Should there be a bank for SMEs involving the ISP, OSEO under the auspices of the Deposit?

The subject is to better inform business leaders on existing mechanisms and, for that, the best way is to centralize information in one place, easily accessible, the management could be entrusted either to OSEO, either the Deposit guaranteed payday loan.

What ideas will you be strong in the context of presidential elections?

There is no question for the CGPME to give voting instructions.

Recapitalization of banks

In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.

On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.

The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.

To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.

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"Considering the financial resources currently limited to Saab Automobile, a voluntary reorganization will help to use the most efficient way the existing resources," the company said.It must be said that its financial situation is critical for several months. The manufacturer, which employs 3,700 people, announced in June that it would stop paying the salaries of its employees. Part of these wages was settled late, since, while, as of August have not been paid. In late July, the Saab postpone indefinitely the resumption of production at its only factory in Trollhattan, Sweden, interrupted once again from June 8 Suppliers, remained unpaid, stopped shipments from April free 3-in-1 credit report. Some had to degrease their workforce.

Breathless

In this grim context, Swedish Auto has continued to widen its losses. In late August, the owner of Saab announced a significant loss of 201.5 million euros in the first half of 2011, against 21.9 million euros during the same period in 2010. The losses have been increased tenfold.The group, however, made efforts in all directions to ensure its survival. Saab had been saved from bankruptcy in early 2010, when, breathless, it was bought by the Dutch Spyker (now Swedish Automobile) to U.S. giant General Motors. Over the last six months, Saab has signed contracts with Chinese distributors and Pang Da Youngman and negotiated a contract to sell its real estate leased for cash.

These efforts have been inadequate and the rest of the employees of the manufacturer of short duration. Now, IF Metall, the main trade union of Saab, said that the decision of Swedish Automobile "might be a good solution."She hopes a quick decision of the Court of Vänersborg on the demand for Swedish Auto, so that its "members can quickly receive a reply regarding the payment of their salaries."

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Last year, Algorithmics has suffered an operating loss of 7.6 million euros, "taking into account the amortization of intellectual properties," the company said. By signing a check for nearly $ 400 million, despite these losses, IBM is therefore a bet on its ability to develop the specialist risk management and internal synergies to play.It should indeed bring his division Algorithmics "Business Analytics". Fimalac side, holding the heritage of Marc Ladreit Lacharrière, the financial opportunity had to appear all the more obvious synergies between Fitch and Algorithmics were limited.

Shareholder Barrier

Fimalac lighter weight of an asset of the system: during the last financial year, 2009-2010, Algorithmics and 121 million in revenue represented 20% of consolidated turnover of the holding company paydayloans. This assignment also confirms the willingness to diversify Marc Ladreit de Lacharriere. Until two years ago, Fimalac was mainly focused on financial services. In 2006 and 2009, the holding company sold tranches of the capital of Fitch Group to Hearst the U.S..The U.S. now holds 40% of the rating agency, and the balance Fimalac.

While observers expected the cash thus generated is reinvested in the financial sector, Fimalac was first formed a real estate division through the purchase of an office building in Paris and the construction of a headquarters in Canary Wharf The London financial district. Last year, the group then created a stir by inviting himself to the Lucien Barrière Hotels and Casinos. For 186 million euros, it has taken over part of the participation of the Accor group. Once the financial transaction loop – in the first quarter – the Desseigne-Barrière family and Fimalac hold respectively 60% and 40% stake in Barriere.

Marc Ladreit de Lacharriere finally multiplies the offensive on the cultural front.Within months, he entered the capital Coullier Gilbert, producer of Johnny Halliday and Michel Sardou, the tour manager Auguri Vega and society, which operates nineteen concert halls.

Since then, the rules of publishing have changed, and the term "literary negro" is no longer valid. They are now called "collaborators." Publishers have become accustomed to mention their name on the back cover, or under the general title inside.These writers specialize particularly in the autobiographical genre, and work with documents.

It is thanks to Bernard Fixot, CEO of XO Editions, this revolution in publishing could take place. Having learned that Paul-Loup Sulitzer used a "collaborator" to write his books, Bernard Fixot decided to give the name of it in the book. Thus the name of Loup Durand appeared on the cover alongside that of Sulitzer. And this revelation has not stopped the pair to continue to get a few best-sellers.

