Archive for the 'economic' Category

Bangladesh: Auchan finally compensate the families of victims of Rana Plaza

Auto Date Sunday, August 24th, 2014


New twist in the drama of Rana Plaza in Bangladesh. The collapse of the building housing garment factories had killed 1,138 textile workers and injured more than 2,000 others in April 20131. Four months after denying any direct link with the site and refused to participate in the compensation fund victims, set up eight months after the tragedy, Auchan backtracked. Under pressure from Arnaud Montebourg who "asked companies in the country to mobilize to rescue these people in great difficulty", the distribution group decided to pay $ 1.5 million, or just over 1.1 million euros to the fund of families of victimes2. And thus "show solidarity with the working men and women of this country are made a part of apparel brand".  

A pittance for the three associations that had complained last April against Auchan3 – who performed at 31 December 2013, 62 billion euros gross sales in stores (up 4.1%) 4 – "to the needs of the group's activities in Bangladesh and its financial health." By comparison, the Irish Primark brand has paid $ 12 million, eight for the fund. With the contribution of Auchan, the compensation fund to meet today less than 20 million, according to the collective payday loans. Barely 50% of the total amount of the fund managed by the International Labour Organisation (ILO) and fixed at 40 million5. Anyway, it's a new French company committed to compensate the victims of the tragedy, after Cameo had accepted responsibility, two months after the catastrophe6.

In a joint statement, Collective Ethics on the label, Peoples Solidarity and Sherpa "regret that the group waited an unacceptable time under its primary responsibility in the drama. " These organizations' hope that this announcement will encourage the prosecution of Lille to strengthen the preliminary investigation he opened last May against the group "after the filing of the complaint. The drama

Rana Plaza had highlighted the poor security conditions in the workshops, as well as wages and miserable working conditions of employees. Since then, an agreement on the safety of buildings has been signed by 150 stores and factory inspection campaign was launched under pressure from NGOs with unannounced inspections. But several companies, including Carrefour refuses to this day to pay any compensation, while many Tex labels were found in the rubble.

Tax cuts: it goes away and it comes back …

Auto Date Tuesday, August 19th, 2014

 Philippe Crevel

is the founder of the research company and economic strategies, Lorello Ecodata. He also hosts the Cercle de l'Epargne. He is an expert on macroeconomic issues, issues related to savings and retirement. It follows particularly issues relating to public finances, employment and monetary policies. You can find his analysis on his site1.

After the cancellation of the article of the law on financing Security sociale2 relief on wage costs for low wages, the Government is seeking compensation. Moreover, after adopting an income tax reduction for the poorest taxpayers, it intends to make a new gesture for moyennes3 classes. This inflation measures is the mark of a government without scull cap that depending on the circumstances. After

weighed in 2012 and 2013, the tax bill, the President of the République4 now decided to reduce it. The 2014 target is both socially and economically; social because you have to mitigate the impact of tax increases and, in particular, the freezing of the scale that led to the tax liability on the income of several million French; economical because the Government, through the reduction of the tax burden, hopes to bring a recovery in economic activity shifts under our feet.

The Government was forced to extend further and further net assistantship with the consequent spiraling public expenditure and levies. This policy

sculling or stop and go not likely to reach any of the goals that are allocated. Indeed, the French crisis is primarily a crisis of supply and not a demand crisis. Consumption even if it has not grown at the same rate as before 2009, did not collapse. It is spread or increase marginally. However, industrial production declined. France5 insurmountable obstacle to rebalance its trade balance is in deficit for more than ten years. Exports are growing much more slowly than imports. Tertiary services are no longer able to compensate for the de-industrialization. The low rate of profit is a key brand of the supply crisis that undermines française6 economy. The fall in investment and the continued rise in bankruptcies also reflect the loss of competitiveness of French companies. Socially, this policy does not solve anything. The Government is obligated to expand further and further away from the net assistantship with the consequent spiraling public expenditure and levies. Rising unemployment, a symbol of the destruction of the economic base, weighs on final demand forcing the Government to support it by multiplying derogatory devices, devices that create harmful effects thresholds. There is a headlong rush to the authorities that turns into downward spiral.

Government policy is all the more inefficient it does not solve the deficit public7. The target of 3% of GDP is unattainable. Tax increases ruining economic competitiveness make her achievement more difficult. This year's deficit will be around 4% instead of 3.5% promised.

