Aviva's CEO resigns

 

The "Spring of shareholders" in the City made a victim. Andrew Moss, head of the British insurer Aviva, resigned Tuesday after suffering a historic setback against his compensation during the general assembly of the firm last week. He might himself have abandoned a planned increase of 4.6% of annual salary of 960,000 pounds (1.2 million), shareholders with 54% disavowed his remuneration package. Taking note of this humiliation, he chose to retire to try to appease the revolt. Aviva's action was immediately flown more than 5% at the London Stock Exchange.

The fat cats ("fat cats"), as they are called here, hug the walls in the European capital of finance. For months, wages at six or seven zeros and their bonuses are exponential in the hot seat. Shareholder activism, biased against remuneration unrelated to performance in crisis, the disapproval of public opinion and government voluntarism in this area combine to send the message to the bosses Taking arrived.

In the same day on Tuesday, the Chief of the bookmaker William Hill, Ralph Topping, has narrowly escaped facing a turbulent AG which voted 49.8% against the salary increase of 8.3% and a bonus of 1.2 million pounds. A small carrier angrily denounced "the feast of the last chance for CEOs who try to take as much as possible while there is still time."  

Last week, Sly Bailey, the leader of the newspaper group Trinity Mirror, has also resigned rather than having to face this Thursday the shareholder revolt over his salary of 1.7 million pounds, while the action of the company lost 90% of its value since she took control.

Bill

Friday, it was the turn of the leaders of energy giant Centrica to face the challenge of a package of 4.3 million pounds intended for his boss, Sam Laidlaw. This agitation is not the fact of radical activist shareholders. Large institutional investors now lead the protest. 32% of those of Barclays Bank have opposed or abstained on the 17 million pounds of CEO Bob Diamond and 2.1 billion of bonuses distributed in the house, three times the amount of dividends paid.

"The shareholders have lost patience exasperated, says Sarah Wilson, leader of the association of small shareholders Manifest. This is not a political movement but the requirement for better business performance. The occupation movement of the London Stock Exchange has legitimized the need for state regulation since the boards were not able to regulate itself. "

A bill will be presented precisely this Wednesday's Speech from the Throne. One of its most controversial provisions, however, may be abandoned: it planned to require the approval of compensation plans for a three-fourths majority of shareholders. But the law should make the vote binding general meetings so far merely advisory.

Meanwhile, the "Spring of the shareholders' only budding. The association of retired FairPensions has launched a campaign for all retirees, widows Scottish kind, make their voices heard against excessive compensation. English executive salaries jumped 49% in one year.

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Real Estate: Know intelligently visit

 

"We must get prepared," says Sebastien de Lafond, Meilleursagents.com. First thing to check: consistency in the price of well visited. To form an opinion, we must investigate the prices in the sector. Review the ads of websites is a first approach, but the prices are often overstated. View estate agents in the area and ask them specific examples of recent trades made refines market research. Know when the property is exposed and there is a lot of the same type of homes for sale in the neighborhood can have arguments at the time of negotiation.

In general, buyers know quickly if they feel good about visiting the home. However, relying on first impressions is not enough. An apartment in disarray, a faded painting or a smell of smoke sometimes repel the visitor, but do not stop there. What counts are the qualities of housing. "We must keep in mind their priorities, says Philippe Conte, a member of the Institute of Chartered Fnaim, but few buyers who do not make concessions." In a condo, take the stairs instead of the elevator provides information on the status of common and how the ownership is held. The cellars and common premises speak volumes about the maintenance of the building.

Do not hesitate to revisit the well several times

In housing, we must inspect everything. To house, checking the roof and the attic is a priority. Broken tiles or mossy cause leaks inside. Get into the attic to check insulation. Many homes built before 1974 do not. Inside, the walls, floors must be watched closely. A crack is a defect common in the former. However traces of moisture on the ceiling indicate a leak or a leak from a neighbor. Same for the balcony or terrace. Also check the condition of pipes, electricity, windows … In home, you need to check with the town planning services to ensure that a building will not obstruct a nice view or generate nuisance.

To evaluate the condo fees, "we must also require the last minutes of the meeting, says Philippe Conte. If work were passed, they are charged to the seller. " Other Audits: diagnostics, energy consumption or age of the boiler. "Do not buy on the first visit, advises Sébastien de Lafond. It is necessary to look back two or three times, accompanied if possible. "

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Antibes requires Veolia to reduce his water bill

 

Antibes successfully negotiating the deal with Veolia century. The threat of a passage in municipal ownership of the management of drinking water was right ambitions of profits of Lyonnaise des Eaux (Suez Environnement) and Veolia Environment … These two private companies have had to review their specifications for take water from the town of Antibes (Alpes Maritimes).

