Since the professionalization of the discipline in 1995, the French Rugby Federation (FFR) has in fact built on these values ​​to develop partnerships and multiply by 2.5 the financial returns from marketing. Each year, the XV of France in his reports only about 58 of some 83 million annual budget of the FFR.In addition to the TV rights and ticket sales, much of this money comes brands. Nearly 25% of the budget of the FFR is a direct result of the five official partners of the national team that is the GMF, Societe Generale, Orange, Nike and Renault.

Every year, each brand spends 3 to 4 million euros to be associated with the image of rugby. Beyond the fitness trail that led the Blues to the final, the behavior of players in the XV of France during the World Cup he chipped in this picture? "No, says Sylvie Lagourgue, Marketing and Communication Director of GMF, the first partner of the Federation (since 1985). There was a very excessive impact of certain statements out of context. There have certainly been some tension, but remain normal in a competition with so much at stake.To get to the finals, we had a good team spirit, group cohesion, commitment … These values ​​were well represented. " A speech echoed William Josselin, director of communications and marketing for Renault France, the most recent official partners of the FFR. "These tensions come to light between the players and the coach Marc Lievremont is not usual in rugby, but there was an exaggeration and a media hype on this subject. The media have really many, many. "

Co-responsible brands

Not enough challenge so positive mythology surrounding the world of rugby. Officially anyway. "The feedback that we have some brands show that there is a question mark around the traditional values ​​of the sport, admits the head of a sports marketing consulting agency.The professionalization leads to behavior change that can alter the image of a sport. Of course brands are co-responsible for this phenomenon, for providing the money, she help change the economy and the functioning of a discipline. "

Meanwhile, no official partner seems to want to question its agreements that fall "over time" in the words of Raphael Niemi, head of sports partnerships at Societe Generale, the other partner Official History of the FFR (since 1987).The contract with the FFR ends in June 2012, but the bank claims to have given a "strong signal of its commitment to rugby," in association already in the World Cup in England in 2015, after s' be associated with the 1999 and 2007.

Inflation likely amounts partnerships

In the meantime, the FFR will have to renegotiate some of its contracts with its partners and official suppliers. And the good performance of Blue could feed the argument to discuss the price. But everyone may not be ready to comply with the requirements. "A price inflation in a successful negotiation implies a downward during counterproductive. If you want to build a lasting partnership can not constantly redefine the rules according to sports scores. Otherwise it has to work both ways and we seem risky, "argues William Josselin at Renault.At Societe Generale, one also anticipates a possible inflation of prices charged by the FFR, but more serene. "The increase in licensees, positive values, and common stock Sports World Cup is actually strong arguments, concedes Raphael Niemi.Nous share the same fight that the FFR and Societe Generale has always been committed to the development of this sport as an integral part of business strategy. This commitment is not only related to the contract rights FFR. "

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Europe is facing economically to "serious challenges", said President of the European Union, Herman Van Rompuy, at the opening of the meeting. He believed that the decisions to be taken by European leaders to address was "perhaps the most important" they've ever had to face the financial crisis.Greek Prime Minister George Papandreou, also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

German Chancellor Angela Merkel, however, dampened expectations about the outcome of the summit, from the outset, reaffirming that decisions could be taken next week. "For me it is important to reiterate that today we prepare the decisions of Wednesday" because the negotiations are about "subjects sometimes technically very complex, she said on her arrival in Brussels.

"You have to reassure the markets"

For its part, the Belgian Prime Minister Yves Leterme has tried hard not announce anything at all on Sunday, in light of market pressure."It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

What response to the crisis the Europeans do they negotiate? This response is intended in three stages. It must first stabilize the over-indebted Greece and save him a total failure. This will require further international loans and losses of creditor banks in the country. Europe the figure to at least 50%.According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21 payday loans for self employed. "We remain willing to explore options on a voluntary basis [for each facility, Ed] and realistic prospects for the economy of Greece and the return of that country on the capital markets," said Charles Dallara Saturday night , the president of the Institute of International Finance (IIF), which brings together major global banks.

In return, a bank recapitalization is provided. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. Remains to define the terms.

