Coping with the Crisis

Transcription

1 American Chamber of Commerce in France N 78 - Winter 2010/ In this Issue President's Council Profile: NYSE Euronext Coping with the Crisis Featured Region: Côte d Azur-Monaco The Effect of the Crisis on: - Executive Mobility - Real Estate - Corporate Travel - The Art Market - Entertainment - Business Schools - Human Resources - U.S. & French Legislation - and more Echoes from the Chamber Task Force Portrait: The Entrepreneur Task Force Regional Chapter Updates Events In the AmCham Archives

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3 American Chamber of Commerce in France N 78 - Winter 2010/ In this Issue Presidents Council Profile: NYSE Euronext Coping with the Crisis American Chamber of Commerce in France COMMERCE IN FRANCE N 78 WINTER 2010/2011 Featured Region: Côte d Azur-Monaco The Effect of the Crisis on: - Executive Mobility - Real Estate - Corporate Travel - The Art Market - Entertainment - Business Schools - Human Resources - U.S. & French Legislation - and more Echoes from the Chamber Task Force Portrait: The Entrepreneur Task Force Regional-Chapter Updates Events In the AmCham Archives Commerce in France is published four times yearly by the American Chamber of Commerce in France, 156 boulevard Haussmann, Paris. [email protected] Web site: Ph: +33/ Fax: +33/ Directeur de la publication : Marina Niforos Editor: Shari Leslie Segall Numéro de Commission Paritaire Subscription: Yearly, 60. Per copy, 15 Régie publicitaire : F.F.E. 18 Avenue Parmentier PARIS Tél. : Fax : Responsable de la publicité : Benjamin Sarfati Tél. : [email protected] Responsable technique : Aïda Pereira Tél. : [email protected] Conception & réalisation maquette : Valérie Mounier - The views expressed in the articles in Commerce in France represent those of their authors and not necessarily those of the Chamber. They have been edited to meet the publication s house style. Reproduction rights available on simple request. Les informations fournies dans cette publication ne peuvent en aucune manière engager notre responsabilité. Au cas où une erreur se serait glissée dans notre présentation, nous remercions nos lecteurs de nous en faire part, de façon à ce que nous puissions émettre un rectificatif lors de notre prochain numéro. Marina Niforos Managing Director +33/ [email protected] Vancheng Khou Events and Administrative Manager +33/ [email protected] Francesca Hansen Marketing and Communications Manager +33/ [email protected] Shari Leslie Segall Editor +33/ [email protected] 04 Editorial - Marina Niforos, AmCham France Managing Director Coping with the Crisis 06 Chronologie de la crise - Jean-Luc Barlet (mazars) 07 Managing the Crisis with a Long-Term View on People and Business Joe Schott and Nicole Lopez (Euro DisnEy, s.c.a.) 08 Comment Sotheby s s est adaptée au nouveau contexte créé par la crise économique - Guillaume Cerutti (sotheby's) 10 The Impact of the Financial Crisis on the Paris Residential Real Estate Market - Interview with Karl-Heinz Schabmüller (Khs) 12 Blue-Chip Business Travel Management Spells Bottom-Line Gains Douglas Anderson (Carlson wagon lit) 14 The Financial Crisis and the Response of Business Schools Mark Thomas (grenoble EColE DE management) 16 The Effect of the Economic Crisis on Expatriation Policy - Michel van Riel (Crown) 18 En temps de crise, mobilisez votre capital humain - James Dillon (EmErging step) 21 Leçons de la crise : vers une régulation européenne? Le rôle des auditeurs dans la chaîne de confiance - Jean-Luc Barlet (mazars) 22 The Dodd-Frank Wall Street Reform and Consumer Protection Act: an Overview - R. Kenneth Lindell (rk lindell ) 24 La régulation des marchés financiers pendant et après la crise : spécificités françaises - Dr. Amir Rezaee (isg) 26 European and French Legislative Reforms in Response to the Crisis Dana Anagnostou (KramEr levin naftalis & FranKEl ) Featured Region: Côte d Azur 28 R&D : Niche ou réel marché de croissance pour les investissements internationaux en France? Philippe Stefanini (team CôtE D azur) 28 CCI des Alpes de Haute-Provence - Jean-Paul Déo (CCi DEs alpes DE haute-provence) 29 Sécurité et sûreté et développement durable de la mer et du littoral : l innovation au cœur de l excellence territoriale - Patrick Baraona (pôle mer paca) 30 NuSil Technology LLC: from the Pacific Ocean to the Mediterranean Sea Patrick Peignot (nusil technology EuropE) Featured Region: Monaco 31 Attirer et développer les entreprises en principauté - Michel Dotta (CDE) 32 Jeune Chambre Internationale - Marina Mazza (JCi) 33 International University of Monaco - Charlotte O Leary (ium) Echoes from the Chamber 34 Task Force Portrait: The Entrepreneur Task Force 35 New Members 36 President's Council 36 Members 37 Logos 38 Profile: NYSE Euronext - Andrew Brandman (EuronExt) 40 Regional Chapters 40 Côte d Azur-Monaco Alsace-Lorraine 41 Rhône-Alpes Auvergne France Nord 42 Midi-Pyrénées Marseille (MAABN) 43 Events 45 In the AmCham Archives France members are indicated throughout in bold. Commerce in France N 78 Winter 2010/2011 3

4 EdITORIAL Innovating for Growth by Marina Niforos, AmCham France Managing Director Staff Notes We are dedicating this issue of Commerce in France to the ongoing and protracted economic crisis. Both France and the United States are laboring under the strains of a general economic and political malaise, accompanied by rising social tensions. Since arriving at AmCham at the beginning of September, I have witnessed the French administration facing considerable opposition to its efforts to reform the retirement age, and I saw President Obama s Democrats suffering widespread electoral losses, signaling popular anxiety in both countries over future economic prosperity. Both France and the United States are grappling with the underlying questions concerning the evolution of their respective economies as they emerge from this recession, particularly in the face of the challenge presented by the rapidly growing emerging economies. How do we remain competitive? is the fundamental question in the minds of policymakers and business leaders alike. As both sides of the Atlantic struggle to move forward, there are lessons to be learned from the downturn. The economic squeeze has forced companies to find creative solutions to keep their businesses healthy: eliminating excess, leveraging resources, identifying synergies and finding new axes for development. In short, the recession has pushed companies to innovate. Here at AmCham, we understand this imperative, and are innovating as well. As the preeminent organization for Franco-American business relations for more than 100 years, AmCham has had to evolve to keep its strength and relevance for its members. So we are now taking steps to bring our association into the 21 st century, addressing transversal issues that are increasingly important for our members and leveraging the outstanding network of our members and strategic partners to our collective advantage. Under the guiding principle of Innovation, we will be launching a series of new initiatives and improving existing ones. New task forces in Energy, Sustainable Development and Green Business; Talent Management and Skills; Aerospace, Defense and Security; Healthcare and Life Sciences; Corporate Social Responsibility; Women in Leadership, and others will complement existing ones. These are but a few of the vehicles we propose for facilitating access and knowledge sharing within our community. We will solicit the active input of our members to ensure that our future direction is anchored on their strategic interests. Looking to the future, we aim to ensure that we act as a conduit where the innovation process can take place to fuel our members growth. We ask you to join us in this effort and together help define how AmCham can best serve your business needs. AmCham France would like to thank Michelle Barton for the excellent, enthusiastic job she did as Marketing and Communications Assistant especially for her invaluable help with Commerce in France. We wish her the best in her new Brusselsbased position as Protocol Assistant to Ambassador Ivo Daalder of the U.S. Mission to NATO! We welcome Francesca Hansen, Marketing and Communications Manager: Formerly a public affairs consultant, Francesca holds a BA in International Relations from Johns Hopkins University, an LLM in Islamic Law from SOAS (University of London) and a Master s in Affaires Internationales from Sciences Po Paris. Immediately before coming to AmCham, Marina served as Director for the Diversity and Leadership Center of Excellence at INSEAD, where she created and developed the Center s academic and outreach activities, negotiated strategic partnerships including with the World Economic Forum and the World Bank and raised funds for the Center. Before that, she worked for the Pechiney Group in corporate-strategy and corporate-venturing functions. Prior to coming to France in 1998, Marina spent five years with the World Bank Group in Washington, D.C., managing the relationship with country borrowers. She holds a seat on the Advisory Board of the Healthcare Business Women s Association and is a co-founding member of the European Network for Women in Leadership (WiL). Marina is a summa cum laude, Phi Beta Kappa, graduate of Cornell University in Government and International Relations and holds a Master s in Government Administration from the University of Pennsylvania and a Diploma in International Relations and European Studies from the Paul H. Nitze School of Advanced International Studies. In 1999, she obtained her MBA from INSEAD. And our gratitude goes out to longtime AmCham Events and Administrative Manager Vancheng Khou for holding down the fort so well during our recent staff transition. 4 Commerce in France N 78 Winter 2010/2011

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6 Coping with the Crisis Chronologie de la crise de la crise Chronologie 2007 : Début de la crise des subprimes. 8 août 2007 : Le taux d intérêt interbancaire monte à 4,7 % en Europe et 6 % aux Etats-Unis. 9 août 2007 : Début de la crise de liquidité bancaire. La Banque centrale européenne (BCE) et la Réserve Fédérale des Etats-Unis (Fed) injectent des liquidités sur le marché interbancaire (94,8 Mds dans le système financier européen et 24 Mds$ dans le système financier américain). Elles recommenceront à plusieurs reprises. 18 janvier 2008 : George W. Bush annonce un plan de soutien aux banques de 150 Mds$. automne 2008 : Accroissement de la crise de liquidité. 15 septembre 2008 : Faillite de la banque d investissement Lehman Brothers. Début de la crise systémique. 16 septembre 2008 : AIG, premier assureur américain, est sauvé par l Etat via la Fed. Son capital est nationalisé à hauteur de 80 % (pour 85 Mds$). 30 septembre 2008 : Les gouvernements belge, français et luxembourgeois injectent 6,47 Mds dans le capital de Dexia. Fin 2008 début 2009 : Plans de soutien aux banques mis en place par les Etats. Le 3 octobre 2008, les Etats-Unis lancent le «Plan Paulson» (700 Mds$). Les 10 et 12 octobre, les pays de la zone euro annoncent eux aussi des plans de sauvetage. Le plan français est dévoilé le 13 octobre : l Etat apporte une garantie de 360 Mds pour aider le système financier. En janvier et février 2009, ces plans sont complétés par de nouveaux soutiens des Etats. 8 octobre 2008 : Sept banques britanniques sont partiellement nationalisées : La crise financière se transforme en crise économique et sociale. Le chômage et la dette publique augmentent. 2 octobre 2008 : Le gouvernement français annonce le déblocage de 22 Mds de prêts aux PME. A cette somme s ajoutent 4 Mds dans le cadre du plan de relance. novembre - décembre 2008 : Les Etats mettent en place des plans de relance de l économie. La France annonce le 4 décembre un plan de relance de 26 Mds. Les Etats-Unis adoptent leur plan de relance de 787 Mds$ le 14 février mi-novembre 2008 : Le G20 plaide dans un communiqué pour davantage de surveillance des marchés financiers et pour l élaboration de plans de relance économique. janvier - Février 2009 : Hausse importante du chômage en Europe et aux Etats-Unis. avril 2009 : Le G20, réuni à Londres, décide d augmenter de Mds$ les ressources du FMI et de la Banque mondiale, d établir une «liste noire» des paradis fiscaux et territoires non coopératifs, d élaborer de nouvelles règles concernant les salaires et bonus des acteurs de marché et de renforcer l encadrement des hedge funds et des activités bancaires. Fin 2009 début 2010 : Crise grecque. Les Etats européens et le FMI lancent un plan d aide de 110 Mds sur trois ans. 25 Février 2010 : Le Parlement français vote la possibilité pour l Etat de contracter un «grand emprunt» de 35 Mds qui doit servir à des «investissements d avenir». 10 mai 2010 : Les Ministres des Finances européens mettent en place un plan de soutien à l euro de 500 Mds (60 Mds de prêts directs, création d un fonds communautaire pouvant lever 440 Mds garantis), auquel s ajoute un plan d aide du FMI de 250 Mds. 6 Commerce in France N 78 Winter 2010/2011 Auteur : Mazars (See page 21.)

7 Coping with the Crisis Managing the Crisis with a Long Term View on People and Business by Joe Schott and Nicole Lopez Although the global economic crisis began in 2007 with the sub-prime-mortgage troubles, it was the September 2008 Lehman Brothers bankruptcy that brought the issue to the forefront of the media spotlight. This milestone in the crisis was marked by a 37% drop in U.S. consumer confidence from 61.4 to 38.8 between September and October In Europe, consumer sentiment had been declining steadily since mid-2007 and reached its lowest point in early Although the French were partially immune to the housing crisis because of restrictive lending practices, and the risk of rising unemployment in France was limited due to the preponderance of publicsector jobs, the perception of the risk was real and weighed on consumers. Across Europe, different markets were affected at different levels, by country-specific issues. For example, in Spain, the construction market collapsed along with the housing market in the UK. In terms of importance of the major European markets to Euro Disney visitation, at fiscal yearend 2007, the French market was at 44%, while the UK and Spain were respectively at 16% and 11%. In response to the crisis, Euro Disney s goal in 2009 was to stay top of mind and within reach of European guests. Our objective was to maintain our presence and leadership position in the European tourism landscape. Reducing our consumer-awareness levels could have potentially impacted our ability to leverage the economic recovery, and rebuilding them could have potentially cost more over the long term than maintaining them throughout the crisis. Therefore, marketing spending remained at 11% of resort revenue and promotional offers were geared toward keeping a Disneyland Paris vacation affordable. Shorts breaks and stay-cations The impact of the crisis was somewhat delayed for Euro Disney, as vacation packages booked prior to September 2008 were not cancelled. However, during 2009 there was a marked shift in demand, with distant markets and UK visitation declining. Conversely, demand from the local French market and the Belgium drive market increased. These markets grew as Europeans forewent more expensive travel in favor of short breaks or stay-cations. Consumers also waited until closer to their departures before booking, and were able to shop online at the last minute to compare promotional offers. Given the context, they were looking for more affordable vacation options. With lower demand, they were able to find them easily. This trend to book last minute and largely in response to promotional offers created challenges for yield management notably, gauging the pricing level that would unlock latent demand without providing excessive discounts. At the end of fiscal 2009, total guest spending declined by only 5%, reflecting the fact that Euro Disney s use of special offers to stimulate demand, in line with the rest of the industry, was a prudent approach. The success of the tactics put in place to drive demand led to a record 15.4M visits in However, higher volumes in the parks generated increased costs, and short-break guest behavior created higher operating expense in the hotels in terms of room-cleaning expenses. Additionally, Euro Disney elected Our objective was to maintain our presence and leadership position in the European tourism landscape." not to freeze employee wages, remaining committed to its annual salary increases. A core part of the guest visit is the interaction with our staff. Supporting them during this difficult time was key to delivering a quality guest experience. Euro Disney looked to reduce costs in ways that would not affect the guest experience or impact our potential for long-term growth. Cost reductions were effected by curtailing non-critical, nonsafety-related refurbishment and maintenance as well as temp staffing, new hiring and travel. With this effort, Euro Disney was able to hold costs and expenses largely flat compared to Stability and growth The year 2010 was a story of two halves, with noticeably improving trends in the second semester. The tourism and travel environment began to stabilize and our strategy of discounting shifted to a focus on recovering guest spending, primarily driven by pricing gains, which grew by 2% in the parks and 4% in the hotels compared to However, consumers continued to book closer to their departure dates compared to 2008 and demand continued to be driven by promotional offers. Visitation from France grew to 51% of our total attendance, while the UK pulled back to 12%. In a reversal of the previous year s results, distant-market travel from Spain and Italy improved. Looking ahead in 2011, we plan to continue monitoring the key demand indicators by market as the economic recovery remains tenuous. However, we have also launched a promotional structure that favors booking early to receive the best price, as was done in Overall, our business fundamentals continue to be strong and despite the crisis, Euro Disney remains focused on delivering long-term growth as the number-one tourist destination in Europe. Joe Schott, an AmCham Board member, is Senior Vice-President and Chief Operating Officer at Euro Disney, S.C.A. Nicole Lopez is Vice-President Finance at Euro Disney, S.C.A. AmCham France Member since Commerce in France N 78 Winter 2010/2011 7

