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It is a strange fate that women's football. Originally included in the most prestigious prizes for men and hopes, the TV rights specialists on women's football is becoming the subject of a separate market. Direct 8, the DTT channel created by the Bolloré Group and is currently being acquired by Canal +, made the nice observation. "In 2007, Yannick Bolloré has decided to change our schedule to that of a general channel, explains Thierry Cheleman, Director of Sports Direct 8. Implying sports programs. " Although too small to address the sporting rights of the men's national team, then put Direct 8 on the lower category. "At the time, the French Football Federation (FFF) launched a tender for the national championship and hopes, the director continues.This lot also included the TV rights of the Women's Team France until 2014, for which we are therefore committed to broadcast three games a year. "

Public expectations for the beautiful game

Bingo. More than blueberries (or hopes), the girls create the surprise sport in 2009 and 2010 during the qualifying matches in the Women's World Cup 2011. Helping performance, each game attracts between 300,000 and 400,000 viewers on TNT channel, reaching over 700,000 fans August 25, 2009, for the first prime-time (France / Serbia).

Rebelote in 2011. Building on this success for the Hearing, Direct 8 means in effect in 2010 with Eurosport, a subsidiary of TF1, the rights of the Women's World Cup 2011, acquired at the same time as the Men's World Cup 2010. Coproducts and codiffusés by both channels, games are a success hearings.Especially since the disappointment surrounding the men's team at the World Cup in South Africa in 2010 frustrated football fans. "After the episode of Knysna, there was a latent expectation of the French for the beautiful game and a fighting team, Fabrice Lorvo analysis, a sports marketing specialist at FTPA. The public was ready to ignite their national team. The spark, it is the girls who brought them. "

To date, the semi-final France / USA Women's World Cup represents the historical record of the chain … and all channels TNT (2.43 million viewers, 17.4% audience share). Normally, the average audience of Direct 8 between 2 and 2.5% market share. Since then, the magic continues.Since the start of the qualifying matches for Euro 2013 Blue to seduce between 720,000 and 940,000 fans.

The appetite of the major broadcasters would raise prices

Given this popularity, the chain does not stop there, and is now attacking the European and national. "If a French club in 2012 reached the final of the Champions League Women, we might be candidates to UEFA to broadcast the match," said Thierry Cheleman. Last year, the epic European Lyonnaises, who had won the competition against Potsdam, had already resulted in an audience of 1.2 million viewers (4.9% market share), peaking 1.9 million. Meanwhile, the management of Direct 8 has made an offer to FFF for TV rights of the first women's division (D1) over the period 2012-2014.Insufficient supply, Eurosport and France Television has won the set in August.

It is the flip side: the structuring of the market for women's football TV rights could eventually crowd out smaller players. "For the TV rights are the subject of a market requires that the images are produced and disseminated. Two years ago, it was not the case for women's football. Direct 8 that produces the games itself, has allowed the emergence of women's football on television in the clear, "Fabrice Lorvo analysis. On average, the chain said spend between 40,000 and 50,000 euros per game. The emergence of such a market whets the appetites and proposals for new broadcasters.

For the giants of the sport are Eurosport and Canal + could well participate in the cost inflation of rights, if performance women are superior to those of men.Inflation that is already seeing Thierry Cheleman, even if they are about 100 times lower than those of men. From this point of view, the acquisition by the pay channel Direct 8 could be an asset, "even if it is too early to draw clear ambitions to Canal + for Direct 8 on women's football," he concludes .

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"The Blue, from darkness to light

Jean Lesieur, head of the drafting of the news channel France 24, sent his resignation by e-mail to Alain de Pouzilhac, CEO of Audiovisual outside France (AEF).

To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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From our correspondent in Beijing

It became the big hot topic on the Chinese Internet to the desktop as local leaders. The distress of Chinese SMEs in need of cash is in China proportions "hysterical", according to press reports in Hong Kong. To the point that the government has announced a package of measures to help them and calm the unrest.

The crisis of Chinese SMEs is symbolized by the incredible epidemic of bankruptcies in the city of Wenzhou, in the heart of the exporting province of Zhejiang. The Chinese press said Thursday that since the beginning of the year, more than 200 patrons had fled or hid after their coffers have dried up. Others have committed suicide. Some 20% of the 360,000 SMEs in the region have already had to close shop for lack of money.And the situation will get worse in January, when the Chinese New Year, traditionally the time when patrons enjoy a vacation to disappear without paying their employees. According to the New China News Agency, SMEs create around 80% of jobs in the country.

