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 Paris Bourse is expected to continue its downward

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

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

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

Publications resume

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

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

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

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

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

Three finalists for the ISP

Since announcing the departure of Gilles Michel DG Strategic Investment Fund (ISF), a few weeks ago, its main shareholder, the Caisse des Depots, is activated to find a replacement. Brigitte Lemercier, the headhunter mandated, would have considered up to 80 sheets grantee, including nearly half of unsolicited applications.

The Board of Directors of the ISP has agreed on a list of finalists. According to several sources, the CDC and the State will have to decide between Thierry Moulonguet, former CFO of Renault, now special advisor to Carlos Ghosn, Jean-Yves Gilet, CEO of Arcelor's stainless steel industry while Bruno Deschamps, who has just left the venture capital company 3i low rates payday advance.Until recently, the name of Jean-Dominique Comolli, former chairman of Altadis, was on that list, reduced to three names recently. If the timetable is respected, the verdict must fall next week.

Obama prepared for the post-oil

The spill "will push us to rethink our energy and environmental policy," said Barack Obama last June 14 during his fourth visit to the polluted beaches of the Gulf of Mexico. "We remain the largest importers of oil, or we can make the investments that we would become the world's leading exporter of renewable energy." This sentence, Bush had decided long before the "September 11 ecological. It is dated March 19, 2009. For when he took office, the successor of George W. Bush's climate and the "transition energy" one of its priorities.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to seek a compromise on the new law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

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Concern mounts to oil markets

Mown in full swing. Oil prices fell Friday morning as the 74 dollars a barrel in electronic trading in Asia. A barrel of light sweet crude for June delivery yielded 62 cents to 73.78 dollars while Brent North Sea due to identical, lost 34 cents to 79.77 dollars. Monday again, trading at 77.35 dollars a barrel in New York and 80.50 dollars in London. The euphoria that had gripped the stock markets in Europe and New York had spread on the oil markets.

But as of Tuesday, prices were beginning a decline that on Thursday, brought down the barrel in New York at 73.62 dollars, its lowest level since Feb. 12. In three sessions, the price dropped $ 2.40, completely erasing the rebound Monday.

Between high inventories and uncertainties

This pressure to lower prices is explained partly by continuing high inventories in the United States.On Wednesday, the U.S. Department announced a further increase in crude inventories of 1.9 million barrels and most importantly, a record for the reserve terminal in Cushing, Oklahoma's largest oil terminal in the United States. At 37 million barrels, these reserves are approaching the maximum capacity of the terminal that serves as the delivery point for Nymex oil contracts. Result: not finding a place to store their oil for June delivery, the nearest maturity, the investors selling off to get rid of.

This unusual situation has overshadowed the announcement of a sharp decline and surprise 2.8 million barrels in gasoline stocks in the United States. An announcement, analysts said, would support the course.

On the other hand, concern about the strategy for ending the crisis in the euro area continues and installs a negative climate in the markets.While European stock markets tumbled again Friday, the euro fell back again to its lowest level since 18 months. Around noon, he fell from 0.64% to 1.2448 against the dollar, thus penalizing oil purchases.

"The euro area does not have the ingredients to stay"

Lefigaro.fr / jdf.com – What do you think the rescue plan proposed by the European Union?

Christian Saint-Etienne This tactical decision is welcome, I support it fully. She ends the madness of markets, which had lost their compass quick payday loans. These days, the assets were under-dimensioned in relation to their fundamentals. The rebound today is a return to levels before the fall of the markets.

Photo credits: Le Figaro

Aid to Greece in five questions

• What is the plan?

The total amount loaned to Greece for three years, is 110 billion euros. The International Monetary Fund will lend 30 billion, 80 billion European states. For the first year alone, the total amounts to 45 billion euros.

Countries in the euro area will lend at a rate of about 5%, well above that at which they borrow their own markets. They must therefore, ultimately, make money with this operation. Assuming that Greece will repay many loans.

• Is it enough?

