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The United States lost their "AAA" rating

The penalty was expected but it still sounds like a shock. In the night from Friday to Saturday, the rating agency Standard and Poor's (S & P) has dared to lower the rating for government debt of the United States, and deprived of their "AAA" for the first time in history . S & P said in a statement it had degraded to the next level this note, the best possible, to bring it to 'AA +'. It also lowered its outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it will be to be devalued again. The United States were rated "AAA" by S & P since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

S & P is the second rating agency to downgrade the American note, after the Chinese – less powerful – Dagong.Other – mostly American and French Moody's Fitch – are currently at Triple A.

The U.S. public debt to more than 100% of GDP

The first power of the world is, well, so sure before. The United States and joined Japan, Spain and Ireland have lost that status envied payday loan lenders. The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. But while the financial world is upside down, the risk that markets continue to dive is high. The announcement of S & P comes in effect when the markets were closed for the weekend, closing on both sides of the Atlantic one week black.

China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."Second World holder of U.S. debt, Tokyo assured him that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. In France, the Minister of Economy Baroin reiterated his "total confidence in the strength of the U.S. economy."

Two days ago, the U.S. debt has passed a symbolic milestone. Because it exceeded the threshold of 100% of GDP, just after raising the debt ceiling by Congress. The United States saw their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances. According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan.It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

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Wall Street down before the Senate vote

Wall Street starts again in the red on Tuesday. In early trade, the Dow Jones lost 0.57% at 12,063 points, the Nasdaq 0.51% to loose 2731 points and the S & P drops 0.69% to 1279 points.

The opening is dominated by pessimism as consumer spending of U.S. households fell against all odds by 0.2% in June, posting their first decline since September 2009. Economists surveyed on average expected a rise in expenditure of 0.2%.

The expected green light from Senate Tuesday evening

Concerning the agreement on raising the debt ceiling, the doubts persist. "Some have pointed to the fact that the rating agency S & P claimed four trillion dollars in deficit reduction over 10 years against only 2.5 trillion currently being negotiated by members, analysts said Aurel BGC.Maintaining the "AAA" is far from being elected … Many skeptics have left open the possibility of adoption of this agreement by the Congress. "An expected adoption tonight. The Senate must decide, in fact, after the House of Representatives that preceded it from that Monday night.

"I think the show we attended in Washington, a significant number of parliamentarians of this country leaving the threat of a default, really made a lot of damage to the confidence" of investors in the economy American, for his part, said U.S. Treasury Secretary, Timothy Geithnern, on ABC.

Oil side, the opening of the Nymex, oil prices melt, due to poor statistqies the day, who fear a future decline in demand.To 15 hours, a barrel of "light sweet crude" for September delivery was trading at 94.36 dollars, down 53 cents.

Results of companies to follow the corporate side, several major publications are planned this week, starting on Tuesday by Pfizer (-1.05% to 18.81 dollars). The group released better than expected earnings for the second quarter, the jump in sales of animal health products offsetting lower sales of drugs, the heart of the business group.

Google (stable at 606.71 dollars) this weekend began testing a new service, "Google Hotel Finder", dedicated to finding hotels. Positioned competitor specialized sites like Hotels.com "Hotel Finder Google" is used to search the dates of their choice, depending on the number of stars of the institution and the average scores given by customers.

Hewlett-Packard (-0.48% to 35.03 dollars) has decided to drop now $ 50 U.S. price of its new tablet, the TouchPad. This rate adjustment, presented as a promotion valid until September 10, is valid until September 10.He places the version of the tablet features a 16GB storage to 449.99 dollars, and the 32 GB to 549 dollars, just one month after the beginning of the commercialization of TouchPad.

Coach (-4.72% to 62.31 dollars), a leading U.S. brands of accessories, recorded a jump of 24% of its annual net profit in 2010-2011 (year ended July 2) at 881 million dollars, and expected to grow over 10% in the future, according to a statement released Tuesday.

Hyatt Hotels (1.96% to 39.52 euros) announced earnings for the second quarter better than expected, while saying he intended to open a number of "significant" new hotels in the future.

GM (-0.79% to 27.87 dollars) reported Tuesday a 7.6% increase in sales of vehicles in the U.S. in July, thanks to strong sales of Chevrolet, the one of the leading brands of the manufacturer, and the good performance of new models.