The State Council (Chinese government) has subsequently announced Tuesday a series of measures, financial and tax to help small and medium enterprises. The first is to facilitate access to credit. To do so, against the current of their policy, the authorities will allow the minimum reserve ratios "comparatively low" for local banks lending to SMEs, while this ratio was usually around 21% for large banks. Moreover, these small businesses can more easily borrow by issuing bonds. The other part is to exempt SMEs from a battery of taxes and charges.Banks are also prohibited from charging their services at prices "unreasonable."

"Informal Credit"

Wenzhou has become a symbol for it is the Chinese capital of the "informal credit". Private reserves by banks, which prefer to grant loans to large corporations, small businesses are strangled. They have no recourse but to turn to private security companies that have developed lending. The rates are incredibly high, ranging from 20% to over 100% … Some analysts believe that the share of informal loans may exceed 25% of total credit in the country. Credit Suisse has estimated that black market credit of 456 billion euros, with an increase of 50% per year.

Chief economist at the Development Research Centre of the State Council, Zhang Wenkui believes that the latest measures only bring temporary relief.And nothing will change until the banking sector do not be reformed, by offering different services to different types of customers. He has a vivid picture to describe the current situation: "It's like an irrigation system with water that would go to large trees and ignore all the shrubs." The problem is that in the short Beijing term can not open the floodgates too, failing to challenge its efforts to the credit crunch.

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Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

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Tomorrow is the big day Monday for "Total Access". The new brand of the oil company, which will provide service stations with low prices, will make his first steps at Rocquencourt near Paris Gennevilliers and in the Hauts-de-Seine. The two prototypes will offer, according to the Journal du Dimanche, prices aligned with retail, or about 1 cheapest personal loan rates.46 euro a liter of unleaded and 1.38 euro per liter of diesel.

An artist's view of future gas stations cheap Total Access. (CD Total)

The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain.

Exactly 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Germany is the eleventh country to approve the expansion of the envelope and the powers of the European emergency fund created in 2010 to assist countries in the euro area in need. This will be the largest contributor.

The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd.

• Individuals involved to the tune of 5.6 billion euros

– Removal of exemptions for allowances holding period on capital gains property, excluding exempt principal residence (2200000000)

– Increase of 12.3% to 13.5% payroll taxes on capital income (1.3 billion)

– Removal or reduction of exemptions from the CSG (800,000,000)

– Increase in tobacco prices by 6% (600,000,000)

– Increase the tax and social taxes on liquor (300,000,000)

– Introduction of an outstanding contribution of 3% on very high incomes, above 500,000 euros.Some 10,000 homes were affected (200,000,000)

– Creation of a tax on sugary drinks (100 million)

– Device Scellier: decrease of 22% to 14% rate of tax reduction for investors buying new low-energy housing for rental (about 100 million euros)

– Introduction of a progressive tax (from 10 to 40%) for owners of "good rooms" applying the rents to be too expensive (over 40 euros/m2), mainly in Paris (1 million)

– Decrease of 18% to 12% rate of tax reduction for purchases in retirement homes, tourist and student (nearly 10 million)

• The companies affected to the tune of 4.8 billion euros

– Reduction of deferred losses for a harmonization of corporate taxation with Germany.- Revision of scale of the tax on company cars (100 million)

– Creation of a 2% tax on hotel stays at or above 200 euros (90 million)

– Creation of an exceptional tax next year on sales of large industrial duty subject to quotas of CO2 (200 million)

– The draft budget provides for operators to bear the costs of a possible interference of DTT with the new 4G mobile radio frequencies that will be awarded in early 2012.

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After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday. At the close, the CAC 40 lost no less than 3.60%, and returned to below 3000 points to 2974.59 points. All index values ​​have completed the session in the red. In its wake, London and Frankfurt show respective losses of 2.36% and 4.13%. Milan, meanwhile, lost no less than 4.93%.

Once again, the banking sector has suffered the wrath of investors. He has stepped up its losses when that Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons" according to the statement of the ECB.The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.

In addition, the statements of Christine Lagarde, under which a liquidity crisis was not to dismiss as some banks needed additional capital, also weighed on the trend. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.

