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The European Commission on Tuesday launched its third offensive regulatory three years to reduce the power of rating agencies, suspected of fanning the debt crisis. Hardening through the option of civil action for misconduct or neglect, and a tight control of conflicts of interest.

The blunder of Standard & Poor's, mistakenly announcing the loss of the prestigious AAA of France, may have facilitated the political work of Michel Barnier."We need to ensure themselves of the risk we take," says Michel Barnier.

To achieve this, Brussels lists practical steps payday loans in 1 hour. Any investor can sue for damages "for serious misconduct or gross negligence" of a rating agency. A state will have a period of 24 hours to respond to a rating before it is published. Agencies should be transparency in their methodology.

A special chapter is intended to reduce conflicts of interest. It limits cross-ownership between the agencies and their clients. It also introduces the requirement for a borrower to change the agency after three years (or six if two competing uses).

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European politicians finally seem on the verge of their act together on the Greek case and the measures to try to resist contagion. The prospect of a consensus at the summit of October 23 has heightened expectations of financial marcéhs Wednesday.

The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

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Faced with the fear of a general banking collapse, the Franco-German couple is once again under the spotlight. And once again, things are not simple. Nicolas Sarkozy on Sunday in the German capital to "speed up" with Angela Merkel the implementation of the bailout of a Euro still full turbulence. The urgent need for the French president and German chancellor, is to flatten their differences on the use of the European Financial Stability Fund (EFSF) and reach a tentative agreement on the thorny issue of the recapitalization of banks.

Angela Merkel ruled Thursday that "there was a need to recapitalize, it would be reasonable to invest money" in terms of what could cost an emergency rescue industry.But she insists on the fact that the Fund will be used to bail out financial institutions on the condition that states can not themselves "to support the recapitalization of their banks' and it puts" endangered the euro area as a whole. "

In fact, Paris Berlin suspected of wanting to directly use the emergency fund to recapitalize banks weakened by the prospect of a debt reduction Greek. "The French have misunderstood the EFSF, decrypts it does in Berlin. Our position is that banks must first seek funding markets, and the side of the national public authorities. Only when there is no money available comes the European level. The EFSF is a tool for countries like Greece or Portugal.If a country like France – among the strongest financially of the euro area – wants to appeal, then this is the door open for all members of the area had ro dig into the fund. "

Berlin suspects Paris

An over-interpretation, says it does on the French side. "We have not yet begun to discuss that!" Do we wonder at the Elysee. At Bercy, it ensures not see fundamental differences with Berlin. "We agree with Germany, said the entourage of the Minister of Economy, Baroin, the fact that more capital into banks, including French," even if only to meet new international standards of Basel III in 2013.Whenever possible, the French banks also plan to comply with without recourse to the capital, let alone the U.S. – by separating certain activities if necessary, by distributing fewer profits to build equity .

But if there had to be re-capitalization, especially to reassure investors, "the sources must first be private," insists one at Bercy. "Ultimately, this should be to rely on injections of public capital." According to Paris, "a European coordination is essential to determine the amount of capital to meet the deadline by which this capital is to be achieved, and the tools for that. " It is on these criteria that France and Germany could agree this weekend.For its part, Brussels will make proposals for a coordinated recapitalization "in the coming days."

Moreover, given the deepening crisis, Angela Merkel has gradually accepted the idea of ​​economic governance of the European Union, defended by Nicolas Sarkozy. Expanding the powers of EFSF part of this process. However, the Chancellor – who imposed hard fought his troops to ratify the Bundestag building – is faced with a majority crossed by a strong current Eurosceptic.

Markets would also like to know more about the technical means to leverage the clout of EFSF. These contain the spread of the crisis heavyweight like Italy, Spain, and Portugal, while the levees are still weak.Should we go further and erase a more substantial part of the Greek debt? Should we consider that the Fund provides guarantees? The German finance minister, Wolfgang Schäuble, at least possible that Germany spends more money than EFSF the 211 billion passed by the Bundestag.

