Your money is of interest to banks and the State

"Frankly speaking, I am interested in your money." All those who lived through the 1970s and 1980s remember the shock of the BNP slogan, which even then was nationalized. No bank would dare to go now so funny and cynical investors. Yet that is what is happening in practice. While the international financial markets flageolent, banks have flared up the race for deposits in the Hexagon.Are there in fact more convenient way to strengthen its balance sheet to use the savings of the French? Crédit Agricole and Crédit Mutuel, among others, have increased their advertising in favor of ELP, the savings plan housing new way: these deposits are considered by the now famous Basel Committee, responsible for defining prudential norms – as quasi-equity for financial institutions.

Banks are not the only ones eyeing the nest egg lights. The state is known, has an unquenchable thirst for money. The temptation is great to draw from as well. Jérôme Chartier, MP Val-d'Oise, has proposed that individuals have the opportunity to subscribe directly to the obligations of the State, Treasury bonds (OAT). "We could start with finance and 10% of total annual loan of 220 billion euros," he suggests.It envisages a system of subscription on the Internet to avoid the costs inherent in banking networks, including management fees may represent an additional 1% (plus interest).

The project is not entirely new. It was piloted in 1994 by the Balladur government: the Treasury reserving a specific tranche "OAT individual" in its broadcasts. This financial instrument was abandoned in 2006 due to attract customers. The "widow of Carpentras" (the small investor) preferred then feed the bubble stock exchanges, judging the performance of OAT profitable enough, recalls one at Bercy.For its part, the Treasury was less expensive to seek international investors.

In the red for nine years

Change of scenery in 2011: local savings find the discreet charm of the bourgeoisie when the foreign markets on which the Agency France Trésor is currently funding two-thirds of the debt of the State, may be closed like an oyster. "In Italy and Japan, the holding of public debt by individuals is important, between 10% and 15% of their financial wealth, whereas in France it is ridiculous," said Professor André Babeau, which publishes this week his new book (the financial behavior of the French by Editions Economica) business card.However, he rejects the proposal made by Edouard Balladur last spring to create a sinking fund debt based on perpetual bonds placed in the public and paid at the rate of A booklet with the same tax exemption. "Will he go to the forced loan, a formula that had not even been used in three major loans from the First World War?" He quips.

The French are often presented as a nation of ants with a sense of the economy, but it is largely an illusion. Their financial wealth is certainly valued by the Bank of France in 3643 billion (31 December 2010), more than twice the amount of the debt.Better last year households "putting money left" to the tune of 207 billion euros, according to the INSEE (the savings is the difference between disposable income, after tax, and what is spent on consumption).

The gross saving rate of individuals is thus one of the world's highest (15.1% of their income) while the State and other jurisdictions have charged at the same time an overall deficit of 136.5 billion francs (in 2010). The contrast is striking. The French seem virtuous individual, when it comes to managing their own money. But it is brought to vice, in any case the prodigal when he is in the community and the public finances are."The State, this great social fiction through which everyone endeavors to live at the expense of others," concluded the polemicist already Frederic Bastiat (1801-1850), apostle of liberalism.

Should be taken into account simultaneously all these elements to assess the situation. It appears that "France is not a global investor," says André Babeau. When calculating the surplus individuals, public sector deficits and financing needs of businesses, the House France has a deficit of 42 billion external euros (in 2010). And for nine years, the country continues to be in red.

The deposit within the French savings banks look at him with lust and the state could make a guarantee of national independence and the markets stateless. But clearly, the jackpot can not be used twice.Even banks and insurance companies are fighting to capture the windfall, where the ebb of life insurance in recent months. The State will be there the third robber in the story?

SNCF tariffs: "We want more transparency"

A new decree, issued July 31, should allow the station not to set an annual calendar of dates or normal movement of its trains. The National Federation of Transport Users (FNAUT) will be consulted as the set of consumer groups before the implementation of new measures. Its president, Jean Sivardière explains the consequences of their introduction.

Lefigaro.fr – The decree abolishing the concept of peak or normal was claimed by the SNCF. What benefit the operator does he draw?