At the cost of trading which saw an average rate of water drop by 43.3%, although Veolia will keep the water management of Antibes, which inherited the General Water Company holds the concession for 1880!

"The Antibes benefit of the least expensive water from France", says Mayor John Leonetti (Radical valoisien), who chaired the council Thursday validating these new provisions. With a rate of 2 euros per cubic meter, against 3.44 euros earlier, the seaside resort offers a rate far less than that usually practiced in France: 3.39 euros per cubic meter, according to the Department of Observation and Statistics .

Now it is no longer through a concession, but a public service delegation (PSD) of ten long years that Veolia will manage the drinking water of Antibes. In over a hundred years, only one amendment had been signed. It was 1992, just months before the vote of the Sapin law allowing for greater transparency in the DSP … The lobby of the water had played its full role might not see the privilege of certain concessions secular fall in the purse of a competitor

. Tiered pricing

Today, fashion is more to return to the authority, as in Paris in 2010, when the city fell last year by 8% the price of water "for the first time in 25 years", welcomed then its mayor Bertrand Delanoë (PS) business card. Marseille, Lyon, Lille or Bordeaux could take over the management of their water, as did medium-sized cities such as Saint-Malo, Castres, or Vierzon.

At Antibes, lower water tariffs, negotiated through two independent studies of a total of 80,000 euros, is accompanied by a progressive pricing. Households consuming less than 120 cubic meters per year will receive a 78% lower rate than previously practiced. All cubic meter consumed beyond will cost more, with a reduction of 34% anyway. A system designed "not to encourage waste. Including that of the common, thanks to the Water Act passed by the majority, now pay their bills just like any run, "said Jean Leonetti. On the other hand, the neediest families, "the order of a hundred," benefit from "water ticket" exempting them from payment.

The consequence for Veolia? Its profit margin will drop to "15% to less than 3%" of the contract, according to the mayor. The price to pay to keep his wallet in a town of 75,000 inhabitants. Not necessarily enough to reassure shareholders of Veolia Environnement, whose debt stands at nearly 15 billion euros, whose shares closed Thursday down 0.84%.

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Dexia Bank Belgium becomes Belfius

 

Belgium Yellow laughs. Dexia Bank Belgium, one of its major financial institutions, has been renamed Belfius Thursday. After five months of study and a budget of 35 million euros, advertisers have defended their choice: "Bel" evokes the flat country, the 100% owner of the house, "fi" suggests the financial sphere, and "us "English in the text, adds a touch of both collective and international. A cocktail effective in erasing the past. "The most romantic of us can not help but associate" nice "to beautiful, while the technicians will instead link" fius "and English" fuse "," has swept the direction the bank. The response has exceeded his hopes payday loans. The new name stoked passions throughout the country. On Twitter, users will give heart to joy for its proximity to the mock-rays or frozen yogurt. "I resisted the bank run of 2008 … the losses of 2009, I accepted Zean-Luc, supported the division of Dexia Belfius … but it is too," sighed a client. A poll in the daily Le Soir, the name Bebank have collected all the votes, but it masked the insurance business. After four years of financial crisis, which grounded the champions of the country, the Belgians pulled out their best weapons to protest: black humor and taste for the absurd.

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All can be rented on the Internet, but at what cost?

 

After the real success of online shopping sites like eBay, PriceMinister, or the Bon Coin, the new trend is for rent on the Net. Many small e-rental sites, as Zilok, Goopes or Consoloc, abounds on the Web, reflecting the popularity of the French for "eat smart", or just how to use a product when it is needed. Today, the market leader and pioneer in France, e-rents, Argus publishes the first charter, based on tens of thousands of locations identified by the site for three years. "The Argus does not set prices, it indicates to users who have no idea of ​​the rental value of their purpose, how it can be rented and how it can bring," said Alexandre Woog, the founder of a start-up incubated with HEC.

So a bike is rented 10 euros per day, a barbecue 8 euros, 5 euros a vacuum cleaner, a hair remover 10 euros, 30 euros a stereo, a battery 45 euros, a snowboard 7 euros, 25 euros a cement mixer, a road car 55 euro, 1 euro a puzzle, etc.. The list is not exhaustive as rental properties are varied and sometimes unusual: there are spy cameras, to strip bars, disco buses, limousines, and even goats to 10 euros per day, to unravel his garden!

The concept of "collaborative consumption"

Woog Alexander, the founder of e-rents, will export its online rental site in Europe.

