Jean-Paul Chifflet: "We have no difficulty in funding us"

LE FIGARO – Your share price has marked a record low 10 August, worse than worst days of 2009. What's going on?

Jean-Paul CHIFFLET – We are in paradox. You mention the low of the action but at the same time, the Crédit Agricole group in the first half net banking record since its inception! We are not the only ones to be attacked on the stock exchange, the whole financial sector is affected (banking and insurance) and even beyond all publicly traded securities.

So why this near-panic investors?

The world is experiencing a structural crisis that has three components: economic, financial and political. This is the first time they are collected and their entanglement makes the situation even more complex. In 2007-2008, the difficulties relating solely to the financial sphere.Today, investor concerns about the economy and growth are strong, with the feeling now that the recovery will be forthcoming in the United States. Then there are doubts about the European sovereign debt and U.S. policy of rigor to establish, particularly in Europe, and the governance of the euro area.

Given the effects of contagion, some raise the specter of a liquidity crisis for banks. Feel the French worried? The are you yourself?

No. Crédit Agricole we have not seen any concern from our customers. In all respects, including liquidity, our situation is good. Crédit Agricole is one of the banks rated by rating agencies in the world. We are the first custodian bank in France, which gives us a significant advantage in terms of liquidity.We have no difficulty in funding us.

U.S. money market funds, however, withdrew funding for European banks …

European banks, and French in particular, must adapt to this new situation. These funds will not be around for two or three months at least. But there are other sources of funding. Based on its treasuries in 25 countries, Crédit Agricole has direct access to central banks, companies or asset managers in Europe, Asia or the Middle East. Our financing program and long-term market was carried out at 90% at end-July. We also have available cash reserves of more than 120 billion euros. I am perfectly calm.

Have you been asked by the New York Fed on your cash?

No.Each controller on every continent requires banks to be mindful of their liquidity. It is a measure of attention that seems normal.

Why the French banks were they stigmatized?

French banks have been more battered by the markets than their European counterparts. The fears that we faced were related to our exposure to sovereign debt and doubts concerning reports of France. Add to this the fact that French banks capture a significant portion of funds from money market funds U.S. $ 200 billion on 800 billion allocated to European banks. This has raised specific questions about the ability of our banks to adjust.

Have you read this summer fiction of Le Monde, which envisioned a nightmare scenario for your group?

This did not please me, I did know.But I respect the freedom of the press.

How do you change the economy?

The recovery will be slow, slower than expected. But so far, we do not get a second recession.

This degradation should it encourage regulators to soften their demands on the banks?

I have only one message: we will adapt to the regulations. However, it would be nice if regulators take the time to add the impact on banks of all the new requirements, capital liquidity, through taxes and surcharges for systemic institutions. Banks are the sherpas of the economy. If their backpack is too heavy and that the oxygen is reduced, it will mechanically eventually impact on growth.It is ultimately the competitiveness of the European economy, these reforms threaten.

Are you going to trim down for credit offered?

Crédit Agricole is the main partner of the French economy. We are the largest financier in France with 471 billion euros of outstanding loans. They have always grown and we want to enroll in a sustainable way in supporting growth. But of course we will have to adapt according to the real economy and the requirements of regular lators.

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"The user usually has nothing to fear"

Is this the end of unlimited Internet packages at home?

No operator has no plans to do so today. The buzz started on the Internet by Owni skidded. The presidents of the major operators have simply said in recent months that they would go to differentiate their offerings and those who consume the most could be more involved. But the average consumer has no chance of being involved.

What consumers might be affected?

This is very, very heavy users, a very specific segment of customers that are found in all countries. These are 5% to 10% of consumers who use 80% of the bandwidth, because they spend their time downloading movies, make video at all times, spend the day on Facebook with video, YouTube, Dailymotion cash advance payday loan. The population is fairly limited.Perhaps operators will they have different prices for those? Maybe they will limit their bandwidth? Nothing is decided. But the ordinary user of the Internet has nothing to fear.

Is not a disguised means to raise prices for everyone?

No. On the contrary, the good news of the season is that competition only increased with the arrival of new players like Virgin Mobile or the post office in the market for Internet box. This will add new offerings on the market, which is already very busy. The French are very lucky: they can take advantage of competition.

Mortgage: rising interest rates slows

If prices continue to increase, rising interest rates tend to slow down on its side. The latest results of the Housing Credit Monitoring / CSA published Monday, the average rate charged by banks for getting a home loan rose to 3.90% in July, or 0.04 basis points over that in June.

