A crucial summit on the future of the euro

With the crisis of sovereign debt markets do not stop to test the strength of character of the leaders of the euro area. For fifteen months, each meeting a European success patching, without warning the next stroke. Greece. Ireland. Portugal. Save the euro? This issue will again this week for an emergency summit. This time with a difference: everyone, or nearly so, may feel targeted.

When seventeen heads of state and government will meet Thursday at noon, it is not the technical options that were missing.Bail increased, lower interest rates, longer maturities, to the private sector or restructuring in good and due form, all solutions are on the table since that Greece came close to bankruptcy for the first time in spring 2010 .

What has been lacking, however, is the political will and responsibility in a Europe that receive capital not as a common project, but as a domestic policy variable. In contrast, the contagion effect can lead to collective reaction. With Italy last week, found himself the danger of a sudden the heart of the euro.

Rome is also dropped two warnings the most striking. "The creditworthiness of sovereign states is no longer a given," said Mario Draghi, the future President of the ECB at the address of the seventeen cities.And "like the Titanic, the first-class passengers themselves can not cope", predicted the finance minister, Giulio Tremonti.

Greek debt buyback

The warning covered Alps. For the first time, the finance ministers of the euro come to accept that markets and financial experts claim for months no fax payday advances. Yes, Greece, diving in the austerity and recession, may find themselves unable to pay on its debt maturities or interest. And no, a default is not to be excluded in the euro area. Only the ECB still refuses to admit it.

Under this constraint, but also recognized virtual summit Thursday that will tie up a second bailout of Greece. "The key is to improve the ability of Greece to support and pay down debt," insists the German finance minister, Wolfgang Schäuble.In all cases, private creditors – banks and investment funds – will have to fire from, or participate in the effort.

The easiest is to help Greece to repurchase some of its debt through loans from the EFSF the bailout funds in the euro area. Germany has long opposed it in the name of financial orthodoxy. But the accelerated depreciation of Greek securities on the secondary market allows Athens to reduce debt on the cheap, which meets the stated objective in Berlin. The other option would be to exchange the securities for longer maturities.

The plan should cover the needs of public financing of Athens until 2014, some 100 billion euros.He may doubt that Dublin, Lisbon and other capital assisted want to enjoy the same flexibility in time.

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Italy adopts final plan of austerity

The Italian Parliament has given its final green light Friday to a strengthened austerity plan to bring the country away from the debt crisis and attack markets awaiting test results of resistance experienced by 91 banks Europe.

After being passed to the charge Thursday by the Senate, the austerity plan of nearly 48 billion euros has been voted permanently in the afternoon by the Chamber of Deputies with 316 votes to 284 against and two abstentions, a speed unprecedented in the history of Italy, and suggestive of a "miracle" to the President of the Republic the former communist Giorgio Napolitano.

Italy, attacked by the markets last week, had to accelerate the adoption of this plan as a spread of the debt crisis in the country could kneel throughout the euro area including the Peninsula is the third largest economy.

Uproar inside the country

The austerity plan, however, raised a storm of protest within the country. "This plan is yet another crap, it affects poor people," denounced Friday in an interview with Corriere della Sera Antonio Martino, former minister Defense of Silvio Berlusconi. The president of the employers' association Confindustria, Emma Marcegaglia, for his part denounced a plan "based on substantially higher taxes."

Italy is being targeted by the markets because of its huge public debt of 1900 billion euros, representing about 120% of GDP, which is dangerously increase the cost of borrowing for the country.Among the measures to reduce the deficit include the launch of a privatization plan in 2013, the introduction of user fees, freezing salaries and hiring staff, a severe reduction of tax deductions and allocations of local local, as well as more severe conditions for pensions. The Bank of Italy, which has raised slightly its growth forecast for 2011 from 0.9% to 1%, felt that a continuation of the debt crisis would have a "significant cost".

The very large public debt remains the most vulnerable point of the Italian economy, especially in this climate of great uncertainty and fear of the markets, "said in an interview with La Repubblica the EU Commissioner for Economic Affairs, Olli Rehn.

