The French are increasingly likely to be seduced by the bank online. They are now more than two million have opened an account at one of these virtual branches. Representing 2% of the market for retail banking. The movement gained momentum in 2010. In Boursorama, one of the first in this market, but will announce the results in sharp decline due to problems at its German subsidiary, "the number of bank customers doubled in 2010 compared to 2009," says his President, Ines Mercereau. For its part, ING Direct has acquired his additional 40,000 customers in 2010 and Monabanq, about 20 000. Launched in October 2009, the private bank BforBank claims 52,000 customers.
Discount Rates
This trend could accelerate in the future. These banks, which are major communication efforts should take advantage of underlying trends that include e-commerce.Suddenly, the offensive commercial business practices, including the insurers. Axa Bank, for example, has recast its offer with a goal of doubling the number of customers by 2015, rising from 720,000 to 1,400,000. Macif wants it, retain its 5 million members by offering them a unique banking offer short term personal loans.
Initially specializing in stock brokerage or savings at competitive prices, most players have grown in recent years by offering their customers the same products that a traditional bank: current account, credit card, life insurance , mutual funds and even more recently, as in mortgages Boursorama. Their most? Very low rates (often the card is free) and sites within easy reach and use. The traditional retail banks have also set up agencies online, but with rates close to those prevailing at the counter."LCL e.LCL with one of the few to have a different pricing policy," says Stephen Short, CEO of Equinox Consulting.
Who are online banks? "They are the secondary banks rather affluent customers, typically savvy banking and technophiles. They seek payment or free of financial products better, "forward Maxime Chipoy analyst UFC-Que Choisir. For now, online banks are not designed to be the major banks to their customers. "Our goal is to be the first of the second bank of our customers," says Inès Mercereau.
CGT denies early departure of Bernard Thibault, announced Thursday morning by Le Parisien – Aujourd'hui en France. The newspaper believed that "tired", the CGT leader since 1999 has decided to leave the ship. "I'm leaving at the end of the year, so that my successor is in place before the presidential elections," reported Thursday morning in the daily framework of the CGT, remarks which were held on December 21 and 22 last to his closest collaborators. Allegations that the secretary general of the CGT was "very clear denial" on Thursday, denouncing "an attempt at destabilization."
"For the future of the CGT and its leadership, we will proceed when the time comes – and it's not yet the case – according to our usual procedures in a collective framework," to elect a successor at he said in a statement.
The assumption of an imminent departure of Bernard Thibault of the CGT leadership is often mentioned yet. Since his re-election to Congress in Nantes comfortable, difficulties have indeed accumulated to the charismatic leader. The failure of the struggle against the pension reform first, opened the way for a reconsideration of the reformist strategy adopted under his leadership over the past ten years. Some federations have seen the failure of a desire to refocus the CGT and make a union of contestation and negotiation instant credit report. The recent decline in the weight of the union in some of its strongholds, such as RATP, EDF, GDF or the Post Office, has been interpreted by opponents as a validation of this hypothesis. By boycotting the beginning of January the wishes of the social partners Nicolas Sarkozy, Bernard Thibault would have liked to correct the situation by hardening his speech.
A three-year term
But other factors may also contribute to an early departure next leader of the CGT. Internally, Bernard Thibault is accused of abandoning the organization. A peak for the CGT: the staff, who complain the level of wages and working conditions, is in open war against management. "Every unhappy tumble in his office. This is evidence of dysfunction of the house, "said one observer Parisien-Aujourd'hui en France. Bernard Thibault, meanwhile, evokes "a fatasme" to destabilize the CGT "after the exceptional action over pensions.
To these difficulties must be added the threats against himself and his family have suffered in recent years. The pig's head stabbed in front of his door and other malicious acts would eventually affect the CGT leader, worried about his family.Many reasons for Bernard Thibault, give way before the end of his mandate in 2012.
ALSO READ:
"The agenda 2011-2012 of employers and unions
"The CGT Sarkozy vows boycott
The noose tightens on conventional breaks, these "friendly separation" between employer and employee who are very successful (455,000 have been registered since August 2008) and now represent 11% of the grounds of breach of CDI. Christian Charpy, head of employment center, announced Wednesday, during a meeting with the Association of Journalists of social information-a unique figure which confirms that this new provision of the Labour Code would provide early retirement scheme for certain large companies.
