Le Figaro – Why this book?
Christophe Chaptal de Chanteloup – The elements of language management has always struck me and amused. However, this language becomes troublesome in times of stress: flowery and poetic, he is far from making abrupt dismissal and restructuring that we know. And the action is more brutal, more vocabulary is elliptical.
This shift is also embarrassing for those who lead the game for those who are its victims. I campaign for the use of simple terms: "I dismiss you," instead of "we urge you to consider a track external developments."
That reflects the use of these words?
They may reflect a lack of strategy: one says anything to occupy the space. Conversely, the strategy may be clear, but the manager did not dare express it because it is politically incorrect. Attenuate the words then a brutal reality, as the "backup plan for employment", which saves only the use of those left
free credit score online.
What are the risks of this fuzzy language?
The weight of political correctness, the fact of wanting to be inclusive of as many of the sensibilities and finally make the speech unintelligible.
By disconnecting the language of reality, that reality is no longer included. This practice is detrimental to individuals and organization, which in the long term, lose their bearings. By dint of saying anything, you end up doing anything.
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Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.
The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.
This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.
Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.
An aberration of market
Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.
Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.
The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .
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If there are four or five years, Japanese whiskeys fell almost an anecdote, it is clear that the Japanese distilleries were located largely in the market for Liquor Stores. Of the four best whiskeys in the world, two are once more for the Japanese edition of the 2012 World Whiskies Awards, organized by Whisky Magazine. The setting was won in the categories best blended whiskey in the world by Taketsuru 17 years old Nikka from home, and in the category best single malt whiskey in the world with the Yamazaki 25 year old house Suntory.
The Japanese group Suntory is the origin of Japanese whiskeys, in the 1920s. It has two distilleries (Yamazaki and Hakushu) located in northern Japan, which develop blended and single malt whiskeys. The diversified industrial group also owns three Scottish distilleries. Its direct competitor, Nikka, a subsidiary of another giant, Asahi, came a little later (1952) in this segment. And also owns a distillery in Scotland. By themselves, these two houses share almost the entire market of Japanese whiskey world.
If the brand is more Nikka located on the French and European market, notably through the House of Whiskies, which has exclusive, Suntory is positioned more on the U.S. market. Thierry Benitah, CEO of the House of Whiskies, said: "The entry level and mid-range is slightly more expensive for Japanese whiskey over Scotch whiskey, but for more upscale products, including oldest, Japanese whiskey is cheaper, same quality. " It takes only 30 euros for a Japanese whiskey entry level (in comparison, one of the brands of Scotch whiskey sold in the world, Label 5, costs 12 euros). In amount in the range, Japanese whiskeys are between 150 and 650 euros, the price may even go up to 10,000 euros a bottle for a 50 years old.
France, the second consumer of Japanese whiskey
In 2010, according to the International Wine and Spirit Research (IWSR), it is consumed in the world 81 million liters of whiskey Japanese, representing 3 payday advance.2% market share of all whiskeys. Global consumption of whiskey, all confused, totaled nearly 2.7 billion liters. The United States are the largest importers of Japanese whiskey, with a volume of 5.2 million liters. France comes second with just under 3 million liters (2.9 million).
In 50 years, the French have adopted the whiskey. They are the biggest consumers of single malt Scotch whiskey, with 135 million bottles per year, or more than two bottles per person. In comparison, Americans consume 125 million bottles annually, depending on the portal Planetoscope.
Japanese whiskeys, more subtle and sweet
How to explain this craze for Japanese whiskey? Keinta Minari, head of the division of Suntory whiskey for France, gives some keys to this success: "One explanation lies in the style of Japanese whiskey, which is subtle and complex, where Scotch whiskey will be more strong and sturdy. "A view shared by Thierry Benitah of the House of Whiskies" Japanese whiskey is more accessible than the scotch in terms of taste. Unlike Scotch whiskeys, which have a slight bitterness on the finish, Japanese whiskeys receive a final grade soft, chewy and sweet "
According to Pierre Tissandier, head of the cellar Whisky Lodge in Lyon, and previously head of Diageo whiskeys, this development is surprising, "the Japanese whiskey differs from Scotch whiskeys including a search of the exotic, but also by a marketing and a highly developed packaging. " The Scottish distilleries would suffer a certain archaism, where Japanese whiskeys are more modern and stylish.
