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.

Obama gives assurance on Wall Street

The speech Barack Obama optimistic on economic prospects of the country begins to lighten the mood in the U.S. markets. The stock market indicators began to return gradually in the green, particularly reassured by the employment figures. At 18:50 Paris time, the Dow rose 0.89% to 11,485 points and the S & P gained 0.60% to 1207 points, the Nasdaq remains hesitant, remaining balance (0.02%) to 2256 points.

U.S. markets also appreciate the market rumors to the effect that the European Central Bank is ready to support the Italian and Spanish bonds, if these countries to undergo structural reforms.

The employment figures dictate trend

The announcement of a significant improvement in job creation last month seems to calm the situation on Wall Street Friday after a collapse in U.S. up over 4% yesterday.In recent weeks, disappointing publications on the state of the U.S. economy had, in fact, chained, challenging the idea of ​​resumption of the world's largest economy. This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

At 21 hours the numbers of U.S. consumer credit for the month of June will end this week full of macroeconomic data.

Oil and euro pressure

Oil prices climbed hesitantly at the opening Friday in New York, despite the employment figures better than expected, as the market wondered if it would be sufficient to support the demand for crude in a very fragile economic environment .On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 87.04 dollars, up 41 cents from the previous day.

This concern also weighs on the currency front, the euro was trying to rebound against the dollar but remained under pressure from macroeconomic concerns.To 15 hours in Paris, the European currency was worth 1.4224 dollars against 1.4106 dollars on Thursday night, after falling to 1.4055 dollars in early Asian trade, its lowest for three and a half weeks instant payday loan.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

Thursday evening after market, the insurer AIG (-0.23% to 26.34 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-2.27% to 93.36 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

GM Motors (1.27% to 26.32 dolars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.78% to 60.64 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (3.55% to 53.17 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (1.70% to 8.98 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

La Bourse de Paris brings out the 3800 points

Rain of bad news and stock prices in free fall: markets reconnect with painful memories. Investors reacted badly because the new rescue plan for Greece: after being disturbed by an incident technique over an hour, the Cac 40 closed the session on a drop of 0.63% to 3799.66 points .

Featuring Dax index of the Frankfurt Stock Exchange was down 0.19% to 7150.21 points in closing. For its part, the London Stock Exchange lost 0.38% to 5693.39 points.

In Milan, the stock market fall of 2.01% at 19,692 points after the warning from the rating agency Moody's on Friday night. The agency said Friday it planned to lower the debt rating of Italy, currently set at "Aa2."The agency said the risks to growth, financial markets and the government's ability to reduce the deficit.

The plan does not relieve the Greek market

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, markets remain worried and disappointed: "Investors continue to demand a quick solution is not the working time of European political authorities. The difficulties in finding compromises will continue to maintain the highest concern, "warns one at CM-CIC. After the reassuring words of French and German leaders who have displayed a welcome unity Friday, the firm tone adopted by the ministers said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In an interview with The Tri bune, the Belgian Finance Minister Didier Reynders compare failure of Greece to the bankruptcy of Lehman Brothers. He said the risk of contagion is real."If Greece was the first to default, then the looks would turn to other countries such as Ireland, Portugal, Spain, Italy, Belgium can be but also France."

On the currency side, the euro rises gently sloping against the dollar: the time of closing in Paris, the single European currency was worth 1.4315 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

The banking sector still suffering

The banking sector suffered the brunt of the growing concerns over the Greek debt and the risk of contagion to other countries in the euro area.Natixis lost 1.52% to 3.50 euros, Axa loose 1.32% to 15 euros, Crédit Agricole drops 0.99% to 10 euros, BNP Paribas was down 0.86% to 51.75 euros, Societe Generale de 0.83% to 38.76 euros, excluding CAC 40, Dexia yield 2.24% to 2.22 euros.

All eyes are turned to the Paris Air Show, which opens Monday. Bad news for Airbus (parent company: EADS: -0.84% ​​to 21.26 euros) last night, an incident of a private Airbus A380 giant aircraft flight, the aircraft had struck the wing a building while it was towed to the taxiway of the airport. But a Korean company has agreed to lend one of its A380 for the demonstration. Boeing, he launches the new version of its popular 747 jetliner, highly anticipated. Both manufacturers have launched the traditional race for orders.

