The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.
200 billion euros in recapitalization
Asked about the idea of requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.
Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "
On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.
The maneuvers began in the closed world of corporate marketing of sports rights. The European investment fund Bridgepoint acquired Infront, the world number two industry for about 600 million euros. Infront company formed ten years ago by Robert Louis-Dreyfus and Klaus Jacobs on the ruins of the Kirch empire, was put on sale by the heirs of the two captains of industry.
The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.
"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris no checking account payday advance.
For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.
Disintermediation
The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.
However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.
The progressive development of human-related internet sports is another area of growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.
Back from holiday, the State Council will settle a sensitive issue: that of 4G mobile radio frequencies, auctioned by the government. The decree, signed June 1 by Eric Besson, Minister of Industry, is already the subject of three appeals to the supreme court, each time for different reasons.
According to our information, took the Free State Council on the grounds of discrimination arising from immediate payment of licenses. Clearly, the group founded by Xavier Niel challenges the accepted methods of payment, which would contribute to groups with deep pockets compared to smaller players. A hearing is scheduled for Free August 30. Contacted, the operator declined to comment.
The union CFE-CGC Orange contests, too, this decree, as Le Figaro had revealed early June.He has since joined the union in its approach national telecom SNT-CGC, representing employees of private operators SFR, Bouygues Telecom and Free, but the federation of metallurgy CFE-CGC, representing employees of suppliers such as Alcatel or Sagem. Their common folder was filed Aug. 16 in the litigation section.
Interference of DTT
The angle of attack is different unions accuse the bidding, among others, of not taking sufficient account of the criterion of employment and require a location clause jobs in France. The appeal challenges the "non-compliance with employment goals assigned by law to the Minister and Arcep and discriminatory treatment under the DOM in violation of constitutional principles of equality of citizens and uniqueness of territory, "said their lawyer Anne-Solène Gay YGMA cabinet flexcheck cash advance.The third appeal was, himself, was filed in early July by Bouygues Telecom, this time on the grounds that the 4G does cause harmful interference and blur the TNT television in 20% of households. "This interference will have a major impact: TVs will not work, it will be black screen. TV makers should take into account now. That the State to determine precisely the measures to be taken ", had explained to Le Figaro Roussat Olivier, CEO of Bouygues Telecom. The bill to address the problem arising between 500 million and 1.7 billion euros, according to Bouygues Telecom. Asked yesterday, the group, which seized the State Council on June 24, had not received any feedback yet.
This file is a sensitive issue for the government, which has removed the minimum frequency of 2.5 billion euros for the state budget.For Eric Besson, the tender is "balanced", encourages competition and land use, while promoting the best heritage of the state.
New stage of the digital revolution, these frequencies are strategic for 4G operators. 4G should help relieve the current mobile networks and provide new services by multiplying by 50 the flow of the mobile Internet. Deadlines are tight now, because the operators must first submit their application before September 15.
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The day after a second night of riots in the suburbs of London, the British press is concerned about the impact of new technologies in organizing rallies. If the use of Twitter and Facebook was highlighted during Arab riots in recent months, a new player is on Monday stormed the British media: the BlackBerry Messenger (BBM), who played a key role in events.
BBM is a service available only on BlackBerry brand phones, allowing users to exchange messages for free via the Internet, and not through the telephone network. Messages can be exchanged only if both corresponding to communicate their personal code (PIN) before.The interception of messages by a third party, or by the police is complicated.
The principle of BBM is similar to that of SMS, to the last detail BBM messages that cost nothing. One argument that has made the BlackBerry smartphone's favorite British adolescents (37%), according to a study cited by the Guardian. For The Urban Blog Mashup, taken by the Telegraph, BBM is very popular among young 'for three reasons: it's fast, it's free, and unlike Facebook or Twitter, the messages exchanged are completely private. " .
"The gangs have been using BlackBerry for organizing the riots"
"The device, previously reserved for businessmen and politicians, are now the preserve of thugs and young (…) through this application," says the Telegraph.The conservative daily notes and Mark Duggan, the young man whose death was the cause of the night of riots in Tottenham, had sent a message via BBM to his girlfriend shortly before being shot by police. "The message said: 'The cops follow me,'" wrote the daily.
