Sundial of world news

U.S. stock markets fail to recover. Aprèsavoir closed in the red its meeting on "Black Friday" Friday, the Dow remains down on the first day of the week. In early trade, it declined from 0.34% to 10,054 points while the Nasdaq dropped 0.57% to 2520 points. The S & P coward 0.72% to 1181 points.

As European markets, investors do not seem reassured by the bailout of Ireland, unveiled Sunday. The European Union has introduced a new package of measures to prevent contagion to the rest of Ireland the euro area and to reassure financial markets. On the foreign exchange market, the euro briefly fell to its lowest level in two months, falling below $ 1.32 in early morning. The single currency traded at 1.3093 dollars opening of U.S. markets.Note, the founder of BlackRock, Larry Fink, sees the euro falling to $ 1.20, reflecting fears of contagion to Spain and Portugal to the Irish crisis.

Moreover, investors are always attentive to the situation in Korea. The South Korean president, Lee Myung-bak, said Monday that North Korea would "pay the price" for its artillery "inhumane."

The consumption figures under the microscope

On Monday, investors also take time to digest less consumer spending numbers in the U.S. during the "Black Friday" on Friday. These have risen by 6.4% over the previous year, according to a study by the American Federation of distribution (NRF). Customers returned to the department stores and boutiques, while the last two years they tended to be confined to supermarkets and discount stores.

Total attendance over the period from Thursday to Sunday of Thanksgiving rose 8.7% to 212 million customers, compared to 2009, the study says the NRF, the institute conducted by BIGresearch, which counts Sundays are still looking. The expenditure incurred on the internet and in stores reached 45 billion over the four days, against 41.2 billion in 2009. Per customer, average spending stood at 365.34 against $ 343.31 last year. Overall, the study reveals that American consumers, whose spending accounts for 70% of local gross domestic product, were willing to pay more this year and no longer be limited to essential items.

On the macroeconomic front, the news is not very rich on Monday. The two main indicators of the week are expected Wednesday with the ISM manufacturing and Friday with the employment figures.

Wal Mart in South Africa

The side of values, the giant U.S. retailer, Wal-Mart (-0.19% to 53.54 dollars) on Monday announced its intention to purchase 51% stake in South African group Massmart for almost 1 , 8 billion. "The board of directors of Massmart has received a letter from Wal-Mart, which confirmed its firm intention to make an offer to buy 51% of Massmart at a price of 148 rands (U.S. $ 20.55 or 15.54 euros ) per share. The total transaction is estimated at about 17 billion rand (2.36 billion dollars or 1.78 billion euros) for the 51% of Massmart, "added the South African group. Wal-Mart had opened on Sept. 27 talks to buy back the entire capital of the South African group. A month later, he had mentioned the possibility to acquire only 51% of the capital, which helps maintain the listing of the company to the JSE.

General Motors (-0.71% to 33.56 dollars) has exercised the option on allocation on the IPO. These securities carry the additional amount of the transaction to $ 23.1 billion. These additional titles allow the introduction of General Motors to beat the record set last July by the Agricultural Bank of China is 22.1 billion dollars. The IPO of General Motors last week had allowed the builder to raise $ 20.1 billion of common and preferred shares, which was already the largest such operation ever conducted in the United States.

Britain's BP (-1.56% to 40.29 dollars), listed on Wall Street, has agreed to sell its 60% share in the Argentine oil and gas producer Pan American Energy's Bridas Corporation for 7.06 billion dollars. The latter now controls 100% of capital.The result of this sale will be used to cover the cost of the oil spill in the Gulf of Mexico estimated at 40 billion.

When Marcel Ospel has moved from Basel to Wollerau, five years ago, the amount of tax has been halved. To lower their bill, the former president of UBS did not need to go to the Bahamas, it was enough to make a hundred kilometers to change the township.