8 Gérer la crise Comment Sotheby s s est adaptée au nouveau contexte créé par la crise économique par Guillaume Cerutti Pour comprendre la manière dont une entreprise active sur le marché de l art comme Sotheby s a réagi face à la crise économique mondiale, il faut commencer par rappeler à quel point les années qui ont précédé cette récession ont été exceptionnelles. La mondialisation du marché, avec l afflux de nouveaux clients venus notamment d Asie, de Russie et des pays du Golfe, accompagnée d une explosion du marché de l art contemporain, avaient permis d atteindre des niveaux records. Ainsi, le marché de l art avait atteint un sommet historique en 2007, avec un volume de 48,1 Mds pour l ensemble des transactions enregistrées par les secteurs des ventes aux enchères et du négoce réunis, soit plus de deux fois le montant observé cinq ans plus tôt (22,2 Mds en 2002). L art impressionniste et moderne, et plus encore l art contemporain, ont été les domaines les plus fortement concernés par cet engouement. Symbole et apogée de cette effervescence, la dispersion à Londres par Sotheby s de 54 œuvres de l artiste anglais Damien Hirst dépassa 70M le 15 septembre 2008, au soir même de l effondrement de la banque Lehman Brothers. L impact de la crise économique et financière globale s est cependant fait durement ressentir à partir de la fin de l année 2008, et a conduit à un fort recul des ventes d œuvres d art en 2008 et en Les ventes aux enchères organisées par Sotheby s dans le monde sont ainsi passées d un total de 5,4 Mds$ en 2007 à 2,3 Mds$ en La stratégie adaptée Face à des vendeurs inquiets et plus prudents, et à des acheteurs moins nombreux et plus exigeants, Sotheby s a alors adapté sa stratégie. La première décision a été d accentuer une tendance déjà perceptible au cours des années précédentes chez Sotheby s, en faisant le choix de la mise en vente d œuvres moins nombreuses et de valeur moyenne plus élevée. Ce choix de la qualité correspond aux attentes des grands collectionneurs, qui, en période de crise, privilégient les œuvres de grande valeur artistique et de provenance prestigieuse. C est pour cela que, tout au long de l année 2009, malgré la crise, des œuvres ont continué d atteindre des prix records : citons, par exemple, le tableau d Andy Warhol «200 One Dollar Bills» (1962) vendu pour près de 44 M$ à New York le 11 novembre 2009, ou encore le résultat atteint par la prestigieuse collection de tableaux impressionnistes provenant en ligne directe du marchand Paul Durand-Ruel, dispersée au même moment pour un montant total de 19 M$ de dollars. Dans le même temps, nous sommes devenus plus prudents dans notre relation avec les vendeurs, en essayant de les convaincre que les estimations qui accompagnent la mise en vente des œuvres qu ils nous confient doivent être réalistes et ne pas décourager les enchérisseurs potentiels et en renonçant à offrir des garanties de prix comme il nous arrivait de le faire avant la crise. Enfin, nous avons diversifié la palette des services que nous offrons à nos clients, en leur proposant, s ils le désirent, de passer par des ventes privées, qui en période d incertitude économique sont un moyen adéquat de «tester» quelques acheteurs potentiels d une œuvre à un niveau de prix déterminé d avance avec le vendeur. En 2009, ces ventes privées ont représenté près de 20 % de notre chiffre d affaires, contre moins de 12 % deux ans plus tôt. Symbole et apogée de cette effervescence, la dispersion à Londres par Sotheby s de 54 œuvres de l artiste anglais damien Hirst dépassa 70 M le 15 septembre 2008, au soir même de l effondrement de la banque Lehman Brothers. " Le marché retrouvé Cette politique plus qualitative, plus sélective, marquée par un retour aux valeurs sûres, a porté ses fruits : dès l automne 2009, les résultats enregistrés en ventes publiques ont marqué le début d un véritable redressement du marché, encore plus nettement perceptible en Ainsi, au premier semestre de l année dernière, Sotheby s a enregistré au plan mondial un quasi-doublement de son chiffre d affaires, et un des résultats nets les plus élevés de son histoire. Cette même tendance s est poursuivie au cours du deuxième semestre 2010, et a été observée dans toutes les grandes places où Sotheby s organise des ventes aux enchères, notamment à New York, Londres, Hong Kong (avec des ventes à des niveaux records d enchères dans cette ville en octobre 2010) et également à Paris. En France, il est cependant dommage de constater que la réglementation particulière des ventes aux enchères constitue toujours un handicap sérieux. Ainsi, la France est le seul pays au monde où les maisons de vente ne sont pas autorisées à proposer à leurs clients des ventes privées. Cette situation, ajoutée à d autres facteurs historiques ou économiques, explique le lent déclin de la place de la France dans les ventes d œuvres d art dans le monde depuis une quarantaine d années, et empêche ce pays de bénéficier pleinement de la sortie de crise qui semble se dessiner en ce moment. C est pour cette raison que Sotheby s France, au-delà de son activité commerciale, tente de convaincre les pouvoirs publics de mettre la réglementation des ventes d art aux normes internationales. Plus que jamais dans ce pays, la réponse à la crise économique dépend des choix stratégiques et de l inventivité des entreprises, mais aussi de la prise de responsabilité politique. Guillaume Cerutti est Président-Directeur Général de Sotheby s France. Membre AmCham France depuis Commerce in France N 78 Hiver 2010/2011

9 Parisian Home pour séjourner à Paris comme les Parisiens Location d appartements meublés Furnished apartments rental

10 Coping with the Crisis Commerce in France: Karl-Heinz, you have excellent knowledge of the Paris real estate market. And you ve sold many apartments to expats. What were your observations about the sector before the crisis? The Impact of the Financial Crisis on the Paris Residential Real Estate Market Interview with Karl-Heinz Schabmüller Director of KHS - Appartements de Charme et de Prestige, Paris Karl-Heinz Schabmüller: In fact, the market conditions Paris and New York were brilliant. Just have a are perceived as look at the chart [below] it strong real estate shows price developments brands, and property between 2000 and 2009 for buyers identify with apartments in the most and the values they least expensive districts of stand for. " Paris: the 6 th arrondissement/ St Germain-des-Prés and the 19 th arrondissement/la Villette, respectively. As you can see, average property prices in the 6 th arrondissement increased by 97% between 2000 and 2008, and all other districts performed similarly. Those Americans who bought a property ten years ago gained another 37% through the exchange rate. Interestingly, prices for condos in Manhattan and Paris s 6 th arrondissement have evolved almost synchronously during the past decade. In general terms, when did the financial crisis in Europe start and what was it about? In Europe, the financial crisis became apparent in September 2007, when the British Northern Rock bank was forced to request security from the Bank of England because of liquidity problems. At that time, it was widely known that a large number of European banks held sizable positions of U.S. mortgage-related securities, which were about to default, but it was unclear as to which banks might collapse under the burden. As a result, banks stopped lending to each other, fearing their debtors would crash and eventually not be able to repay their loans. The crisis eased when the G20 and EU governments decided to bail out defaulting banks and offer guarantees to the banking sector. How did all this affect real estate financing? As mortgage banks couldn t refinance themselves on the financial markets, they were incapable of lending to real estate investors, and the European money market dried up. In France, between 3Q/2008 and 1Q/2009, mortgage lending to the private sector slumped by a dramatic 44.5% compared with the same period the previous year. What happened on the residential real estate market in Paris during that time? During 4Q/2008, the market reached a turning point. The official average price released by the Paris Notary Chamber 10 Commerce in France N 78 Winter 2010/2011

11 Coping with the Crisis So, what s your guess? rose by 2.5% compared with the same period the previous year, and hit a new record 6,520 /m² whereas sales volume declined sharply, by 23.2%. In 2009, prices then declined in a range between minus 1% and minus 7.8% in all four quarters, but transaction numbers started to rise again as of the third quarter. Since January 2010, the notaries have again been posting increases in transaction numbers and prices. What are your expectations for the Paris real estate market for the near future? the private sector is moderate. Purchasing power therefore remains basically intact. However, high unemployment and massive public debt weaken the economy. Why does it seem so difficult to forecast developments? Real estate market developments depend on decisions made by individuals, and are consequently erratic to a large extent. In this context, it is particularly interesting to compare the developments in the French housing market with those in Germany, where an average apartment purchased in 1995 sold for only the exact same amount in The questions arise as to why property markets in two countries with such similar macroeconomic data can diverge so drastically, and what really drives the markets? In Paris (and New York, I may add) there is a magic power beyond all sober macroeconomics. These cities are perceived as strong real estate brands, and property buyers identify with the values they stand for. The principles that apply in Paris real estate are the ones that work for other brands here too, like in fashion, automobiles, perfumes and so on. People of which foreign nationalities are the strongest property buyers in Paris? The strongest buyers by far are the Italians, followed by the British and the Americans. In 2009, the share of foreign purchasers was between 12% and 19% in the central districts (arrondissements 1 to 8) and below 10% elsewhere. For those who want to sell their apartments, what is important to know? It is essential to assess the value of the property correctly. If the asking price is too high, the apartment stays on the market too long and depreciates. That s why it is important to have its value assessed by an expert. Karl-Heinz Schabmüller is a Paris-property consultant and broker. KHS AmCham France Member since The macroeconomic environment for the property market has recently brightened: the government expects GDP growth of 1.4 this year, inflation is under control, interest rates are low and the debt ratio of Commerce in France N 78 Winter 2010/

12 Coping with the Crisis Blue-Chip Business Travel Management Spells Bottom-Line Gains by Douglas Anderson Business travel is a necessity. Companies cannot thrive without it, especially in today s global economy. Even companies operating within a limited geographic scope must connect with key stakeholders if further growth and development are on the agenda. The global recession saw many companies reduce their travel spend by double-digit percentages. Often this meant stricter travel policies, moving down in airline-travel class, greater use of highspeed rail, lower-category hotels, fewer participants in out-of-town meetings, and virtual meetings as a travel alternative. Although economic recovery has been somewhat timid and uneven from one region to the next, our clients are on the road and in the airways once more. But the recession has left its mark. Companies remain costconscious and are continuously seeking greater return on their travel investment. At the same time, airlines, hotels and car-rental companies are raising prices. Today more than ever, effectively managing business travel is vital to a company s success. At Carlson Wagonlit Travel, we are committed to helping our clients derive the greatest value from their travel programs. That s why we encourage them to take a comprehensive approach that involves not only their policies and procedures but also their people. Clearly defined policy The cornerstone of a well-managed travel program is a clearly defined policy that travelers comply with throughout the company. According to in-depth research conducted by the CWT Travel Management Institute, companies can save on average 20 percent of their total travel spend by optimizing their travel policies and compliance. Rules of thumb include mandates for booking with a limited number of preferred air, hotel and ground-transportation suppliers versus with a changing mix of suppliers used on a best price basis. It is equally crucial to make sure travelers use preferred booking channels: the corporate online-booking tool and the firm s travel-management Today more than ever, effectively managing business travel is vital to a company s success." company (TMC). Mandating advance air bookings at least two weeks before departure and the use of restricted airfares drives savings. Aligning travel class and hotel category with those of other companies in your business sector can also boost the bottom line. Awareness and compliance Communications and training can promote compliance by creating awareness for the travel policy, dispelling common misperceptions about pricing, increasing understanding of booking processes and tools, and conveying progress. This goes a long way toward ensuring savings and traveler safety. In fact, employees should be well advised that booking on their own, outside of the company travel policy, means that their TMC has no record of their reservations, and thus can t track their whereabouts or assist them in an emergency. The telepresence alternative By understanding the purpose of each business trip, companies can determine if an alternative to travel such as telepresence will enable them to successfully meet their objectives. When used properly, virtual meetings enable companies to bring more people together quickly and easily for greater collaboration and exchange. These are especially useful for regularly scheduled internal meetings that last less than a day and involve colleagues around the world. Companies whose employees continuously travel to and from cities with public telepresence facilities should consider this state-of-the-art technology, particularly if they wish to increase contacts with clients and business partners outside of the company. 12 Commerce in France N 78 Winter 2010/2011