It is still uncertain. "The loan size is substantial and should fill most of the financial needs of Greece," say economists at BNP Paribas, which predict a total requirement of about 120 billion euros.Rumors from the German Ministry of Budget, Greece would need more than 150 billion euros.

Still, the plan means, Athens will not return to tap capital markets before the first quarter of 2012, according to the Greek Finance Minister George Papaconstantinou.

But everything depends on the success-or failure of the austerity plan set up by Athens. If public spending is poorly controlled, then the budget deficit will fly, Greece will take over, the debt will increase. The deficit will worsen if the recovery is also softer than expected. So the rescue plan would prove insufficient.

• When will funds be disbursed?

It was one of the obsessions of the markets before the official announcement of the plan. Greece was indeed an urgent need for funds: it must find eight billion euros by May 19It should eventually find them without worries thanks to the quick release of the aid by major contributors that are notably France and Germany.

Many states have approved the plan this week (or are about to do), such as Belgium, Portugal, the Netherlands, Italy, Cyprus, Luxembourg and Austria. France has voted the text on the night of Thursday to Friday. The outcome of the vote is no doubt right and left supporting the rescue plan. In Germany, after much wrangling, the plan should also be voted on Friday.

Italy, part of major contributors, will decide the payment by decree and may publish it immediately if needed. Same in Spain.• • •

• • • Other States show less eagerness, such as Slovakia, who refuses, or Ireland, Finland and Slovenia.

• Is it risky to lend to states in Greece?

to believe the rating agency Standard & Poor's, the most severe, Greece 23.08% of risk of default within three years. This is reflected in its 'BB +' rating assigned to it by the agency.

But "if European countries lend to Athens is that they do not believe the risk of default," said Jesus Castillo, an economist at Natixis. The European Central Bank, as the International Monetary Fund believes that a default is "beyond question".

However, "if repayment problems appeared after three years, the loans could be extended," said during the debates in the National Assembly Chairman of the Finance Committee Jerome Cahuzac.to believe the MP, who auditioned Budget Minister Francois Baroin, the latter "has not ruled out a rescheduling of Greece against the eurozone countries since it was envisaged that such debt is not repaid at maturity of three years, but later ".

• How a State debt can borrow to lend to another debt?

Spain and Portugal, being attacked by the markets and in financial difficulty, will lend to Greece respectively 9.79 billion and 2.06 billion euros.

Not to worry, according to Jesus Castillo, "they always have access to the market to finance", in contrast to Greece. Spain has also successfully raised 2.345 billion euros on Thursday at an average rate of 3.532%. Although lower than that at which it will lend to Greece.The Greek operation should be profitable for both countries of the Iberian Peninsula.

On the other hand, the loan granted to Greece will not fill the deficit under Maastricht. For France, the loan will weigh initially 3 billion euros over the budget deficit, it will not affect the deficit calculated by Brussels, by Representative Charles de Courson related remarks Bercy.

The debate on financial reform will begin

The Republican senators voted to open discussions with the chamber after blocking the debate for three consecutive days. Financial reform desired by the U.S. President Barack Obama and intended to prevent another financial crisis, would be the most important sector since the Great Depression. The Democrats want more regulations on stock markets and restrictions on derivatives, widely criticized for the crisis. The tougher regulatory worries Republicans.

Barack Obama gave a speech yesterday in Illinois calling for implementation of the reform loan cash advance no fax.The discussion should begin today and could last at least two weeks.

Symbolic of this financial speculators, Goldman Sachs is seeking a way out of his side after his questioning by U.S. regulators. The investment bank is in talks with one of his clients to agree on compensation due to losses on receivables-backed debt, in the heart of the controversy is the establishment.

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Schneider is growing again

Beginning of year good for Schneider. The world's number one low-voltage electrical equipment and number three for medium voltage carried on the first three months of the year a turnover of 3.91 billion euros, up 2.3% at the both structure and exchange data current and organic. It's better than expected by analysts polled by Reuters had expected a slight decline in activity (-1.2% to 3.78 billion).