Jean Sivardière – SNCF wants more freedom in setting its prices to meet more of its trains reservation is to say mainly the TGV, but also trains Lunéa (night train, Ed) and trains Téoz (Paris-Clermont-Ferrand, Paris-Toulouse and Bordeaux-Nice, Ed).The TER intercity, Coral, are not affected. The absence of a predetermined schedule as it is today will allow it to adjust its prices more freely according to demand and events. This is the generalization of "yield management" pricing based on supply and demand. The benefit for the station is to be better armed against competition from airplanes, cars and eventually other train operators who will come with the opening of the network under EU regulations.

The station will therefore be free to increase prices …

Yes, when demand will be strong. But it can also reduce some of the trains filled to attract travelers. We do not reject the principle of the decree. Unlike other associations, we try to assess the medium-term effects.Of course, they will be positive for the station, but we believe that if the station is in better financial health, the traveler found there too. If the operator performs better trains, the French users should benefit from a tariff acceptable. In Germany, where pricing rules are much more rigid, the prices are also higher.

Is there not a risk of soaring prices?

The decree provides that the station will make public the amount of the highest rates and that of the lowest rate charged instant payday loan lenders. But we also know that the operator is a state within a state and it is difficult to impose such measures. We have no evidence that the average tariff will not increase, but we nevertheless believe that a surge would mean a loss of customers, and would therefore be against-productive.What we regret is the new benchmark loss arising from the removal of the schedule of dates for users already lost to the variety of tariffs. When we are received by the Advisory Committee of the SNCF, for example, we will request the publication of the quota of seats at reduced rates. Currently, we are not aware of this number. We need more transparency so that travelers know what they pay for. For several years, we also ask for the maintenance of lines parallel to the TGV Corail. This would create a kind of low-cost rail. This line exists in the Rhone Valley. They work very well and does not infect clients of the TGV.

New User Reviews

A survey by the Consumers' Association CLCV last spring and published Monday in Le Parisien, Aujourd'hui en France testifies to the annoyance of SNCF customers. Chief among complaints: the pricing policy. Nearly 90% of 570 respondents believe that prices are expensive or too expensive. According to a study by Boston Consulting Group, the average price per mile has actually increased by 26.4% between 2002 and 2009, twice as much as inflation. Travelers also denounce the complexity of the fee schedule. Another study conducted by the association CLCV also noted between the discount cards, and offers Prem's and other iDTGV, it was possible to find twenty different prices for the same seat.Finally, the survey raises the issue of timeliness because nearly half of respondents say they regularly experience delays … and poorly compensated. 63.9% of passenger demand and to be systematically compensated for any delays exceeding 30 minutes.

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The concern again lead the CAC 40

Friday promises to be as black as the night before at the Paris Bourse. The CAC 40 was launched on the day down 0.37% to 3064.49 points. But around 9:40, the drop is accelerating: the Paris index unscrewed from 3.44% to 2970.13 points, releasing the threshold of 3000 points. London and Frankfurt lost respectively 1.10% and 1.36%. 2.19% loose Madrid, Milan were down 2.14% and 1.76% in Zurich.

Operators are struggling to recover from their emotions after the new European stock markets plummeting and U.S. Thursday. This morning, Asian stock market sent negative signals with indices in very sharp drop. This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic.Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed.An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight. And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U.S. economy was "resilient". In vain.

"The bears are back"

"The bears (pessimistic players, ie) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia."There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading. A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks, which had been rolled by a renewed tensions in the interbank market and concerns about the short-term refinancing of banks are still misguided.BNP Paribas (-3.22% to 33.11 dollars), Natixis (-2.90% to 2.81 dollars), Credit Agricole (-2.70% to 6.06 euros), Société Générale (-2, 69% to 21.02 dollars) and AXA (-0.56% to 10.28 euros) are in the red.

Danone: -1.75% to 46.05 euros

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Technip: -3.67% to 57.77 euros

The French engineering group said it had received a letter of intent on the part of the American oil company Anadarko for the construction of an offshore platform for the Gulf of Mexico.

