French football is facing a serious crisis. This is not a scoop, but the announcement of the record deficit of 180 million euros of professional clubs, including 140 million for the Ligue 1 confirm that it is time for professional clubs to roll up your sleeves. The deficit can not be filled solely by television rights, which represent between 50% and 80% of revenues French professional clubs, the objective is to generate revenue differently.

Sponsorship, ticketing, derivatives are all growth drivers for which France is lagging behind its European neighbors. "The Italian model is télédépendant, the Spanish club works with the assessment of the socios, the English clubs is very balanced between TV rights and ticket sales, such as German clubs who comes close," says Vincent warmShe, expert in sports department of Ineum Consulting.The French clubs, meanwhile, have historically focused their efforts on the sporting side, including the purchase or sale of players. However, the basis of any economic model in football is to have a stadium that can generate other revenue. "

Meanwhile Euro 2016

Several clubs are advancing on this issue in particular to the organization of Euro 2016. 1.7 billion euros were invested in the construction of four stadiums (Lille, Lyon, Nice and Bordeaux) and the renovation of eight (Paris, Lens, Toulouse, Saint-Etienne, Nancy, Saint-Denis, Strasbourg and Marseille ). 61% of this amount will be financed by the private sector. According to a study published by the specialist sports marketing and sponsorship, Sportfive, these renovations will generate 183 million euros in additional revenue annually for the French professional clubs."Unlike 1998, when two thirds of the total amount had been invested in the Stade de France for Euro 2016, the sum will be invested in various stages of Ligue 1. This does not mean that it will be 2016 to see the return on investment of this event, but probably two or three years, "said Vincent warmShe.

Meanwhile, an increase in revenue, French clubs are left to wish for a better management of expenditure of Spanish clubs, English or Italian. Hence the idea of financial fair play, which will be implemented in two years. They also hope the state will reduce their tax burdens. In vain. The French clubs will happen for example the exemption of 30% due to the image rights group.

"An alarming situation"

Less revenue, and therefore, if financial fair play will be implemented, less cost for French football.Our business model is in danger? "I do not think, but he went through a difficult period. Moreover, the French football is currently adapting its business model, but the process starts up slowly, because, unlike their European counterparts, most French clubs do not own their stadium and have yet to facing some opposition at the local level, "he says. Frederic Thiriez, the president of the Professional Football League, usually optimistic, yet cowardly: "The situation is alarming.And even if the net loss of French football is closer to the individual losses of some clubs in English or Spanish, by themselves superior to our deficit, and that the French clubs' debt of 140 million euros compared to three billion accumulated debt of Spanish clubs or four billion of English football. "

Germany as an example

It is understood that football is above all a show. And to provide the best entertainment club must both retain its best players and other hand acquire new just as good. But this model is viable only if the team acquires shares in question, particularly in Europe. However, no French club has won the European Cup from Marseille and PSG in the 90s … "The example shows that Tottenham can generate a lot of money without being European frequently.Again, the problem "stage" is paramount. In England, it was perfectly resolved. This does not prevent that some English clubs have suffered the brunt of the crisis. It would not surprise me that the German football compete more seriously come to English football in two or three years. It generates more revenue from commercial and brings more people into the stadiums. Rest TV rights, "said Vincent warmShe.

Anyway, it is time that the French clubs are considering setting up a new business model, less dependent on television rights, which could also decrease with the possible withdrawal of Orange, and linked to other stadium revenue by a real living. "There is no miracle solution, concludes an expert. We must proceed gradually on each file (stadiums, financial fair play, sponsorship, taxation …)».The organization of Euro 2016 with the construction of new stadiums that will be a turning point.

Rollaway odd jobs "black" companies "forget" to declare certain benefits … The small and big tricks to earn more without paying taxes or social security in developed countries are becoming increasingly common thanks to crisis. In escaping the state controls, individuals like firms engage in what economists call the informal economy, or underground.

"Because of the economic crisis, the shadow economy in 2010 will have increased in developed countries, after rising in 2009, wrote in a recent study by Friedrich Schneider, Austrian economist and specialist in the informal economy. According to his calculations, the share of the unofficial economy in the gross domestic product (GDP) in OECD countries rose by 13.3% in 2008 to 14% in 2010.In France, this ratio increased from 11.1% to 11.7%.

The increase may seem small, but it puts an end to the downward trend going back to the late 1990s. The Baltic and Mediterranean European countries experiencing the highest ratios. The shadow economy represents 25% of GDP in Greece and around 40% in Latvia and Estonia, as the work of Schneider. So many countries where the crisis hit harder than elsewhere.

