US & World News

Vivendi SA and Discovery Communications are among the five groups competing invited to submit an offer for the number two Polish TVN media, said on Tuesday sources close to the situation.

"Discovery and Vivendi have been contacted by ITI (the largest shareholder of DTV)," he told Reuters one person familiar with the discussions. "The transaction is expected in the first quarter of next year."

Another source confirmed this.

Vivendi declined to comment on newspaper articles that were already state of his interest in the Polish group.

DTV has a market capitalization of $ 2 billion (1.4 billion euros).

Peabody Energy has teamed up with ArcelorMittal to submit an offer of $ 5 billion on the Australian Macarthur Coal, the world leader of pulverized coal.

A 15.50 Australian dollars per share, the offer exceeds 40% of the closing price on Monday (11.08 Australian dollars).

ArcelorMittal and Peabody confirmed Monday mid-day for submitting a joint bid to the board of Macarthur.

The coal market is currently very healthy, especially because of the increasing demand for raw steel.

Macarthur has been the subject of a takeover battle between candidates in 2010 and had then agreed to enter into discussions with Peabody that had made the best offer at 16 Australian dollars per share.

The talks had ended when Peabody had lowered its offer, due to the government's decision to impose stronger Australian industries of coal and iron ore.

For its part, ArcelorMittal is already the second largest shareholder of Macarthur, with a 16.2% stake.

The largest shareholder, Citic Resources said it would consider joint bid ArcelorMittal-Peabody, which is subject to the approval of regulatory authorities and the meeting of 50.01% stake in Macarthur.

"The board makes no recommendation on the proposal, but will seek to discuss with ArcelorMittal Peabody and the issues of prices and conditions," Macarthur said in a statement.

France has nearly one million over-indebted households. A phenomenon that the government is unable to control. Explanations. Compared to other countries, French law is more protective for borrowers, especially on revolving loans or mortgages.

Indomitable scourge. Over-indebtedness in France grew visibly despite the maelstrom came the legislative framework in recent years. According to the French Federation of Associations Cresus (Regional Chamber of social debt), more than 900,000 households were in serious debt in late 2010. A number expected to reach one million by the end of the year. In the first half 2011, they were some 106 000 to file an application to the debt commission, or 12% more than last year."A record of debt is registered in France every three minutes," says the report, released Friday by the Tribune. On average, this issue amounts to 45,000 euros depending on the Bank of France, an amount much higher than in other European countries. How to explain this phenomenon, however, that policies seem to want to halt at all costs? Explanations.

Why does the debt continues to rise?

The crisis, it still. The causes of debt are found especially the deterioration of the purchasing power of households, followed far behind by the accidents of life (divorce, unemployment etc.). Thus, according to the Cresus, cash loans (telephone, electricity, the consumption credit) to cover the cost of everyday expenses represent 87% of over-indebtedness. The middle classes in particular seem more vulnerable: "They have a very heavy burden.Their kids do not have a scholarship. We must now borrow for education in all schools. It costs money. So they must have access to credit, but very often when they have taken loans and are unable to repay, they réempruntent, "said the site of Europe 1, Jean-Louis Kiehl, president of the Federation of Cresus associations. A situation more delicate than the middle classes generally have no access to welfare or housing benefits. Other at-risk population, the elderly, "who come to the aid of their children, borrow, take funds to help kids. (…) And it creates dramas that are tragic, "complained Jean-Louis Kiehl yet.

There is no legislation that regulates the debt overhang?

Indeed, this is a problem that governments are committed to resolve.Lagarde Law Reform consumer credit is the latest example. Specifically, the law's purpose is to enhance consumer protection by increasing the obligations of banks. Pre-contractual information clear and legible, the prohibition of misleading advertising too good, the evaluation of the creditworthiness of the borrower … since May 1, credit institutions can not afford anything and everything in the granting of credit. These also are exposed to significant fines if they do not respect their commitments. For Cresus However, this reform would be inadequate, too complicated and in some ways impractical. The regional network calls, in particular to end the system of assessing creditworthiness based on the declarative.It also calls for the government to create a positive file listing all the loans taken by individuals, prior to the presidential election. Today Lagarde Law only stipulates the obligation for banks to check the file with payment before granting a loan

What to do?

Strengthen legislation again and again … "Today there are people who have a salary, says Jean-Louis Kiehl, and took credit without that we have checked earlier if they had not already six or seven credits. Banks when are indebted to someone say it was not. " However, if the trend is great to attack only credit institutions to explain these failures, you have to keep right.Compared to other countries already, the French legislation is much more protective for borrowers, especially on revolving credit or mortgage, very few practiced by banks. In addition, some situations are inherently impossible to predict. This applies to the person who borrows money from a funding agency, loses his job, and finds himself in a few months unable to repay his or her loans.

Should we worry about this?

Difficult to answer that question without falling into schizophrenia. From a purely macroeconomic perspective, the level of indebtedness is not indicative of the average debt of the French, in fact much lower than in other European countries (70% against 83% for the euro area).But this is not necessarily a good thing when the economy is doing well: a high debt ratio helps because consumption and therefore growth. The right slider is finally a high level of debt but which allows borrowers to remain solvent. Finally, the tragedy of over-indebtedness in France can be understood as follows: "It is proof that the country become poor, and structural unemployment (long term) may be moving beyond cyclical unemployment. It is in this meaning that these figures are devastating. Redistribution of wealth does not work, "concludes Eric Heyer, an economist at the OFCE.

Wall Street opened up Thursday after the publication of figures much better than expected on the employment front.