(With AFP)

Sony will reopen Wednesday its PlayStation Network in Japan

Sony will begin a new chapter Wednesday. Services PlayStation Network (PSN) for online games, and Qriocity for video, will reopen Wednesday in Japan. This is the last country in which Sony has to return to work "normal". Mid-June, the NSP has opened in South Korea and Hong Kong. The group was waiting for the approval of the "authorities" after hackers suffered since early April that forced him to interrupt his service. "We will restore the entire PSN as soon as possible, as soon as the national authorities will be comfortable with the protections we have put in place," explained the beginning of June, Le Figaro, Kaz Hirai, who became president last week Sony games division. He left his position as general manager Andrew House, Welsh origin, like Howard Stringer, the chairman of the Sony Group.

The matter is serious.More than 100 million accounts were hacked Sony, whose 77 million just for the PSN. The data on 23 million credit cards in use were recovered by "hackers" Pirates of the Internet. The group's data center in Tokyo, located in San Diego, has been more than a dozen attacks.

The origin of piracy, according to Kaz Hirai spoke with Le Figaro, at the show for video games? "I do not know who the pirates who want the Sony group as a whole. Individuals or groups of "hackers" are attacking us to tell the world that they were able to pass our security checkpoints. We have suffered denial of service from a group of hackers known as Anonymous, related to the fact that we have tried to protect the intellectual property of the PlayStation 3. But it does not seem that there is a link between the group Anonymous and piracy.It does not appear that there is an increase in fraud since the breach in the PSN. We have not been contacted by consumers who have complained of the misuse of their personal information. Or personal data were not stolen, the target of hackers did not use the information, but to tell the world that the FBI, Sony or another company were attacked. "

The investigation is ongoing. The group of pirates "Lulz Security", which has decided to disband, has posted online more than 2 million customer names from Sony. One of its alleged members was recently arrested by Scotland Yard.

Faced with these attacks, Sony has taken in May, a provision of 14 billion yen (120 million euros). This amount should be reassessed after the latest attacks? "No, says Kaz Hirai.The biggest potential risk was the breach of the PlayStation Network. Thus, the estimate is based on the attack. But we are not sure what information is taken or the potential misuse of data could be made pirated. Our service was closed and we made an offer to return to clients who have returned over the network online. That's why we made this estimate. "

The injury picture is not yet rated. But Sony is comforted by explaining that "customer loyalty is incredible." For "where we have restored the PSN service, 90% of the activity returned to normal. This is the case in the United States and in most countries where we have restored. Less than 1% of customers ask to close their account on PSN. That's why we are very grateful to them.We can not thank them enough. This incident would not have happened, "admits the president of the division games.

Who's next boss Bercy?

• Baroin: • promoting Valérie Pécresse: reward • Bruno Le Maire: the outsider

The countdown is running. Christine Lagarde flew to Washington Tuesday. Wednesday and Thursday, she will spend his "great oral" before the Board of the IMF. Which will meet Tuesday to discuss the nominations before appointing a successor to Dominique Strauss-Kahn on June 30 at the latest. Barring a surprise, the Minister of Economy should take precedence over Mexico's Agustin Carstens. His entourage has the head across the Atlantic: "I proposed to the team Baroin to come and visit our offices to make the identification, said one adviser Christine Lagarde. They said: "It would be bad luck!" "

Several ministers are indeed in the running to replace Christine Lagarde. Budget Minister campaigned for weeks.His colleague of Agriculture, Bruno Le Maire, also dream of Bercy. But he seems to have thrown in the towel. The Minister of Higher Education, Valérie Pécresse, which has the support of Christine Lagarde, fingers crossed, too. "Lagarde loves Pécresse, provides an advisor to the Minister of Economy. She believes that appointing a woman to a woman's place is important. But it will not interfere. It is at a different level. It will soon have a status of head of state … "

First outsider, Valérie Pécresse seen its rating go up. She met with Nicolas Sarkozy on Wednesday, after the Council of Ministers. The head-to-head was officially on the large loan and the press conference the President on the subject Monday. But Sarkozy had discussed with her the replacement of Lagarde.In the majority, some believe that appointing a woman to this key position could serve as an able-fire against the candidacy of Martine Aubry in the primary PS, around June 28 "It is played between Pécresse and Baroin," believes a close associate of President. Anyway, the head of state will be careful not to harm women, already under-represented in key government positions since the departure of Rachida Dati and Michèle Alliot-Marie. "The president does not send negative signals about gender or diversity," Elysian swear an advisor.

