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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Ports: Bernard Thibault accused the government

This is the first time he speaks in the press since the announcement, denied, he left the CGT. In an interview published Monday in L'Humanite, the secretary general of the CGT said that "the government bears full responsibility" of the conflict that disrupts past several months the French ports.

For the fourth straight weekend, in fact, the dockers and crane crane operators were expected to strike alternately between Friday and Monday. At the center of the standoff between the CGT ports and docks and the government, taking into account the hardship. "There were negotiations between employers and unions to organize and fund early retirement. The government had agreed, "said Bernard Thibault in the daily newspaper. However, after the redesign of November, the government explains that "it is no longer question the grounds of the application of the law on pensions."Bernard Thibault, who spoke after the national confederal committee of the CGT, the "parliament" of the central Montreuil, also finds that for the government to "accept the recognition of the harshness in the ports would be a bad example for the other branches Online payday loans. "

The conflict in ports is born of the government's willingness to review, after the vote on pension reform in November, the tentative agreement a month earlier between the two sides on the recognition of the hardship for some trades port. This conflict would have cost 800 million euros to companies, recently told Le Figaro.

Questioned on the subject Sunday, the secretary general of the CFDT Francois Chereque, regretted the union system "not very democratic" in French ports."Since the liberation, we are in a single trade union, where it is the unions that are hiring, including the CGT," he said, lamenting the absence of the CFDT from Dockers. In the present conflict and as his counterpart of the CGT, Francois Chereque denounced "dysfunction" of the State which is income on a "promise" the previous government.

(With AFP)

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The ski season was the slope

The mountain professionals escape the hangover. Despite a decline in attendance for the Christmas holidays, ski season promises to be better than last year. According to the firm Protourisme, bookings are up 4% for stays through April, with the return of foreign visitors from the Benelux, Germany and Switzerland in particular. The British are slow, them coming back.

"In the larger resorts, December was generally worse than 2009, while family resorts (Pyrenees, Massif Central) have worked well," says Didier Arino, director of Protourisme. Frédéric Lefebvre, Secretary of State for Tourism, indicated last week that 50% to only 60% of accommodation capacity had been reserved for the first week of holidays. Christmas falls on a Saturday is a very bad timing for professionals.But their situation has been settled: the reservation rate exceeds 70%, reaching 100% in some stations average altitude this week, the minister said.

In 2011, the staggering of school holidays is good for winter sports. Belgians, Germans and Russians leave in January, the French in February and March. Who benefits most? "The early booking is to say bookings over three months in advance, worked well in the holiday resorts and tourist homes," says Didier Arino. Conversely, mid-range hotels and furnished apartments (without associated services) are less desirable because vacationers want to make life easier, with "all-inclusive" or as much as possible no faxing 1 hour payday loans.

Loyal customers

"The high end (Club Med, luxury hotels) and low-cost (Travelski, Lastminute) work," says Didier Arino.But the flats sold directly by estate agents are suffering. "The evidence in Courchevel, the Cranberries, a luxury hotel owned by businessman Stephane Courbit. "From mid-December to mid-January, the hotel is sold out as usual," said Francois Arrighi, Director of the institution. Twenty nationalities currently residing Cranberries, where the evening's Eve (800 euros per person, excluding drinks) sold out.

After two difficult seasons, the Club Med expects a rebound in attendance. Last winter's snow sixteen villages had welcomed 142,200 GM (nice members), 58% French. "In a crisis of trust asset, our customers were destabilized," says Anne Yannic, Director General in charge of France, Belgium and Switzerland at the Club. His desire to leave was still there, but she has postponed her vacation.Reassured, she returned this winter. "With prices for the week 1500 euros on average, the ski club attracts a loyal clientele: this winter, 52% of them have already spent at least two visits to the Club last three years. These are families (66% of GM last year), with revenues of at least 60,000 euros net per annum.

The price of water increases faster than inflation

The conclusion of the study conducted between 2004 and 2008 by the Observatory of public water and sanitation is clear: water is becoming increasingly expensive in France. This body, under the Ministry of Ecology, in its investigation reveals that the average price of water increased by 3.3% per year over four years, an increase faster than the index consumer prices (+1.9% per year).

At the same time, consumption of drinking water in households has fallen by more than 2% per year between 2004 and 2008, while it increased by 1% per year between 2001 and 2004. A French consumed on average 151 liters per day in 2008 against 165 liters in 2004. "Despite the drop in water consumption, the household water bill does not decrease, the contrary, stress the authors of the study. The annual bill for domestic water goes from 175 euros per capita in 2004 to 183 euros in 2008, an increase of 1% per year."The effect of reduced consumption on the water bill is limited by an increase in the price per cubic meter can be explained by improved service quality and the need to amortize the equipment," conclude the authors.

Differences between collective and private boards

This price varies greatly according to the department. The cost per cubic meter of water is higher than 4 euros in Britain, Seine-et-Marne, the English Channel, Vendee, Guadeloupe and Martinique. However, Reunion, Guyana, Alpes-de-Haute-Provence, Ain, Cantal and Jura have a price below average at 2.50 euros per cubic meter.

