"In the second half, the impact on the luxury industry of the economic challenges the world faces and the high comparison base to which the measure group sales we suggest caution," said Johann Rupert, the chairman CEO of world number two luxury.

"Given the performance achieved to date, and despite these challenges, the operating profit of the year should be significantly higher than that of 2010-2011," he added.

Even as Richemont is known for prudent forecasting, these words echo the comments of all other major luxury groups, which have recently published quarterly defying the economic crisis.

Last week, the leather Hermes said he was hampered in its growth by its production capacity which does not allow it to meet demand, given the popularity of its handbags and famous silk scarves.

Mid-October, LVMH had also published quarterly strong despite the vagaries of the economy.

The euro area has suddenly plunged into turmoil Tuesday after the surprise announcement of a referendum in Greece, Prime Minister George Papandreou playing his all facing strong internal opposition, the risk of default in payment of his country .

Around 1:45 p.m., here is what the state of European stock: -5.07% for the CAC 40 in Paris, -5.32% in Frankfurt, -6.26% in Milan, -3.09% in London .. . To monitor in real time here.

After the lull that had received the results of the EU summit last Thursday, which gave birth to a debt reduction plan for Greece, the announcement of a referendum in Greece has "taken the market by surprise and shocked," said the broker IG Markets in Paris.

According to a government source, the referendum, the first organized in the country since the one that abolished the monarchy in 1974, will speak "about January."Papandreou had raised vertiginieusement setting, wondering if he had at least warned its major counterparts, first and foremost the German chancellor Angela Merkel.

In Paris, the French presidency announced that the head of state Nicolas Sarkozy would call Merkel in mid-day.

For political scientist Nikolapopoulos Ilias, this gamble is a decision potentially "suicidal for the country," jeopardizing the delicate negotiations that began after the Brussels agreement with the holders of private debt to Greek they erase nearly a third cheaper for them a loss of 50%.

"It adds to the uncertainty, which is never good for markets, wondering if all the scaffolding assembled by the euro area may collapse if 'no' to the referendum," commented echoing Michalis Matsourakis, chief economist at the Greek bank Alpha Bank.

He said Mr.

The turnover of the world's number one industry, owner of Louis Vuitton leather goods, Hennessy cognac and Christian Dior perfumes, rose 17.6% in the third quarter to 6.01 billion euros, higher than the consensus of analysts polled by Reuters (5.8 billion).

Organic growth for its part maintained at 15%, as in the first half, while analysts expected a slowdown to 12.5% ​​and the comparison base last year was already high (14%) .

"The numbers are good, they show that the industry does not undergo the expected slowdown," said one analyst who requested anonymity.

After last week Burberry, LVMH confirms the strength of the luxury sector the slowdown in mature economies, driven by tourism flows in Europe and an application that does not weaken in the high-end department stores in the United States.

At the Paris Stock Exchange, after opening slightly down, the title LVMH sells 1.8% to 111.40 euros by 10:05, in a market down 1.7%.

Having been overtaken by fears of recession and slowdown in the Chinese engine, the values ​​of luxury have suffered a significant stock market correction in late September, before regaining lost ground, with the general recovery of the markets.

To date, the limit value share of 7.8% since the beginning of the year, compared with a decrease of 15% for its rival Swiss Richemont, but increases of 12.3% for Burberry or 16 % for Tiffany.

DECELERATION IN WINES AND SPIRITS

On the sidelines of Paris Fashion Week ready-to-wear at the beginning of the month, industry leaders have also said they see no signs of slowing demand in the third quarter.

Still, many analysts expect a slowdown in the global luxury goods market in 2012 and have already revised down their forecasts for growth for luxury groups for next year.

"Sales growth continues to be strong in Asia, Europe and the United States, while Japan sees a return to growth," said LVMH in a statement.

With these figures, the group's "confidence" for the full year 2011, without elaborating on its expectations for sales season, a crucial period for the sector.

He also indicated it will pursue a policy of targeted geographic expansion "in the most promising markets."

The fashion and leather goods division saw its organic growth accelerated slightly to 15% over nine months after 14% in the first half, driven by Louis Vuitton nugget.The latter mark, the main profit center of the group, could have exceeded 15% growth estimated by some analysts (LVMH never disclose the figures of Louis Vuitton).

The market is waiting for clarification during a conference call scheduled for 3:00 p.m. on any price increases that could be spent by the end of the year in the leather.

In contrast, sales of wines and spirits have had their organic growth decelerated to 11% over nine months and investors await guidance on inventory levels of distributors.