In fiscal terms, the Swiss Confederation in fact applied the principle of cantonal sovereignty. With few exceptions – such as VAT – twenty-six cantons are free to choose which tax rates apply to household incomes. A competitive situation which has prompted several of them to make extremely low rates to attract wealthy. It is precisely this "dumping" that criticizes the Swiss Socialist Party, originally a popular initiative, "For fair taxes," which will be voted on tomorrow by the Confederates.

"We demand a minimum tax rate for people earning more than 250,000 francs per year (190,000 euros, Ed), says the president of the PS, Christian Levrat. Even with this measure, high incomes would be taxed at 38% maximum, which is still ten points below the rates that prevail in France, Germany and Italy. "

Less than 10% tax

The canton of Schwyz, located north of Confederation, was particularly targeted by the initiative: to Wollerau Freienbach or sitting on the edge of Lake Zurich, the fortunes of 10% pay less tax. According to local press, these communities are real "tax havens", compared to rates four times higher practiced in the Francophone regions of the country, particularly in the Jura.In 2005, the canton of Obwalden had gone even further by voting for the establishment of a regressive tax, whose rate decreases as income increases. This measure was declared unconstitutional in June 2007 by the Federal Court. Deprived of this action, the Germanic cantons have opted for undercutting tax, with convincing results. In 2006, for example Schwyz were 327 people whose taxable annual income exceeds a million francs (more than 700,000 euros), compared to only 106 in 2000.

The wealthy French are they concerned by the initiative? "They are not likely to live in Wollerau or Freienbach, said Pierre-Marie Glauser, Professor of Tax Law at the University of Lausanne.But if passed, it would be a revolution of fiscal federalism in Switzerland. "This project will reduce our competitiveness," says tax lawyer Kenel. "Tax competition has advantages because it encourages the districts to control their spending "says Pierre-Marie Glauser. His detractors, they complained about the fact that competition undermines "national solidarity" and it allows to enjoy the richest urban infrastructure while living on the periphery.

This is a victory for Brussels embarrassing. At a time when the Commission puts States on a diet, the Court of Justice in Luxembourg ruled in favor of this on Wednesday, EU officials defended their right to a 3.7% increase in wages. A revaluation hard to swallow for the Twenty-Seven, who wanted to divide this up by two "to take account of the crisis."

In its ruling, the Court held that the Council (which brings together 27) "had no discretion" to change the remuneration of the 45,000 civil servants in times of crisis. In fact their pay is adjusted automatically each year, and only the Commission can play an exemption clause in cases of "serious and sudden deterioration of the economic and social situation." This does not match the current situation, according to the EU executive."We can not say it's a sudden crisis," said Michael Mann, a spokesman for the Commission. "It is a crisis that lasts for years. In our view, it does not apply. "

Legally, the decision comes as no surprise, already in 1972 a similar dispute had been resolved to the benefit of officials payday loan lenders. But the timing is disastrous, because the decision falls on the day of a historic general strike against austerity in Portugal and the presentation of a drastic austerity plan by Ireland.

A bit embarrassed, explains the Commission that the increases are calculated based on changes in salaries of civil servants in eight countries, and that the fiscal tightening will affect the current European level with a time lag. Recall that the officials pay them as a contribution to crisis.But these explanations go wrong in view of the comfortable level of income (2,300 to 16,000 euros excluding gross compensation), although the contract, less well treated, are becoming more numerous.

The case could also harden the standoff on the EU budget initiated between the European Parliament and the bloc, which wants a cap on spending increases to 2.9%. The 2011 budget is currently blocked, for the impasse, the Commission must submit a new project in the coming days.

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While Apple iPad promises to be "the" Christmas 2010, the multimedia tablet arrives in stores operator Orange.

Until now, customers could buy French on the web in Apple Stores, Fnac, Surcouf, some Carrefour, Leclerc and Casino between 600 and 800 euros.

With the grant from Orange, the price of the iPad 3G falls to 279 euros when purchased with a dedicated package, revealed Monday Stéphane Richard, CEO of France Telecom, Business on BFM.