13 Coping with the Crisis Total cost To best manage their travel budgets, companies must look at the total cost of a trip. Airlines charge ancillary fees for everything from baggage check-in to snacks and preferred seating. Hotels and car-rental companies are adopting this revenue-generating business model as well. Travel policies should address these extra costs and clearly explain what is reimbursable and what is not. This way, travelers will make well-informed decisions that help drive savings. To ensure that companies are getting the full cost picture, they must consolidate and track all spend data. Calculating actual travel spend also enables companies to optimize their negotiations with suppliers by leveraging the full amount of business they do with each. For example, extras such as WiFi access and hotel parking may be successfully negotiated into room rates at no additional charge. Strategic meeting-management Meetings and events (M&E) management, another aspect of business travel, is fragmented in many companies today. As with transient business travel, companies should take a strategic approach. This means a formalized policy and a centralized department that has full visibility into the company s total M&E spend. Here also, technology should be used to facilitate and enhance supplier sourcing and attendee registration. Business travel, including M&E, is complex. Effective management in this area optimizes not only savings but also work-life balance and environmental care. Working with specialists helps companies make the most of their travel programs and budgets, and outsourcing enables them to focus fully on their core businesses. For bluechip results, companies of all sizes should consider these strategic options. Douglas Anderson is President & CEO of Carlson Wagonlit Travel. AmCham France Member since FFE RÉGIE PUBLICITAIRE DEPUIS 1979 FOR HELP WITH ALL YOUR ENGLISH-LANGUAGE NEEDS Comme eux, faites-nous confiance! Executive speeches and presentations Web text Newsletters, brochures, magazines*, press releases Ghostwritten books Translations Proofreading, editing Coaching in verbal, non-verbal and cross-cultural communication The energetic team at Foreign Affairs (including published authors and Sciences Po professors) brings to its task decades of experience on the France-wide, European and world scenes. Clients include multinationals, French companies, educational institutions, international organizations, government ministries. «Assurez l avenir de vos publications en nous confiant la gestion de leurs espaces publicitaires.» Contact : Isabelle de la Redonda E.mail : [email protected] - Tél. : FFE La régie confiance FOREIGN AFFAIRS [email protected] (* Foreign Affairs is the editor of Commerce in France.) Commerce in France N 78 Winter 2010/

14 Coping with the Crisis The Financial Crisis and the Response of Business Schools by Mark Thomas The financial crisis has very much brought to the fore the role of business schools and their impact upon the economy and society at large. This is perhaps not surprising when considering the numbers involved. Of the 150 largest economic units in the world today, 95 are multinational businesses and only 55 are nation-states. And management schools are largely responsible for training the leaders of these businesses. It is estimated that there are between 12,000 and 15,000 business schools across the globe, hosting up to 30 million students. What they teach thus has a major impact on the world in which we live. And there are many people willing to invest time and money in order to gain the knowledge they offer. Given such a presence, it is not surprising that in wake of the collapse of Lehman Brothers in September 2008 and the ensuing financial crisis, criticism of management schools was severe. Having lambasted the banking and financial sectors for their greed, the media turned its attention to management schools in an attempt to understand the underlying causes of the crisis. The schools were condemned for their over-reliance on financial data and their over-emphasis of the importance of increasing shareholder value, i.e., for stressing profit maximization rather than long-term-value creation and for giving methodology, such as the use of case studies, short shrift. Learning to adapt: the key to survival In the face of a barrage of criticism, certain top schools took a very serious look at their own impact. This should be applauded. There has been considerable discussion within schools over the past two years as to how to adapt curricula to recent events (business schools pride themselves on being able to adapt their teaching quite rapidly). One result has been that questions of ethics, sustainable development and corporate social responsibility are now explored in all courses (including finance, accounting, strategy, etc.) rather than being offered as merely stand-alone mod- 14 Commerce in France N 78 Winter 2010/2011

15 Coping with the Crisis ules. This makes teaching these subjects more complex, but has the advantage of helping students understand the necessity of adopting a critical stance on relevant issues at all levels of business. Perhaps this ability to adapt has helped business schools survive despite the dire predictions of their demise two years ago. Though general executive-education (paid for primarily by firms) suffered greatly over the past two years as companies quite understandably chose to delay training programs MBA courses (paid for primarily by individuals) have seen an increase in enrollment: executives often view troubled economic times as occasions to bring their business knowledge up to date. However, if business schools really want to strengthen their positions and regain the trust of the general public, they should address some key issues. Lest we be fooled: financial crises are nothing new. Markets are complex and volatile entities that depend largely on the workings of the human mind. The 20th century saw 14 major financial upheavals, and the first major stock market crash can be traced to 17th-century speculation on tulips. In light of this, blaming current professors of finance is totally missing the point. Financial downturns will occur again. We know this, though we do not know exactly when. As with automobile accidents, we should attempt to avoid them and do our best to reduce the damage when they occur but we will never be able to totally eradicate them. One result has been that questions of ethics, sustainable development and corporate social responsibility are now explored in all courses rather than being offered as merely stand-alone modules." And next time? Will the next one involve people who have attended business school? Of course it will. In some countries approximately 30%-40% of students are taking business or economics courses, and many of them will go on to work in the finance sector. And it will be quite logical to point fingers at them when things go wrong again in the business world. But this does not mean that the overwhelming majority of young graduates come out of school with the ambition of doing anything to make money. Most simply want to provide a decent living for themselves and their families by developing and promoting their companies. They are not devoid of morals, but neither do they or the professors who educate them possess superhuman ability to predict market trends. (The economist John Kenneth Galbraith once stated that the only purpose of economic forecasting was to make astrology respectable.) Management schools need to find the courage to say that there are a certain number of phenomena that they simply cannot foretell and, thus, cannot prepare their students for. They will thereby do much to enhance their reputations. Mark Thomas is Associate Dean, Director of International Affairs and professor of Strategic Management at the Grenoble Ecole de Management. AmCham France Member since Commerce in France N 78 Winter 2010/

16 Coping with the Crisis The Effect of the Economic Crisis on Expatriation Policy by Michel van Riel In a recent survey of 154 multinational corporations, 68% said they expected to ramp up shorter-term overseas assignments in response to the economic crisis. This trend will continue to increase in line with the slowed economy. While there is optimism about the benefits of doing business in growing markets such as China, India, Eastern Europe, Brazil, etc., finding suitable candidates for overseas transfers is a challenge for many companies. Global-mobility professionals need to ensure that their employees complete assignments and that their companies maintain employee-retention rates. But how, when money is tight? Mobility professionals are applying a host of methods for both encouraging employees to expatriate (financial incentives, help with long-term career planning, etc.) and controlling the costs of their relocations. Strategies, strategies Most companies define "short-term" as between one month and one year (although these assignments sometimes become long-term, adding to the cost of expatriation). Short-term assignments are cost-effective because they are designed for the employee only the family stays behind. Approached more as extended business trips than typical relocations, they focus on particular projects with definitive objectives and completion dates, and thus involve less need for relocation extras such as intensive intercultural training. Other cost-reducing strategies include: Extending temporary-housing allotments Creating roommate situations Providing furnished accommodations Exploring long-distance commuting Offering flexible hours/days Streamlining expense management, e.g., integrating with payroll. Global-Mobility Experts In a recovering economy, seizing cost-saving opportunities is more important than ever. Crown Relocations global-mobility experts walk the client through these critical costsaving approaches to ensure that the final policy and process deliver the best value to the organization and support the transferee in the most optimal manner at the lowest possible total cost. Reducing direct costs Properly managing direct costs such as travel, temporary accommodations, etc., can produce noticeable savings. While many organizations deploy procurement specialists for this task, others utilize single-source, one-stop-shop service partners. Global-relocation companies such as Crown leverage their worldwide purchasing power, working with procurement teams to generate savings across the value chain and throughout the relocation process. Total relocation-program management takes the client from policy counseling and coordination through origin and destination real-estate services to shipping and beyond. Many organizations deploy procurement specialists, while others utilize single-source, one-stop-shop service partners." 16 Commerce in France N 78 Winter 2010/2011

17 Coping with the Crisis Avoiding costly surprises With a complete view of the relocation process, mobility professionals can plan the most cost-effective timeline a critical means of avoiding costly surprises. Upfront planning, in concert with the transferee, aligns the employee s needs with corporate objectives and budget, resulting in solutions such as shipping by sea instead of air and reducing time spent in temporary accommodations. Producing Innovative Policies Through innovatively restructured expatriation policies, organizations can bring assignment types into line with tax requirements and otherwise harness flexibility to maximize savings. A policy that is shaped to offer a variety of choices will enable employees to enjoy the support they need or want and organizations to eliminate expatriation-package features perceived as merely "nice to have. And key to the success of any policy is, quite simply: "Communication!" Oral or written, via technology or in person, communication that is clear, timely and totally client-oriented helps organizations understand the services they are purchasing, helps transferees comprehend their benefits packages and helps employer and employee alike manage the inevitable stress of the expatriation experience. Michel van Riel is France country-manager of Crown Worldwide SAS. AmCham France Member since APPARTEMENTS TEMPORAIRES A PARIS POUR VOS DEPLACEMENTS A PARIS... L'HOTEL? Choisissez plutôt un APPARTEMENT MEUBLE "PRET A VIVRE" (à la semaine ou au mois) Une économie budgétaire considérable, à partir de 42 euros la nuit pour un studio soit 2 à 3 fois moins cher qu'une chambre d'hôtel Des prix très compétitifs grâce à une gestion saine depuis plus de 20 ans Simplicité de réservation Confort et indépendance des collaborateurs 120 appartements équipés draps, vaisselle... (ménage inclus) FRANCE LODGE LOCATIONS 2, RUE MEISSONIER PARIS TEL FAX Commerce in France N 78 Winter 2010/

18 Gérer la crise En temps de crise, mobilisez votre capital humain par James Dillon Toutes les entreprises veulent vivifier leur capital humain et développer un management participatif au sein des équipes. Inquiry est une méthode efficace pour impliquer L Appreciative l entreprise à tous les niveaux. Il s agit de revisiter le paradigme du pouvoir tel qu il est le plus souvent appréhendé par la hiérarchie. Une conception classique top-down est souvent inadéquate dans notre époque interconnectée. Imposer le changement sans dialogue suscite de la résistance et détruit tout attrait. Cependant, le changement dans une entreprise peut être perçu comme une opportunité pour créer un «effet levier» auprès de ses salariés. Une approche affirmative et mobilisatrice L AI est particulièrement utile dès qu il y a un enjeu complexe caractérisé par de la multidisciplinarité et de la diversité, qui nécessite la création d une vision partagée. Cette méthode part du principe qu il vaut mieux s intéresser à ce qui marche qu à ce qui ne fonctionne pas. C est une approche rigoureuse basée sur un questionnement structuré auprès des employés afin de les aider à redécouvrir les valeurs fondamentales et identitaires de leur entreprise, son véritable code ADN, celui qui est porteur de son excellence. dans les entreprises secouées par la crise, il permet aux participants, qui ont eu à vivre des disfonctionnements et des frustrations, de se sentir écoutés et d être disponibles pour les étapes suivantes. " L AI s intéresse aux expériences motivantes de chacun : ces moments d intense implication, où le temps et l effort sont momentanément secondaires par rapport au plaisir de l action. Mihalhi Csikszentmihalyi, auteur du livre Flow (Vivre, en français) nomme cet état, où la compétence et la motivation se renforcent mutuellement, «l expérience optimale». L AI permet de mettre en mots ces moments de Flow dans un contexte professionnel grâce à la participation du personnel. Comment fonctionne L AI : le processus 5 d 1. Definition : À partir d un enjeu stratégique, considéré comme primordial pour le futur de l entreprise, un Sponsor est nommé et met en place un comité de pilotage. Ce comité cerne cet enjeu. Accompagné par des facilitateurs rompus aux techniques d animation de groupes, le comité rédige un questionnaire composé d un nombre limité d items. Ce questionnaire, base essentielle de la démarche, est rédigé de façon claire et affirmative. Le choix des mots engage les collaborateurs et les fait réfléchir sur leur vécu dans la société. La Purge accepter un moment d écoute et de «ventilation» des émotions : Un moment de purge ne fait pas à proprement parler partie de l AI, mais dans les entreprises secouées par la crise, il permet aux participants, qui ont eu à vivre des disfonctionnements et des frustrations, de se sentir écoutés et d être disponibles pour les étapes suivantes. Ce n est qu une fois les problèmes exprimés que le groupe peut s engager dans une nouvelle dynamique, la «Découverte», avec le sentiment d avoir été entendus et considérés comme des acteurs à part entière. 2. Discovery : Selon l enjeu du départ, le nombre des participants est très variable. Il peut aller de jusqu à personnes ou plus, selon qu il s agisse d un service, d un dépar- 18 Commerce in France N 78 Hiver 2010/2011

19 Gérer la crise Quelques réussites avec l AI tement, ou de toute l entreprise, d un département ou d un service. Les personnes se mettent en binômes pour répondre au questionnaire sous forme d un dialogue croisé. Ces échanges durent une heure par binôme. Il ressort des «histoires» qui mettent en exergue les pôles d excellence de l entreprise. L AI met en relief le legacy (ou héritage) de l entreprise et l engagement de chacun. Sa «philosophie» est résolument affirmative. Les «conversations» des binômes lors de la phase Discovery se focalisent sur ce qui rend l entreprise forte et unique. Quand les dialogues croisés sont terminés, les binômes se constituent par groupes de 8 personnes pour identifier les thèmes porteurs et les expériences communes. Ensuite, chaque groupe, en séance plénière, fait une restitution qui exprime explicitement le cœur de l entreprise. Bord na Mona (Ireland: 2000 salariés avec un CA de 500 M ) : Au total, 500 personnes ont fait le processus AI, chaque session comprenant 120 participants. Deco Glaze : stratégies de croissance de plus de 20 % par an dans le secteur du verre décoratif en Angleterre Microsoft : rétention de managers grâce à la création d un pipeline de talent Saint-Gobain (aux U.S.) : création d un site de production «best in class» ; zéro incidents grâce à une mobilisation du personnel en mode transversal 3. Dream : Puis les groupes se projettent dans l avenir pour envisager comment leur entreprise pourrait incarner son excellence. Ils deviennent force de proposition. Leurs recommandations doivent être concrètes, opérationnelles à court terme, ou envisageables à moyen terme. 4. Design : Une telle cohésion donne à la direction la possibilité de prendre acte et d allouer des ressources pour certaines initiatives enfin qu elles soient effectives immédiatement. Pour des changements plus complexes, un autre comité, composé de managers et d experts ainsi que d autres parties prenantes clés, est organisé. Il étudie chaque proposition par rapport à sa faisabilité, son coût et son temps de mise en œuvre. 5. Destiny : C est le début d un changement durable dans le temps. Les participants deviennent garants et se sentent portés par les projets qu ils ont créés. James Dillon est fondateur d Emerging Step, consultant RH, conférencier et membre du CoheChange International Network. Membre AmCham France depuis Commerce in France N 78 Hiver 2010/