Sales of selective distribution (DFS, Sephora) have accelerated the pace with organic growth of 19%, while rate was slightly compacted in perfumes and cosmetics at 10%. Recent statements by Clarins to leave Reuters anticipate difficult year 2012 in Europe.

In watches and jewelry, which now include Italian Bulgari, growth remains very strong, like the Swiss watch exports to 26%.

The numbers of PPR, which owns Gucci, are expected on October 26 and those of Hermes (which LVMH owns 21.4%) on November 4.

Zoellick warned in an interview with Reuters that a new crisis is looming, while the budgets of many developing countries have still not fully recovered from the financial turmoil in late 2008.

He said the budgetary situation of more than half of developing countries deteriorated by about 2 percentage points of GDP since 2007, and over 40% of developing countries now have deficits exceeding 4% of GDP.

"If the situation continues to deteriorate, growth in developing countries may bend, the value of their assets could decline, and then their non-performing loans could rise," said Robert Zoellick.

"With these pressures and opportunities, we should expect to protectionist pressures (…), and a downside risk to the population," he added.

He said to continue to think that the economies of industrialized countries could avoid a double dip, but concerns are growing up in the event that these countries would not attack the problems head on.

"A crisis born in the developed countries could be exported to developing countries," he continues."Europe, Japan and the United States must act to address their major economic problems before they become larger problems for the rest of the world".

"Failure to do so would be irresponsible," he summarizes.

Inspectors from the International Monetary Fund and the European Union will hold a conference call Monday with Finance Minister Evangelos Venizelos to learn what steps will be taken Greece to meet its budget deficit in 2011.

And what a view to release a new bracket with a first bailout of eight billion dollars, an amount that Athens needs by October before being run out of money.

Papandreou has canceled a visit to the United States Saturday to dedicate himself to this task."The board must consider measures ranging from further job cuts in the public sector to new demands on pensions," said a senior government official.

The government attributed the deficit to a deeper recession than expected and decided to impose a new tax on real estate in hopes of gathering around two billion euros annually.

But the "troika", nickname for the inspection mission from the IMF, the EU and the European Central Bank (ECB), doubt that this one-time tax on and requires more information on how the government intends to s 'take to begin to redress the public accounts this year and next.

"The troika believes that the recently announced property tax alone will not bridge the budget deficit and press for action on spending or reduce the use and treatment of the public sector," said a second senior government official.

The formation of opposition New Democracy accuses the government to overtax the economy.Its leader Antonis Samaras called Saturday for early elections, saying that the policy takes no action despite the sacrifices required of the population.

"A renegotiation with our donors to stimulate the economy is a condition to get out of this crisis," he said Sunday at a news conference.

"NO ILLUSION"

The international lenders are also concerned about the lack of political consensus on measures to end the crisis.Thus the Conservatives, spurred by a growing popular discontent after two years of austerity, offer them tax cuts and measures for employment development.

Papandreou's Socialists have a majority in parliament, but political scientists say that the quarrels and disturbances may lead to early elections.

The international lenders are skeptical of the effectiveness of an ad hoc measures and tax increases.They are calling for urgent reform, privatization and a slimming the public sector.

In an interview published in the Bild am Sonntag, the German Finance Minister Wolfgang Schäuble said that Greece must have the clear mind about his future in the euro area and must have no illusions about its obligations.

"Belonging to a currency union is an opportunity but also a heavy burden. The measures to align its very difficult and the Greeks must decide whether to bear this burden," he said.

"No one should kid ourselves: without a positive assessment by the troika of the commitments of Greece, the next installment will be paid.So the Greeks must have numbers proving that they stick to the plan. "

The Minister of Economy Baroin recalled his part that the plan of aid to Greece was a loan, not a gift, save for the euro.

"The observers are in place, they continue their work.Greece knows what she has to do it we have said, she has commitments, she has duties vis-à-vis its creditors, it has the requirement to provide answers. "

In the meantime, the Greek newspaper Kathimerini writes that Greece intends to make the country's banks credit guarantees of up to about thirty billion to enable them to access the emergency stop of the central bank.

Excluded from the interbank market, Greek banks have become dependent on the ECB for their refinancing, borrowing in its operations in the money market, in exchange for guarantees in the form of sovereign bonds and other assets.

"We do not take over me again!" Arnaud Lagardère has responded to the video on Monday where he and his new bride, model Jade Foret, indulge in a languid photo shoot, which is the buzz on the Internet since July. "I can summarize it in one word: ridiculous! Had I imagined it was made for broadcast as well, I never would have accepted," says the head of the Lagardère Group. In a long interview with Les Echos, he answers those who accuse him of not very involved in his business.

