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Within hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said.Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other. However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level payday loans. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We agree to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

"Two Camps"

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

Japanese Minister of Finance outlined Friday morning, a G20 divided in two. "My impression, based on discussions of the working group, which countries are now divided into two camps," Yoshihiko Noda advanced.He added: "It is not clear that countries agree on all the indicators but I think that agreement on some of them is possible."

China said Friday it is not binding rules, but only indicative. She does not wish to see included levels of exchange and reserves. Beijing agrees to include the public debt and private savings. It is also ready to be included in the trade surplus instead of the current accounts.

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For months the local politicians are fighting for an increase in parking fines. And for good reason. A motorist who does not put money into the ticket machine is now paying the same fine (11 euro) in 1986 (75 francs)!

This fall, when discussing the state budget, MEPs had proposed that the bill is 20 euros. Finally, the measure was not adopted. But Baroin, the budget minister, pledged to take a decree raising the price of fine between 15 and 20 euros easy payday loans.

Reportedly, the fine would rise to 17 euros, in fact. This last figure is circulated within the government. But the date of entry into force of this increase is not yet known.

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The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold that has not been taken since October 1, 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disturbances in effect, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal payday loans lenders.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible.The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt, said Djillali Hacid, technical analyst at XTB France. For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of $ 100.

Evolution of a barrel of Brent since February 2010. Source: XTB France

The Tokyo Stock Exchange finished up 1.51% Tuesday, investors rushing on Japanese values after losses charged yesterday in a gloomy climate in all Asian markets. At the close, the Nikkei gained 154.12 points to 10,370.53 points and the Topix broader took 7.66 points (0.85%) to 906.21.

The volume of transactions was low a few days holiday season, with only 1.61 billion shares traded on the primary market.

Investors ignored a slight rise in the yen against the dollar and have focused on major exporters, encouraged by the rebound in Chinese markets have fallen the previous day amid fears about credit availability.

The easing on the Korean peninsula, which has experienced a resurgence of tension Monday, has also promoted trade.

On the values front, Sony Corp has taken full advantage of this appetite for value and export finished up 2.73%, while Mitsubishi Motor rose 2.5%.

A system where the employer hires employees based on their needs. All very normal in the business world. This is also what is trying to establish the government in the high administration, removing the classification output of the ENA. The project is as simple as it seems and arouses strong resistance – for evidence, it was launched by Nicolas Sarkozy three years ago! But a further step was taken with a Senate vote on the night of Tuesday to Wednesday.

So far, students from the Ecole nationale d'administration choose their assignment at the end of their schooling, according to their scores. The bodies of remunerative and prestigious as the Inspectorate of Finance, the Audit Office or the State Council, are favored by ENA graduates out into the "boot", that is to say in the lead."A competition spent 25 years directing a professional life," lamented the head of state in early 2008.

The former ministers Eric Woerth and Andre Santini launched the file. A decree establishing a new procedure has been drafted. But in examining the State Council said that the law provided an explicit allocation based on the classification output of the ENA for … the young magistrates of the State Council. An order may violate a law, while the site was blocked. The bill Warsmann simplification of the law under consideration in the Senate, gave an opportunity to remove this obstacle. That's what the senators come to … more than a year after members! And the process is not complete since it takes a second reading.

"A committee of transparency"

The future allocation system, the government now to see applied in 2012, "is in all our reforms on the careers of officials: Replacement of the notation for the assessment interviews, validating experience, removing age limits cash advance no fax… "said Secretary of State for Public Service, Georges Tron. Young énarques indicate the positions that interest them. Governments express their preferences on the candidates after reviewing CVs and interviews conducted anonymous collegially. Given these factors, a "transparency commission" – by Jean-Pierre Jouyet, technocrat, Inspector of Finance and Chairman of the Financial Markets Authority, which devised this procedure – decide assignments.Everything is supposed to allow a match between the skills and desires of candidates and the needs of the state.

This complex system must address the concerns of nepotism, "pistonage" or political patronage. Ranking is indeed perceived by its supporters as the guarantor of equal opportunities, ensuring that merit alone leads to better jobs. "Yes, it is a system incongruous, but it is an incongruity that we have 150 to build!, Pleads Arnaud Teyssier, president of the Alumni Association of the ENA. Governments are not businesses, because they are subject to policies. Their boss, the minister. The risk is that the most prestigious body n'accueillent the brightest but most Parisians, the most militant, who have the best address book. "Proponents of reform will see these concerns as" corporatism "of great body.