20 20 Commerce in France N 78 Winter 2010/2011

21 Gérer la crise Leçons de la crise : vers une régulation européenne? Le rôle des auditeurs dans la chaîne de confiance par Jean-Luc Barlet Régulièrement, lors de tables rondes organisées ces dernières années, hommes d entreprises, responsables politiques en charge des questions de marché, ou régulateurs tous ont exprimé leur inquiétude envers ce qu ils considèrent comme des déviances du capitalisme mondial : perte d éthique, court-termisme, accumulation de déséquilibres. On s en doute, loin d une charge anti-capitaliste et d une pétition de principe, il s agit pour eux de poser le constat fondateur d une réflexion pour assainir les pratiques. La crise financière qui impacte depuis juillet 2007 le système économique mondial trouve sans doute son origine dans la pro-cyclicité du système financier, et dans le défaut de «gouvernement d entreprise» de l ensemble des acteurs de la sphère financière, en particulier des régulateurs et des superviseurs, en terme de gestion des risques. A compter de septembre 2008, les déboires des institutions financières se sont enchaînés et ont entraîné l économie réelle dans l une des dépressions les plus graves qu elle n ait jamais connue la plus importante depuis le cataclysme de 1929, une crise éprouvante par son ampleur. Les conséquences eussent été sans nul doute bien pires encore, s il n y avait pas eu une mobilisation sans précédent des dirigeants politiques du G20, et de la France en particulier, pour l enrayer et prendre des engagements propres à rétablir la confiance. Une réponse appropriée, une adaptation sereine Pris dans ces turbulences, les auditeurs se sont retrouvés dans le contexte d intervention qu ils appréhendent le plus : celui où leurs clients, traversant de redoutables difficultés Le rôle sociétal de l auditeur est essentiel. Ses interventions doivent répondre aux attentes du marché, des actionnaires et des autres parties financières, souf frent d une absence partielle ou totale de visibilité sur leur avenir. Dans la plupart des cas, les professionnels ont abordé ces situations avec sangfroid et compétence, et les ont traitées au mieux de prenantes." leur capacité, s efforçant simultanément d apporter une réponse appropriée aux problèmes de continuité rencontrés, et de s adapter aux évolutions induites par les circonstances. Cette adaptation s est faite sereinement, un certain nombre de processus initiés après les scandales retentissants du début du siècle étant arrivés à maturité durant cette période : code d éthique et de déontologie professionnelle renforcé, normes d audit clarifiées, contrôle de qualité supervisé par les régulateurs. Dans ce contexte, le livre vert publié le 13 octobre 2010 par la Commission européenne a fait l effet d une bombe. S agissant du fond, force est de reconnaître que ce livre a le mérite d ouvrir une réflexion sans tabou sur toutes les questions que se posent, depuis fort longtemps, les parties prenantes à l audit : indépendance de l auditeur eu égard à son mode de nomination et de rémunération compatibilité de l exercice du conseil et du contrôle risque systémique et immobilisme liés à l hégémonie de quatre cabinets valeur ajoutée de l audit pour les parties prenantes, qui souligne un expectation gap nécessité de mécanismes transnationaux de supervision de la profession européenne....un rôle clé Les auditeurs, qui ne sont pas au centre de la crise financière récente, ont un rôle clé à assurer pour la transparence, la stabilité financière et la croissance économique en Europe. Cette crise financière pose la question du contrôle des risques, notamment ceux accrus par effet de levier, assumés naturellement par les institutions financières dans le cadre de leur rôle économique. Le débat qui s ouvre doit conduire à dynamiser et faire évoluer le rôle de l auditeur dans la chaîne de contrôle de l information financière et à rendre son rôle plus actif en lui permettant de : mieux rendre compte de ses observations mieux communiquer sur ses travaux, et d apporter ainsi plus de valeur contribuer au contrôle d autres informations jugées essentielles, en matière de système de contrôle interne de gestion des risques. Le rôle sociétal de l auditeur est essentiel. Ses interventions doivent répondre aux attentes du marché, des actionnaires et des autres parties prenantes, afin que les acteurs du marché européen de l audit participent aux objectifs actuels de dynamisation et de stabilité économique tout en garantissant une solidité et une qualité systémique de l ensemble de la profession en Europe. Les acteurs de l audit sont prêts et attendent cette évolution qui confirmera leur rôle clé dans l économie. Jean-Luc Barlet, associé chez Mazars, est membre du Comité Executif et Chief Compliance Officer du Groupe Mazars. Membre AmCham France depuis Commerce in France N 78 Hiver 2010/

22 Coping with the Crisis The dodd-frank Wall Street Reform and Consumer Protection Act: an Overview by R. Kenneth Lindell Depending on your point of view, the sweeping financialreform bill that became law last summer either will prevent a future financial crisis or fails to address the causes of the current crisis and perhaps makes a new crisis more likely. There is little disagreement that in 2008 the global financial system came close to collapse. Both the outgoing Bush administration and the incoming Obama administration worked to implement TARP (Troubled Asset Relief Program), resulting in the bailout of America s largest banks and later extended to insurance giant AIG and the U.S. auto manufacturers Chrysler and General Motors. Public support was mixed at first, but by January of 2009, 61% of the American public opposed continuing the implementation of the bailout. There was broad agreement that Congress had to take action to ensure that never again would the American taxpayer be faced with rescuing big banks and other Wall Street firms. Nevertheless, in the time that had passed since TARP was enacted, there had developed two schools of thought about the root causes of the problem. One held that lax regulations and poor oversight had led to reckless practices by banks and brokers that almost collapsed the financial system. Another contended that years worth of government policies encouraging home ownership and establishing a variety of quasi-governmental agencies such as Fannie Mae and Freddie Mac that guaranteed bank mortgage loans spun out of control into a real-estate bubble from 2003 to Inevitably, with two such divergent opinions of the root causes of the crisis it would be difficult to come to a consensus on reforms geared toward preventing this from recurring: given the political climate in which the Dodd-Frank financialregulatory bill was offered, it was sure Given the political climate in which the dodd-frank financial-regulatory bill was offered, it was sure to generate a hot and steamy debate. " to generate a hot and steamy debate. By early 2010 most political pundits considered the bill to be dead. It is a testament to the legislative skill and acumen of Senator Chris Dodd and Congressman Barney Frank that the bill did not die in the Senate. They were able to work with Scott Brown the newly elected Republican Senator from Massachusetts and two other centrists to break a filibuster by making concessions that were important to them. The end result was a compromise, but not enough of a compromise to fully address the concerns of both schools of thought articulated above. What dodd-frank does Creates new rules for disclosure of loan terms by lenders to consumers. Establishes a framework for receivership of failing financial institutions. This is intended to replace the costly bailouts of 2008 and 2009 with an orderly wind-down of such institutions. Requires mortgage-backed securities and similar derivatives to be traded in an open and regulated market place. Creates a somewhat nebulous requirement that banks be "well capitalized" and "well managed" (words destined to be the subject of future dispute). Eliminates some of the most costly accounting requirements of Sarbanes- Oxley (the previous major reform of Federal securities laws). Creates a new Financial Stability Oversight Council intended to become an early-warning system for alerting regulators to future threats to the stability of the financial system. 22 Commerce in France N 78 Winter 2010/2011

23 Coping with the Crisis What dodd-frank doesn t do Although the bill passed, with some compromise, it fails to provide a solution to many crucial problems that better consensus in Congress might have addressed. Many wanted a reinstatement in some form of the 1930s-era Glass-Steagall Act, which separated investment banks dealing in securities from commercial banks dealing in loans. Instead, Dodd- Frank subjects banks to a watered-down "Volcker Rule," prohibiting banks from making risky trades with customer funds. Big banks that have profited from such practices will simply reclassify these activities as money management, thus perhaps forcing a showdown with regulators. The act did not manage to properly address the too big to fail problem, although it banned bank mergers involving more than 10% of U.S. financial assets. Safe leverage ratios are not effectively dealt with by the act. (However, regulators will have limited authority to demand adequate bank capital, and the act also provides that banks with assets of $50 billion or more, as well as large nonbank financial institutions, can be required to beef up their capital if they are deemed to pose a systemic risk to the financial system.) Nothing in the legislation addresses the problem of banks shopping for favorable ratings on debt securities that they underwrite. Most glaringly, Dodd-Frank did nothing to address the problem of GSEs (Government-sponsored enterprises) Fannie Mae and Freddie Mac. These entities continue to guarantee over 80% of mortgages issued in the United States. Recently the Federal Housing Finance Agency (FHFA) projected that the two GSEs which have received 148 billion$ of taxpayer assistance so far will require another 142 billion$ to 259 billion$ in the next three years. Clearly, more work needs to be done. R. Kenneth Lindell, CEBS, CFP is the principal partner in R K Lindell and Co. LLC. AmCham France Member since Commerce in France N 78 Winter 2010/

24 Gérer la crise La régulation des marchés financiers pendant et après la crise : spécificités françaises par Dr. Amir Rezaee Depuis l éclatement de la crise financière, suivie par la faillite de la banque Lehman Brothers en septembre 2008, la nécessité de mieux réguler les systèmes financiers a été ressentie par l ensemble des acteurs mondiaux. Les tentatives de réforme au niveau supranational (G20, Commission européenne ) se sont ensuite multipliées afin d encadrer les pratiques financières. Tout en conservant le plus d harmonie possible avec les décisions des instances communautaires et internationales auxquelles elle participe, la France instaure sa propre réforme en matière de régulation et de surveillance des marchés financiers. Cette réforme, tant par son impact sur le financement de l économie réelle que son influence sur la nature des activités de marché des institutions financières, concerne une multitude d acteurs économiques. Les mesures d urgence pour limiter la spéculation sur la baisse des cours boursiers Dans la semaine de l annonce de la faillite de Lehman Brothers, et peu après les réactions des autorités américaines et britanniques, l Autorité des marchés financiers (AMF) a pris des dispositions «exceptionnelles» afin de limiter la vente à découvert* de certaines actions négociées sur les marchés réglementés français. En effet, la vente à découvert a été désignée comme le facteur aggravant de la chute des cours boursiers et du cataclysme financier. *La vente à découvert est une pratique boursière qui consiste à vendre un actif que le vendeur ne possède pas le jour de la négociation mais celui-ci prend les dispositions nécessaires pour le posséder le jour de sa livraison, soit en l empruntant soit en l achetant au marché. Si au jour de la livraison le prix de l actif est inférieur au prix négocié, le vendeur dégage une plus-value. Contrairement à la SEC (Securities and Exchange Commission) américaine et la FSA (Financial Services Authority) britannique dont les décisions d interdire la vente à découvert n ont duré respectivement que trois semaines (du 19 septembre 2008 au 8 octobre 2008) et quatre mois (du 19 septembre 2008 au 16 janvier 2009), les mesures restrictives de l AMF sont toujours en application. La Banque Centrale Européenne 24 Commerce in France N 78 Hiver 2010/2011

25 Gérer la crise La nouvelle loi de régulation bancaire et financière vient donc compléter les réformes aux niveaux communautaire et international. " La régulation des pratiques courantes relatives aux marchés financiers La loi de régulation bancaire et financière (Journal Officiel 23 octobre 2010, loi n ) : Au cours de ces deux dernières années, les autorités françaises (Ministère des Finances, AMF, Banque de France ) ont travaillé sur des réformes afin de réguler les pratiques financières selon quatre principaux axes. Les agences de notation Après la crise, celles-ci avaient été pointées du doigt à cause des notes élevées injustifiées qu elles avaient accordées à certains produits titrisés hautement risqués. Cela s explique soit par la complexité ou le manque d information relatif aux produits notés, soit par l existence du conflit d intérêt avec des émetteurs. D après la loi, l AMF pourra désormais «agréer, contrôler et sanctionner les agences de notation». L encadrement de la rémunération des opérateurs de marchés La loi transpose les règles d encadrement des bonus décidées par le G20 de Pittsburgh en y ajoutant une clause supplémentaire qui oblige les banques et les assurances à mettre en place un comité des rémunérations. La mission de contrôler le respect de la loi est confiée à une nouvelle autorité, l Autorité de contrôle prudentiel, qui aura, par ailleurs, la charge de contrôler et surveiller les secteurs de la banque et de l assurance. La régulation des CDS (Credit Default Swaps) Ces produits dérivés permettent de transmettre le risque de défaut des contrats de crédit. Ils ont été considérés comme les sources de diffusion incontrôlée du risque de crédit pendant la crise car réalisés hors bilan et hors bourse. L AMF pourra désormais «sanctionner les abus» du marché des CDS. Mais les CDS étant des produits non standardisés, ils sont négociés sur les marchés de gré à gré ; leur surveillance sera bien difficile. L encadrement des ventes à découvert Désormais non seulement la loi rend effectif le pouvoir de l AMF quant à l interdiction des ventes à découvert «sur tous les instruments financiers en cas de circonstances exceptionnelles», mais elle interdit aussi les ventes à découvert à nu, pour lesquelles le vendeur n a pas pris les dispositions nécessaires pour livrer les titres au moment de leur livraison. Néanmoins, il sera délicat de vérifier l ensemble des mesures prises par le vendeur afin de s assurer de la livraison des titres négociés. La nouvelle loi de régulation bancaire et financière vient donc compléter les réformes aux niveaux communautaire et international. Parmi celles-ci, la réforme la plus attendue est celle de la directive européenne sur les marchés d instruments financiers (MIF), favorisant la multiplication des plateformes de trading. Elle établira l architecture future des marchés financiers à travers l Europe. Dr. Amir Rezaee est enseignant-chercheur en Finance à l Institut Supérieur de Gestion (ISG). Membre AmCham France depuis Commerce in France N 78 Hiver 2010/

26 Coping with the Crisis European and French Legislative Reforms in Response to the Crisis by Dana Anagnostou The financial industry has experienced dramatic changes stemming from the financial crisis and the resulting call for increased accountability and oversight. At the European level and in France, various reforms have been implemented to (a) specifically target certain problem areas (including remuneration policies, rating agencies and hedge funds) and (b) reinforce the solidity of the financial system through the creation of new regulatory and supervisory institutions. Remuneration policies Bonus systems that encourage excessive risk-taking by bankers and others in the financial sector widely considered to have contributed to the crisis have been quite thoroughly addressed by the third revision of the European Capital Requirements Directive (CRD III), adopted on October 11, Going farther than the initial French measure (set out in a regulation [arrêté] of the French Finance Ministry of November 3, 2009), CRD III provides 1 that at least 50% of any variable remuneration must consist of shares, and imposes partial deferral of bonuses, caps on the level of bonuses relative to fixed salaries and limits on guaranteed bonuses, public disclosure of information about remuneration policies, the use of claw-back arrangements in the event of below-par financial performance, and limits on the use of golden parachutes. Member states must adopt national rules in line with CRD III by January 1, Credit rating agencies (CRAs) CRAs have also been specifically targeted by new legislation in France 2 and at the European level 3. Under the new European rules, a CRA wishing to use its credit rating in the EU will have to apply for registration with the new European Securities Further and Markets Authority (ESMA) 4 and submit to its regulatory supervision. The rules also cover conflicts of interest (CRAs may not provide advisory services and must have at least two independent directors on their boards), transparency (CRAs must disclose the models, methodologies and key assumptions on which they base their ratings, differentiate the ratings of more complex products by adding a specific symbol and publish an annual transparency report) and quality control (CRAs may not rate financial instruments without sufficient quality information and must create an internal function to review the quality of their ratings). changes covering derivatives, shortselling, creditdefault swaps and accounting standards, among other phenomena are slated for adoption by the end of 2011, with national implementation in 2012." 26 Commerce in in France N 78 Winter 2010/ The European Parliament - Strasbourg, France