In addition, the CEO of EADS, Louis Welsh, said the sale of 22.5% stake held by French and German states could be done without exposing the group to a hostile takeover, note leFinancial Times. Louis Welsh evokes an existing structure "extremely hard" for the development of the company.

NYSE Euronext (0.11% to 23.28 euros) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the go Green of the Financial Markets Authority (AMF).

Areva (-3.91% to 25.53 euros) / EDF (-0.84% ​​to 25.96 euros). According to reports in The Tribune, Nicolas Sarkozy has warned a week ago the CEO of EDFHenri Proglio the departure of Anne Lauvergeon.He finds himself in a strong position.

Saint-Gobain (-0.77% to 41.42 euros) received a volume of orders representing 90% of the shares Verallia proposed under the IPO of its subsidiary in glass packaging, said Monday two Sources close to the operation. Saint-Gobain has set an indicative price between 29.50 and 36 euros per share for the IPO, and hopes to draw 958 million euros from the sale of 40% Verallia.

Sanofi (-0.71%, to 52 euros) An investigation into a corruption case involving employees of the pharmaceutical group in Germany was opened, said Sunday a spokesman for prosecutors in Verden. "Sanofi confirms that there is an ongoing investigation and that he will cooperate with the authorities related to this investigation," said his side a spokesman for the group.

PSA Peugeot Citroën (0.10% to 29.03 euros).The mayor of Aulnay-sous-Bois (Seine-Saint-Denis), Gerard Segura, announced Friday it had requested an appointment at Industry Minister Eric Besson for clarification on the future site of PSA Peugeot Citroën.

Publicis (0.01% to 38.29 euros). The French group bought the Chinese Genedigi, specializing in public relations, events and digital marketing, with about 400 employees, for an undisclosed amount, he said Monday.

"CONTEST: Estimate the Cac 40 in late June

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Market movements in the outhouse

The lines are moving among specialists support the addiction. Fifteen months after its IPO, the third French player in specialist nursing homes and care facilities on, saw the arrival of a new shareholder in its capital. A shareholder not quite unknown in the health sector, far from it, because it is the family holding Ruggieri Batipart already shares amounting to 23.8% of Korian the second major player side sector.

In a statement, said Batipart have acquired from the BC Partners Funds 9.5% stake in Medica. For this, the holding company has spent about 72.5 million. BC Partners, who wanted to disengage from Medica via IPO in February 2010, also sold 18.6% of the group Medica Covéa (mutual insurance: MAAF, MMA, GMF, etc.)..Following the transaction, BC Partners, which had already reduced its stake in March by selling 14.6% stake, holds longer qu'environde 3% of specialist care dependency.

An opportunity to 'rare'

For this operation, Batipart take this particular situation of the round table Medica. "It is rare to have such a big business opportunity in health," says Nicolas Ruggieri, associate director of Batipart. This entry to the capital allows us to strengthen the sector, the second major strategic Batipart, with real estate. " Among the other listed companies, a withdrawal of investors with holdings as large as that of BC Patners (30.5% at the time of the introduction) is indeed unusual.Since health is seen to hold for the long-term investments are generally in the same same horizon.

Investors semblainet share this enthusiasm Thursday in the Paris Bourse, clinching the title Medica 3% in early trade, to 15.3 euros. "This is clearly a long-term investment from Batipart, says Nicolas Ruggieri." Remains to be seen what position to adopt the new entrant later and wants to eventually take over his new participation. "We do not exclude us strengthen, says Nicolas Ruggieri, but we will not do so significantly, if at night floating Medica, who at nearly 55%, is one of the major advantages of this investment" . Today, the largest shareholder Medica is the life insurance company Prédica, with 11.3% of the round.

Side Medica, little reaction on the operation."The arrival of a new shareholder, a priori known for its investment over time, can only be a good thing," confined to explain Bailet Jacques, CEO of Medica. The group should issue a statement in the morning.

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Lagarde supports China to head the IMF, according Baroin

New support for Christine Lagarde, and not least! China second largest economy, would support the candidature of the French Minister of Economy to the Director General of the International Monetary Fund (IMF), according to the Budget Minister Baroin, interviewed Tuesday on Europe 1. Even if it is not always a candidate, Christine Lagarde is indeed one of the favorites to take over from DSK, who resigned last Thursday, charged with attempted rape and sexual assault.