To compensate for loss of income

Job losses, layoffs … revenue base with the crisis. "Many people try to compensate for their declining revenues through greater participation in informal transactions," says Friedrich Schneider.Among the top sectors fueling the underground economy, are the building trades and crafts, including the restoration, "he observes.

The underground economy is not always a bad thing. "I think the increase in informal activities during a crisis can avoid a recession even greater," said Friedrich Schneider. "Individuals and businesses earn more money, they can spend in the formal economy."

Fraud Investigations

In the Directorate of Legislation, recovery and service (Dirr), we measure the effects of the crisis on French companies thanks to anti-fraud investigations conducted in 2009. "A society that has problems is more likely to be in violation," said executive vice president of control, Jean-Michel Guerra.

To avoid bloodshed, but the controllers have been instructed to be conciliatory. The time granted in 2009 to companies in trouble when adjustments on previous years, usually stable, jumped 58%. Still, delinquencies have increased during the recovery of a half point, to 1.45%, from 12.5 billion euros.

One last figure: last year, the number of minutes prepared for working illegally jumped 27%, in part, it is true, thanks to control operations more focused and more frequent. The crisis should be felt in the figures of the anti-fraud encopre for several years. The controls on the activities of companies are indeed made for two to three years thereafter.

The CAC 40, which again closed lower Wednesday on a clear, up the hill on Thursday. At the opening, the leading index in Paris climbed 1.17% to 3490.75 points before losing some points. At 14:30, the weekly listings in the U.S. fell better than expected. This has enabled the European indices to find the beautiful colors of this morning, as Wall Street opened up, at 15:30.

But the final minutes of the meeting were heckled. In the end, the CAC 40 nonetheless grabbed 0.72% to 3475.03 points. In London, the FTSE fell back 0.9% to 5155 points.

The European markets have relied on the surge on Wall Street Wednesday, but also on redemptions cheap. The NYSE has erased its losses late in the session to close up 0.2%.A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods). The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.

Side currencies, the euro remains strong against the dollar. One euro is worth 1.2717 dollars (0.51%).

The Paris markets have also reacted to the small decline in unemployment in France in July, fell after the market closes Wednesday. More importantly, they welcomed the battery results fell before the opening.

Accor flies, Gemalto tumbles

Wednesday, L'Oreal (3.88% to 78.71 euros, the biggest increase CAC 40) has announced an operating profit up sharply in the first half and higher expectations.This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.

After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares took 2nd place in the ACC with an increase of 3.66% to 24.36 euros.

Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 2.63% to 10.16 euros.

L'Oreal and Total (0.05% to 36.99 euros), major shareholders of Sanofi-Aventis (+0.13% at 44.66 euros) would otherwise be reserved on the proposed acquisition of Genzyme, fearing that French pharmaceutical group pays its target too expensive, said Wednesday the banking sources told Reuters.

Bureau Veritas (2.68% to 46.6 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros.The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.

Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period. The title has sold 3.19% to 28.51 euros.

BioAlliance Pharma (3.18% to 6.16 euros) has received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis. The laboratory recorded a strong increase in its turnover in the first half and a net positive.

Bongrain, Lagardère, Stallergenes Etam and publish after the market closes.

Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.

In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.

In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.

Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.

DG confident

Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "

"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.

A stock market as attractive

The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.

The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.

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Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

Investors should react positively Wednesday morning the results of Societe Generale, published before the opening, and that are much better than expected. Monday, BNP Paribas and HSBC had already published accounts reassuring and had restored confidence to investors worldwide.

Tuesday, ACC 40a consolidated amid stalled on Wall Street. The index closed slightly down from 0.12% to 3747.51 points, close to 3750 points. On Wednesday, the index future pointing down on the CAC 40, which is expected to decline from 0.31% to 3734 points in the opening gong.

In Asia, Tokyo reclusive sharply while export values are still penalized by one yen rise against the U.S. dollar.

On Wednesday, the macroeconomic news might still punctuate the markets.In the euro area, 10 hours, attention is paid to the services PMI for July and composite (2nd estimate) and above 11 hours, on retail sales in June

Overseas, the ADP employment figures in the private sector in July will be well attended in the financial world, at 14.30. Then at 16 hours, the ISM index of activity in services should lead the market. Finally, at 16:30, the traditional weekly crude oil stocks are known. All these figures of importance, so that on Tuesday, the statistics on consumer spending and incomes of households were poorer than expected.

