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"Emerging markets are driving growth of the group," said Pierre Pringuet, CEO of Pernod Ricard, the antenna of the radio BFM on Wednesday. Indeed, in 2009/10, whose results were presented this morning, the group's operational performance has been particularly supported by those countries. The specialist wine and spirits show an operating profit of 1.8 billion euros, down 3% but up 4% in organic growth, with organic growth of 14% in Asia and the rest of the world "resulting from Martell particular dynamism in China and local brands in India, the upturn in South Korea and Duty Free markets and strong growth in Africa and the Middle East," says the direction. Conversely, the "Europe excluding France was the region most affected by the crisis with a decline in profit from recurring operations of 3%, said Pernod Ricard.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.

Many affordable individual health insurance products are available for practical and smart consumers of the modern period.

Droughts and fires will they bring Russia to its knees? The Russian government admitted on Tuesday that recent weather events will cost between 0.7 and 0.8 growth in the country. Without this unprecedented heat wave last half-century, the Russian economy would have increased from 4.4 to 4.7% in 2010, according to a first estimate unveiled by Economic Development Minister Andrei Klepach. The final cost of these disasters should be known in November.

"The extreme heat and smoke from fires have forced businesses to close their plants or reduce their production schedules," according to economists at HSBC payday advance lenders. "The productivity of those who have maintained their production has declined considerably." These climatic events were particularly affected the agricultural sector. Wheat production is expected to drop by and third.What make analysts more pessimistic than the government: they think the heat wave is expected to cost a point of growth.

Russia, however, had started the year well, with a growth rate of 2.9% in the first quarter and 5.2% in the second. "In the third quarter, the activity should be particularly weak and a scenario of stagnation can not be ruled out," HSBC economists said.

Between business and ecology, this is not a love story. More than half of French companies reported that they did not intend to invest in sustainable development, according to a survey * BVA-line today at the Ministry of Economy.

Results that "contrasts with a poll CGPME March 2010 in which 81% of SMEs said they had" built into their thinking "on sustainable development, says the summary of the study.

From there to pass the act … "There's still a gap between thought and investment," says Bercy. Is it lack of interest? To avoid additional costs? The study does not answer. But she notes that the average conceals wide disparities by size of business.

Only TPE is a majority (56%) not intend to invest.From 10 employees, companies have either already invested or plan to invest.

The SMEs are medium sized (50 to 249 employees) the most advanced. "Without doubt they react faster to trends." Nearly half have already invested in sustainable development.

Larger companies (more than 250 employees) are slightly less likely to have invested, but they are twice as likely as mid-sized SMEs intend to do.

Companies that invest the most say in the sustainable development belong primarily to the agricultural sector, construction and services.Sustainable development is probably made by these companies from an environmental perspective, "these sectors more than others is subject to obligations or strong incentives matter (fertilizer use, emissions of greenhouse gases including ) "concludes the study

* Survey conducted by the Institute at the request of the Ministry of Economy, Industry and Employment and the Department of Budget, Public Accounts and State Reform.

Conducted from May 26 to June 10, 2010 with 701 business leaders, HR and Executive Committee members.

The Cabinet will host today at the Elysee a guest: Wolfgang Schäuble, Minister of Finance and strongman of the government of Angela Merkel. Last survivor of the dinosaur era Kohl, Schäuble, 67, is both the most Francophile and most pro-European ministers in Germany. This man of iron is outspoken apostle of rigor in Germany but also in Europe.President Sarkozy and his government, which had inspired his brake mechanism to debt, lend him an ear.

This is the first time a German minister participates in a French Cabinet, a symbolic meeting to be held under the theme of "European economic governance," a topic that has divided President Nicolas Sarkozy and German Chancellor Angela Merkel.

To revive the Franco-German, Paris and Berlin had decided in early February to open the meetings of government ministers of both countries. In late March, Christine Lagarde, with whom he maintains a good relationship, had attended a cabinet meeting Merkel in Berlin. Schäuble was forced to postpone his visit to the French Council of Ministers, in May, for health reasons.