It's much more at the end of 2010, where it reached a low of 3.27% on average, before rising sharply in the first quarter of 2011. In the early months of the year, interest rates have taken nearly 10 basis points per month, before slowing gradually to rise in the second quarter.

Because the factors that competed so far in the rise in interest rates now seem not to have to play. "The increase began in November 2010 was related to liquidity constraints imposed by the Basel III.To satisfy them, the banks have increased their margins on new loans paperless payday loans. Today, this adjustment – of around 70 points to 100 basis points depending on the establishment – is probably done, "said Michel Mouillart, an economist at Paris X-Nanterre.

Other factors, however, could take over. The cost of money, in particular, could rise because of uncertainties related to the amount of sovereign debt. For the moment, "this factor did not play," said the economist. But it is already expected that the three-month interbank rates and increasing to ten years until 2012, drawing upward those for mortgages. "The movement of rising interest rates should continue," predicts ultimately Eluère Olivier, an economist at Credit Agricole.

Increase the duration of loans

Photo credits: Jean-Christophe Marmara / Le Figaro

The Paris Bourse down

Back in the red for the Paris Bourse. At the opening on Monday, the CAC 40 index drops 0.76% to 3813.50 points. Just relieved by Greece, where the leaders of the euro area have managed to agree on a rescue plan, investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success.

While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September low fee cash advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

Fuel prices: The Sparks Fly between Total and the state

The increase in fuel prices is again up for discussion Tuesday. An interview will take place during the day between the Minister of Economy Baroin and CEO of Total, Christophe de Margerie. It warned that rising oil prices would be passed to the pump. Fuels should be increased from one to four cents more when they have already returned about two cents last week.

The government, for its part, wishes to inform that he "will remain very vigilant: there is no question that this effect is faster in case of decline," said the ministry in a statement. "This commitment by fuel distributors and the government ensure its respect."A meeting between Christophe de Margerie and Energy Minister Eric Besson is also scheduled for July 19.

Policies in the running

In this time of holiday departures, policies are indeed in line to demand that the impact of oil price increase is gradual. Prime Minister François Fillon has ruled that the proposed Francois Hollande to freeze fuel prices during the summer fell within the "demagoguery." "We must also tell the truth", that is to say "that oil will rise" over time, said the Prime Minister on Europe 1. And rather than to invent solutions that make no sense if not to influence the growth or the French taxes, we must work on alternatives to oil. "

François Fillon also said he "found that in June, the decline has been very well reflected by the distributors.It's a little less sure about the month of May, we are doing checks. " It responds to the controversy that has swelled after the statements of Xavier Bertrand: "When the oil increases, prices (pump) increase immediately. When the oil drop, it is always more time. We must stop to consider that the French have no sense, "denounced the Minister of Labour on Sunday. "To say that the price evolution is faster in one direction than another is not fair," retorted the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky. Christophe de Margerie, in turn, ensured that the increase would take place Monday "as gently as possible."

Within the Socialist Party in the countryside for the primary election, the subject has provoked many reactions among candidates.Martine Aubry, said she was "very shocked by the decision of the President of Total" to pass on the rise the rise in oil prices: "I found both indecent and even provocative." To offset the price increases, the candidate suggested to lower the TIPP (domestic tax on petroleum products) and "tax the super oil profits."

"What is unacceptable today, it's that kind of inaction before a real scandal, said on his side Segolene Royal on BFM and RMC-TV. Total has 10 billion euros in profits (in 2010, note) and when the price of crude oil production decline, this decline is not passed to the consumer. " Finally, the spokesman for the PS, Benoît Hamon, assured that if the left came to power in 2012, "the impunity of the oil companies" would be "finished".

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Sony will reopen Wednesday its PlayStation Network in Japan

Sony will begin a new chapter Wednesday. Services PlayStation Network (PSN) for online games, and Qriocity for video, will reopen Wednesday in Japan. This is the last country in which Sony has to return to work "normal". Mid-June, the NSP has opened in South Korea and Hong Kong. The group was waiting for the approval of the "authorities" after hackers suffered since early April that forced him to interrupt his service. "We will restore the entire PSN as soon as possible, as soon as the national authorities will be comfortable with the protections we have put in place," explained the beginning of June, Le Figaro, Kaz Hirai, who became president last week Sony games division. He left his position as general manager Andrew House, Welsh origin, like Howard Stringer, the chairman of the Sony Group.

The matter is serious.More than 100 million accounts were hacked Sony, whose 77 million just for the PSN. The data on 23 million credit cards in use were recovered by "hackers" Pirates of the Internet. The group's data center in Tokyo, located in San Diego, has been more than a dozen attacks.

