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Jeremy Lin and the American fairy tale. It only took seven games to the playmaker of the team's basketball for the Knicks panic counters and generate a media frenzy rarely seen in America. The defeat of his team that night, for the first time since its revelation to the public, does not diminish the power of the phenomenon Lin, who finished top scorer of the match. A true media darling, the "Lin mania" is now an economic nature.

According to Patrick Rishe, a journalist specializing in sports economics at Forbes, Jeremy Lin should earn this year between 10 and 20 million dollars in revenue for his team. Based on his calculations, he believes that the brand Jeremy Lin is now worth $ 14 million. Already, sales of products Knicks exceed those of all other teams in the championship. Better yet, the shirt of Jeremy Lin is currently the best selling of the entire league by site nbastore.com, ahead of Kobe Bryant and Lebron James, however, the two superstars of American basketball.

Since its emergence in the field, television audiences matches the Knicks were up 66%, according to ABC News and the price of tickets at Madison Square Garden, where the team plays, increased by 27%. A phenomenon that extends to the whole country, all brought to theaters soon receive the full display of the Knicks team and seeing the price of tickets on the black market soar.

Nike bounces on the phenomenon

Lin's exploits have even an impact on stock markets. The share price of the group Madison Square Garden Entertainment, which owns the Knicks, has increased by 6.2% over the last five days, reaching its highest of the year, according to Bloomberg. Performance directly attributed to Lin, the group has announced losses in the same week.

It did not so much to interest sponsors. Decisive with his team, he also shines personality, humble and smiling and personal history. Out of nowhere, rejected by the leading clubs, he finally won through hard work, courage and tenacity. All values ​​that symbolize the American dream and please brands. Do well because already under contract with Jeremy Lin before hatching, Nike also is preparing to release a shoe in the name of the player and the colors of the Knicks. Jeremy Lin signed his first professional contract this week, amounting to 762,000 dollars for the season. It's a safe bet that it would reach many more especially if he continues to earn as much.

Wind "Folin" Asia

First American player of Taiwanese to move in the American Championship of Basketball, Jeremy Lin has become at the same time the new headline the NBA for Asia, which represents the largest market outside the league, according to Reuters. Asian TV channels were also eager to buy the rights to broadcast matches, the Chinese state channel CCTV has even changed its programs to broadcast several games of the Knicks this week.

"This is an unprecedented phenomenon and I am delighted for him, for the league and the Knicks' David Stern said Tuesday, the powerful boss of the NBA. It is true that the media hype and commercial around that player's personal story atypical is a boon to the American basketball league whose image had been tarnished by a long and costly strike that has raised fears a moment the cancellation of the season. Some broadcasters and sponsors in mind, feared even a year on the cheap and tasteless. By Jeremy Lin, American sport has found a goose that lays golden eggs and intends to capitalize on it. Remains whether it will uphold and maintain this level of play

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The Asian market fell again on Wednesday. Without the Japanese Nikkei, closed for a holiday dedicated to Labor Day, it is the Chinese stock exchanges set the tone. The Hang Seng drops 1.85% to 17,913 points and the Shanghai Composite loose 0.42% to 2402 points to 6:50.

In their wake, the Korean Kospi unscrews from 2.35% to 1783 points, the S & P Australian 1.98% to 4051 points and the Sensex India 1.56% to 15,815 points.

Chinese Manufacturing PMI worried

The main cause of this new day in the red is the publication of a PMI index of manufacturing activity in China at its lowest for 32 months. A preliminary estimate of the bank HSBC, the index reached 48 in November, against 51 in October (and 50.1 expected by analysts).Or a figure below 50 means contraction.

According to economists at the bank, China, heavily dependent on exports, is beginning to feel the negative effects of economic slowdowns in Europe and the United States. In October, Chinese exports to the European Union fell to 28.74 billion dollars against 31.61 billion in September, while exports to the United States fell to 28.6 billion against $ 30.11 billion in September. To this end, HSBC is lowering the forecast industrial production to 11% or 12% year on year in the months to come (against 13.2% in October). GDP growth has already increased from 10.4% last year to 9.1% in the third quarter of 2011.

The bad news is grafted to the announcement yesterday of a U.S. growth revised down for the third quarter.

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In the first five days of strike by cabin crew of Air France, the company is organized to provide as announced 80% of its flights. The company has temporarily restricted on Saturday morning to 100 passengers the ability of its medium-haul flights Orly. Consequence: passengers can wait a little and minor delays can be saved.

This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when. But we have managed so far to complete the flight and make them go as planned, "says the director of Air France at Orly, George Daher. A strategy that annoys some customers. "We were placed on a waiting list by explaining that there was not enough staff.