27 Coping with the Crisis Hedge funds Seen by some as having accelerated the crisis due to lack of transparency in operations and market activity, hedge funds are the target of the Alternative Investment Funds Managers Directive, which was approved by the European Parliament on November 11, Set to take effect in 2013, the Directive requires managers of alternative investment funds (including hedge funds) to register to operate in the EU ; a "passport" (EU marketing rights) for EU funds will be made available in Non-EU funds will also be subject to regulation, and may apply for a passport beginning in The Directive imposes enhanced transparency (covering investment strategy, products and markets on which the fund is trading, as well as what leverage the fund plans to use), minimum capital requirements, annual independent valuations, governance standards and risk management, liquidity and conflict-ofinterest systems, limits on the marketing of funds to investors and curbs on asset stripping. In an effort to prevent Madoff-type schemes (which paid dividends to investors using their own money), the Directive also comprises tougher rules on how client assets are safeguarded, including strict liability for the loss of custody assets and limits on the ability to delegate custody functions. Regulatory and supervisory structures Calls to improve regulatory and supervisory structures led to the creation of the French Prudential Control Authority (ACP) (Autorité de contrôle prudential) in January 2010 through the merger of existing bank and insurance authorities and, at the European level, to a new supervisory framework for financial regulation as of January 1, In France, the ACP is now the single licensing and supervisory authority for the banking, payment-services, investment-services and insurance sectors, with power to issue licenses, carry out controls, issue injunctions and impose sanctions. The new European framework considered the lynchpin of the European reform program includes the European Systemic Risk Board (ESRB), with responsibility to detect risks to the financial system as a whole ( macro-prudential supervision ), and three new European Supervisory Authorities, working in a network and with the existing national authorities to protect financial soundness at the level of individual financial firms ("micro-prudential supervision"): the European Banking Authority (EBA) in London, the European Securities and Markets Authority (ESMA) in Paris and the European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt. Further changes covering derivatives, short-selling, credit-default swaps and accounting standards, among other phenomena are slated for adoption by the end of 2011, with national implementation in Dana Anagnostou is counsel with Kramer Levin Naftalis & Frankel LLP AmCham France Member since CRD III also enhances disclosure requirements and sets higher capital requirements for certain assets that banks hold in the trading book and for re-securitization instruments (such as mortgage-backed securities). 2 Law n (See page 24.) 3 European regulation (EC) n 1060/2009 of of September 16, See EC COM(2010) 289 final. 27 Commerce in in France France N 78 N 78 Winter Winter 2010/

28 Featured Region Côte d Azur R&d : Niche ou réel marché de croissance pour les investissements internationaux en France? par Philippe Stefanini, Directeur Général de Team Côte d Azur par Jean-Paul Déo, Président de la CCI des Alpes de Haute-Provence La France se voit reconnaître, par les dirigeants interrogés par Ernst & Young (Baromètre 2010), trois forces principales : sa qualité de vie au sens large, les spécificités sectorielles de son économie et sa capacité d innovation. Sur ce dernier critère d innovation, la Côte d Azur bâtit son développement exogène sur l attraction des investissements de R&D, avec l accueil en 2009 de 21% des implantations de centres de R&D étrangers (source AFII). Le Baromètre souligne également que les investisseurs internationaux se décident d abord en fonction des clusters et des ressources humaines d un territoire puis en fonction de ses incitations financières et de son offre d aménagement. Pour nos territoires qui ciblent l attraction d investissements R&D, le premier levier stratégique est celui des clusters, avec la détection et le positionnement collectif de nos champions locaux sur des enjeux créateurs de valeur et attractifs. C est l exemple des smartgrids pour l énergie, filière que préempte dans la durée l Opération d intérêt national (OIN) EcoVallée à Nice. L attractivité de nouvelles entreprises se bonifie également en «arrimant» nos territoires à des programmes internationaux de coopération scientifique et industrielle, ainsi que par la mise en réseau de nos clusters avec les centres mondiaux de leurs industries respectives. Entre les Alpes et la Méditerranée, le département des Alpes de Haute-Provence bénéficie d un climat tempéré et jouit d une excellente qualité de vie. Entre tradition et modernité, ruralité et vie citadine, le département conjugue tous les atouts d une vie saine, rythmée par les saisons. Ses activités économiques se concentrent sur trois grandes filières : la chimie et les cosmétiques, l agro-alimentaire et les énergies nouvelles. Les principales entreprises sont Sanofi-Aventis et L Occitane. La proximité immédiate du projet ITER (International Thermonuclear Experimental Reactor) a permis de doter le département d une école internationale et d infrastructure d accueil pour les entreprises intervenants sur ce programme. Le département a, par ailleurs, le meilleur taux de couverture (exportations/importations) des départements de la région, montrant ainsi une volonté d ouverture vers les marchés internationaux (dont le premier client en 2009 se trouve être le Japon). Le deuxième levier est celui de l attraction des talents qui vise à renforcer notre population d actifs à haut potentiel et de positionner la France comme un des pays en Europe où il est le plus facile de réunir une équipe composée des meilleurs professionnels internationaux. La compétition autour des ruptures technologiques conduit les entreprises à forte croissance à rechercher et à identifier les hot spots qui répondent aux deux critères de l insertion dans un écosystème spécialisé et de l accès à des RH «pointues». C est la vision que Team Côte d Azur met en œuvre à Sophia Antipolis en prospectant talents et labos industriels autour des plateformes de R&D collaboratives du nouveau Campus STIC (Sciences et Technologies de l Information et de la Communication) et d une offre plus agressive pour les créateurs d entreprises innovantes. La Chambre de Commerce et d Industrie des AHP, en collaboration avec la Mission de Développement Economique, propose des prestations individuelles et collectives dans l accueil, l implantation et le développement des entreprises. CCI des Alpes de Haute-Provence 60, boulevard Gassendi Digne-les-Bains [email protected] Team Côte d Azur 400, Promenade des Anglais Nice cedex 3 [email protected] 28 Commerce in France N 78 Winter 2010/2011

29 Côte d Azur Featured Region Sécurité et sûreté et développement durable de la mer et du littoral : l innovation au cœur de l excellence territoriale par Patrick Baraona, Directeur du Pôle Mer PACA Depuis sa labellisation en juillet 2005, le Pôle Mer PACA est devenu un acteur incontournable des politiques de développement durable et de sécurité maritime en Méditerranée. Pôle de compétitivité à vocation mondiale, le Pôle Mer ambitionne de faire de la région PACA un territoire d excellence pour les entreprises et les centres de recherche. L efficacité reconnue du Pôle Mer PACA repose sur une gouvernance opérationnelle dans laquelle tous les acteurs, porteurs de projets et partenaires s impliquent. Aujourd hui, le Pôle Mer PACA c est : un réseau de 280 membres (entreprises et organismes de recherche et de formation) 154 projets labellisés dont 111 projets financés pour un budget R&D de 280 M Pôle Mer PACA 229, chemin de la Farlède La Seyne-sur-Mer [email protected] Un positionnement clair deux axes 5 thèmes 10 Programmes Sécurité et sûreté - Sécurité/Sûreté Maritimes - Naval et Nautisme - Navire du futur - Protection Maritime - Prévention des risques environnementaux développement durable - Ressources Energétiques Marines - Ressources Biologiques Marines - Environnement et aménagement du littoral - Offshore Profond - Energies Marines Renouvelables - Aquaculture Durable - Biotechnologie Bleue - Gestion de l eau en zone côtière - Port du futur - Services pour la stratégie sur le milieu marin Acsa Stratis Commerce in France N 78 Winter 2010/

30 Featured Region Côte d Azur Nusil Technology LLC: from the Pacific Ocean to the Mediterranean Sea by Patrick Peignot, Technical-Sales Director and General Manager of NuSil Technology Europe. NuSil Technology LLC is a global silicone manufacturer for the healthcare, drug-delivery, aerospace, electronics and photonics industries. NuSil is also the world leader in manufacturing and supplying silicones for long-term human implantation. Among NuSil s approximately 450 employees worldwide are hundreds of research, engineering and manufacturing professionals, all dedicated to perfecting silicone as a material of choice. At home NuSil has extensive experience with preclinical studies characterizing the mechanical, chemical and biological compatibility of its silicone materials. To date, NuSil has submitted over 300 Master Files (MAFs), Drug Master Files (DMFs) and Veterinary Master Files (VMFs) to the United States Food and Drug Administration (FDA) and various international regulatory authorities. The company maintains certifications of compliance with the standards ISO 9001 and AS Since NuSil s U.S. customers are regulated by the FDA and the United States Department of Defense (DoD), and its international customers by international regulatory authorities, the company has designed a quality-control system that may be audited by these customers. To date, NuSil has hosted hundreds of such audits, which typically include meetings with top management, a comprehensive overview of NuSil s quality-control system and a tour of NuSil facilities. Sophia Antipolis and Nice are internationally recognized centers of technology and commerce." NuSil s corporate headquarters, located in Carpinteria, California, comprises seven buildings with over 20,900 square meters of combined R&D, technical-service, manufacturing and warehousing space. The company has three buildings with 7,150 square meters of combined manufacturing and warehousing space in Bakersfield, California, and one building with 3,000 square meters of manufacturing space in Irving, Texas. Maintaining operations in multiple buildings and locations has allowed NuSil to develop very comprehensive, redundant capacity. Disaster-recovery plans provide for continuity of production for all product lines from each location. and abroad Despite this redundant capacity and an extensive network of representatives and distributors throughout the world, it became evident in the late 1990s that European customers deserved greater NuSil presence to insure that they would benefit from the company s first-class customer service and rapid responsiveness. This resulted in the establishment of NuSil s Technical Service Center in Sophia Antipolis, just outside of Nice. The facility opened in 2000 with one employee and in the ensuing 10 years has grown to include 10 employees, most of whom are responsible for providing technical assistance to the varied markets of continental Europe. NuSil elected to locate this facility in Southern France for several strategic reasons. On a practical level, Sophia Antipolis and Nice are internationally recognized centers of technology and commerce. This region is also easily accessible for international travelers. In addition, it was NuSil s goal to assemble a diverse group of individuals with technical expertise who were comfortable in many different environments and with many different languages. To attract such professionals it seemed appropriate to expand to a cosmopolitan locale that enjoys a rich and diverse culture. New Building - NuSil Europe NuSil has worked closely with a myriad of cutting-edge French companies for over 20 years. The French market is diverse and spans many technologies and industries that represent core consumers of NuSil s products and services. NuSil highly values its relationship with France and views its participation in the future of French innovation and technology as the cornerstone of its service to and expansion in Europe. 30 Commerce in France N 78 Winter 2010/2011

31 Featured Region Monaco Chambre de Développement Economique de Monaco (CDE) Attirer et développer les entreprises en Principauté Dans cette optique, la CDE offre un éventail de services sans cesse élargi : des services aux entreprises étrangères par Michel Dotta, Président de la CDE Assurer la promotion des entreprises de Monaco en Principauté et à l international, c est depuis onze ans le mandat de la Chambre de Développement Economique de Monaco la CDE, association de droit privé, cofinancée par les cotisations de ses entreprises adhérentes et le soutien du Gouvernement Princier. Cette mission d intérêt général recouvre deux métiers : l aide au développement des entreprises monégasques et la recherche de nouveaux investisseurs. La CDE est l interlocuteur des entreprises étrangères qui souhaitent développer leurs échanges avec Monaco. Elle sert de facilitateur en mettant ces entreprises en relation avec ses adhérents, des entreprises de toutes tailles et de tous secteurs d activités. La CDE est également l interlocuteur des entrepreneurs étrangers désireux de créer une activité en Principauté. Ils reçoivent un accueil et des conseils personnalisés et sont mis en relation avec les différents professionnels de la place (experts-comptables, Chambre Immobilière ). La CDE les accompagne ensuite auprès des services administratifs jusqu à obtention de l autorisation d exercice de leur activité en Principauté. des services ouverts à toutes les entreprises monégasques Certains des services de la CDE sont ouverts à toutes les entreprises, comme la bonne fin de leurs formalités classiques à l export et la participation aux missions économiques multisectorielles, aux salons professionnels, ainsi qu à certaines opérations locales organisées par la CDE. des services réservés aux entreprises membres D autres services sont proposés en exclusivité aux adhérents, comme l accueil de délégations étrangères et la participation aux missions économiques sectorielles ou thématiques à l étranger, aux commissions de travail, ainsi qu à certaines opérations locales organisées ou soutenues par la CDE. La force de la CDE, c est bien entendu de permettre aux entrepreneurs d accéder à un grand nombre de réseaux. L entreprise adhérente a également accès aux services de l ICC, la Chambre de Commerce Internationale. Toute entreprise monégasque peut adhérer à la CDE, moyennant une cotisation annuelle de 400. Près de 400 entreprises en sont aujourd hui membres. Monaco, entreprises sur 2km 2! En 1850, le tourisme de loisirs représentait, avec le Casino de Monte-Carlo, l essentiel de l activité de la Principauté. Aujourd hui, ses retombées dans l économie encore évaluées à 15% ont été supplantées par les autres services, comme le négoce international ou les activités financières. Encore plus surprenant, les revenus des jeux des casinos de la célèbre SBM, Société des Bains de Mer, ne représentent «que» 5% des ressources de l Etat, alors que la TVA en apporte 50%! En capitalisant sur ses atouts les plus évidents situation géographique privilégiée, accessibilité, stabilité politique, sécurité optimale, présence active d une population cosmopolite, fiscalité modérée la Principauté a favorisé l essor d une plateforme économique dynamique et diversifiée, résolument tournée vers l international. Le «Made in Monaco», c est un tissu de quelques entreprises évoluant dans un large spectre de secteurs : négoce international, banque et finance, services divers, hôtellerie, commerce de détail, BTP & Immobilier Le secteur tertiaire et celui des services à forte valeur ajoutée sont en effet les fers de lance de l économie monégasque, une configuration adaptée à l exiguïté du territoire de la Principauté. Mais l industrie y reste très présente, avec 6% de l activité globale. Recouvrant des secteurs variés, cette plateforme «de niches d activités», où savoir-faire rime avec haute technologie, main-d œuvre qualifiée et absence de pollution, est en constante adaptation. CDE/ICC Monaco 2, rue de la Lüjerneta - BP Monaco Cedex [email protected] copyright Sylvie Detaille/Epi Communication copyright Franck Follet-ImagéPure Commerce in France N 78 Winter 2010/