"The king of herrings"

The head of state could also bring a handful of secretaries of state, whose arrival is announced in the fall. Two positions, at least, are vacant: Public Administration (since the departure of Georges Tron) and Veterans Affairs.If the president decides to bring more "new faces", it "out" of the incumbents. The Minister for Sport, Chantal Jouanno, could start to concentrate on the Senate. "We predicted a reshuffle at minimum, but the president could take this last opportunity to reshuffle the cards before the presidential election," warns a consultant Elysian.

Nicolas Sarkozy should especially take this opportunity to send signals to the centrists. "He wants to crack the clan Borloo," says an adviser. The Secretary General of the UMP, Marc-Philippe Daubresse, told relatives that he had received "assurances" of the president. He also began to prepare his cabinet. In a head-to-head, May 30, Sarkozy had mentioned to him a nomination "for Higher Education or Agriculture."The head of state could also try to "poach" the faithful lieutenant of Borloo, Laurent Hénart. Or, failing that, the former Minister for Overseas, Yves Jego.

The name of the UMP des Alpes-Maritimes, John Leonetti, who chose to live the radical sensibility within the UMP, runs well. The President has recently paid tribute to his "loyalty". But this expert on health does not agree with the health minister, Xavier Bertrand, who had vetoed his appointment in the latest revisions. MP centrist Maine-et-Loire Laffineur Marc is also discussed.

At the Elysee, is amused by this shell game. "The president in secrecy, says a consultant. It is the king of herrings. This will be between him and Xavier Musca. Even between him and …. "" The principle of a reorganization, is the surprise, "says the former minister Brice Hortefeux.

Baroin: promotion

Since coming into office in March 2010, Baroin was a faultless performance credit report. Budget Minister has managed to impose fiscal discipline to his colleagues in government, cutting spending and up to tackle the sacrosanct tax loopholes. Last week, under his leadership, the National Assembly adopted on first reading the supplementary budget, which confirms the removal of the tax shield and the reduction of the ISF. After inheriting the carrier parolat in November 2010, as Chirac ministers could it rise again in the government hierarchy? Many are in the majority, think he was already "well served". If appointed, the mayor of Troyes should release the carrier parolat. But it would keep the Budget. "The president likes him, but it a little suspicious," says a heavy weight of the UMP.The promotion, however, would give new pledges to Chirac, less than a year of presidential elections.

Valérie Pécresse: the reward

It was on the brink of being appointed Minister of Justice in November 2010. But the departure of Jean-Louis Borloo had distributed the cards, bringing the president to give the keys to the Place Vendome in centrist Michel Mercier. Valérie Pécresse has remained in Higher Education, under its charge since May 2007. A record of longevity that allowed him to impose the autonomy of universities, often presented as one of the most emblematic reforms of the quinquennium. "It showed it was broken in the dialogue," said a relative. Deemed "woodcutter" Pécresse is a graduate of ENA and HEC. She speaks English and Russian, and "getting by" in Japanese.Christine Lagarde to Chantal Jouanno, many women ministers would like to see at Bercy. But that Chirac, who sometimes appears as "a good little soldier," a disability: she has never been among the close to Nicolas Sarkozy, sometimes it annoys. For many in the majority, yet it seems that the "best position" to Bercy.

Bruno Le Maire: the outsider

Barring a surprise, Bruno Le Maire should remain in agriculture. He dreamed yet to be entrusted with the Economy, as he had dreamed of Foreign Affairs in 2010. "With each redesign, the Mayor is an active campaign, the air of nothing," enjoys a minister. The former right hand of Dominique de Villepin, whose rise in "Sarkozi" has been meteoric, has serious advantages. Normale technocrat and he mastered the economic issues. Also the IE speaks English, German and Italian started."This is a contest of economics, not of languages!" Squeaky Elysian counsel. The Mayor has invested heavily in the agriculture component of the G20, is prowling and multilateral negotiations. But Sarkozy fears of destabilizing the farmers, who appreciate their minister. The Mayor would also annoyed by "highlighting" the role of project manager in 2012: "For the president, only the Socialists in the country, says an adviser. Put themselves forward on the project was awkward. "Failing to be appointed at Bercy, the Mayor may be given door-parolat.