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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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Car manufacturers ultra-luxurious living on another planet. The downside risks, of concern to general groups, do not seem to disturb them. Concessions in the Ferrari, "consumers are not worried about a recession. The last I saw did not look desperate, "said Sergio Marchionne, the CEO of Fiat, at the Frankfurt Motor Show.

The Prancing Horse brand also provides for a new record this year by selling 7,000 cars, against 6,570 last year. Ferrari is also counting on a profit before tax "significant", following an increase of 23% in 2010 to 302 million euros. "I'm not worried because we have quality, exclusivity, a strong brand and innovative technology," said its president, Luca Cordero di Montezemolo.

It is the only one to be extremely confident.Rolls-Royce (BMW Group), whose boss, Torsten Mueller-Oetvoes, said he was "optimistic" about prospects for its niche, also wants to exceed its historical performance of last year (2711 cars). The luxury brand will invest 11.4 million euros to expand its plant in Goodwood English and plans to increase its network from 85 to 100 outlets.

Buyers richer

Sales of the major European luxury brands (Maserati, Lamborghini, Ferrari, Bentley, Rolls-Royce and Aston Martin) are expected to jump 19% this year to 28,100 vehicles, and increase by 13% in 2012, according to a study by IHS Automotive. "The rich are becoming richer, and the number of millionaires in emerging and growing. It is a very positive trend "for specialists in this niche, says Erich Hauser, an analyst at Credit Suisse agency quoted Bloomberg.For him, "should things go really bad" for the champions of this market find themselves in difficulty.

The ultra-premium segment should be able to pass through an economic downturn better than in the previous crisis, which saw sales of certain brands to collapse, says the CEO of Rolls-Royce. "This market has been growing steadily since its low point in 2009" but "we are aware that there are risks," acknowledges, however, Stephan Winkelmann, Lamborghini's boss. But for now, the Italian brand of the Volkswagen group does not seem to fear a decline in the purchasing power of its wealthy clients. It will produce 20 Sesto Elemento for early 2013. Their price: 1.6 million euro.

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Testimony will or letter of resignation? Despite his categorical denials in the spring, including members of the executive, who asked, Christian Charpy is indeed to complete an account of his three years as general manager of employment center. Titled The head of employment, the book, Le Figaro has obtained a copy will be available Sept. 8. However, the Charpy mandate expires at the end of the year and the Minister of Employment, Xavier Bertrand, continues to make it clear publicly that his "exit" will be faster, last Thursday, he repeated again at Figaro . The contents of the book is likely to accelerate the movement …

While the employment center boss does not attack his name minister. But it strives, in a final chapter "to go further," to criticize one by one the thrusts of Xavier Bertrand instant payday loan.Doing so trades voltage (or those positions are filled) "alpha and omega of an employment policy reflects a restrictive vision of the situation well," Charpy loose. While Xavier Bertrand refused to increase the number it considers "necessary" to strengthen them. Employment center boss surprised "when the increases in the accompaniment of the retrenched, one can consider reducing the accompaniment of other job seekers." And find it ironic that "it reduces opportunities to verify the authenticity of acts of job search by reducing the monthly monitoring personal" when we want "to hunt fake unemployed."

"Showdown"

(Photo credits: Tallandier)

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How to stop the contagion of the crisis of debt in the euro zone? European leaders are working on the subject while, after Greece, Ireland and Portugal, the budgets of Spain and Italy still worried. Among the options considered: Eurobonds. Berlin does not want to hear about it, Paris does not show much enthusiasm either. However, this proposal is increasingly cited as the most credible to stem the crisis.

What Eurobonds?

Eurobonds (in English or eurobonds) are bonds issued by all 17 Member States of the euro area and subscribed in their common name.The rate of these bonds would be an average for the various member countries, now very different depending on the health of national economies: while German interest rates to 10 stood at 2.62%, those of the Greece nearly 15%.

The creation of the Eurobond, which would mark a greater economic integration in the euro zone, would be to pool the debts of member countries.

What are their advantages?

"If there had been the 'Eurobonds', we would not have today's crisis," says the Italian Minister of Economy, Giulio Tremonti. Such titles would indeed to most indebted countries to borrow at rates lower than those applied to them today. And so break the current vicious circle: with interest rates high, they struggle to refinance markets.

Last week, the European Central Bank (ECB) has disbursed a record $ 22 billion of debt to buy Italian and Spanish, allowing a relaxation of bond yields. But for many, these measures are not sufficient and Eurobonds appear as the most credible to stop the contagion of the debt crisis.

Opposing their creation?

