In September 2008, the President shall declare 38 times the word "crisis". At the time, into recession is symbolized by the collapse of the subprime bubble and the collapse of Lehman Brothers. In November 2011, the difficulties have not disappeared, but the excessive debt of the States of the euro area, combined with rising interest rates, is at issue. What, among other things, plunge Europe into a "brief period of recession," as the OECD noted in its latest report.

"The idea of ​​the all-powerful market that is always right, it's over," Nicolas Sarkozy had struck in 2008. The President would then "re-found capitalism on ethics." Today, markets, wary, put pressure on European government claiming the lowest interest rates high payday loans with no fax.And when Standard & Poor's error sends a message stating that it lowered the rating of France, no sanction can be taken, despite the threats of the Minister of Economy Baroin.

• Debt: rigor replaced the stimulus

In September 2008, the time is not in a pinch. The word "debt" is also pronounced only once on a 45-minute speech. Prime Minister Francois Fillon may well have said, from 2007, that France is in bankruptcy, Nicolas Sarkozy prefers comfort by speaking of recovery. In fact, France will suffer a crisis less severe than its neighbors: the stimulus package and the "automatic stabilizers" (welfare, RSA) have cushioned the recession. But these instruments have increased the debt.

Problem: Medicare pays very well Prevention (annual check) or interim care (treatment of tooth decay, scaling …) but very poorly prostheses. However, in the first case, it imposes tariffs and recognizes itself that they are no longer set at fair value for years.Dentists are therefore led to "remake" of crowns and other bridges, whose rates are themselves free.

"We are quite far from the disaster announced by some, said Herve Hatt, CEO Meilleurtaux guaranteed payday loans. Rates remain very attractive at the moment but the banks should pass gradually rising bond interest rates in coming months. "

Lower prices in the third quarter 2011

The average prices of real estate should they be on the downside. Many professionals have already announced cuts in the third quarter of 2011.

For its part, EDF is less verbose but the electrician had lights in late September some 595,000 residential customers in the gas.In 2010, sales of natural gas to EDF to its end customers in the Hexagon were approximately 21.4 terawatt hours (TWh), representing a market share of 4%, all segments.

On the one hand, a gas operator that grows in power, on the other, an electrician who took off in the gas: in theory, liberalization of energy markets in France shows its dynamism, this except that this development benefits first and foremost the two companies formerly a monopoly – one in the gas, the other in power. However, on their original business, each ultradominatrice remains, as evidenced by the overwhelming majority of consumers who remain loyal to regulated tariffs.

Click on the thumbnail to enlarge the graphic.

"The situation is not very surprising, both groups have a great reputation with consumers, said Xavier Caitucoli, CEO of the alternative supplier Direct Energy. To fight against them, we start with ball feet. "This does not preclude ambitions: after taking control of the other independent Poweo – which will be operational in early 2012 – Direct Energy will build a portfolio of one million customers – residential and business – in the gas and electricity payday advance lender. It is thus the only real challenger of the two giants.

How to reverse this trend which EDF and GDF Suez are the big winners from liberalization? "A better understanding of the system is indispensable.Our barometer shows that only two out of three French know they can change their energy supplier, says Xavier Caitucoli is the same number that ignores the opportunity to return to regulated tariffs after having left them. "

One Bill Power

This lack of information goes a step further. According to studies of the Ombudsman and the National Energy Regulator, over a third of consumers believe that EDF and GDF Suez form a single company. Under these conditions, one can legitimately ask how many electricity customers GDF Suez know they have left EDF and vice versa for gas customers of EDF.

This confusion can be exploited during a move: the customer who has just moved called GDF Suez, for example asking for the commissioning of the gas and the adviser asks him if he wants a single gas and electricity bills.If he says yes, the consumer is unaware that he has an offer to purchase electricity at market prices on behalf of an alternative operator.

Although it has many tools available to the consumer, the National Energy Ombudsman is not legally competent on issues of contract formation. Anyway, this is not what will hinder virtually unchallenged domination of the two incumbents.

On the commercial, the brand has benefited from the generosity of telecom operators no fax cash loans.While the iPhone 4S is priced starting at 629 EUR without subscription, SFR proposed to 129 euros with a subscription. The offer was so successful that he is out for the operator. In the U.S., the iPhone 4S is available from $ 199, with a subscription Wi-Fi in three operators.

It is also difficult not to link the commercial success the emotion aroused ten days ago by the death of Steve Jobs, the founder of Apple. Testimonials from fans vowing to take their phone to replace it with an iPhone 4S in honor of its inventor had multiplied. They probably kept his word. He had never sold as many copies of an electronic device in such a short time.

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With its 4 million members and its 210 shops, France Loisirs seek to win customers from 50,000 to 70,000 in the first year. It would start with four cheap, discount deals, including allowing unlimited calls to three favorite numbers, an option that is disappearing from traditional packages.

Warranty Information

More original, France Loisirs Mobile should offer the rental of the phone for a few euros a month.An innovative package developed by Zero: instead of buying a mobile phone and to be committed in consideration 24 months, the idea is to rent it for a few euros a month. What interest? First, the rental of mobile allows access to telephones that would be too expensive, sold "naked", without subsidies. Second, in case of failure, the phones are guaranteed defective and replaced.A formula in which the small operator firmly believes that while the offers low-cost non-binding and without subsidy multiply on the market.

After this first contract with France Loisirs, Zero package, which aims to become the "first mobile white label" could sign with other partners, including a television and an insurance group who dream each to have their brand of mobile phone.

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Thus, at the height of the financial bubble, the specialist in financing local authorities have attributed to 25 billion euros of toxic loans to its customers, the newspaper said. "According to the estimate made by the bank, the additional cost of these loans was estimated at 3.9 billion euros at the end of 2009" advance the paper before adding "which means that communities should pay a penalty of this order. "

There would be no distinction between the municipalities affected by the specter of the subprime crisis in the French style.Thus, "communities of both right and left, the large urban communities and small towns" are concerned. The newspaper cites the example of Antibes "who had borrowed 60 million would pay 21 million in addition to that amount." Other departments are also affected: "The department of the Loire regulations, provide a slate of 22 million in excess of 96 million of loans and toxic Hospital Dijon should carry 31 million of interest on a loan-toxic 111 million, "wrote Libération.

Dexia is the only bank to have provided loans to local governments devunus toxic. The Caisses d'Epargne, Crédit Agricole and Societe Generale have also been on the market.

Already earlier this month, Le Parisien, Aujourd'hui en France revealed that hundreds of municipalities had been trapped by debt indexed to the Swiss franc.Attracted by interest rates below the market and claimed to be safe investments by banks, many local authorities have in fact left tempted by products called "structured" using variable rates indexed on currencies such as the Swiss franc. Now with the recent outbreak of the franc, the interest rates on these investments have soared, up to 20%, and early redemption penalties are sky high.

These issues should be discussed today at the National Assembly. Claude Bartolone, PS deputy and president of the General Council of Seine Saint Denis, presiding over a commission of inquiry "on risky financial products underwritten by local players." The latter particularly concerned after discovering that his department is surrendétté has declared war on the banks.

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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 guaranteed approval cash loans.

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.

Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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