Mr. X: The temptation of an expert

The magnitude of the crisis in Greece could it bring Nicolas Sarkozy to choose an expert on economic Christine Lagarde to succeed? A heavy weight of the majority is seriously considering this option, arguing even the name of Thierry Breton, CEO of Atos Origin.The former Minister of Economy (2005-2007) mastered the issue of public debt. His appointment would also have political virtues, the source said, "Breton is a friend of Chirac, Raffarin and de Villepin. And they bite Borloo he is near. "Many consider this hypothesis unlikely:" What interest would have to leave the private Breton for an acting position on the eve of 2012? "Enjoys a counselor. The name of the centrist Anne-Marie Idrac is also cited. Edouard Balladur was blown to the president. Former Minister of Foreign Trade may assert a strong background at the head of the RATP and the SNCF. But it is "not aligned" with Sarkozy and "speaks her mind." The government, cohabitation was not always easy with its responsible Minister Christine Lagarde. However, the next holder of Bercy will get along with the next IMF chief.

New finance minister for Greece

The name was the most anticipated of the new finance minister. This will be the former Defence Minister Evangelos Venizelos, who is also Vice-Premier, announced Friday a spokesman of the Greek government.

The new finance minister succeeds George Papaconstantinou, in office since the victory of the Greek socialist party (PASOK) in the legislative elections of October 2009. Principal architect of the austerity suffered by Greece to cover its deficits, George Papaconstantinou was in the front line of the anger expressed in the street by the Greek people. Finance aside, it remains in the government team in charge of the Environment.

Curb the social crisis and negotiate with creditors

Before arriving in the team Papandreou, Evangelos Venizelos, 54, had held many ministerial posts in previous socialist governments in the mid-1990s, including the voice of the government, Minister of Justice and Minister Development. He will now have the task of curbing the financial and social crisis in Greece and negotiate with creditors.

In Defense Venizelos is replaced by a close associate of Prime Minister Georges Papandreou, Panos Beglitis.Another relative, Stavros Lambrinidis, was appointed Foreign Affairs.

Faced with conflicting pressures of creditors of the country and the street, and the refusal of the main opposition party the right to form a national unity government, the prime minister announced Wednesday he would proceed to reshuffle and he would ask in the wake of confidence in parliament. By sacrificing his finance minister, George Papandreou shade his last card. If the new team fails to resolve the crisis, keeping its own head of government will be compromised.The question is whether this game of musical chairs will be enough to calm the anger of the street.

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German banks at the forefront in Greece

If European leaders want to involve rescuing investors from Greece, they will have to negotiate primarily with German banks. They are in fact those who hold more government debt, amounting to $ 22.7 billion (15.5 billion euros), according to figures released Monday by the Bank for International Settlements. The French came second, with an exposure of 15 billion dollars (10.3 billion euros).

A total exposure of all European banks in Greece's debt stands at $ 52.3 billion (35.8 billion euros). By adding the two other countries receiving EU aid and the IMF, Ireland and Portugal, the figure stands at 100 billion euros. German institutions hold almost two thirds of this amount.

Particpiation private

Friday, EU leaders said they reached agreement on the extension of aid to Greece. About 60 to 65 billion euros that the new plan would cost a quarter, or 15 to 20 billion euros would come from the private sector. He would ask investors to reinvest in Greek debt money recovered when their bonds mature.

Such an initiative would demonstrate that participation in the effort from the private sector has been explored, "said Justin Knight, strategist at UBS AG, quoted by Bloomberg. "This could lead to voters to accept a new European public aid" to Greece business card. The Germans would, however, according to Die Welt, go further and require banks to extend loan periods, exchanging bonds maturing by other securities of a longer duration.

Default risk

However, "some sources suggest that asking banks to exchange the Greek bonds could trigger precisely a failure," says Luigi Speranza, an economist at BNP Paribas CIB. The rating agency Fitch estimates for its part in a note published Monday that even an exchange of debt on a voluntary basis, if it is unfavorable to creditors, may be considered a "credit event", ie ie a payment default.

