The purpose of the meeting, namely save 12,000 points, was not required. The wait has indeed been the watchword of the early week, prior to the G20 on Thursday and Friday in Cannes, where details should be made on the details of the agreement found in anti-crisis pain last week by the European leaders.The meeting of 20 major economies is also expected to learn more about the country or not willing to provide assistance to the euro area, particularly those that abounded to strengthen the European Financial Stability Fund (EFSF).

From this point of view, the information coming from China will be scrutinized carefully, as the rumor last week gave ready to help the euro area up to 100 billion. Confirmation of this outstretched hand should be seen by investors as an additional guarantee of the remoteness of the risk of contagion of the Greek crisis in the entire euro area cash advance today. Saturday, the credit rating "AAA" of EFSF was confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch.

Despite the caution expected, the decline is somewhat less pronounced than in other financial centers.If macroeconomic issues set the tone in the markets in recent weeks, the place New York has received quarterly publications of good quality. According to Bloomberg, three-quarters of the S & P 500 so far released their half year exceeded expectations. On average they exceeded analysts' forecasts of 5.8%. What support the stock market rally seen across the Atlantic: September 30, the U.S. benchmark index has awarded nearly 11%.

The dollar advance against the yen, oil decline

The decision of the Japanese government, who spoke Monday on the foreign exchange market to weaken the yen, playing on the foreign exchange market. To 21 hours in Paris, the U.S. dollar rose against the Japanese currency to 78.16 yen against 75.81 yen on Friday night. For its part the European currency rose to 108.98 yen against 107.31 yen Friday.

The challenge? Nothing less than domination of world markets for smartphones and tablets. In this war, patents have become high-tech weapons. "We are committed to defending what is ours," said Tim Cook, Apple's boss, to justify its legal offensive. An argument that still does not convince experts in the field. "This kind of confrontation usually results from financial transactions or licensing agreements," says Marina Cousté, a partner in ReedSmith.

Faced with this new situation, companies are reviewing their strategy. Patent portfolios are now bought at exorbitant prices. Last August, Google has spent 12.5 billion dollars to get their hands on Motorola.A transaction whose main interest is based on the 17,000 patents owned by the mobile manufacturer. Other operation iconic, the acquisition of Nortel's 6000 patent by a group of business settings such as Apple, Microsoft and RIM to $ 4.5 billion. $ 750,000 is the average patent! "Be careful, warns Marina Cousté, the risk of bubble the value of patents should not be dismissed."

Real rents

Patent holders are sitting on a pile of gold. They seek to enhance their capital. This is the case of Kodak, in great difficulty in cameras, which seeks to monetize its patents. There plans to sell a thousand. On Monday, the U.S. announced a licensing agreement with Imax, on 50 patents for the large screen.

Finally, the sale is a licensed real cash for some companies.In France, Technicolor (formerly Thomson) is a national champion figure of the genre. "The business license is an asset firm with a rich portfolio of patents on the technologies of sound and image," argues Technicolor. In total, the license agreements reported 447 million in French in 2010, 12.5% ​​of its turnover. Philips and Sony, the holders of licenses in the field of DVD players, are contrary to dry up this source of income. The Blu-ray could have been an additional resource. But the dematerialization of content paves the way for other families of patents.

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Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets cheapest personal loan rates. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

If they invest in government bonds German and French, the safest, they must accept historically low interest rates: So just bring back the securities in the future. If they have slipped into some Greek bonds portfolios, they will see a loss if Athens fails. This will reduce the financial gains to be redistributed to policyholders.For now, a bit special accounts of the insurers allowed them to keep a cool head to the crisis of sovereign debt, and diving obli gations of Italian and Spanish. Until they sell their obligations, they do not, in fact, see for losses, regardless of their values. And they continue to reap the coupon (interest) of such securities.

"All insurers have no bonds devices: we, for example, we have none in our funds in euros, says Jean-Pierre Decourcelle, an actuary with Plan. Similarly, insurance companies are forced to find capital losses on shares if they fell heavily over a long period. If the markets return to the height of the end of the year, they will not have provisions to be made on the job. "Finally, insurers are sighted managers.Many have set aside a portion of profits in past years, and are ready to dip in to keep the remuneration available to investors.