Société Générale and Axa have published

As for values, investors have been informed by stock-half-year results of Societe Generale. Net income was more than tripled to 1.084 billion euros in the second quarter.Economists expected a doubling. Moreover, its Greek subsidiary Geniki announced a widening its net loss in the first half, the economic difficulties the country promoting the proliferation of bad loans.

Axa has posted a net profit in the first half down 29% to 944 million euros. It mieuw than expected and operating income, which excludes special items, spring, him, down 3%.

Suez Environment, a specialist in water management and waste, noted Wednesday its growth forecast for the full year 2010, after posting interim results up sharply.Jean-Louis Chaussade, CEO of number two French water treatment and industrial waste, says his group's performance in the first half.

Bic Sopra and Iliad also publish pre-market.

Maurel & Prom: 68% of first half sales

Energy. Departments of Ecology and Economy announced Tuesday that the government planned to increase to 15 August electricity rates by 3% on average for households and 4% to 5.5% for businesses.

Maurel & Prom said on Tuesday sales up 68% in the first half of 2010, helped by the rise in production fields in Gabon and in particular the development of production fields and Omgw OMBG . Note that the oil companies are particularly sought after in recent sessions.The oil was indeed installed comfortably beyond 80 dollars.

Vilmorin published Tuesday a consolidated turnover in 2009-2010 increased by 6.2%, supported by his vegetable business. The fourth seed has confirmed global forecast fiscal year 2009-2010 ended June 30, "a good performance of its margins," despite the increased "significantly" from its investment in research.

Teleperformance announced Tuesday for the first half rose 3.9% in sales on a reported basis, down to a 2.6% decline in comparable, indicating that the positive impact of its restructuring plan on the second play part of the year.

The chief executive of Publicis can be satisfied. The third group global advertising has emerged in the second quarter of fiscal 2010 to grow its turnover by 7.1% (in organic). A much stronger dynamism during the first three months of the year (revenues had increased by 3.1%).

Such performance allows Maurice Levy to display his full confidence for the full year 2010: "I am confident that Publicis will outperform the market in terms of growth and the level of last year margin will be floor, "he said, thus raising its objectives. In other words, the turnover of Publicis will rise by more than 3.5% organic growth over the twelve month period according to the latest forecast of ZenithOptimedia, the global ad investment is expected to grow by 3.5% ( target revised upwards twice). And his margin will be above 15%.

In the first half already, organic growth amounted to 5.3% to 2.538 billion euros, its operating margin to 14.5% and net income jumped résutlat 27.5% over the same period 2009, to 213 million euros.

The digital and emerging line of sight

"This growth is the result of a strategy that produces effects positifis and regular," says the boss, first "because it grows with our customers, we grow with them and other customers are attracted by the followed by Publicis, and also because the group has put its weapons into the digital world. "Digital is our priority and this activity, one that grows the most, permeate the entire group," he decrypts, including content that become paying on the Internet and the development of tablets in general.

And also because the band has pushed themselves pawns in emerging countries, where "the dynamism should continue also in 2011 and 2012". The first half of 2010 in any case, the turnover generated Publicis Asia Pacific grew 6% to 286 million euros and 10.8% in Latin America.

In the U.S., it reached 1.258 billion euros (+6.6%) thanks to a favorable currency effect, and the importance of the contribution of health activities and digital activities, which represent 42.5% of income from this region.

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In Shanghai

There are records after which China does not run. Inducted largest consumer of energy in the planet by the International Energy Agency (IEA) earlier this week, the Middle Kingdom has denied the figures of the organization Tuesday. "According to our calculations, the U.S. was still the world's largest consumer of energy in 2009," said Zeng and Yachuan, a spokesman for the National Energy Administration. The IEA estimates that China consumed 2.252 billion tons of oil equivalent last year, or 4% more than the United States. Beijing assesses its own consumption at 2132 million tons oil equivalent. Paris-based IEA said its figures were preliminary, but they draw a definite trend. For instance the Chinese, the organization's data are "not reliable" and overestimate emissions of carbon dioxide.

These statistics do not serve China, criticized by the international community for its commitment in chilly environment. Last year, Chinese leaders have promised a cleaner growth by reducing their emissions of greenhouse gas emissions by 40% to 45%. per unit of GDP by 2020. China is currently lagging behind, with improving its energy efficiency by 1.7% per year over the past decade, against 2.5% for the United States, according to the IEA.

Renewables

Despite its image as a bad pupil, the People's Republic seeks to develop renewable energy, always concerned about its growing dependence vis-à-vis imports of raw materials, especially oil online payday advance.In 2009, the government has installed capacity of 37 gigawatts additional generated by renewable energies, either the most important effort made in this respect in the world, according to the IEA. An effort record but insufficient for the required 1000 gigawatts in the next fifteen years. For Fatih Birol, chief economist of the IEA, if China wants to avoid blackouts, it will invest 4 trillion dollars in the energy sector in twenty years.