According to Christian Charpy, a job seeker five entering employment center after a break treaty has over 50 years. This is double their other reasons for listing. But the fifties unemployed are eligible for compensation for three years if they have paid 36 months.And if they are over 58 years, "they can be compensated until age of retirement," admits the Ministry of Labour. "Employees found there, because they have a guaranteed income until retirement," abounds Isabelle Mathieu, a partner in employment law at Daempartners. To say that employers are using conventional breaks to separate "cheap and cost of unemployment insurance" of their seniors, there is only one step that the OECD has passed in April last.
The diversion of this device invented by unions and employers to frame-outs which took the form of dismissal for misconduct-concern mainly large firms. Including more than 250 employees, where 17.4% separation amicably affecting more than 58 years. Or 13 points higher than in less than 50 people.Unemployment insurance note well "over-representation of 55-60 years, but has no" evidence to draw the conclusion of a drift "detrimental to its finances, largely in deficit (11 billion at end 2011). His office has commissioned a study to take stock. Results in the first half.
ALSO READ:
"Employment of older workers: France lagging in Europe
"INTERVIEW – Wauquiez:" A cultural revolution on seniors'
"Seniors career progress slow
Copper ends 2010 with fanfare
Copper has illuminated the LME for the last week of 2010. Despite the holiday-shortened session, the red metal has distinguished himself by beating his own records. Friday, he hit the 9,675 dollars per tonne, a record level. Its price has more than tripled in two years. He ended the year on an increase of over 30%. In a market where stocks are still considered insufficient, the growth of emerging economies, India and China in particular, focused on the rise.
Tin was also distinguished by an increase to 26,800 dollars per tonne and an annual increase of nearly 60%. The other metals are no exception as evidenced by increases of 31% over the year for nickel, 10% for aluminum and 5% for lead.
Used in industry, base metals have largely benefited from the recovery prospects for global growth in 2011, but also the weakening dollar. Moreover, the idea of seeing the birth of ETFs on the market, like precious metals, has generated much interest markets.
Oil makes up barely to the end of the year
The last week of 2010 has been turned upside for oil prices. Monday was first marked the end of a series of 5 consecutive sessions of gains, at a time when only the NYSE was open (one in London remained closed for the holidays). At $ 91, the course has remained on a higher in two years, but the atmosphere was gone. "The market drops a little ground. There are concerns about China's growth, "then thought Jason Schenker, Luxury Economics.
Thursday was the turning point of the week with the publication considered disappointing in crude inventories in the United States. The crude reserves fell 1.3 million barrels in the U.S., far less than anticipated by analysts (-2.9 million barrels). In addition, stocks of distillates rose despite the cold. These stories have been enough to push investors to take profits. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for February delivery finished at 89.84 dollars on that day, down 1.28 dollars compared to the previous day. In London, Brent crude ended at 92.67 dollars.
Anxious to end the year on the positive, investors were caught on Friday. In New York, oil prices rebounded late in the session, reaching in the final minutes of trade, 92.06 dollars, a breakthrough price since October 2008. In 2010, he was up 15%.In London, Brent crude ended at 94.59 dollars (+22%).
The gold star of 2010
The year also ended with a flourish for precious metals. Gold, who won more than $ 40 in five sessions, ended 2010 to 1420.70 dollars an ounce, not far from its record high (U.S. $ 1,431.25 hit on December 7). As always this year, gold has benefited from its status as a safe haven in a market somewhat reassured by the problems of European debts no fax payday loans. Last week again Italy has sealed off a bond issue at very high rates while rates are still Greek soared. The weak dollar has also encouraged purchases of gold. Some profit taking at the weekend prevented the yellow metal to enter a new record. But according to analysts, the rise should continue in 2011.
As always, the money followed the gold.The gray metal ended higher at 30.63 dollars per ounce on Friday, registering a record high during trading in 30 years to 30.90 dollars. Over the year, he won over 80%.
For its part, an ounce of platinum ended at 1761.50 dollars an ounce Friday and palladium closed at 795.50 dollars. The two signed a very good year in 2010, with respective gains of 17% and 91.41% year on year. In addition to the industrial outlook optimistic, the markets were driven by fears of tight supplies of Russia, world's largest producer.
Cocoa takes a deep breath
Markets of agricultural materials, time was rather cautious. Cocoa prices in particular, have stabilized, although no conclusion has been found in the political crisis in Cote d'Ivoire, the largest producer worldwide.Prices have increased by "only" 12% since the beginning of political tensions since the beans were still able to reach ports and leave the territory. Moreover, other producing countries such as Ghana and Indonesia, are driving the market. On Liffe in London, a tonne of cocoa for March delivery ended down slightly to 2017 pounds on Friday. On the NYBOT-ICE U.S., the contract for March delivery was worth 3,023 dollars per tonne.