Contracts in shares have plunged since the summer

Nevertheless, professionals predict a further decline in yields in the future. "The glorious years experienced by the life insurance rates of return regularly beating inflation ends. The challenge ahead for insurers is how to "at least maintain" the purchasing power of savings and to accompany the rise in interest rates will happen sooner or later the bond markets low interest personal loan.At that time, supports the euro should be able to follow this up, for the funds in euros of contracts of life insurance is an attractive investment, "said Hervé Shield CEO ACMN Life.

The crisis is most distressing for the subscribers who have chosen to diversify their life insurance on equity mutual funds whose value has plunged since the summer. They can take their troubles patiently … or bad for the capital and cut their intention to leave their families. If this capital is now less than the amount paid on the original contract, guaranteed "floor", usually scheduled by the insurer, can play.

Guaranteed "floor" is not automatic

If the policyholder dies while the contract is lost, it compensates for losses … that beneficiaries receive at least the capital invested in the contract by the deceased.Alas, all policyholders are not. It is often not up to a maximum age (75, 80), for a maximum amount (100,000 euros, 300,000 euros …), and sometimes for a specific time (the first ten years after subscription for example). Finally, if it is sometimes offered to the subscriber – the premium to pay for them is included in management fees – we must, in other contracts, have chosen to subscribe … and agree to pay the cost. "To invest in stocks without risks, some purchasers opt for formula funds, together with a capital guarantee at maturity. But beware, for death before that date, the guarantee capital funds committed to this formula, does not play.Paid-up capital to beneficiaries depend on the value of the fund at that time, "warns Armelle Thomas, marketing manager at Natixis Assurances.

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Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone on the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D personal business card.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

To this we must add back the same day of the troika of the creditors of Greece in Athens. They should resume talks with the leaders of the country for the final closure of the 2012 draft budget, and review the privatization program, which drags on. The troika will also discuss measures to be implemented after 2012 to achieve the multi-year budget plan approved in late June, providing 28.4 billion euros in savings by 2015.Side calendar, the German Finance Minister Wolfgang Schäuble said on Thursday that the green light to the payment of the sixth and vital slice of aid to Greece would probably be given on October 13 after a meeting of finance ministers the euro area.

On the macroeconomic front, investors will pay close attention to weekly claims for unemployment benefits (14:30), and the third estimate of GDP for the third quarter (at the same time). Real estate side, the figures promise of housing for the month of September will be released in 16 hours.

On the foreign exchange market, the euro appears up to 1.261 dollars (0.66%). Oil prices went up Thursday for their part, driven by renewed optimism after the adoption of the operators in the German parliament building of the European Relief Fund (EFSF).Around 24:30, a barrel of Brent North Sea crude for November delivery was trading at 105.03 dollars on the Intercontinental Exchange (ICE) in London, up $ 1.22 from the close of Wednesday.

Values ​​follow:

• LyondellBasell

French employees of the American specialist petrochemical voted on Thursday extended for 24 hours of their strike and blockade on all Group units in Berre (Bouches-du-Rhône), due to the closure of the refinery bad credit unsecured personal loans. Meeting in mid-day general meeting, they voted the renewal of the movement by a large majority.

• Advanced Micro Devices

The U.S. manufacturer of microprocessors said Wednesday it lowered its forecast for revenue and gross margin for the third quarter, partly because of production problems at a plant in Germany.The group now expects its revenue for the quarter ended October 1, increase by 4 to 6% over the second quarter against a previous forecast of 8 to 12%.

• Amazon

Internet group Amazon introduced its first multimedia tablet Wednesday, the Fire Kindle, sold half as much as the market leader, Apple's iPad, which promises to be a credible competitor. Sold $ 199 (against at least 499 dollars for an iPad) as of November 15, exclusively in the United States as a first step, the Kindle Fire is part of the range of reading lights Amazon Kindle has been declining for four years.

• Hewlett-Packard

The U.S. computer group used the services of investment bank Goldman Sachs to help it defend itself against a possible hostile bid, said Wednesday the Wall Street Journal.Weakened by the collapse of its share price and the recent upheaval at the helm, the group was concerned that one or more shareholders trying to take control, the newspaper business, citing people familiar with the matter.

