In this paper, Le Figaro that was provided, the controller gives the whole device flat regulated prices. He would like to begin this system to be deleted for Industrialists. Not only France is an exception, but most large companies feed on the market today and therefore spend regulated tariffs.These two reasons argue for a quick exit with respect to the CRE.

With regard to the regulated rates for individuals, the regulator is pushing for major reform. In the background, the benefit to the consumer. The CRE has accounts: only lower taxes compared to other European countries means that the regulated prices of gas in France is attractive. Otherwise, the costs of the molecule fall within the upper range in Europe. In the event of a removal of regulated prices, also under review, the regulator said that "a reflection on the evolution of social systems face the problem of cost of energy supply" should be conducted to help households more modest easy pay day loans.

Market price

Meanwhile, the CRE would like the formula incorporates a larger share of price indexation market.They are currently cheaper than the cost of long-term supply imported into France and indexed on oil. This index accounts for 90% of the price fixing. The CRE wants this share declined to 70%. Currently, there is a difference of 5 euros per megawatt hour (MWh) between market prices and long-term contracts. In early 2010, he was over 10 euros.

The CRE, which found that GDF Suez manages its supply portfolio globally, recommends that this optimization is more beneficial to the consumer. Therefore "an expansion of the scope of supply included in calculating the costs covered by regulated tariffs." In addition to the increased use of market prices, the regulator stressed the importance of liquefied natural gas (LNG), for whom Europe is a natural outlet.

These tracks will be reviewed by the government.They, who know that long-term contracts often protect the abrupt fluctuations, will also decide on the pace, currently quarterly review of gas prices.

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The challenge? Nothing less than domination of world markets for smartphones and tablets. In this war, patents have become high-tech weapons. "We are committed to defending what is ours," said Tim Cook, Apple's boss, to justify its legal offensive. An argument that still does not convince experts in the field. "This kind of confrontation usually results from financial transactions or licensing agreements," says Marina Cousté, a partner in ReedSmith.

Faced with this new situation, companies are reviewing their strategy. Patent portfolios are now bought at exorbitant prices. Last August, Google has spent 12.5 billion dollars to get their hands on Motorola.A transaction whose main interest is based on the 17,000 patents owned by the mobile manufacturer. Other operation iconic, the acquisition of Nortel's 6000 patent by a group of business settings such as Apple, Microsoft and RIM to $ 4.5 billion. $ 750,000 is the average patent! "Be careful, warns Marina Cousté, the risk of bubble the value of patents should not be dismissed."

Real rents

Patent holders are sitting on a pile of gold. They seek to enhance their capital. This is the case of Kodak, in great difficulty in cameras, which seeks to monetize its patents. There plans to sell a thousand. On Monday, the U.S. announced a licensing agreement with Imax, on 50 patents for the large screen.

Finally, the sale is a licensed real cash for some companies.In France, Technicolor (formerly Thomson) is a national champion figure of the genre. "The business license is an asset firm with a rich portfolio of patents on the technologies of sound and image," argues Technicolor. In total, the license agreements reported 447 million in French in 2010, 12.5% ​​of its turnover. Philips and Sony, the holders of licenses in the field of DVD players, are contrary to dry up this source of income. The Blu-ray could have been an additional resource. But the dematerialization of content paves the way for other families of patents.

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The reason: the reorganization of press titles Micro Hebdo and the personal computer with SVM, the key to a social 33 people and a dozen freelancers out of a total of nearly 180 employees. The 01 IT professional is not involved.

On October 8, on the basis of an expert report submitted on September 21, the works of Group 01 has sued the direction of NextRadioTV.He criticizes the proposed plan will not be economically justified and a number of procedural irregularities.

Writing a single

Alain Weill, who hoped that all 01 journalists would be "bimédias" October 1, will have to wait to see his vision become a reality. His will is to create an information system with 100% digital content declined across all available media, including smartphones and tablets.

His plan, quite radical plans to create a unique writing for the Web (01net) and Micro Hebdo weekly and monthly Personal computer The SVM. It would take items Micro Hebdo, embellished with some exclusive content.In addition to the elimination of 33 positions fixed, the project includes the internal redeployment of some twenty journalists should be trained in journalism Web sites to work on radios NextRadioTV (RMC, BFM …).

