Carrefour and Auchan bet on the return

The new school year has begun. The shelves of supermarkets anyway. Intersection and Auchan hypermarkets which have lost market share since early January, play their all to save the year. Their goal: to take advantage of this period, the largest in terms of sales after Christmas, to bring back customers and especially to force them to remain faithful to the brand.

Carrefour, the worst off of two, decided to strike hard, even if release into the wild to 1.3 billion euros of gift vouchers. The never-seen! "Our premium of 100 euros back complements the allowance paid back Friday by the government," said Noël Prioux, executive director of Carrefour France. The group breaks new ground by distributing 13 million in its hypermarkets checkbooks containing 10 vouchers of 10 Euro, valid for 5 weeks and from 30 euros to buy.The customer can not spend only 2 per week, in two predefined rays associated with the start, the traditional paper products and linens to leather, textile (women, men, baby) and electricity and the tooling. "We make a significant investment to support our customers in a key moment when they are faced with many expenses in a difficult environment," says Noel Prioux, which must succeed this time, after a failed September 2010 and the beginning of year catastrophic. The poor performance of the domestic market have already caused the departure of its CEO, James McCann, and sealed half-year results of the group.

Increase traffic

In addition to the premium back promotions in other departments. Carrefour also has finally increased the share of its own brand.When performing these three devices, the reductions can approach 80% back on the shelves, supports the group. If the brand has loyal customers and win back others with this, it has also not forgotten the food department. "As for offering toys at the end of year deals on the products at the start of school is only profitable for the traffic they bring," says one consultant. And provided that once in-store customers take the opportunity to make further purchases. "We've lowered our prices in August 1000 on food references: the effort for the products most frequently purchased by our customers, everyday products (dairy products and desserts, for example), and the products popular with families, "said Noël Prioux, which means" to rediscover Carrefour. "The objective is clear: "re strong business momentum in the last quarter."

Auchan and Système U have introduced similar devices. Thursday and Friday, customers who buy 23 items in the school are being taught northerner all of the purchase paid in vouchers to spend in the entire store … next week. In addition, the company offers a special on the shelf textiles from there too in addition to its promotional programs most common in the food department.

The government is mobilizing to the development of telework

Working from home one or two days a week: an impossible dream for most of the French, a reality for many Americans or Scandinavians. While telecommuting is over 30% in Finland, Sweden or the United States, it reaches 18% on average in Europe, it lags behind true in France with a rate of 9%.

However, telework is now greatly facilitated by the development of broadband networks and the boom in smartphones. But the benefits are many, for the employee, but also for businesses and the community. For the employee, it reduces stress, travel time, can increase efficiency and to better balance professional and personal life. For the company, it is a source of local savings and productivity gains.It is also an element of flexibility because it can help extend the service to customers, allowing more time slots adapted to their needs. Finally, for the community, promotes telework planning, reduced emissions of greenhouse gas emissions and relieving congestion. Thus, according to estimates, telecommuting one day a week could reduce by 5% carbon emissions.

Main obstacle: the manager

With this in mind, Eric Besson, Minister of Industry, is determined to eliminate the backlog of France. Pragmatic, he launched a study on the practice of telework in large companies. The results of this study will be published later this year.Conducted by the consulting firm Greenworking, this study aims to identify best practices and identify key success factors to foster the spread of teleworking in France. More than a dozen major companies have already agreed to participate in the study.

In the public sector, negotiations on telework in 2011. In the private sector, a dozen agreements were signed last year in large groups in the CAC 40. Based on volunteering, telework arrangements have been set up at Renault, Alcatel-Lucent, Dassault Systems, EDF, France Telecom and Microsoft. Axa, which has 76 telecommuters, the goal is to move to 200 people by the end of 2012.

But the brakes remain. Rather than legal, they are primarily cultural.Some employees are more justification in their work attendance and their results. But it is mainly the managers who are often opposed, fearing the loss of part of their power and status … Even if, ultimately, the overall results of their teams are improved.

Christine Lagarde to the American

From our correspondent in Washington.

America will now discover Christine Lagarde. Despite his six years at the head of the general business law firm Baker & McKenzie in Chicago, the French selected to head the International Monetary Fund (IMF) is not yet a well-known in the United States. The IMF does not enjoy the rest of America is its perceived prestige in Europe.

Those in the world of private finance and business in the United States had the opportunity to listen to Christine Lagarde, for example when she came to New York or Texas, explained the French economy, were impressed by his mastery of English style "professional" and his knowledge of capitalist values ​​cherished by Americans.

