It is good to be a shareholder in Asian societies

For twelve years OCG Consulting conducted the survey, such a situation had never arrived. * The ten companies that have created the most value for their shareholders in the world between 2005 and 2009 are all Asian. Not a single Western society on the charts. In the Top 10, seven of which are Chinese both are based in Hong Kong.

TSR = Total Shareholder Return: returns for actionnairesMarket value = market capitalization in billions of dollars.

There are so many add-on features to every insurance policy that add up to more expense for the consumer that every person who signs up for affordable car insurance needs to read thoroughly through the policy before agreeing to paying higher premiums.

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 …).

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.

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 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%.

Banks have again supported the Paris stock exchange

Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday, which has increased its earnings to grow by 1.57% enséance before reducing them after a disappointing statistic across the Atlantic on the U.S. consumer confidence in July.

At the final bell, the CAC 40 is 0.83% at 3666.4 points and preserves the points.Un 3660 this threshold had not been touched since June 22 last. Elsewhere in Europe, the London Stock Exchange closed up 0.27% to 5365.67 points.

French markets were again worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday.On Tuesday, they went into high gear, including Societe Generale climbed 10.59% to 44.22 euros, Credit Agricole, which has soared 10.14% to 10.62 euros and Dexia, which has rose 7.32% to 3.87 euros. Axa and BNP Paribas followed with respective increases of 6.74% and 5.49%.

After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

On the foreign exchange market, the euro continues against the greenback.Around 17:30, the euro was trading at just below $ 1.30, but the threshold has been crossed earlier in session.

The U.S. housing close look

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant. Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

But the Conference Board index, published in 16 hours, fell for the second straight month in July fell to its lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-4.24% to 44.35 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros.

Altran (7.79% to 3.25 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant scope, and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 and LVMH will unveil their first-half results after market close. Vinci, Compagnie des Alpes and Fleury Michon publish their turnover for the period also after 17:30.At the same time, Air France KLM (+0.69%) will release first quarter results are.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.94% to 45.15 euros) according to Bloomberg.

Capgemini (-1.1% to 34.98 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-2.61% to 25.17 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.

Icade (+1.05% at 73.83 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%.

April Group (-2.88% to 19.76 euros), saw the decline in sales accelerated to 12.9% in the first half. This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (10.81% to 0.41 euros), has received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.

The Paris Bourse is limping along

After a pause Wednesday after six consecutive sessions of gains, the CAC 40 has clearly accused the coup on Thursday. The benchmark index of the Paris Stock Exchange lost 1.41% to close at 3 581.82 points. In London, the Footsie loose 0.88% to 5 207.50 points. The German Dax was down 1.10% to 6 141.52 points.

After dégradaton U.S. growth prospects announced by the Fed and the slowdown in Chinese growth in the second quarter, mixed economic indicators from the United States have significantly penalized equity markets in France.

Indicators mixed U.S.

The jobless claims fell to their lowest level since August 2008, during the week ended July 10.

The producer prices fell in June for the second case consecutive month according to figures published by the Department of Labor.After adjustment for seasonal variations, prices for finished goods charged by producers fell 0.5% from the previous month, having already fallen by 0.3% in May and 0.1% in April. Analysts had expected a decline, but much less marked (0.1%).

Finally, industrial production in the United States in June posted its twelfth consecutive month of rise, increasing by 0.1% according to figures released Thursday by the U.S. central bank.

The Federal Reserve has revised the outlook for U.S. growth to decline and now expects growth of between 3% and 3.5% this year, against a range of 3.2% to 3.7% in a previous estimate. The decline in unemployment should also be slower than expected. Further support measures are also envisaged.

Another new arrival is somewhat reassuring to China this morning.The country has announced that the GDP growth amounted to 10.3% from April to June, a slowdown from the first quarter (+11.9%) and the last three months of 2009 (10 , 7%) fast payday loan no faxing.