These disparities are explained by the origin and resource availability. But mainly by sanitation methods chosen by the municipality online payday loans. The rates charged in a regulated public management are traditionally lower than those charged by private delegation.The gap was 57 cents in 2008 bringing the average tariff per cubic meter of water (m3) for an annual consumption of 120 m3 to 3.39 euros in France and overseas departments in 2008 in the Commons provided a collective sanitation.

Sanitation is now essential element of the bill. According to the authors, "including the charges within each component, the share of Sanitation (53% in 2008) in the price of water now exceeds that of drinking water."

Catch-up effect between public and private sector governance

The study also notes a fundamental trend: the price gap between private and public ownership is narrowing. It was in effect in 2004 of 67 cents against 57 cents four years later. In other words, prices are rising faster in public than in private.According to Jean-Louis Chaussade, CEO of Suez Environment, which is expressed in the columns of the Echo on Wednesday, "the delegations had probably built more quickly up to European standards of treatment plants, for example, who adds the costs. Hence a catch-up effect of the governed. "

This is especially important as more and more common with drinking water service, resort to authorities. The rate of those who run this service in the public was 48% in 2008 against 45% in 2004.

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Further rise in the Paris Bourse

The CAC 40, which finished on a further increase of 0.54% to 3831.98 points, up again on Thursday from 0.67% to 3857.69 points. Since the beginning of December, the benchmark index of the Paris Bourse has soared 6.5%.

Yet the German and U.S. bond yields jump for two days at a pace not seen since the collapse of Lehman Brothers in September 2008. The ten-year Bund are ironed over 3%. The German Finance Agency has had difficulty making ends its broadcasts.

Last night, the markets have advanced timidly américnains while on Thursday morning, the major regional financial center in the Asia-Pacific have evolved somewhat higher, except for CSI Chinese, who still suffers from a perspective of a rate hike of interest during the weekend.In Japan, the growth forecast in the fourth quarter was revised up to 4.5%.

Companies hire in France

As for statistics, France saw its businesses continue to hire in the third quarter. Job creation continued in the third quarter, according to data from the employment center and ACOSS, but at a level slightly lower than the former.A trend that should continue in 2011.

In Brussels, the submission to the Commission of the World Energy Outlook from the International Atomic Energy Agency (IEA), one of the most reliable sources of the world from the analysis of the energy market will be well attended.

United States, the weekly claims for unemployment benefits (1430)

Club Med confident for 2011

Club Med said it had divided its four annual net loss for 2009/10, and stated that "2011 is presented favorably," thanks to a steady increase in bookings and improved profitability in a statement released Thursday.

The Action Club Med climbed 2.69% to 14.12 euros.Is one of the strongest up the Paris stock exchange.

Derichebourg: 5.79% to 4.22 euros (largest increase in the SBF 120

The company returned to profit in 2009-2010 and expects a continued growth of sales of each of its three divisions.

Bull: -3.16% to 3.68 euros Bull plans to almost double its operating profit by 2013 and achieve at that time more than half its sales outside France, against 45% currently, said its CEO Philippe Vannier in an interview with Les Echos on Thursday guaranteed fast personal loans.

PPR appreciated stock

PPR (0.95% to 128.10 euros) sells furniture retailer Conforama over $ 1.6 billion to South African group Steinhoff.

Eiffage: 0.85% to 35.50 euros The current CEO, Jean-François Roverato said in an interview with the Tribune that the short-term priority for his successor, Peter Shepherd, is to "redress the margins" the group should carry on throughout 2010 a turnover "very close" to the forecast of 13.3 billion euros that had been communicated at the beginning of the year.

Saint-Gobain (+0.88% to 38.95 euros) announced Wednesday it had obtained a credit line of 3 billion euros, maturing in December 2015 with a syndicate of 24 banks.

Danone: -0.21% to 47.01 euros The European authorities have imposed a disappointment to the group by preventing it from claiming the benefits of milk drink Actimel for reducing the risk of diarrhea caused by bacteria in hospitals. In an opinion issued Wednesday, the European Food Safety Authority (EFSA) said insufficient evidence provided by the world's leading manufacturer of yogurt in support of his application.

L'Oréal intends to accelerate its investments in research and innovation in emerging markets to achieve its goal of winning a billion new consumers within ten years.

Bank up

Societe Generale (1.76% to 40.77 euros) is preparing an issue of bonds for a total of two billion dollars (1.5 billion euros), an operation which will have three components, reported Wednesday IFR, a division Thomson Reuters.

BNP Paribas 2.02% to 51.63 euros The group plans to double its presence in Poland and greatly enhance its market share in the country by 2015, said in an interview with the Tribune on Thursday Amoudru Frederick, Head Polish bank.

Natixis: 0.59% to 3.72 euros administrator responsible for the liquidation of the company's financial Madoff and collecting money for victims said Wednesday it filed a new appeal against seven banks including the French on a total of over one billion dollars.