Raids by giants of video games on small publishers are ongoing. After the announcement of a Memorandum of surrender by PopCap Games Electronic Arts (0.32% to 22.02 dollars) and the acquisition by Zynga a mobile games publisher in Canada, is the Japanese Sony which went on the offensive by offering Sucker Punch. The American development studio publishes games for consoles, the PlayStation family, including "Sly Cooper" (PS) and "inFamous' (PS3).The amount of the transaction were not disclosed.

Amerigroup (7.47% to 51.65 dollars) is expected to jump at the opening, title, earning more than 5% in electronic trading before the opening of Wall Street. The group of health care services announced yesterday it has won a contract to develop its business in Texas.

Air France: towards an agreement to avoid a strike in late July

Unions and management are on track to avoid a strike announced for the end of July. Thursday night, representatives of hostesses and stewards of Air France was optimism about reaching agreement with management in the day, on the organization of the work of flight personnel. This Friday is indeed crucial in the negotiations. "If we do not find a solution before tonight, we can not turn back. The organization of air activity is very heavy, told AFP Jean-Marc Jaouen, delegate of the National Union of cabin crew (SNPN).

The seven unions involved threatening a strike since Monday 29 July to 1 August in protest against the new organization of work proposed by management.The CEO of Air France, Pierre-Henri Gourgeon, has in fact recently released a project to install four bases in the provinces to increase the productivity of the company based on the model low cost. It would be particularly asked the crew to work longer on a reduced number of days to be able to fly more planes. The sailing team would also be reduced from four to three people in some aircraft. In return, Air France did not want to donate 20% maximum productivity gains and made its staff.

The pilots union still in conflict

Towards unions as there was optimism yesterday about the possibility to find here tonight common ground bad credit payday loans. "We had five areas of disagreement, three have already been accepted by management", said last night at the AFP Jean-Marc Jaouen, the SNPN.Remains still to be discussed include the reduction of crews on long flights and medium-haul 142 passengers. "There is progress in the negotiations, although they are still insufficient. An agreement to end conflict can be signed, "also found Philippe Sports, the UNSA. Air France was doing its part to know last night told AFP that it "was very open in discussions" and that "all flights were kept" from July 29 to August 1.

If the conflict started with the hostesses and stewards are being addressed, it is not the same with the pilots' union, which called the strike on August 5 to 8. The powerful SNPL validated last week at 55% the new organization of work desired by management. But he opposes the hostesses and stewards on measures to sustain the supplementary pension fund for cabin crew, currently in deficit.Despite a law passed in 2008 providing for a reform of the fund, the implementing decrees have still not been published, failing agreement between the two parties.

(With AFP)

Calmels, "In television, there is also room for error"

150 million euros in turnover, to 140 employees. The French subsidiary of Endemol, the television production giant, is doing well. What I do not deny, at the end of the season, his many projects. Endemol France has developed and produced two games that will stand this summer, by the autumn. First "No one had thought," the adaptation of the format 'Pointless' on the BBC UK, a weekly game presented by Cyril Féraud, to be launched on July 16 France 3, every Saturday at 17:15. French adaptation of a concept to international success, "Money Drop", presented by Laurence Boccolini, install, meanwhile, in August on TF1 in access prime time. "An exciting game combining both general knowledge questions, emotion and tension generated by the potential loss of 250,000 euros.Grids operating in the summer breaks, it's an interesting time to launch new products. We did years ago with the "Wheel of Fortune," which began in early August before being extended for the rest of the season. "Money Drop" has already been successful in 20 countries, there is no reason why he did not know one in France, "notes Virginie Calmels, formerly of Canal +, became CEO of Endemol France in 2007 , which she joined in 2003 as CEO.

Partner of TF1, Endemol produced including "The 12 strokes of noon", the game launched in June 2010 which was attended by an average of over 3 million viewers and 29% audience share over the 4 years and over, on the first half of 2011.Mainly known for its reality shows like "Big Brother" or "Star Academy", the production company it is nevertheless broken teeth with the failure of "Square VIIIP," the challenge is to renew this type of format. This calls into question it's partnership with TF1 Endemol? "No, not at all. If you look out the media landscape, broadcasters and all major producers have had some accidents, especially during the past 12 months. We have the right to make mistakes, the failure to feel the public at a given time. What is important is that it works hand in hand with TF1. And with an editorial vision and common goals very clear, it helps to reconnect with the success, as evidenced by that of "Secret Story 5" which is taking shape.With this success, we also invented in this field of new writing, most modern, why not mix genres like docu-reality we already know, or more generally of the "Factual reality", mixtures of magazines and reality. We are working with TF1. "

If, by far, the reality is most of Endemol discuss, yet it represents "less than 25%" of its business volume. "We are very active in gaming, entertainment and, since 2007, I developed a policy of diversification-oriented fiction and new media. Fiction allows us to work with all broadcasters with whom one did not work or very little flow. " Endemol sold to France 2 TV movie "Kanak, history forgotten" about the life of footballer Christian Karembeu, whose distribution is planned for 2012.The production company also will complete on July 19 shooting of "Once Upon a Time … Maybe not," a drama adapted from the novel by Akli Taj, for France 3.