The origin of piracy, according to Kaz Hirai spoke with Le Figaro, at the show for video games? "I do not know who the pirates who want the Sony group as a whole. Individuals or groups of "hackers" are attacking us to tell the world that they were able to pass our security checkpoints. We have suffered denial of service from a group of hackers known as Anonymous, related to the fact that we have tried to protect the intellectual property of the PlayStation 3. But it does not seem that there is a link between the group Anonymous and piracy.It does not appear that there is an increase in fraud since the breach in the PSN. We have not been contacted by consumers who have complained of the misuse of their personal information. Or personal data were not stolen, the target of hackers did not use the information, but to tell the world that the FBI, Sony or another company were attacked. "

The investigation is ongoing. The group of pirates "Lulz Security", which has decided to disband, has posted online more than 2 million customer names from Sony. One of its alleged members was recently arrested by Scotland Yard.

Faced with these attacks, Sony has taken in May, a provision of 14 billion yen (120 million euros). This amount should be reassessed after the latest attacks? "No, says Kaz Hirai.The biggest potential risk was the breach of the PlayStation Network. Thus, the estimate is based on the attack. But we are not sure what information is taken or the potential misuse of data could be made pirated. Our service was closed and we made an offer to return to clients who have returned over the network online. That's why we made this estimate. "

The injury picture is not yet rated. But Sony is comforted by explaining that "customer loyalty is incredible." For "where we have restored the PSN service, 90% of the activity returned to normal. This is the case in the United States and in most countries where we have restored. Less than 1% of customers ask to close their account on PSN. That's why we are very grateful to them.We can not thank them enough. This incident would not have happened, "admits the president of the division games.

Google sued in the Commercial Court in Paris

The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers guaranteed high risk personal loans. On the other hand, Google would have prevented 1PlusV to monetize their sites with advertising by conditioning access to its advertising to the use of its search technology (tying).

"We launched search engine in 2007, but they could not develop because of discriminatory practices of Google.Our company was nipped in the bud, "said Bruno Guillard, founder of 1PlusV. He now believes it has evidence, found by a bailiff, on practices that dereferencing Google was guilty. "There is unfair competition to the extent that Google gives the impression that their engine is more powerful than us. This assignment, which is intended to redress, the complaint does not stop Europe, covering an injunction to stop these practices, says Bruno Guillard. We believe that Google has answers to give. "

The Commercial Court of Paris could take from 16 to 24 months to rule on this complaint. Brussels, meanwhile, is in the process of peeling the replies to questionnaires sent to various European actors in the Web in early January as part of its investigation.While the debate over Net neutrality has been raging, it could well be extended to search neutrality.

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Monaco placed on the royal wedding to revive its economy

The figures speak for themselves. In anticipation of the royal wedding of July 1 and 2, the National Council of Monaco, the equivalent of our Parliament, has allocated a budget of 4 million euros. Almost as much as the 4.4 million spent by the principality in 2010 to launch its corporate campaign in the French magazine and on the web. This shows the importance for the Rock the marriage of Prince Albert of Monaco and the former champion South African swimmer, Charlene Wittstock. Both in economic terms and in media coverage.

From next Friday, when the celebration of the civil union, Monaco looks indeed more than 200,000 visitors. A golden opportunity to restore a spotlight on the micro state of 35,881 inhabitants.Still considered a haven for billionaires, Monaco has indeed not escaped the crisis in recent years, in 2009 recording a decline of 9% of its tourism industry (mainly tourism business), before a resumption of 6 % last year. At issue: the crisis in the "customer proximity" (Italian and French), which became more reasonable.

Although the number of spectators attracted to the wedding should remain three times lower than the 600,000 tourists who traveled to London in April, for the marriage of William and Kate Middleton. But the Rock expects no less favorable economic impact. In anticipation of the weekend, everything was set up to attract maximum visitors: free trial of race cars, train frequency increased, on the big screen broadcast of the festivities, free parking, free admission to most museums … .Beyond the provision of 4 million euros of the National Council, the Centre has also participated in an amount that has not been made public.

Attract new large fortunes

The principality wants to use the event to attract tourists back wealthy, more and more tempted by other destinations. The sector remains in effect in the heart of Monaco's economy, with nearly 500 conventions and meetings a year and distributed 780,000 nights in the 16 luxury hotels. "Monaco must expand, transmit messages incentives to attract large fortunes, talents.It should be under the spotlight at all times, "said Michel Bouquier and the Director of Tourism of the Principality

Operation seduction seems to be working: within a week of marriage, hotels are almost full (2700 rooms, 90% in four stars), and the Rock is an increase of call for cruise ships in recent weeks. Remains to be seen, beyond the one-time event, the mass return of tourists will continue. Especially such an event is not without adverse consequences for the economy.For example, if the marriage of William and Kate has resulted in more than 570 million pounds (640 million euros) in economic benefits, productivity losses related to the only holiday of marriage (Friday, April 29 ) were valued at 7 billion euros.