These tensions, it is now the standard mode of operation between Paris and Berlin. Pressure mounts on both sides of the Rhine, until a compromise emerges in a head-to-head at the highest level. Given their respective domestic political weakness or Merkel or Sarkozy can not afford a failure.

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This is unprecedented in the history of the Vendée Globe, which will start the 7th November 10, 2012 from Les Sables d'Olonne. At 14 months of departure, half of the expected plateau of the skippers in this race around the world solo, nonstop and without assistance, has not found sponsors to support them.

In detail, the organizers of the event have so far received confirmation of the participation of twelve sailors, including Jean-Pierre Dick (Virbac-Paprec), Vincent Riou (PRB), Kito de Pavant (Bel) or Armel Le Cléach yet '(Banque Populaire).However skippers also titled (thirteen in all) that Jeremiah Beyou (last winner of the Solitaire du Figaro), Yann Elies, Jean Le Cam, Raphael Dinelli (four Vendée Globe on the clock) or the revelation of the last Vendée, the British Sam Davies, is currently docked for lack of partners.

"You can imagine without the Vendée Globe sailors who all have unique or promising career," says Denid Horeau, Race Director. Given the urgency of the situation the organizers (SAEM Vendée) and its partners (the food company Sodebo, the General Council of Vendée and the town of Les Sables d'Olonne) organized a demonstration on Thursday that aimed to évémentielles agency relationship, prospects and sports."We hope that this current waiting list quickly becomes a list of registered voters," insists Jean-Pierre Champion, President of the FFV (French Sailing Federation).

No need to budget staggering

Although it is difficult now to convince the business community to mobilize in the sports sponsorship budgets in times of economic crisis and financial uncertainty, the race around the world (known as the Everest of the Seas) intends to assert its assets.

They are obviously many: 1.7 million viewers for the start in Les Sables, or the arrival in the village, some 466 hours of television (which highlight the boats and the names of their sponsors), near 59 million Internet users after the race …."Since our commitment to sailing in 1998, media coverage amounted to more than 82 million euros," says Pascal Cadorel, communications director of the family group Sodebo, which also sponsors Thomas Coville. As for his reputation, it was multiplied by 18 over the same period. Return on investment, media coverage, mobilizing tool in-house employees: Vendée Globe partners have increased their arguments persuasive and have wanted to attract new investors.

"No need to get on the Vendée Globe with staggering budgets. Even small projects can impact winning, "repeated Christopher Chabot, CEO of Akena Verandas, which posted 25 million euros in sales when it is committed to sailing in 2004.Today Arnaud Boissières sponsor, the group is No. 1 manufacturer of conservatories from individuals and has 700 employees. "This is the works council who insisted that we continue the adventure in sailing," said he. That's why he campaigned for SMEs to join the adventure and trying experience of sailing sponsorship.

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The globalization of the industry makes it still relevant national trade statistics? The World Trade Organization (WTO) has been working since October on this issue. "If the needs of the changing social and economic policy, statistics must adapt," said Pascal Lamy, Director General of the WTO.

This thinking has led, in June, the launch of Made in the World Initiative, said MiWi. This project – Made in the world – aims to complement the traditional statistics by providing a new angle of approach to globalization.

The WTO is an example of the manufacture of a Boeing 787 Dragline.Admittedly, this is an American plane produced by Boeing, but the list of international suppliers of parts and components is long: the wings and forward fuselage from Japan, the center fuselage from Italy, the engines of the United Kingdom, brakes, electrical equipment and tools in France.

Boeing included in the export statistics of the United States can also be included in part those of other supplier countries Same day payday loans. Also making a hard drive in Thailand, an input to the composition of the computers, involves components and parts from more than a dozen Asian and American.

Additional data

"It is necessary to better understand the global value chains to better understand the nature of trade and production process.As such it would be useful to have more detailed data on trade in services, "said Jean Arthuis, chairman of the Senate Finance Committee.