Result: Société Générale, signing by far the largest decline of the day, tumbling from 10.58% to 17.44 euros.Behind her, Crédit Agricole loose 7.77% to 5.40% euro Natixis 7.60% to 2.40 euros, BNP Paribas 7.54% to 29.80 euros and Axa 7.59% to 9.39 euros .

The opening of the G7 finance ministers and central bank governors of leading industrialized countries, on Friday afternoon in Marseille to find answers to the crisis, will not have enough to reassure the markets.

Obama's plan is not reassuring

Investors also received without enthusiasm details of the plan unveiled by the Employment Barack Obama in the night. U.S. President presented a draft law on the release of 447 billion for the Americans out of unemployment."This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

Clearly, the operators seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote. Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

Similarly, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and employment on Thursday night.The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears. This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.

Inflation slows in China

Also on the macroeconomic front, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6.2% in August.Industrial production is she up 13.5% in August.

In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .

United States, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in accordance with market expectations.

As for currencies, the euro Friday pressed below the $ 1.37 for the first time since late February, weighed down by concerns about increasing the economic health of the euro area and the global economic recovery.At the close, the European currency fell to 1.348 dollar (-1.70%), its lowest level since Feb. 23. For its part, the oil appears also down, despite a surprise drop in U.S. inventories. A barrel of "light sweet crude" for October delivery trading at 86.65 dollars, down 2.70%.

Values ​​to follow

• TF1 (-7.20% to 9.54 euros), M6 (-6.51% to 13.29 euros) Bolloré (3.37% to 161 euros), Vivendi (-0.25% at 16 , 05 euros); NextRadioTV (-0.39% to 10.10 euros)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (-2.47% to 32.83 euros)

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (0.69% to 45 euros)

The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-4.71% to 37.19 euros)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-7.49% to 13.02 euros)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (-1.34% to 21.35 euros)

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

The Paris Bourse has continued to widen its losses on Friday. After an opening down 1.19%, the CAC 40 slipped 3.5% in response to the publication of U.S. employment figures earlier this afternoon. Then the index was down enccore in the red, losing up to 4% just before 17 hours. Finally, the CAC shows a significant decrease of 3.59% to 3148.53 points, under the 3150 points. No value of CAC has been able to climb into the green on Friday. For the week, however, the Cac 40 shows a gain of 1.97%.

Elsewhere in Europe, the Milan Stock Exchange closed on a fall of 3.89%. In Frankfurt, the Dax lost 3.36% at the final bell and the FTSE in London fell by 2.34%.The European indexes have been sealed by banking stocks, which still suffer from concerns over European debt, including the stalled talks in Greece.

Thus, investors have been cooled by zero job creation in August in the United States. In July, the first estimate of recruitment was greatly scaled down from 117,000 jobs created to 85,000. The unemployment rate remained steady at 9.1%, as expected. "The labor market is expected to remain sluggish in the medium term and the unemployment rate should rise slightly or remain at its current high level" of 9.1%, says Inna Mufteeva at Natixis.This publication reinforces the eyes of experts, the probability of a new monetary response from the U.S. Federal Reserve at its next meeting on September 20 and 21.

In addition to the waits before publication of the report, traders were disappointed by yesterday's U.S. indexes mixed. The weekly jobless claims have fallen and certainly the contraction was avoided in the manufacturing sector, but construction costs and productivity plummeted. In addition, the White House confirmed the pessimism about the weakness of the recovery across the Atlantic in scaling back its growth forecasts.

Euro stable

On the foreign exchange market, around 17:30, the euro 1.4207 dollars, against 1.4260 on Thursday, its lowest level in three weeks.Yesterday, the euro had fallen sharply under the impact of renewed concerns vis-à-vis the health of the euro area, where industrial activity contracted in August, unlike the United States.

In France, higher energy costs caused a 0.5% increase in producer prices in July in the euro area, as expected, but overall inflationary pressures subside to the extent that the area economy patina.

The bank collapse

Fear seizes even Greek European banks. The establishment of a second aid plan seems to be complicated. The troika of creditors of Greece left Athens Friday, giving the government 10 days to advance structural reforms in the country, weighed down by a recession that will prevent it from holding its budget savings target.In Paris, Crédit Agricole fell 7.38% to 6.65% Societe Generale, BNP Paribas and Axa of 6.24% to 5.73%.

Arcelor-Mittal: -6.10% to 14.17 euros

The group plans to resort to short in the fourth quarter at its plant in Florange (Moselle), and will ask 600 of the 3,000 employees of the plant to take RTT in September, officials said Thursday a union source

Total: -2.69% to 33.40 euros

The oil will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to Les Echos.