Between 5000 and 15,000 euros for a beginner

Having discovered that the publication of the name of the employee has no impact on sales, publishers have almost all agreed the new rules of the game now, the work of an employee is defined by a contract signed with the publisher.Particular, it sets the fees paid, regulated working hours and the number of pages written. According to several sources of publishing, a "collaborator" beginner, these fees vary between 5,000 and 15,000 euros as a package. As for the more experienced writers, they would receive a percentage of sales in addition to the fixed sum. Copyright between 8% and 15% per book sold, 30% to 50% they would, depending on the reputation of the main character in the book.

However, the compensation varies depending on the work done. Sometimes, the employee simply corrects the style and reread the manuscript, written by the "star" before publication. In other cases, it is he who is in charge of investigative work and writing the book on behalf of the main character."To be negro must be graphomaniac, do not be afraid to write a lot, at the risk of not being published," said Mohammed Aissaoui, literary journalist of Le Figaro. For before the publication, "star" and the employee and make the replay together. And many passages can be deleted or modified.

The meeting between the "star" and the employee does not last more than thirty hours in all. The character confesses, the employee takes notes and tries to adapt his writing style in his own way to speak and to give thought. "The power is on or not. It's like love at first sight to have. An exercise that is to be the mirror of the other, "says Catherine Siguret a" collaborator "who has written books for Claudia Schiffer, Gérard Louvin, or Julien Courbet. For her, the work of the employee, the opposite of a journalistic investigation.Do not be objective, but try to be superimposed on the main character in the novel.

Is there still "negritude" in publishing?

A novelist too productive? It is likely that the books published under his name are written by real "Negroes." While many secrets of this profession were revealed recently, is still far from knowing everything. Because the old practices still existed today. According to Armelle Brusq, director of the documentary "The Negro, writing quietly," about a third editions in France would be made of books' authorship is unclear. " Estimates, which can neither be confirmed nor denied, as no writer, the reader will say that it commits a negro to write books instead. Anne-Sophie Demonchy, journalist Magazine books, conducted several investigations of the writers of the shadows in France."For a publisher, the author must be friendly, and have a great story to tell. Tell the reader that the book was written by a "negro" is not in the interests of the publishing house, "she says.

Industry experts recognize: Some books are a real marketing strategy of publishers. They might even be the result of work of an entire team. The author has an idea. This idea is developed by employees in the synopsis of the publisher. And then this pattern is sent to a ghostwriter for writing. "In general, it does not mention the names of the authors, this subject is taboo," says Anne-Sophie Demonchy. "Amazing, because the movies, or music, the product is the work of a team and it does not shock the consumer."

These writers of the shadows, whose name is not mentioned, are bound by a contract with the publishing house, which prevents them from talking about the project, on which they work. According to the National Union of publishing, in 2010, the turnover of the sector accounted for 2.8 billion euros with around 452 million books sold. One can imagine how much the business of writing anonymous organization.

A phenomenon which diversifies

Use a negro to write a book is one thing. Use a "negro" to write a dissertation study is another. The Internet can now find people offering such services.An article of a "ghostwriter of factors" American, recently published in The Chronicle of Higher Education, the journal of higher education, reveals failures in the field of education across the Atlantic, allowing university students to cheat. Employed by a company that specializes in rewriting, the author, known as Ed Dante, addresses, exasperated, directly to teachers: "I'm tired of you help your students have qualified air." Among the "clients", it separates three categories of students: those whose English is not their first language, those who are very bad writing, and those that are "rich and lazy." Working since 2004, the author claims to earn about $ 66,000 per year.

This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic. Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed. An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight.And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U fast cash online.S. economy was "resilient". In vain.

"The bears are back"

"The bears (stakeholders pessimistic note) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia. "There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading.A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks again Thursday unscrewed rolled by renewed tensions in the interbank market and concerns about the short-term refinancing of banks.

Danone

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

The CCIP has been calling for the creation of a 1997 helicopter service business districts of Greater Paris, especially the defense. But despite the promises of the Secretary of State for Transport Dominique Busserau "to ensure more balanced coverage of the Paris region by helicopter," the number of helicopter movements on the only heliport in Paris in Issy-les-Moulineaux has continued to decline.It was divided by 3 compared to 1990. And it's not finished. Barely reaching 10,000 flights per year at present, the number of trips by helicopter should be reduced to 3,000 by 2014, with only the keeping missions "public service" (EMS, military flights …).