The initiative of the WTO is "for the moment, more an aid to understanding a negotiation support," says Christophe flung, one of the project within the organization. The aim is to popularize the measurement of international trade to produce, over time, additional data on foreign trade. If it is completed, MiWi promote a measure of international trade more adapted to reality and offer a new angle of approach flow valuation.

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The political crisis of the Maghreb countries, boosting the number of tourists to France this summer, benefits the station. "We see a strong recovery in passenger traffic in France since mid-May," said David Azema, deputy director general strategy and corporate finance. After a difficult start to the year, hit by ongoing work on the network, the TGV of domestic activity recovered in the second quarter, with sales up 4.5% at end June The trend was more spread earlier this year. Throughout the first half, the station achieved a sales increase of 9.5% (6.1% at constant perimeter and constant exchange rates), to 16.3 billion euros. Firmly committed to a recovery plan of its accounts by 2015, it increased its operating margin to 8.4% (against 6.8% at end-June 2010). For the record, she has set a minimum of 10% in 2015."The accounts of the first half showed that we are on track, says David Azema. We do what we said, with the obsession of a return to a satisfactory level of profitability to cover investment needs essential to the quality of service and development. "

In one year, SNCF has stabilized its level of debt (8.7 billion euros) and increased its net profit group share of 478 million euros to 558 million, mainly due to the improvement in profit Financial.

The company is now able to self-finance 92% of its investment. During the first six months, it has invested 1.3 billion euros ($ 1.1 billion from its own funds). A 80%, this is the purchase of equipment (43 TER trains, 20 trains Francilien, 4 TGV trains, 26 locomotives …).

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The Italian luxury brand, Prada is the first of his country to its IPO on the Hong Kong. On his first day of trading, securities were up 0.25% in early trading to 39.60 Hong Kong dollars (3.56 euros), against an introductory course in 39.50 dollars in Hong Kong ( 3.55 euros), while the Hong Kong Stock Exchange opened with a gain of 0.39%. This allows Prada raise $ 2.1 billion.

Despite these humble beginnings, the company hopes most luxurious increase its visibility in Asia with the regional listing. Sales of luxury products are doing very well in this part of the world. China weighs more heavily, representing the second largest market behind the United States and ahead of Japan. The industry shows growth rates of nearly 25% annually in the Middle Kingdom free credit score online.A trend expected to continue at least over the next five years, analysts said. The consulting firm PricewaterhouseCoopers expects that China will become the first market in the world by 2015. The sign of Milan also provides a major expansion plan throughout the Chinese territory in the years to come.

Prada is not alone in courting the Asian markets since the stock market. Burberry and Coach American also announced their intention to rate in Hong Kong. Prada's performance will be regarded as a test for the Asian market place, where Samsonite has recently disappointed by losing 11% on the day of its listing on June 16.

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Listeners of "The Happy Button" on RTL have discovered on Tuesday morning at 11 am 30. Christophe Dechavanne replaced Cyril Hanouna alongside Jean-Pierre Foucault. He co-host the program "until the end of the season," said the station, which refuse to specify the form that this collaboration in the fall. The only certainty in September, "La Bonne Touche will not be scheduled daily, but on the weekend. The program frees its edge Stephane Bern, which has released "The Mad King" on France Inter to join the private station.

Christophe Dechavanne, who has officiated on RTL in the early 2000s, particularly delicate position "successor" by Philippe Bouvard, replaces Cyril Hanouna offhand. He had been dropped from the air last week, following the announcement of his departure for the morning music radio Virgin Radio.It must succeed Bruno Guillon, who after six seasons on Virgin Radio will join Fun Radio (RTL), to animate the "6:00 to 9:00" in the fall. "Our discussions with Bruno took place quickly and naturally," said Jerome Fouqueray, CEO of Fun Radio, in a statement. Its very positive, which corresponds perfectly to the values ​​of Fun Radio, will help power up again in the wake of audience records broken this season. "

Nikos Aliagas on Europe 1?

Fun Radio was illustrated in the latest survey of hearing Médiamétrie as the station that recorded the largest increase in a year. Gaining 0.9 point, it reached 7.9% of total audience, as much as Skyrock, the months from January to March.