"A boss atypical, so what?"

"I live with my band and since my childhood.It's always been my passion. I have personally invested in this company everything I have. Me to be the trial of a person who is too invested in his company who do not spend enough time, which ultimately consider it an asset like any other, this is like the video: ridiculous! "And he to go to affirm the importance of a private life successful." Maybe I'm an atypical pattern, so what? Being happy in his private life is certainly a source of balance for an entrepreneur. "

And as to support his statements and prove his good faith, Arnaud Lagardere and hold back the strategy of his group. In spite of disappointing interim results, he emphatically denied the rumor that the group would sell one of its four branches.He also says do not intend to separate from other assets, after selling its international Hearst magazines.

"Time of markets is not that of the company"

The cash from the sale should be reinvested in the four branches. And it could be used to "reward loyal shareholders," a share buyback or dividend exceptional. Knowing that the action of the group posted a loss of nearly 38% since the beginning of the year. "Our results were disappointing, I can understand that. But the time for financial markets is not the time of the company. To reconcile them, I know of only one strategy: long-term take its course."

Arnaud Lagardère is also planning to acquire "magazines in France." And an update on the group's strategy on the Internet."In our group there was a historical culture of the paper so ingrained that it was difficult to immediately turn the digital. This is clearly a disappointment. Nevertheless, we have a major advantage that our brands are positioned on high the most buoyant segments. This has enabled us to become the third largest Internet group in France. "

To a withdrawal of EADS

It evokes, finally, the future of its partnership with EADS. Lagardère should withdraw from the defense contractor and aerospace program as soon as the Airbus A350 to its subsidiary will be operational. Meanwhile, it reaffirms its commitment to take, as expected, the Chairman of the Board of Directors of EADS in 2012, which should be attributed to a French."When I say I am a candidate is of course because I want to, but because it has been decided and written in 2007 that I will be the nominee," says he.

And he concluded: "In ten years we will own 100% of our assets and will not be clear neither in aeronautics or in the press distribution abroad."

11:17: The Greek GDP could shrink by more than 4.5% in 2011 against 3.8% expected, announced Friday the Greek finance minister, Evangelos Venizelos.

11:08: The Paris Bourse reduced its losses to -1.81%. Bank stocks and shares most sensitive to economic conditions remain turbulent backdrop of fears of recession in the U.S. and doubts about the capabilities of bank financing.

10:47: China welcomes the "clear message" on the strength of U.S. Treasuries.Vice President Joe Biden, who is visiting Beijing to reassure his interlocutors on the economic health of the United States, sent a "clear message" on the strength of the U.S. Treasury, welcomed the Chinese premier Friday Wen Jiabao. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt. This will ensure the safety, liquidity and value of good Americans," said M . Wen receiving Biden.

The 10 figures to be taken on the stock market crisis

Stock market crisis: that investors may

10:31: The gold to a new historic high, at over 1,860 dollars an ounce for the first time.In the aftermath of Black Thursday, the yellow metal benefits from its status as a refuge from a new collapse of European stock exchanges.

10:19: The Hong Kong Stock Exchange closed down 3.08%

10:02: The London Stock Exchange fall by 3% and sinks below the symbolic threshold of 5,000 points in early trading, following its biggest fall for 3 years in a market still préoccuppé by fears the global economy and the debt crisis.

On the crisis across the Atlantic, read the survey: United States: the giant entangled

9:59: Banks again heckled.The banking sector, after plummeting yesterday, experiencing a very difficult early trading, BNP Paribas 3.77% drops to 32.95 euros, Societe Generale 3.33% to 20.87 euros and Credit Agricole 2.22 % to 6.09 euros.

9:49: The Paris Bourse widening its losses in early trade, financial stocks are once again very turbulent as fears of a recession in the United States and a drying up of funding for European banks remain high. Around 9:20, the CAC 40 index ceded 2.50% and back below the 3,000 points to 2,999.20 points. Bank stocks are again suffering the largest losses: to 9:30, BNP Paribas 2.37% ceded to 33.43 euros, Natixis 1.21% to 2.85 euros, Crédit Agricole 0.92 to 48%, 01 euros and Societe Generale 0.79% to 21.43 euros in a market down by 1.96%.

9:46: The same trend in other European marketplaces.The Madrid Stock Exchange opened down 1.09% at 8226.8 points on Friday. The Ibex-35 index of blue chips from the Madrid stock market plunged 4.70% to 8317.7 points. The London Stock Exchange retreated again the day after its biggest drop in three years. A few minutes after the opening, the FTSE-100 index lost 43.37 key values ​​points, or 0.85% over the closing Thursday at 5048.86 points, widening its losses soon after yielding 0 , 35% in early trade.

