But the trend has reversed in the first six months of 2010 to revive the pre-crisis levels. The number of overnight stays in hotels increased by 7.3% from a year earlier to return to 2007 levels. The revenue per available room, the main indicator of hoteliers, is also up 8%. The hotel occupancy rate of around 7.3%, is lowered into the red (about -1%) in the month of April due to the eruption of the volcano in Iceland.

For Paul Roll, "it is in a recovery phase but we do not yet know the speed of this recovery."The euro-dollar in favor of the Americans, the positive image of the French capital abroad and modernizing the Parisian hotels are among the reasons that the director of the Tourist Office in advance to explain this rebound.

France and the countries emerging as drivers of tourism in Paris

Where are these so tourists who come to deposit their luggage in Paris? In 2009, 45.3% were French, an ever-increasing share for fifteen years. And the trend continues this year: the first six months, the arrival of French tourists increased 12% to 3.7 million.

Behind them, the emerging countries pull themselves into second place. From China, Asia, South East, India, Russia, Brazil or the Middle East, these visitors accounted for 27% of tourists to Paris in 2009. Their arrivals were still up 11% over the first six months of 2010.A surprise this semester: The number of tourists increased by 29.8% African to reach an unprecedented level.

Another record, the business tourism peaked at more than 8 million hotel nights. "It's a real return of business travelers who greatly contributed to the increase in tourism this semester," says Thomas Deschamps, head of the statistical observation to the Paris Tourist Office.

The Americans returned?

First foreign market tourism in Paris, the U.S. would return. American tourists had indeed been the first to be less numerous in Paris, even before the outbreak of the subprime crisis in the summer of 2007. Since then, their presence has steadily declined. Despite a slight recovery in September 2009, the Americans remain in attendance decline between January and July 2010.

However, the tourist office suggests very good signs lately that show that Americans are more numerous in the second half. "The reason we lack," says Paul Roll, but it's very good news for the future. Americans have always had a very good picture of Paris, a city readily associated with love and culture. And want to show the Google advertising aired during the Super Bowl, the championship of American football that is the most watched sporting event in the United States.

Uncertainties in the second half

For the second half of the year, "the Paris are open," says Paul Roll. The Office of Tourism expects an overall increase in hotel stays 6%, "a very good performance" according to its director, but acknowledges that uncertainties remain.Thus, Muslim tourists will probably be less this year to present a question of timing, Ramadan taking place in August.

Especially, the economic recovery remains fragile. Coming from countries affected by the crisis, the British, the second most foreigners visiting Paris, and the Italians and the Dutch should be fewer in the second half.

Jean-Bernard Bros, deputy mayor of Paris in charge of tourism, an active policy of the city is necessary to preserve and enhance the attractiveness of Paris. Speaking as the "successful Paris Plage, an event which" gives the international image of a city that offers visitors, "Jean-Bernard Bros said that the city of Paris is planning to extend the waterfront development are on both sides of the Seine. "It is all up and it must ensure that it remains" says Paul Bros.

The specialist pens, lighters and razors in a statement reported a 41.3% jump in net profit group share in the first half, while its operating margin rose 1.2 points normalized to 16 5%.

Its turnover is expected to show up "less than or around 5% in 2010, after a pace of 5.8% to 865.6 million euros in the first half.

The group anticipates a particular slowdown in sales of razors and lighters in the second half compared to those of 10.7% and 6.8% at constant exchange rates recorded respectively in the first half.The lighters have benefited from higher volumes in key markets and razors a good reception of new products in Europe and the United States.

As for sales of stationery, the first division in terms of sales, it will depend on consumer spending in September, after rising 5.3% in constant currencies in the first half mainly driven by Europe and North America.

The director general, Mario Guevara note in the statement that the economic environment remained "unstable" in mature markets, despite signs of recovery. "In this context, the economic model of Bic is well adapted to the changing demands of consumers," he argues.

In advertisements and promotional Bic expects a margin of between 7% and 9% in 2010, growing its sales depend on the economic recovery.The second half performance will be affected by the sale of the business of funeral products.

The group posted a net cash of 254.3 million euros at June 30, against 149.2 million at June 30, 2009, benefiting from improved profitability and stability of its industrial investment.

The action Bic closed Tuesday at 55.8 euros (-2.63%). It grew by almost 19% since the beginning of the year.

After this warning, Saffron is delighted to present an increase in its turnover "of 0.9% over last year and down by 2.2% on an organic basis." He moved in effect to 5.197 billion euros in the first half of 2010. The operating margin reached 8.2%, an improvement of 1.5 points compared to the same period last year.The group's net profit rises him to 223 million euros or 0.56 euros per share. This semi-annual net profit stood up 8% year on year, compared with restated data of the first half of 2009, namely EUR 207 million (against 281 million euros as reported at the end of the first half of 2009 before restatement).

"Reviewing our ambitions to increase"

Jean-Paul Herteman, Chief Executive of Saffron, said the restructuring that the group has made to improve its operating margin, as part of Safran +. Introduced two years ago, this program of cost reduction will be maintained in the second half of savings account payday loans.The incremental changes in foreign exchange risk hedging will be maintained throughout the next three years.