Orange will offer two packages. One to 35 euros per month, with a commitment of 24 months including 2 GB / month, unlimited WiFi hotspots Orange, unlimited e-mails (including attachments) and unlimited WiFi access at Orange TV . It should offer a second package at 31 euros a month for 1 GBOrange customers will receive a 15% discount on these rates.

SFR and Bouygues in negotiations

Orange is the first operator in France to announce the marketing of the tablet. Not surprising because the French had so far been an excellent distribution channel for Apple iPhone with 3.25 million units sold (including 2.6 million in France), Orange is the second largest seller of the iPhone world behind the U.S. ATT. The French group still expects to sell one million iPhones for Christmas, including well over half in France. However, Orange does not reveal the amounts of iPad he managed to get from Apple.

Beside the iPad, Orange will also offer other tablets: the Samsung (Galaxy) for Christmas and later two other tablets, Huawei and Archos.

Its competitors SFR and Bouygues Telecom are themselves still in negotiations with the firm at the apple.If SFR also hopes to have the iPad for Christmas shopping, Bouygues Telecom does not think the market before 2011.

Because as always with Apple, negotiations are tough. "The demands are huge for Apple. It requires operators of sales volume commitments hallucinating. And also requires very high levels of subsidies, "says an analyst. Apple has not met its sales targets, so it now requires operators to help them. "

It will not be so simple for Apple to get rid of operators, although considering developing its own SIM card. "Whether the iPhone or iPad, if there was no grant of financial operators, Apple would sell a lot, lot less.So the balance of power between Apple and the operators are not quite as lopsided as you might think, "said Stéphane Richard.

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Stéphane Richard, CEO of France Telecom, took the podium Idate forum that brings together all the leaders of the telecom sector in Montpellier, to request the establishment of a "pricing of network usage Internet "that would be paid by content providers like Google, Facebook or Yahoo. "The use of the network needs to be priced, large emitters must contribute traffic based on traffic they send. It is an issue in relations between Europe and North America, said Thursday Stéphane Richard.

He explains that telecoms are "ready to carry out programs of heavy investments in fixed and mobile networks."But those investments must be based on "a balanced business model and a fair sharing of value between content providers and operators," insisted the CEO of France Telecom. According to Stéphane Richard, now, the giants of the Internet benefit greatly pipes installed by the operators. "The return on capital employed" for these new players in the Internet "is much higher" than the telecoms fast payday loan no faxing. It is his view of "33% for Google, 18% for Apple and 10% for us, the incumbents'.

High revenue

Operators are more inclined to demand a cost-sharing networks quickly they will have to spend money to obtain licenses from the fourth generation mobile (4G).The telecoms regulator (Arcep) will launch the consultation on the future licensing 4G technology, which should take over the current 3G.

The government, which needs money, provided for a licensing in July 2011 to raise the revenue related – he hopes the highest possible – in the 2011 budget. But the political calendar does not match that of the operators, who feel they have no need for the moment these new frequencies. They are not especially eager to pay a high price while they are still investing in the new version of their 3G network and that they still largely sufficient to meet the needs of their customers.

Stéphane Richard, CEO of France Telecom, took the podium Idate forum that brings together all the leaders of the telecom sector in Montpellier, to request the establishment of a "pricing of network usage Internet "that would be paid by content providers like Google, Facebook or Yahoo. "The use of the network needs to be priced, large emitters must contribute traffic based on traffic they send. It is an issue in relations between Europe and North America, said Thursday Stéphane Richard.

He explains that telecoms are "ready to carry out programs of heavy investments in fixed and mobile networks."But those investments must be based on "a balanced business model and a fair sharing of value between content providers and operators," insisted the CEO of France Telecom. According to Stéphane Richard, now, the giants of the Internet benefit greatly pipes installed by the operators. "The return on capital employed" for these new players in the Internet "is much higher" than the telecoms instant credit report. It is his view of "33% for Google, 18% for Apple and 10% for us, the incumbents'.