• Nokia

The world of mobile phones said Thursday it plans to eliminate 3,500 jobs in Romania, Germany and the United States by the end of next year."Nokia plans to close its operations to Cluj in Romania by the end of 2011 (…) and plans to close (its settlements and commercial activities) in Bonn, in Germany and Malvern, United States," by the end of next year, the company said in a statement.

• Ford

The automaker plans to hire 7,000 people within two years the United States, ruling that the U.S. economy do not wipe recession.

• General Motors

The group said Thursday that the new contract four-year agreement with the United Auto Workers (UAW) would have a financial impact "minimal".

Appeared in France in 2004, the McCafe accelerate their development. With 18 million euros in turnover in 2010, the McCafe will now represent only 1% of sales for McDonald's in France. This year, 50 new cafes have opened, bringing the total to 134. The chain is pleased to have already welcomed nearly 10 million customers since January, as much as the whole of 2010.

With the launch of these sandwiches, the McCafe wants to expand its sales morning.While McDonald's realize most of their revenues with meals, sales of McCafe are indeed distributed at different times of day: 40% are performed in the afternoon, 25% in the morning and the rest in addition to the meal at McDonald's.

"Rely on the uses of land"

For this, the American chain ensures adapt to local habits, developing a range that "locks onto the customs of the country," says Annabelle Jacquier, Business Unit Director of McCafe and Salad Bars. Croissants are filled and the menu of Italian McCafe and toasted bread filled with cheese is available in Portugal.

In France, the McCafe initiated the sale of badges and sell pastries baked on site.With sandwiches, McDonald's wants to get into habits, "the pastries were already very French, but they are pleasures to be agreement from time to time, not necessarily every day. Instead, the sandwiches are part of our daily lives, "said Annabelle Jacquier.

With this new offering morning, the channel hopes to "increase the frequency of visits and bring in new customers." "The goal is to sell as many breakfasts of pastries that we sell today," said Annabelle Jacquier. The offer of Mc Cafes continue to "French" with the launch in late October, pastries Regional: kouign-Amann, fluted Bordeaux and Paris-Brest will rub and muffins and brownies already proposed.As for McDonald's restaurants, they offer sandwiches to stick next year.

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Lionel Heurtin – I do not know if it's a good thing but I see that the composition of the CAC 40 reflects the French industry side. Total is the largest market capitalization (71.9 billion euros at September 23), Sanofi, the second (62.5 billion) and LVMH (53.3 billion) in the third. There is a little less than a year, BNP Paribas was one of three French companies the most important stock exchange. Today it was down in sixth place and is the only bank to be among the ten largest companies by market capitalization French.The summer market slump prompted investors to retreat to defensive stocks.

After Natixis, can we consider the output of another bank in the CAC 40?

Although they have declined sharply during the crisis, banking stocks are among the largest market capitalizations French. Depending on the current caps of different values, it would be more companies like Accor, Cap Gemini, STMicroelectronics and Veolia Environnement, which would be threatened to leave the Cac 40. More than a bank exit of the Paris stock, rather a good idea to expand the ACC and raise it to 100 values. To cover their risks, some investors sold financial products built on evidence without looking at the fundamentals of companies. What weighs particularly on large caps, so Total and Sanofi.It is surprising that the market has completely reversed in 10 years. In 2000, small caps were the cheapest. Today it is the large caps.

Mistrust vis-à-vis the banking stocks is justified?

I think the attacks against banking stocks are exaggerated. The markets are scared. The exposure of French banks to Greece is not so high, the Italian term change of government, and will implement austerity measures more easily and Spain, the big banks are sound, even if uncertainties remain on the property. To reassure investors would require the state, as in 2009, requires a preferential action on banks to retain a veto, rather than nationalize – which would dilute the shareholding and could worry investors.Now I do not think that French banks may need to be recapitalized.

Is this the right time to buy bank stocks?

It is still perhaps a little early, but there are many sellers in the market and very few buyers. I sold a lot of banks in 2007, I come back gradually: I particularly strengthened BBVA in Spain. In France, there must be only 20% of equity managers who banks at the level of evidence and beyond in their portfolio. The decision to return to this sector should create value. Three years ago, banking stocks were worth 3 times their equity. Today they are worth between 0.3 and 0.4 times their capital. I feel more comfortable with banking stocks today than in 2007, while capital increases should step in and dilute the potential revaluation.

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.