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The French did not splurge for the foie gras in the last Eve. Unlike 2010, good vintage in the Hexagon (4.5 vol%, 3.3% in value), they have limited their purchases last year. If sales increased 4.8% in value to nearly 1.9 billion euros, the volumes are almost stable (+1.1%), knowing that three quarters of consumption are at holiday season. "In 2011, the market held up relatively well in a period of declining consumption," comments Thierry Blandinieres, owner of the trademark Delpeyrat, No. 3 market. "This is reinforced on the poorest segments of the market premium, as the whole," added Jacques Trottier, general manager of Labeyrie, the market leader.
These good results in value is primarily explained by higher prices, by about 5%. Producers have partly reflected last year the rising cost of agricultural raw materials, grain head. Meanwhile, they continued the growing range of products, flavored with foie gras or the old recipes. Positioning that allowed Labeyrie and more at Delpeyrat-making a record year (14% by volume, 28% in value) – to win market share.
Reluctance of distributors
Nevertheless, the year 2011 marks a halt after two years of growth in value and volume, boosted by the expansion of supply and initiatives of the profession to start the season earlier. For three years, the Saint-Martin was awarded the honor in November. Actor Gerard Darmon was requisitioned for the ad campaign in radio. Partnerships with chefs and TV shows ("MasterChef" TF1) were signed. In hypermarkets and supermarkets (50% of sales of foie gras), the increase put forward by radiation and the presence in the prospectus has largely contributed to the increase in sales (+4.5% on 2009 season and 3.3% on the 2010 season).
But in 2011, the operation has not had the desired effect. "It seems that some distributors did not believe, because of the crisis, that consumers would buy as much foie gras as the previous year," said Pierre Couderc, CEO of Euralis (Montfort, Rougié). The highlighted were much more cautious. This has impacted sales (-14% by volume in November), as this is part of impulse buying. Many consumers have preferred to postpone their purchases at the last moment.
For 2012, the caution given the uncertainty in consumer confidence. Although calm on the forehead of raw materials should limit price increases in radius. No question as to increase production capacity. At Delpeyrat, we will not put more ducklings on the market this year, while their number increased by 4% in 2011. But companies who are pleased to have won new customers over the last five years (the rate of purchasing households jumped by 7.7 points from 41.5% to 49.2%), keep the course of the sophistication of their products. "The consumer has a sufficient level of maturity today to enjoy a wider range of products," promises Pierre Couderc.
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Gray, the sea merges with the sky. Extend to the shores of sight, désolés.Les wooden houses were swept away. Instead, montages of rubble, cars tangled, ripped open a school … Only concrete structures, as well as cemetery headstones, have more or less resisted. It's in the rain and mud, that Francois Fillon visited Ishinomaki port city of martyrdom, devastated by the earthquake and tsunami of March 11. The wave of 14 meters, which was thrown on the Japanese coast, killed 4000 people in this city, nearly a quarter of the 20,000 victims of the disaster.
The Prime Minister walked through the rubble, before laying a wreath at the monument to the victims, a simple wooden board, with an inscription: "Courage, stand firm.""I came to Japan to talk about the G20 but it was not possible (not) to come here in the heart of one of the regions most affected by the earthquake," Fillon said after meeting with French volunteers , working to rebuild the city. Fillon told to have followed the drama with more attention than any of his brothers, jazz pianist, is married to a Japanese musician. "Time passes, a fighter on the other, but by the suffering, the difficulties of reconstruction are always the same," lamented the Prime Minister, for whom "it is important to continue to provide support" in Japan bruised.
As the Green candidate Eva Joly was these days in Fukushima, about a hundred miles from Ishinomaki, Fillon said the French giant Areva nuclear wanted to participate in the treatment of nuclear waste from the Japanese central hilly.But waiting for a green light from Tokyo. "Each State is free to choose its energy mix, including through the use of nuclear energy, which has advantages in terms of security of supply, economic competitiveness and the fight against the emission of greenhouse gas emissions," Fillon said in an interview with Japanese newspaper Yomiuri Shibumi.