It tames the suffering

This practicing Protestant was never one to panic.Some in Europe have criticized him his reluctance to rush to the aid of Greece. Schäuble dream aloud of a federal Europe. He put one on the table the creation of a European Monetary Fund. A mechanism has been adopted approached in early May by the euro area but in his absence: he had been rushed to hospital in Brussels. A poorly healed wound was nailed to a hospital bed, where he led his ministry for several weeks cash advance loan. What has not failed to feed the rumors about his departure from government.

But it has long been tamed Schäuble suffering. Minister of Interior of Kohl, his life is turned upside down in 1990, when he fell under the bullets of a balance. An avid tennis, the ambitious politician finds himself in a wheelchair, paralyzed from the chest down.His wife suggested that he give up politics. It is at the head of his department after several weeks of convalescence. And now asserts that his passion for politics has helped to overcome the ordeal, which he calls "this shit". Gray eminence of Helmut Kohl, which was also the dolphin, it was he who negotiated the contract of German reunification with East Germany.

His ambitions were often thwarted. For example, Kohl's, for which he retains a deep respect, clung to power for 16 years, only disappearing never to its advantage. In the late 1990s, Schäuble flows in the case of the CDU slush funds: he accepted 100,000 DM jars of wine a sour arms dealer to finance the party. The case forced him to resign from the head of the Conservative Party and bar him permanently road to the Chancery. Then between Merkel track.Fearing that it will make him the shadow Chancellor he preferred another candidate for the Presidency of the Republic. Merkel, who sought a strong man to hold his government partners Liberals imposed the Ministry of Finance. He has gained the nickname "Sparminator.

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The garden party at the Elysee was it canceled too late? The caterers will they be reimbursed? Taxpayers will pay the note they? After the announcement of the cancellation of approvals under the Ministries of Interior, Overseas, in the prefectures and sub-prefectures, these issues are on everyone's lips. Especially since the member Rene Dosière (related PS) spoke for the receipt of an invoice 313 618 2009 euros. The debate, then fed by Ségolène Royal in an interview with the Nouvel Observateur, however, is minimized by the main actors of the case.

"There was no cancellation in the legal sense. These are the tenders that have been canceled. Today, nobody can say 'I lost the case, because no one had been chosen "slice Lars Bernard, vice president of Synhorcat, a leading professional trade."So there is no impact because in this profession, we do not prepare anything in advance. A caterer is not Picard, irritated the union representative.

Same story on the side of the Elysee usual caterers. "We were still at the stage of tendering. We filed our application and we expect the answer. We have therefore incurred no expenses, "said Francois Raynier, owner of upscale catering Raynier Marchetti, who denies the passage strengthened its team of 150 people in anticipation of the Garden Party. "150 is our average size," says he.

"From homemade

The prefecture also announced that the cancellations last minute should incur any costs because the buffets are mostly prepared in-house. "We use the kitchen of the prefecture," says one in Rennes.In the Sarthe, everything is "homemade" due to "credit limit". The few jurisdictions involving caterers explain – as is the case in Mayenne – they were still "at the stage estimates.

In the Alpes-Maritimes, the services of the prefecture are in this case state spending "very minimal" to "a few hundred euros": "We're pooling with the city of Nice and the General Council of Alpes-Maritimes limit spending from outside caterers, "says a spokeswoman.

Flexibility

Even if there had been a contract between two parties, there is no fixed schedule for repayment in the profession, making negotiations on a case by case basis between the provider and client paydayloan. "It's the law of business but we always find common ground," says Bernard Bras.In case of cancellation, the situation remains manageable, "he assures," It is a profession without visibility. Sometimes some customers confirm the case only 3-4 days before the big day We are accustomed to this kind of situation. "

At the forefront of the controversy, the food critics temper this speech. According to them, traders are well advised not to claim compensation for the expected win lucrative contracts in the future. "It's flattering to prepare the buffet or the Elysee Matignon is a commercial asset, an honor, a good card," says Claude Lebey, editor and author of restaurant guides.

Rebound

The representative of Synhorcat still regrets the loss of activity represented by these cancellations. "We are talking thousands of hours of work.For the Elysee, the decision could also have been taken earlier this year when the budget is fixed ….

For the future, the profession remains optimistic. The idea of a snowball effect of cancellations is scanned. "On the corporate side, which represent nearly 80% of our business, we see a rather significant recovery from last year," says Lars Bernard. "These are not exceptional receptions for when the box is bad, do not 'do too much peter cap'. But when there is a quick turnaround, we must celebrate. This is happening today. " The other big market traders – that of individuals – is also on the mend: "over time, we notice that people continue to celebrate events," notes vice president of Synhorcat. The public sector, the smallest of openings, should be the one to be hit hard.

