Coping with the Crisis

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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

2 Since 1840 INTERNATIONAL MOVING - STORAGE MOVE MANAGEMENT - RELOCATION PARIS: Tel.: Fax: OFFICES IN LYON, MARSEILLE, NICE et TOULOUSE

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. 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. : Responsable technique : Aïda Pereira Tél. : 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/ Vancheng Khou Events and Administrative Manager +33/ Francesca Hansen Marketing and Communications Manager +33/ Shari Leslie Segall Editor +33/ 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 : - Tél. : FFE La régie confiance FOREIGN AFFAIRS (* 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

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