Group 01 may well be the undisputed leader in the computer press in France, with three quarters of the total distribution paid in the industry, according to the OJD, it remains the Achilles heel of NextRadioTV.

While radio and television are doing pretty well, Group 01 is the only division of the group sales fell last year from 36.4 million euros to 34.5 million. The activity was affected by the decrease of 21% of the distribution of paper securities. Mechanical reduction, with the disappearance of the title SVM which merged in the summer of 2010 with the individual computer. And structural decline in a market shaken violently by offering free online.The distribution of Micro Hebdo fell 13.2% in 2010.

Last August, Alain Weill explained to the BBC that at the end of the reorganization, half of the activity of NIM come from the digital and within two years this proportion would increase to two thirds. A negotiation meeting was scheduled for Monday afternoon yesterday between management and staff representatives. These were especially present against proposals.

A successful international expansion

Casino has succeeded mainly in some countries. The group of Latin America's main platform for international expansion, although the group has some nice success in Asia (Thailand and Vietnam). First, it is Brazil, where Casino owns jointly with its parent company Rallye, 48.1% of CBD Grupo Pao de Açúcar. The success of Casino in the country had also been salivating Carrefour and its shareholders. They had tried to orchestrate a merger that was not the taste of Casino.

A successful real estate subsidiary

Casino can also count on its real estate subsidiary Mercialys. It is worth 2.56 billion euros for a wealth of 2.54 billion euros. In fact Carrefour has assets, much larger, estimated at 15 billion euros. But its real estate subsidiary project fell into the water.

Little excitement in the shareholding

At Casino, ownership has been stable since the merger in 1992 Rallye and Casino. Jean-Charles Naouri has locked the capital since its holdings Rally and Kerrous hold 51.09 and 6.49% of shares. Brother Albert is a quiet and faithful shareholder with 1.7% of the capital. At Carrefour, the float was very important before Bernard Arnault and Colony Capital will invite themselves to capital. They jointly hold nearly 14% of the shares 100% free credit score.

Governance, clear and precise

At Casino, Jean-Charles Naouri decides.At Carrefour, the change of presidents have succeeded without success. Since the departure of Daniel Bernard, nor José-Luis Duran or Lars Olofsson have managed to revive the company. On the contrary, records against Carrefour-performance, particularly in France.

To a satisfactory third quarter Casino

Wednesday, October 12 evening, Casino will publish its revenue for the third quarter. While billings should not proceed at a pace as rapid as in the first half (+18.8%) but growth is expected to remain satisfactory. Unlike Carrefour, Casino relies on strong performances in France.

The stock options

These findings illustrate the past, but investors should now focus on the analysis of the perspectives of both groups. From this point of view, the stock options is tricky.In fact, Carrefour has fallen very low and it is difficult to imagine a new fall of the action. Carrefour has suffered a lot of hedge fund strategy of buying and selling Carrefour Casino uncovered. Most of the fall of Carrefour is behind us. The recovery will take time but it should be occurring at one time or another. Casino has a real advantage for the shareholder, the group pays a regular dividend and generous. Those who want to enjoy a very high efficiency can also turn to rally, the parent company of Casino.

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Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

In exchange, if Apple has lost 1.31% to 279.25 euros on the Frankfurt Stock Exchange, the stock has limited the damage in New York, falling 0.23% to 377.37 dollars after gaining 1% in first exchanges.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others.Associated with the image of the company he co-founded, he was also in stock. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil pay day loans.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

The dissenting voice of the German finance minister

But Christine Lagarde acknowledged that differences still exist between the IMF and ECB experts on the methodology to achieve the quantification of the capital requirements of banks.The final decision of the IMF should be in the final report, whose publication is expected by the end of September. The difference analysis between the IMF and the Europeans based in part on how to account for the value of government bonds of countries at risk in banks' balance sheets payday loan lenders. The former are open to the idea of ​​using their market value, while the latter prefer internal models are less sensitive to changes in short-term securities.

