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Advertising: TF1 hard to start in 2011

Morale is at half mast at TF1, which held its general meeting Thursday. The poor performance of hearing the first quarter will, according to financial analysts, the impact on advertising revenue. The consensus of analysts, they would be down 2% versus the first quarter of 2010, which had posted 355 million euros. It must be said that the first private channel has been unlucky in the first months of the year with JT sluggish and entertainment in free fall.

"In 2010, free channels have pulled their growth in a proactive policy volume. The screens are well filled in 2011, the price effect which is structuring. Yet the latter is related to hearings. And, in this case, they have not always been the rendezvous for TF1, "said Sergeant John the Baptist, the brokerage firm Gilbert Dupont.This was particularly the case in prime-time portion of which sank with the accident "Square VIIIP. The lower rates would have been understood for advertisers between 14 and 24% and it was not until the introduction of the game "Money Drop", Endemol, in a few weeks to recover.

The situation is quite different with regard M6 whose advertising revenues are up 7% to 162 million euros in the quarter. Good hearing chain Nicolas de Tavernost including the JT and "Scenes from" support price of advertising. "TF1 had some crashes while hearing M6 surfs its success," said Julien Roch, a financial analyst at Barclays. This virtuous growth is now linked to the rising cost of grid announced last September and is expected to be on the year, between 5 and 10%.A boost that seduces even more advertisers and audiences are waiting for you.

Disappointment in the markets

However, the side of diversification, the group experienced a fall impressive range of analysts estimated between 16 and 20% due to the collapse of sales of Bordeaux and a weaker performance on the market broadcasting rights for lack of a twilight or indoor video.

On Thursday, during TF1 fell 4.19%, to 12.35 euros, while that of M6 lost 2.22%, to 17.85 euros. However, analysts remain calm. At European level, falling valuations of media companies is around 20%.

Customers, equal access to Internet

Customers should they pay more for their Internet access if they over-consumption of online video? Providers of Internet access they can slow the rate of subscriber connections that download on the Internet? No and no, slice the report of the mission on the neutrality of the Internet and networks, introduced Wednesday by deputies Laure La Raudière (UMP) and Corinne Erhel (CBC) Economic Affairs Committee of the National Assembly.

Anxious to "protect the Internet" in its current form, they detail the nine principles that should ensure an open Internet or "neutral" for Internet users. Proposals trenches that contrast with the approach of a "traffic control" as proposed by the Minister of the Digital Economy, Eric Besson.

The cornerstone of this report is the inclusion in the law, the principle of net neutrality.Its definition could be slipped in the Postal and Electronic Communications: "Capacity for Internet users to send and receive the content of their choice, or use the services to run applications of their choice, connecting the equipment of their choice (…) with a transparent quality of service, adequate and nondiscriminatory. "

The report also estimates that only obligations of a judicial or security must justify blocking access to the Internet. Therefore, access to file sharing sites should not be blocked upstream. "The network would not be neutral if the peer-to-peer was degraded," say the MPs, because peer-to-peer is used both to pirate music or movies that innovation as Internet telephony Skype.This does not apply the law to hackers.

Participate in financing

It does not include the principle of network neutrality into law, it is still necessary authority to enforce it. This authority could be the policeman telecom Arcep or judge. The authority will be particularly responsible for preventing telecom operators to restrict access to Internet content. The report wants to "reserve the term Internet access to only deals with the principle of neutrality."Thus, a mobile operator could no longer sell "unlimited Internet packages" when consumption is limited for example 500 megabytes per month or if it refuses to install applications like Skype Internet telephony.

If equal access to the Internet and is ringfenced from the Internet side, it remains to ensure services for publishers – video platforms, social networks, connected TV applications. For the service providers, the report proposes to "further reflection" on their participation in the financing of the Internet and network investment. He claims such a precise study of the costs of increased traffic on the Internet.Where appropriate, the report recommends that a mechanism by which sites get the traffic (such as YouTube, Google, Facebook, Skype …) are involved in financing networks by paying a kind of right of way. "It would stabilize the cost sharing of the network … and could encourage smaller players content," the report said. But it's a story at the European level.

European banks are seeking 100 billion

And three. Europe prepares to submit its banks for a third round of stress tests. The objective is always the same: to reassure markets on the strength of the European banking system. And thus enable it to finance itself without the help of the European Central Bank.

On Friday, the European banking authority has announced details of the exercise, whose results will be announced in June, as promised, the device has been hardened by the previous album. This time for the 91 European banks subject to the "check-up cross bar higher than 5% of capital" hard ", even in stormy weather on real estate, sharp rise in rates or further increase in funding costs. Last July, investors have found the stress tests implausible.Moreover, four months after seeing their health bulletin buffered by the ECB, two Irish banks had called for help.

