School insurance: competition hardens

Just two days after classes begin, the war is on in student insurance. Like last year, Carrefour offers free insurance to customers who hold loyalty card (17 million cards). As in 2009, the MFA, which holds one third of this market, defends itself.

Last year the mutual had filed an interlocutory order that the sign continues to broadcast its offer, but had been unsuccessful. This time, the MFA has assigned Carrefour before the Tribunal de Grande Instance of Evry for "unfair trade practices. 'We want to try the case on its merits. Beyond the financial loss, there is especially harm the image, justifies Edgar Mathias, president of the MFA."We hope the court understands that one can not, for insurance and child, treat things lightly," he says.

Between 10 and 30 euros

The mutual claims 350,000 euros in damages. An amount calculated on the basis of figures provided by Carrefour at the interlocutory hearing in 2009, then assuming the distributor on the underwriting of insurance 20000-25000 school. Friday, Carrefour said "regretted" the action of justice waged by the MFA. With its free offer, the distributor intends to "meet the expectations of its customers. In today's economy, purchasing power is at the heart of the concerns of families, "says one at Carrefour.

However, since ten years, traditional insurers, banks and stores of the retail market also interested in the school insurance.Their interest is simple: to win new customers to offer them then other products. In this highly competitive environment, the MFA loses many policyholders. After counting up to 7 million members in the 1970s, the insurer only has 3.3. However, the MFA is the only MMA can distribute its products in the public schools (about 10 million children) through agreements decades ago with federations of parents. What some see as a "privilege" is "between 15 and 20% of members of the MFA," according to its chairman.

The strong competition between different actors of good for parents. The school insurance prices should remain stable this year (between 10 and 30 euros per year on average).This should encourage them to subscribe to this optional activities taking place within the school. But that is required for extracurricular activities offered by schools (out, discovery classes …).

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Wall Street remains cautious before the employment figures

After the euphoria of Wednesday, the U.S. markets continued their momentum but at a slower pace frantic Thursday. At the close, the Dow Jones ended up 0.49% at 10,320.10 points, the Nasdaq is 1.06% at 2200.01 points while the S & P gained 0.91% at 1090.10 points.

No big movements, the indices have stagnated at these levels throughout the session. Investors have also learned a pleasant surprise on the side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department. Economists had expected jobless claims averaged 475,000.

Other good news: the promise of real estate sales have rebounded in July.The index of sales agreements rose 5.2% compared to June, when the 79.4 economists had expected a decline of 1%. The decline in June was revised down slightly, to -2.8% against a 2.6% previously announced.

Statistics mixed

But in the meantime, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to post its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Moreover, the increase in orders received by U.S. factories in July was weaker than expected.These have increased – after two consecutive months of decline – from 0.1% to 409.5 billion dollars while economists were expecting an increase of 0.3%.

"It has a low volume of trade, economic indicators rather positive, so it is easy to push the market upwards," said Scott Marcouiller, Wells Fargo Advisors. "It does not happen much on the market," said Lindsey Piegza, FTN Financial, noting the hesitation of the indices during the session. Caution is still required before the publication of the very important report on employment and unemployment in August, tomorrow, Friday, payday loans easy.

Note that on the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety.

Burger King flies

On the side of values, the automotive sector should stand today.The month of August has actually been the worst for U.S. auto industry since 1983. Sales declined 21% to 11.47 million vehicles. Ford Motor (0.86% to 11.71 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (0.74% to 252.17 U.S. dollars) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

Burger King (25.08% to 23.59 dollars) has formalized its takeover by 3G Capital at a price of $ 24 per share.The total transaction is valued at four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.38% to 81.22 dollars) for the 19.9% stake it does not already own in Wesco Financial (unchanged at $ 363 ).

General Electric (0.80% to 15.13 dollars) and Westinghouse Electric might spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India, Financial Express reported Thursday.Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (1.20% to 39.68 dollars) announced Thursday it had raised its takeover offer for 3PAR (2.43% to 32.86 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars. In the process, Dell (1.98% to 12.36 dollars) refuses to bid and withdraw from the race.

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Genzyme refused an offer below 75 dollars per share

Sell, yes, but not at any price. This is essentially the message delivered by the Director General of Genzyme, Henri Termeer, in an interview with Reuters on Tuesday. The owner of the coveted American society was prepared to sell its group of biotechnology, but not at the price of 69 dollars per share, as proposed by Sanofi-Aventis. "An agreement can be concluded that when the group's strategic value has been properly recognized, he decided.