Germany refuses to discuss it. Berlin has in fact particularly low interest rates and would be the big loser of the pooling of European debts. She also fears that the Eurobond release the pressure on states to réquilibrer their finances. Germany wants a greater economic cooperation among member countries of the euro area and the creation of a European institution that would oversee the fiscal policy of each.

Hence the warning before the meeting between Nicolas Sarkozy and Angela Merkel on Tuesday afternoon: "We will not cover Eurobonds on our own because it is not, in our opinion, a way desirable or practicable" , said the spokesman of Chancellor allemande payday advance.La France also spoke against the Eurobonds.

"We have a common monetary policy and fiscal policy in each country individually," which results in different interest rates, and "as is the case, Eurobonds are not an option"

Has revived the debate?

The creation of Eurobonds is promoted by long-time supporters of federalism in Europe, including Jean-Claude Juncker.States who suffer from debt interest rates are higher, of course, too, this solution in a positive light.

But even in Germany, the idea seems to be gaining ground: the president of the association of German exporters (BGA), Anton Boerner, has taken a stand for the creation of European bonds, "We need it, and we needed quickly, "he said, calling for the introduction of" golden rules "budget to support their creation.The German daily Die Welt also reported this weekend that the German government began to consider the Eurobonds.

Britain, which has not adopted the euro, has also come out in favor of Eurobonds by the voice of his finance minister, George Osborne: it asked "institutions in the euro area to all that is necessary to maintain stability ", describing the disintegration of the euro as" economic disaster including the UK "." Solutions such as Eurobonds and other forms of security must now be considered seriously, "he added.

Other voices were heard recently in favor of it "Europe needs Eurobonds," said the investor George Soros in an article published Monday by the Financial Times: "Germany and Other countries have AAA in one way or another to create a system of Eurobonds. Otherwise, the euro will collapse. "

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A return express. Nicolas Sarkozy called Wednesday morning at the Elysee a "working meeting" surprise, to "take stock" (and know) market in crisis, amid concern for the euro area. Since the worsening financial situation, the head of state was managing the crisis from its resort on the Var coast, so you do not send alarming signals to markets. "There, it was easier to gather everyone in Paris, says it at the Elysee. But the sine qua non, there was not too brutal market drop, that morning. Otherwise, the meeting would have made things worse. "

The secret had been carefully guarded.And the Elysee waited for the reopening of markets on Wednesday morning to publish (at 9:22) the press release announcing the meeting, held in the green room, in the presence of Prime Minister François Fillon – back to Tuscany, he left in the aftermath – and the Governor of the Banque de France, Christian Noyer. Ministers Baroin (Economics), Valerie Pécresse (Budget), Alain Juppe (Foreign Affairs) and John Leonetti (European Affairs) had been asked the day before returning to Paris for the occasion.

Anxious to reassure the markets in a context of "excitement," Nicolas Sarkozy wanted to remember with great fanfare that France was determined to achieve its goals in reducing deficits (5.7% of GDP in 2011, 4.6% l Next year, 3% in 2013).Trajectory necessary to preserve the precious "AAA" rating (see below).

Unpopular decisions

In a statement, the Elysee reiterated Wednesday that those commitments are "bound regardless of changing economic conditions." Sarkozy asked Baroin Pécresse and make proposals for further savings, as part of preparing the draft budget law for 2012. The budget minister said that the Figaro tax loopholes – but not those in the service of employment – will be far removed. "The employment protection is a barrier," nuance Pécresse, who wants loop "a budget of fiscal justice" with "effort shared by all."Sarkozy and Fillon will be August 17 to prepare the trade-offs which will be made Aug. 24 before being endorsed by the Cabinet next week.

The head of state wants to take advantage of the worsening situation to prepare public opinion for unpopular decisions fast cash. But he also wants to show the French that the policy since 2007 (non-replacement of a staff of two, pension reform, etc.). Is one of the reasons why France would keep its credibility on the market. "Current developments validate the economic strategy led by the government," insists the Elysée in a statement. During yesterday's meeting, which lasted over two hours, Sarkozy further held that the measures taken by France and its partners since the beginning of the crisis had begun to bear fruit."There was a relaxation on the market for sovereign debt, we must keep a cool head," said Baroin to the output, hours before a new European stock markets dive. Reportedly, Nicolas Sarkozy is expected to meet German Chancellor Angela Merkel in the coming days. The date has not been set.

The head of state also discussed Wednesday the famous "golden rule", he wishes to include in the Constitution. "He called everyone's responsibility, beyond the partisan divide." Again, Sarkozy wants to use the crisis to push its advantage, and put the opposition – who refuses to vote – to the wall. The president spoke at length on the telephone Tuesday with Jean-Pierre Chevenement about it.Reportedly, François Fillon could end of August to stage a number of meetings with opposition figures had proved "constructive" on the subject, as Jean-Pierre Chevenement, Manuel Valls, François Dominique de Villepin or Bayrou. Interviews that aimed to isolate a little PS. "We can not build with those who want to destroy," says a close associate of President.