Last year, the stress tests had highlighted a need for equity of only 3.5 billion euros. Since then, Deutsche Bank, BBVA and other Standard Chartered has increased its capital by 10.5 billion, partly to fund acquisitions, partly to prepare for the increased requirements of Basel 3. But it is still far off. By adding the "hole" of 24 billion euros of Irish banks, the 50 billion that could cost the "cajas" in Spain, the 20 billion estimated on Italian banks, and even the 11 billion announced last week by Commerzbank the 100 billion euros of capital requirements is taken blithely.

Contain contagion

The announcements follow one another.Furthermore Commerzbank, Intesa Italian unveiled last week its intention to raise $ 5 billion one hour payday loan. These projects were well received. The markets want to believe that four years after the explosion of the subprime credit bubble in the U.S., the continent is poised to contain the contagion. Governments, in fact, began to worry about the soundness of their banking system. Permeability between banks and the U.S. has never been more evident. Last winter, the woes of the Anglo Irish Bank and other Bank of Ireland Ireland compelled to seek help from Europe and the IMF.Conversely, it is under pressure from his own bank, choked by the degradation of the Portuguese sovereign risk, that Lisbon was forced last week to accept the lifeline.

Typically, Portugal's decision could put pressure on Spain, next on the list of countries deemed sensitive. It did not happen at this point. Madrid took the lead in addressing, since January, the restructuring of its savings undermined by the housing crisis.As for Italy, the governor of the central bank has conveyed the message that he wanted much better capitalized institutions.

Then, build equity far? The gap between, on one hand, the high solvency ratios – above 10% – set by the Swiss regulator, which the UK could follow suit and the other, the Germans and French, that warn against the risk of escalation. The debate is far from complete.

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A Lotto winner buys the box and save jobs

Between fiction and reality, sometimes there is only one step. With 10 million euros in his pocket, the winner of the Norman lotto jackpot last September showed that by making as in the French pub games: he bought the box and kept his old boss.

This winner, who wishes to remain anonymous, did however not to taunt his former employer, but to "avoid as 13 or 14 guys do become unemployed," says he to Parisience Monday. Indeed, the transport company where he worked as a truck driver was in receivership when it wrapping up the loot. Seeing his SMEs about to close its doors, he did not hesitate to spend hundreds of thousands of dollars of his new fortune. "I was the only potential buyer, says he. In addition, transportation is all my life.We do not stop like that overnight. "

"If I see that I lose too much money, I Quit"

Today 100% shareholder, the anonymous millionaire became CEO. His former boss, left the company, keeps him, some responsibilities. This old son of a laborer, truck driver for nearly 30 years, says not to play with his tyrannical boss and former colleges do not hesitate to take the wheel in the absence of one of its employees. The head change in direction would also not change their relationship. His former colleagues on "respect" because "they know I like them as a driver. Tour, I made them. " The fifties, however, warns he will not play in the super-savior forever: "If I see that I lose too much money, I stop."

The nouveau riche, which ensures not yet have taken a vacation, prefers to grow his millions in "the stone and secure investments." Meanwhile, her story will remain etched in the annals of French games that ensures they never saw a former employee, winner of a jackpot, buy his old company. Let alone keep his boss.

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The Paris Bourse celebrates 10 years of trackers

January 2001. All eyes on the United States, where already more than 100 such funds were traded, Lyxor, a subsidiary of Societe Generale, launched the first ETF in France. A fund that offers the same performance as the CAC 40, which is listed, and bought and sold on the stock exchange so as an action in minutes. A revolution for investors accustomed to having to wait at least a day to invest or withdraw from a conventional mutual funds. And quickly realized that the other advantage of this product: its price. The costs of managing an investment fund shares often exceed 1.5% per year. Those of a tracker on the CAC 40 are 0.25%.

Ten years later, this ETF (Exchange Traded Fund, the name International ETFs) is one of the 40 stocks most traded on the Paris Stock Exchange (the 36th in 2010). This is one of the largest equity fund French (over three billion euros in assets). And it has many competitors.Over 480 ETFs are now traded on the Paris, more than 1,000 in Europe. Investors have at their disposal to build on the ETF shares Russian, Chinese, Brazilian, but also on government bonds, corporate bonds … All indications are almost covered by one or more ETFs.