After rejecting the offer Monday, Genzyme said, however open to negotiations which should, according to Henri Termeer, lasting several months. According to the latter, there is a "high probability" that an agreement was finally reached with Sanofi, given the "strategic needs" of the two groups. But this would require "a reasonable starting point for negotiations."

Sources familiar with the matter have said previously that Genzyme wanted to receive an offer of at least $ 75 per share before committing serious discussions.

The boss of Genzyme said it was too early to say if another candidate could submit a bid. For the moment, neither the company nor its banks have begun efforts to find potential buyers. "Once the process begins with Sanofi, this could change."

Sanofi Aventis remains firm on its position

In response to these remarks, a spokesman for Sanofi-Aventis said in the evening that the group was willing to engage in discussions while maintaining its original proposal. "We are always willing to engage at any time in constructive discussions with the company and its board of directors.

"We believe that our offer provides shareholders a premium of Genzyme strong and attractive that fully integrates the upside potential of the company," added the spokesman.

Sanofi has hinted he could go directly to shareholders if the company Genzyme refused to enter into negotiations on the basis of its current offering. Heni Termeer scans the threat: "I think a hostile situation is unlikely to happen," he said. "We need so much from each other in terms of future value. This could go in that direction but I would recommend to object if I was advising the other party because it is not how things should be done, "said he.

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The Bank of Japan just to curb the yen

The Bank of Japan (BoJ) is mobilizing to stop the rise of the yen and boost Japan's economy. The institution held Monday morning for an emergency meeting with the agenda to "discuss means of monetary control in the light of recent economic and financial developments," a statement said.

Following the summit, the BoJ decided an extension of nearly 92 billion dollars of disposable monetary easing. Thus, the amounts allocated to fixed rate loans to banks through a special mechanism set up by the end of last year, are brought to 30.000 billion yen (276 billion euros), against 20,000 billion until to now.It has also set up a refinancing operation which adds six months to three months operations already in place.

Low market reaction

But economists doubt the effectiveness of new measures, which will be debated in the day ministerial meeting. Some analysts said they were disappointed by the lack of breadth of decisions announced. The markets have shown little enthusiasm as well. The yen lost ground shortly after the announcement of the results of the meeting of the BoJ, but it then climbed to its highest of the day. Meanwhile, the Nikkei index of Tokyo Stock Exchange has risen by 1.5% while it showed an increase of 3% at mid-session.

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Orange offers its subscribers Deezer

They were the first pups born of the marriage of convenience between Orange, a subsidiary of France Telecom, and Deezer. The telecom operator and the site plays music Thursday night unveiled the commercial offers will be available to Orange subscribers to access the unlimited music on their mobile and as part of a subscription to the Internet.

Deezer hopes to increase its subscriber base – from 25,000 today to 200,000 by the end of the year and one million a year – and expand its sales – 6 million euros in 2009 20 million euros in 2010. Orange, meanwhile, has "to differentiate the active target urban youth and families with teenagers.Indeed, if access to Deezer Premium is included in the packages Origami and a triple play offer at 29.90 euros per month it costs 5 euros extra per month for other packages No fax payday advances.

It remains for both partners, who unveiled their alliance in late July, to sign the agreement validates the rise of Orange in the capital of Deezer. The French operator will take 11% share in the listening site, which provides not need to raise new funds to launch its international deployment in the fall.

This partnership is strategic to guarantee a peaceful future to Deezer.This yields a significant boost to the development of its subscriber base pay, additional income for determining advertising revenue generated on the paid site, which must repay the rights to record labels and copyright societies to exploit the 7 million shares offered to its users.

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The Paris Bourse is expected to continue its downward

The macroeconomic announcements from the U.S. weighed heavily on the Paris Stock Exchange in August. The poor sales figures for housing (the lowest since 1995) have hit the Cac 40, which has plunged Tuesday on the 3500 points with a drop of 1.75%. Return to the Green should be difficult on Wednesday. Especially as new indicators are expected in the U.S., in addition to the unemployment figures in France in July. The real estate overseas, thermometer world's largest economy, will still be in the spotlight with the publication of the FHFA index of house prices and numbers of new home sales for July. Before the opening of Wall Street, markets will also monitor the numbers of orders for durable goods last month.