For thirty years, France practical economic Impressionism. Governments act in small steps. The measures taken are corrected once and remodifiées …

For thirty years, France practical economic Impressionism no fax cash advance. Governments act in small steps. The measures taken are corrected once and remodifiées … The Governments move to the economic margin sliders refusing to overhaul structures. Faced with the rise of corporatism, they defer to the great reforms tomorrow tomorrow or after tomorrow. The tax system, the payroll tax, distribution, labor law … are all sensitive subjects. Reports accumulate but their translation into action is still awaited. The failure of the 1995 major reform of Social Security Alain Juppé8 rest all memories. The French are unable to understand the directions chosen especially since governments rarely apply the platforms. For over thirty years, the cycle is always the same: a year of promise, one or two years of implementation chugging and two or three years of management over water with at the end, a lot of disillusionment and resentment. The Government

Manuel Valls, seeking his opinion lost his all attempts by multiplying the announcement effects. This severely wrong road. The Government

Manuel Valls9, seeking his opinion lost his all attempts by multiplying the announcement effects. This severely wrong road. It should follow the English or Spanish examples. The number one priority is to boost investment and promote the development of supply by increasing competition. Like Napoleon III, against the advice of key economic officials at the time, imposed in 1860, a treaty of free trade with the United Kingdom, the current government will grow up by imposing a shock of competition by way of orders. Instead of spending his time tighten and loosen the nuts tax, should be much better to change them. Extend the plates, reducing exemptions, lower marginal rates, as should be the objectives. However, with a greater than 93% of GDP debt, the massive reduction in levies is not for tomorrow. We must put an end to over 30 years of fiscal drift. Of course, to really restore the public accounts, the cost savings is essential. The Canada10, the Suède11 the Germany12 chose this winning track. But for France, that means less welfare and less public job. It is easy to write but terribly difficult to drive. Moreover, whether in the form of additional taxes or whether in the form of savings, the restoration of public accounts through lower growth or even a recession for one or two years. But do we have a choice? Today, France and Italy are mired in stagnation. Debt captures a significant portion of the savings of French and deprives the state of leeway for the future. In 2014, would we have the resources to launch the nuclear program, the TGV or the phone as in the 60s and 70s? France still has good infrastructure but for how long. In light of the debate to build the rail link between Roissy and Paris, it is striking that all has become difficult in France. A

an instrument, an objective; Tax has a function, covering the public. It is futile to try to make him play a multitude of roles. It is not intended to correct social inequalities, fight against pollution, foster home or the cinema. We must return to the concepts of stability and fiscal neutrality and stop the shell game whereby any tax increase or decrease hides vice versa.

Banking regulation: HSBC boss takes a stand

Auto Date Monday, August 4th, 2014

 While presenting

rather gloomy interim results, the chairman of HSBC, Douglas Flint, attacked the financial sector regulators. For the leader of the first European bank, present in 74 countries, the proliferation of rules increasingly fragmented begins to pose a serious challenge to the sector. These dense regulations enacted by the States without regard to harmonization, aim to overcome the excesses that led to the financial crisis. But according to the banker, their reach far exceeded this laudable goal.

Instead of simply support the industry, they would live in fear financial future fines and thus annihilate their ability to take risks even reasonable. The latest example of banking sanctions concerned that BNP Paribas was sentenced in July historique1 a fine of $ 9 billion for violation of U.S. embargoes Sudan, Iran and Cuba.

"There is a visible danger and still more significant of excessive risk aversion creeping into the process of decision making in our societies and of our employees, which, wondering what could be critical post and receiving a zero tolerance for error, seeking to protect society and themselves from any future punishment ", denounced Douglas Flint, who criticizes the supremacy of the precautionary principle in his own house. Within HSBC2

800 million dollars were spent each year since 2011 on legal and legal issues. In 2012 after paying a fine of $ 2 billion to U guaranteed high risk personal loans.S. authorities on charges of money laundering against its Mexican subsidiary, the facility has also decided to withdraw from all areas considered dangerous . This decision has highlighted the vast savings plan introduced in 2011. Overall, the school has cut more than 40,000 jobs and sold or closed 60 subsidiaries worldwide. Higher rates

This vast simplification has enabled HSBC to streamline its cost structure of $ 5 billion per year. But these cuts have also weighed on earnings. In the first half, net banking income group saw a decline of 9% year on year to 31.2 billion dollars. The taxable benefit-generated 50% in Asia stood at $ 12.3 billion, down 12% year on year. The group's investment bank has also suffered from "low market activity," said the CEO of HSBC, Stuart Gulliver. Profit before tax of this activity fell 12% to $ 5 billion.

Despite the erosion of profits, the title of the bank has responded Exchange. He won Monday's closing 0.91%. Investors welcomed the optimistic statements of the bank on the consequences for the house of a rate hike. Such a move is expected by the end of 2014 in Britain, early 2015 in the United States. According to HSBC, an increase of 25 basis points rate would result in an increase in net banking income of nearly a billion dollars, because of its large deposit base.