"The gangs have been using BlackBerry for organizing the riots," says the Telegraph. A Guardian journalist is in the same direction, explaining that "many sources (him) confirmed that BBM, inciting to raid the town of Enfield, was heavily circulated on the BlackBerry network Sunday early afternoon noon ". The journalist claims to have read other messages about plundering six other districts in north London on Monday night. "There is no doubt that BBM is used to organize the violence."
The BBC website, he does not deny the use of BBM in the events of the weekend, minimizing its impact."While smartphones have helped those who participated in the riots, they were certainly not convinced those who were not interested to join rallies," writes the site based on the analysis of Dr. Chris Greer, Professor of Sociology and Criminology at City University in London. For its part, RIM, the manufacturer of BlackBerry phones, said Monday in the evening he would "cooperate fully with the Interior Ministry and the British police force."
British police monitors Twitter users
Scotland Yard warned on Monday that it would arrest any person to become involved in urban riots on Twitter. "Provocative and inappropriate messages were posted on Twitter" during the weekend, said the British police.The Times cites several messages such as "Everyone at Tottenham n **** the police, I hope that there will be a dead tonight" (the message has since been deleted).
For its part, the Telegraph has collected pictures of rioters and that of a young man posing in front of several games he had stolen during the violence. "Do you know? Send us an email if you have any information, "wrote the site, without specifying for what purpose he seeks to know the identity of these people.
A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.
This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.
Confirmation of the Plan 2015
The insurer stands in relation to banks about the impact of the Greek crisis on its accounts no faxing payday loans. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state.
In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.
If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.
After months of tensions, the thaw begins between Areva and EDF. Luc Oursel, the president of the giant nuclear, will perform this afternoon its first official release by hosting one of its plants in Chalon-sur-Saone, the chairman of EDF Proglio. The symbol is more powerful than the two heavyweights of the team of France's nuclear plans to sign three agreements "technical and commercial." The information, which was unveiled by the Tribune was confirmed by the Minister of Industry, Eric Besson, who will also visit the website of Saône-et-Loire.
These agreements clarify the relationships that must maintain the two groups. They should focus on "the pursuit of optimizing the EPR, increased maintenance of the park" or "strengthening industrial cooperation on the storage of radioactive waste."
These agreements will be "historic in some ways," said Eric Besson on France Inter and will "ensure consistency throughout the French nuclear industry."
"A willingness to cooperate more»
A fourth agreement should include the development of medium-power reactor Atmea which EDF would not participate. The date of its signature was not specified by Eric Besson, but it should occur in September. Which will complete the strategic partnership, called by President Nicolas Sarkozy in July 2010.
According to the Tribune, other issues will be discussed later, as the organization of supply for export or supply in the long-term uranium for EDF. In the latter case, a stake of the electrician in the future subsidiary of Areva mines will be considered. The hypothesis is "neither foreseen nor ruled out," according to Eric Besson."There is a current subsidiary of the Areva mining activity that had been recorded and we will see who will enter the capital," he said.
The latter, however, said on France Inter does not "feel" at Henri Proglio will "particular" to enter the capital of Areva. "I feel from Proglio a willingness to cooperate more with Areva, what we today RECORDED agreements very important, but I do not feel particular pressure at home to enter the capital of Areva" said he.
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A small cultural revolution awaits German companies. In defiance of German prejudices about the South on suspicion of engaging in one guilty of "dolce vita" in numbing the Mediterranean sun, a leader of the German DGB trade union confederation considers that every German should have the right to take a nap on the workplace. "A siesta reduces the risk of heart attack and can replenish your energy," pleads Annelie Buntenbach, a member of the DGB executive committee and board of directors of the Employment Agency.
In a country facing the shock of the falling birth rate, the idea does not seem totally crazy to arrange an aging workforce. Especially a nap of half an hour would also increase efficiency at work payday advance lenders… and thus competitiveness."The midday rest time can compensate for poor performance and when the risk of accident is higher. Nap improves the efficiency, responsiveness and mood, "said Jürgen Zulley, professor of biology at the University of psychological Regensburg.
The debate arises when Angela Merkel said that Southern Europeans are less frequent at work than the Germans. A theory refuted by the OECD statistics, in which the average annual working hours of German (1390 hours) is less than that of a Greek (2119 hours).
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Europe is exploring all options to rescue Greece. Thus, the governments of the euro-area floor to the creation of a new tax credit to save the finances of Greece, according to the German daily Die Welt. This tax would apply to all institutions, even those who are "not directly involved in Greece," wrote the German newspaper, citing senior diplomatic sources, involved in the case.