"Wonderful success of TNT"

The free DTT channels have made 23.9% of national audience share in June, according to Médiamétrie. These chains are gaining 0.4 points from May and 4.1 points year on year. How to analyze this new record? "There were two stages: first the installation of decoders and equipment of French households and that they get used to the content and go get him. Suddenly, the DTT channels are now living their explosion.It is a magnificent achievement and the opportunity for viewers to find a multitude of programs, "said Virginie Calmels, even if that success comes at the expense of historical terrestrial channels.

Endemol has also embarked on the communication market with the "brand content" or "branded content". "Our operations have generally been successful. We even won this year the price of the brand content in the area of ​​clothing, with what we have done for Canal + and Adidas through a retrospective of 40 years of the Blues. Not only that was 100% financed by the advertiser Adidas, but that has not had an outlet in television and the Internet. It's part of our diversification and our new business model. "

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Crisis in the euro area: what risk for your actions?

Equity markets continue to remain under pressure as they consider the problem of public finances in the euro area will not be solved for the long term. The public finance crisis is dangerous for shareholders? Expert answers.

Alain Bokobza, Societe Generale, "Yes, but the leaders of the euro area are working to limit damage to the holders of the assets of the peripheral countries. We do not expect heart of contagion to countries in the euro area if credible policies to restore the overall balance in the long term public are in place. Spain seems to us on track, which should help the Spanish index. "

Patrick Moonen, ING Investment managers: "A default risk uncontrolled in Greece would be very detrimental to shareholders.The stock market has not taken a negative outcome for Greece or further deterioration of public finances of the other peripheral countries. We see no quick fix and the level of uncertainty is very high, but time is a key that would recapitalize the banking sector and other peripheral countries to stand out from Greece in a positive way. This is necessary to limit the contagion. In short, we expect that governments can save time by delaying tactics. "

Pierre Sabatier, PrimeView "Yes, and it has only just begun. Historically, we find that growth slows sharply when the public debt ratio exceeds 90% of GDP.This will happen in many countries in the coming years (due to the continued deleveraging private is far from finished), leading to sluggish growth in most industrialized countries. This environment will eventually be negative for earnings growth, which is a function of GDP growth and inflation, and consequently to the equity markets. "

Wilfrid Pham, Natixis AM: "The crisis of public finances can be potentially dangerous for the banks if not handled properly by the institutions in charge of this problem problématique.Le liquidity crisis and confidence between financial institutions could be topical.Also, global economic growth could be negatively affectée.Les equity markets have a habit of reacting rather negatively to these events. "

Ginguene Olivier, Pictet Asset Management "course, but this risk seems already built into prices depressed the shares. This is especially for holders of debt (bonds) that this risk seems more and more dangerous now. Preferred shares of large non-financial corporations, less sensitive to local conditions (higher taxes, deficit reduction, regulations, slow growth …) and more exposed to international markets. "

Philippe Mimran, UFG-LFP: "Arguably, the public finance crisis is dangerous for shareholders. It stands at the end of fiscal restraint and thus slow growth. In addition, short term, the impact of market volatility.Finally, the financial sector is particularly undermined by the risks of insolvency of the States. "

Alexandre HEZEZ, Convictions AM: "It is illusory to think that the fiscal crisis will not affect businesses. The rationalization of fiscal policy is paradoxically a very good sign for long-term growth, so for equities. Consumption depends on expected future income rather than current income. This means that any measure that will give confidence in the sustainability of the health system and pension system will be good for confidence, so good for drinking so therefore the companies for shareholders … "

Francois Chevallier, Leonardo Bank: "Yes, but the damage is probably done for the shares in favor of safe havens such as gold, stone, the Swiss franc no faxing pay day loans.The drift of public finances and State debts would be the main explanation for the extraordinarily high level of risk premiums and historically low earnings multiples. "

Matthew Grouès, Lazard Frères Gestion, "Support for peripheral countries will probably continue for some time. A fault is a very unlikely scenario. The governments of developed countries must reduce their deficits and have begun to do so. As for the impact for shareholders, depending on the method: for the moment of corporate taxation has been little hard compared to other tax and spending cuts. "