It will also strengthen the Fund's financial assistance for the euro area countries in difficulty, the EFSF, firewall against the contagion to Italy and Spain. But differences remain on how to do this, especially between France and Germany. Yesterday, the French proposal to grant a banking license in EFSF was discarded. Only two options are being discussed to increase the firepower of the device: the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

European governance side, Angela Merkel reaffirmed that a "change treaty should not be taboo", to improve fiscal discipline among member countries of the EU. The topic will be on the table at the summit today.Yesterday, the German foreign minister, Guido Westerwelle, proposed to bring in the future before the European Court of Justice countries too lax on the budget in the euro area through a revision of the Treaty of the European Union. In addition, leaders should appoint Herman Van Rompuy, the EU president, as head of the eurozone, according to a draft final declaration obtained by AFP.

For the summit this Sunday, German Chancellor and French President had also met Saturday night to try to resolve their differences, following a meeting of EU finance ministers. They both welcomed the "progress" and "advanced" made in the negotiations.

(With agencies)

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Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched on Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters.

In Rome, two cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

The temptation is great indeed try to take advantage of very high salaries offered by many CAC 40 stocks: 11% more than expected this year surFrance Telecom, Vivendi 9.6%, 6.9% of GDF Suez and Total and 6.5% of Suez Environnement. These attractive rates are much higher than the average of the CAC 40, which is already high at 4.8%.Level itself almost twice the performance of government bonds to 10 years.

The promise of return is high, but these values ​​traditionally considered defensive have been unable to withstand the market downturn. All titles in the list of the highest yields in the CAC 40 fell in the same proportions as the index. After sharp declines occurred in recent months, however, many experts believe that the values ​​of performance should begin to put up a good resistance in the event of further decline. It would be a good time to get involved.

Stocks or mutual funds

There are two ways to play the performance faxless cash advances. The first is to buy direct from companies offering high dividend.But instead of seeking the largest dividend, better focus its durability, good visibility on the evolution of profits and growth prospects minimum without which no development of the company is possible. Therefore rather than focusing only on the most spectacular returns, such as France Telecom, it is better to diversify its choice of titles, such as GDF Suez, Total, Suez Environnement, Vinci, EDF, and Sanofi. Many companies that offer potential returns of 6.5 to 5%.

The alternative is to opt for funds that specialize in this type of security. During the last few months none of them has survived the market downturn, but the restoring force that is the prospect of good pay should start playing in their favor.Many French funds have over the years specialized in actions "high performance". Among these are: Habs return, Ecofi Performance Shares, Performance Oddo, LFP Performance Shares Growth, growth yield values ​​(find details of all these funds Star.fr Morning) or a new fund under Luxembourg law Groupama AM G Fund European Equity High Dividend.

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Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW.Other analysts, however, want to caution. The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

The euro relapse

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. A barrel of "light sweet crude" for delivery in November gained 1 high quality business cards.15 dollars to 81.39 dollars in early trade, having closed up 39 cents Monday.A barrel of Brent North Sea crude for November delivery, which ended virtually unchanged Monday (-3 cents), advances, meanwhile, 95 cents to 104.89 dollars.

On the macroeconomic front, investors will monitor the housing price index calculated by S & P / Case-Shiller in the 20 largest cities in the United States, the index of consumer confidence and the Conference Board index of manufacturing activity in the Richmond Fed.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.

But the government was clear: any measure removed must be compensated. Asked on Sunday to go to Europe Grand 1-Le Parisien / Today in France-i-Télé, Labour Minister Xavier Bertrand described the week ahead of "week of choice."Present at the close of the Campus UMP Marseille, Prime Minister François Fillon has assured that "nothing is taboo and nothing is left" in the savings plan. "The government is open to criticism and amendments provided they do not involve the amount of effort, nor their balance," he said.

0 to 14%

The general rapporteur of the Budget, the UMP Gilles Carrez therefore working on a measure that would affect this time the luxury hotel, the four, five star and luxury hotels in France. Since the 1960s, the area has a rate of 5.5% VAT. A niche that has cost 930 million euros this year to the state. Hence the idea of ​​submitting the luxury hotel at the standard rate of VAT at 19.6%.

For compatibility reasons, the European creation of a flat tax is now considered. He should table an amendment on Monday late afternoon.It provides that the tax would be due when the room rate exceeds 150 euros per night. It is progressive from 0% to 14% between 150 euros and 300 euros per night and would be fixed at 14%, for a price above 300 euros per night.