High revenue

Operators are more inclined to demand a cost-sharing networks quickly they will have to spend money to obtain licenses from the fourth generation mobile (4G).The telecoms regulator (Arcep) will launch the consultation on the future licensing 4G technology, which should take over the current 3G.

The government, which needs money, provided for a licensing in July 2011 to raise the revenue related – he hopes the highest possible – in the 2011 budget. But the political calendar does not match that of the operators, who feel they have no need for the moment these new frequencies. They are not especially eager to pay a high price while they are still investing in the new version of their 3G network and that they still largely sufficient to meet the needs of their customers.

Fiat Group would be better if he could do without its Italian plants! It was enough for Sergio Marchionne, boss of the iconic flagship industrial countries, causes a frenzy by launching these remarks during his visit on October 24 at the RAI in a program of evening prime time.What a contrast to one who has been lionized in the mid-2000s in saving Fiat from bankruptcy, and even hoisted atop a pedestal after able to restore the pride of all Italy by seizing the year latest from Chrysler, American automobile manufacturer!

For nearly two weeks, the press dissects, commented about the one who wears his black cashmere sweater forever – including the White House in the presence of Barack Obama – giving voice to those who are offended and others who are not unhappy to hear from the boss the most newsworthy of the country they hold a speech without being heard: the immobility and loss of competitiveness of the peninsula.In its way, that of a strong character in character, even theatrical, Marchionne causes to try to make things happen.

EUR 700 million investment planned

The powerful Italian General Confederation of Labour (CGIL) is among those who do not appreciate these provocations. She accuses him of failing to comply with the rules of social negotiation and accuses him of wanting to put the country with a fait accompli. For its leader Guglielmo Epifani, Marchionne "might have been transferred to Germany if he had behaved this way instead of going to his first Board of Directors": "The return around the green carpet Is it easier or more difficult now instant cash for bad credit…? "he asked.

Politicians are more mixed. There are those who are offended.Some point out that the Fabbrica Italiana di Automobili Torino (Fiat) was founded in 1899 by one Giovanni Agnelli, the great-great-grandfather of the young John Elkann, who now chairs "would be nothing without subsidies State ":" Long ago it would have sunk, "said Gianfranco Fini, the leader who goes to Italy. "Marchionne has a short memory," adds the Northern League.As for the Communist governor of Puglia, Nicki Vendola, he accuses him of "insensitivity to the political homeland."

Interviewed by Le Figaro, following his first meeting on 4 November, with the managing director of Fiat, the new Italian Minister of Development, Paolo Romani, acknowledges that "his language is harsh, but certainly useful for Fiat and the country ", adding:" The industrial project is a chance that Italy can not afford the luxury of losing. "Rather than the words of one evening, the minister prefers to keep only the development project Fiat in Italy, presented earlier this month by the same Marchionne.

The skipper of the manufacturer promises to invest 20 billion euros by 2014 to double production in Italy and bring it to 1.4 million cars and 250,000 commercial year.Already, at Pomigliano d'Arco, near Naples, an agreement reached last July and ratified by referendum by two thirds of employees expected to produce 280,000 per year Panda from the end of 2011 and to saturate the capacity. Starting next year, Fiat will invest 700 million euros. "The agreement was signed. The extension work of the plant will begin next year. Is a given, "says the manager.

Words that resonate among the country's industrial

The decision-making abilities of energetic son of rifleman irritate the unions, but delight the markets. When he took the wheel of Fiat in February 2005, succeeding a host of managers more ephemeral than each other, nobody would have bet on the survival of the group.At the time, Umberto Agnelli, younger brother of the Lawyer, who died in January 2003, had confidence in this pattern of humble origin, born in 1952 in the Abruzzo and very young emigrated with his parents in Canada (which he will nationality without giving up the Italian). After brilliant studies (law, finance and tax expertise), he began at Deloitte & Touche in 1983 as a tax expert, then moved to Zurich in Alusuisse.