To understand the reasons of falling markets, also read: Banks are plunging stock markets

9:18: Asian stock markets into the red. They have also succumbed to the new wave of concerns about global growth, while gold, a safe haven, set a new record. Sydney closed down 3.51% and Seoul plunged 6.22%. Hong Kong lost 2.62% and 0.98% Shanghai shortly before closing.Oil also changes sharply lower. In trade in Asia, a barrel of "light sweet crude" lost $ 1.05 to 81.33 dollars. Gold continued to cross the records on the rise, playing its full role as a refuge. The yellow metal rose Friday morning at 1,837.50 Hong Kong dollars an ounce, after crossing the threshold on the eve of the unprecedented 1825 dollars.

9:09: The Milan Stock Exchange opened down 0.30% to only 14,926 points, after collapsing the day before closing on a decline of 6.15%. And Swiss stock exchanges fall -2.60% at 9:34 local, half an hour after it opened down slightly from 0.61%.

8:17: The Tokyo Stock Exchange closed down 2.51%, carried by the wave of international concerns about a slowdown in global economic activity and a victim of the subsequent increase in the price of yen.The Nikkei 225 index of blue chips still sold 224.52 points from its closing price on Thursday to appear at 8719.24 points, a level it had not fallen since March 15, at Following the terrible earthquake four days ago in the northeast of the archipelago.

The movement continues unabated. Last Saturday, more than 100,000 demonstrators marched to shouts of "the people demand social justice" in Tel Aviv and several other Israeli cities. It is the largest social movement in Israel in four decades. Religious and secular, Jews and Arabs, members of the Likud and the Labour Party … The whole middle class is united in protest against the rising cost of living, the result of a market controlled by a few families . And every day, the movement is growing.Latest to join the protest, the taxi drivers came Thursday. The adoption by Parliament Wednesday a law on housing by the government has not met the protesters calling for a mass demonstration on Saturday in Tel Aviv after the sanctity of the Sabbath rest. This is probably the moment of truth for the "revolt of the tents," launched in mid-July.

Click here to find the slide of the Express. Fr

Swiss prices for wages Greek

It all started with the cheese. While the price of the basic ingredient of Israeli breakfast is climbing, a boycott on Facebook in June was successful: the government has asked milk producers to lower their prices. Building on this success, the boycott was extended to other products such as diapers, cereals and olive oil.In fact, the Israelis are facing high inflation, which is expected to grow 4% this year and forcing the central bank to raise interest rates 10 times since 2009.

Result, the Israelis spend each month two to three times more than people in developed countries, while revenues are lower, according to a study of daily Globes, cited by Slate. Even chains like Gap and H & M sells 15 to 30% more expensive than elsewhere in Israel, according to The Jerusalem Post.But if the price increase should slow down to below 3% over the next two years, the electricity should continue to burn because of the problems of supply of Egyptian natural gas.

Unaffordable housing

If the grumbling began with consumer products, the focus shifted in July to housing prices, when a student has pitched his tent in the center of Tel Aviv to proclaim his distress face high rents. His initiative has spread like wildfire, so much so that today there are tent camps in most cities.

For the stone blazes in Israel. In one year, prices rose by 32% in Tel Aviv (64% since 2008), and 17% in Jerusalem, a trend that is reflected across the country and bar the access of young couples to property, their wages stagnant.That, while there is a park of 150,000 unoccupied dwellings whose owners are often foreign Jews. Rents are to match, a family apartment easily reaching NIS 5,000 (1,000 euros) per month, or more than the minimum monthly wage, which has been revalued to 4100 shekels (820 euros).

How to explain the shortage of housing? If the demonstrators are reluctant to highlight the thorny issue of subsidy for housing in the occupied West Bank, it is clear that this policy was at the expense of real estate projects in Israel. A report by the Israeli Peace Now, 15% of the national budget of the construction is dedicated to the development of settlements in the West Bank, while the territory has only 4% of the Israeli population.

Increasing inequality in a growing economy

The paradox is that the Israeli economy is doing well. Since 2004, the growth rate of the nation start-ups and high tech is 4.5%. In addition, the country can boast of having escaped the financial crisis in 2008 thanks to a strict banking regulation credits. This year, growth should be 4.8% and unemployment fell to 6%, its lowest in 20 years.

Beyond the rising cost of living, the protest is therefore more generally on the concentration of the national wealth in the hands of a small class and the aggravation of social inequalities. A recent study by the Bank of Israel, eighteen families and individuals alone control companies that generate half of GDP.These family groups as NOHI Dankner (insurance, airlines, supermarkets, mobile phones, television), Lev Leviev (diamonds, real estate, television, fuel), Shari Arison (banks, highways, real estate).