The potato salad finally harvest $ 55,500 on Kickstarter

Auto Date Sunday, August 3rd, 2014

 His joke

reported him big. The draft Zack Danger Brown, who initially wished to raise $ 10 to make a potato salad terre1, closed Saturday, with 55,490 dollars to the counter (41,300 euros). Its creator announced on Wednesday the Kickstarter page project2 that the funds raised would be partially donated to the Columbus Foundation. This should create a fund to help malnourished and ill-nogés of the State of Ohio. "We believe that humor plays a big role in the act of making this world better," says Zack Brown. Kickstarter platform, which normally forbidden to project spend the money raised to something other than intended initially displayed, did not say if she had actually agreed to this arrangement.

Due to the success of the operation, the crafty had the idea to surf awareness of the potato salad to start their own "project ". On Kickstarter, we now are nearly 250 whose name contains the word "salad". Pasta salads, eggs, or tomatoes hoped also collect fervor investors but none managed to surpass the record of the Zack Brown. A young Tanzanian however already collected more than $ 8,000 by promising to cook a potato salad … in space3. For this, it will become nothing less than the first African astronaut. Kickstarter discredited

… The virality as the project's success might suggest that Kickstarter should derive some benefits: short-term, increased visibility due to media exposure of the now famous potato salad and an increase in the number of proposed projects. What regain ground on rival Indiegogo has taken the lead on this point: in early June, he had published more than 200,000 projects against only 150,000 for Kickstarter. But once past the excitement, the results should be more mixed.

Launched one year after Indiegogo, Kickstarter has managed to make a place among the many crowdfunding platforms thanks to its strict policy of selecting projects. But in early June, Kickstarter announced a radical change in its rules use4. More flexible, the new conditions reduce to number three: the proposed project as "creating something to share with others," "is honest and clearly presented" and that the funds collected are not "for a charity , "will be published poor credit personal loans. Without it must be validated by teams Kickstarter, which are now solicited upon request of the project sponsor. The open publication of fancy projects like the potato salad, as a more random checking the source of funds door. While the project Zack Brown peaked at more than $ 70,000, Kickstarter had to cancel several post above $ 10,000 who did not meet the conditions imposed by the financial transparency website donations.

. But not the crowdfunding

Some see this as an discrediting of crowdfunding. In an article published in Forbes 5, American entrepreneur Kevin Harrington nevertheless questioned the legitimacy of the "project" carried by Zack Brown. "What kind of world do we live in where a potato salad can raise $ 50,000 while someone who needs money to pay for his treatment against cancer does not even harvest twenty?" More nuanced, Ishmael The Mouël , founder of crowdfunding site dedicated to HelloAsso6 associations, considers that the case of potato salad will "discredit projects that are not supported by organizations", such as associations or companies. The joke

Zack Brown could count among these jokes web that we see daily spend on social networks without what they lead to whether constructive. However, nearly 7,000 people have contributed to make this joke a virtual slot machine. What can explain this success? "People do not contribute because they believed in this potato salad. They gave because Brown made them laugh. He gave them the opportunity to be part of something funny and surreal, the chance to show this stupid project and tell their friends 'I helped make this happen,' "Kevin Harrington analysis.

Paradoxically, it is considered a drift crowdfunding also illustrates the power. Ishmael The Mouël believes the project Zack Brown "shows the virtues of participatory financing, the ability to collect a lot of money very quickly." On the other hand, Kevin Harrington believes that this potato salad is exactly what users seek wishing to invest in a project, "Zack Brown provides something very real: the chance to laugh at the absurdity of the world which we live. "

Men spend a little more than women for their sunglasses

Auto Date Sunday, July 27th, 2014


When the summer sun makes its appearance, sunglasses arrive on all faces. Today more fashion accessory than sunscreen, lunettes1 are essential. But why choose? Promise Consulting study reveals what are the habits and preferences of the French, and, surprise, the average budget for the last pair bought is slightly higher in men than in women: respectively € 107 for € 104. 38% of men spent between 0 and 50 € for their last pair, and 22% over 150 €. Women, on the contrary, 43% have allocated between 0 and 50 € for their sunglasses, and 20% over 150 €.