32 Featured Region Monaco Jeune Chambre Internationale Philippe Fitte par Marina Mazza, Président National 2011 de la JCEM La Jeune Chambre Internationale a été créée en 1910 dans la ville de St. Louis dans le Missouri aux USA. Elle est présente dans plus de 120 pays, dont Monaco depuis 1963, où elle est plus connue sous le nom de Jeune Chambre Economique (JCE). Son but est de : - développer les aptitudes de ses membres à la direction des affaires et à l exercice de leur profession - rendre service à la communauté et contribuer à l évolution du pays - étudier toute question pouvant avoir des répercussions importantes pour les jeunes - contribuer à affermir le prestige de la Principauté à l étranger - promouvoir l esprit d amitié et la bonne entente internationale. La JCE à Monaco est à l origine de grands projets tels l Annuaire Economique, la No Finish Line, la venue en Principauté du bateau de Nicolas Hulot, le livre blanc sur les crèches interentreprises mais encore le Forum de l Investissement Do it in Monaco!, le Concours de Création d Entreprise, le Gala de la Femme et les formules de petitsdéjeuners- et dîners-débats qui sont devenus des rendezvous incontournables! JCI Monaco 1, avenue des Castelans (Stade Louis II - entrée H) Monaco [email protected] Petits-déjeuners débats ( www. jcemonaco.mc) Monte-Carlo 32 Commerce in France N 78 Winter 2010/2011

33 Featured Region Monaco International University of Monaco Monaco has proved itself to be a popular destination for American students, drawn to the opportunity of studying at one of Europe s top business schools in beautiful surroundings. by Charlotte O Leary, professor of Business Communications at the International University of Monaco The The International University of Monaco (IUM) was acquired on April 15, 2010, by Career Education Corporation (CEC), one of the largest American educational-services companies. The French INSEEC Group, one of CEC s schools, now handles IUM operations. The INSEEC Group, supported since 2003 by Career Education Corporation, will mobilize all its resources to strengthen the current positioning of IUM and to develop its potential, says Catherine Lespine, General Director of the INSEEC Group. "This acquisition gives IUM everything necessary to continue to develop its international and reputable programs, benefiting from the synergies that only large organizations possess." International scope, local flavor One of the leading French universities for attracting Americans, IUM offers BBA, MBA and other Master s, and doctoral, programs. It has an enrollment of approximately 400 students. The MBA program, accredited by AMBA (Association of MBAs), has appeared as one of the top 50 schools in the Economist s International MBA ranking for the past several years. Its specialized offerings, including Master s of Science degrees in finance, in This acquisition luxury and in international affairs, have drawn full-time gives IUM everything and exchange students from all over the world, eager necessary to to study for a high-level business degree while experiencing the pleasures of a European lifestyle. Being in its international and continue to develop one of the world s leading financial and luxury-goods reputable programs, centers allows students to both network locally and benefiting from the enjoy class trips to cities such as Milan, Paris, London synergies that only and Geneva, where they have access to top executives large organizations in their chosen fields. Our American students, especially, relish the opportunity to learn how to do busi- possess." ness with a wide variety of nationalities, as IUM is internationally diverse in terms of students (62 nationalities from 5 continents) and faculty (27 permanent professors representing 13 nationalities). Founded in 1994, Career Education Corporation comprises colleges and universities offering high-quality education in a variety of career-oriented disciplines to a wide-ranging student population across the world. Its approximately 90 campuses are located throughout the U.S., France, Italy and the United Kingdom, and offer Associate, Bachelor s, Master s and doctoral degrees, as well as certificate programs. Nearly 40 percent of its students attend the web-based virtual campuses of American InterContinental University, Colorado Technical University, International Academy of Design & Technology and Le Cordon Bleu North America. The INSEEC Group has a broad range of Bachelor s and Master s programs in the management, communication and health sectors. Its seven schools are divided among Paris, Bordeaux, Lyon and London. After the addition of IUM, the INSEEC Group became the French group with the largest number of students more than 10,000 confirming its position as a leader among members of the Conference des Grandes Ecoles (CGE) in terms of student numbers. A student speaks New York born Rupal Patel decided to take a break from her position as a patent lawyer in Chicago to enroll in the IUM MBA program. She took classes such as Luxury Consumer Behavior and Managing Luxury Brands, and is planning a career in anticounterfeiting. Very optimistic that her degree will help her climb the career ladder, she says: I think being focused and having a specialization, especially in luxury, makes a person more marketable in this economic climate. The ultra-wealthy will always buy luxury goods, regardless of the fluctuations in the economy, so that kind of gives us some hope. Commerce in France N 78 Winter 2010/

34 Echoes Task Force Portrait In this section dedicated to AmCham s active, engaging task forces and the hard-working members who keep them alive and thriving, we are pleased to highlight The Entrepreneur Task Force Members are very welcome to contact Karen or Stephanie (see their bios, below) with suggestions for speakers and other types of events. The roots of the Entrepreneur Task Force are in the late 1980s, when AmCham s then Public Relations Committee and its Membership Committee created the Small Business Committee in order to give members yet more value in return for their loyalty to the Chamber. (The then named Young Executive Committee was started at this time as well, and the designation President s Council was conceived for the highest category of membership.) During the 1990s, under managing director Stephen Pierce, AmCham s committees were dynamically relabeled task forces, and several years ago managing director Oliver Griffith (who recently left AmCham see Commerce in France, Summer 2010, page 4) for small business another change that reflected AmCham s vitality. Karen Dys ([email protected]) After many years as a trailing spouse, Karen was very happy to have the opportunity to bring the AngloINFO brand to Paris. AngloINFO is the world's largest website providing relevant, up-to-date, local information to English-speaking expatriates all over the world. The website delivers more than 55 million page views per month and is a premium tool for any business wishing to communicate with this market segment. Karen splits her time among managing her business and fulfilling her duties as an AmCham task force co-chair and a co-leader of the Council for the English Speaking Community in Paris. Stephanie Schantz ([email protected]) Today s Entrepreneur Task Force is co-chaired by two entrepreneurs: Karen Dys, who owns and runs the AngloINFO Paris franchise ( and Stephanie Schantz, the founder/owner of Legal Lingua ( Karen and Stephanie re-invigorated the group and now hold regular breakfast meetings on topics of interest to AmCham-member (and potential-member) entrepreneurs. The task force emphasizes practical issues facing small-business owners by exploring subjects such as Marketing Your Business Effectively at Minimal Cost, How to Start a Business in France and The Advantages of Cloud Computing. Attendance at events has been excellent, with AmCham members and guests from all business sectors showing active interest. In light of the need to implement effective staffing patterns, especially during the current economic downturn, one of the most important events this past fall was a breakfast meeting focusing on alternative forms of employment (see below photo). Christine Costard (founder/owner of Audit Expertise Services) spoke on how to employ an intern in France, Danielle Savage (career counselor at the American University of Paris) discussed the types of internships AUP students are looking for and the skills they bring to a company and Karine Leprat (a counselor at the Chambre de Commerce et d Industrie de Paris) highlighted apprenticeships and other professional contracts. Combining her passion for law and education, American lawyer Stephanie Schantz created Legal Lingua. The company provides Legal-English training to non-native-englishspeaking lawyers working in international environments. In partnership with AmCham, Legal Lingua offers a preparation program for the International Legal English Certificate (ILEC) developed by Cambridge University. The Legal Lingua-ILEC program began in 2008 and is offered every Monday evening at AmCham (there is no requirement to take the exam). Legal Lingua also provides private and group Legal-English training for law firms and company legal departments. 34 Commerce in France N 78 Winter 2010/2011

35 Echoes New Members France Membership is the collective voice of Franco-American France business. Through the Board of Directors and task forces, it serves as both a forum and a representative body for companies in the trans-atlantic marketplace. Like all 110 AmChams worldwide, France is a membership-funded organization. If you or companies you know are interested in joining, please contact: amchamfrance@ amchamfrance.org. AmCham has many membership categories: for large, small and non-resident companies; for non-profit organizations, and for individuals. We also invite companies near our regional chapters based in Strasbourg, Lyon, Toulouse and Lille, and on the Côte d Azur to join AmCham. The Mediterranean Anglo- American Business Network is our representative in Marseille. Membership Benefits Lobbying We promote a positive business climate in France through meetings with French government officials and legislators, and the media. Through coordination with the European Council of American Chambers of Commerce, AmCham EU in Brussels and the U.S. Chamber of Commerce in Washington, we also influence EU and U.S. policies. Events and speakers We host almost 100 events a year, with speakers from the U.S. and French governments, the private sector and international organizations. Networking There are dozens of networking events a year, from large receptions to "AmCham After Hours" and New Members welcoming-evenings. In addition, our task force meetings and events provide excellent opportunities for networking. Professional Forums AmCham members may use our reception rooms to present their companies products and services to other members and potential clients. Publications AmCham members receive the yearly Membership Directory as well as the quarterly Commerce in France magazine. Their companies contact and other information is listed in the Directory and on the AmCham website. Mailings We provide address labels and databases of our membership that can be sorted according to dozens of criteria. Certificates of Origin AmCham is authorized by French Customs to certify invoices for goods of U.S. origin in transit. To apply for France membership, please complete the application form on-line ( > Membership > Membership application form). PRESIDENT'S COUNCIL: Alancity SA Manoteras 38 ES Madrid Ph : (+34) Gillard, Etienne General Manager Translation & Interpretation Services CORPORATE: Perspectiva Consulting 28 rue Schweighaeuser STRASBOURG Ph : Epp, Patricia CEO & Consultant Professional/Management Development Training Pylos France Espace Beauvalle - Hall A 2 rue Mahatma Gandhi AIX EN PROVENCE Ph : Turner, Bryan Project Director Real Estate INDIVIDUAL: Heuzé, Pascale Gérante Paris Version à la Française 12 rue Lejemptel VINCENNES Ph : Educational Support Services ENTREPRENEUR: City Direct 121 rue Legendre PARIS Pocat, André Gerant Real Estate Membership Categories President s Council Corporate (Ile de France) Affiliate (Ile de France) * Corporate (Regional) Affiliate (Regional) * Corporate (Non-Resident) $ Entrepreneur (Ile de France) ** Individual (Ile de France) Individual (Regional) Individual (Non-Resident) $ Non-Profit (Ile de France) Non-Profit (Regional) Non-Profit (Non-Resident) $ * Headquarters firm must be President s Council or Corporate member ** Firm with ten employees or fewer Commerce in France N 78 Winter 2010/

36 Echoes President s Council From its initial membership base of large international companies, typically of American parentage, the President s Council has grown to include all those who are committed to giving France maximum support and strengthening its mission of promoting trans-atlantic economic relations. President s Council members enjoy many special benefits, such as invitations to exclusive events, greater use of AmCham reception rooms, free admission for their staff to all in-house events and enhanced marketing opportunities. Executives from President s Council firms are also eligible to serve on the France Board of Directors. For further information on becoming a President s Council member please contact: [email protected]. 3M France Abbott France Air Liquide Alancity SA American Express Carte - France AT&T August & Debouzy Bain & Company Baker & McKenzie BNP Paribas Boeing Company (The) Brink s France Bristol-Myers Squibb Bryan Cave Carlson Wagonlit Travel Carrier Caterpillar France Chartis Europe Chevron Oronite Cisco Systems France Citibank International Cleary Gottlieb Steen & Hamilton Coca-Cola Entreprise Coca-Cola France Dechert Deloitte & Associés Delphi France DLA Piper UK Dow France Du Pont de Nemours (France) Ernst & Young Esso Estée Lauder Companies Europe Euro Disney Associés Federal Express International (France) Franklin Franklin Templeton France Fromont, Briens & Associés GE Capital General Electric International General Mills France Groupe du Louvre Hogan Lovells International Herald Tribune Iron Mountain France J.P. Morgan Jones Day Kohlberg Kravis Roberts & Co. KPMG Kramer Levin Naftalis & Frankel Lafarge LCL - Le Crédit Lyonnais Liautaud & Cie Lilly France Marriott International Paris Marriott Paris Hotel Champs Elysées Mazars Merck Sharp & Dohme Chibret Microsoft France Motorola Nestlé Waters NYSE Euronext Otis Parametric Technology Corporation France Parenthèse PricewaterhouseCoopers Audit (Paris) Proskauer Publicis Groupe Resources Global Professionals France Russell Reynolds Associates Safran Salans Skadden, Arps, Slate, Meagher & Flom Sodexo State Street Global Advisors France Sullivan & Cromwell Thales Raytheon Systems Thomson Tupperware France United Parcel Service France Value Retail France Veolia Environnement Verizon Business Walt Disney Company France (The) Whirlpool France White & Case Willkie Farr & Gallagher 36 Commerce in France N 78 Winter 2010/2011

37 Echoes President s Council If your company is a President s Council member and wants its logo listed here and on the France website ( please send your logo in high resolution (jpg format) to [email protected]. Commerce in France N 78 Winter 2010/