This Wednesday in Asia, fears of a relapse of the new global economy have sealed the evidence.Wall Street had already set the tone with a fence net decrease of 1.32%.

As for currencies, the euro traded at 1.2638 in the morning the dollar.

Publications resume

In terms of values, many trucks will publish their results quarterly and half in this weekend.

Today before the market opens, Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1%. Turnover rose 3.8% to 461 million.But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe.

L'Oreal and Sperian publish their half year results after market close.

The Polish government has short listed five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of Suez and GDF would candidats.EDF on ranks according to media reports. Only EDF confirmed it had made a preliminary offer.

Scor has been a change of recommendation by Fitch. The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group.Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.

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Large labs scramble biotechs

Without biotech, no future for pharmacy? You might think so, judging by the proliferation of mergers and alliances between biotechs and large laboratories, those companies that manufacture drugs from living organisms. Last transaction date, redemption, announced Tuesday, the small American biotech Spoiler Therapeutics by Roche. The Swiss laboratory would cost initially $ 25 million to access the expertise of spoiler, an innovative technique allows the insertion of active ingredients targeted at the heart cells. If the results are inconclusive and that the products are finally sold, Roche may pay up to 1.1 billion dollars.

On Monday, the Swiss lab had already announced the purchase of another biotech, the California BioImagene for about 100 million dollars. And the other major labs are no exception.Sanofi-Aventis has announced the July 1 takeover of the U.S. biotech TargeGen. That's about the 25th agreement reached by the French laboratory with a biotech since arriving at his head Chris Viehbacher in December 2008. These alliances are not confined to Europe and the United States. Earlier this year, bioMérieux has acquired, for 10 to 15 million euros, a Chinese group, Meikang Biotech specializes in the manufacture of rapid tests.

"The major laboratories multiply this kind of agreement from two to three years to overcome a deficit increasing need for innovation in-house and access to proprietary technology platforms," said Vincent Genet, director of the activity of the firm Alcimed health."Smaller biotechs, in turn, can not afford to assume alone the costs of development of their drug candidates."

Progressive Funding

But it is rare that manufacturers take immediately all the risk. Most operations are based on incremental funding. Paid as and drug development, they can be supplemented by royalties on the commercialization of products.

These operations, which often have no impact on buyers for several years, have "nothing to do with mergers with large biopharma," says Vincent Genet. After the acquisition of Genentech by Roche last year for $ 47 billion, Sanofi-Aventis discussed today a merger with Genzyme. The operation seems to stumble on the price.According to the American press, Genzyme seeks in effect more than 18.4 billion dollars (14 billion euros) that Sanofi would have offered.

These mergers, which provide great laboratories of developing products and marketed drugs, may provide access to "a very different economic model," said Vincent Genet. This changes the perception of the laboratory, giving it a more focused biotech. This may also contribute favorably to income through sales made. A biotech can also expand the universe of which seizes lab. This is the case of the manufacturer of Botox, Allergan, valued near $ 20-billion. It would give the buyer access to the cosmetics market and emerging countries.

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Brussels doubt that Free has received state aid

Orange, SFR and Bouygues Telecom, who have each paid 619 million euros to the state for their 3G mobile phone license in the early 2000s, still have not digested their rival Free Mobile gets in early license for 240 million euros. Note that for this price, Free holds three times less frequency than its competitors.

But the complaint to state aid once they have lodged in Brussels could well be rejected. The competition offices of the Commission have sent a letter on June 28 called "administrative discharge" to the three operators and the French state, said La Tribune.

"I confirm that the Commission has informed the companies of its preliminary analysis and thus of its intention not to pursue the matter," said the spokesman for the European Commission for competition issues, Amelia Torres."We look at the present time the answer has been obtained from the companies involved to see if it causes us to change your mind or if it confirms that there is nothing to investigate "she added.

Background

Brussels wonders, is a fact. They requested further information No fax payday loans. This is perhaps not ideal, but there is no time for decision, "says a trader who insists the length and complexity of applications for state aid. Orange, SFR and Bouygues Telecom, them, do not démordent: the rebate received by Free Mobile akin to them in state aid and distorts competition.Consequently, they claim that the amount of their 3G license or subsequently revised downwards to 240 million euros.

In 2002, Orange and SFR had already obtained the price of their license is comparable to that accorded to Bouygues: 619 million euros, against 4.95 billion originally planned.