The Ray-ban2 brand unanimously in both populations, despite the relatively high price: from 80 euros for conventional glasses up 230 euros depending on the model and glasses (polarized or not). Trusted by 57% of men and 36% women, the Italian brand's first ranking of all ages. However other trademarks are the top 10 women in the world of fashion. "Reputation effect is observed: Dior3, Chanel, Yves Saint Laurent, Prada … These are brands that invest in many sectors, including jewelry, eyeglasses and their benefit," says Valérie Jourdan, CEO Promise Consulting payday loans. Women and prefer Gucci, Prada and Dolce Gabbana. The men in them are more focused "masculinity, sport, virilité4," she adds. As their favorite brands are they, Police, Vuarnet (only French brand podium), followed by Hugo Boss.

As evidenced by the winner of the ranking, the timeless Ray-Ban, the trend is towards a rather vintage5 style. The style of the selected model is as important as UV protection. In fact, the shape and design they are a challenge for brands glasses. A little more than half of men (52%) prefer the form "Aviator" model ordered in 1933 by the U.S. Air Force for its Ray-Ban fighter pilots, and focused during the Second World War. For its part, the form "Pantos" was elected by women, who are 47% say it is their preferred form, in response to Audrey Hepburn, Marilyn Monroe and other muses who helped to raise awareness of these models.

Club Med: Bonomi wins a round

Auto Date Saturday, July 26th, 2014


Bonomi1 marked an important point in the battle this Friday he hired to take control of the Club MED2. The board of tourism group discussed the cons-OPA filed by the Italian investor on June 30 And now he "recommends" shareholders who "prefer liquidity."

Directors Club Med made the finding, obvious, that the offer of Andrea Bonomi and its holding company Global Resorts is financially much higher (21 Club Med euros per share) the application filed by the investment funds associated with Ardian Chinese Fosun Group (17.50 euros). In addition, Global Resorts does not fundamentally affect the strategy of the Club. Difficult in these conditions, not to recommend the offer, as provided securities laws.

Club Med does not mean throwing in the towel. The directors have taken care to match their decision reservations. "The board is not able to confirm unqualified compliance of supply to the interests of society," it is specified. And noted a report from consultants Roland Berger to support the issues raised by the draft Bonomi when it provides a selective questioning the principle of "all inclusive" ("all inclusive") and questioned the proposed partnership with Fosun on China.

Last year, the directors had supported the project Ardian and Fosun, which was then mired in litigation. Management, led by CEO Henri Giscard d'Estaing3 had been involved in its development, with the participation of executives in the capital of the future Club Med program. Suffice to say that the emergence of Andrea Bonomi before the summer was unwelcome. But for now, it is the Italian who has the hand with an unstoppable financial argument. It has an advantage over his sleeve, enlisting Serge Trigano as President and guarantor of future values ​​of the Club. The son of the iconic founder Gilbert Trigano Club has been the boss before being landed amid poor results in 1997 no faxing payday loans. A report that critics Andrea Bonomi not fail to recall. The challenge for each camp is to rally the favor of managers and employees of the Club. Thursday, 70 executives have written to the council to denounce the "strategic break" that is in their eyes the draft Italian. Fosun

evaluating its options

The game is not yet won. The Board's decision will be Friday lying black and white in a "note in response" to be published by the AMF at the same time as the calendar offers Exchange. The offer period is expected to open by August 10 and run until mid-September. Leaving until early September to file any escalation.

According to several sources, the Chinese Fosun4 remains interested in the Club Med. He also, quite symbolically crossed Friday threshold of 10% stake in the club. Here again the largest shareholder (17.7% voting rights) to Bonomi had picked titles. In a letter to council, Fosun recalled the reasons for its initial offer, he is talking about the past, and stated that he "think calmly to his options." Ardian5, deemed less from its Chinese partner, said in council that associate with this reflection.

Backstage, negotiations are in full swing to look for new partners who could help against a possible-offer. French professionals of tourism and hospitality, including Accor, were contacted but did not respond. "This is primarily a financial partner that takes Fosun" decrypts an expert. Caisse des Dépôts, long involved with Club Med wants to remain neutral in the context of a takeover battle. Suffice to say that August looks still very active for Club Med.

In this context, nobody wants to insult the future. Administrators shareholders have essentially said they preserved their freedom of action, where last year they had pledged their shares to the offer Fosun-Ardian.

How SNCF wants to save the TGV

Auto Date Thursday, July 24th, 2014


give a glorious future TGV1? Monday in the Board of Directors, management of the SNCF2 presented three scenarios over ten years to try to eradicate the declining profitability of the TGV, crumbling to a trickle, reports the business daily Les Echos this Thursday3 . However, the SNCF wishes to clarify that it is not the business model of TGV is in crisis, but that of the entire rail system.

