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In his defense, the government ensures that the global event will benefit the local economy. 1500 enterprises had shared a jackpot of € 9 billion of contracts. But experts estimate that less than 1% of GDP growth of the net gain generated by the Olympics for several years.

The major amounts invested for the event.

• Transport: € 7.8 billion

For seven years, considerable effort has been devoted to the modernization of the London transport network, to host 3 million visitors in addition to the 12 million daily riders. New stations were built around Stratford, the Olympic site in east London. A special express train, the Javelin, will link the park to the station King's Cross St. Pancras. But the risk of flooding remains a nightmare for the organizers and authorities in London.

+ Organization: € 2.4 billion

The organization of the fifteen-day competition is funded by private funds from revenue from TV rights, sponsorships, merchandising and ticketing (485 million euros). Some sponsors are involved in providing benefits in kind (eg telecom).

+ Olympic Stadium: 1.2 billion euros

The enclosure of 80,000 seats is the centerpiece of a series of new equipment final, including a swimming pool, a handball court, a velodrome that will find and use a permanent occupants after the Olympics. Each was built by an architect and a different promoter. Other facilities such as the basketball stadium, will be dismantled at the end of competitions.

+ Olympic Village: 675 million

The site of the London 2012 Olympic Village was sold for 634 million euros in a joint venture with Qatari Diar business cards. The village, which adjoins the Olympic Stadium, includes 2,800 new homes. And the contract includes the creation of 2,000 additional.

Security +: € 670 million

This is one of the positions responsible for soaring overall costs. The organizing committee found itself under fire for underestimating security needs. A first estimate "wet finger" of 10,000 agents has been revised upwards to 23,700, doubling the budget to fund these private security guards. A contract with G4S company specializing in 104 million was renegotiated to 344 million. Not to mention the tens of thousands of forces of public order.

+ Ceremonies: 98 million

Entrusted to Danny Boyle, director of Trainspotting and Slumdog Millionaire movie, the opening ceremony of July 27 should show the "best of Britain". Thousands of extras are being recruited. To succeed in this show of force after that which remained in the memories of Beijing, Prime Minister David Cameron has agreed to double the budget for opening and closing.

= Public budget: 13 billion euros

The note of the Olympics for taxpayers English has continued to fly from the original figure of 3 billion when London won the competition in 2005. The organizing committee is now working on a budget of 11 billion, but a parliamentary report estimated that the bill may reach 13 billion instead. 29 billion and even if we take into account indirect costs for utilities, including the police and military presence.

Guided by prudence and using a firm fingering, Angela Merkel hopes to finally bring his talents to HRD. German Chancellor, nothing could contribute as much to instill the "culture of stability Germanic" within the European Union that the appointment of his finance minister, Wolfgang Schäuble, at the head of the Eurogroup. The Financial Times Deutschland, Berlin is active behind the scenes in Brussels to impose this appointment.

The current head of the Eurogroup, Prime Minister of Luxembourg Jean-Claude Juncker, whose term expires in June, said he would not re-enlist. Refusing to comment on the rumors surrounding Schäuble, Berlin, however, refrained from any lie. Schäuble "is an excellent Minister of Finance and plays an important role" in the Eurogroup, was content to meet the Chancellor. "A series of appointments ahead" in Europe, she said simply.

Ratage ECB

According to an agreement within the EU, appointments to the head of the Eurogroup, the Executive Board of the European Central Bank (ECB), as Chief of the European Bank for Reconstruction and Development (EBRD) and Director of the European bailout fund (SS) must be negotiated in a block. If Merkel gets the nomination of his finance minister at the head of the Eurogroup, she will forfeit seek the leadership of the MES for the German Klaus Regling, current director of the European Financial Stability Fund (EFSF) fast payday loan.

Angela Merkel, who missed one after the appointment of a German head of the ECB, then the position of chief economist of the institution, actively probe its partners.

The weight of the AAA

Experienced, respected and influential, Wolfgang Schäuble, 69, "has the best cards" to chair this group which brings together the finance ministers of the euro area, ensures the Financial Times Deutschland. Italian Prime Minister, Mario Monti, busy with his duties, and Finland's Jyrki Katainen have both declined the direction of the Eurogroup. Early in the week, Wolfgang Schäuble had implicitly placed in the race, ruling that the countries receiving AAA "are more likely to nominate a candidate" at the head of the Eurogroup.

However, the French president has not given its assent to the appointment of Schäuble. "Nicolas Sarkozy fears that Germany's position becomes too strong," writes the FTD. The paper added that the secretary general of the Elysee, Xavier Muscat, covets the leadership of SS.

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The hands of talented British singer and songwriter Eric Clapton, nicknamed "God" (God), she plays alone, the ultimate sound of blues and rock'n'roll. Renowned for its crystal clear sound, the American brand of Fender guitars now also shine on the market scene on Wall Street.