Prepare the G20 … and after 2012
The prime minister, who met Sunday the Prime Minister of Japan, Noda Yoshihiki to speak G20 and nuclear, has completed a mini-Asian tour Sunday to prepare for the G20, "according to Nicolas Sarkozy," according to Matignon payday loans for bad credit. He had also reassure Asian investors, worried by the consequences of the crisis of the euro on the global economy on the eve of the summit of the euro area.Francois Fillon, who had dinner Friday in Seoul (Korea) with its lean delegation (two ministers: Thierry Mariani and Edouard Courtial, a deputy, Eric Woerth) expressed their concern about the situation in the euro area. "He hopes that a solution will come out of the hat but he does not know why," says one of them.
Before the French in Tokyo, Prime Minister tried to be more optimistic, although he reiterated that Europe was going through "difficult times". "The European project that carries us for 60 years is threatened by the sovereign debt crisis (…) We have never had also require political will," he said in reference to Sarkozy's candidacy in 2012. "The euro protects us," he further argued, insisting that "the Europeans lift the mortgages against them" before the G20. "Otherwise, the summit will be cannibalized," said a member of the delegation.The prime minister took the opportunity to praise the reforms: "Our fiscal credibility remains one of the strongest in the world. This is the result of our reforms and our discipline, "he argued prowling the leitmotif of the pre-campaign:" All these measures respond to a single imperative: protect the French. "
Before the French in Tokyo, met in the luxurious residence of France, Fillon stressed one of his "record" three visits to Japan since 2007. "It's not over!" Launched an expatriate. "That's less about!" Joked Fillon, in an allusion to the period after 2012. Upon his return to Paris, the Prime Minister will be plunged back into political events, including Paris: the boss of the UMP, who wants to restore order in the federation after the failure of the Paris regional meeting of elected officials in Paris ."Cope plays firefighter arsonist to weaken Fillon (legislative candidates in 2012)," laments support the Prime Minister. The post-2012 has begun.
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After the sale "Flash" will there be shown the concept of selling "super flash"? Papercut, a Swedish chain of distribution of cultural products, offers on its website a unique experience to its customers. SpeedSale called, this feature leaves only four seconds to users to enter a promotional offer.A list of 16 products at bargain prices is presented to them once and only once! If the client does not validate any purchase, it is impossible to return to the list and a message appears: "You had a chance and you ruined, come back the next century." The user is then redirected to the page Home Papercut site.
"Sales 'flash', 'private sales' and other 'deals are limited in time' have always been part of the promotional techniques invented by retailers to increase the desirability of their offerings," noted experts LaSer, equal subsidiary group Galeries Lafayette and BNP Paribas Personal Finance specializes in marketing and customer relations."With the online business, these opportunities have continued to increase until the proposal Papercut extreme, proof that people are always looking for new shopping experiences and, for them, use n ' is never very far in the game "
This view is shared Olivier Mathiot, co-founder and marketing director PriceMinister. "The sales script 'flash' or other private sales makes shopping even more fun." He was convinced that the Internet boosts "impulse buying". "This media immediacy causes a sense of urgency that forces the user to decide very quickly. It recreates an environment conducive to the frenzy and excitement, "said Olivier Mathiot. PriceMinister also take account of this trend.
Bought by the Japanese Rakuten in June 2010, the site led by Pierre Kosciusko-Morizet draws its sales processes favored by the Japanese. It has well before mid-2012 to implement his concept of "shopping marathon", an event that lasts 30 hours and is conducted twice a year in June and December. "Ten merchants in the same sector, such as fashion or food, offering users a selection of products at bargain prices, and product category changes every hour," explains Olivier Mathiot. This visit a huge success. "The turnover of Rakuten in Japan grew by 150% during these periods," says co-founder of PriceMinister faxless payday advance.
"Everyone wins"
"Everybody is up with this kind of promotional offers," says one at eBay, the specialist in online auctions."The customer is doing well and the merchant increases its visibility while achieving dramatic sales volumes in a timely manner." In order not to miss the boat, eBay launched in early October its "Daily Deals", inspired by the "daily deals, "such sales 'flash' already well proven in Britain and Germany. For one day, merchants offer discounts on products theme, depending on the season and current events. Like Papercut and his concept of 'speed dirty' in Sweden, eBay distills the game in the act of purchasing: "Auctions are the adrenaline and that's what consumers are looking for. The evidence, from 20 to 25% of people who come to our site looking for auction, "says eBay.