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Stock Exchange: luxury won by Hong Kong

"Asia, the Mecca of luxury groups. This could be the slogan applied to Gucci, Prada, Burberry, Hermes, Dior and others at the end of the financial and economic crisis that has shaken the past three years the global economy. For all these companies, if they were not spared by the crisis, have largely absorbed the shock by taking advantage of the growing appetite of Asian markets for luxury, chic, and know-how almost craft of some European countries.

This appetite, the luxury sector was well integrated, making the Asian market including China and Japan, their main growth drivers. For example, the French LVMH in 2010 from nearly 35% of its turnover in Asia (25% excluding Japan).In the first quarter 2011, excluding sales of the Japanese archipelago (affected by the tsunami on 11 March), billings Asian group Bernard Arnault grew 24% and 30% on the only Chinese territory.

Finally, by 2015, China should be the first global luxury goods market in all sectors according to consulting firm Pricewaterhouse Coopers. And to develop there, Western societies today are choosing bulk of trading in Hong Kong, the gateway to become known in China. "With its historical heritage, the Hong Kong is much more attractive than that of Shanghai, details of William Corbiac, emerging equities manager at Axa IM. It is much more liquid, accounting standards are long Anglo-Saxon, there are many financial analysts, fewer permissions and cheaper.In Hong Kong, Western investors feel almost like home. "

Making a name

This is the typical case of American Coach, specializing in accessories (shoes, bags, sunglasses, jewelry …) who announced in early May will be doubling its side by the end of the year, Stock Exchange of Hong Kong and its place of origin, New York. For all the luxury groups, for historical reasons or qualitative, not in Asia have the notoriety of LVMH or Hermes. The goal of Coach is clearly stated: "better brand awareness among consumers and investors in the Chinese market and throughout Asia," according to its CEO Lew Frankfort said in a statement.

This Friday, the luxury goods group Burberry has come to swell the ranks of contenders.Already present in London Stock Exchange, the British group would try to seek a listing in Hong Kong by Hong Kong Economic Journal, to "increase the interest of Asian investors."

The idea is not new. "Many Chinese entrepreneurial companies, including Internet companies and in renewable energy, are parties in the 2000s to seek a listing on Wall Street to take advantage of both technologies and to conquer the U.S. market, said William of Corbiac. We can now do the exact parallel with these Western groups visionary who want to be closer to the markets they want to grow cash advance loan no fax. " A listed company must indeed comply with the requirements of disclosure and / or related to its activity, which increases its exposure to the media and therefore the general public.What support development activity in new geographical area. A strategy that seems to have also adopted in another sector, BNP Paribas. Initially, the French bank will not undertake a capital increase at its eventual listing and just want to "enjoy a better visibility in China."

A significant influx of capital

But watch it only as a matter of image. For BNP Paribas may, in a second time, make an appeal for funds on the Hong Kong site, thus killing two birds with one stone. For their part, the intruding Western luxury brands in Hong Kong are also looking to take advantage of capital and investors who flock to this place. In 2010, according to data from PricewatershouseCoopers, nearly 45 billion euros have been raised, an increase of almost 80% over one year.And for 2011, the firm estimated 30 billion funds in Hong Kong through introductions. A total of one hundred companies are entering the stock each year, more than half are Chinese.

This is the case of the Italian Prada, which recently received the green light from authorities in Hong Kong market. Pending the final IPO price (June 16) and the introduction scheduled for 24 June, the Italian company hopes to raise about 2 billion dollars (1.4 billion euros). After three failed attempts, Prada therefore preferred to Hong Kong to Milan, saying "better" opportunities offered by the international capital market.

Before her, and with the same motivations, the French L'Occitane has chosen Hong Kong to make his first public offering, there is just one year.One way for the group operating on the cosmetics market is very dynamic in Asia and almost treated as a luxury brand, to raise 532 million euros. What repay debt and finance part of its development. This gamble on the brand image now appears successful, while Reinold Geiger, President of L'Occitane, explained that he initially had great difficulty to prevail in Taiwan and Hong Kong. And for investors who subscribed to the introduction, the operation has also been very positive, because despite the turbulent early sessions, the stock rose over 30% year on year.

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