Founded in 1946 by Leo Fender, the legendary American manufacturer of electric guitars, acoustic amplifiers and a record filed Thursday with the Securities and Exchange Commission (SEC) to enter "as soon as possible" on the Nasdaq. The date of the introduction, the number of shares offered and their prices have not yet been disclosed.

The company, which will appear on the Stock Exchange under the symbol "FNDR", hopes to raise up to $ 200 million. The inventor of the Stratocaster, the icon of the electric guitar and one of the most popular models in the world, with "use about $ 100 million of revenue raised through this IPO" to repay a portion of its debts, whose amount is close $ 250 million. "In 2011 we were number one in terms of market share in the U.S. in the field of electric guitars, acoustic, and bass amplifiers and electric guitars and basses," the company said.

Fender Musical Instruments Corporation, owned by the Weston Presidio investment fund, has made 700.6 million dollars in sales in 2011 to a net profit of 19 million. Some 45% of its sales generated outside the U.S., mainly on the European market.

Also Eric Clapton, Fender has among its faithful ambassadors Keith Richards, Mark Knopfler, David Gilmour, Jeff Beck, Bruce Springsteen or Jimi Hendrix in 1967 who sacrificed his Stratocaster on stage in setting them on fire before smashing against the ground.

The inventor of the Stratocaster and Telecaster, Leo Fender, a creative force unmatched, gave his company to CBS in 1965. Fender grew considerably in the years that followed, before passing through an air hole associated with a lower quality instruments. In the 1980s, CBS will sell all its non-media related. A group of employees and investors led by William Schultz and his family and buy Fender to CBS in 1985.

Started from scratch

The new company had to start from scratch, including the sale or factory or machine. The emblem of the American guitar succeeds, however, his recovery, extending its grip on trademarks Guild, Gretsch, Jackson and Charvel excluding professional sound equipment. In 2008, Fender acquired Kaman Music Corporation (KMC), the largest U.S. independent distributor of musical instruments.

Based in Scottsdale, Arizona, with a production facility in Corona, California, Fender has continued to cross swords with Gibson, another giant of the electric guitar that Jimmy Page, Led Zeppelin, is one of the greatest followers. His fetish model, the Les Paul, was designed in the early 1950s. At its heavier and fatter than her rival Stratocaster, the Gibson Les Paul ignites always also rock the world stage.

2011, bad year for the Japanese economy. But less bad than expected. The gross domestic product (GDP) of Japan fell 0.2% in the fourth quarter of last year, bringing the decline in growth throughout the year to -0.7%. The Japanese government initially expected a decline of 0.6% between October and December, which would have increased to 0.9% GDP growth over the twelve months.

Struck by an earthquake and tsunami March 11, 2011 which were 19,000 deaths, Japan saw its number of damaged plants and encountered severe disturbances on its electricity production. At this natural disaster were added the slowdown in global demand, a stronger yen and floods in Thailand where many Japanese companies are based, in particular the automobile.

Today, the Japanese economy remains fragile. The government and the central bank of Japan (BoJ) hope however dig us out of slump with a series of measures introduced to boost consumer spending, business spending on support by providing funding solutions, and contain the surge of the Japanese currency.

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Will it towards a form of judicial dismissals as it once existed an administrative authorization? The high courts have recently banned two French companies to implement a social plan. The reason is simple. These two companies, and Vivéo Sodimedical, loss of competitiveness in the domestic market belong to foreign groups financially healthy and judges have ruled on the lack of economic rationale to implement a social plan. Decisions since confirmed by the appellate courts of Paris and Reims.

"This is a first," protested Nicolas Sauvage, member of Avosial, the influential lawyers' union in labor law, which has just sent a letter to presidential candidates asking them to "take a stand" on the issue. A first for three reasons. "Not only is there no provision in the Labor Code which allows a judge to conclude, before a social plan is triggered, the lack of economic rationale and cancel it in stride, but it intrudes more and doing it in company management, which is prohibited by the Civil Code, "argues Nicolas Sauvage.

The lawyer also notes that only the employment tribunals may cancel an ex post social – and not, ex ante, the high court – because of the absence or insufficiency of rehabilitation measures put in implemented. And therefore condemn the offending companies to pay damages as compensation.

To him, the danger is all the more important that the Social Chamber of the Supreme Court, whose judgments regularly give a cold sweat at all DRH de France, is a crucial hearing next Tuesday in the case Vivéo cash advance. His judgment will be delivered mid-March. After being bought by a competitor in 2010, this French software for bank trading rooms wanted to restructure to cope with the collapse of its activity after the crisis. But as he belongs to a German group to blooming health, the Court of Appeal of Paris has forbidden, while no departure had yet been reached.