And private sector rescue of Greece would not stop there. Banks will also be put to use to buy Greek bonds, Die Welt wrote, without giving details on the form that such involvement.
Inspiration German
The inspiration may have been drawn in Germany. The country will charge, this fall, a tax on the profits made by banks.The result of this tax into a fund that will support aid to financial institutions of the country considered strategic if next crisis. This tax should bring in less than a billion euros a year to the fund and should eventually have a volume of 70 billion euros. In detail, the large diversified institutions, like the first German bank Deutsche Bank, will pay more than small savings. The levy will be capped at 20% of net profit.
The question is whether this idea will be adopted at the Special Summit of the euro zone expected Thursday in Brussels. The bloc meet urgently to complete a new plan to help Athens. The International Monetary Fund will not participate in new rescue package for Greece, says Die Welt.According to the German newspaper, "many people have the IMF in ras-le-bol" and seriously doubted that Greece can carry out and the time-saving measures planned.
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Here are the planned changes on 1 July 2011.
• Retirement
The law on pension reform, enacted November 10, 2010 after a long parliamentary battle will come into effect on Friday. The legal age will gradually increase from 60 to 62, with four more months per year. The first people affected are those born after 1 July 1951.The age of the full rate – that is to say that from which an employee receives a full pension even though he has not contributed enough quarter (165 quarters forward) – is raised gradually from 65 to 67 between 2016 to 2023.
By persons possessing a degree of permanent disability of at least 20% and, after notice of a multidisciplinary committee, those possessing a degree of permanent disability between 10 and 20% are still able to go to 60 years.
• SMIC
The minimum wage was last adjusted on 1 January will not be automatically upgraded in July. The rise in prices which reached 2% since last revaluation of the minimum wage – could lead to an increase in August the minimum wage indexed to inflation.Prime Minister François Fillon has also been clarified that no additional boost would be granted.
• Unemployment benefits
Unemployment benefits will be revalued by 1.5% from 1 July, decided Thursday Unédic or at a rate lower price developments and the minimum wage increase of 1.6% occurred at the beginning of years. "The debate was very long to the Board of UNEDIC" consisting of representatives of employers and employee organizations, which manage all unemployment insurance, said the president of UNEDIC, Gaby Bonnand at a press conference.
• Transport
– SNCF: the prices of train tickets will increase by an average of 2.5%. This increase will, as every year, uneven tickets. It will range from 10 cents to 2.70 euros by destination.The price discount cards remains unchanged.
– RATP Navigo Pass packages will increase by 2.7%, except for Zone 5. Zone 6 is removed and merged with the 5, which will mechanically decrease by 11% the price paid by its users, reduced from 123 cash advance no fax.60 to 109.90 euros for a monthly fee. In detail: the monthly zone 1 and 2 increased from 60.40 euros to 62 euros (+2.6%). That of zones 1 to 3 passes to 80.30 euros (+2.7%), and that of zones 1 to 4 to 98.10 euros (+2.7%). The single ticket remains unchanged at 1.70 euro.
The bus fare increases to 1.90 euro (+5.5%), while the book of 10 tickets will increase to 12.5 euros (+4.2%).
• Energy
– Electricity: Household bill increases of 2.9%.The industries and large companies take 4.4 to 4.9% according to the rate at which they are submitted.
– Gas: gas rates for individuals do not change, but those businesses increased by 3.2%.
• E
La Poste has announced that the price of postage for mailings of letters under 20 grams would rise by two cents, from 0.58 to 0.60 cents.
• Mobile Phone
The price of mobile communications passed from another European country down. It will now cost 42 cents per minute against 47 before. Subscribers operators in metropolitan departments and overseas subscribers Dom operators in mainland France also benefit from lower rates.
• Environment
A thousand everyday products will be subject to an experimental display decided at the Grenelle Environment Forum.Packaging will be accompanied by a statement indicating their carbon footprint and their impact on biodiversity, water, etc..
• Bank
A summary of bank charges (basket of services, payment systems, operational occurrences, agios) will now be on the monthly bank statements, which also display the ceiling of the overdraft.
• Pets
The electronic chip designed to identify the pet becomes mandatory for all animals that will travel outside French territory.
(With agencies)
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It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.
Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.
First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.
Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council fast cash advance loan.
Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.
The delay of Apple
This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.
The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.
Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.