"What is taking shape, it's a European consensus, which is important" given the current crisis of debt in Europe, said Baroin."But you will understand, in-enu circumstances of the resignation of IMF Managing Director and there is no national pride in this case, it is not for France to position themselves first" , he immediately said, adding not know the position of Barack Obama on the subject.

The Tapie affair "not worried"

"If a French man or woman may, in its name, set a European consensus supported by the Chinese, and eventually by the Americans, we can only welcome it," he said. But we do want to address any action that could be interpreted as a form of defiance vis-à-vis emerging markets and no sign of arrogance gesture in view of special circumstances. "

For the budget minister, he is "still too early to tell" if Christine Lagarde is a candidate to head the IMF.As for Tapie affair, in which the Minister of Economy is suspected to have intervened to mediate the case between Bernard Tapie and Crédit Lyonnais, "we are not worried by this case," assured Baroin. If Christine Lagarde was to leave for Washington, it could well become the new tenant of Bercy. "A decision for the President of the Republic, however, has merely responded Baroin.

Not "economic immigration"

Reacting to the Interior Minister Claude Gueant, that France "does not need bricklayers, waiters in restaurants" immigrant because she has "the necessary resource," said Baroin it was a "statement of common sense:" I remind you that France is a country in Europe which has one of the strongest demographic.(…) We have 100,000 people in ascorbic under the economy and we do not need an import economy and therefore of economic migration. " The minister noted the number of job dissatisfaction in the building and restoration, "a ratio of 1 to 4 or 1 to 5", he said.

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Virtual operators have built a true position

On Monday, the Post Office is officially launching its own mobile phone service for individuals, known as La Poste Mobile. Launched via the SFR network, it provides another example of diversification into telecoms. The opportunity to take stock of the growing power of these operators without their own network, but both rely on niche marketing and / or community to get a place alongside the historical giants such as Orange , SFR and Bouygues.

• What is a MVNO?

The acronym stands for MVNO Mobile Virtual Network Operator. Translated by "mobile virtual operator" or "no operator's own network," he means an operator who does not have spectrum or infrastructure.Appeared in France in 2005 to deregulate the telecom sector, so these new actors use an existing network, content to buy from the incumbent operators (Orange, SFR and Bouygues) of the minutes of their telephone then sell to their customers under their own brand, and to freely set their rates. The lack of investment, extremely heavy to develop its own network, allowing them to offer more competitive rates of around 15% to 30% depending on the offers. However, funding for equipment (reimbursement of part of the phone purchased at the time of signing the Contract) is often low or even zero. Hence the overall time commitment shorter than big operators.

• Who are the main MVNO?

According to the criteria Arcep (Regulatory Authority for electronic communications and postal services), are considered only MVNO operators virtual assets is not controlled mainly by a network operator. The first, and one of the oldest among them is Virgin Mobile, which uses the Orange network and accounts for about 2 million customers after a gain of 161,000 customers in the first quarter of 2011.Other MVNOs independent, we find NRJ Mobile, Omer Mobile (Virgin Mobile, Breizh Mobile, Mobile Casino, Mobile Tele 2) Afone, Auchan Telecom, Carrefour Mobile, Coriolis Telecom … According to Arcep, MVNOs controlled by operators network are German Debitel (SFR), Mobisud (SFR), Ten (Orange) and Neuf Cegetel (SFR).

• What is their weight against incumbents?

According to the latest figures from Arcep, the market share of these operators has reached 8.4% in the first quarter of 2011, 5.294 of customers / lines, against 7.5% a quarter earlier (4.7 million customers / lines). A jump rarely observed, partly due to terminations "without charge" offered by the incumbents when the VAT hike in telecom.In the first three months of the year, Orange, SFR and Bouygues have lost about 542,000 customers, cons 566,000 SIM cards earned by virtual operators. Long, these MVNOs have struggled to take off, remaining stuck on the 5% market share. In France, the number of virtual operators is generally the average of other European countries, but their relative weight remained below the European average (13%). To observers, the weight could quickly exceed 10%.

• Why market share has it difficult to take off?

At first glance, this growth remains weak. However, "at the time of their appearance there are 4 or 5 years, we would not bet on this rate of progress," an expert analysis of the sector.For cause, "the mobile market is marked by a certain inertia, with only 25% of subscribers who switch operators each year, for, most often spend an incumbent to another."