Question attractive

According Avosial, confirmation of this judgment to the Supreme Court would create "a huge uncertainty for employers, small or large groups, French or foreign." It would encourage companies to "wait to be on the brink rather than anticipating the tough decisions" that may require the use of downsizing for a company to remain competitive. "The vast majority of restructuring is to sustain an activity and not to make profits to increase capitalization," argues Nicolas Sauvage.

Such confirmation could also be opened "the door to the prohibition of dismissal in France" and harm "to the attractiveness of France and its ability to retain or create jobs," says Nicolas Sauvage.

Also addresses the presidential candidates, Avosial hope that the Supreme Court will recall a fundamental principle of French law which states that there is' no nullity without text. " Verdict in less than one month.

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)

Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

Click the preview to enlarge the graphic.

Three stars, "samsung" in Korean, were on the first devices from the brand that were sold in Europe in the 1970s. It was the microwave low-end a few dozen francs apiece. This product of Appeal allowed the group to make a name and win in other markets, becoming the world leader in electronics and 19th marks in all categories.

The chaebol (Korean conglomerate), height of 6.2 billion euros in cash, has the means of its ambitions. And they are clear: to be number one everywhere. This is done on the TV market. To achieve the first place, the group has invested hundreds of millions of dollars in advertising around the world. He did not hesitate to cut prices, which allowed him inexorably to nibble market share.He fears, however, LG, another Korean, which, by betting on a technology other than his own in the 3D threatens his leadership.

In the area of ​​mobile, Samsung is the group that made the most progress over the last 12 months, according to IDC. In the last quarter, the Korean group has moved closer to Nokia and is expected soon to become the world's leading brand for mobile phones. While in smartphones and tablet, Apple seems unbeatable.

The finest PC market

There is also high ambitions in the PC. For now, the chaebol has only 3% of the world, behind industry giants, HP, Acer and Dell guaranteed payday loans. But this hides another reality: in 2010, Samsung sold 10 million computers. That's twice in 2009.Korean plans to increase its presence in this field by making efforts in all areas, including the design, which has long been its main weakness. Earlier this year, Samsung introduced the PC's finest on the market.

In keeping with the policy of expansion that has been in place since the early 1990s, the company also addresses the appliance market, where he is currently a relatively marginal player. Now, the time of cheap microwave is over. Place in washing machine and refrigerator art.Samsung is heavily loaded with LED lighting, his mastery of electronics, a way to give a serious and consumers to benefit from the reputation it enjoys in televisions and other devices, though far removed .

The group is also one of the largest manufacturers of memory cards for computer, LCD screen TVs … and provides many of its competitors, including Philips, Toshiba or Apple. This sometimes leads to complicated situations: the American and Korean competitors in smartphones and tablets, are engaged in trials crossed. They accuse each other of patent infringement, a real shadow on the balance sheet of the Asian giant.

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The leaders of the eurozone announced Thursday evening in Brussels a second plan to save Greece from bankruptcy, a total of 158 billion euros, with substantial contributions from banks and other private creditors of the country.

Indeed, the creditor banks in Greece will contribute to a further aid to this country to the tune of 135 billion euros over 30 years, said French President Nicolas Sarkozy at the end of a summit of the euro zone in Brussels . "In total, the effort will be 135 billion over 30 years" only for private creditors of Greece, he said. The assistance will be 54 billion euros over three years (mid 2011-2014).

The leaders of the euro area showed a "firm commitment" in favor of Greece at their summit, also said French President Nicolas Sarkozy during a press conference."We decided to support Greece as a member of the euro and the euro area. It is a strong commitment "said Nicolas Sarkozy.

Proposals to improve governance

Proposals to improve the governance of the euro area will be made "before the end of summer" with German Chancellor Angela Merkel also announced French President Nicolas Sarkozy. Chancellor Angela "Merkel and I are agreed on the need to advance economic governance in the coming weeks so ambitious and proactive," said Nicolas Sarkozy told reporters. "Before the end of the summer, we will make proposals.(…) Our aim is to seize the opportunity of the Greek crisis to make a qualitative leap in the governance of the euro area, "he added, without giving details cashadvance.

In addition, the International Monetary Fund (IMF) will participate in the financing plan, according to President of the European Union (EU) Herman Van Rompuy. "We have reached agreement on a new aid program to fully cover the financing needs" of Greece, which "will be funded by both the EU and the IMF," he told a press conference.

Trichet welcomed the new plan

For his part Jean-Claude Trichet, ECB president, welcomed the new aid package of nearly 160 billion euros decided to Greece, holding "crucial" to stabilize the economy.The new support program of the European Union and the International Monetary Fund is crucial to stabilize public finances "of Greece and" to ensure the sustainability of public debt "of the country, he told reporters after a summit the euro area.