The end of the year were auspicious for the group. "The performance in the first half lead us to revise upwards our ambitions for the whole year, especially as we seem positives outweigh the risks. We are confident in the continued strong growth in our results for the coming years, "says Jean-Paul Herteman. Safran plans and to achieve "a turnover close to that of 2009, and increase its operating margin" to a level of 8%, taking into account a target coverage rate of 1.44 dollar per euro. Safran said that the effect of currency is "slightly less favorable" than last year, when the target coverage rate stood at 1.42 dollars per euro.The cash flow should rise to "more than half the income from operations, subject to a significant reduction of late payments by the French state. Orders of the Ministry of Defence have in fact been frozen, to compel Thales and Safran to bring some of their activities.

These increases, however, prospects are conditioned to an increase of more than 5% of air traffic, and a stabilization of sales Aviation Commercial building, while the turnover in aviation services will grow slightly, and that the security sector will him, take off.

A little sleepy at the opening, the market has moderated in the afternoon, once known the results of resistance testing in European banks. On the macroeconomic front, the meeting was very quiet. No major indicator was expected in the United States.

From the values listed, investors will react to another round of results published the day after the close of Wall Street.

The U.S. computer giant Microsoft seems to have turned the page on the economic crisis with a quarterly profit up 48% year on year, better than expected, more than 4.5 billion dollars. Over the year, net income jumped to 18.760 billion dollars, up 29% and sales to nearly $ 62.5 billion, up 7%. As the leaves 0.12%, to 25.81 dollars.

Always on the side of values, the Internet retailer Amazon has posted Thursday a net profit increase of over 45% in the second quarter but below expectations free credit report and score. The penalty could be severe since the title has lost up to 10% at the opening 109.61 dollars.But ultimately, he only has left only 1.05% to 118.81 dollars.

The credit card issuer American Express American issued Thursday a net income group share increased by 3 over one year to over $ 1 billion in the second quarter. The group was encouraged by the recovery of expenses of its customers and lower defaults on credit cards. The stock has gained 3.70% to 44.79 dollars

Note also the flash memory maker SanDisk has announced a quarterly benefit of $ 257.9 million slightly exceeded expectations. The turnover was 1.18 billion over the quarter against 730 million last year. "The U.S. market is recovering quickly (27%) and becomes profitable, but significant uncertainties remain safe with the new law on the distribution of consumer credit" note the experts at Aurel BGC.The group remains very cautious on the outlook for activity in the United States.

A "deadly summer", during which there has been "erased a social gain of 30 years," said Martine Billard (Left Party). Pierre Mehaignerie, President (UMP) of the Committee had estimated in advance that it was "the least bad solution", the maintenance of 60 years requiring "a significant discount, so a decline in purchasing power," or, "as proposed by the PS, an increase in the tax burden, suicidal for growth and employment"."We keep the life expectancy at retirement the longest in Europe," he added.

Members also gave the green light to a practical step: in 2012, retirees receiving pension payments quarterly (and Arrco Agirc supplementary funds, pension base station or in the electrical industries) may apply for monthly payment. The amendment proposed by Laurent Hénart, draftsman of the Finance Committee, will facilitate cash management retirees credit report.

Other minor amendments have been passed.New missions are entrusted in the "steering committee pensions, introduced by the Bill propose measures to the" cancellation of the pension differences between men and women "(Martine Billard amendment) or tending to "bring the rules and parameters between the different regimes" (Denis Jacquat, UMP, and Jean-Luc Préel, New Center). Finally, the Observatory of the hardship in existence since late 2008, will be responsible for identifying "activities affecting the life expectancy" and propose "any provision to take into account how hard under the age retirement "(Jean-Luc Préel, New Center). A tiny opening on this topic.The main item on the hardship on which the government does not move (see below), at least not before September, has not yet been reviewed Wednesday evening.

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Japan: tax reform maintained

On Tuesday in Japan, the Nikkei lost 0.21% at 9528 points, while the Topix sliding 0.48% to 853 points. Markets had yet opened up 0.47%. During the meeting, the Japanese Minister of Finance Yoshihiko Noda, stepped in to reassure markets: according to him, the defeat of the ruling party in the Senate will not block the tax reform announced by the government scale."We will start by asking the cooperation of other parties for a breadth of tax reform, including the consumption tax," said the minister. This taboo is gone in the cause of the failure of the Democratic Party of Japan in elections last Sunday. This indirect tax, now set at 5%, could be doubled.

Tax reform could also include a decline in corporate tax and a tax increase on incomes of the richest. This tax reform should allow, as the government reduce the public deficit and debt include Japan, equivalent to almost 200% of its GDP. The rating agencies have repeatedly warned that the long-term rating of the debt of Japan would be threatened with demotion if the country's finances were not sanitized.

The rest of the region doubt

Elsewhere in Asia, the red domni too.In China, the Hong Kong Stock Exchange coward 0.06% to 20,454 points while the Shanghai drops 1.83% firmer at 2,445 points. In Australia, the S & P lost 0.55%, and India, the Sensex fell by 0.20%.