In early trade, the Dow Jones gained 0.56% to 12,696.48 points, the Standard & Poor's 500 progressed from 0.84% ​​to 1350.51 points while the Nasdaq Composite advanced 0.81% to 2856.95 points

According to the monthly survey released Thursday ADP, 157,000 jobs were created in the U.S. private sector in June, while economists polled by Reuters had expected only 68,000.

The weekly jobless claims have on the other hand decreased by 14,000 last week to the United States, far more than expected.

Values, NYSE Euronext took 2.27% in the wake of its shareholders vote in favor of the merger with the exchange operator Deutsche Börse.

Amazon progressed by 1.25%, surpassing Apple up 1.12% after a U.S. judge dismissed the Apple brand, which wanted to prevent Amazon.com from using the name "App Store".

YGM Trading distributor plans to acquire European luxury brands to expand its portfolio in China, a promising market that may well become the first in the world within 10 years.

YGM, which already holds licenses on Aquascutum Asia and the French brand Guy Laroche, said Tuesday aimed unlisted companies, European, preferably already in the Asian market.

"We really think our strength is in Asia, and is a growing market," he told Reuters its CEO Shirley Chan.

Immediately after the announcement, the action group YGM – with a market capitalization reached $ 435 million (300.4 million euros) – has jumped from 9.3% to its highest since December.

Distributors and YGM Trinity covet such European brands as increased purchasing power of Chinese consumers grows to turn to foreign luxury brands, while in China soaring rents and labor costs is a challenge major sector development.

YGM, which distributes men's suits, evening dresses and leather goods from a range of brands including French, Charles Jourdan, but Ashworth, and J. Michel ReneLindeberg, said he wanted to expand "more aggressively" in China in coming years.

According to analysts, YGM has an ample cash to engage in acquisitions, or 54.85 million dollars last fiscal year, nearly double the previous year.

Last week, YGM has reported an annual profit increase of 42.4% for the fiscal year ended in late March, to 36 million. Buoyed by strong demand in China, its sales came out up 16.4%.

The majority party starts on Tuesday an agreement on social reconstruction. The legal work will again divide the participants. The head of the UMP Jean-Francois Cope (here at a meeting in Paris in March 2011)

Again, waving a red rag to a removal of 35 hours in 2012, the former Minister Herve Novelli has revived a debate that divided the ranks of the UMP and calls into question the system of overtime, a key measure of the review of Nicolas Sarkozy.

As was quick to say so himself very liberal deputy secretary general of the UMP, it is for the time that a proposal of his party, to be discussed Tuesday at its "convention on social reconstruction. " Certainly not a "Presidential arbitration."

But still.Suggesting that the right could "go further" on the foreheads of 35 hours, the voice of the liberal wing of the UMP has seriously shaken his camp. "We propose that working time is part of the negotiation, industry or business, rather than being fixed by law," he said Saturday in the World.

On that front, Hervé Novelli is a repeat offender. Last winter, with the Secretary General of the UMP Jean-Francois Cope, he once launched into the pool for the majority of the pavement removal of the statutory working hours and some of the exemptions from linked to 35 hours.

Labour Minister Xavier Bertrand replied that they had while raising the legal working time would supersede the overtime tax-free and positive effect on purchasing power.Laurent Wauquiez and his colleague had warned against reforms that would "on the back of the middle class."

In January, Nicolas Sarkozy was buried, temporarily, the hatchet by recalling that "35 hours are no longer uniform and mandatory." Above all, he had set two conditions for those who want to permanently remove the card: "Do not touch the purchasing power of employees" and "not to weigh on business competitiveness." For the sake of appeasement, the head of the UMP and his deputy had decided to put their proposal in parentheses.

With less than a year of presidential, they decided to highlight boxes … Just after the opening match of the patron saint of the PS and "lady of 35 hours' Martine Aubry in the primary socialist. To meet the constraints of the fight against deficits, Jean-Francois Cope has pointed out that this time 35 hours costing 12 billion euros per year."We will not take the blow," he said. And to prevent the end of exemptions will increase the cost of labor, he emphasized the need to open "the site of the financing of social protection" by transferring the burden of the end of 35 hours on VAT or CSG , Hervé Novelli dixit.

Despite these precautions, the Elysee them opposite end of the same refusal. "There is no question of removing 35 hours, we want more purchasing power for the French," repeats it in the presidential entourage. "The UMP can say what she wants, if the President decides to stand, it is he and he alone, decide on its program." Elected in 2007 on the promise of being the "president of purchasing power," Nicolas Sarkozy knows – he often reminded – that overtime is one of the few achievements of a delicate balance in this area. Ségolène Royal (PS) has not taken wrong."Reaching the 35 hours (…) it would mean that Nicolas Sarkozy, who was elected on the 'work more to earn more', today we would do the" work more to earn less, '"she mocked Monday.

The Tokyo Stock Exchange closed up Friday, thanks to positive U.S. data – the Chicago PMI in particular – and the relief felt vis-à-vis Greece which is thought to prevent a default.

The Nikkei gained 51.98 points (0.53%) to 9,868.07 and the Topix, broader took 4.64 points (0.55%) to 853.86.

The Nikkei has ended a little above its closely watched moving average of 200 days of 9866.86.

The quarterly Bank of Japan on the sense of enterprises (Tankan) had a limited impact on the Exchange. However, investors are relieved that the recovery is expected in the coming quarter.

Values, the bank Mitsubishi UFJ Financial Group gained 2.05% to 398 yen.The Nikkei financial daily writes that the bank has increased its stake in Morgan Stanley to 22.4% by converting its preference shares into ordinary.

The Nikkei adds that this transaction will result in more than 200 billion yen ($ 2.5 billion) profit for the quarter April-June.