He also welcomed the fact that the private sector to plan aid is limited to only Greece and is not intended for other countries. The ECB had expressed concern in recent months of such a contribution, seeing a potential for worsening of the debt crisis.

Also present in Brussels, Christine Lagarde, the new director general of the IMF said the institution would continue "to play its part" to help Athens.Christine Lagarde, who praised "the significant support to the growth and financial stability" of Heads of State and Government of the euro area and financial institutions, said in a statement that any new aid was subject to Athens the will of the Board of the IMF.

The Cac 40, which was chained on Wednesday a third round of decline after five stacked, remains under the 4000 points at the opening Thursday morning in a slightly more optimistic: it rises from 0.47% to 1980 04 points in early trade. Last night, the index lost 0.44% to 3961.34 points, weighed down by Portugal – heavily damaged by Moody's – and China, which has raised interest rates to tackle inflation concern. On Thursday, the major event is expected on the European side: Jean-Claude Trichet, ECB president, said at 13:45 if the institution has also decided to raise its rates by 0.25 point, or not. The governor has implied several times that the tightening would be given on 7 July.

Meanwhile, around 9 am on Thursday, the euro gleans 0.10% to 1.4330 dollar.Yesterday, the euro continued its slight decline against the dollar because of concern about access to the economic health of the most fragile countries in the euro area.

Greek side, German and Greek Ministers of Finance estimated that Athens has more support economic growth, if Greece wants to find a balanced budget, during a dinner in Berlin on Wednesday night. In addition to the austerity plan, ministers believe that "only with a stronger private sector and with private investment that Greece can achieve a balanced budget in the medium and long term."

The U.S. employment in the viewfinder

In France, corporate failures recorded in France in the second quarter remained stable at a high level, the company said Altares.The number of failures has declined by 0.3% over the period, with 14,397 judgments backup, reorganization or liquidation direct. During the same period of 2010, there were 14,446 procedures, Altares said.

The trade deficit of France has also widened in May, breaking a new record for the third time since the beginning of the year to 7.42 billion euros against 7.17 billion in April, data seasonally adjusted, Customs announced Thursday. Side and real estate, Fnaim hold its quarterly press conference on the market of the former, at 11.

Overseas, we will monitor the ADP employment figures in the private sector in June at 14.15, very expected. And then the weekly claims for unemployment benefits at 14:30.The weekly inventory of crude oil will be announced at 16:30.

Banks lower their commissions

Societe Generale, BNP Paribas, Credit Agricole, Natixis. The Competition Authority has achieved that French banks were down significantly the commissions they charge on card payments and cash withdrawals at ATMs, according to a statement released Thursday by the regulator. The agreement, which ends a two-year old procedure, the institutions concerned to induce a loss estimated at 600 million euros, according to the Authority.

In addition, the U.S. investor Lone Star is in exclusive talks with BNP Paribas for the sale of German bank IKB reports the Financial Times Deutschland. Discussions with BNP Paribas are at an advanced stage, the newspaper said.The French bank has already finished the review of the IKB, but it is unclear whether BNP Paribas will buy all or just pieces IKB.

The Franco-Belgian bank Dexia has signed an exclusive contract for five years to distribute general insurance products of French insurer Axa through the windows of its Turkish subsidiary, with about 24 million, according to a statement released Thursday.

In addition, Dexia and KBC have passed stress tests which both banks have been submitted, the newspaper reported on Thursday Dutch De Tijd.

EDF and GDF Suez solder joint activities

After working together for over 60 years, the distribution of the two groups now find themselves in competition. These services are common to both energy giants could specialize in divorce and business, says Les Echos.An announcement should be made this morning, the newspaper said.

Alcatel-Lucent. The investment fund Permira is the favorite to take over the division of Alcatel-Lucent company, said on Wednesday sources close to the matter. The sources said Permira offers $ 1.3 billion (about 907 million euros).

Air France-KLM. The pilots of the National Union of Airline Pilots (SNPL) voted in favor of the project "bases province" of Air France, intended to counter the low-cost airlines, said Wednesday a spokesman for the airline, confirming information in La Tribune.

Innate Pharma wins a big partnership

The laboratory Bristol-Myers Squibb will develop and commercialize the antibody developed by biotech IPH2102 Marseille Innate Pharma for the treatment of cancer.A first payment of $ 35 million (24 million) could be followed by other payments, based on performance. In total, the licensing agreement could yield $ 465 million (319 million) in Innate Pharma.

Casino. The retailer Almacenes Exito Colombia, a subsidiary of French retailer, said Wednesday its intention to conduct a capital increase of $ 1.4 billion in the second half to repurchase shares held by its parent company in Uruguay.

Interparfums has signed an agreement Balmain home on the creation, manufacture and distribution of fragrances, according to a joint statement the two companies said on Thursday.

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