In this context, EU leaders are walking a tightrope. Especially since the European Central Bank reiterated Monday his opposition to the restructuring of state debt. "Imposing a discount to private investors can seriously disrupt the real economy and financial creditor and debtor countries, has said Lorenzo Bini Smaghi, board member of the institution.Therefore a restructuring would be done as a last resort, that is to say when it is clear that the debtor country can not repay its debts. "

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Apple after the iPhone and iPad, the revolution icloud

Monday night, Steve Jobs must have Apple's service icloud. Using a deal with record companies, the Cupertino company will upgrade its online music service iTunes. Customers can purchase their music from Apple's online store and listen to their wishes, where they are. The service called "cloud computing, or cloud computing, grow fast. This is a new revolution in computing. It is to connect to the Internet to access data and applications. Individuals no longer need to store on their PC or hard drive at home, and businesses no longer need to invest in high-performance computers.

The computer then used to open the application as a water faucet or turn on a light.Apple already offers a first service "cloud" to synchronize the network, contacts, emails and diary, from an iPhone or an iPad. The MobileMe service is very expensive (99 dollars or 79 euros per year from France).

Click on the thumbnail to enlarge the graphic.

Amazon has shown the way

Google will launch this summer the free operating system for PCs, Chrome OS, designed and filmed for the cloud. "The biggest users of cloud services are already without knowing it, individuals using tools such as Gmail or Google pay services data storage from Amazon," said Lew Tucker, Director Technical cloud at Cisco.With his offensive, Apple created a new front against Google, Amazon and Microsoft.

One of the largest global provider of cloud services Amazon is the world leader in cultural services in line with an estimated turnover in this area at one billion dollars in 2010. The original idea of ​​the champion of e-commerce, which has expanded its services to music storage for individuals, was to lease excess capacity of its own "farms" of computers. "It comes down to your apartment when it is empty during the workday and when you go on vacation," says one expert. All the giants of the Web follow the lead of Amazon. In economic terms, the marginal cost is low for providers of computing power and storage capacity low interest rate personal loans. The additional revenue generated almost as much profit.For ten years, computer manufacturers, software publishers and computer services companies dream of a paradigm shift.

56 billion market

With the development of the Internet and especially because of the economic crisis, companies have converted to cloud computing. "After years of germination, cloud computing takes off. Partly for macroeconomic reasons. The crisis led all organizations to scrutinize their spending. In this context, a solution which can offer more for less is difficult to ignore, "says Ben Pring, vice president of research firm Gartner. For now, most of the market is done by software. The turnover of the software on demand is estimated around $ 11.7 billion in 2010 by Forrester Research. Today, 60% of worldwide turnover is made in the United States.But the phenomenon should spread to other countries. By 2020, the worldwide market will reach $ 56 billion, says Forrester Research.

With about 3 million business customers worldwide including one million in Europe, Google makes between 500 million and $ 1 billion in sales in the cloud. Finally, Microsoft will invest 90% of its budget on R & D in the cloud this year, said Jean-Philippe Courtois, senior vice president of Microsoft. But its sales in the area is estimated at "several hundred million dollars a year," admits a group leader. Each offers its solution. IBM, HP, Dell, Microsoft and Oracle want to use huge "farms" of servers to store and rent computing power to their customers. To this end, HP and Dell have acquired companies in the storage and data virtualization, in order to compete with VMware, a subsidiary of EMC.The market also attracts telecom giants like Cisco, Ericsson and Huawei, and specific actors, such as Akamai, Rackspace Hosting or Salesforce.

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Wall Street does not go up the slope

The NYSE has attempted to initiate a mini-rebound Thursday. In vain. Economic statistics are still bad on Thursday and Valuers bank saddled the trend. Thus, the Dow Jones lost 0.56% at 12,220 points, the Nasdaq yields 0.16% to 2765 points while the S & P fold from 0.41% to 1309 points.

Yesterday, U.S. markets have taken a double slap (more than 2% losses) with first a series of bad macroeconomic indicators that raise doubts about the health of the world's largest economy. Then with Moody's decision to degrade three notches note of the Greek debt. The rating agency has cooled the financial markets had begun to hope that a solution be found to stabilize the financial situation of the country.

On Thursday, investors do not turn the page of this session was the worst recorded since August 2010.Bad numbers have fallen:

– The weekly jobless claims fell less than expected in the United States during the week to 28 May, against 422,000 428,000 (revised) the previous week, said Thursday the Department of labour.In economists on average expected 415,000 entries in unemployment.

