"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.

After attempting to rebound Wednesday, the CAC 40 has dug its losses for most of the session. He finally fell 2.32% to 3084.07 points. The volumes remain thin. About 2.8 billion changed hands yesterday on the great values ​​of the Paris stock exchange.

The atmosphere was also febrile on other major European markets, which have moped for most of the day. London finally fell 1.2% to 2.46% and Frankfurt. Of the European indices, the Euro Stoxx 50 slipped 2.47%.

The New York Stock Exchange suspended the information from Europe has also raised the red flag.In session, the Dow fell by 0.43% and the Nasdaq 1.08%.

"As we approach the top of the daily twists and turns are now" seeing specialists Barclays Bourse. Like many operators, and "face the high degree of uncertainty on the conclusions and future actions," they now prefer to adopt "a wait and observation on the equity markets."

Last-minute negotiations

The caution is on the market before the EU summit Sunday, crucial for the future of the euro area. Political leaders of the Old Continent has already promised that a solution to the crisis would be found. "Monday morning, it will take that markets are convinced that Europe has a solid plan, 'says one European official.For "no agreement, each European country will be reduced to individually play their survival."

Meanwhile, last minute negotiations are increasing. Wednesday night, Nicolas Sarkozy visited emergency in Frankfurt to meet with Chancellor Angela Merkel and attempt to resolve differences between France and Germany. But no information has filtered the meeting, leaving the door open to many uncertainties as to what measures could be announced Sunday. Some even evoked a further postponement of the summit of heads of state. Negotiations break down on how to strengthen the European Financial Stability Fund (EFSF), a key instrument to try to curb the risk of contagion to the entire monetary union.

The banking sector player in the market for public debt was once again at the forefront.Societe Generale lost 7.97% to 17 bad credit pay day loans.90 euros, Credit Agricole 6.67% to 4.66 euros and BNP Paribas 5.84% to 29.92 euros.

At the same time the fears of rancidity of the world economy, or even recession in Europe or the United States, are becoming increasingly intense. Yesterday, the Conference Board, whose composite index slowed for the second consecutive month, said the U.S. economy had an even chance of falling into recession in coming months.

New burst of publications

As for values, the Dexia (-1.30% 0.60 euro) responds to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank.Legislators have asked, however, a principle of banking counterparties.

Casino (-0.32% to 62.74 euros) The Thai subsidiary Big C, will carry out a capital increase in an amount up to 25 billion baht (595 million) to refinance debt inherited from the resumption of Carrefour stores in the country.

Pernod Ricard (2.18% to 66.01 euros) achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.

Remy Cointreau (-4.03% to 56.69 euros) achieved an increase of 7.4% of its turnover in the second quarter (July-September) to 276.3 million euros thanks to an increase Sales in Asia.

STMicroelectronics (-1.43% to 5.09 euros) Its joint venture with Ericsson in components for mobile phones ST Ericsson has not yet managed to reduce its losses, recurrent, in the third quarter.

Schneider Electric (-7.61% to 41.22 euros) lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros the third quarter.

Publicis (-5.29% to 33.05 euros) announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still thinks register "Above-market growth" throughout the year.

The manufacturer of smart cards Gemalto (-4.89% to 32.90 euros), the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.

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"Crisis of the euro negotiations last chance

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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Michalis CHRYSSOHOÏDIS – France is a strategic partner, the second largest foreign investor after Germany. I will meet with the bank Oséo. The SME Bank is to me a model success story. It has supported companies in recent years and has funded the development of France. We want to inspire us to create our own investment bank. Then I meet Baroin and companies interested in investing in Greece. I see a great interest on their part especially since the launch of the privatization program.

Why are these privatizations n'avancent not they?

Be careful. We want to value the assets of the country and not sell everything, quickly and cheaply. Do not believe everything we Bradon. