One of the biggest banking scandal just keeps bouncing back in the UK. Since 2011, banks paid about 16 billion pounds (20 billion euros) in compensation to individual customers victims of forced sales of insurance policies. In total, they treated 13 million complaints about unsolicited sales contracts related to loans (payment protection insurance, PPI). It was, for example, unemployment insurance or disability touted authority customers, often unwittingly, when solicited credit. These fonts, including 45 million copies were sold between 1990 and 2010, were sometimes not justified because the borrower was already unemployed or disabled. Or hidden clauses prevented beneficiaries to be covered in case of need.
The UK financial regulator FCA1 (Financial Conduct Authority) has ordered banks to review 2.5 million consumer complaints already processed, which does were not compensated adequately. "Ensuring that all those who have been abused selling PPI are treated fairly and reimbursed if necessary is an important step to rebuild confidence in financial institutions," explains the CFA. The scandal
short since 2007 Having been reluctant to respond, banks have been forced by a decision of the High Court of Justice in 2011 that made jurisprudence. So they expected to spend a few billion pounds, the bill has continued to soar. The most affected is the bank Lloyds2 who provisioned alone 10 billion pounds (12.5 billion euros) to meet the compensation demanded by its customers. Fraudulent Practices
Recovery of amounts wrongly paid has become a business in itself. The City has hired hundreds of people to carry it out. British households are familiar with automated phone calls informing them that they can get money by pressing the 5 key if they have taken out credit in past years. More than 5 million letters were sent to potential victims of the scandal borrowers who have not yet filed an appeal. Their compensation could cost 15 billion extra pounds to banks over the next three years. The PPI
have long been the main source of profit for financial institutions. Forced sale is one of the many scandals in the reputation of the City in recent years. While they swindled individuals, Barclays, HSBC, Lloyds and RBS did the same with SMEs, to whom they have sold fraudulent sophisticated financial products, the "swaps" meant to cover changes in interest rates, contrary to the regulations. The big names in the London market were also involved in the business of handling Libor3 rates, exchange rates and suspected of similar practices in the markets for gold and metals.
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The first Russian state bank Sberbank1 done a lot of attention in recent months currently covered by the EU sanctions against Russia, including accused by the West of supporting pro-Russian separatists Ukraine2 in Sberbank on Thursday posted a net profit up 13% year on year, to around € 2 billion in the second quarter. The bank also saw fly provisions related to credit, which more than doubled in the second quarter, reaching 71.5 billion euros, according to Les Echos. The bank
unveiled a very unusual campaign, which has nothing of a joke. To congratulate its customers who have taken out a home loan, the bank decided to lend a cat for the day of their housewarming. According to AFP, customers can choose from ten kinds of cat, the Siamese the most hairless hairy bastard, they can choose the kotoservice.ru site. An animal
"lucky" in Russia
These cats, who are "specially trained" by Sberbank, will be provided free of charge to thirty lucky winners on the day they housewarming for a maximum of two hours in the Moscow region. Sberbank's customers will have to sign a document stating in return they do not mistreat the animal and they will not hold the bank responsible for any damage done by the feline.
According to Russian tradition, a cat stands for bright future to its owner if it is the first to pass the door of a new home. It is an extremely popular animal company in Russia and some even rub the upper echelons of power, as Dorofei, chat Prime Minister Dmitry Medvedev3, became a celebrity on the Internet. On
funny video posted on Youtube by Sberbank (which benefits the passage of a beautiful exhibition), we can see a cat that is pushed to enter first into the apartment of a young couple4, as is the Russian tradition.