Jean-Louis Mourier, Aurel-BGC: "Not directly in the short term.It is however an overall risk that affects more clearly the banks but is likely to lead to a tightening of global financial close to what was observed following the bankruptcy of Lehman Brothers (freezes interbank markets and bond, blocking the distribution of bank loans, negative wealth effects …) "

Nuno Teixeira, Schroders France: "Governments Greek, Portuguese and Spanish, in spite of social protest, have recently confirmed their determination to control the situation of public finances. The first two were given the means to fulfill the conditions required by the EU and the IMF to substantial assistance to enable them to meet their liquidity needs more immediate.While the problems are not resolved in the medium term, but we are heading towards voluntary efforts refinancing from the European banks, which are expected to find a more permanent solution to debt problems. "

Catherine Garrigues, Allianz GI Investments Europe: "There is no major risk to shareholders who invested in international companies non-financial, unless they have strong activity in Greece, Spain or Portugal. Companies in these countries are experiencing rising spreads and is therefore difficult to find financing at reasonable rates. "

Antoine de Salins, Groupama Asset Management: "The answer is yes in any case for investment in developed countries: the crisis feeds market volatility who do not like uncertainty, especially those that attach to the assets deemed safe … ..It also weighs so heavy on the valuation of banks changing just like those of the debts of the peripheral countries. "

Bertrand Lamielle, B * capital: "The subject deserves full attention granted to him but is now analyzed in terms risk only. But a stock market perspective, the financial sector is capable of a strong rebound when the market considers that the solutions offer the senses. "

Frédéric Jamet, State Street: "The fiscal crisis will affect primarily government bonds (in case of default or restructuring), then only the shareholders, primarily in the financial sector and other sectors.This impact is already in stock prices. "

Mauro Ratto, Pioneer Investments: "The shareholders of the CAC 40 will be affected, because banks represent a significant share of the market capitalization totale.Ceux holding U.S. securities will not. U.S. companies are not dependent on this region, and generate profits in other areas. "

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Debt: the bad blood between Obama and Congress

Since mid-May, the United States exploded the ceiling set by Congress of American debt, around 15,000 billion dollars currently. This ceiling has been found in January. It would suffice to go back again to exit the United States from embarrassment: the country can theoretically borrow on the markets when the threshold is exceeded. Which is to say that the U.S. is in a situation of default.

But the maneuvers have pushed until August 2, the bankruptcy of the federal state. The White House and Congress have so until that date to agree. The first press the other to raise the ceiling, but he refuses to press the button until the government has not detailed a program foresaw and specific reductions in public spending. The United States shackle in effect three years of deficit exceeding 10%.It should reach around 1.6 trillion dollars this year.

If the financial world does not doubt the ability of great leaders of the first world power to agree, for the good of the global economy, the timetable is narrowing. And rating agencies do not fail to recall. Thus, after Standard & Poor's in April, Moody's puts a sudden extra pressure on Thursday by threatening to put the debt rating of long-term United States, currently at AAA, on negative watch, implying an actual deterioration in the coming months.

No to raising the ceiling

Yesterday, Wednesday, Barack Obama received dozens of Republican representatives in the White House. These, a majority in their meeting, refused to give the green light to an increase in the federal debt ceiling because of cuts in spending."We need to tackle this debt," said out of the meeting the head of the budget committee in the House, Paul Ryan, author of a draft budget with drastic cuts in funding for the welfare state and criticized by Democratic allies of Barack Obama.

Tuesday night, the House rejected by 318 votes against 97 an increase of 2,400 billion of debt ceiling, a move described as "irresponsible" Democratic side.

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Google put on mobile payments

It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.

Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.

First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.

Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council fast cash advance loan.

Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.

The delay of Apple

This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.

The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.

Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.

Libya placed its petrodollars in Europe

Gaddafi's Libya, where she placed her money? Part of the answer was made Thursday by the publication of a report of internal financial Libyan sovereign fund, the Libyan Investment Authority (LIA). This document, dated June 30, 2010, was uncovered by the British NGO Global Witness. It reveals very conservative management has been made of the $ 53.3 billion (about EUR 38 billion) held by the fund, which are now subject to a freeze by the EU and U.S. authorities.

Libyan managers have a taste of Europe: they have put about 60% of assets, particularly in France. At June 30, 2010, Societe Generale manages the LIA AIF for $ 1.05 billion (after a loss of 750 million euros in three months), BNP Paribas for $ 10 million.