France Telecom: -2.37% to 13.17 euros

The operator has received numerous expressions of interest for its Swiss division, told Reuters CEO Stéphane Richard, noting that financial market volatility would not affect projects sales of assets of the group.

Bouygues: -2.14% to 25.61 euros

The Standard & Poor's announced that it placed the long-term rating of A-group under review with negative implications following the announcement by him of a proposed acquisition of securities.

Sanofi: -3.25% to 49.75 euros

The group confirmed Thursday it has reached an agreement with Pfizer to produce in France generic versions of Lipitor, the cholesterol featuring the American group.

EDF: -3.23% to 20.95 euros

Goldman Sachs has revised down its price target on the title, which goes from 49 to 31 euros, while remaining on the purchase value.

Carrefour: -2.83% to 17.66 euros

HSBC lowered its recommendation to "overweight" to "neutral" and target price of 30.50 to 20 euros.

Stallergenes: – 0.81% to 49 euros

The laboratory of immuno-allergic Thursday announced a net profit up 18% in the first half to 23.7 million euros, benefiting from the "business growth" and a "moderate increase spending research and development. " In the process, Oddo is to reduce its recommendation to neutral.

Safran – 2.77% to 27.05 euros, Suez Environnement: -4.23% to 11.09 euros

Saffron is the best candidate for an entry in the CAC 40, while Suez Environnement, whose price has fallen heavily since the beginning of the summer, should come out, say professionals in the Paris Bourse.

Nyse Euronext – 1.93% to 18.56 euros

The London Stock Exchange has confirmed a press report that it is discussing a possible settlement with LCH.Clearnet.Discussions are at a preliminary stage and there is no guarantee that it would, he said.

Neopost: + 10.39% to 56.30 euros

The group raised its forecast of annual sales for the second time, following an accelerated growth in the second quarter, thanks to the dynamics of North America.

At the time of the near-victory against the Gaddafi regime, France officially unveils the treasures accumulated by the Libyan dictator in France. The Elysee Palace announced on Wednesday that 7.6 billion euros of assets had been frozen since the European decision to this effect from 21 March. Initially, Paris has requested authorization from the UN to release 1.5 billion euros by the end of the week. This is to meet the emergency needs of the rebels of the National Transition, said the president.

The request of France aims to prepare the international conference on the future of Libya after the fall of the regime of Muammar Gaddafi. The question of a thaw in Libyan assets will be the focus of discussion. The financial stakes are considerable: the Gaddafi regime has accumulated through the sale of oil and gas, about $ 200 billion worldwide.Among others, the United States had announced in late February, have frozen $ 30 billion, the Bank of England 13.587 billion dollars.

The Security Council authorized the UN London Tuesday to release $ 1.6 billion in frozen Libyan assets to provide humanitarian aid to Tripoli. The UN has also agreed Thursday to release $ 1.5 billion of assets invested in U.S. banks. Germany still waits for its green light to unlock the Council about a billion of Libyan assets frozen and Canada intends to thaw $ 2 billion (1.38 billion euros). The Italian government has already promised to thaw a first tranche of 350 million euros.

The CNT eye on the jackpot for any rebuilding, put the country back in working order pay day advance."Our success will depend on the release of frozen funds" abroad, called Mahmoud Jibril, the number two of the rebels on Friday in Istanbul. "The battle of the reconstruction will be even more intense" than the war, he warned before. The transition looks perilous time and the payment of salaries of civil servants would prevent a resurgence of stabilization.

Disappearance of 25% of funds in three months

To this day, and unlike most other European countries, Paris refused to disclose that it had frozen Libyan petrodollars. However, statistics from the Bank of France, limited to transactions between banks between the two countries, indicated that at December 31, 2010, French banks harbored 8.23 ​​billion dollars (5.84 billion euros).Mysteriously, this amount has shrunk from 25% in 3 months (-2.1 billion, or $ 1.45 billion), while the wind of revolution blowing in the Arab world and earned Libya.

Impossible, from these statistics alone, to know where these billions have evaporated. It could be, as explained a French officer in April, a "reorganization perimeter" in the very opaque investment fund public Libyan LIA. Or capital flight, as was increasing international pressure on the Libyan regime, squeezed by the Tunisian and Egyptian revolutions.

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