For his part, sugar is still flamed last week. Prices are mounted Wednesday until 34.77 cents a pound in New York, a new record since January 1981 due to fears over supply. But prices fell sharply Thursday and Friday, weighed down by a movement of profit taking.
From their side, prices for corn and soybeans have reached their highest levels since August 2008 in Chicago.Dry weather in Argentina, the second largest exporter of corn, fearing the worst for crops. A bushel of soybeans for March delivery finished Friday at 14.03 dollars, rising by 3.2% over the last week of the year. The contract for the same maturity of corn rose to 6.29 dollars (+2.4%) while a bushel of wheat stood at 7.9450 dollars (+1.5%). Note that wheat, boosted drought in Russia during the summer, has gained 45% over the year.
ALSO READ:
"2011 a golden year
"Commodities: sharp rise in crop prices and uncertain
"Onion, coconut, palm: soaring prices in Asia
France remains the largest AAA. This note, the best is always what the rating agency S & P (Standard & Poor's) – one of three major awards at the world-France.And what is triple A party to last at least a few months since S & P's note accompanying a stable outlook.
This assessment "reflects our views on health and strength of the French economy, the political environment, which we estimate to be flat and oriented towards prudent economic policies," says Marko Mrsnik, an analyst for S & P cited in the statement.
S & P increases the scenario in which the French government will continue its effort of fiscal consolidation and "could reduce the deficit to about 3% of gross domestic product in 2013."
France has promised to reduce its budget deficits (government, social security, local) of 7.7% of gross domestic product (GDP) this year, a record at 6% next year.Paris is a deficit of 4.6% of GDP in 2012 and 3%, the maximum allowed under the European treaties, in 2013.
Debt in a few dates and figures
The debt of France amounted to 1591.5 billion at the end of second quarter 2010 (latest figure available), or 82.9% of gross domestic product (GDP). It is expected to exceed 1,600 billion at end 2010 to 83.2% of GDP, or about 25,000 euros per capita.
It increased by almost 60% since 2003, during which she had crossed the symbolic threshold of 1,000 billion euros and the 50% of national wealth. The mark was surpassed 500 billion in 1993. Ultimately, the burden of debt to GDP has tripled in 30 years.
The Department of Budget expects that the French debt will represent 86.2% of GDP in 2011 before reaching 87.4% in 2012 and to decline slightly.Government debt is owned 70% by non-resident investors, a figure rising steadily in recent years.
A closed
In the "club" very closed countries rated triple-A by all three agencies (S & P, Fitch Ratings and Moody's) include, in addition to France: Germany, Netherlands, Finland, Austria and Luxembourg in the euro area; Norway, Sweden, Denmark, Switzerland and United Kingdom in the rest of Europe, USA, Canada and Singapore around the world.
S & P, "an issuer of bonds rated AAA has extremely strong capacity to meet its financial commitments." Moody's, the Supreme Aaa rating thus reflects a "strong economic, financial and institutional exceptional, allowing unfettered access to credit" and requires that "no conceivable impact is likely to affect repayment capacity."Fitch, meanwhile, explains that "the political will and capacity to mobilize resources to meet their financial obligations is a key element of sovereign credit reliability.
The rating agency Dagong Chinese, meanwhile, has awarded its own "Triple A" only seven countries: Norway, Denmark, Luxembourg, Switzerland, Singapore, Australia and New Zealand. It notes the AA-France, the United States and Germany AA AA +.
With agencies
ALSO READ:
"Fitch degrades the debt of Portugal
Moody's puts Spain and Portugal under pressure
"The operation of credit rating agencies
Poweo will sell to Verbund, its shareholder, all of its means of electricity generation in order to identify the financial resources necessary for continuity of operations. Verbund, which owns nearly 46% stake in Poweo, has offered to buy for $ 120 million, corresponding to their net book value, 60% of production Poweo it does not already own, said in a statement the alternative operator of electricity and gas in France. The agreement announced Wednesday takes effect from 1 January 2011.
Poweo Production is all electricity generation assets of the group, whether fired combined cycle natural gas (NGCC), in operation or under construction, or asset-based energy renewable.
"Poweo believes that this transaction will allow it to generate adequate cash resources in light of its financial commitments for the full year 2011 has minimum", said the French group, saying he would continue the activity commercialization of energy.
In exchange, the transaction is welcomed. At 10 hours, the title Poweo gained 5.93% to 5.36 euros, with a market capitalization of 87.78 million euros. Since the beginning of the year, it nevertheless shows a decline of 61.4%.