Meeting in Marseille on Friday and Saturday, finance ministers from the euro zone wanted reassurance on the European banking system, swearing that he will not go bankrupt. All? Not a voice was more concerned desired. That of the German finance minister, Wolfgang Schäuble, who would, according to Spiegel, already developed a plan to prevent the bankruptcy of Greece.That should not reassure the financial markets the Cac 40 lost a quarter of its value in two months going over under the 3000 points – while a crucial week promises to Greece and the euro area.

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The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris guaranteed approval cash loans.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

Henri Loyrette, the Louvre for ten years, of course, attended the festivities. The Conservative education devotes much of his time raising private money.It is, apparently, difficult to resist the charm of this man of culture nearly 2 meters. A boss of a U.S. real estate company said that the French, he was invited to spend a weekend at his home in Cincinnati, has enchanted by the couple's conversation about opera and architecture of the city, and has even cracked a speech to the local art museum. "At the end of the weekend, I gave him a check for $ 50,000," says the boss at the magazine Business Week.

Henri Loyrette unashamedly claims this fundraiser activity. And for good reason. The state reduced its funding by 5% in 2009 and again from 5% in 2011. Governments subsidize just over half the budget of the Louvre, against 70% in 2001."To finance its activities with a cultural, but also – more than in the past – educational and social, in a context of declining public subsidies, the Louvre has no other choice but to increase its own resources," he assures, noting that the establishment is not intended to generate profits. His office does not resemble that of an entrepreneur. In the room with ocher walls adorned with classical paintings, with windows overlooking the Pont du Carrousel, every corner is occupied by piles of files and books.

Thirty fundraisers

The Louvre, however, is not complaining. With 230 million euros last year (against 80 million in 2001), the institution has resources comparable to the Metropolitan in New York. Another reason for satisfaction, ticketing, clean source of income, has good prospects.The 8.5 million admissions in 2010, 5 million charge, reported 41 million euros. Attendance, up 70% since 2001, should continue to increase fast cash. The Louvre, which has raised interest rates from 9.50 to 10 euros in early 2011, taking advantage of the influx of tourists from emerging countries. If France makes a third of visitors, including foreigners, Brazilians ranked third last year behind the Americans and Italians.

Despite their popularity, the former royal palace could not offer a program as rich without its sponsors. The latter brought him 25 million euros last year, more than a quarter of own income. To attract them, the Louvre was created in 2003 a commando no equivalent in France: a team of thirty people dedicated to raising funds. They offer companies to fund projects until end 2013.This may include, for example, to affix its logo on the poster exhibition. Cost: between 100,000 and 400,000 euros for one of the Forbidden City, scheduled in September. Other possibilities, the redesign of the website or with the acquisition of a work of German Romantic painter Friedrich. The Department of Islamic Art, which opened in 2012, it should be 75% funded by the private sector. Saudi Prince al-Walid brings 17 million euros 100 million.

Tax benefits

Fundraisers of the prestigious institution have a strong argument: a tax system that allows the 2003 tax cuts equivalent to 60% of the expenses of artistic patronage, and even 90% for the purchase of a work art classified national treasure. However, they must scrap more than before the crisis.Main challenge, competition of social projects, popular with company employees. As a result, "we propose projects crossing artistic and social dimensions," says Hervé Barbaretta, deputy head of the Louvre. For the exhibition of ancient Macedonia in the fall, Total organize and discovery tours of the museum for troubled youth. To "preserve the scientific credibility," Henri Loyrette ensures that sponsors are funding projects already "tied". This applies to the exhibition "Paper Work", which indicates that the poster is presented by "the Louvre Museum and Canson." Exposure of the watchmaker Breguet in 2009 was cringe, with texts considered too partisan.

In exchange for their support, businesses are entitled to privileges such as the availability of spaces.Other firms pay dearly for these benefits: 100,000 euros for a night under the Pyramid. Unlike donors, they do not have their name engraved for eternity on the "wall of patrons" in the lobby.

As in Frankfurt and London, Paris had already opened in the red, losing 1.15% to 3216.77 points after a session hesitant. The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries. In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector that was most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe from being passed to the U.S. economy through them.