Major French companies

At June 30, 2010, the Libyan sovereign fund also owns 536.6 million euros in shares of companies quoted on the Paris Bourse. One of them, Lagardère, the LIA is placed in the "strategic", with an investment of $ 62 million in market value. Other major French companies in the portfolio "not strategic", such as France Telecom (53 billion), Vivendi, Suez-GDF, EDF, or Danone. The LIA was then invested tens of billions in each.

The fund's management is very opaque, it is impossible to know what equity it holds today in the French companies.A clue: According to statistics from the Bank of France, financial institutions hold in their coffers hexagonal 8,233,000,000 ($ 5.8 billion) of Libyan origin at December 31, 2010.

A prudent strategy

"Then in mid-2010 many uncertainties still hang over the global economy, management remains extremely cautious LIA," says Philippe Waechter, head of economic research at Natixis AM. He holds to this date 60% cash, 10% bonds and 8% of shares. "This defensive strategy used to limit risk, continues the economist. This did not prevent the LIA wiping lost between the first and second quarter 2010, 4.53% of their capital to $ 53.3 billion (37.8 billion euros).

The details revealed by this paper could resume the hunting of Libyan assets, frozen since early February by a European decision, said Fabrice Marchisio, a lawyer specializing in this field. He said "this will require financial institutions that have dealt with Libya to register with the authorities if they have not already done."

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Gap suffered rising cotton prices

For Gap, the trading session which opens at the New York Stock Exchange will be very difficult. The clothing giant tumbles 17% in opening bell on Wall Street Friday. Gap said Thursday after the close that its annual results would be "significantly" worse than expected with a first quarter reported net income 23% lower than a year ago (233 million U.S. dollars) particularly impacted by the disaster on March 11 in Japan, the year already seems wrong party.

For the remainder of the year, Gap's performance will mainly be sealed by far outweigh the cost estimates on which was based management. "The group now expects that production costs per unit are 20% more expensive than anticipated in the second half of this year," said Glenn Murphy, the owner of Gap, in a statement.And even the price increases passed on its products will not help. Thus the net profit per share forecast for 2011 is now between 1.40 and 1.50 dollars, 1.88 to 1.93 against dollar before.

The cost increase is attributable to that in cotton. Pound of cotton surpassed the dollar in September (+65% in total over the year 2010) and continues its surge in currently trading at $ 1.60, amid global demand is not falling face a production which has been beset by bad weather.

The profit warning, issued by one of the largest textile groups in the world should thrill the sector as a whole. Especially as other major brands like H & M, struggling not to pass on these higher charges on their prices.The impact could be even heavier.

Change of course at the Gap

In early May, the art, warmth director Patrick Robinson, 42, joined Gap. Whoever was working since May 2007 to provide the Californian label image sharper mode has been replaced by Jennifer Giangualano, senior vice president of design and infant child, who resumed the post in the interim. Or comparable to the "fast fashion" or the lucrative "second line", the world of jeans and, overall, the casualwear is in perpetual motion.

The arrival of Abercrombie & Fitch on the Champs Elysees yesterday in the form Theyskens Theory as the media and commercial success of the Japanese behemoth Uniqlo but also more trendy labels like J Brand or Acne … forced to revise its Gap Design course but especially its strategy and positioning.

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Cardin would be well bought by a Chinese

Cardin seeks buyer, preferably Chinese. At age 88, the developer who owns 100% stake in his fashion house, said two weeks ago that he wanted to sell its entire brand. This weekend, in addition to the presentation of the new collection in China, Pierre Cardin has expressed its preference for a buyer's country.

"I had offers from buyers in the U.S. or England but I preferred because the Chinese are owners of my brand. That seems more polite to me, "he said, after The Tribune published on Monday. Courteous, but also strategic for the brand a strong presence in the country. Cardin, indeed, among the first French brands to move into the Middle Kingdom from the late 1970s. Today, the teacher has over a thousand shops.If the house, which is not publicly traded, is discreet about its turnover in the second world economy, she argues, however, expect a 20% annual growth in sales.

"If they can not afford, they do not buy"

The creator, star in China, announced it has already received offers of Chinese buyers, but declined to reveal their identity. According to La Tribune, which quoted the representative of the brand in China, candidates have tried to negotiate the purchase price of one billion euros in vain so far. For his part, Pierre Cardin was firm: "If they can not afford, they are not buying. They did not discuss. That's clear. "

In 2009, Cardin had sold 32 licenses in China textile and accessories companies Jiangsheng Cardanro and Trading Company, amounting to 200 million euros.

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