Two new helipads in Paris?

However, the state would already floor on new sites asked. According to reports in Le Parisien, the government is studying various implantation sites for new heliports in Paris and the suburbs.It would thus be considered to implement a site near La Defense and other loops in the Seine-Nord, Gennevilliers and to Villeneuve-la-Garenne.

The project, which emanates from the Secretary of State for Transport, however, would be in total contradiction with the plans against noise, developed by the associations of environmental protection of the Ile de France and the program of sustainable development as mayor of Paris. Companies located in Defence do not support this idea, but do not criticize. "Our staff moves only by car, and it is not planned to spend on travel by helicopter," says one at GDF Suez, the company that has a tower in La Defense.

A project that builds on the experience of major international cities

Although very clean, the air services to major business centers is already highly developed in New York and Tokyo.To avoid traffic jams, the helicopter is a preferred means of transport used on Wall Street, which are well under ten minutes to get from JFK and Newark airports. The island of Manhattan, with four areas of raised, is averaging 37,000 helicopter movements per year.

In recent years, the city of Tokyo began to lose its appeal because of the distances are too long between Narita Airport and the business center of the Japanese capital. Many companies then decided to move their Asian subsidiaries to Hong Kong and Singapore. To facilitate travel between the airport and central Tokyo, the prefecture of the city has decided to introduce in 2009 a service of air service.The routes of some twenty minutes, supported by Mori Building City Air Services, a subsidiary of a real estate group Mori Building were so charged up to 500,000 yen (about 4580 euros) by helicopter, for 4 passengers.

But the country that exceeds all records for the business aviation market is Brazil. The country has seen its traffic increase of private planes and helicopters from 30% in one year. The city of Sao Paolo, has already surpassed New York and Tokyo, with 593 aircraft, flying over the metropolis daily. Helimarte society, the more important hire of helicopters in Sao Paolo, has seen its business grow by 20% in 2010. In addition to saving time, the helicopter remains in Brazil means of transport the safest for people with very high incomes. Nearly one hundred people were kidnapped while traveling by car in Sao Paolo last year.

The growth is particularly driven by the dynamic activity of water Danone (Evian, Volvic, Badoit …) which carries a record performance in the second quarter (+18.9%). Good weather in Western Europe and Latin America boosted sales, as well as the increase in demand related to the earthquake in Japan. And, in a general context of price increases related to inflation in the price of plastic payday advance lender.

Complex environment

The group's growth also comes from its activities in infant nutrition (+ 9.6% in the second quarter) and medical (8.7%).As for dairy products, including volume growth (-0.2%) suffered from the impact of the integration of Russian Unimilk, they benefit from the growth of its health brands (Activia, Danacol, Densia …). In Russia, its biggest market now in the side of France, Danone bets on the growing sophistication of use.

If Danone anticipate by a "major change in the trend in consumption" in the second half, the environment should remain complex. Faced with the continued volatility of raw materials, the group has already made half of its savings program of 500 million euros. Increased costs (milk powder, plastic …) is finally on the top of the range of 6% to 9% provided by the group, even though it now tends to stabilize.After price increases from 1% to 2% earlier this year, Danone does not resume using the "price leverage" in the second half if the cost of raw materials had to leave.

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So, President, Barack Obama, himself, was invited to the debate and tried to restore calm between Republicans and Democrats. Not a chance. Elected officials have sharply criticized Republicans last night how Obama handles this issue."Maybe he (Obama) was taking Valium, it would calm him a bit and he finally decided to come talk to us," even launched Republican Senator Pat Roberts at a press conference. Barack Obama reiterated Wednesday that he intended to end the tax benefits granted by more affluent George Bush. The U.S. president does not want to hear about budget cuts on social programs or on investments in education, research and infrastructure. It is precisely these points that crystallize tensions.

The situation would become so heavy that the Treasury Secretary Timothy Geithner United States would consider resigning soon, according to Bloomberg financial news agency. An official from the Treasury departm said Timothy Geithner has not reached a conclusion in this regard.For the time being.

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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.