Several publications in the program

As for results announcements, trucks U.S. could also evolve global ratings: JP Morgan Chase, Google and AMD will lift the veil on their performance in the second quarter.

In Paris, many companies also publish their sales figures this Thursday. This is the case of Carrefour (second quarter), Seb (first quarter), Pierre et Vacances (second quarter), or Stallergenes (second quarter).

The bank suffered

The bad macroeconomic news weigh on the banking sector.This document draws down: Dexia was the biggest drop of ACC (-2.28%). BNP Paribas is also in the red (-2.10%), as Societe Generale (-1.42 %) and Credit Agricole (-1.54%).

The automotive sector resists. The Association of European Automobile Manufacturers (ACEA) has announced a 6.9% decline in registrations in June to 1.34 million units sold last month. Advance Peugeot and Renault gleaning 0.39% 0.03% to 34.78 euros. From his side wins Michelin 0.59%.

Moreover, Metabolic Explorer (-3.82% to 5.29 euro) company specializing in production processes by organic industrial chemicals, announced on Thursday before market sales nil.The group reiterated its goal of placing on the market the first products of technology METEX in 2012.

Eurofin explains on its website on Thursday it recorded a strong improvement in its operating performance and profitability in the second quarter. The group will not give more detail before the publication of its results on August 30 next. Titles leap of 12.92% to 37.49 euros.

CAC40: net expected fall opening

Like its counterparts in the U.S. and Asia, the Paris Bourse is expected to begin sitting down sharply: down 1.95% to 3375 points according to futures contracts of 8:00. In fact, the Dow Jones fell 0.98% to 9774 points, penalized by the numbers of job creation in the private sector. The Nasdaq fell to its share of almost 2%. Today in Paris, and banking stocks should lead the automotive market. The threat of Moody's notes the degrade of Spain also crystallize attention. The U.S. credit rating agency put the sovereign rating of Spain under surveillance. Moody's points to weak growth prospects of its economy.

Moreover, the adoption in the United States by the House of Representatives of the financial sector reform, discussed for months, will attract the attention of investors.The new legislation will include Washington to restructure financial institutions in bankruptcy, for failing to conduct further rescue operations financed by the state. The powers of the Federal Reserve (Fed) are expanded, a monitoring of the sector is expected and will give consumers more protection. Moreover, hedge funds and rating agencies will be subject to more stringent regulations. The text must be approved by the Senate next week before being signed by Barack Obama.

Statistically, the markets will be introduced in France in production prices and imports in the industry at 8.45. In the eurozone, the PMI manufacturing index will be released in 11 hours. Overseas, the jobless claims will be released at 16 hours and the promises of home sales and the ISM index of manufacturing activity.

In terms of companies, EADS shares will be particularly taken this morning. Indeed, the WTO has dealt a setback scathing EU ordering him to remove certain export subsidies provided to Airbus. The Union will appeal the decision of the World. Financial details have not been disclosed. Boeing believes that the pan-European aircraft manufacturer must pay back $ 4 billion of undue subsidies. But the WTO has put forward any figures, it will be difficult to see clearly the consequences of the decision of the international organization.

Moreover, the numbers of registrations in France will be unveiled on Thursday at noon. According to BFM, registrations have fallen by 10% in the month of June In addition, the phasing of the scrappage scheme does not allow a glimpse of the market recovery in the immediate future.Renault would be the big winner in first quarter sales thanks to its built by Dacia Sandero.

Bank stocks should once again hold the attention of investors with a loan of 442 billion euros on Thursday. A year ago, in 1121 established banks in the euro zone had borrowed over 442 billion euros at the ECB at a fixed rate of 1%, a record in the history of European monetary institution on a single transaction.

The Société Générale will be more monitoring than the AMF (AMF), Wednesday imposed a fine of 100,000 euros to Jean-Pierre Mustier, former head of market activities of Societe Generale for failing to initiated. Conversely, Natixis has been exonerated by the AMF following an investigation into his financial disclosure.