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Hollande1 pledged to reform the license. Benjamin Gaignault and Alexandre Chartier, respectively 25 and 28, did. But not as a man who would become President had planned. They created Ornikar, a driving school online2, which honors the e-learning. And have attracted the ire of teachers unions driving. To date, they are still waiting for prefectural approval, requested already has 254 days as recalled their website, which should allow them to practice legally. The project
two young entrepreneurs to dematerialize driving schools and reduce prices by half did not fail to appeal to the New York Times, that their devoted an article. For the American newspaper, the resistance which confronts Ornikar is symptomatic of a too rigid French regulations in some sectors protégés3. Ornikar
spells the end of traditional driving schools
With a price (1400 euros on average), a durée4 (18 months on average), and a greater than its European neighbors failure rate (41%), French is not allowed to dream and area of the driving school is sinking. Each year, hundreds of French spend their licenses abroad to escape the excessive costs of the examination and receive a more flexible procedure. The e-learning course of conduct between 6 and 23h can be booked online, and especially the possibility of taking over France, are obvious to an ever steady demand solutions, says the New York Times.
So why do we put a spoke in the wheels of Ornikar? The American Journal wonders, the start-up has yet claimed him to succeed. He criticizes the industry regulator, benefiting driving schools to stifle competition and inflate Pricing5 the detriment of consumers. For journalists, unions simply push the end of the monopoly of traditional driving schools, announced the new model advocated by Ornikar quick payday loan.
Defender of free competition to be used to provide consumers with the lowest prices, the New York Times took the opportunity to recall that 36 other professions are réglementées6 and also meet the same type of problems.7. The article also points to the requirement for driving schools to have a TV and a DVD player to be able to pass the driving test driving … who does not yet require the use. And wonder Americans do not stop there. They do not understand either why the government, which does not have the means to offer an unlimited number of exams each year, do not charge students the opportunity to spend the license whenever they want. A
gesture towards entrepreneurship? FMI8
When the BCE9 and the European Commission have agreed to bail out Greece10, a condition was imposed: that all regulations to protect certain sectors are lifted. The New York Times, this is the ultimate proof that France, which retains all costs doomed. This would undermine its ability to innovate and lead the decline of its own competitiveness and leakage contractors. Strange for a country whose economy is faltering: instead it should reach out to these young minds, writes the New York Times. The only hope for
Alexander and Benjamin: the government, seeking by all means to regain popularity poitns, loose ballast to make a move screw Screw entrepreneurship, imagine the New York Times. Philippe Colombani, Chairman of the National Union of Independent Driving, meanwhile swept with a wave of Ornikar arguments and deny the merits of this new model. For him, Ornikar is a "liberal monster", led by individuals he calls "under-endowed rebels."
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"Lorsqu'enfant I came home from school with a bad grade, it was no way to blame the teacher or the subject is poorly written to justify that result," writes François Asselin1, Today the boss of a small carpentry in Poitou-Charentes, in a postcard addressed to the President of the Republic.
"In recent days, I read and hear, now the Minister of Economy, now the President of the Republic that the overall context is gloomy that Europe and Germany do not play the game and that companies should take responsibility for maintaining the correct hire and France, "he wrote in his letter, written on the eve of the ministerial reshuffle after the kick Arnaud Montebourg shine. "Clearly, my Minister of Economy, I, President of the Republic, my bad note is not my fault," he continues. 63000
failures in a year
The 63,000 entrepreneurs 2Who have closed the door on the past twelve months, did they do it on purpose? Remember that they will have no golden parachute, no unemployment insurance for the vast number of them. "Are they so willingly went into bankruptcy, just to annoy the government?," He quips.