In eighteen months, Marchionne Fiat Saves the financial disaster in late 2008 before launching a formidable challenge: make a global group, one of five or six in the world able to produce six million cars a year.He is interested in Opel – but the negotiation will fail – and in parallel leads the rescue of Chrysler, which takes 20% of the capital and operational direction in October 2009.

"We give him full confidence," said John Elkann, head of the Agnelli family of Fiat and president no credit check personal loan. While hastening to explain: "Marchionne has not spoken to close factories in Italy. He only posed a real problem, that of competitiveness. "He recalled" how Italy is important for Fiat, Fiat is how important for Italy. " Moreover, Marchionne himself, on leaving the Minister Romano says opportunely "never threatened to leave Italy."

Not surprisingly, the industrial feel quite close positions on the Fiat driver unattractiveness of Italy. Emma Marcegaglia, president of Confindustria, said: "We are with Marchionne.He posed a real problem, the government factories. We must confront it. "In exchange for a fight against absenteeism and chronic diseases false, simplifying labor contracts, which are over 400 criteria of flexibility to meet fluctuating demand, supermanager the Fiat made a revolutionary proposal: "Align salaries with those of his group in Germany, 50% higher." Provided that a new labor discipline is adopted in enterprises. A new challenge? By all. "This is the best answer we can give to a labor relations system that has stiffened," said Sergio Dompé, President of Pharmaceutical Industries Farmindustria. For the president of Manpower, Stefano Scabbio, "only such an approach will enable the country to recover productivity."

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Between Christine Lagarde and Baroin, many in recent weeks, trying to play the theme of a "Trading Places". Some imagined that Bercy hitherto divided between an economic hub and a center budget would be merged back into one entity, forcing one of the two to give place to another. Finally, it has not happened. Christine Lagarde Minister remains the Economy, Finance and Industry and Baroin retains the post of Minister of Budget and Public Accounts. The latter – which is depicted as prime minister until recent days – inherits the passage of a nice consolation prize by being named spokesman for the government.

The cohabitation between the two ministers will therefore continue until the end of the quinquennium. For better or for worse.For one, the other who have hitherto shown little of great complicity, will have to come together on one of their shared jurisdiction, taxation. They will be responsible for carrying out one of the last quinquennium of economic reforms, politically delicate: the abolition of the tax shield and changing the tax on capital. Two faces for reform? This is one of the many oddities of the administrative division of Bercy in two: Christine Lagarde is responsible for tax policy and Baroin as boss of the Treasury, is responsible for collecting the tax. Both will also have to find the right partition to manage the French public finances at a time when the debt crisis threatens the entire euro area.For if Baroin is responsible for the purse strings is Christine Lagarde, who defended France in international fora, in particular the Eurogroup …

The choice of the latter to maintain its position has just imposed on the head of state for these international issues. In upholding it, Nicolas Sarkozy made the choice of security in a time when France takes over the presidency of a G20 very divided on the issue of exchange. After a slow start, Christine Lagarde – former corporate lawyer in a U.S. firm – has emerged in these summits as a skilled negotiator able to find compromises in the most delicate moments. More comfortable in English than in French, she has forged in three and a half years, ties with foreign counterparts who respect it.The renewal yesterday of a woman who until 2005 lived in the United States and made a career in private, it will include in his way, his name in the Pantheon of Bercy. When she leaves the department in May 2012, it will go down in history as the Minister of Economy who had the greatest longevity in that post under the Fifth Republic to Valery Giscard d'Estaing and Pierre Beregovoy. Performance significantly, whereas during the last fifty years finance ministers remained on average eighteen months in office. At a time when many criticize the lack of real change in this new government, then the status quo is rather to emphasize …

Besson, Lefebvre, Lellouche and Tron join Bercy

Alongside Christine Lagarde, Eric Besson is appointed Minister of Industry, Energy st in the Digital Economy.The Minister of Economy will also be assisted by two Secretaries of State, Pierre Lellouche and Frédéric Lefebvre, respectively engaged in foreign trade for the former, while the second will deal with the Trade, Crafts, SMEs, tourism and services, the Professions and Consumer Affairs.