Of adrenaline to the frustration, there is a site that has taken Swedish Papercut cheerfully. "The frustration is part of the game and users know it.If the sale is concluded, the satisfaction is increased tenfold, "Marc Lolivier analysis, managing director of Fevad. However, the practice of selling 'flash' requires good organization. Beware of stock-outs that could raise the ire of consumers, while retailers would pay back customers who have already paid for their order. Here, no one would gain.
E-commerce: the bar crossed the 100,000 sites by 2012
Internet sales continue to take their game in a morose for household consumption in France. The turnover of e-commerce sites has reached 17.5 billion euros, up 20% from January to June, according to the Federation of e-commerce and distance selling (Fevad). Nearly 20,000 new commercial sites have been created, an increase of 28%, bringing to nearly 90,000 the number of active sites in France."The bar of 100,000 sites could be reached by 2012," said Fevad. In the first half, the areas of fashion clothing and Tourism signed the largest increases in turnover (+16%), far ahead of the high-tech products (8%) and sales professionals (+ 5%).
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Revolution in Clermont-Ferrand. To conquer China, Michelin, the tire specialist high-end, the gum is in the low-cost. The manufacturer yesterday signed a definitive agreement with two Chinese groups to create a joint venture that will produce and market products for passenger cars and light trucks under the brand Warrior. The principle of this agreement was announced in April. It must still be approved by the Chinese authorities.
The new company is 40% owned by the French and 60% by local partners, Double Coin and Huayi. The plant, under construction, will be located in Wuwei, about 400 kilometers west of Shanghai. The project, costing about 390 million, is intended to eventually produce 15 million tires per year, for the Chinese market.The operation was hailed by the Paris Bourse, where the title Michelin jumped 5.3%.
Double in size
The group, whose main production facilities located in markets "mature", had already started the construction of three giant plants in China, Brazil and India. In the Middle Kingdom, where it is installed since 1988, the company has four factories and employs over 6000 people.
Michelin, who wants to double in size in developing countries by 2020, up particularly in Asia, where he says the market should grow by 9 to 10% annually over the next few years. In the first half, he realized, however, still 75% of its sales in Europe and North America.
To succeed in Asia, including China, the French had no choice but to face the players in the middle and entry-level, such as the Korean Hankook, which hold 40% of the world.And that growth has come at the expense of leaders Bridgestone, Michelin and Goodyear. Between 2004 and 2009, global market shares of French are well past 19.4% to 15.5%. "It is very important to have a presence in this niche" of low-cost, recently explained Jean-Dominique Senard, the new managing partner of the group. "We can not leave the field open to our Asian competitors, more and more aggressive." Michelin will instead expand the availability of its distribution network in order to "meet all customer demands." So far, "we were not able to do so profitably," says Jean-Dominique Senard.
Prior to the signing of the agreement, Michelin Warrior Tire already manufactured at its plant in Shanghai Double Coin brand which had given him to use.The French had created a joint venture with the Chinese group in 2001 which he had bought the shares in 2010. The goal now is to dedicate the site of Shanghai to the Michelin brand, and "to increase greatly the production of the Warrior brand" with the new joint venture, said Bibendum.
Relations with Double Coin had not always been in good shape, since 2007, Michelin had accused its Chinese partner to produce in its plants counterfeits of its truck tires.
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Surf the Internet at home while monitoring its consumption. The 64% of French people connected to broadband Internet via a box, are not used. Yet they should consider this option. According to an information site Owni, operators in considering the effect of limiting access to the fixed Internet to deal with a network saturation.
The thinking has already begun by the operators, with the French telecoms and consumer groups. The idea of a limitation of the offers is suggested in a paper dated July 21, which summarizes the ways to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.
As the mobile
Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to the sector to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.
The reason given for the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.
French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.
"Unacceptable"
If operators say consumer groups adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".
In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.
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A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.
This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.
Confirmation of the Plan 2015
The insurer stands in relation to banks about the impact of the Greek crisis on its accounts no faxing payday loans. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state.
In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.
If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.