The most important (more than 6 billion euros), also managed by Lyxor, replicates the performance of the Euro Stoxx 50. In total, the outstanding European ETFs grazes 200 billion euros. Twice more than in 2008. The financial crisis has strengthened investor interest in these liquid products, so convenient when you have to invest very fast payday loans… or cut an urgent position.

A coveted market

Management companies are scrambling for a toehold so this growing market dominated by three heavyweights: BlackRock (branded iShare), Lyxor and Deutsche Bank.Credit Suisse, for example, has launched its first 45 ETFs on the Paris Bourse.

In Europe, the stock of these products is still low compared to those pension funds and mutual funds (2%). But across the Atlantic, it represents 10% of assets under management in funds. "If Europe reached the same level, ETFs could reach 525 billion there," said Nizam Hamid, head of Lyxor ETF in Europe.

And investors continue to subscribe. "Worldwide, the conventional mutual funds suffered net withdrawals of nearly $ 140 billion over the first ten months of 2010. ETFs, they have raised over $ 140 billion, "says Deborah Fuhr, global director of ETF research at BlackRock.

In the U.S., ETFs owe much of their success to investors."Over 50% of assets from individual investors," says Dan Draper, head of the ETF business at Credit Suisse. In Europe, however, are the institutional who made them successful. Individuals represent only 10% to 20% market share. But proponents of ETFs still cherish the hope of seducing them.

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The CAC 40 in early 2011 with a bang

Turn the page that was white this year 2010, as will be the focus of investors in the new year. The CAC 40 has lost more than 3% last year. Even if, as most experts point out, the first half is expected to remain difficult. In Europe, the priority is to continue to reassure investors on public debts, including Spanish, which should be the main attraction of financial markets.

In the wake of the Asian stock markets, the CAC 40 climbed 1.99% to 3880.60 points in mid-session. On the stock market in Frankfurt, the Dax gained 1.50% to 7017.98 points. The London Stock Exchange, meanwhile, closed due to holiday.Tokyo and Shanghai were also closed.

PMI Program

The manufacturing growth slowed slightly in December after reaching its fastest pace in 10 years in November, according to final results of the survey with Markit purchasing managers released Monday.The PMI manufacturing index rises to 57.2 in December against 57.9 in November, but was raised significantly compared to the first estimate for December (56.3).

Registrations of new cars has remained at a high level in France in 2010 to 2.25 million units thanks to the scrapping, which took full effect until his disappearance in late December, according to Figures released Monday by the CCFA.

United States, two indicators are on the agenda: construction spending in November, the ISM index of manufacturing activity in December to 16 hours.

In China, the PMI of non-manufacturing sector stood at 56.5 in December, winning more than three percentage points from 53.2 in November, which had represented a low of nine months, according data released Monday by the China Federation of Logistics and Purchasing.

On the foreign exchange market, the euro was down against the dollar on Monday due to uncertainties still the public finances of most vulnerable countries in the euro zone as Portugal and Spain. Around 11:00 am in Paris, the euro was trading 1.3303 dollars against 1.3381 dollars on Friday night.

Auto restart values

Values motor show the largest increases in the CAC 40, shortly after opening. Renault climbed 1.85% to 44.30 euros and Peugeot rose 3.03% to 29.27 euros.

GDF Suez: + 2.35% to 27.48 euros

GDF Suez would reflect, according to Bloomberg, to open the capital of its exploration and production industry. The group intends to finance investments and acquisitions to double its gas and oil.The IPO option would be rejected.

Lagardère: + 7.38% to 33.10 euros

Lagardere said Friday evening is in exclusive talks until January 30, 2011 with the American Hearst on the sale of its flagship news magazine world payday loans with no fax.

JC Decaux: + 4.21% to 23.99 euros

The title is submitted after the remarks, Business on BFM, its joint managing director, Jean-Charles Decaux, which said in part anticipate doubling the number of passengers in air transport by 2030 to 11 billion people."There is nothing new but it's enough to entice investors on vacation last week to catch up on the title," said an analyst.

TF1: +3.5% to 13.44 euros

TF1 is doped by a news television station confirming its position as the leading chain in France.

ArcelorMittal: + 2.04% to 28.96 euros

ArcelorMittal raised its offer on Friday the Canadian mining group Baffinland Iron Mines, matching the offer per share just relieved of Nunavut Iron Ore Acquisition. Baffinland has recommended that shareholders of ArcelorMittal accpet the offer and reject that of Nunavut.

Wendel: + 0.06% to 68.95 euros

According to the Journal du Dimanche, the IRS alleges that a financial Wendel established in 2007 granted 14 of its leaders.They were imposed in May 2007 a total of 324 million euros in shares, to interest them in their business results.