Bruno Guillon takes a position made vacant by the departure of Manu Levy for NRJ.The first musical de France decided to give him his morning so far at the hands of Nikos Aliagas. The latter could reach Europe 1, said the Nouvel Observateur site Monday. Engine since January transfer window with the successive departures of Nicolas Demorand and Marc-Olivier Fogiel – replaced respectively by Nicolas Poincaré and Bruce Toussaint, radio generalist Lagardère has also renewed the contract Nagui, who is assigned on a show weekend to replace his daily game. Europe 1 has also renewed Benjamin Petrov, host of "Morning Breakfast" (5:00 pm-6 30), who becomes the joker Bruce Toussaint and presenter of the morning on weekends. He was replaced by Emmanuel Maubert weekdays.

Started very early, the ball transfers radio is far from over. Listeners France Inter ahead including the name of the person who will succeed Stéphane Bern.

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And two. Having poached in March, Laurent Joffrin of the co-chairmanship of Liberation to entrust the reins of Le Nouvel Observateur and the chief editor of news magazine, Perdriel Claude, the owner of the newspaper group, has hired Wednesday Nathalie Collin Co-Chair of the daily street ranger. Aged 46 years, the former boss of EMI France, who had joined Liberation in 2009, will assume his new duties in early August. Alongside Laurent Joffrin as co-chair of the board of the Nouvel Observateur, it will specifically support "strategy, development, partnerships and management." It will also be responsible for DG Debt Management Group, which also publishes Challenges and Sciences et Avenir. These two transfers decapitate the leadership of Liberation, in a situation remains fragile – the newspaper that has reached 200,000 euros profit in 2010.After considering an exchange of equity and industrial and commercial synergies with Le Nouvel Observateur, the newspaper is engaged since March in a plan to recapitalize nine million euros made by the group Colbert Land, of which 6 have already been paid. Edouard de Rothschild, chairman of the supervisory board and shareholder at 26% Payment at par with Colbert Land, must quickly find a successor to Nathalie Collin. In the entourage of the French businessman, is no secret that the revival of Libération is far from over. "There are still chapels, personal conflicts, with a very old organization. The newspaper still has room for improvement and optimization, "says one Business Card Holders.

LE FIGARO. After Laurent Joffrin-Claude Perdriel, boss Le Nouvel Observateur, has poached the co-chair of "Liberation", Nathalie Collin. Do you feel betrayed?

Edouard de Rothschild.The torque-Laurent Joffrin-Nathalie Collin has improved the content and quality of Liberation, but as a fellow shareholder and chairman of the supervisory board of the newspaper, I am a reproach to have left to buy social peace without reforming the business . This is an opportunity for liberation can modernize and reform the house, whether its organization, operation, management.

A few months ago, you were considering a merger with Le Nouvel Observateur '…

As a shareholder, I'm not political and I observe from a distance, but I find that a squabble between Le Nouvel Observateur and Liberation is sterile, unproductive, when primaries will play within the Socialist Party and where major substantive discussions will be held on the left.

Your strategy for "Liberation" Will it change?

Le Nouvel Observateur is an aging institution.Today, a generation of readers is renewed. It is within this context that Nicolas Demorand joined Liberation as "publisher". A new "publisher" should be appointed shortly. We have some interesting candidates to succeed Nathan Collin. We will choose three to Bruno Ledoux, group Colbert Land, the daughter of Italian shareholder Carlo Caracciolo, and myself.

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Hosting the dreams of a man, a woman or a famous family he gives a soul and appeal to a property? Sometimes. Some places are sanctuarized and eventually become intimate museums: the house of George Sand Nohant that of Monet at Giverny attracted many visitors. Other houses, once emptied of furniture, are ready to hear new stories payday loans lenders. This applies to the apartment of Yves Saint Laurent, 520 square meters Rue de Babylone in Paris which is on sale. Emile Garcin The agency has the exclusivity of this duplex and garden of 400 square meters. The history of old stones is made of successive occupants, some make their mark, others not.

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