Shareholders will also be sensitive to the decision of Saint Gobain to repay 72.1% of the 2009 dividend in shares to allow the group to consolidate its equity by 368 million euros.

In addition, the Sanofi-Aventis could react to the decision of the U.S. Food to MultEQ, an arrhythmia drug cons of the French group on the quarterly list of its audits.

France Telecom will also be under the spotlight. The operator presents its new internal business plan

Out CAC40, Faurecia announced the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

"Casino suits the morale of its customers"

The morale of French households do not seem to favor a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth recorded by the distributor Stéphanois abroad (10.2% in the first quarter, after 5% last year) largely offset this decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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The euro resumed after "dropping too fast"

Traders have noted an increase in major currencies this past week. As the euro. This Wednesday, June 16, the single currency rating beyond $ 1.23, stable on the day. In ten days, the European currency, which is then treated $ 1.19, won 3.4%, which is a very strong increase in the foreign exchange market.

Yet, the euro had reason to be heckled. The excuse to sell the currency did not in fact missed this week. Even the degradation of the notes by Moody's on Debt Greek Monday, then on the banks of the country, there is nothing. Not more than bad German Zew index. "This renewed appetite for risk has increased since last Thursday following the reassurances of Jean-Claude Trichet, ECB president, analysts said Saxo Bank.The European Central Bank expects growth in the euro zone between 0.7% and 1.3%, against 0.4% and 1.2% previously. The central bank left rates unchanged, while the acceleration of inflation in the euro area was confirmed at 1.6% in May on a year on Wednesday by Eurostat.

So why the euro has appreciated it as much? "The reason is mainly technical: the euro has fallen too quickly in recent weeks, he was catching his breath," says Pierre-Antoine Dusoulier, CEO of Saxo Bank. Other mechanical reason: the falling dollar, which causes the exchange rate euro / dollar rising. However, the dollar has folded. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the official. Witness the decline of the dollar against the yen, for example.

This trend "is likely to continue at 72 hours – Friday, June 18 – four witches," that famous day will end simultaneously four different products: stock options, index options, futures and stock futures index. Investors still expect that day to extreme volatility. Hence the distrust of investors, which is directly affected by the gold price, rising again, about 1235 dollars an ounce.

But basically, the trend remains bearish, especially as the economic landscape has not changed.

The British currency toped

The pound was a little cup on Wednesday morning, but the trend was clearly upward this past week. The pound was quoted 1.4821 to the dollar early this morning.Either its levels of early May.

The origin of the slowdown, the publication of unemployment figures in Britain. The rate according to ILO (International Labour Office) is lowered to 7.9% in the three months ended in April, against 8% for the three months ended in March, while economists expected a steady rate.

The index of consumer prices in May stood at 3.4% annual rate, down compared to April (3.7%), seems to confirm the inflation targets in Great Britain the BoE (Bank of England), less than 2% by early 2011, provided that the austerity policies of the new government does not impose a further increase in VAT, according to analysts.

Switzerland should remain at a rate of 0.25%

The meeting tomorrow Thursday the Swiss National Bank – Central Bank – should not bring surprises. This should keep its benchmark rate to 0.25%."The SNB could still announce some measures to address liquidity drying up against a risk of inflation induced by its interventions to support the euro, these interventions flooding the market with CHF," says Realtime Forex.

The Swiss franc reached record on record since the end of 2009. Then he had another 1.5 Swiss francs per euro in December, the exchange rate reached 1.3920 désoramis, with a low 1.38 in early June

Advertisements in China and Russia

In Russia, the Central Bank announced its intention to diversify its reserves by including the Australian dollar and Canadian dollar.

Regarding China, the Middle Kingdom has signed contracts for a thirteen billion euros of Greek companies, when Athens strives to attract foreign capital. Turkey and Arab countries have also seen in Greece.