Euler Hermes: -2.38% to 69.85 euros

Euler Hermes does not increase its rates in 2011 and has been a downward pressure on certain contract renewals, as the chief executive of insurance group credit, Wilfried Verstraete, in an interview with The Tribune.

Saint-Gobain: + 3.17% to 39.72 euros

The American group Coorstek announced the finalization of the acquisition of advanced ceramics division of Saint-Gobain.The transaction, amounting to $ 245 million, was announced by Saint-Gobain end of June.

Technicolor: -1.27% to 3.51 euros

Technicolor announced Monday it had completed the sale of the professional broadcast its Grass Valley division, which supplies equipment for television and film, to Francisco Partners.

Gemalto: + 0.31% to € 31.95

Gemalto and Verifone Systems have strengthened their strategic partnership including the acquisition by VeriFone activity of payment terminals (POS) and the designation of Gemalto Gemalto as a preferred supplier of wireless modules Machine-to-Machine (M2M ) and related solutions for payment systems, VeriFone.

Axa: + 2.45% to 12.75 euros

According to the website of German newspaper Die Welt, thirteen industry groups, including Axa, have urged the European Commission to impose sanctions against Hungary, accused of anti-competitive measures.

On the currency markets, the euro started the year down 0.64% against the dollar at $ 1.33, after three consecutive sessions increase.

That 2011 will change to our finances

Here is the list of spending items that will vary in early 2011.

Social benefits

SMIC: The government has warned that there would be no boost given to the minimum wage this year. The minimum wage will be adjusted according to the mechanisms provided by the Labour Code and will rise from 8.86 euros gross per hour at 9 euros. The 2.3 million people paid the minimum wage will now receive 1,365 euros for 35 hours, or about 1073 euros net per month.

RSA: The income beneficiaries of active solidarity, which have touched in December a Christmas bonus, will see their monthly income revalued by 1.5% (inflation in 2011). Their income will double to 466.99 euros for a single person, an increase of 6.90 euros to 700.49 euros and for a single person with a child or a couple without children.

Child benefit: They will also be adjusted from 1.5% to 125.78 euros per month for two children, an increase of 1.86 euro and 286.94 euros for three children (4, 24 euros).

Health

Doctors: Consultation with GPs from 22 euros to 23 euros.

Medications: Some drugs will be less well paid by Social Security. Those who were at 35% will no longer be only 30%.

Present.In tax incentives

Scrapping and environmental bonus: The scrapping of 500 euros – whose number is estimated at 600,000 in 2010 – will disappear. The payment of bonuses is also environmentally hardened. For cars ordered in 2011 emitting between 116 and 125 g / km CO2, the environmental bonus of 100 euros will be deleted. For vehicles that emit 96 to 115 g, from 500 euros to 400 euros.For vehicles 61 to 95 grams, it falls from 1,000 euros to 800 euros. The bonus of 2000 euros LPG is removed, it is hard for hybrids.

Employment at home: After long debates in the National Assembly and Senate, the measure abolishing the 15% deduction on employer contributions offered to individuals who employ an employee at home has finally been voted under pressure from the government.

Taxes: The highest band of income tax is raised from 40% to 41%. This measure aims to fund the pension reform for taxpayers who claim more than 69,783 euros per year guaranteed approval cash advance loans.

• Pending the great tax reform planned for the second half of 2011 and could sign by the end of the solidarity tax on wealth, the ISF reduction granted for the direct or indirect investment in a particular small business will be reduced from 75% to 50% in the limit of 45,000 euros.

• Despite the amendment advocated by the UMP deputy Herve Mariton, honeymooners, as well as civil partnerships or divorce of the year does not fill more than three tax returns. They may no longer qualify for the tax cut that allowed this practice sometimes.

• The tax loopholes supporting investments in real estate also suffering with a plane of 10%.The tax credit on equipment in support of sustainable development, tax reduction for certain overseas investments or investment Scellier (rental in nine) are particularly concerned.

• The entire device support accession is also consolidated. The tax credit on mortgage interest is deleted and a zero-interest loan universal set for first-time buyers. It will be granted unconditionally resources.

• As for the tax credit for photovoltaics, it is reduced by half.

Consumption and transport

SNCF: Train tickets should have an increase of 2 to 3% with effect from 15 January. The government had also expressed support for such an increase in early December.This rate increase should allow maintenance of the railway network.

Insurance: The tariff increases will be particularly important in the insurance sector. The price will incur an increase of 2.5% to 4.5% for cars, from 3% to nearly 8% for housing and 5.3% to 8.5% for health.