After the meeting, held in an Elysium in full work, the walls completely covered in scaffolding, Sarkozy thanked the ministers for their presence: "You can return your vacation spots," Has he said. "Oh? We have the right to say the word now? It is no longer taboo? "Ministers had fun. For Baroin and Pécresse, "the work continues."The two "musketeers" of the right must be found this weekend with the Minister of Economy in the Creuse, to work on measures they present earlier this week to the president. As for the head of state, he took over the road from Cape Negro on Wednesday, late afternoon.

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The wave of picnics and barbeques in the spring, made possible by an exceptionally favorable weather, had precipitated the French on the shelves of hypermarkets. Sales of water (8.2%), soft drinks (9.5%) and beer and cider (10.5%) had experienced progression insolent March-May (compared to the same period last year), according to data collected by SymphonyIRI. With highs in the purchase of ice cream and other frozen desserts (22.1%). Until insecticides (34.1%).

Manufacturers liked to dream of a vintage 2011 special that would forget the disappointing weather of August 2010. In fact, the weather will be "saved" a consumer already soft.

Even if the summer is still in its infancy, the reversal of June weather has dampened hopes.The rain and temperatures below normal even led to a decline in sales of water (-3.8%), beer and cider (-3.6%) and ice (-3.8%) the last month. Depressed by bad weather, the French have drowned their sorrow in soups, whose consumption is spread (+6.8%) after having faltered in the spring (-13.1%). They also caught up on purchases of frozen quiches and other savory (+7%). Our citizens spend more time indoors, ready meals have also been popular last month (5%).

The end of "catch up"

Beyond these products susceptible to weather, changes in consumption in June promises to be a turnaround. "Over the years, stopping at the end of February, the consumer was doing extremely well, says Jacques Dupré, Director at Insight SymphonyIRI.And all the rays took advantage of the situation in times of great price stability, or even deflation (-0.3% year to date through February). "

After having tightened their belts during the crisis, consumers are caught up by buying products "pleasure" as the food caterer. Then, as he did fine, the French continued to spend, which supported consumption in the spring. Furthermore, while retailers announced in March of annual price increases of close to 2%, the increases were not noticeable ray (0.7%) with the exception of certain categories of products such as flour, oil or coffee, closely linked to changes in raw materials."Despite the boost from the weather, we started to see a real slowdown in early May, with growth in sales of consumer products by 1%, with inflation of 1.3% on same month, "says Jacques Dupré.

From May to June, the price increase (2.2% in June compared to June 2010) has changed all that. If it has boosted sales of consumer goods (+2.6%), it may slow consumer spending over the coming months. "If future inflation was 2.5%, we could have a single stable consumption volume close to zero in hypermarkets and supermarkets on the end of the year," said Jacques Dupré. According Gaëlle Le Floch, Director Strategic Insight in WorldPanel Kantar, "private labels could then have a playing card."

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Greece occupies the minds of the rating agencies, but they do not forget Portugal. If the first could be lacking to believe Moody's or Standard & Poor's, the second concern. Moody's lowers in just four clicks of the note term. "The deterioration in the context of adversity reveals the crisis of sovereign debt and vulnerabilities of the Portuguese economy," says the Ministry of Finance in a communiqué.L rating agency is the first American to relegate Portugal in the class of investments "speculative," that is to say, risky. Standard & Poor's and Fitch placed the rating of Portugal "BBB-" or one notch to the category of "speculative" that Greece currently holds.

The euro increases its losses against the dollar

Moody's did not trust the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year and 3% by 2013. This is why the country must make a saving "a little over two billion euros," said Pedro Passos Coelho had. In addition to the "restructuring of public enterprises," the privatization program will be accelerated with the sale by September of public participation in groups electricians EDP and REN on line pay day loans. "The Moody's decision ignores the effects of the tax on extraordinary income, regrets the Ministry of Finance.This measure shows the government's determination to ensure the deficit targets for this year. "

While Greece is to receive 12 billion euros of fresh money and could get a new rescue plan 110 billion, Moody's says there is a good chance that Portugal needs a new aid in addition to 78 billion decided last May. But for that, like Greece, the rating agency points out that private sector participation would be required for the EU to come to the aid of Portugal. "Portugal might not be able to borrow on capital markets at a tolerable level before the second half of 2013 or even later," said Moody's.

While the U.S. markets did not react to this announcement, the euro accentuated its losses against the dollar, yielding 0.81% to 1.4423 dollar.

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