– U.S. inventories of crude oil rose against all odds last week, said Thursday the U.S. Agency for Energy Information (EIA). Crude oil inventories rose 2.88 million barrels to 373.81 million. Economists on average had expected a decline of 1.3 million barrels [EIA / S]. The oil prices were down sharply after the announcement. Ceded $ 1.42 a barrel after a fall already marked.

On the currency side, the single currency continues to rise against the greenback. One euro is worth more than $ 1.44.For their part,

However, non-farm productivity rose more than expected in the first quarter, while unit labor costs rose slightly more than expected, according to the second estimate published Thursday by the Labor Department. Productivity, which measures hourly output per employee rose by 1.8% instead of the 1.6% increase announced in the first estimate. The market expected it to climb by 1.7% over the period from January to March.

Other bad news affecting U.S. banks this time: Goldman Sachs (-1.61%) received a subpoena from prosecutors in New York who want to learn more about its role in financial crisis.In addition Moody's "could reduce" the credit ratings of Bank of America (+0.35% to 11.28 dollars), Citigroup (+0.15% to 39.71 dollars) and Wells Fargo (+0, 28% to 27.02 dollars) on behalf of a hypothetical reduction in state support for large U.S. federal institutions in the country. The rating agency notes that the current notes of banks take account of public aid granted by the Treasury at the height of the financial crisis.

Google and China: Paper

Internet giant Google (+0.25% to 526.93 points) was monitored after the announcement of a hijacking Gmail accounts by hundreds of Chinese dissidents and American officials. While Google suggests a Haker Chinese, Beijing denounced the remarks "unacceptable."

The distributor Costco Wholesale Corporation (+0.12% to 80.31 dollars) has reported a net profit of $ 324 million in the third quarter of 2010-2011 (73 cents per share), up 6% the same period last year. Based on the number of share, earnings were 73 cents. Turnover was up 16% to $ 20.2 billion, with a jump of 12% on a comparable basis.

Limited Brands (-5.48% to 36.59 dollars) has announced a 6% increase in May same-store constant at 717 million dollars. But this figure is below expectations of analysts who had forecast an increase of 7%.

The mining equipment manufacturer Joy Global (3.07% to 88.70 dollars) has reported a profit of 34% to 162 million in the second fiscal quarter, or $ 1.52 per share. Income climbed 19% to 1.06 billion.It's better than $ 1.35 per share and $ 1 billion expected by markets. The group also revises upward its forecasts. It now expects earnings per share between $ 5.60 and 5.30 against 5.10 to 5.40 before.

WPP (-3.78% to 11.95 dollars), the leading global advertising in terms of revenue, announced Thursday an organic growth above 6% during the first four months of the year, thanks including a good performance in the United States.

Portugal: two aid plans exist

What is the real plan of assistance to Portugal? Since Friday, the question is on everyone's lips in the country. Doubts have been launched by the third television station in the country, Sic, who spoke of the existence of two different versions of the plan signed by the European Union (EU) and the International Monetary Fund (IMF) with the Socialist government resigning.

Thus, a first version of the document, signed May 3 by the Socialist government after talks with the troika (EU, IMF, ECB), has been submitted for approval to the two main opposition parties, the PSD (center right) and CDS (right). But it is another version of the text, including changes in schedule, which was eventually signed officially by the government on May 17 in Brussels at a meeting of EU finance ministers.

A surprise for the opposition

This revelation has caused controversy in the country, forcing the Ministry of Finance to explain. In a memo to reporters, he confirmed the existence of "ad hoc adjustments" between "the draft memorandum of agreement" developed in Lisbon and "the final version signed by the Ministry of Finance, the Governor of the Bank Portugal and the European Commission on May 17 payday loan.

Similarly, the outgoing Prime Minister Jose Socrates said the parties had signed "two documents, one with the European Commission, the other with the IMF, and the final text did the" make compatible . But for its part, the president of PSD, Pedro Passos Coelho says "not having been informed of these differences," which he said "are not just small adjustments."

For the socialist Jose Socrates, this mess falls at the worst time. The Prime Minister, who resigned in March following the rejection by parliament of its austerity program, is indeed a candidate to succeed himself for early parliamentary elections on 5 June. This Saturday, surveys conducted for the newspaper Publico and Expresso weekly show that PSD collects between 33.9 and 35.8% of the vote, beating the Socialist Party, credited with 32.3 to 34.1% of voice. CDS (right) remains in third place with 11.3 to 13.4% of the vote.