Its role in the G20 to build consensus on complex issues is also widely recognized.Including his prowess to have convinced the Chinese to accept the indicators for measuring imbalances that contribute to the weakening global economy. The weekly Bloomberg BusinessWeek points out that the style of Lagarde includes both an original look, built on its French elegance, her athletic figure, his tan, his white hair and a deliberate absence of ego that promotes the combination of points opposing views.

In 2009 the most American of French ministers had dared to participate in the satirical and political cable channel Comedy Channel. With a beret on her head, she had learned to his iconoclastic host, Jon Stewart, pronounced in French "catastrophic economic recession."In the movie produced by HBO about the financial crisis, the American actress Laila Robins plays the role of Christine Lagarde, s is to severely criticize Treasury Secretary Hank Paulson for allowing Lehman Brothers to fail: "This is a horrifying error," said she. This view, popular in Europe in 2008, is now about a real debate: let the shareholders of a bank that does not matter systems suffer all the consequences of errors of its leaders is seen to contrary by many American experts as perfectly justified. Systematic rescue of banks is seen by contrast as a source of distortion that increases the crisis and to encourage risk taking.

Reviews

Nevertheless, many who are familiar with the IMF were against the appointment of Christine Lagarde at the head of the institution. "If Mrs.Lagarde became boss of the IMF, it is likely to continue to dump loans in the euro area mired in its problems. If preventive programs are determined even for Spain, Italy or Belgium, the IMF will need to ask its shareholders at least another 1 trillion dollars in credit lines.Lagarde personifies the strategy of betting the euro area which aims to ensure his resurrection with other people's money, "explained a month ago, Simon Johnson, former chief economist of the IMF faxless cash advance.

One of his predecessors, Raghuram Rajan, argued that the choice of a European political figure would be bad: "The Fund is designed to defend policies hard to countries that have mismanaged their finances, not to win popularity contest "sums up the Indian economist, skeptical about a European is once again chosen to head the IMF.

In addition, Rajan is concerned about the lack of economic training of the French Minister: "We expected the IMF chief that he has opinions … we can not ask the staff to make decisions for you."This is where the boss DSK was ideal for the IMF: it could discuss on equal terms with technocrats Fund fundamental issues such as the relative effectiveness of tools to address a country in dire fiscal situation, or how best to control fickle capital flows without distorting market trends. Christine Lagarde does not have the technical knowledge to win such debates, very important in the IMF.

The most scathing anti-position Lagarde came from Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, "Lagarde is the latest person to whom he must look for a new approach and independent advice."Like many, the author of several books on multilateral institutions, Christine Lagarde believes that is partly responsible for the current crisis of the euro and therefore can not act with credibility to change the way it should be managed.

Mohamed El-Erian, head of the largest bond fund in the world, PIMCO, has taken some of these arguments. A former senior official of the IMF had proposed that it be called once just to finish the term of DSK, ie until November 2012. Beyond that, it could be renewed if it had been proven.

"Ms. Lagarde was also criticized, like other European political leaders for mishandling the crisis of the euro since its inception and now obliged to be in a hurry to clean the problems they have created" reminds his side a journalist from The New York Times.Far from judging that the triumph of Christine Lagarde is simply the consecration of real qualities, rather than the Americans consider their new responsibility will test his ability to play a role as conciliator not of divergent views, but the substantive decision-maker to decide in both technical issues but also political, forgetting that it is European.

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Lagarde supports China to head the IMF, according Baroin

New support for Christine Lagarde, and not least! China second largest economy, would support the candidature of the French Minister of Economy to the Director General of the International Monetary Fund (IMF), according to the Budget Minister Baroin, interviewed Tuesday on Europe 1. Even if it is not always a candidate, Christine Lagarde is indeed one of the favorites to take over from DSK, who resigned last Thursday, charged with attempted rape and sexual assault.

"What is taking shape, it's a European consensus, which is important" given the current crisis of debt in Europe, said Baroin."But you will understand, in-enu circumstances of the resignation of IMF Managing Director and there is no national pride in this case, it is not for France to position themselves first" , he immediately said, adding not know the position of Barack Obama on the subject.