The loss of triple-A does not interfere with management

 

The downgrade of France by Standard & Poors on January 13 did not have the effect feared. Markets do not collapse, the lending rates did not explode … And executives do not seem affected. According to the latest barometer of Eco-ViaVoice, only 29% of them think that the loss of triple-A will impact their business. Surprising but positive, this result illustrates the gap between the hype and the consequences of lowering "The financial situation of a company, not the triple A which is," says François Miquet-Marty, president of ViaVoice , before adding, however, "this reduction is not confirmed by other agencies, it remains in perspective."

Ineffectiveness of political discourse

Beyond the triple A, the composite index of moral frameworks rose slightly for the second consecutive month at – 48 after – especially in January and 52 – 56 in December, its lowest level since the barometer in 2004. However, for François Miquet-Marty, "it is difficult to talk of improvement, all the remaining indicators, sobering …" For if the frames, as the markets seem less concerned, they are generally pessimistic about the economic activity . For 69% of them, the standard of living in France will deteriorate over the years, where 10% think it will improve, an increase of 5 points. On employment, 82% expect an increase in the number of unemployed.

"At three months of presidential executives do not perceive the candidates' speeches, possible improvement levers on the issue of unemployment," worries Francois Miquet-Marty, noting that "they place little hope in politics. "

About their financial prospects, they remain grim: 41% of executives expect a deterioration of their financial situation in the coming months. Career opportunities remain "weak" for 78% of them. Finally, motivation, stagnant, with 40% of executives reported that their employees are being motivated.

Flat in this context, only a takeoff of the presidential campaign could cause a rise of the honest moral frameworks.

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Your money is of interest to banks and the State

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

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

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

In the red for nine years

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

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

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

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

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

Wall Street offers a strong rebound

The rebound was confirmed on Tuesday on Wall Street after two weeks of choppy stock markets worldwide. The New York indexes opened higher in small (0.22% for the Dow, 0.36% for the Nasdaq), after a session very agitated. But they gradually accelerated their progress. Only the earthquake of magnitude 6 that shook the East Coast of the United States shortly before 20h (French time) slightly slowed the increase without transactions are disrupted. The Dow Jones gained 2.95% to close at 11,175.10 points and the Nasdaq dominated by technology wins at 4.29% to 2446.06 points.The broader index S & P 500 finished its part of a gain of 3.43% (38.53 points) to 1162.35 points.

The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars quick payday loan.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

Asian stock markets without direction

Asian markets are very cautious on Tuesday. Despite the encouraging signals sent by the European and U.S. markets yesterday, investors in the region remain on their guard. Indeed, everyone expects the outcome of the meeting between Angela Merkel and Nicolas Sarkozy, to improve governance in the euro area. "Investors will await the details of the meeting of eurozone GDP figures and the same region for the second quarter," said Ker Chung Yang, an analyst at Phillip Futures Oil in Singapore.

Against this backdrop of feverish expectation, the main index of the region play yoyo. Nikkei and Tokyo Stock Exchange best illustrates these movements. After opening up 0.58%, the latter no longer display an increase of 0.30% in mid-session. An hour of closing, it loses 0.01% to 9085 points.

Same hesitation in Hong Kong and Shanghai.The first stock exchange gained 0.41% to 7 hours while the latter gives up 0.30%. The Australian S & P lost 0.59% and the Indian Sensex gained 0.59%. The Kospi Korean, who had missed the rebound of the previous day because of holiday, takes 4.40% at the same time.

The technology sector responds to the purchase of Motorola Mobility

As for values, the Asian technology sector reacted sharply to the announcement of the acquisition of Motorola Mobility by Google. In Japan, Softbank, one of the operators who distribute Apple products, is illustrated by a decrease of 0.70%. In Hong Kong, Foxconn, Motorola partner, flies to 14.58%. In Korea, Samsung is gaining 4.53%.

In Australia, Qantas is one of the highest values ​​followed.The airline announced Tuesday a major restructuring over five years, which involves the elimination of 1,000 jobs, the purchase of 110 Airbus A320, delaying the delivery of six Airbus A380 jumbo jets and business development in Asia . Qantas will launch and a low-cost airline by the end of the year, Jetstar Japan with two Japanese partners, Mitsubishi Corp. and Japan Airlines (0.81%). The action of the Australian company climbed 1.77% in Sydney.

Oil down

As for the oil markets, oil was down in morning trading in Asia: a barrel of "light sweet crude" lost 45 cents to 87.43 dollars and that of Brent crude gave 42 cents to 109.49 dollars.

The oil market, as global stock markets, fears for several days a new slowdown in the world, against the backdrop of sovereign debt crisis in Europe and sluggish growth in the United States.