"End 2008-2009, business has plummeted because of last minute cancellations of contracts. In the worst of the crisis, some professionals have lost 40% activity, ensures Lars Bernard. 2010 is therefore a year of healing. Regarding cancellations, we are entitled to think that this will not be like that all year. "

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Greater China specialist, Stephen Green spoke yesterday at the Treasury Conference on Europe-China relationship.

LE FIGARO – With a CEO who has just moved to Hong Kong and a proposed listing in Shanghai, is this the year of homecoming for HSBC?

Stephen Green – It has been four years since we started this movement to Asia, but it is true that the transfer of Michael Geoghegan office in Hong Kong earlier this year, marks a significant milestone.

When do you hope to enter the Shanghai Stock Exchange?

We expect the Shanghai Stock Exchange opens to foreigners. This process takes time. Let the Chinese authorities to develop policies and adapt the rules.It is unlikely that we can go public before the end of the year.

HSBC would be the first foreigner to be quoting in Shanghai?

We'd love to, but we're not the only candidates. There is also the ranks of major manufacturers with significant operations in China.

Why this rating?

This shows our long term commitment to China. The capital raised also fund our development in the country. This occurs on one side through our partnership with Bank of Communications, China's fifth largest bank, which we own 19%. We have a very important joint venture in the field of credit cards. Our development is also through our own network we want to expand. We have recently opened our hundredth agency and we would like to be present in all Chinese provinces.We need capital to finance not only our physical development but also to lend to small businesses in China.

The Chinese regulator urges domestic banks to better manage their risks. Is this a danger?

The overall outlook of the Chinese economy are excellent. The growth promises to remain strong for many years, with the aim to extend development to the west. In this context, banks have an important role in financing. As everywhere, there will be bubbles. But for ten years, banks have greatly strengthened, both in equity but also in ability to control risks. I am not worried about how the Chinese banking system operates.

What is the step after?

The main challenge for China is in the creation of a large debt market.For now, Chinese companies are financed through banks or equity markets. They will need an efficient debt market.

Do you fear the new prudential standards Basel 3?

The G20 meeting in Toronto next week, will be important. I observe a growing awareness on the part of governments that reform can not be applied in the calendar originally proposed. It takes time. It is essential that regulators calibrate the measures taking into account their impact on the real economy. If the device was applied as such, the banking system should recapitalize by much too important.

The tax on banks you worried she also?

This topic is joined in the previous because they threaten the profitability of banks. Some have generated returns of nearly 30% that were not sustainable.But, conversely, governments and regulators should realize that if banks are no longer sufficiently profitable, it attracts more private capital. And therefore, they can no longer finance the economy.

What is the minimum rate of return?

It is estimated that the cost of capital for a bank is around 10 to 11%. Therefore a return above this level.

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LE FIGARO. – Prime Minister, you take the 25 and 26 March in Paris at the Forum for Investment and Finance of Qatar. What do you expect from this meeting?

Sheikh Hamad Bin Jassim Bin Jabr Al-Thani. – There are many opportunities for our two countries and this forum can be positive for France and Qatar. This can help to rescue some struggling companies and then many French companies wishing to establish relations with Qatar. We are open to any investment which could bring benefit to both parties. We've already invested a lot in Europe in the fields of finance, industry and even agriculture and we are ready to consider other initiatives. This explains our enthusiasm and our strong representation at this forum.

A number of large French companies are very active in Qatar, like Total, Areva, Thales and Alcatel.What are the areas where the French could invest?

There are opportunities in several areas especially in energy. We will sign several agreements. But our domestic market is limited and in our relations, there is not that investment in Qatar. Why not consider financial partnerships Franco-Qatari to invest jointly in third countries? From our side, we are including in talks to enter the capital of Areva. For now, we're still in talks.

Qatar is a major producer of oil and gas. What do you think of the turmoil in energy markets?