The Tapie affair "not worried"

"If a French man or woman may, in its name, set a European consensus supported by the Chinese, and eventually by the Americans, we can only welcome it," he said. But we do want to address any action that could be interpreted as a form of defiance vis-à-vis emerging markets and no sign of arrogance gesture in view of special circumstances. "

For the budget minister, he is "still too early to tell" if Christine Lagarde is a candidate to head the IMF.As for Tapie affair, in which the Minister of Economy is suspected to have intervened to mediate the case between Bernard Tapie and Crédit Lyonnais, "we are not worried by this case," assured Baroin. If Christine Lagarde was to leave for Washington, it could well become the new tenant of Bercy. "A decision for the President of the Republic, however, has merely responded Baroin.

Not "economic immigration"

Reacting to the Interior Minister Claude Gueant, that France "does not need bricklayers, waiters in restaurants" immigrant because she has "the necessary resource," said Baroin it was a "statement of common sense:" I remind you that France is a country in Europe which has one of the strongest demographic.(…) We have 100,000 people in ascorbic under the economy and we do not need an import economy and therefore of economic migration. " The minister noted the number of job dissatisfaction in the building and restoration, "a ratio of 1 to 4 or 1 to 5", he said.

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Soon relocations from China to the United States

China's competitiveness is being eroded in favor of the United States. Producing in China soon will cost more than 10-15% cheaper than in the U.S. by 2015, reports a study in the Boston Consulting Group (BCG). Taking into account all costs associated with transport and storage, the Chinese advantage will be reduced to less than 10%, even completely canceled, said the U.S. consulting firm. This is mainly because of the progressive narrowing of the gap between industrial wages in both countries.

BCG how he arrives at this conclusion at odds with the traditional discourse of economists? BCG has adjusted the salary cost of the two countries based on the productivity of workers, Americans are more efficient, especially since better-trained than the Chinese. It also took into account the fact that the Chinese currency, the yuan will continue to rise against the dollar in the coming years.BCG analysts believe, after these adjustments, the wages in industrial cities like Shanghai or very dynamic Tianjin will be lower than 30% of those in the United States.

"Because of the lack of skilled labor in China, wages increase by 15% to 20% per year," said Harold Sirkin of Boston Consulting Group in a study published late last week. "We therefore expect that the net cost of labor in industry in China and the U.S. converge around 2015." Before concluding: "We will see many more" Made in USA "these five coming years. "

Americans more productive

While China sees its labor costs rise, the U.S. productivity gain in parallel.More flexible labor code, public grants and favorable agreements negotiated with unions: "Many U.S. states, like Mississippi, South Carolina or Alabama, improve their attractiveness as centers of production to lower cost," says BCG . Some big names in American industry have recently relocated their production to the United States. Caterpillar has recently announced the expansion of a factory production of hydraulic excavators in Texas. About 500 jobs will be created. Previously, NRC had repatriated in 2009 its production of ATMs in Georgia.

Large manufacturers, however, are not going to desert China so far. Goods produced in large scale and require much labor will continue to be produced in China, recognizes BCG.It must be said that the Chinese advantage in terms of cheap labor and unskilled labor remains unparalleled. A study by the U.S. Department of Labor published in April, the average hourly wage cost of a Chinese worker in 2008 represented only 4% of that of a U.S. worker. And only 3% of average wage costs practiced in the eurozone.

Prudence expected on Wall Street

The index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.06%, respectively, to 1355.70 points and 2404.25 points 0.10% to about 13 hours, suggesting opening of U.S. stock markets to equilibrium Friday. Yesterday, the Dow ended the session up 0.57% to 12,763.31 points.

Household consumption to menu

After finishing up the day, Wall Street might react to various macroeconomic indicators on the agenda this Friday: from 14.30, will be unveiled expenditure and income of households in March. Will be detailed figures on consumption of households and the PCE price index based inflation measure. Thereafter, at 15.45, the Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan .

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron will release its first quarter results before the market opens, and Caterpillar.

Merck has announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (up 1.25% to 26.710 dollars) will for its part, very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion dollars for the third quarter of fiscal offset. A performance that does not stop him being left behind parApple (-0.97% to 346.75 dollars).Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

Luxury brands adorn homes

Send home a reading chair or rug signed Hermes Christian Lacroix, some have dreamed. For them, the Milan Furniture Fair, the two groups have announced an exclusive ten parts intended for use in homes, all manufactured in partnership with renowned Italian groups.