Towards a tax on "high income"

When in 2007 the Merkel government has created an additional income tax of 45%, Germany was against the current. At the time, it was time to lower taxes to encourage work. But the crisis and rising public deficits have changed everything. Germany has become more and more followers. In 2010, the UK has increased to 50% the rate of the highest portion of its income tax (IR). And Italy is preparing to introduce a solidarity tax for employees earning more than 90,000 euros.

More surprising number of taxpayers potentially affected by such a tax do not hesitate to ask now open! American side, the billionaire Warren Buffett has called this week for a contribution of "mégariches."In France, Maurice Levy, chief executive of Publicis Group and president of the Afep (French association of private companies), wrote in his name, an article in Le Monde, where he considered it "essential that the effort Solidarity begins with those whom fate has spared. " All indications are that it will be heard as the French government pledged last spring to introduce a tax on high incomes. "Today we are working on the issue of remuneration is said sometimes extravagant," reiterated on Wednesday on Europe 1, the budget minister, Valérie Pécresse.

The majority has already noted last year from 40% to 41% in the final tranche of IR. But this time it is hit with higher incomes (the final installment begins 71,000 euros in annual revenues). And this without creating a new rate of IR.While some lawmakers, like Senator Jean Arthuis centrist, still defend the idea, Nicolas Sarkozy is opposed to any new slice. Since the fall, the government has consistently rejected in Parliament every initiative of his majority to create a slice with 46% annual earnings per share in excess of 100,000 euros.

A million or 150,000 euros of income a year?

The Ministers of Economy and Budget has established a working group of parliamentarians who must propose measures in the fall, in the 2012 budget. The idea of ​​the executive, initially was rather taxing high incomes via the company by making non-deductible from corporate tax wages above a certain level. But the government now seems to favor a direct taxation at the household level, a solution advocated by many parliamentarians.Gilles Carrez, the UMP rapporteur of the budget in the Assembly proposes to introduce a contribution of 1% to 2% of annual revenues in excess of one million euros.

Advantage: All income is affected, including dividends and capital gains, not just wages (as with the non-deductibility). The threshold of 1 million French can target very easy – 30,000 homes would be affected. "The measure must be a symbol. This is not to bail out of the state, "said Jerome Chartier, UMP du Val-d'Oise. Indeed, 2%, the new tax would yield only 300 million (against $ 1 billion for the portion eg 46%). "Be careful not to pour into demagoguery and rich hunting. The contribution must be calibrated, "adds Philippe Marini, UMP rapporteur of the budget in the Senate.

Problem: all members do not see it that way.Pierre Mehaignerie, the UMP president of the Committee on Social Affairs in the Assembly hopes that the contribution applies from 150,000 to 200,000 euros in annual income for couples and 80,000 euros for a single. At this level, more than 300,000 homes were affected, including many executives. "I understand that. But our people are ready to make an effort if, at the same time, the state reform, "Pierre defends Méhaignerie. The animated discussions ahead in the majority!

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Wall Street still heavily lower

Concern persists on Wall Street. In early trade, the Dow Jones unscrewed from 2.06% to 11,008 points, the Nasdaq 3.10% to loose 2408 points and the S & P lost 2.74% to 1140 points. As in Europe, signs of nervousness are palpable. The volume of trade is still very well fleshed out and heightened volatility. "At this stage, investors dizzy," says Oliver Pursche, president of Gary Goldberg Financial Services.

On Wednesday, Greece again worried investors. The country plans to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors.

In addition, operators are even very concerned about the state of the U.S. economy. Yesterday, the world stock markets have overreacted, and positive against all odds, to about the Fed.This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy. Its leaders also promised various stimulus, but without specifying its content. It will probably wait until his final release in late August. On the merits, however, the Fed has painted a disturbing report from the world's largest economy. Growth, pointing in particular the U.S. central bank, is growing at an annual rate of less than 1% in the first half, where the institution expected, earlier this year, more than 3%.

In contrast, oil prices were up sharply at the opening Wednesday in New York, in a market where investors were trying to regain footing after heavy losses, and pending the report of the stocks in the United States payday loans.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 81.20 dollars, up 2.40 dollars compared to the previous day.