On the other side of the social ladder, the middle class continues to become poor. An official study published in November estimated that nearly a quarter the percentage of Israelis living below the poverty line in 2009, an average monthly income of less than 3,630 shekels (740 euros). Involved, drastic neoliberal reforms carried out since 2003 by the Minister of Finance Benjamin Netanyahu, with the key to a sharp drop in taxes, the overhaul of the pension system and health insurance, privatization of certain public and most massive cuts in public spending and particularly in the allocations.What draw a line under the socialist model and egalitarian kibbutz pioneers.

While these reforms have helped the country out of recession caused by the bursting of the high tech of 2000, but they have plunged many families into poverty. This is why the protesters up in arms today against "savage capitalism", in charge of growing inequality but also the degradation of public services, particularly in the field of health and education. Thousands of doctors, on strike for over three months, such as pat denounce the lack of doctors in the public system and low wages. And thousands of mothers took to the streets Thursday by pushing their prams to speak out against the cost of registration "abusive" in private kindergartens.

Barack Obama announced late Sunday night that the Democratic and Republican leaders had agreed in extremis on raising the U.S. debt ceiling, spreading the risk of the world's largest economy in default of payment.

If MPs approve the plan for reduction of 2,400 billion public spending over ten years will reassure investors, businesses and consumers while we spoke of a new collapse of the U.S. financial sector.

But the threat of a loss by the U.S. of triple A remains with the risks involved for the cost of financing, and the prospect of further reductions in spending offers no occasion for celebration.

"It will have minimal impact on the economy. There will be no decrease in spending over the next two years, which raises the question whether they really occur," responded Peter Morici, Professor of Economics at the University of Maryland.

For many observers, the reduction of public spending is the last thing the United States need right now.

ECONOMY IN NEUTRAL

The first figures of U.S. GDP in the second quarter, released Friday, has stunned economists.Statistics showed that the United States had grown by 1.3% annualized, instead of the expected increase of 1.8%.

The surprise was even worse than the performance of the world's largest economy over the first three months of the year was revised down sharply, showing that it came close to contraction in the first quarter, releasing painful growth 0.4% annualized rate, against 1.9% previously displayed.

The threat of a relapse of the economy has allowed the Republicans and Democrats agree on one point: the decline in public spending to reduce deficits should be gradual.In fact it will not begin until 2013.

Speaking to reporters Sunday night, President Barack Obama said the first phase of reduction of expenditure, estimated at 917 billion dollars would not be "sharp as to constitute a brake on the economy."

Some 1,500 billion dollars in savings will be defined by a bipartisan commission of Congress, leaving open the question of whether the U.S. has the political will to reduce their debt once and for all.

According to Troy Davig, an economist at Barclays Capital, said the agreement would reduce government spending only 25 to 30 billion dollars during the first year, which could undermine economic growth by one tenth of a percentage point.

"This is not a major obstacle to growth, but when the economy grew by only one and a half, many economists believe that this is not the right time to make budgetary control.We are moving from an overwhelming support for the economy to a control mass. "

Reductions faster and larger the mat could have sent a faltering economy made by high oil prices, bad weather, the earthquake in Japan and depression that is still on the property market.

There's another week, a new plan to support the economy was mentioned, for example through the extension of tax exemptions for employees and employers.

These proposals appeared Sunday to have disappeared from the preliminary agreement.The bipartisan commission, which is to propose new spending cuts by November, however, could return to this issue.

Nervousness

Certainly, some relief may seize the entrepreneurs and consumers, since their taxes should not rise and the worst-case scenario was avoided.

On several occasions, the Obama administration has warned against the chaos that would result from failure to raise the ceiling by Tuesday the U.S. debts.

This anxiety was added to the concerns of many consumers already worried about their future, encouraging them to slow their spending.

The automotive industry has seized the opportunity of the publication of its results to emphasize that the indecision of U.S. households was evident in sales.

This reluctance was also felt in the real estate market with the announcement of a significant increase in June the number of cancellations of sales commitments.

But the peace may be short-lived.By Friday, the employment figures should remember that the unemployment rate continues to prance to 9.2%, according to forecasts by economists polled by Reuters.

The budget deal "does nothing to restore the confidence of households and businesses," said Mohammed El-Erian, CEO of the giant PIMCO bond investment.

"Unemployment will be higher than it would have been otherwise, the lower growth than it would otherwise have been and inequality worse than it would otherwise," he said on ABC television.