• Reduce activity drastically

The first option would be to focus only on the main stations of the network. SNCF recorded a quarantine. Thus, the 180 combinations origins / destinations that are currently offered in 80 pass within ten years. A decrease of more than half. Missing trains would consequently replaced by regional TER or Interctés. With this first configuration, the SNCF would focus only on its profitable routes. • Develop

massive supply

The second solution is quite the opposite the first: develop the offer, opting for an increase in the use of 400 TGV trains available to the SNCF, which are now used only 5 hours per day on average online payday loans. Ultimately, this goal massive development would compete with air or car. This configuration would include lower prices that could be measured in 10% to 20%. Feature of this scenario should both elected and travelers … while having no economic model. According to Les Echos, the lack of € 400 million per year for the SNCF is in equilibrium. • The saving productivity

The third and last scenario is the most likely , according to Les Echos. It is in line with the strategic plan of the company "Excellence 2020" was chosen in 2012 The manual is very simple:. To meet rising tolls, SNCF must optimize park use oars, making productivity gains and reduce operating costs. To do this, the direction of the station is counting on resetting the production process. This latter configuration includes developing Ouigo the low-cost4 TGV launched last year.

EasyJet is tackling the airlines

Auto Date Sunday, July 13th, 2014


McCall, easyJet's boss, repeat over and over again: the airline has established contracts with 40% of the CAC 40 in France. The symbol of success for a low cost. In France, its second largest market after the United Kingdom, the British company realizes indeed higher margins through its business clients representing 25% of sales against 20% on average in Europe payday advance lenders. "On the Paris-Toulouse liaison, business customers even represent 45% of sales," says Carolyn McCall, easyJet who runs for four years.

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French groups internationalize more

Auto Date Thursday, July 10th, 2014


5 million employees working in 35,400 French foreign subsidiaries in 2011: this is the surprising result of an INSEE survey on the implementation of the French groups abroad in 2011, outside the banking sector. Translation? Companies "hexagonal" internationalized growing their business by developing their exports, but also create subsidiaries outside France. Compete more dynamic emerging countries, the complexity of the laws and the severity of the labor law, the French territory attracts less. Large firms have found traffic: French multinational groups employ 53.5% of their employees beyond our borders and there make more than half their sales. Of these, the 150 largest groups weigh heavily in the balance and are often located in more than 19 countries. Where are our business

? The French

groups settled mostly not very far. Indeed, the European Union is the first settlement area, hosting 41% of employees abroad, 2 million on the Old Continent, a number up 15% compared to 2009. European countries most attractive are the United Kingdom, Germany, Spain and Italy. The United States follow Europe in this ranking with 11%, followed by China (8%) and Brazil (7%) faxless pay day loans. It may be noted that the BRIC (Brazil, Russia, India, China) are increasingly attractive, winning five points from 2009 to 2011, thanks to the industrial sphere. Some sectors

call indeed from internationalization than others. Most affected are industry, trade and market services. Thus, industrial and commercial subsidiaries account for over 60% of employees abroad. In the area of ​​services, hospitality, catering and information and communication are particularly present also at international level. They represent 9% of the workforce outside France.

French companies are very active internationally. The reasons are multiple. Alexander Gazaniol, Doctor of Economics, described in 2012 in "Internationalization, business performance and employment" the motives groups to settle abroad. According to him, "the main motivation for firms that expand abroad is to access new markets." Cost reduction in the fragmentation of the production process should obviously not be forgotten.

The savings remain at a high level in France in 2009

Auto Date Wednesday, July 2nd, 2014


France has one of the highest savings average of Europe, according to a new report on "income and household wealth" INSEE. But the differences are important in terms of income or capacity of households to save … The poorest households and have mostly negative savings rate, which means that their consumption needs exceed their income level. A median of 20% to 20% of the poorest households. Not surprisingly, the wealthiest households save more. The median savings rate of 20% of the richest households reached 33% of income, a difference of 53 points between households in the first and last quintile.

Note that the disparities are much greater in low income groups than among the most favored. Motivations savings may vary greatly depending on where you live, heritage, family household structure, etc.. Despite this high savings, 35% of households that explain current income does not fully cover consumer spending totally free credit score. In contrast, a quarter of households have saved more than a third of their annual income in 2009

. The young and older save less

The savings rate less than 30 years, such as older people, is just positive (just 3%) while the 30-59 range between 14 and 19%. These differences are not surprising since the young and the elderly are generally more modest. Similarly, owners, class population often easier, saving more than renters. As for the lower classes, the savings behavior of tenants is very volatile. Finally, families with two children or more save significantly less than families with one or no children.

Household savings increases with wealth. This can be explained only because households with high assets are also those with the highest incomes. There is no direct link between savings and wealth. A steady income, households with modest estates save slightly more than those whose heritage is high.