In Paris, Societe Generale (-12.34% to 21.60 euros), attacked again, signs the largest decrease in the CAC. The bank is followed by Credit Agricole (-7.29% to 6.228 euros), BNP Paribas (-6.76% to 34.21 euros), AXA (-7.09% to 10.555 euros) and Natixis (-6, 04% to 2.896 euros).

Disappointing indicators in the U.S.

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday. Asian markets themselves, showing up mostly in dark red on Thursday."There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

This afternoon, a series of disappointing macroeconomic indicators published in the United States have also added to investor concerns:

The Labor Department reported a higher-than-expected jobless claims last week. They reach 408,000 registrations, against 399,000 the previous week. Economists on average had expected 400,000. The consumer prices have in turn increased more than expected in July (0.5%), driven by the rebound in gasoline prices.

The index of the Philadelphia Fed, the "Philly Fed" is, moreover, emerged in a very sharp decline in August, well below expectations (-30.7) and marking its lowest level since March 2009.The index of U.S. leading indicator also rose more than expected in July to a record high, due to growth in money supply and a decline in jobless claims, the Conference Board said Thursday.

Finally, existing home resales fell contrary to expectations: they were down 3.5% in July, while analysts expected a 3.8% increase, according to figures from the NAR.

The France keep its AAA by S & P

However, on Thursday, Standard & Poor's said she was "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro accelerated its decline against the greenback in morning trading. It is worth 1.4281 dollars, against 1.4428 late Wednesday. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Oil markets, prices opened down sharply in New York, the new access affected in a bad mood.To 15 hours (French time), a barrel of "light sweet crude" for September delivery was trading at 85.02 dollars, down 2.56 dollars compared to the previous day.

Values ​​to follow

Lafarge: -7.15% to 27.01 euros

The cement may react to the publication of the results of its Swiss rival Holcim. The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -5.96% to 18.79 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart."It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec, which is the second largest decline of ACC (-9.77% to 57.66 euros). UBS changes to "neutral" against the "purchase" of Veolia (-8.73% to 10.45 euros), Nomura cut its price target on EDF (-7.61% to 19.91 euros) to 33 euros against 47.50 euros.

The spring is not new. But there are still underfoot. Saint Moret, Mousline, Vichy Celestine, Lustucru, Lesieur … There are countless brands, often food, using this old trick to get back in the race. This product group to be so fond of nostalgia owes nothing to chance. The industry has gone through many health crises. The housewife needs to be reassured.And brands, competition from products distributors, have to improve their image in order to justify their high prices.

A 2002 study by two American academics confirmed that nostalgia was a powerful emotional lever called to grow with the aging baby-woofer. Their results have shown that using referents nostalgic brands have a better image than those that do not appeal to that feeling.

On television, the technique is primarily to take the music of the original ad of the 1970s or 1980s that rocked the children of the seventies, today's young parents sensitive to these songs that remind them of advertising time blessed carelessness. With some adjustments. The film Mousline of 2010 shows the ingredients of the musical saving account payday loan.But if, in 1976, the mother served mashed six charming darlings, round the table was reduced to three children in 2010, and the text has changed. In the original version, the mother is "sure that everyone takes." In 2010, the spot shot by Gerard Jugnot and designed by Publicis Conseil, it is "sure what is inside." The campaign to Mousline to regain 5 points of market share.

Semantic shift

Same recipe for Lesieur, in an adaptation even more telling. Last April, the brand has unearthed an oil spot in 1986 and its slogan "No error is Lesieur" to boost sales. The working woman who claimed "I want it all," "be any more chew and chew," always wants everything. But differently.The liberated woman is a woman become concerned about their well-being which means "all full of omega 3 to take good care of me, know where it comes from, how cultivated by hand."

If it is informative, the semantic shift should not obscure the true function of nostalgia. "Operating a legendary signature allows us to reach levels of memory that the current fragmentation of audiences now makes it inaccessible," said Frederic Raillard, co-founder of the agency Fred & Farid, originally campaigns Le Rustique and Lesieur.

A year ago, the Martians of the pub Lustucru conducted by Stephen Chatiliez in 1984. (Photo credits: DR)