Politically interesting

Taxation of luxury hotels is considered politically attractive by some parliamentarians, while the tax on high incomes, which will be discussed in the fall, was ridiculed by the opposition and is not high enough to taste of some big names of the majority. But professionals do not agree. For Jacques Borel, consultant-lobbyist, the measure would be "shooting in the foot."

Secretary of State for Tourism, Frédéric Lefebvre agrees.He told AFP on Friday to be opposed to any measure that overtaxed the luxury hotel, and "deal a blow to the competitiveness" of the French tourism. "I am adverse to anything that overtaxed the luxury hotel business because it is precisely the quality and upmarket who left the area of ​​crisis," he said. As for the Synhorcat, union of the profession, he said that a tax of 33% between 1981 and 1994 on 4-star hotels of the period, against 7.5% for the rest of the hotel, had resulted in what "Many of these hotels" will downgrade "to escape the VAT hike."In Le Parisien, Aujourd'hui en France, director of the Plaza Athénée expressed this weekend's fear of his clients go to other capitals as cheaper in Italy or Spain.

Valérie Pécresse, making his debut as budget minister in the chamber Tuesday, said "respect" the parliamentary debate. But it should not drag on so that everything is completed before the Senate elections of 25 September.

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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.

Operators are struggling to recover from their emotions after the new European stock markets plummeting and U.S. Thursday. This morning, Asian stock market sent negative signals with indices in very sharp drop. This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic.Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed.An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight. And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U.S. economy was "resilient". In vain.

"The bears are back"

"The bears (pessimistic players, ie) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia."There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading. A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks, which had been rolled by a renewed tensions in the interbank market and concerns about the short-term refinancing of banks are still misguided.BNP Paribas (-3.22% to 33.11 dollars), Natixis (-2.90% to 2.81 dollars), Credit Agricole (-2.70% to 6.06 euros), Société Générale (-2, 69% to 21.02 dollars) and AXA (-0.56% to 10.28 euros) are in the red.

Danone: -1.75% to 46.05 euros

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Technip: -3.67% to 57.77 euros

The French engineering group said it had received a letter of intent on the part of the American oil company Anadarko for the construction of an offshore platform for the Gulf of Mexico.

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)

Some officials of the Federal Reserve were willing to further easing in monetary policy if the recovery was too soft to flow back as long as unemployment and inflation is slowing, according to the minutes of the last meeting of the U.S. central bank released last night.The Fed had not so far as clearly suggested that a third series of so-called quantitative easing could be considered after the end of the second round of $ 600 billion at the end of June

Good news this morning, with the growth of China's GDP reached 9.5% in the second quarter, a faster pace than expected, which supported the Asian markets this morning.

On the foreign exchange market, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars. That of Brent North Sea crude for delivery yielded the same 43 cents to 117.32 dollars.

On the macroeconomic front, investors will also monitor the continued publication of results of companies in the United States.Alcoa opened the ball of the ads on Monday after closing. Its earnings were revealed in below expectations, but its sales exceeded estimates and Alcoa has confirmed its forecast for demand growth in aluminum.

JPMorgan Chase will be the first major U.S. banks to issue, with results expected tomorrow, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.

According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010.But this increase could be higher if a majority of companies beat the consensus.

Wave of redemptions

Meanwhile, mergers and acquisitions continue to multiply on Wall Street.

The side of values, Electronic Arts has announced the acquisition of PopCap Games, a provider of video games for $ 1.3 billion including $ 650 million in cash, 100 million and the balance in action in the form of contingent payments by December 2013. In addition, the company should record a first quarter loss per share 0.37 to $ 0.40 against a loss of $ 0.24 per share last year.The turnover should be between 500 and 525 million against 539 million a year earlier.

Always on the side of values, UDR announced the acquisition of three housing estates for community $ 687 million and four development projects for $ 375 million.

Validus Holdings Ltd submitted a proposal for redemption Transatlantic Holdings (TRH) at a price of 55.95 dollars per share.

In addition, the Icelandic company that collects money for the site Wikileaks has sent a complaint to the European Commission against the credit card giants Visa and MasterCard for blocking since the end of 2010 donations to the site, his lawyer said Wednesday.

Also note, the U.S. court on Tuesday approved an initial payment of $ 272 million to victims of the scam of the old American financier Bernard Madoff by the liquidator of the fund, Irving Picard.