Yet it is scarcely less defeatist than the recent decision of Le Monde, France's most influential newspaper, to publish a regular 20-page supplement in English.

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The event, which runs Sunday through Tuesday at the Le Centre Sheraton, is expected to draw more than 500 people involved with the precious-metals business.

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While that is all welcome, it should come as no surprise that the European start-up scene has been flourishing for many years, and there is no better sign of that than the annual Parisian conference, Le Web.

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"I fully understand that many jobs in declining sectors should be protected but my concern is that Hollande seems more focused on protecting the past than preparing the future, " said Mr. Le Meur.

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Deputy Le Tocq, who is also the island's deputy chief minister, said the system worked better than other places due to the "widespread contact with the media and the means of contacting the community in Guernsey generally".

BBC: Jonathan Le Tocq

Le Web will even feature a speech from McKinsey partner Eric Hazan on how "faster than realtime" is shifting the behavior of consumption across the internet.

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