to recover the rights of the Bundesliga. While stopped by the office of the cartels, Leo Kirch, though ill, will continue to conduct its business. For as he liked to say "What matters is not to fall seven times but get up the eighth."

Nearly three years after the financial crisis, the first sanctions against the banks fall. And the bill would be particularly salty for Bank of America. Concordant sources, the U.S. bank would have agreed to pay $ 8.5 billion to end the prosecution of several investors. This would involve the agreement of compensation the largest ever signed by a bank in the United States.

Admittedly, the stakes are also unpublished. The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008.Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008. The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios.But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial. But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly.By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

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PSA Peugeot Citroën is not intended to be the key for electric vehicles. According to sources cited by the economic newspaper La Tribune, the automaker installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year. In detail, each year some 16,000 to 18,000 Peugeot and Citroen in Sochaux and Mulhouse DS5 about 15,000 Peugeot 508 will be designed to Rennes, the newspaper said.

Peugeot will launch the hybrid 3008 in October 2011 at a price of 35,000 euros. This is the first crossover hybrid in the world using diesel. Thus, it emits less CO2 and lowers consumption of 35% compared to vehicle performance and similar performance.By nature, the mechanical solution of Peugeot inspired many of the Lexus with an internal combustion engine driving the front wheels and an auxiliary electric motor provided with its environment, Bosch (50 kg) and acting this time on rear wheels. Sanyo battery pack Ni-MH High Voltage (50 kg) is placed below the trunk decreased from 435 to 362 dm3.

Lefigaro.fr – In one month, the CAC 40 has canceled the gains it had recorded since the beginning of the year. What to expect in the second half?

Frederic Buzare – It is not impossible that we reliving the 2008 scenario, with high inflation combined with economic downturn and rising commodity prices (in 2008, the Cac 40 lost 42% passing from 5550 to 3217 points). However, we maintain our scenario where we are in a slowdown of mid-cycle resulting in a temporary decline in growth. European stocks have built this movement. The outlook is therefore attractive.Today, it is difficult to find an alternative to shares.

Real estate is not a more attractive investment than stocks?

The French should stop investing in real estate and to believe that the market will continue to rise. In addition, real yields on government bonds is negative. The first half was very volatile. Equity markets need time to digest all the shocks it has suffered (revolutions Arab nuclear disaster in Japan, European debt crisis) and find new solid foundation.

The gap between corporate profits that are growing and wages of individuals who retreat is not likely to deter individuals to invest in stocks?

The problem is not corporate profits but the effectiveness of economic policies implemented by states.Investors did not trust the government, the risk premium is very high. To decrease, stable and sustainable growth is essential. To do this, companies need to reinvest. They can afford given the profits they have generated low interest personal loan. Profits can be a problem if next wages are not progressing. Paradoxically, the revival of the shares will doubtless involve a redistribution of wealth and the sustainability of the recovery by the consumer's creditworthiness.

If they were to return to action, what choices investors should they operate?

Investors must choose between cyclical and defensive stocks. Defenses are cheap but do not have a positive trend in terms of benefits, and cyclical stocks have good prospects but are very expensive.In this context, we focus on emerging markets, emerged much stronger from the crisis and should continue to grow. However, we recommend caution. Actions related to raw materials sector will benefit from global demand for oil still widely supported by China. Finally, the growth stocks offer the best profile in terms of risk and return in a context of low economic activity characterized by a lack of visibility. Among the values ​​that we appreciate, I would cite as Safran and Danone Vinci and innovative companies in the growth of dividends.

What is your position on the banking sector?

We are neutral and prefer retail banks such as BNP Paribas investment banks.

Last December, you anticipated a Cac 40-4700 points by the end of 2011.Your prediction is it still relevant?

The Cac 40 is likely to have difficulty in reaching the 4700 points at the end of the year. We see still finish to 4500 points.

While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country payday loans lenders. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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While the new law Lagarde which governs consumer credit and debt situations will apply to early May, the French seem to turn away from credit. According to a study conducted by TNS Sofres for the French Banking Federation (FBF) the share of French households owning a credit had not reached a level this low since 15 years. Less than half (49.5%) of households had a credit and the end of 2010, down 1.3 points compared with 2009 (50.3%) and 3.1 points compared to 2008. These figures confirm the results of the previous Barometer published in January 2011.

Under consumer credit

This decline is due to a decline in the use of consumer credit.For the first time in 15 years also, the number of households holding a mortgage (30.5%) is higher than with consumer credit (30.1%). The share of households using a consumer credit to finance a project (equipment for home, auto, housing improvements) has remained virtually unchanged. At the same time, the use of consumer credit to finance spending on leisure, vacation, "or consumption, has also declined sharply (13.8% in 2010 against 15.8% in 2009).

"This decline is mainly due to changes in the use of consumer credit," says Michel Mouillart, professor of economics at the University of Paris X-Nanterre, and author of the study payday loans for bad credit.Franck Lehuédé, project manager of the Research Centre for the Study and Observation of Living Conditions (Credoc), "this is not a new trend, it's just the fact that consumer credit has rather suffered from years of crisis, "he said on Europe 1. For him, we are witnessing a rebalancing, and the French have refocused on the basics: investing in stone. The number of home loans has indeed jumped 18% over 2009. Households – those under 30 years in particular have benefited from historically low interest rates, and aid to the accessions introduced by the government (tax deductibility of loan interest …).

Finally, Marc William's Circle economists, believes the speech and alarming warnings about the risks of the government's revolving credit facility, could discourage a number of French borrowing.

(With AFP)

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