This is the first quarter of growth for the group since the third quarter of 2008, the beginning of the economic crisis for the sectors to which its activity. "As expected, we see significant recovery in industrial activity – a sharp contraction after last year – and the rebound in investment in energy secure," said Chief Executive Jean-Pascal Tricoire in a statement.

2010 targets confirmed

Schneider is being strengthened in emerging countries like China, its second largest market behind the United States and ahead of France and on the segment to higher value-added solutions for energy management. "Energy efficiency and renewable energy, particularly in Europe, remain a relay of growth through new orders supported," said Schneider.

In contrast, "the market for commercial property in the mature economies should not restart the short term and probably still weigh on the work of Schneider for several months," said Emmanuel Babeau, CFO of the group, even if it considers that low point could be reached at the end of the second quarter.

The focus group confirmed a moderate growth this year to a number of his sales at constant exchange rates and consolidation scope, after falling nearly 16% throughout 2009.

Schneider also still expects an improvement in EBITA margin of approximately 14% before restructuring costs and impact of integration Areva Distribution, against 12.9% in 2009 and 16% in 2008, thanks to cost savings conducted under the Strategic Program One.

Foot Business: OL ahead of Bordeaux

Budgets

Lyon is making the race lead with a budget of 192 million euros (2008-2009), whose 68 million generated by TV rights and 22.4 million by the ticket booth. The club Rhone-Alps with OM is the only French club now in the TOP 20 training richest in the world, published annually by Deloitte.

For its part, Bordeaux and its 100 million euro budget for 2010 could soon make its entry into the elite of European football, but it is far behind the giants Real Madrid, Manchester United, Barcelona or Chelsea. Again it is the TV rights which constitute the main income of the club (60%).As for ticketing revenue, they are directly impacted by the size of the Stade Chaban-Delmas and do not exceed 11 million euros.

Partnerships

It's July 1 comes into force the new sponsorship agreement between the club Jean-Michel Aulas and equipment supplier Adidas.Concluded for 5 years he would turn around 80 to 100 million euros over the period and should allow the team to move up a gear in terms of merchandising: Jean-Michel Aulas expects an annual pace of 500,000 jerseys sold (He would then par with the OM, also under contract with Adidas, and sold 450,000 jerseys, but a little behind Bordeaux and its 100,000 coats supplied by Puma).

While partnerships in 2008-2009 accounted for some 21 million euros and derivatives nearly 28 million, the club Lyon announced the imminent signing of three major sponsors, including the site of paris online Betclic which can not be displayed on the OL given the French legislation on online gaming – and a French institution that would make its entry in football.Near Bordeaux, the club saw its eleventh year in the bosom of "the little chain that goes," M6, which since 1999 provides managerial stability and sound financial management faxless pay day loans.

Wages

Despite their good results at continental or Lyon or Bordeaux will have the means to recruit elements of the first rank, those whose annual earnings exceed 10 million euros. As an indication, the highest paid player in Ligue 1, Lyon Lisandro Lopez, receives nearly 425,000 euros per month. Before him, another lyonnais, Karim Benzema, who left last summer to Real Madrid, who led the dance with 400,000 euros. This season, Lisandro is followed by Bordeaux, Yoan Gourcuff, which exceeds 300 000.Lisandro and Gourcuff, both players are also records for transfer to their respective clubs: 24 million euros for the first 13.5 million for the second. Side coach advantage in Lyon and Claude Puel, which would come to 230 000 euros.

Stadiums

This is the major project of Jean-Michel Aulas for years to come: give his club a major speaker to succeed the venerable Stade Gerland. The new stadium with a capacity of approximately 62 000 places (cons 40 000 currently), has announced a long time, but all administrative barriers are not removed. In the best case, it would open its doors in 2013. In economic terms, with more than 6 000 seats available in the VIP cons less than 2,000 today – the gain is considerable. Besides this arena is expected to be the epicenter of a vast complex dedicated to business and leisure.In Bordeaux, the City Council passed earlier this year the principle of building a new stadium, budgeted at between 160 and 200 million euros, with over 40,000 seats in the key. A deadline was set: the European Championship of Nations in 2016, that France would welcome them.