It is important to have on the energy market, a balance between supply and demand, which allows an equilibrium price.If prices rise so exaggerated, it's bad for the market in the same manner as a rapid decline is bad because it hinders investment. In recent years we have been a yo-yo prices upwards and downwards. I prefer that prices do not rise sharply because it would hamper the global economy. Moreover, the markets hate the big gap.

What is for you the fair price of a barrel?

In my opinion, the reasonable price of a barrel now stands between 75 and 85 dollars. Ten years ago, when a barrel was at $ 7, Western countries were telling us it's the law of the market. But when the barrel has exceeded $ 140, the same did not want to hear about the market.If, since the great oil shock of 1973, oil prices had increased steadily in line with inflation (2% per year), the price would be at 125 or 130 dollars and the public as the market would find nothing to say. Besides, a car that cost 10 000 dollars in 1973 is now worth 150 000 dollars. In fact, we still want the right balance.

How satisfied are you with the global economic situation, are we out of the crisis or are you afraid of a relapse?

In my opinion the worst is over. But there are still dangers including the high indebtedness of many states that have intervened to support markets and growth. The runaway Scholarships seems also unhealthy, and an adjustment will be necessary. The steps to correct these excesses require cooperation of all countries, because we are collectively responsible for this bubble.However, it is not necessary that some officials are trying to use the crisis to impose constraints on political economy. Market regulation inherently good, but it is important to avoid politicizing it.

The Qatar now has an intense diplomatic activity. What initiatives your country could take to help resolve the Israeli-Palestinian conflict?

I am not very optimistic. I am convinced that the United States are making sincere efforts and sustained to achieve a just and lasting peace. But for its part, Israel calls for negotiations for a just peace with its measurement, which is unacceptable to the Arabs and very dangerous. Nothing has been done to call on Israel to stop its settlements in Jerusalem and it is clear that Israel managed to get away from any sanctions the UN or other international bodies.That fed the frustration, anxiety and thus increasing terrorism. I hope the U.S. give up its veto to protect Israel, to allow the legitimate rights of Palestinians. We have good relations with Israel, we would like to strengthen, but why Israel must accept the legitimate rights of Palestinians.

Westerners, France and the United States in particular, were very concerned about the readiness of Iran to develop nuclear weapons. What role can your country to help a solution?

The French and American officials familiar with the role that we play with Turkey and several other countries to find a diplomatic agreement without resorting to force. It is a very important issue for Qatar. Sanctions against Iran would have no effective results.That's why we want a negotiated solution to avoid increasing tensions in the region.

The Qatar made great efforts in education. All young Qataris have access to education. English is your second language after Arabic. What do you expect of France in the field of education and culture?

English is our second language because we lived under British mandate. Furthermore, it is a major international language. This does not prevent us from developing the use of French. We have many French schools and we have partnerships with universities and French schools. My two children also attend a French school in Doha.

The Qatar is bidding to hold the FIFA World Cup 2022. Will you be ready by then?

The Qatar has already proven itself in organizing the Asian Games.From all accounts, it was a great success. We mobilize all our human and financial resources with a strong commitment by the government. We will therefore be fully ready in 2022 to organize the World Cup football and make it a huge success.

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The Internet of tomorrow is on track. Cisco Systems on Tuesday launched a new twelve times more powerful than its competitors. Its name: the CRS-3.

The U.S. telecom equipment shows its capacity of 332 billion bits per second, indicating that it is possible to download the entire Library of Congress in a second. Or for a billion people watch a video simultaneously. This service delivers "the foundations of the new generation Internet," says John Chambers, Cisco's boss.

The operator AT & T has tested "successfully" the device in the context of testing a "backbone" – the core telecommunications network to interconnect networks smaller – a 100 gigabits between New Orleans and Miami guaranteed high risk personal loans . A world premiere.

This announcement comes almost a month after the internet giant Google has announced its intention to become a pioneer of Internet access at very high speed installation in the coming months networks hundred times faster than ISPs exist in the United States.

Around 18:30, the Cisco Systems shares lose more than 0.15%, to 26.1 dollars, after having degraded to about 1% just before the announcement. "Investors had anticipated this announcement at least one day before," said one analyst.

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An embarrassed government, opposition ulcerated, and now a board of directors of Veolia tense. The case Proglio endless making waves. During the television show "13.15 on Sunday" for France 2, Christine Lagarde, Minister of Economy and Finance announces that Henry will leave Proglio Veolia. "Do not [this combination] lasts forever. He has also admitted before the commission meetings, "she said on France 2.