Only the Korean Stock Exchange advance, gaining 0.66% to 1302 points.

The oil drops again

Crude prices were moving down Tuesday in electronic trading in Asia in a cautious market. In morning trading, a barrel of light sweet crude for August delivery lost 27 cents to 74.68 dollars a barrel, while Brent North Sea, with identical maturity, yielded eight cents to 74.29 dollars .

Many economic indicators are expected this week to the United States, the leading consumer of black gold, with figures of retail sales, a barometer of consumption in the country.

Family business

In addition, subject to the approval of the general meeting of shareholders scheduled on June 30, the group will move to review its organization.In legal terms, the transformation of Auchan SA, with executive and supervisory boards, in company with the board and executive committee, will benefit from 1 July to even Mulliez Vianney, which will combine the presidencies of the two new bodies decision.

"This appointment is not a surprise, says one expert group. Vianney Mulliez was already chairman of the supervisory board, as chairman of its executive committee merely prolongs its operational involvement, which has increased the past two years. "

True to its name, the new head of distribution said that "independence and autonomy that gives the status of an unlisted family business are a strategic advantage" to continue to be "a company of merchants entrepreneurs" now an empire of some 40 billion euros of turnover.Vianney Mulliez there is not yet his entire career, as is often the case with Auchan Christophe Dubrulle himself had started in store in 1965. The new boss has built Auchan in 1998 as financial director of Auchan France, he had previously worked for PricewaterhouseCoopers before founding his own audit firm. In 2006, Vianney Mulliez had been preferred to Arnaud, son of Gerard, the president of the supervisory board. By taking the operational direction of the group, he confirmed his status as heir.

Equally significant, the appointment of the current CEO of Auchan France, Philippe Baruch, head of the 526 hypermarkets in the group, instead of Christophe Dubrulle.At 52 years, this formidable commercial, which entered in 1986 with Auchan as department manager in Annecy, becomes the boss of 80% of group activity, with both hands on the French hypermarkets but also Spanish, Russian or Chinese cash loans Guaranteed approval ". Two years ago, some would rather bet on Patrick Coignard in charge of Spanish hypermarkets. But the crisis has severely hit the country has finally topped the climb, while tightening performed strongly in France by Philippe Baruch hit the mark.At only 38 years, Vincent Mignot, operational boss of the northern region (the largest of the Hexagon), was chosen to replace him at the helm of France.

Result of the promotion of Philippe Baruch, the roles will be reversed with Arnaud Mulliez, chairman of the supervisory board of Auchan France.

Synergies between formats

On a more operational, the new organization of Auchan is accompanied by a strengthened approach for jobs. Each of them, hypermarkets, supermarkets, banks and Immochan Agreement (real estate) – will now be represented on the executive committee.Philippe Baruch, for hypermarkets, and Sando Philip, for supermarkets (Atac and Simply Market), there are therefore their entry, and Patrick Bodin, director of planning and management control.

This operational approach is the desire of the Auchan group to stick more to changes in activity and improve synergies between the different store formats. A similar approach has been adopted by Carrefour in January when its new CEO, Lars Olofsson, has set up a double flight. On the one hand, the strategy, through its Executive Directorate is directly linked and overseeing the global operations of the distributor.On the other hand, its implementation, with an executive committee comprising employers expanded functional (marketing, legal, communications …) and operating with the presence of different business units (hypermarkets, supermarkets, hard discount and close).

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Fabrice Tourre himself "surprised" and said he never told the ACA, the media company that acted as an agent of selection underlying portfolio of 07 Abacus AC-1, that Paulson & Co take share or buying a long position in the Abacus. "I do not remember the exact words I used at that time," admits Fabrice Tourre but he claims to have suggested to the ACA, Paulson could be involved in the transaction without being an investor. "If the ACA was not insured on this point, she had every opportunity to clarify the subject."

"We lost money too"

Fabrice Tourre said he never intended to mislead "two of its two major customers, the ACA and the German bank IKB pay day loan lenders. "When Goldman Sachs told investors that ACA had selected the titles referenced in Abacus, this statement was absolutely correct," said Fabrice Tourre.

Contrary to qu'assurent members of the Subcommittee investigation ongoing U.S. Senate, the transaction Abacus, "was not designed to fail". He said Goldman Sachs had no economic interest in seeing it fail. "We lost money too," says he, advancing "an amount exceeding 100 million dollars."

A polluted river

In his testimony, Fabrice Tourre appreciates being able to defend itself against these "false accusations"."These past weeks have been difficult for me and my family. I have been the subject of unfounded attacks on my motives, "he says.

Things get tough for him, as for the other leaders agreed Tuesday. In opening the hearing, Sen. Carl Levin, chairman of the subcommittee, did not mince his words regarding the Goldman Sachs "who took advantage of the collapse. "As the polluters who put the poison into a river, they have integrated the risky products in our financial system and polluted," he acknowledges. He does not forget to pass the role of credit ratings agencies "who with their triple A have to believe that the water was drinkable.

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