Along with this complaint in Brussels for aid, Orange, SFR and Bouygues have also seized the State Council, the highest administrative court in France. They attack the one hand, the decree fixing the amount of the fee, on the other hand, the decree gives the license to Free Mobile. The Council of State could make its decision by the end of the year. But the operators themselves are hardly any illusions.

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The Elysee revises down growth in 2011

The Elysee has ruled. The growth forecast for 2011 was revised downwards to 2%, against 2.5% initially announced by President Nicolas Sarkozy after a meeting between Prime Minister François Fillon and the ministers of Bercy , held at Fort Brégançon.

Accordingly, the government will fall further fiscal austerity. The state spending will be frozen in value over three years. Ten billion euros of tax loopholes and social will be removed in the fall. In contrast, neither income tax nor corporation tax will be increased. VAT will not hit.

"Are we going to save the plane on social niches and tax everything to create employment, all that is relevant, all that sustains the economy, the answer is yes," said on RTL Budget Minister Francois Baroin.

If the government recognizes that 2011 will be worse than expected, the growth target for 2010 of 1.4%, should be well met, "or even exceeded, welcomes the Elysee. "On the pressure of potential revenue will be fully allocated to deficit reduction."

"After a GDP growth of 0.2% in the first quarter, a growth of 0.6% was recorded in the second quarter," said the Elysee. "Given the rebound in activity, the prospect of growth of 1.4% will be reached or exceeded for the year 2010.This also allows, in line with OECD projections, forecast growth of 2% for 2011. "

Find 3000000000

"[This] leads us to the end of September, that is to say, the presentation of the draft budget law to the Cabinet, to be between 3 and 3.5 billion more, which is perfectly achievable, "said Baroin.

The downward revision in growth was expected. Economists considered the unrealistic assumption of the government and rely for their part in an average growth of between 1.5 and 1.8%. For its part, the International Monetary Fund deemed "too optimistic" the official forecast. Recently, Bercy also acknowledged work scenario around 2%.

Auto: sales of "Big Three" climb

"The recovery is slow but it is there." On Tuesday, the director of U.S. sales of General Motors (GM), Don Johnson, was optimistic. Exited bankruptcy in July 2009, restored and relieved of some of its debts, the manufacturer claims for the month of July sales in the U.S. rose 5.4% year on year to 199,692 units. Off Hummer, Saturn and Pontiac, being closed, and Saab, sold to the Dutch Spyker, sales of the first American manufacturer reached 199,432 units, up 24.6% year on year.

In detail, the Cadillac and Buick brands saw sales increase by respectively 142% and 137%. In contrast, Chevrolet, which represents the bulk of group sales with 139,916 units sold last month rose more slowly (12% on a year). The manufacturer announced the transition of its sales jumped 22.2% on a year in China last month.

Ford, the second of the Big Three, has published sales up 5% to 166,092 units sold on American soil. This increase remains well below the 13% expected by the markets awarded the title in stock (-1.44% to 12.97%). The increase is mainly attributed to the addition of trucks (+27.4%). Sales of the Ford Focus for example, have plunged nearly 30%.

The third U.S. manufacturer, Chrysler, reported an increase in sales of the same order: 5% year on year to 93,313 units, driven by the success of the new Jeep Grand Cherokee (54%). The 2011 version of this model was launched only two weeks ago. This is the first new model since the release of the bankruptcy group in June 2009."The vehicle has good national and international journals", says sales manager, Fred Diaz.

Toyota and Honda fall

The Asian competitors are not far behind. The South Korean Hyundai and Kia in particular have seen their sales increase by 19% and 21%. Japanese ad for Nissan's share of sales up 14.6%.

By contrast, Toyota saw its shipments drop 6.8% in the United States to 169,224 units. Honda also reported performance against the trend, with a decline of 5.6% of new car registrations last month.

Reassured

Analysts said the figures show an upturn for the industry according to figures from June which had emerged down compared to May "After the June data, everyone had said that, finally, the sector was not yet out of.Now, it appears that this month was a hiccup, "has said Al Castignetti, commercial director for the Nissan brand to the U.S. market.

On July alone, the American automotive market is expected to exceed the million new vehicles sold. On an annualized basis, analysts on average expect a market to 11.4 million vehicles in July, against 11.2 million a year ago and 11.08 million in June

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