The Foreign Minister welcomed the abandonment of its allowances at Veolia: "Well, frankly." I hope the controversy will die because he was really cut out. I hope he will be able to devote all his energies to the service of EDF, "pleaded Christine Lagarde.The tenant Bercy has also stressed that the EDF Group is "the one in which Henri Proglio operational functions, so there is no accumulation of operational functions.

The double cap Proglio also sow confusion in Veolia. In an article published Sunday, Le Parisien revealed that heavy atmosphere prevails on the board of directors of the company, formed a few large employers past or present CAC 40 as Daniel Bouton, former chairman of Soci?t? G?n?rale, Jean Francois Dehecq, CEO of Sanofi Aventis and Baudouin Prot, CEO of BNP Paribas.

The next Board of Directors of Veolia will be "sports"

Three main reasons. The first: the departure of Henri Proglio at EDF payday loans for bad credit . "When we announced his departure for EDF in September, the surprise was total.Nobody had been taken into confidence "surprised an administrator. Having understood that the CEO of EDF wanted to keep the steering Veolia "to better control the account information 2010 and its reconciliation projects with EDF," said a source quoted by the Journal du Dimanche – they just regret " have been presented with a fait accompli and that everything is played "out of them, between the Elys?e and Henri Proglio, according to administrators quoted by Le Parisien.

Another cause of unease: the renunciation of Henri Proglio 450,000 euros for his annual visit to Veolia. Le Parisien tells us that at no time administrators have been informed of this refusal, while standing on the same day a council. "We did not appreciate the news on television tonight.This concealment is not like Henry, "laments one of them, quoted by Le Parisien.

Finally, the proposed merger between EDF and Veolia does not convince the directors who qualify, like Jean-Pierre Jouyet, chairman of the AMF, the "Baroque".

The real malaise in the board of directors told to one of its members that the next board will be "sport".

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Following the proposals made by Barack Obama in order to limit both the size of banks and their risk-taking, the banking and financial markets have reacted badly. In exchange, the bank shares continued to tumble yesterday began to regard the U.S. markets. Do not panic however, as the project of U.S. President does not imply that the industry feared most: a dismantling of the largest U.S. banks. However, fear of an escalation, particularly during the passage of these proposals to Congress was clear Friday.

Eager to appear aggressive towards large banks unpopular elected officials of both parties could, for example, insist on a return to the previous rules in 1999, prohibiting commercial banks from entering the market trades.This would lead to force a breakdown of major banking groups like Bank of America-Merrill Lynch, Citigroup and JPMorgan Chase.

This is not the will of the White House. But Republican John McCain and his Democratic colleague Maria Cantwell nevertheless, for several days, submitted a proposal to that effect. "It seems that many proposals of President Obama going in the right direction," said former Republican candidate for the presidency. "Let's try to solve problems", commented the other hand his Republican colleague from Arizona, Jon Kyl."Do not seek a scapegoat that diverts attention from the mistakes of this administration," stated the curator.

New Principles

The Democratic chairman of the Committee on Financial Services of the House of Representatives, Barney Frank is aware of the danger of an escalation develop paydayloans . While he endorses the new principles set by Barack Obama, seven months after the introduction of the reform project finance. But he said he is not totally prohibit the "own-account trading 'of the banks.

While banks such as JPMorgan Chase and Goldman Sachs would be proposed by the White House forced to get rid of some of their activities in the capital and to abandon some of their own trading account.But Barney Frank said, "it would be wrong to demand that banks are withdrawing quickly from all hedge funds and private equity funds involved." The influential Democrat feared the consequences of massive sales made in an emergency.

Tim Geithner, Treasury Secretary, has lost influence in the White House in this case. He was dismissed in June, the approach taken today by Barack Obama to reform Wall Street. He feared that it unnecessarily complicates the debate. Before a group of bankers, closed Thursday night, he confirmed his reservations. Geithner seems to feel that the activities listed are not those who most leaden banks.

The immediate fate of the reform is in the Senate. Other more fundamental questions remain to be resolved.Within both parties, Senators remain divided, for example, on the same principle to let the Fed any role in banking regulation.

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