38 Echoes President s Council Profile NYSE Euronext: The First Truly Cross-Border Market Operator by Andrew Brandman NYSE Euronext provides international services for regulated cash and derivative markets in the United States, Belgium, France, the UK, the Netherlands and Portugal, as well as offering a growing array of products and commercial technology solutions. Customers opinions are attentively noted, closely reviewed and carefully considered, with a view to NYSE Euronext s continual betterment of the way it does business." By creating a unique business and market model based on the consolidation and integration of local financial markets, NYSE Euronext has allowed users to benefit from the strength, scope and economies of scale offered by an international group. They benefit from simplified access to harmonized market rules, more secure conditions for trading and a broader pool of liquidity. Playing a central role Exchanges are marketplaces where buyers and sellers come together to trade. Their function is to centralize information primarily prices in one transparent and open venue. The public whether an investor buying a share of stock or a company raising capital to expand its business can then utilize these prices to make informed decisions. Given NYSE Euronext s position at the crossroads of the world s capital markets, the Group interacts with a wide range of stakeholders. As a result of the financial crisis, regulatory authorities and the public at large have become more aware of the role played by the stock exchange as a central institution of the market economy. After all, exchange organizations are the only ones that offer all investors fair access to the same source of information, liquid trading and highly effective risk-management instruments. Shaping the way decisions are made As a stock exchange that operates trading platforms and acts as an interface between issuers and investors, NYSE Euronext is aware of its responsibility to maintain long-term relationships based on trust with its members and other customers. With more than 4,500 companies from around the world listed on its European and U.S. markets, the Group shares ideas and plays a critical role in shaping the manner in which these companies make decisions including decisions on corporate responsibility. Its listings and compliance standards remain the most stringent of any global exchange group. Corporate governance has never been more important to our financial system and constitutes another strong focus for NYSE Euronext. To enhance transparency and integrity in the financial markets, the Group promotes corporate-governance codes and codes of conduct. For example, in Belgium, NYSE Euronext participates in the Belgian Corporate Governance Committee. In the Netherlands, it contributed to the development of the Dutch Corporate Governance Code, which created a new regulatory framework for Dutch corporate governance. Helping with growth NYSE Euronext has always sought to meet its users demands for sustainable growth and has strived to provide them with conditions to help them expand. For example, the Group has undertaken various ongoing initiatives to facilitate access to capital markets for SMEs. These initiatives provide sources of economic growth as well as igniting momentum in creating value and jobs. In this as in other areas, customers opinions are attentively noted, closely reviewed and carefully considered, with a view to NYSE Euronext s continual betterment of the way it does business. The Group makes the most resolute effort to ensure that the form and frequency of its interactions are mutually satisfactory. Communicating and supporting NYSE Euronext supports and engages in fruitful dialogue, both within and outside the economic and technical contexts. Through constant interaction with decisionmakers in the political sphere, the Group contributes to developing the market s structural framework for maintaining its principles. For example, in Europe, NYSE Euronext vigorously defends its position on the review of MiFID by the European Commission. Adopted with all the best intentions reducing the cost of access to capital and trade execution MiFID has had the perverse effects of increasing market opacity and dislocating the remnants of transparency through a process of extreme fragmentation. Additionally, NYSE Euronext is committed to supporting the communities in which its employees live and work. Financial literacy and entrepreneurship are among the Group s priorities. The financial crisis has highlighted the need for people to take control of their own financial futures and gain better understanding of the financial decisions they are making. In 2010, NYSE Euronext launched NYSE Money Sense in the U.S., an online educational resource that helps consumers improve their money-management skills and knowledge. The Group is working in partnership with listed companies to promote the use of the site toward increasing the financial literacy of their own employees an action that has made positive strides in employee performance. Andrew Brandman, an AmCham France Board member, is Executive Vice-President and Chief Administrative Officer of NYSE Euronext and a Board member of NYSE Euronext Foundation. AmCham France Member since Commerce in France N 78 Winter 2010/2011

39 improve your legal english with the international legal english CertifiCate (ilec) DevelopeD by CambriDge University ILEC has become the language qualification standard for lawyers working in the international arena. for more information: or Commerce in France in France N 78 N 77 Winter Automne 2010/

40 Echoes Regional Chapters AmCham France Côte d Azur-Monaco Serge Lambert Chair, Côte d Azur-Monaco Team Côte d'azur 400, Promenade des Anglais Nice Tel: +33 (0) Mobile: +33 (0) [email protected] Burton Gintell - Sophia Antipolis Vice-Chair, Côte d Azur-Monaco [email protected] Franco Quillico - Monaco Vice-Chair, Côte d Azur-Monaco [email protected] November 18-19: The 6 th Forum of Competiveness Clusters, organized by the Sophia-Antipolis Foundation, championed industrial innovation as well as young, innovative companies. It aimed at boosting international cooperation among clusters and offered a forum for discussing funding strategies. November 30-December 2: Seatrade Med 2010, the Mediterranean s biennial meeting place for the cruise industry held for the first time in Cannes attracted regional and international exhibitors and visitors. At the event s press conference in Paris, we exchanged a few words with Dominique Estève, president of the Chambre de Commerce et d Industrie Nice Côte d Azur, regarding AmCham in general and our chapter in particular. This issue of Commerce in France featuring the PACA region, including Monaco, demonstrates the true interaction among our chapter and the economic decision-makers and U.S. companies in our region. We look forward to sharing with Commerce in France readers more news from and information about these active individuals, institutions and firms. Recent events attended by AmCham Côte d Azur-Monaco October 30: At Best of Provence in English, an AngloINFO event in La Motte (Var), event organizer Brigid Kennedy joined Wendy Wilson, founder of AngloINFO Monaco, in welcoming us and introducing us to local businesses, Americans from the area and the Draguignan economic development agency. Seatrade Med AmCham France France Nord Pascal Mitaux-Maurouard Chair, France Nord Federal Express International 299 boulevard de Leeds Euralille Tel: +33 (0) [email protected] Ambassador Rivkin Visits Pas-De-Calais For the second time since he took office as U.S. Ambassador to France, the Honorable Charles H. Rivkin was in our chapter s region for a busy day. Arriving at the Calais-Frethun (from Freetown ) train station, Ambassador Rivkin, Elizabeth Detmeister (U.S. Embassy Press Office) and Joe White (U.S. Commercial Service) were greeted by Catherine Fournier, Mayor of Frethun. It was then off to the Eurotunnel facilities for a guided tour by Jacques Gounon, President of the Eurotunnel Group. The visit included a walk-through of the maintenance facilities and loading docks and a peek into the security tunnel where one could clearly imagine England at the end of the tube! We then drove to Calais where Mayor Natacha Bouchart welcomed the ambassador before turning the proceedings over to AmCham for a meeting in the beautiful city hall with the local business community. Held in collaboration with the G.I.E (Groupement d Intérêts Economiques) Côte d Opale Développement composed of the St-Omer, Dunkerque and Boulogne-sur-Mer development agencies this gathering aimed at giving Ambassador Rivkin a better understanding of the U.S. corporate presence in Pas-de-Calais and of the level of interest there in developing economic relations between the region and the U.S. It also afforded key regional players an opportunity to speak with the ambassador directly. Before a luncheon in the grand reception hall, Ambassador Rivkin and Mayor Bouchart took part in the unveiling of a plaque to inaugurate a roundabout dedicated to Thomas Jefferson, who passed through Calais on his way to England in 1786 part of the efforts of the Ponts du Coeur Fondation to commemorate Jefferson and his travels in France. The last event of this fruitful day was a visit to St-Omer s Lycee Ribot in the footsteps of the Carroll family of Maryland, three of whose prominent sons were educated here in the mid 1700s (see Commerce in France, Spring 2010, page 39). Ambassador Rivkin took time to speak to and answer questions from the students of the International Program. Recent events December 14: Business-Community Meeting in St-Omer with Joe White (USCS) and major U.S. & French companies December 16: Meet-the-Embassy Series with Frederick Maerkle (U.S. Embassy Counselor for Environment, Science, Technology and Health) on U.S. environmental policies Coming up January 13: January 13: Meet-the-Embassy Series with Wendy Moore (U.S. Embassy Economic Section) February (date tbd): U.S. Day participation in CCI International event Please contact AmCham France Nord at our new e-address: [email protected] 40 Commerce in France N 78 Winter 2010/2011

41 Echoes Regional Chapters AmCham France Rhône-Alpes Auvergne Brad Stock Chair, Rhône-Alpes Auvergne AmCham Training Center - Parc Tertiaire du Bois Dieu 6 allée des Chevreuils Lissieu Tel: +33 (0) Fax: +33 (0) [email protected] Nathalie Berliet Vice-Chair, Rhône-Alpes Auvergne [email protected] [email protected] We welcome our new members Acte International ( ) Dickson Coatings ( ) Elutions ( AmCham Rhône-Alpes Auvergne continued to develop well in We expanded to 50 members in the region and our goal is to double that in the next 18 months. Our value proposition is simple: we help our members grow their businesses through knowledge building and networking. The third edition of our Education Program, Business Tools in English, continues to gain momentum. We also successfully launched two task forces: the Human Resources Task Force kicked off on September 27 at Becton Dickinson in Grenoble and after a first successful year the Logistics Task Force looks forward to continuing its fine work into 2011 and well beyond.. Recent events & programs (Pictures from AmCham RAA events: September 26: AmCham welcomed newly arrived expats at Lyon à la Carte, organized by OnlyLyon. This yearly event is meant to communicate the needs of the growing international community of professional expats in the Lyon area. As a facilitator of transatlantic business, Amcham naturally took part! September 30: At Doing Business in Silicon Valley (organized with ERAI at CCI Nord Isère), Harding Marketing and Movea two companies based in California with offices in Rhone Alps presented their business methods. Participants collected not only success stories but also tools for expanding contacts and business in the valley. October 27: Held on Bird & Bird s new premises, Sales 2.0 hosted British sales-process guru Colin Wilson. A consultant to various multinationals for over 15 years, Mr. Wilson adds value through his innovative techniques and sales-forecasting tools. AmCham s signature event, ChamMasters, has continued to attract over 25 international professionals each month for cocktails and dinner at the Hilton Lyon. In this convivial atmosphere, participants hone their English-language public-speaking skills through personal coaching. Coming up January 19: Master the Moment January 25: Effective Cross-Cultural Communication February 4: Opportunity and Deal Management February 17: Making Memorable Presentations February 22: Pipeline Management March 11: Industrial-Asset Management March 15: Social Media and Web 2.0 AmCham France Alsace-Lorraine Vincent Froehlicher Chair, Alsace-Lorraine ADIRA, Le Sébastopol - 3 quai Kléber Strasbourg Cedex Tel: +33 (0) Fax: +33(0) [email protected] Jean Simon (Haut Rhin) Vice-Chair, Alsace-Lorraine [email protected] Executive-Training Program AmCham Alsace-Lorraine has launched its own executive-training program: Business Tools in English. Pioneered by the AmCham Rhône-Alpes Auvergne Chapter, the program offers a range of courses, seminars and workshops designed as a resource for local business professionals who wish to further their knowledge about various processes, thoughts and ideas in today s business world. Business Tools in English also features a number of task forces that will bring together experts from various companies to discuss commonly faced issues and develop best practices. With AmCham Rhône-Alpes Auvergne chairman Brad Stock acting as advisor, the program s 12-member planning committee was headed by Alsace- Lorraine chairman Vincent Froehlicher. The launch event, held on October 20 in central Strasbourg, attracted more than 150 guests and offered a 60-minute program introduction including among other features a speech by Vincent Carver, U.S. Consul General in Strasbourg. The evening continued with a cocktail reception where participants and AmCham representatives discussed the program in a more informal manner. Feedback has been very encouraging, and we hope to build on the success of the program over time. AmCham Alsace-Lorraine Website To coincide with the training-program kickoff, AmCham Alsace-Lorraine has created www. amcham-alsacelorraine.org. The website will provide news and information about members and regional events and contain a blog written by AmCham representatives discussing topics of interest to local business people. We plan to develop the site into an active driver of visibility for both the chapter and AmCham in general. As it grows, it will deliver an increasing variety of traditional and new-media content. (Reported by member Gee Ranasinha) Commerce in France N 78 Winter 2010/

42 Echoes Regional Chapters AmCham France Midi-Pyrénées Leandro De Sa Chair, Midi-Pyrénées AmCham Midi-Pyrénées 20 bd Lascrosses - BP Toulouse Cedex 7 Tél : +33 (0) [email protected] Alison Cole Vice-Chair, Midi-Pyrénées [email protected] We welcome our new regional member: La Mêlée Numérique ( and our new Board member Anouchka Ganivet (of Dale Carnegie: see photo at right) NEW ADRESS New members-only services: Dale Carnegie offers free "Performance Improvement" training (standard price: for 10 persons). Objective: learn to assess the levers and levels of success in individual employees and teams. (Contact Anouchka Ganivet: ) Recent events August 26: Women in Business picnic September 6: Women in Business - Vision Workshop September 28: Dale Carnegie Conference - L'engagement des collaborateurs September 30: Women in Business - Stress Management October 6: Breakfast with Bruno Bergoënd, VP & GM of Safran Engineering Services - Labinal, a Key Actor in Systems Engineering and Technical Analysis October 12: Women in Business - The Story of Success, with Jean-Claude Rassou of Motorola November 4: Breakfast with Marielle Gaudois, President of BioMédical Alliance November 4: Women In Business - Meet artist Patricia Cartereau November 9: First meeting of HR & Talent Task Force - Talent, Mobility & Employment in Midi-Pyrenees November 30: Women in Busines - Coaching session with Barbara Duchow November 30 Dec 1: Fulbright Commission and U.S. Embassy Visa Department - Session on business and student visas (co-hosted by ETS Global, AmCham and U.S. Consulate) November 30 Dec 3: Visit by Bruce Greenwood, President of CASE (Council of American States in Europe) December 9: Dale Carnergie Training - Time and Priority Management ETS Global offers all employees of AmCham member-firms a preferential rate of 95 instead of 105 on a Pass Your TOEIC Speaking & Writing Test, designed to measure skills in business English. (Contact Frederic Sourbie: ) Focus for 2011: Matchmaking! During the last 12 months in keeping with our goal of introducing research entities to potential industrial partners AmCham Midi-Pyrénées successfully brought together (among others) Labinal and Motorola. Coming up (Dates tbd): Breakfast with Monique Cavalier, Deputy Director of University Hospitals Toulouse UNWTO/OECD event Family-Owned SMEs February: CASE (Council of American States in Europe) Conference - Business Opportunities in the United States March & April: Biohealth Cross-Challenges in Cancer, co-hosted by Cancer-Bio-Santé & State of Maryland cluster B2B meetings for Midi- Pyrénées and Maryland firms Visit us at: / Membership & other information: [email protected] The Mediterranean Anglo-American Business Network William Peterson Chair, Marseille-Provence President, MAABN Tél : +33 (0) [email protected] MAABN has again had an active and exciting few months. As our first major fall activity, we launched a bi-lingual-education survey to support our upcoming second conference on this subject, and to respond to a request from the rector of the Aix-Marseille School District for more data. We posted the survey online and, after mapping the U.S. and UK companies in the area, sent out a paper version. MAABN BP Marseille Cedex 20 [email protected] Daniel Eisenberg, Vice-President/Sponsor Relations, MAABN Tél : +33 (0) [email protected] Recent events attended and/or supported by MAABN included: a presentation by the grandson of Harry Truman on U.S. politics and the parallels between the Truman and Obama administrations the AngloINFO Provence networking event in the Var, where MAABN was pleased to display our new trade-show stand and MAABN Board Member Rebecca Penna was a featured speaker a networking event in New York organized with the NY Tech Council (attended by MAABN Board Members Daniel Eisenberg and Pierre Distinguin). In addition, Board Members William Peterson and Richard Bower traveled to Paris to meet new AmCham France managing director Marina Niforos and to visit the Franco-British Chamber of Commerce and Industry. Our successful Langage Apero events began again in September, with get-togethers in Marseille and near Aix-en-Provence. A new activity at these evenings allows sponsors, members and partners to make short English-language presentations about their business activities. In Marseille, key presenters included KPMG. In Aix (at Chateau La Brillane and the Liquoristerie de Provence), Wall Street Institute and Euromed Management s World Med MBA program were featured. During a special-edition October Language Apero we said goodbye to our friend U.S. Consul General Kathleen Riley as she prepared to leave for her next posting. November saw our Annual General Meeting and the election of a new MAABN Board for a two-year term. The following month we participated in the Questions for a Network event sponsored by the IRCE (Institut Régional pour la Création et le développement des Entreprises), and our always extremely successful year-end-holiday party organized this time with the European Professional Women s Network Marseille-Provence rounded out the year at its usual venue, Chateau Ricard. Future plans include establishing a regional networking group and organizing events with the other bi-national chambers of commerce in the area (Swiss, Belgian, Italian, German, etc.). If you are planning a trip to Provence, please check our website for a calendar of events. New members, guests and sponsors are always welcome. Andrew Roberts of Euromed Management & John Evans of KPMG: Language Apero, Marseille 42 Commerce in France N 78 Winter 2010/2011