Poweo announced in November that it was studying various strategic options to restore cash generation from operations, affected by its loss of electricity sales, pending the implementation of market reform of Electricity supposed to give him access to nuclear EDF on favorable terms.
The consolidation will be studied
He indicated Wednesday he wants "to continue intensive discussions already underway to identify and implement any accompanying measures to perpetuate further its presence in the French market as a marketer of energy faxless payday advance."
The company expects including regulations implementing the law on the reorganization of the French electricity market (Nome), which should be published in the first half of 2011 to determine "the contours of its new business model and its competitive positioning and prospects associated.
"It will consider any opportunity in this part of industry consolidation that could help accelerate the recovery of its activities."
The group also said it will receive until June 30, 2013 an option to repurchase its 60% stake in Poweo Production at a price identical to that assignment, he could exercise "if future developments regulatory conditions or market give meaning to such an operation. "
Poweo Production has also entrusted to a bank a mandate of the sale of its entire branch Renewable Energy, which includes an installed production capacity of 105 MW (megawatts).
Poweo developing since 2005 a project portfolio of generation capacity consisting mainly of type CCGT power stations, including one of 412 MW already in service in Pont-sur-Sambre (Nord).It does not, however, means to compete with EDF and depends primarily on the incumbent to supply electricity. On the wholesale market, the group must sell more expensive and the electricity it produced or purchased from the utility public.
Nome law does not specify the price at which EDF will sell part of its nuclear production. The incumbent requires a floor price of 42 euros per megawatt hour, while its competitors require a much lower price, close to 35 euros.
(With Reuters)
ALSO READ
"Poweo does not revert in the green before 2012
"Poweo in critical condition
The image of the Blues was just beginning to ascend to the public … It might take a serious blow following the information published by L'Equipe on Tuesday. Patrice Evra has said that players in the France team would give up "all their premium" a few weeks after the debacle in South Africa. "We will not accept a penny of the sponsors and all that goes with it," he added. Some of his teammates are not yet on the same wavelength. The Blues are not entitled to performance bonus after the World Cup, which they had been left in the first round. But they were contractually entitled to receive certain income-related sponsorship. Recipes that do not come directly from the World Cup, but the entire season.
Evra has "talked a little faster"
Sports daily estimated that about two million euros the loot. An amount that the Blues are hoping to share.The FFF has sent some of them a paper that actait their decision to waive all premiums to formalize the words of Patrice Evra. Except that the players concerned have refused to sign it. The Manchester United player had "talked a little fast" and "pushed the plug too far" from his teammates in South Africa. Among them, there are particular Alou Diarra. For the current captain of the France team this shift is explained by the fact that players like to be able to redistribute themselves bonuses associations.
"We want to use this money as we think"
"I would say that we as players do not want polemics. Contractually, we must receive these bonuses. The FFF is aware. But we want to know what will happen to this money, he said in the Southwest. We are aware of the fiasco of this summer and our responsibilities.France team, there are intelligent and generous players. So we want to do something good with that money. It is a collective desire. We should still talk to each other and think, but the idea is to help people in need through charity. Clearly, we want this money to use it as we believe that it should be. We are aware of our responsibilities and the need to recapture the audience. "It is perhaps not the kind of maneuvers that will help …
Growth is back in the U.S. since the summer of 2009 but Barack Obama still takes little credit. The Democratic Party is poised to lose many seats in Congress, a victim of expressing concern and also the disappointment of the Americans.
The concern was primarily due to insufficient job creation to fall back on unemployment. The Conference Board, a research institute employers, reveals that in October only 14.1% of Americans anticipated an increase in job offers. More than 8 million jobs have disappeared in the United States since the recession began in late 2007. That is fourteen months that the unemployment rate remains above 9.5%: this has not happened since 1948, the date of the compilation of employment statistics.
The disappointment of the Americans is proportional to the initial objectives of Barack Obama."The White House had predicted in January 2009 that the passage of his stimulus plan would prevent unemployment exceeding 8%. This prediction was silly, "says Barney Frank, Democrat of Massachusetts who chairs the Committee on Financial Services of the House of Representatives. In fact, 73% of Americans disapprove of the way Barack Obama runs the U.S. economy. Impatient people, Americans have wanted the great recession of 2008-2009 is already forgotten.
Outstanding infrastructure
The Republicans make much of the meager results of the apparent massive plan to revive the $ 787 billion passed without their support in February 2009. A third plan (288 billion), said "stimulus" was devoted to tax cuts.But the effect of stimulating consumption would have been larger if a good portion of those tax cuts had not been hoarded.