Ten days after the surprise announcement of LVMH's entry to its capital, with 17.1% share, Hermes out of his reserve. The heir Bertrand Puech, a descendant of the founder to the fifth-generation company president Émile Hermès family (sole general partner of Hermes International), and the boss Patrick Thomas, manager of the group, rising strongly against the operation.

LE FIGARO. – How did you react at the entrance to the capital of LVMH Hermes revealed ten days ago?

Patrick Thomas. – It was a big surprise. LVMH has announced a sudden a stake of 17% calling it "friendly." This arrival was nothing friendly. It was neither requested nor desired. There was no threat of capital investment, luxury manufacturer or group seeking to buy Chinese shares Hermes, LVMH as has been claimed.

Bertrand Puech. – Surprise and displeasure.I received the call from Mr. Arnault to 9: 45 pm while I was taking a train and left his press release at noon.

What did he say?

PB – He said that shares were sold, he had bought for 14.2%, it would increase its participation and it was quite friendly, it does not require seat supervisory board.

Have you encountered?

BP – Yes, the following Monday. It was a courteous and frank encounter.

P. T. – We said that we did not consider this intervention as friendly.

How do you work with who is now your single largest shareholder?

P. T. – The fact that a shareholder has 17% of our capital will not change the culture and way of doing this house. Hermes did not absolutely need help, support or guardian, contrary to what Mr. Arnault.Besides, if you look at the performance since our IPO in 1993, the annual growth of LVMH's net income was 7.6%, that of Hermes by 14.7%. In exchange, the LVMH share was multiplied by six, that of Hermes by 35. If someone needs help, it is rather the other way. Hermes is going very well, better than LVMH, Hermes and is locked.

The means for acquiring the 17% you seem they comply with regulations?

P. T. – We ask many questions. There is a particular market regulations which aim to protect minority shareholders. Now a group is able to, via financial products, 17% or two thirds of the floating point without crossing any threshold. One can only wonder.When we see the structures that were used to conduct this attack, we see that are subsidiaries of LVMH based in Luxembourg, the United States and especially in Panama, which is not the most transparent country in terms financial regulation and origin of funds. Hermes can only do one thing: trust the AMF must say that if the transaction complies with the regulations or not.

What do you think that Bernard Arnault come to you?

P. T. – Bernard Arnault has never hidden its interest in Hermes. That's the issue, the rest is art. Gold Hermès, this is not a corporation, not a signature, it is a cultural soil in which grow the flowers of each season fast payday loans creativity. It's a great legacy, a craft culture, a tradition of respect for people and materials, a very complex chemistry.This culture is hardly compatible with that of a large group. This is not a financial struggle is a struggle of cultures. Obviously we could double profits within five years of Hermes, Hermes, but would die slowly.

PB – We are artisans, our goal is to make products the best in the world. We are not in luxury, we are in quality.

Do you fear a rise in the capital of LVMH, or even a takeover later?

P. T. – It is very likely that rising capital, I do not know his intentions.But the Hermes family is extremely close-knit and determined to keep control of its sponsorship, which was created to protect the house against the possibility of what is happening today and especially to protect the culture of this jewel built for six generations .

What proportion of capital held by the family heirs they now?

PT – At the last general meeting in May was 73%. This figure is changing somewhat as some permanently sell units, others are buying.

Some people have recently sold shares?

PB – Nothing significant, nothing to Mr. Arnault. If someone sold it to Mr. Arnault is indirectly, unknowingly. He surely made friendly approaches but nobody has assigned shares.

Some heirs could they not be tempted to sell when the stock price reached record levels?

BP – No.Sale to invest in what? We know what's best is Hermes. The action was worth 5 euros to the IPO, it reached 200 euros last week.

Are you bound by shareholder agreements?

BP – We have a series of pacts. And our best defense is limited: even if it remained a family shareholder, he would retain control.

The death in May of former leader Jean-Louis Dumas, introduced as the backbone of the family unit, he weakened?

BP – No. Jean-Louis Dumas had been ill for several years and no longer occurred since 2006. It cemented the family. Everything he did, he did so because the family was there.

Hermes can it remain an independent family business to the sixth generation?

BP- At the sixth generation, no doubt, and the seventh also, I'm sure they have that vision. Generations pass, Hermes remains.

Who will succeed Patrick Thomas and when?

BP – It is not intended to replace Thomas.

PT – I am here to serve the house, everything I do, I'll do it for her.

Do you think that Bernard Arnault will one day control of Hermes?

BP – I do not think so. We've been inundated with messages of loving support. I think Mr. Arnault has launched a financial battle that goes next to us. It is a great financier, but it has not always been successful. We want to be very courteous. The family says it clearly and unanimously: "If you want to be friendly, Mr. Arnault, you must withdraw."

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A symbol: In 2010, Bill Gates has been dethroned to the rank of richest man in the world by Mexican Carlos Slim, owner of America Movil Group Telecom, number 4 global telecom, behind China Mobile, Vodafone and Telefonica.

A landmark achievement of this generation of emerging entrepreneurs who have created a few years of real telecom empires.

Blithely exceeding the 100 million customers, these operators are ultra-profitable wealth of their founders, who have become stars in their country, the more respected they multiply their good works through charitable foundations.

The whole success story of Indian Sunil Mittal and Anil Ambani, founder of Bharti respectively and Reliance Communications, the Egyptian Naguib Sawiris with Orascom Telecom, the Russian Vladimir Yevtushenkov with MTS … Young, educated in top universities worldwide, cosmopolitan, uninhibited and pragmatic, they have nothing to envy the Europeans.

They are self-made man or that their father had set foot in the stirrup, all are hard workers."Naguib Sawiris works 18 hours a day, lives in the tower where he has his business. Whatever time of day or night when he sends a presentation, he answers within the hour. I've never seen it! "Says one admiring banker.

Their groups are often large family conglomerates, present in various sectors ranging from energy distribution through the MGB. But they all sensed the importance of mobile phones in countries where fixed networks were virtually absent. Lighter and cheaper, the mobile computer competition in these countries and became one of the pillars of economic development. No wonder the mobile operator is often the jewel of their empire.

Charges $ 5 per month

All are present in countries where purchasing power is low. But from Cairo to Mexico, via Delhi, the mobile phone is everywhere in the streets.Each time, the economic model is the same: volume compensates for the low price.

In India, the average monthly bill is about $ 5 per customer. In Africa, it varies across countries between 5 and 12 dollars. By comparison, it is 50 dollars on average in France.

Yet despite these low revenue per customer, these new telecom giants manage to get a better return than European operators. Thus, the gross operating surplus of the Indian Bharti is around 41% against 35% for Orange and Vodafone.

This tour de force based on a complete cost control. While in Europe, operators are investing billions to build their networks in India, Bharti and Reliance have made a choice contrary, by outsourcing their networks to equipment manufacturers. This allows them to reduce their costs by paying only for the capacity they use.Secondly, they have also outsourced customer services. Third, they often adopted a smart charging with very low prices on SMS and higher on voice calls. This led to a movement towards alternative text, which even with low rates, remain far more profitable for the operator.

In the end, where a customer is $ 200 per year to a European operator, it costs $ 100 in Africa and 45 in India. A ratio of 1 to 4.

Finally, cost control is a logic almost entered into the DNA of these family groups, which are known to manage its own money, a penny saved is a penny. Thus, in the empire of Carlos Slim, the group's companies are run like small businesses.Everything is done to ensure that money does not group the different branches as soon as possible as customers or suppliers of each other.

Success and Legitimacy

While their operators run at full capacity, these men, mostly young, have not said their last word. After becoming leaders in their countries, they seek to leave their borders. Two weeks ago, Russian VimpleCom announced the acquisition of 51% of Orascom Telecom for EUR 5 billion. India's Bharti, after failing twice to merge with the powerful South African MTN Group, has acquired the African subsidiaries of the group Kuwait Zain coveted. The French company Vivendi, which was also in the running, had dropped compared with 8 billion euros to pay. More than the financial success of their group, their history gives them a free hand to go further."When Mittal announced the acquisition of Zain, the stock price has plunged. It was enough that he spoke to analysts, without giving any financial details, but in explaining his vision, to go back in, "says a banker. Because his success gives him unquestioned legitimacy. "

Carlos Slim

Car dealers do not sell German BMW customers from Switzerland. The information was revealed Tuesday, October 19 by issuing Kassensturz, broadcast on television speaking SF1. While Swiss media are outraged, a spokesman for BMW in Germany says that the manufacturer wants to protect a "dealer network" Swiss.

With 1.34 Swiss francs per euro, the exchange rate between two currencies has increased by over 10% in just one year. The strong franc is hindering the competitiveness of the Confederacy. Even if the numbers do not show a sudden increase in shopping tourism, traders fear that the Soothsayer are attracted to attractive prices charged in Alsace, Franche-Comte and Germany.

The BMW case is not the first of its kind.In the 1990s, the Italian distributors of Volkswagen refused to sell their cars to Austrian and Swiss customers come to enjoy the devaluation of the lira. In 1998, the European Commission was inflicting on the German manufacturer fined 80 million euros to practice "anticompetitive."

In Switzerland, some recent cases are still in the hands of justice. One concerns the Nikon cameras.The other, toothpaste Elmex: in 2009, its manufacturer (Swiss) has been condemned by the Competition Commission (Comco) to a fine of nearly five million Swiss francs (3.7 million) for prohibits any of its Austrian manufacturers to export their products … in Switzerland instant payday loan.

"Island of high prices

"Since 2003, we sanction the worst restrictions on parallel imports because they constitute an obstacle to the law on cartels and divided the Swiss market, says Patrik Ducrey, Deputy Director of the Competition Commission. The case of BMW in Germany has really challenged. In the coming days we will decide to open a formal investigation on this. The manufacturer could be fined. "

The spokesman for BMW Switzerland, Beda Durrer, was "aware of the contract between the BMW and German dealers, but nothing more."In the BMW Car Jan-SA, located in Lausanne, the director Michel Humbert is surprised such a fuss. "The Swiss are not likely to buy their cars abroad. BMW Switzerland has not changed its prices relative to exchange rates. But we do a lot of promotions to bring our rates to those charged in Germany. "

"It astonished me," says Mathieu Fleury, Secretary General of the Federation Romande consumers. The history of BMW proves once again that home prices are set according to the purchasing power of people and not in terms of product value. "In Bern, the Federal Department of Economy described itself the land of William Tell as an island of high prices, "where" imported goods are 30% higher than in other European countries. "

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The champagne starts to flow afloat at Pernod-Ricard. Since July, sales of Mumm grew 13%, and Perrier-Jouet by 36%. In total, the world number two spirits this morning announced that its sales rose 10% at constant exchange rates in the first quarter of its fiscal year began in July to $ 1.879 billion. Sales of its 14 brands (Absolut, Chivas, Jameson, Martell, Ricard, Royal Salute …) they have increased by 10% by volume and 17% in value. This is proof of the effectiveness of the strategy of upmarket brands, to what the group had not abandoned during the crisis."The super and ultra premium brands suffer in times of crisis but then rebounded strongly," said Pierre Pringuet, director general of the group, stressing that the recovery is uneven across regions.

The group's growth has been driven by Asia, where sales rose 25%. "Our exposure in emerging markets allows us to take advantage of pockets of growth where they are," says Pierre Pringuet. If the decline in sales persists in Spain, the United Kingdom, Ireland and especially in Greece, down 39%, Europe is getting better and better. Growth is dynamic in Germany. In France, sales of 14 leading brands grew by 7% this summer, thanks to Ricard and Havana Club. United States, where the market resumed its growth and upscale, Absolut vodka won again payday loans market share.Globally, sales rose 7%.

To a growth in operating profit by 6% over the year

This flying start, higher than analysts' forecasts and performance leader Diageo over the same period, the successor to a sales increase of 9% recorded in the second semester 2009-2010. With this performance, Pernod Ricard expects a growth of nearly 6% of its EBIT in the current year. The strong sales growth should continue in the second quarter, but the pace should slow in the second half of the year, becoming the basis for comparison less favorable.

However, the increase in sales volume greater than that, thanks to higher prices and upscale, is expected to increase profitability.

In addition, Pernod Ricard hopes to reduce its debt.The group is a ratio of net debt to EBITDA of close to 4 to 30 June 2012, against 4.9 last June 30. And without having to incur major disposal plan. The group would find itself well positioned to once again launch an external growth transaction, even if its priority is to return in the range of net debt to EBITDA of between 3 and 4, the industry standard.

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The fifth since the beginning. This new day of demonstrations drew 825,000, according to figures from the French Interior Ministry on Saturday, is "the lowest level of participation since the beginning." CGT side, the number of demonstrators against the pension reform reached nearly 3 million.

Without going into the numbers game, the ads show a lower mobilization this Saturday as last Tuesday: the unions had estimated the number of protesters at 3.5 million, and the Interior Ministry to 1.23 million . A record day.Thus, there were between 14.2% and 33% of demonstrators unless it four days ago.

Comparing with the figures of the last engagement which took place on a Saturday or Oct. 2, the figures are, by contrast revealed closer: the police had announced 899,000 people gathered, against nearly 3 million by CGT.

Fewer people in Toulouse, Rennes more

In Paris, the parades started from the Republic Square just after 15 hours. Nearly 310,000 people were present, as in the event of Saturday, October 2, according to a count of the CGT. For its part, the Paris police prefecture were approximately 50,000 people in total, or 13,000 fewer than on Oct. 2.

In Toulouse, 125,000 people according to unions, 24,000 according to the prefecture, participated at 10 am at the event in a calm and peaceful.It's a bit less than Saturday, October 2 (145,000 for each and 30,000 for others).

In Bordeaux, some 130,000 people according to unions, police said 13,500 marched in the afternoon at the invitation of the Inter-professional Gironde. The parade was much smaller than last Tuesday, said police, who was then counted 35,000 demonstrators, cons already 130,000 for unions. On Saturday, October 2, there were between 31,500 and 130,000.

In Rennes, the procession was attended by some 18,500 people, according to the prefecture, 35,000 according to the CGT. These figures are down compared to the event on Tuesday, but up compared to that of Saturday, October 2.Nearly 5,000 protesters marched through the streets of Vannes, according to the prefecture, 18,000 according to the CGT.

In Nice, several thousand people – 5,900 according to police, 25,000 according to organizers, marched in the morning against the pension reform. Participation was unchanged from the last event of October 12 according to unions and down according to police figures (8,100 demonstrators on October 12 by police).

In Clermont-Ferrand, "about 35,000 people, according to unions, 7000, according to police, marched in the morning in an atmosphere of" good child ", a mobilization much less than at previous demonstrations, police said.30,000 to 14,000 people had demonstrated Saturday, October 2, 40,000 and 19,200 cons September 23.

The figures were also very mixed in Saint-Etienne, where the CGT counted 52,000 demonstrators on Saturday morning, police said 6,200 cons. On 12 October, authorities census listed 11,500 participants and 50,000 unions.

In Marseille, where the rendezvous was set in place Castellane 14 h30, the event attracted 180,000 people according to organizers, 16,400 according to police, against 150,000 and 19,000 on October 2.

In Lyon, 38,000 people according to unions beat the pavement, 16,000 according to the prefecture, and 18,500 against 45,000 in the last demonstration on 12 October.On 2 October, the unions had registered 40,000 people and 18,500 police.

Other marches were scheduled in the afternoon including Nantes, Le Havre, Caen.

Strikes and demonstrations next Tuesday

For this Saturday, October 16, the CGT had made available to demonstrators a map of France mobilization, indicating the route of movement. Although rates of participation in strikes at the RATP and the SNCF have been reduced over the days, young people are increasing the pressure and determination of workers throughout the country's refineries are fearing an impending shortage.

Truly entered the movement Tuesday, young people, including schoolchildren, remained present in the streets this Saturday. None of indicent is to be deplored.Before the violence, often caused by "uncontrolled elements", police have been ordered to "limit the use of force is absolutely necessary."

The Inter had already decided last Thursday to launch a new one – the sixth, then a day of action Tuesday 19 October. The date is not chosen by chance: the Senate must vote on the text the next day.

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