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 …).

One of the smartest ways in which you can search for low priced insurance covers for your vehicle is through online aggregator sites or independent sites for car insurance. In other words, the Internet is the best avenue for cheap price car insurance quotes.

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.

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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Novelli creates a commission on sales buoyant

Final figures will not be available before school, but this last day of summer sales, the Secretary of State for Trade Herve Novelli wished to reiterate its appreciation for this vintage 2010, one year better than the two previous Both declined. Visiting a temple Parisian trade, Galeries Lafayette on Boulevard Haussmann, the minister reiterated that the period of the balance which has just passed an average increase in turnover of between 5% and 15%.

Apart from e-tailers (Sarenza, Brandalley …) announced on Tuesday that rates of double-digit growth for the period, many professionals do not share the enthusiasm of Herve Novelli.The Federation of clothing stores (FEH) regretted that such an influx of customers from the first two weeks have calmed down a lot, accusing the floating balances, these balances traditional free-off period – established by law to modernize the economy in 2008.

"I heard here and there a number of criticisms concerning the treatment of sales", said the minister explained that the decision to introduce these additional weeks of balances had not been taken lightly and was the result of months consultation. Nevertheless, he announced the creation of a commission before 15 September 2010 to review progress on this measure for any amendments. Issue which does not entail, for now, its membership.

Echoing the complaints of his guest of the day, Philippe Houze, chief executive of Galeries Lafayette, Herve Novelli also Secretary of State for Tourism has benefited from his visit to criticize the mayor of Paris. Bertrand Delanoe has indeed refused classification of the Boulevard Haussmann department stores and in tourist areas, preventing their opening Sunday.

Extolling the benefits of overseas customers which is keen to encourage the arrival, the Minister expressed his disappointment, and denounce the importance of the shortfall caused by this decision. "We must understand the economic and tourism sector", he said, recalling that the vast majority of Parisians (70%) would not oppose the opening of large stores in the area on Sunday.

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Banier: 710,000 euros per year L'Oreal

The case Bettencourt rebounds in the economic field. Le Monde said in its edition dated 31 July, the bonds that unite Francois-Marie Banier, this time not to Liliane Bettencourt directly, but to society that it is the first shareholder, L'Oreal. The newspaper said the cosmetics group had concluded in 2001 a "sponsorship agreement" and a "service contract" with society Héricy, founded in 1996 by Francois-Marie Banier. The friend of Liliane Bettencourt would receive each year and 710,000 euros per year under these two contracts, and until December 31, 2011. Income is slightly lower than, for example, the patron of Michelin, Michel Rollier.

The day of the signing of these agreements, whose existence was confirmed by lawyer Francois-Marie Banier, it would have sent a letter to the former CEO of L'Oreal, Lindsay Owen-Jones, making reference to payments "Dear Lindsay, It is with great emotion that I have just signed the contract that allows me to work even for ten years without the desire to please," wrote François-Marie Banier, already accused by Francoise Bettencourt Meyers, the daughter of Liliane Bettencourt, "abuse of weakness" on the person of his mother.

This time, it is the shareholders who turned against Francois-Marie Banier. According to Le Monde, citing the lawyer Frederik-Karel Canoy, a sixty shareholders have decided to join the approach of Michel Tiphineau, a retiree who has already filed complaints against Francois-Marie Banier 5 July last for abuse of corporate assets .The Paris prosecutors opened a preliminary inquiry, which has been entrusted to police the financial police.

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Fraud against European subsidies is well

Fraud increases but is a good sign. This is the ironic conclusion drawn Wednesday by the European Commission in a report dedicated to the illegal use of EU funds.

According to Brussels, the increase in cases of mismanagement is not due to the proliferation of financial crimes in Europe, but better tracking by member states for fraud.

You'd think they were particularly pugnacious this year. Three times as many cases of suspected fraud were detected in the use of agricultural subsidies and twice more for regional grants from 2008. The sums involved amounted respectively to 13.3 million euros and 109 million euros.

Same trend towards aid allocated to countries applying for accession, including the amount of suspected fraud increased from 13 to 57 million euros in 2009.Bulgaria alone has 92% of suspected fraud in the management of a fund dedicated to the modernization of its agriculture. Anomalies in the invoices or purchase orders, payments in cash, big difference between the estimated price of an investment and actual cost … a body of evidence exists to detect the rogue actions.

France, a very good or very bad student?

France is characterized by a number of suspicions of fraud very low. The country has seen 20% of farm subsidies between 2006 and 2009 – which is considerable – but reported only 11 cases of alleged fraud, against 25 for its Belgian neighbor that affects a much leaner about 0.3% of agricultural budget over the same period.