Baroin him, retains the Department of Budget, Public Accounts and State Reform, and sees its expanded portfolio for the Civil Service. It also caps the cap critic of the government, and leaves as president of the UMP, which amounts to Jean-Francois Cope. Georges Tron, which remains Secretary of State for Public Service, it is now attached.The job joins the portfolio of the new Minister of Labour and Health, Xavier Bertrand.

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The war of currencies is not a Chinese puzzle only for G20 countries. It probably is more to public opinion, which does not always understand why the Chinese and Americans are in conflict. The company Next Media Animation has perhaps found a solution. Specializing in video lagged news, this company of over 3600 employees created by the "serial entrepreneur" Lai Chee Ying (Jimmy Lai or English) and based in Hong Kong, just to make a video where one see President Barack Obama and his Chinese counterpart, Hu Jintao, compete on an air of rap.

"Without Bretton Woods, you'd be in the same situation that Argentina"

In the video, Obama tells Jintao that he must stop manipulating its currency. An undervalued yuan raises the price of American products. For his part, recalls Jintao's successor George W.Bush that he is "responsible for the recession." "Do not ask us to make concessions credit report. You're in no position to consider myself a fisherman. Without Bretton Woods, you'd be in the same situation as Argentina, "he quips at Obama, we see drink the cup because of the waves of U.S. deficits.

As a chorus, two singers trying to bring them to reason: China and U.S. need each other. The first purchases of treasury bills of the second, which buys its products. And indeed it works: Hu Jintao and Barack Obama end up joining the two singers on the track.Not sure that the two presidents will begin the dance steps at the time to meet in Washington next January …

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"Africa is changing with Orange, but Orange is also changing with Africa," says Jean-Paul Cottet, director of marketing and innovation group of France Telecom-Orange. Beyond the play on words imitating the new advertising slogan of the Orange brand, Africa is indeed a top priority issue for the group, which is present in 19 countries out of 52 in the continent and more than 55 million customers. It is far behind leaders South Africa's MTN, Orange is in second position, shoulder to shoulder with Britain's Vodafone. Boosted by the growth of the market, it reported 2009 sales of 3.4 billion euros in Africa (6%).

Multiple uses of mobile phones

For the mobile responds to multiple uses in emerging countries. It can make calls and connect to the Internet in countries where the landline is almost nonexistent.It also promotes the development of payment services, because if less than 10% of the population has a bank account in Africa, almost half have a mobile phone. Orange has launched its service in six countries "Orange Money," which allows customers to perform banking transactions. Orange expects 1 million customers to the service by the end of November.

The group has grown rapidly through acquisitions, partnering with local partners, as in Egypt with Mobinil, its largest subsidiary in Africa with 50% of customers. And he intends to continue this policy. But "we focus too much on internal growth, said Mark Fox, Executive Director International Africa, Middle East and Asia.Once these companies fall into the ecosystem Orange, they have a very high growth potential. "He just opened a new research laboratory in Abidjan (Ivory Coast) to better understand the uses and needs of African clients . This will be part of the network of fifteen "Orange Labs" group distributed worldwide.

Controlling costs

What business model allows the group to sell mobile services in countries where the purchasing power of the population remains low? The average bill per user is about 7 euros, but with very large disparities between clients and countries. The recipe is cost control. Primary source of savings: a distribution very light. Thanks to e-recharge, which can recharge your mobile with a small dealer, Orange is not compelled to invest in an expensive network of stores as in Europe.Secondly, through an offering called "Bonus Zone", it offers very deep discounts at times when its network is less congested. Finally, if the group was not to outsource its network, as have Bharti and Reliance in India to reduce their costs, shared with other operators in many parts of its infrastructure.

"The rate of mobile penetration is already 50% but it will be 70% in five years. Africa's growth remains strong, says Mark Fox. Especially as smartphones or lozenges, which are now high-end products, a few years become an industry standard. Africa will bypass the computer to go directly to these tools. "