Especially since the captive customers of Orange, SFR and Bouygues is accentuated by long periods of time commitments (usually 12 or 24 months). With growth in the number of subscribers increases by a further 3 to 4% per year, "at the end, the MVNO capture each year between 9 and 10% of gross new subscribers," concludes the analyst. "In five years they have managed to build a position not so bad, with marketing means much more limited than those of larger operators."

• MVNOs are they a threat to Orange, SFR, Bouygues?

Certainly, the presence of these players has driven prices down, in a market long remained oligopolistic.However, network operators also have an interest in the existence of MVNOs, praising them as their network, and offering some of their services (voice, customer service …) they optimize the use of their infrastructure. They can also grow rapidly in population or niche clientele where they are still very present.Some MVNOs have indeed relied on population categories (geographic, cultural, ethnic, business, etc.). By taking control of the MVNO, the incumbent attracts new customers with offers less traditional but particularly well adapted to a particular population segment.

• The licensing 4G is it good news for these operators?

The terms of the call for tenders launched May 16 by the Ministry of Industry for the licensing of fourth generation (4G) to exploit frequency at very high speed, was a priori well received by MVNOs. They consider that the division of lots allows small operators to try their luck. However, unlikely that one of them decides to enter only the dance.Eric Besson, Minister of Industry, Energy and the Digital Economy, believes that "nothing prevents the entry of a fifth mobile operator (with Orange, SFR, Bouygues and Free ). But technically and financially, the operation would be a miracle.

"The ticket to a single lot on the frequencies in the 2.6 GHz band is 150 million euros, said an analyst in Paris. Now, a new entrant can hardly afford a single lot, as it would soon be limited in terms of throughput, and therefore very little competitive. " Moreover, beyond the high price of lots, the acquisition of licenses from a new entrant assumes that subsequently develops its own network, and thus it furnishes a hand in his pocket. For example, Free, who began to build its own 3G network after obtaining his license two years ago, has estimated its capital to 1 billion euros over five years.And this just for the antennas. Unless several MVNOs together to diversify the sector with network operators, only Free seems to be able to shake the current landscape.

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The Tokyo Stock Exchange remains in the red

The Tokyo Stock Exchange is in free fall since last Thursday. In nearly four sessions, the Nikkei 225 has lost more than 3%, while trying to get closer to 10,000 points again he had reached a little over a week earlier. On Tuesday, the Japanese stock index was down 0.12% at 9546.75 points, after the downturn on Wall Street Monday night.

TEPCO continues to plunge

In the absence of macroeconomic indicators or outcomes of heavy odds, the Nikkei does not take advantage of the decline of the yen against the dollar, the greenback rising 0.41% to 81.18 yen. The uncertainties surrounding the euro area after the arrest of the International Monetary Fund boss Dominique Strauss-Kahn, as always worry investors.

On the corporate side, the operator of the nuclear power plant, Tokyo Electric Power (TEPCO) collapses from 11.42% to 372 yen, its lowest in a month and a half.According to Standard & Poor's on Friday, the U.S. rating agency Moody's also downgraded one notch from TEPCO (Baa2). This rating qualifies the issuers considered of average quality but still able to meet their deadlines.

Investors replay the energy sector in Shanghai

In China, financial markets operate in an uncoordinated manner. If the Hang Seng in Hong Kong following the downward trend in Tokyo, falling from 0.11% to 22,935.80 points, the ISC Shanghai climbed from 1.07% to 3133.53 points supported by the energy sector is highly prized by the investors who profit from the decline of oil. China Shenhua Energy climbed 3.47% and to 28.6 yuan.

Oil prices are actually trending down Tuesday in electronic trading in Asia on demand concerns continued to affect the market, dealers said.In morning trading, a barrel of light sweet crude for June delivery declined 27 cents to 97.10 dollars. That of Brent North Sea also June delivery yielded 30 cents to 110.54 dollars.

Mixed trend in other Asian financial centers

On other Asian financial centers, the trend is mixed. The Taiwan TAIEX edges up 0.18% to 8927.40 points, the S & P / ASX 200 gained 0.59% in Sydney to 4677.60 points and the KRX 100 of Seoul is stable at 4464.54 points. In contrast, the BSE Sensex 30 Bombay declined from 0.14% to 18,320.20 points and the FTSE Straits Times is 0.86% at 3136.48 points.