A third plan (224 billion) has also covered the transfer of credit to U.S. states under their health programs and education for example. Without them, the precarious finances of most states would have been downright tragic.
The remaining third (275 billion) was supposed to cover infrastructure costs. We realize today that the projects of roads, bridges and rail transport and subsidies were not as mature as the Democrats claimed. 45% of funds allocated to such projects have not yet been spent.More reason, say the Republicans, alarmed by soaring public debt, to "immediately freeze all spending."
The explosion of debt is another major concern of Americans. The risk that Barack Obama made them for years they seem disproportionate to the results obtained to date.
In 2009, Uncle Sam spends less than $ 200 billion in interest on its debt. This amount will be twice as high as 2014. The fact remains that without this stimulus, most economists believe that America has shifted into a depression. "The president is very little credit for having averted a depression," laments David Cote, Honeywell International boss. According to the Congressional Budget Office, the revival of Obama created between 1.4 and 3.3 million jobs.Reduced its total cost, it still represents an enormous sum of more than 238,000 dollars per job. Tea Party conservatives are screaming foul.
Reforms thwarted Barack Obama:
CONTROVERSIAL "The health legislation expensive and complicated STARTS" Wall Street reform perplexing IN TROUBLE "Climate, tax credit: the forgotten promises
It is no coincidence that the Greek Finance Minister George Papanconstantinou, waited until the eve of EU summit to announce bad news: the revision of the public deficit from 13.6% to 15% of GDP. Official figures published by Eurostat are in mid-November. And the Greeks have debated for several days in the press. But the government seems to want to take part in the debate on the revision of treaties backed by France and Germany, without regard for the moment of impact on financial markets, convinced that Greece will "restructure" its debt is to say, negotiate a deferral of repayment.
"Europeans must take into account the Greek example and provide the bankruptcy of a member," said political analyst Giorgos Kirtsos, editor of City Press newspaper."It is impossible to repay the 110 billion euro loan from the IMF and the EU in just three years: we will have to restructure our debt in an orderly manner. For us it means more time and a better rate to pay, "he adds.
Not covered by treaties today a restructuring would allow Greece, who has accumulated 300 billion euros of debt, declare bankruptcy without messing in the markets, by paying its creditors on a date Later, at a price negotiated. "Greece could well ease the austerity plan imposed by the IMF and the EU and contain social unrest," said Giorgos Kirtsos overnight pay day loans. The hypothesis of the restructuring had been raised in December 2009 when the Greek crisis erupted.At that time, the EU had no bailout and many experts say that if this were the case, billions of euros were saved and the Greeks would have avoided the horrors of such a rigorous .
Municipal Elections
In one week, the Greeks are called to vote in municipal elections. The Prime Minister, George Papandreou, took part in the campaign by turning it into a plebiscite for or against leaving the country of the crisis this way, of course, by the rigor. In his speech during a televised debate, he has also not ruled out holding early parliamentary elections on failure of the Socialist Party in municipal elections. But the possibility of a new political instability in the country has again rattled markets. The announcement of the new deficit figure has boosted rates Greek to ten years from 9.7% to 10.2% in twenty-four hours.Given these uncertainties, the hypothesis of a de facto restructuring is reactivated.
ALSO READ:
"FILE: Greece, a challenge for Europe
"Greece does not restructure its debt"
The construction group Bouygues is favored against Eiffage and Vinci to capture the market of the future high-speed line Le Mans-Rennes, understands the daily La Tribune on Wednesday.
Eiffage group who appear to challenger and Vinci have already won the concession in March of future Tours-Bordeaux, "some market participants argue that games are made" while the three groups call on Wednesday their final bids to the manager French railway network, Réseau Ferré de France (RFF), the newspaper said.
These stakeholders "believe Vinci (…) can lead two such large projects," which Bouygues place in a favorable position, the newspaper reported.
Vinci could even choose to make an offer "designed not to be competitive with Bouygues and Eiffage," the newspaper speculated, citing these same stakeholders.
Vinci contends, however, that "if he submits a tender is that it is the ability to perform," says The Tribune.
The section TGV Bretagne-Pays de la Loire (182 km and 32 km of connections) is estimated at 3.4 billion euros and is set in Paris Rennes 1:26 2015, 2:03 cons now.
This is a partnership and not a concession, the manufacturer selected receiving rent from RFF.
Brittany-Pays de Loire will be "the largest contract of partnership in rail infrastructure" because "the winner will build the line and maintain it for 25 years", said La Tribune.
Comments Off