For the drawing, the saddle has partnered with designers Enzo Mari and Antonio Citterio. For manufacturing, he appealed to the industry giant B & B Italia. The fruits of this collaboration will be available next fall, in forty Hermès boutiques. The latter was also associated with the Italian manufacturer of textile Dedari which will provide a range of fabrics for furniture, wallpaper or carpet that will be, they are marketed in the month of May."In terms of furniture, there is nothing equivalent to the Italian expertise," explained Helen Dubrulle, Voices in the columns.

After a first attempt in 1986, Hermes is therefore in force in the furniture sector with a clear objective: to inflate the share of this branch in the turnover of the group. The group is in fact already present in the home via a range of art products of the table but this activity represents only 5% of its revenue (amounting to 2.4 billion euros in 2010).

For his part, Christian Lacroix has teamed with the Italian company specialized in mosaic, SICIS.

Collaborations chain

For the French luxury brands, which have launched this operation in late diversification, time is catching up. Among the precursors is the American Ralph Lauren in the '60s, has conceptualized the principle of loose fashion.Much later, in 2000, Armani exploited the vein with the launch of Armani Casa, which now boasts 67 outlets worldwide and a turnover up 11% yoy in the first quarter of 2011. For his part, Bulgari is one of the groups fund shareholders who bought small business sector specialists as Italian Cappellini. The clothing brand Loro Piana cashmere specialist, has launched four years ago Loro Piana Interior. Fendi and Versace also have a collection of furniture.

"In France, there is a stylistic inspiration for a long time. Garden furniture signed Dior existed at the same time as the furniture Ralph Lauren but they were not made by the creator.France arrived late because the marks were consistently the distinction between fashion and furniture, "explains Etienne Cochet, director of Maison & Objet trade fair in the design and meeting place for fashion brands in this sector. "When I spoke in my studios 15 years ago, everybody looked at me wrong! fashion was very focused and conceptually was not in the sense to do the decoration, "says one who is also president of Paris Capitale de la Création.

Today, the trend was reversed: "Brands know that development requires an overall concept. They need a ubiquitous, transversality. It is now part of their strategy, "added the specialist.

Thus, in addition to Hermes and Christian Lacroix, Jean Paul Gaultier has also gone into the deep end.He had imagined in 1992 sofas, wardrobes and beds for its traditional marinara. They have been reissued by the specialist Roche Bobois in June 2010. Kenzo, owned by LVMH, also has a range of furniture all in flowers and origami.

Conquering the palaces

No question, however, for these groups to lose sight of their regular customers. "They are the ones targeted by these products. It's a style that the customer wants to have him and his home. It's logical and legitimate. But it remains a premium spirit. " This refinement should not prevent the marks from the assault of all the furniture in your home, including the most unlikely: "There is no limit to creativity! whether a mark is eye toilet, why not? This would be a great sign of adaptability, "said Etienne Cochet.

According to him, the trend should continue in the years to come.Luxury brands eyeing a market effect in "developing". "There are more and more luxury hotels to be equipped. Paris alone, five new five star hotels will open, "says Etienne Cochet. For brands, "it is a movement that will support their business mode," says he.

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CL: Tapie responds to accusations

This is yet another twist in the case Tapie – Credit Lyonnais. Nothing seemed to preclude the payment of 285 million euros to the former businessman after the tribunal's decision of 7 July 2008 that condemned the Consortium de Réalisation (CDR) for the management of liabilities Credit Lyonnais in the dispute between Bernard Tapie, Adidas business background.

But on Wednesday, an information report of the Finance Committee of the National Assembly has given fuel to the fire. The latter, which precedes the imminent publication of a report from the Court of Auditors on the subject, believes that the arbitration agreement, which included the waiver of any right of appeal, had "signed a different version" that mentioned by the Board of CDR.

At the heart of the controversy: a possible addition of the notion of "moral damage" between the first version of the document and the version eventually signed. The first version approved by the Board of CDR would have limited "the amount of all claims [the lawyers of Bernard Tapie] to 50 million euros". The compromise finally signed limit "the amount of all of their claims for moral damages of 50 million euros".