Cisco News Corp expected

On the business side, Cisco (-1.68% to 13.82 dollars) will unveil its results later this evening the fourth quarter, along with News Corp (-5.36% to 13.77 dollars).

Disney (-12.72% to 30.29 dollars) falls after the media group has yet announced quarterly results better than expected thanks to strong advertising revenue on its cable networks.

The title of U.S. internet group AOL (-8.85% to 10.20 dollars) has lost over a quarter of its value on Tuesday at the New York Stock Exchange after the release of disappointing quarterly earnings and lower forecasts. The stock has dropped 25.75% against the current of a market up sharply.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple (-1.11% to 369.85 dollars) briefly delighted yesterday to ExxonMobil, its position as the first market capitalization.

Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state No teletrak payday loan.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important. "We have no reason to reduce our exposure to Italy and Spain," said Henri de Castries."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.

The display stands up well with JCDecaux Asia

No doubt, the economic model of JCDecaux continues to prove itself. In the first half, sales of the French group, world leader in outdoor advertising, organic growth (excluding acquisitions and currency effects) of 5.8% to 1.17 billion euros, higher than the communication sector, which is between 3 and 4%.

The growth remains strong with a good spread of activities. The dynamism of the Asia-Pacific, representing 19% of sales and grew by almost 20%, but the rest of the world (Middle East and Latin America in particular) helped offset JCDecaux weak activity in France (+0.6%). This is still weighing a quarter of turnover.Similarly, Southern Europe (Portugal, Spain and Italy) continues to suffer.

Among the major activities of JCDecaux, the decline in activity in the display (-3.7% as reported) is offset by the growth of income in airports and public transportation (subway, bus), which jumped nearly 17% over the first six months of the year. A segment of the market in which JCDecaux has invested heavily in recent years.

Stability in third quarter

In total, the group chaired by Jean-Charles Decaux can boast flashing in green. The increase in sales has led to a mechanical increase in the margin, but less than that expected by analysts. Net income group share resort, it, up 46.3% to 95 million euros. The slowdown, however, marked between the first and second quarter.Segment of street furniture (almost half of the activity), growth was almost zero from April to June, a jump of activity against 5% in the first three months of the year. This cons-performance due to the continuing difficulties in Europe and the loss of several concessions to large shopping centers in the United States.

The group gives no margin target. He anticipates only "organic growth of its sales in line with the second quarter. "In other words, we must continue to do with the difficulties in Europe. "Knowing that the bases of comparison are not favorable," argues Jean-Charles Decaux. Organic growth was over 11% in the second quarter of 2010.

"Our media is the one most resistant to the crisis," says the boss.JCDecaux expects the continued urbanization of the planet and the rise of digital (11% of the activity in transport) to continue to grow. Not to mention possible acquisitions.

The government is mobilizing to the development of telework

Working from home one or two days a week: an impossible dream for most of the French, a reality for many Americans or Scandinavians. While telecommuting is over 30% in Finland, Sweden or the United States, it reaches 18% on average in Europe, it lags behind true in France with a rate of 9%.

However, telework is now greatly facilitated by the development of broadband networks and the boom in smartphones. But the benefits are many, for the employee, but also for businesses and the community. For the employee, it reduces stress, travel time, can increase efficiency and to better balance professional and personal life. For the company, it is a source of local savings and productivity gains.It is also an element of flexibility because it can help extend the service to customers, allowing more time slots adapted to their needs. Finally, for the community, promotes telework planning, reduced emissions of greenhouse gas emissions and relieving congestion. Thus, according to estimates, telecommuting one day a week could reduce by 5% carbon emissions.

Main obstacle: the manager

With this in mind, Eric Besson, Minister of Industry, is determined to eliminate the backlog of France. Pragmatic, he launched a study on the practice of telework in large companies. The results of this study will be published later this year.Conducted by the consulting firm Greenworking, this study aims to identify best practices and identify key success factors to foster the spread of teleworking in France. More than a dozen major companies have already agreed to participate in the study.