Again, the result can be interpreted in two ways: either France demonstrated exemplary management, or it does not endeavor to transfer cases at issue in Brussels No fax pay day loans. Last summer, Le Parisien had raised such a hare revealing hundreds of millions of euros of aid unduly paid to producers of fruits and vegetables.

France declares little fraud as it says little irregularities. In the latter case, there is no real desire to harm (omission of an invoice for example). In 2009, the country has reported that 127 irregularities in Brussels on agricultural subsidies, which is four times less than Spain.

"We have no evidence but the fact is that France is still reporting a low number of defects in comparison with other member states.The European Commission and the Agency for Combating Fraud Office (OLAF is a kind of European financial police, ed), does not conduct audits in Member States. We must therefore assume that their reporting is accurate and reliable, "says one side of the European Commission.

Despite these shortcomings, the work of Olaf has identified some emblematic fraud. A company based in Luxembourg is ordered to reimburse for example 2 million euros of EU funds have placed in an account offshore instead of investing in the recruitment of a hundred people. In late June, a Bulgarian was sentenced to 12 years in prison for falsifying invoices: he pretended to buy new machines for receiving EU aid. The machines were actually purchased used, which enabled it to illegally gather 7.5 million euros.

Why BP is its own insurer

BP has already spent more than three billion dollars to repair the damage from the disaster of the Gulf of Mexico. While adding a little more gets heavier every day, analysts argue the most pessimistic estimates of total bill of 100 billion dollars. The amount is even more impressive that BP is not guaranteed.

The tanker has decided there fifteen years to support himself in a reinsurance subsidiary (a "captive") the management of all of its risks. Given its size, BP did not see the benefit of paying premiums to pool their risks in a relatively small market.

Its subsidiary, Jupiter Insurance, may surrender to its parent up to $ 700 million per event. A rather small amount compared to the competition.For example, Total has a coverage of 1.3 billion dollars for its offshore drilling activity, which 250 million are made with the mutual oil, OIL, born in the early 1970s.

"After a well blowout offshore offshore California and the refusal of the insurance market of the time to cover this risk, tankers have decided to create a mutual dedicated to coverage of risks pollution, explains Gérard Naisse, director risk assessment and insurance group To tal. BP has been a member of OIL before withdrawing. "

Rising premiums

The capacity of offshore insurance is divided between the mutual OIL and Lloyds of London, the first global insurance market absolutely free credit score.In 1988, the explosion of a well off Scotland cost the members of Lloyd's 8 billion pounds. For BP, the amount of the final bill will depend on ongoing legal proceedings and from which he will return.

BP is indeed not the only company involved in the operation of wells. And the big oil struggles to court to best allocate the bill with its partners, which are, themselves, insured market.

Before knowing the exact extent of damage, the insurers have preferred to take the lead, and it shows in their prices. "For renewals of July, there are requests for tariff increases of around 25% for the covers of drilling in deep offshore, notes and Gerard Naisse. It remains to see if oil will agree to pay these prices."Meanwhile, the mutual OIL spark a renewed interest from oil that had opted for self-insurance as BP.

The disaster should not have repercussions beyond this niche of the insurance of offshore drilling. "It's a limited market, rather compartmentalized analysis John Money, head of the energy division of Aon. The accident at BP should not have any impact on other branches of industrial risk. "■

"The accident at BP should have no impact on other branches of industrial hazard"

Nuclear repeated delays to the EPR

The EPR, the flagship of the French nuclear technology, today faces an unprecedented wave of questions. After the failure of tendering Abu Dhabi and pending report Roussely devoted to the articulation of the French industry, design, price and export capacity of this tool crystallize debates . At that point, for some observers, the EPR would already hit the "syndrome Concorde: a true performance machine, but particularly difficult to assemble, expensive and unmarketable.

Provisions repeated Areva's Olkiluoto site have largely supported this suspicion. But, after Finland, behold, the EPR Flamanville, built by EDF, also maintains the possibility of "industrial accident".

Garden Party: caterers minimize cancellations

The garden party at the Elysée has it been canceled too late? The caterers will they be reimbursed? Taxpayers will pay the note they? After the announcement of the cancellation of approvals under the Ministries of Interior, Overseas, in the prefectures and sub-prefectures, these issues are on everyone's lips. Especially since the member Rene Dosière (related PS) spoke for the receipt of an invoice 313 618 2009 euros. The debate, then fed by Ségolène Royal in an interview with the Nouvel Observateur, however, is minimized by the main actors of the case.