And remember that in small and micro businesses, the proximity between employers and employees is much greater than is often imagined technocrats and men policies. "For all we live daily battle to fill our order books, make sure you try to live it all, thereby ensuring the sustainability of our common good that is our business," wrote Representative patterns SMEs3 So
"switch targets, assume your rating, show us something else. Time is short, and I assure you, we will stop doing it on purpose to file for bankruptcy, "recommends that contractor to the Head of State. "I'm sure if your rating improves you forget us and say that it is thanks to you. We we do not care, the most important is our joint venture, France. Cheer up! "
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no longer satisfied with his own whopper. American hamburger chain confirmed Monday its proposed acquisition of Canadian Tim Hortons sign cafeterias. If the name is almost unknown in France, Tim Hortons is the market leader with more than 3,500 restaurants in Canada, over 850 in the United States and fifty in the Middle East. The brand is named after its founder, a baseball player who has embarked on coffee 50 years ago. In exchange, the prey weighs almost as heavy as the purchaser (9.15 billion dollars of capitalization for Tim Hortons against $ 9.55 billion for Burger King Worldwide).
Tim Hortons has 4,500 outlets. Credit: P. Jones / Reuters Photo Credits: PETER JONES / REUTERS
After a merger being negotiated, the new entity would retain both brands and count 18,000 restaurants. However, there remains a far cry from two world leaders in fast food such as McDonald's (35,000 restaurants and $ 28 billion in revenue) and Subway (32,700 addresses and $ 16 billion revenue). Practical
condemned by Obama
Much more than afford to vary the menu, this merger would especially the advantage of paying less tax payday loans. The new entity would settle in Canada where the tax climate is more pleasant. A "tax reversal" strategy that has developed in recent times in the United States as to be strongly condemned by President Barack Obama. In June, this is how the American medical device manufacturer Medtronic, which announced the acquisition of its competitor Covidien for $ 42.9 billion, with the key to a relocation of the headquarters in Ireland and a nice income tax.
If the operation goes ahead, the investment fund 3G Capital, based in New York but originally from Brazil, the current majority shareholder of Burger King, retain control of the new entity. Both chains retain their own identity, but could "benefit from the sharing of their corporate services" say the two companies. Incidentally, this merger could help raise more international Tim Hortons to try to become a real competitor to Starbucks.
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It's no coincidence that the merger of RSA activity1 and premium for employment2 (PPE), repeatedly mentioned, was never launched. This project, which has decided to attack the government, is "extremely complicated" effect, recognizes a part of Bercy. It even turns the puzzle, in a context where the flexibilities are lower than ever, France having had to revise downwards its growth forecast after two quarters progression. And could lead to a reform coming into effect only in 2016 …
The main challenge is to quickly put in place a new system designed to encourage the resumption of activity. While François Hollande3 said the fusion of PEP and RSA activity as well as the redesign of the lower scale of tax income4 (IR) – who must replace the lower employee contributions censored 6 août5 by constitutionnel6 Council – would be incurred from the 2015 budget
But nothing indicates that the measure will actually be operational next year, while the premium relief – which aimed to increase by 2.5 billion purchasing power of the low paid – was to take effect on 1 January. Or in four months. The government – seeking to reassure the left wing of PS7, hostile to its proentreprise policy – has so far been careful not to discuss this possibility, yet very real. Valls8 manual should provide details on the calendar next week. Coexistence expensive
The explanation is simple: the PPE is paid one year after the year in which the income is seen, it will still be distributed in 2015 under 2014 This assistance should be removed from the 2015 budget, but would die that 2016 Start the new system by next year so suppose to do coexist for a year with the EPP, which would result in additional costs significant. And would add to the confusion. Aware that
shift one year this alternative measure would blur his message, the government pressed for time, working to find an answer fast cash loans. So it multiplies the simulations, which significantly depend on the amount that will ultimately be allocated to two reforms (merger and bottom of the scale), but also their specific terms. "Arbitrations are not made and all scenarios are on the table," says one at Bercy. For now, the housing reform is between "3 and 4 billion," according to a government source, in addition to the current cost of PEP and RSA activity (about 4 billion). Focus
means on the low scale
The equation is more complicated to solve than the fusion activity of RSA and PEP would create "to constant average "" losers, even among poor families, "says the report on household taxation, published in April by the PS deputy Dominique Lefebvre9 and finance inspector François Auvigne. And, especially if the device loses all future family character. It should therefore devote substantial resources to offset these negative effects, and politically disastrous in times of "ras-le-bol tax."