(With Agencies)

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Stock Exchange: luxury won by Hong Kong

"Asia, the Mecca of luxury groups. This could be the slogan applied to Gucci, Prada, Burberry, Hermes, Dior and others at the end of the financial and economic crisis that has shaken the past three years the global economy. For all these companies, if they were not spared by the crisis, have largely absorbed the shock by taking advantage of the growing appetite of Asian markets for luxury, chic, and know-how almost craft of some European countries.

This appetite, the luxury sector was well integrated, making the Asian market including China and Japan, their main growth drivers. For example, the French LVMH in 2010 from nearly 35% of its turnover in Asia (25% excluding Japan).In the first quarter 2011, excluding sales of the Japanese archipelago (affected by the tsunami on 11 March), billings Asian group Bernard Arnault grew 24% and 30% on the only Chinese territory.

Finally, by 2015, China should be the first global luxury goods market in all sectors according to consulting firm Pricewaterhouse Coopers. And to develop there, Western societies today are choosing bulk of trading in Hong Kong, the gateway to become known in China. "With its historical heritage, the Hong Kong is much more attractive than that of Shanghai, details of William Corbiac, emerging equities manager at Axa IM. It is much more liquid, accounting standards are long Anglo-Saxon, there are many financial analysts, fewer permissions and cheaper.In Hong Kong, Western investors feel almost like home. "

Making a name

This is the typical case of American Coach, specializing in accessories (shoes, bags, sunglasses, jewelry …) who announced in early May will be doubling its side by the end of the year, Stock Exchange of Hong Kong and its place of origin, New York. For all the luxury groups, for historical reasons or qualitative, not in Asia have the notoriety of LVMH or Hermes. The goal of Coach is clearly stated: "better brand awareness among consumers and investors in the Chinese market and throughout Asia," according to its CEO Lew Frankfort said in a statement.

This Friday, the luxury goods group Burberry has come to swell the ranks of contenders.Already present in London Stock Exchange, the British group would try to seek a listing in Hong Kong by Hong Kong Economic Journal, to "increase the interest of Asian investors."

The idea is not new. "Many Chinese entrepreneurial companies, including Internet companies and in renewable energy, are parties in the 2000s to seek a listing on Wall Street to take advantage of both technologies and to conquer the U.S. market, said William of Corbiac. We can now do the exact parallel with these Western groups visionary who want to be closer to the markets they want to grow cash advance loan no fax. " A listed company must indeed comply with the requirements of disclosure and / or related to its activity, which increases its exposure to the media and therefore the general public.What support development activity in new geographical area. A strategy that seems to have also adopted in another sector, BNP Paribas. Initially, the French bank will not undertake a capital increase at its eventual listing and just want to "enjoy a better visibility in China."

A significant influx of capital

But watch it only as a matter of image. For BNP Paribas may, in a second time, make an appeal for funds on the Hong Kong site, thus killing two birds with one stone. For their part, the intruding Western luxury brands in Hong Kong are also looking to take advantage of capital and investors who flock to this place. In 2010, according to data from PricewatershouseCoopers, nearly 45 billion euros have been raised, an increase of almost 80% over one year.And for 2011, the firm estimated 30 billion funds in Hong Kong through introductions. A total of one hundred companies are entering the stock each year, more than half are Chinese.

This is the case of the Italian Prada, which recently received the green light from authorities in Hong Kong market. Pending the final IPO price (June 16) and the introduction scheduled for 24 June, the Italian company hopes to raise about 2 billion dollars (1.4 billion euros). After three failed attempts, Prada therefore preferred to Hong Kong to Milan, saying "better" opportunities offered by the international capital market.

Before her, and with the same motivations, the French L'Occitane has chosen Hong Kong to make his first public offering, there is just one year.One way for the group operating on the cosmetics market is very dynamic in Asia and almost treated as a luxury brand, to raise 532 million euros. What repay debt and finance part of its development. This gamble on the brand image now appears successful, while Reinold Geiger, President of L'Occitane, explained that he initially had great difficulty to prevail in Taiwan and Hong Kong. And for investors who subscribed to the introduction, the operation has also been very positive, because despite the turbulent early sessions, the stock rose over 30% year on year.

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