Energy: Increase by 3% due to the contribution to public service electricity (CSPE), which finances the purchase of renewable energy. The social tariff for electricity, provided to the poorest households (625,000 households), should vary between 40 and 60% against 30 to 50%. Gas rates should remain stable until April.

(With AFP)

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Debts degraded markets stoic

A decision was taken Friday morning by the rating agency Moody's is violent: it has degraded the Irish debt rating five notches. That had not seen since the case of South Korea during the Asian crisis in late 1997. The Moody's decision on Ireland has not yet caused a tsunami in the markets. Strange, given that last spring the agencies were accused of feeding the panic of investors towards the countries of Europe as sick Greece.

This Friday, the thermometer of risk perceived by the markets, that is to say interest rates have just shuddered. Those 10 years on the Irish debt took only 30 points, that is to say 0.3 percentage points, in the morning. The rate at five years increased by 10 points.

Low impact

Earlier this week, warnings by Moody's on Debt Greek and Spanish, as well as Standard & Poor's in Belgium, have not had any noticeable impact. In the latter case, the spread between Belgian and German, the reference has certainly carved out a first step, before narrowing.

The investors have already declared the truce confectioners? Not at all: several factors explain the lull despite the bad news. In the case of Ireland, "the market is less severe now that Dublin is under the protection of international assistance plan," wrote in a note the Sokos Ioannis Strategist, BNP Paribas CIB overnight pay day loans. "In addition, degradation of several notches was already built into the rates for some time." The same reason applies to cases from Greece, Spain and Belgium.

The ECB intervention

The European Central Bank (ECB) has probably also markets to limit the rise in interest rates on debts of countries attacked, according to one observer. Last week, the guardian of the euro has increased its purchases amounting to 2.667 billion euros. This week it announced a capital increase to address the risk associated with holding these securities.

Investors will they stay long stoic? After Ireland, Spain is now the countries of the euro area has the best chance of seeing its debt worsened, according to analysts at BNP Paribas. "Being in a negative outlook from Moody's and Standard & Poor's, we believe that the Spanish note should be adjusted downward during the first months of 2011, or even earlier," writes Ioannis Sokos.It is not clear that these decisions again surprised investors who pay to Spain already high interest rates.

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Implementation of wage restraint in 2011

A third year of pay diet. The envelopes spent wage increases for 2011 should not exceed this year, 2.5% of payroll, said the investigation Cegos Les Echos on earnings released this Tuesday. This is less than in 2009, when companies were able to increase despite the crisis, their executives from 2.8%, and very far from 3.3% to 3.5% annual increases that prevailed these thirty years. "For a remuneration policy to be alive, the envelopes must be at least 3% of payroll, Fourmy said Michel, manager of human resources division Cegos in Les Echos free credit score. However, all businesses are in a sense of crisis. It is as if the system was frozen. "87% of HRD respondents planning to become more selective in awarding individual increases, while only 38% of firms expected general practice increases, against 48% in 2009 and 2010.

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Bernanke defended its policy in Europe

The United States spared no effort to defend their monetary policy. The chairman of the Federal Reserve (Fed), Ben Bernanke, on Friday a conference held in Frankfurt alongside the President of the European Central Bank, Jean-Claude Trichet, the director of the International Monetary Fund, Dominique Strauss Kahn, president and Brazilian Central Bank Henrique Meirelles.

The Fed chief will explain in particular the $ 600 billion of liquidity into the banking system decided in October "aims to support economic recovery, promote faster growth of employment, and reduce the risk of deflation. " "The commitment of the [Fed] to ensure price stability remains unwavering," he adds, as the text of his speech released Thursday in Washington.

Ben Bernanke wants to demonstrate, moreover, that this move widely criticized internationally, is to support the global economy. He will call and its counterparts around the world "to work together to achieve common benefits, including a solid recovery, sustainable and balanced economy."

Attacks overseas and the U.S.

The Fed policy has been accused of stopping outside the dollar to promote U creditreport.S. exports, and the United States to sow the seeds of inflation control. United States, the decision of the central bank is also debate: Republicans and economists accuse him of sowing the seeds of a return of inflation and a weakening dollar and believe it diverts the mission support the economy that normally accrues to fiscal policy, so political power.

Obama also goes to the plate

For his part, Barack Obama will attend the summit Europe and United States. The U.S. President will attempt to dispel the discomfort associated with the falling dollar and the Fed's monetary strategy. The White House has also made it clear that the issue of European debt crisis will be addressed while reaffirming its confidence in the ability of Europe "to solve the Irish crisis."

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