In the scenarios, the government could, while pushing the merger activity of RSA and PEP 2016, deciding that the rising power purchase of the low paid will be essentially the reform of the lower scale, who would enjoy only one of 3 to 4 billion. The tax cut passed in July this year, which will benefit 4.2 million tax households and amounted to 1.25 billion, must be "made permanent" and "amplified" next year through an overhaul of the imposition of the first tranches. The fusion of PEP and RSA activity would then, at constant cost for interest only to bring clarification to the current system.
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Geopolitical tensions and bad news on European growth have depressed markets this summer. But while Wall Street1 rebounded since August 8, which allowed American stock index erased or less the accumulated losses since early July, the stock markets of the euro area, they, struggling to recover. Paris and Frankfurt are still in the red. The Italian stock market dropped more than 7% since July 1.
International investors, who had placed continuously capital in Europe in the first half, backed off. They took out of the European places 7 billion since July 9. Moreover, among the world's leading managers, it is fashionable today to advise clients to steer clear of the values of the Old Continent "This year we expect so little growth in the euro area than any shock could be fatal. With a very high and with budget cuts forced unemployment States, it will take time for the economy to find a stride. This encourages investors to be cautious "says Frédéric Rollin advisor investment strategy at Pictet AM. Markets
rely on the ECB
Not to mention that after several years of rising European equities are no longer sold off and the good news coming soon on the side businesses payday loan. "Their sales do not increase. They save their profits by lowering costs to bolster their margins, but it is not sustainable long, "notes Patrick Moonen, strategist at ING IM.
The markets will therefore need a little help to regain hope. "The BCE2 intervene in one way or another," predicts Patrick Moonen. Meanwhile, it is the decline in the euro, which occupies the minds. "It will support corporate earnings in the third quarter," said Gilles Guibout, head of European equities at Axa Framlington. Analysts could then begin revising their earnings forecasts upward, who kept them for months to revise downward.
"But what really would help Europe is that the euro, with the tightening of rates in the United States, passes under 1 30 dollar, "said Frederic Rollin. Many managers are already counting "on accelerating global growth, led by the United States and emerging," says Gilles Guibout. European markets would benefit as well.
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Social Security numbers, complete identities, addresses … The pirates made their market data stored by Community Health Systems (CHS), the second medical empire of the United States. It manages more than a hundred hospitals around the country. Hacked from its database, the company lamented the theft of information-not médicales- 4.5 million patients.
Committed in April and June, the attacks were performed by a group of Chinese hackers, according to the company. "Unfortunately, we have been in contact with many American companies that have been victims of highly sophisticated criminal cyber-attacks from China," said a spokeswoman for CHS Bloomberg1. However, no group has yet claimed responsibility for the attack, although the latter is described as "sophisticated", experts have highlighted the lack of CHS precautions in protecting patient data, these n 'eg being unencrypted. No claim
A spokesman for the FBI, said that "significant" resources would be used to 'target, disrupt, dismantle and stop "the culprits. This attack is just the new episode of a long series of incidents committed against various American companies or institutions, the authorities attributed to Chinese hackers. Last year, the computer security company Mandiant -at which CHS has appealed to detect other faults in its system informatique- published the results of a survey of six years2 to identify those responsible for cyber attacks recurring. A group of Chinese hackers that Mandiant baptized APT for "advanced persistent threat" (in French "advanced persistent threat"), would have targeted companies in the fields of finance, aerospace and automotive.