"There was no cancellation in the legal sense. These are the tenders that have been canceled. Today, nobody can say 'I lost the case, because no one had been chosen "slice Lars Bernard, vice president of Synhorcat, a leading professional trade."So there is no impact because in this profession, we do not prepare anything in advance. A caterer is not Picard, irritated the union representative.

Same story on the side of the Elysee usual caterers. "We were still at the stage of tendering. We filed our application and we expect the answer. We have therefore incurred no expenses, "said Francois Raynier, owner of upscale catering Raynier Marchetti, who denies the passage strengthened its team of 150 people in anticipation of the Garden Party. "150 is our average size," says he.

"From homemade

The prefecture also announced that the cancellations last minute should incur any costs because the buffets are mostly prepared in-house. "We use the kitchen of the prefecture," says one in Rennes.In the Sarthe, everything is "homemade" due to "credit limit". The few jurisdictions involving caterers explain – as is the case in Mayenne – they were still "at the stage estimates.

In the Alpes-Maritimes, the services of the prefecture are in this case state spending "very minimal" to "a few hundred euros": "We're pooling with the city of Nice and the General Council of Alpes-Maritimes limit spending from outside caterers, "says a spokeswoman.

Flexibility

Even if there had been a contract between two parties, there is no fixed schedule for repayment in the profession, making negotiations on a case by case basis between the provider and client. "It's the law of business but we always find common ground," says Bernard Bras.In case of cancellation, the situation remains manageable, "he assures," It is a profession without visibility. Sometimes some customers confirm the case only 3-4 days before the big day We are accustomed to this kind of situation. "

At the forefront of the controversy, the food critics temper this speech. According to them, traders are well advised not to claim compensation for the expected win lucrative contracts in the future. "It's flattering to prepare the buffet or the Elysee Matignon is a commercial asset, an honor, a good card," says Claude Lebey, editor and author of restaurant guides.

Rebound

The representative of Synhorcat still regrets the loss of activity represented by these cancellations. "We are talking thousands of hours of work.For the Elysee, the decision could also have been taken earlier this year when the budget is fixed ….

For the future, the profession remains optimistic. The idea of a snowball effect of cancellations is scanned. "On the corporate side, which represent nearly 80% of our business, we see a rather significant recovery from last year," says Lars Bernard. "These are not exceptional receptions for when the box is bad, do not 'do too much peter cap'. But when there is a quick turnaround, we must celebrate. This is happening today. " The other big market traders – that of individuals – is also on the mend: "over time, we notice that people continue to celebrate events," notes vice president of Synhorcat. The public sector, the smallest of openings, should be the one to be hit hard.

"End 2008-2009, business has plummeted because of last minute cancellations of contracts. In the worst of the crisis, some professionals have lost 40% activity. 2010 is therefore a year of healing. Regarding cancellations, we are entitled to think that this will not be like that all year, "concludes Lars Bernard.

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Salaries most dynamic in Germany, France

The basic monthly salary was "slightly more active in Germany than in France in 2009, amid slowing earnings in both countries related to a labor market deteriorated and a virtual stagnation in prices, according to a study published Monday by the INSEE. In the non-agricultural market sector, the basic monthly wage increased an annual average of 2.2% in France and 2.7% in Germany (excluding inflation), a rate lower than in 2008 (three % in both countries).

"This slowdown is due to the deterioration of the labor market in 2009 and the near stagnation of prices, which have dampened wage bargaining in both countries," according to INSEE, using statistics French and German.Illustration of this slowdown, the increase in the minimum wage was 1.3% on 1 July 2009 in France, against 3% on average in 2008, notes the National Institute of Statistics and studies économiques.En Germany, reductions number of hours of work and temporary suspension of increase weighed on earnings, but the slowdown of the basic wage was only 0.3 percentage points in 2009 compared to 2008.

Since the wage agreements are multi-annual index-some grids had indeed been negotiated before the economic crisis.The new agreed increases in the second half of 2009, however, were "much smaller" than previous years and there were very few new wage agreements during this period, noted INSEE.

Virtually zero inflation in 2009

Taking into account inflation, "virtually zero in 2009 in the two countries' basic pay has" increased significantly "on both sides of the Rhine, but again more in Germany (+2.5% after +0.2% in 2008) and France (+2.1%, after -0.2% in 2008).

This comparison between wages in France and Germany came as the country was criticized by some of its partners, including France, to encourage low wages to enhance its competitiveness at the expense of its neighbors.

Germany argues that governments have no influence on the evolution of salaries – there is no general minimum wage in Germany – and has no intention to curb the competitiveness of its companies.