It must be said that China's needs following an exponential trajectory, with already five years ahead of schedule. Ten years ago, the Middle Kingdom was burning only half of U.S. consumption. This year, he is sure to dethrone Japan as second largest economy. And Chinese factories continue to fuel up.The Ministry of Industry and Information Technology said Tuesday that growth in industrial production could exceed 11% over the full year 2010, a figure higher than the target of the central government.

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Your money banks interested again. The financial crisis, coupled with new regulations "gave all the players in the taste of traditional trades, collection of savings and lending, far from the glitz and the pitfalls of corporate finance and investment .

Against this backdrop of growing competition that the group-BPCE about 20% of retail banking in France-muscle ambitions. "We want to win market share," insists Olivier Klein, CEO of commercial banking and insurance BPCE since 1 April.

For the first time, in fact, the group born of the merger of People's banks and savings banks in 2009 was appointed a pilot common to both networks. But out of the question specialize signs, Savings on individuals and Banques Populaires on SMEs and professionals.

"These are two strong brands that do not say the same thing. The client does not confuse them and he chooses, "says Olivier Klein. And he concluded: "The 20 Banques Populaires and Caisses d'Epargne 17 are competing with each other on their own territory. The synergies are generated upstream in the production subsidiaries of which are shared in information systems or purchasing, for example. "Conquest through major campaigns such as that recently launched on the Squirrel young.

Reflecting on times

However, it is to protect margins. "We have no strategy to lower mortgage rates or increase deposit rates in order to take market share.We are already very competitive, "says the former head of the Caisse d'Epargne Rhône-Alpes, relativize:" The rates are not determinative paydayloans. Customers want especially well taken care of them. "

For him, in fact, "the revolution is accelerating customer" with individuals and other professionals who want butter, eat it, too … and the smile of the banker.

Mesh agencies, remote access and advisor, the banks must offer everything. Hence, a meticulous adaptation BPCE the group boasts of having initiated all directions. "Some Savings reflected at their hand on schedule to deliver on time can make appointments later to better serve the needs of large cities," reports Olivier Klein.Meanwhile, "we launch all channels of distribution: the bank on mobile, ready to Savings, will be in September at the Banques Populaires. It adds "a lot of work ergonomics to facilitate online purchases, such as life insurance contracts. Some banks have created BPCE equivalent of bank branches 100% online. At the same time, the computer must be reviewed to allow salespeople to track customers realize that their operations remotely. All these facilities where other signs seem more advanced. Decentralization own mutual groups do not promote rapid implementations.

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The talks promise to be lively this weekend in Toronto, Canada. Indeed, at a time when opening the G8 summit followed the G20 this weekend, the participants have already stated their differences. The International Monetary Fund (IMF) published its "Ten Commandments" for developed countries to help them reduce their public deficits. The institution advocates the lower ratio of debt to gross domestic product (GDP) and the rapid adoption of reforms of pensions and health insurance, saying the current system "not viable". For its part, the World Bank puts the G20 in warning against a decline of international aid.According to her, "continued favorable investment growth in infrastructure and human capital in a context of declining tax revenues will be especially difficult if the current financial and economic causes a decline in international aid and increased competition for global savings collect ".

Tensions Europe-USA

Fiscal policy is most appropriate in this period of feverish economic recovery does not unanimous. Two camps. On the one hand, the United States continue to warn against their European counterparts the implementation of drastic measures to reduce deficits, negative effects in a context of slow growth recovery instant payday loans.On the other hand, Germany and the United Kingdom both advocate the establishment of strict policies and able to quickly reduce debt levels and thus avoid repeating the same scenario as in Greece. Already, the British Prime Minister David Cameron has claimed he wants to avoid making a single event in Toronto "salon where they cause". In an article published in the Globe and Mail, he called on participating countries to take action.

Burning issue of the yuan

And it's already done China. While the international community, particularly the United States, pushed for China values its currency, the country has lowered its reference rate of exchange to its lowest level in five years this morning, thus enhancing the value of the yuan against the dollar.The institute has decided on a central rate up 0.3% to 6.7896 yuan against the dollar.

In addition, banks expect to them, to have won a battle in convincing the Basel Committee to reduce the level of capital adequacy requirements. The regulatory measures affecting them shall be presented this weekend as part of the debate on global financial regulation.