Blamed by the American authorities, the Chinese government reiterated through its embassy in Washington that "Chinese laws prohibit cyber crimes any form "and he does" everything it can to combat this kind of activity. " "Wear unfounded accusations is not constructive and does not contribute to a solution to these problems," said a spokesman. No
claimed, this series of attacks yet obscure targets. He might as well be cyber espionage aimed at destabilizing the competition than hacktivism to provide a government levers in negotiations with the United States. But more than anywhere else on the Internet, looks can be deceiving. "It is technically easy to hide behind IP addresses from another country and leave typical of a certain nationality to guide the experts' findings characters," says Fabien Duchene, PhD in computer security. Hackers at work on the Web could therefore simply try to poison relations between China and the Americans. For now, without success.
Remember, there is one month, the chairman of Medef1 Pierre Gattaz let go, in an interview with Le Figaro 2: "The economic situation in France is catastrophic." This statement did not fail to irritate deeply François Hollande and the government had accused Peter Gattaz3 to throw oil on the fire unnecessarily. "If you pull the alarm, everyone treats us pessimistic or arsonist, and accuses us of playing against our camp. As if to say the truth even if it hurts, was 'hopeless', "he replies today in a blog note.
In four weeks, the country has not yet returned to the path of growth. But within ten days of summer schools which participate MEDEF Prime Minister Manuel Valls, the boss of bosses has not seen fit to once again lobby the government and to weaken against the slingers Socialist Party (PS). Pierre Gattaz feared, indeed, a new criticism of the policy of Manuel Valls sided with the left wing of the PS and cancels the progress it has obtained from the government. In this note blog4 titled "France can bounce back," Pierre Gattaz therefore decided to appease. One way to meet the Finance Minister Michel Sapin, who has encouraged companies to more investir5. "We give them money to invest, hire, innovate. They must take this chance, "Has he told Liberation. Social and economic return of government promises more than hectic.
"France must stop complaining, to wait, to move, to learn, react"
The president of MEDEF, Pierre Gattaz
Pierre Gattaz greet again, the responsibility pact announced by François Hollande6 in January. "The agreement is the right solution. On this point, the government does the right thing and going in the right direction. For once, let's face! ". Like last month, he reminded, however, that the pact will not be enough. We must go beyond. Must be weighed on levers that can boost growth and not budget (we all know them: the thresholds, work on Sundays and evenings, sector locks, etc.). " While
France only revive his growth7 Pierre Gattaz says that "France is a great country with entrepreneurs, teams, employees, skills … but it should [...] stop complaining, waiting, move, learn, react.
The French government announced on Sunday a modest revaluation of scholarship students when Unef published a survey showing that the cost of a year of study in higher education has cost 2% more than the year écoulée1 National .L'Union students from France in this survey underlines that increased rents and increased mandatory costs such as registration fees and social security contributions have increased the cost of student life four times inflation. The union also denounced in a statement released Sunday gel scholarships for 640,000 students involved.The UNEF therefore requires upgrading in September scholarships to match the rising cost of living, or 2%, and the release of 200 million euros, including increase of 50 euros per month, 550 euros The maximum amount of the grant to achieve the amount of a RSA.Le Minister of Education, Benoît Hamon, and Secretary of State for Higher Education and Research, Genevieve Fioraso have Sunday responded by promising the revaluation of all grants based on social criteria to 0 payday loans guaranteed no fax.7% in September 2014, which is above inflation over the year (0.5%). "This is a strong decision in favor of the purchasing power of students," they say in a communiqué.Ils confirm the continuation in 2014-2015, the reform of student grants committed in 2013 that will result in particular from September the creation of 77,500 new annual scholarships 1.000 for students from lower middle classes receiving no help so far. "In total, over three years, it is 458 million of additional investments by the government to student grants based on social criteria," explain and Geneviève Hamon ils.Benoît Fioraso recall that 40,000 additional student housing will be built during the quinquennium and insist that the revaluation of the registration fees will be the lowest for 10 ans.Hors payment of dues of student social security registration license in September 2014 and will amount to 184 euros, an increase one euro compared to 2013, the masters of EUR 256 (+ 2 euros), and the PhD to 391 euros (+ 3 euros).