In the public sector, negotiations on telework in 2011. In the private sector, a dozen agreements were signed last year in large groups in the CAC 40. Based on volunteering, telework arrangements have been set up at Renault, Alcatel-Lucent, Dassault Systems, EDF, France Telecom and Microsoft. Axa, which has 76 telecommuters, the goal is to move to 200 people by the end of 2012.

But the brakes remain. Rather than legal, they are primarily cultural.Some employees are more justification in their work attendance and their results. But it is mainly the managers who are often opposed, fearing the loss of part of their power and status … Even if, ultimately, the overall results of their teams are improved.

A crucial summit on the future of the euro

With the crisis of sovereign debt markets do not stop to test the strength of character of the leaders of the euro area. For fifteen months, each meeting a European success patching, without warning the next stroke. Greece. Ireland. Portugal. Save the euro? This issue will again this week for an emergency summit. This time with a difference: everyone, or nearly so, may feel targeted.

When seventeen heads of state and government will meet Thursday at noon, it is not the technical options that were missing.Bail increased, lower interest rates, longer maturities, to the private sector or restructuring in good and due form, all solutions are on the table since that Greece came close to bankruptcy for the first time in spring 2010 .

What has been lacking, however, is the political will and responsibility in a Europe that receive capital not as a common project, but as a domestic policy variable. In contrast, the contagion effect can lead to collective reaction. With Italy last week, found himself the danger of a sudden the heart of the euro.

Rome is also dropped two warnings the most striking. "The creditworthiness of sovereign states is no longer a given," said Mario Draghi, the future President of the ECB at the address of the seventeen cities.And "like the Titanic, the first-class passengers themselves can not cope", predicted the finance minister, Giulio Tremonti.

Greek debt buyback

The warning covered Alps. For the first time, the finance ministers of the euro come to accept that markets and financial experts claim for months no fax payday advances. Yes, Greece, diving in the austerity and recession, may find themselves unable to pay on its debt maturities or interest. And no, a default is not to be excluded in the euro area. Only the ECB still refuses to admit it.

Under this constraint, but also recognized virtual summit Thursday that will tie up a second bailout of Greece. "The key is to improve the ability of Greece to support and pay down debt," insists the German finance minister, Wolfgang Schäuble.In all cases, private creditors – banks and investment funds – will have to fire from, or participate in the effort.

The easiest is to help Greece to repurchase some of its debt through loans from the EFSF the bailout funds in the euro area. Germany has long opposed it in the name of financial orthodoxy. But the accelerated depreciation of Greek securities on the secondary market allows Athens to reduce debt on the cheap, which meets the stated objective in Berlin. The other option would be to exchange the securities for longer maturities.

The plan should cover the needs of public financing of Athens until 2014, some 100 billion euros.He may doubt that Dublin, Lisbon and other capital assisted want to enjoy the same flexibility in time.

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Facebook declined in North America

Endtime, accident or simple miscalculation? The latest results are already hearing from Facebook debate. Produced by the research department of the information website Inside Facebook – Facebook is independent of the company itself – these statistics indicate that the most famous social networks would decline among Internet users in North America. Facebook has lost 6 million users in the United States between April and May, and 1.52 million in Canada. The community site will now respectively 149.4 and 16.6 million active members.

Based on his own analysis tool, Inside Facebook has also found a small erosion of over 100,000 active users, markets UK, Norwegian and Russian. Box of 687 million active members worldwide, Facebook has however continued to rise over the period.Drawn by Brazil, Mexico and India, the social network has expanded by nearly 12 million Internet users.

Other alerts

Inside Facebook remains cautious about the meaning of these figures. "We're going supervision is closely to see what trends emerge over the long term, note the service. Bugs in the Facebook advertising tool and we get this information, seasonal changes, such as for studies, and other factors can influence short-term figures on a month and hide what is really happening. "

It is also not the first time that analysts observed a drop in speed at Facebook in the U.S.. Last March, the Institute of audience measurement Comscore noted a slowdown in the growth of Facebook in the United States. In April, Nielsen had warned about a decline in time spent by users on Facebook.Farther still, Nielsen had been a decline of 5% of Facebook users in the United Kingdom in early 2008! Explored by 8.5 million UK Internet users then, the social network now boasts over 29 million.

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