43 Echoes Events A Summary of France Events from September to Mid-November 2010 For upcoming events see and our Chapter Updates, pages 40 to 42. the 115th annual benjamin FranKlin awards DinnEr gala The Benjamin Franklin Dinner, named after America s first diplomat, began in 1895 as an annual gala event. In 1928 AmCham started awarding a Medal of Honor at the dinners, to those who had been particularly supportive of AmCham s mission to promote trans-atlantic economic relations. Among the recipients have been French Presidents Paul Doumer and Albert Lebrun; French Justice Minister Pierre Méhaignerie; French Economy and Finance Minister Christine Lagarde; Anne d Ornano, founder of the Deauville American Film Festival; U.S. Ambassadors Charles Bohlen, Pamela Harriman and Felix Rohatyn, and the CEOs of prominent companies such as Axa, American Express, Euro Disney, Ford, France Telecom, General Electric, IBM France, J.P. Morgan, and United Technologies. The 2009 recipients were Maurice Lévy of Publicis Groupe and Frederick W. Smith of FedEx for their work as co-chairs of the French-American Business Council (FABC). This year, AmCham was proud to honor Ursula Burns, Chair and CEO of Xerox Corporation. And we thank our event sponsors for their generosity: Guerlain, Estée Lauder Companies Europe and La Vallée Village. September 9 at the InterContinental Paris Le Grand Hotel AmCham President Jean-Claude Gruffat, Ursula Burns, U.S. Ambassador Charles H. Rivkin private tour of the u.s. ambassador s residence The Professional Women s Task Force organized another of its privileged visits to the U.S. Ambassador s beautiful Parisian home, where guests were treated to fascinating facts and figures about its history, architecture, artwork and furnishings. September 14 Commerce in France N 78 Winter 2010/

44 Echoes Events CoaChing and the Co-aCtiVE model Lourdès Gutierrez and Marco Frediani, co-managing Directors of Paris Playground - CTI France, presented Co-Active Coaching, a transformative approach to human-capital development for individuals, groups, teams and organizations that cultivates workforce talent by, among other phenomena, exploring values and enhancing creativity. September 15 at AmCham how to be smart (time- and Cost-wisE) when maintaining your annual sox (sarbanes oxley) CErtiFiCation With a view to helping minimize the time, effort and fees involved in renewing annual SOX certification, Chawki Madaoui, Certified Internal Auditor and Founder of EBR Consulting, discussed issues such as capitalizing on the previous year s audit preparation, formalizing internal controls and enhancing information traceability. September 21 at AmCham u.s. FooD in FranCE: recipes For success At this intimate gathering of very enthusiastic participants organized by the Hospitality & Travel Task Force discussion about the success of American food brands in France was served up by an illustrious panel including: Joe Schott, COO of Euro Disney; Nicole Lopez, VP Finance of Euro Disney; Stephane Klein, former PDG of Starbucks; Alain Ducasse, Managing Director for Europe, Hard Rock Café, and Joseph White, Commercial Attaché, U.S. Embassy Paris. October 22 at Hard Rock Café les EntrEtiEns Du ContEntiEux In conjunction with AmCham and the Franco-British Chamber of Commerce and Industry, Herbert Smith LLP held the second in its breakfast-discussion series on corporate legal conflicts. Guest speakers Mark Johnson, Peter Burrell, Graham More, Dmitry Kurochkin, Jack Baughman, Paul Weiss, Denis Chemla and Jonathan Mattout highlighted the differences among the American, British, French, Russian, Chinese and African approaches to corruption. September 23 at the offices of Herbert Smith LLP simone DE beauvoir s the second sex The Professional Women s Task Force welcomed Constance Borde & Sheila Malovany-Chevallier, authors of the first complete translation of The Second Sex (in which they reinstated as much as fifteen percent of the original work cut from the first translation), who spoke passionately about the spark that inspired them to make this groundbreaking study of women more available than ever to the English-speaking world. September 23 at AmCham ifrs (international FinanCial reporting standards) in the u.s.: where are we today? Jean-Pierre Agazzi and Anthony Maarek, respectively partner and senior manager of Deloitte & Associés s Global IFRS and Offerings Services, provided insight into the state of IFRS in the U.S., info about recent activity on the regulatory side and an update on convergence activities that are likely to affect the financial reporting and accounting standards in the near future. October 6 at France-Amériques IFRS Seminar Marina Niforos, AmCham France Managing Director Joe Schott, Sr. VP & COO, Euro Disney Rupprecht Queitsch, Managing Director, Marriott Int l ; VP, AmCham Curtis Bartosik, General Manager, Seneca; Task Force Chair lunch with oecd secretary-general angel gurria After opening remarks by U.S. Permanent Representative to the OECD Ambassador Karen Kornbluh, AmCham and American Club of Paris members enjoyed an eloquent, informative address by Secretary-General Gurria. September 28 at the Cercle de l Union Interalliée la retraite : les EspEranCEs, la realite Et la reforme During this Human Resources Task Force Roundtable, HR Task Force co-chair Karine Liegard, partner at Global Benefit Associates, and Charlotte Bertrand, partner at the law firm Fromont, Briens & Associés, examined le sujet de la rentrée 2010: retirement benefits in France. Following an overview of general principles, the presentation delved into concrete calculations drawn from real-life cases and concluded with a discussion of the reform proposals before the Assemblée Nationale. As with many AmCham speaker-events, a cocktail reception rounded out the evening. September 29 at AmCham. les JEunEs En Formation Dans l EntrEprisE : stage, appren tissage Et professionnalisation At an informative AmCham Entrepreneur Task Force breakfast meeting (see page 34), Christine Costard (founding associate of Audit Expertise Services) highlighted How to Employ an Intern, Danielle Savage (American University of Paris career counselor) discussed Internships from the Student and the University Points of View and Karine Leprat (counselor at the Chambre de Commerce et d Industrie de Paris) explored Professional Contracts Such as for Apprenticeships. October 12 at AmCham 44 Commerce in France N 78 Winter 2010/2011

45 Echoes Events professional women s annual autumn networking CoCKtail reception The annual rentrée networking cocktail reception organized by AmCham s Professional Women s Task Force was a very special event this year, as newly arrived Marina Niforos, who has the honor of being AmCham France s first female managing director, shared her vision, ideas and plans for our Chamber. October 28 at AmCham Mikaël Pelan, Roselyn Sands, Sylvie Savignac, Ann-Katrin Dolium, Rozenn Le Berre, Anne Marie Cano, Nathalie Wright amcham training From EntrEprEnEur to leader, or the art of storytelling In partnership with the Stanford Club of France, AmCham hosted author, lecturer, professor and CEO John Sadowsky, who asked and answered fascinating questions such as How did Steve Jobs, Gandhi, Martin Luther King and Barack Obama become leaders? What is leadership? What can make you a leader? And, What does the art of storytelling have to do with all this? At a post-presentation cocktail reception, Dr. Sadowsky signed copies of his Les sept règles du storytelling. October 20 at AmCham new members and networking CoCKtail reception As always, this well attended quarterly event was the perfect setting for meeting new AmCham members (who briefly introduced themselves and/or their companies), strengthening existing contacts and cultivating additional ones all enhanced by tasty refreshments. September 30 at AmCham impact of the CongrEssional mid-term ElECtions on business in 2011 Following their poll asking a nationally representative sample of voters, financial advisors, institutional investors, small-business owners and high-net-worth individuals what effect the 2010 U.S. mid-term election might have on the U.S. business climate in 2011, Edward Reilly (CEO Americas, FD Financial Dynamics International Limited; Executive Committee member, FTI Consulting, Inc), Jackson Dunn (Managing Director, FTI Consulting, Inc.) and Nina Mitz (President & Managing Director, FD France; member, FTI Consulting, Inc.) held a roundtable discussion outlining key findings, policy implications for the U.S. government, and the outlook and priorities for the coming year. October 27 at AmCham is true workplace DiVErsity on its way in FranCE? AmCham s Professional Women s and Human Resources Task Forces, in conjunction with Microsoft France, explored the legal, social, logistical and other aspects of this timely subject via a panel featuring Roselyn Sands of Ernst & Young and Mikaël Pelan of Fromont, Briens & Associés (both HR Task Force members), Ann-Katrin Dolium of Vigeo, Sylvie Savignac of La Poste, and Rozenn Le Berre and Anne Marie Cano of Microsoft France all introduced by moderator Nathalie Wright (Microsoft France). AmCham managing director Marina Niforos rounded out the evening with closing remarks. November 18 at Microsoft France legal-english training program In conjunction with AmCham s Training and Education Task Force, American lawyer Stephanie Schantz, Director of Legal Lingua, prepares participants for the International Legal English Certificate (ILEC) developed by Cambridge University. The Legal Lingua program is designed to improve the Legal-English skills of non-native-english-speaking legal professionals who work in an international environment. (There is no requirement to take the ILEC exam.). Mondays, 19:00 21:00, at AmCham trans-atlantic ConnECtions the honorable JEnniFEr m. granholm, governor of michigan Discussing why Michigan is the place to do business in North America in the 21st century, Governor Granholm focused on many of the areas for which her advocacy is well known: clean energy, education, job training and more. Her dynamic talk and a lively question-answer session were followed by a cocktail reception that allowed participants to prolong the positive atmosphere of the evening. October 14 at AmCham. Rupprecht Queitsch, Managing Director, Marriott International Marina Niforos, Managing Director, AmCham France The Honorable Jennifer M. Granholm, Governor of Michigan Jean-Claude Najar, General Counsel France & Senior Counsel EMEA, General Electric International Inc. RECTIFICATION : Due to an editing error in the Fall 2010 Commerce in France, the recaps of the Harley Davidson Independence Day events in Toulouse (page 46) and Paris (page 48) omitted mention of the hard work done by the marketing/public relations experts at Firm en France notably its founder-director Berry van Gestel and fashion specialist Cissia Schippers to drive these events from concept to reality. Commerce in France N 78 Winter 2010/

46 Echoes In the AmCham Archives Our section dedicated to AmCham s interesting history offers facts, figures, anecdotes and answers to questions you may have about where, when and how all these wonderful opportunities for networking, lobbying and info-sharing got their start. Be sure to check back (and future) issues of Commerce in France for the rest of the (hi)story! La fin de la Bibliothèque Franklin La Bibliothèque Benjamin Franklin de l American Chamber of Commerce, située dans les locaux avenue George V d où la Chambre a déménagé au milieu des années 90, était très importante. Elle comportait plus de volumes dans un très beau cadre. Objet de fierté pour beaucoup de membres, elle était considérée de plus en plus comme un élément purement esthétique, dont l utilité était contestée. En Septembre 1945, l hypothèse de liquider la bibliothèque est évoquée pour la première fois par certains membres et écartée à l unanimité en Conseil d Administration. Mais à nouveau en 1951, le Conseil consacre plusieurs réunions (notamment le 20 Février et le 20 Mars) à débattre de son avenir. La décision est difficile : le coût de l établissement d un catalogue est évalué à $, soit l équivalent aujourd hui d environ , sans compter le salaire annuel liée au recrutement d un documentaliste, qui serait nécessaire. Les partisans de la liquidation invoquent que, dans les 12 derniers mois, personne n y est venu (sauf peut-être des membres du staff) et qu auparavant, la bibliothèque ne recevait qu un étudiant de temps en temps : [what] may or may not surpise many of the Board is that during the past twelve months not a single person has referred to the library. Le Conseil constate donc que la bibliothèque suscite un grand attachement sentimental, mais représente une très faible utilité : hence it will be seen that while there is a great deal of sentimental value attached to the large collection of books which we own, the utility value would appear to be exceedingly negligible. Une motion est votée le 20 Février : irrespective of the value of the library and considering that the books are not consulted and represent a housekeeping liability, is it advisable to keep the library in this meeting room because of its esthetic value? Elle ne recueille que 4 voix «pour», avec 6 voix «contre» et 3 abstentions. Il est donc décidé de supprimer la bibliothèque. Le fonds est proposé à l American Library, à la Bibliothèque Nationale, à l American Legion et à la Chambre de Commerce et d Industrie de Paris, sans grand succès. Les livres n ayant pas de lien avec les sujets économiques et commerciaux seraient vendus au meilleur prix ainsi que les rayonnages eux-mêmes, qui sont très beaux. L estimation de la valeur intrinsèque des livres par un expert et un commissaire-priseur donne des chiffres très décevants pour la Chambre : seulement entre et francs (l équivalent aujourd hui d entre 900 et ) pour les livres en français, rien pour les autres. Interrogées, les librairies parisiennes Brentano s, WHSmith et Galignani se déclarent non intéressées ( they would not be interested at any price), ainsi que l Ambassade américaine et l UNESCO. Les livres sont donc proposés aux membres at reasonable price et le solde est donné aux organisations qui les accepteront. Au Conseil du 27 Avril 1951, on prend acte que livres ainsi que des rayonnages et «vieux papiers» ont été vendus pour un total de francs (soit l équivalent aujourd hui d environ ), et livres ont été donnés (American Library, American School, American Legion, Chambre de Commerce et d Industrie de Paris, Bibliothèque Nationale). Que sont devenus les plus que autres? Sans doute partagés entre les membres. Ces dispositions sont approuvées et les recettes sont affectées à la réduction du coût des travaux de rénovation des locaux (qui sera ainsi réduit à environ 1,28 millions de francs, soit l équivalent aujourd hui d environ ). Written by Philippe Rochefort (Paris IV-Sorbonne) Do not copy without permission. 46 Commerce in France N 78 Winter 2010/2011

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