According to Jerome Cahuzac, Rapporteur and Chairman of the text of the SP Committee on Finance of the Assembly, the wording should have been falsified at the time of signing. Moreover, the failure to submit the "moral damage" to the ceiling of 50 million euros would have allowed a much higher compensation finally Bernard Tapie. These facts, if true, are likely to cancel the arbitration decision.MP sees "a substantial change in conditions of the compromise in a way that will prove very supportive husband Tapie and very costly for public finances." He said the subject would be "of paramount importance for public finances since the compensation for moral damages was left to the discretion of the judge that the arbitration process is confidential (…) and that are n had not to pay taxes. "

Bernard Tapie cons-attacked on Friday. In a letter to Jerome Cahuzac, which Le Figaro has obtained a copy, he recalls that "the state so taxpayers through the Credit Lyonnais at the time nationalized bank, made a profit at its expense and an illegal manner four times what it was made. "It also accuses Jerome Cahuzac have written a "partial report" and not taking "account of exculpatory evidence in its possession." The Administrative Court had approved the use and "to arbitration even though the CL there was unfavorable" and above had validated the concept of "moral damage, for which compensation is intended primarily to cover the insufficiency of assets As part of the liquidation, by referring to the abnormal behavior of the bank in respect of spouses Tapie, accompanied by a media campaign particularly violent. " Interviewed Friday by Le Figaro, Jean-François Rocchi, president of CDR, "insane" n'entretenir tampering and ensures "no relationship with Bernard Tapie.

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Housing: rents rose 2.5%

The consumer association CLCV it was moved to September. If they confirm the acceleration of rent increases in 2010, figures released Tuesday by the observatory, however, are considered Clamor by experts as moderate compared to the surge of the early 2000s.

In 2010, rents for new leases and renewals of leases in the private park have increased on average by 2.5%. "This modest increase in the rents-called market-is above inflation (1.5%) but remains below the annual average (+3.2%) recorded since the establishment of this observatory in 1998," says Mouillart Michel, professor of economics at the University of Paris X, and author of the study. Above all, it follows three years of dormancy. Rents had increased by 2% in 2007 and 1.6% in 2008 before stagnate (+0.1%) in 2009.A downturn that resulted directly from the surge in previous years. In 2000, the annual growth rate reached 6.5%.

The studios in mind

In 2010, the rent of "market" has averaged at 12.3 euros per square meter. However, prices can go down to 3.5 euros/m2 or climb up to 54 euros/m2. The studios are always more expensive, 16.4 euros/m2 average, while the 5 rooms or more have average rents of 9 euros/m2. Waterfront also plays. It is in Lorraine (+ 3%), in Central (+3.4%), Ile de France (+3.3%) but especially in Picardy (+ 4.9%), Limousin (+ 5.2%) or in the Nord Pas de Calais (+5.8%) as rents have suffered the highest inflation instant credit report. The towns of Montreuil, Seine-Saint-Denis (+7.4%), Villeurbanne in the Rhone (+ 7.3%) of Rueil-Malmaison in Hauts-de-Seine (+6.8%), or yet Lyon (+5.9%) experienced dramatic increases in rents.In comparison, the capital took only 3.2%, while Cannes and Neuilly s / Seine saw the rent down.

Rising rents are much higher when the owners recover their property on the market after the departure of former tenant. It has reached 5.6% in 2010. The completion of work before the delivery of goods on the market also has an impact. Rents increased by 7.9% and in case of improvement, housing, 3.8% for routine work. The price sometimes may even decrease (0.3%) if no work is done without any rehabilitation. According to the observatory is the case for 25% of housing provided for rent.

For tenants, the trend is the same.The benchmark rents (IRL), which is the basis for the revision of rents, won 1.45% in the fourth quarter of 2010, its biggest gain in almost two years.

For 2011, the increase, mainly due to increased mobility of the French after the economic crisis and lack of housing in the most dynamic regions, should be "comparable to that of 2010, or about 2.5% says Michel Mouillart.

(With AFP)

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The yuan hit record highs

The yuan rose to its highest level in nearly seventeen years on Monday morning, with a reference rate set at 6.5752 yuan to one dollar. Established by the central bank, this rate determines the point at which the currency can fluctuate plus or minus 0.5%. The Chinese currency reacts to statements by Prime Minister Wen Jiabao. The head of government reiterated yesterday the need to conduct an assessment "gradual" renminbi, another name for the Chinese currency, while considering a stronger yuan would help fight inflation. The increase in consumer prices has become the bane of the party, which fears it nourishes social unrest.

The party is reluctant to let its currency for fear of flying penalize its many exporting plants business card templates.The yuan has appreciated 3.8% since its drop of the greenback by the Chinese authorities announced last June to meet the developed countries who accuse the weakness of the yuan to dig the global trade imbalances. But that assessment is considered too low, particularly for the United States, leader of the international protest.

The Chinese premier also revised its growth forecasts downward by announcing a new target of gross domestic product growth of 7% after 2015, instead of the 7.5% target over the next four years.

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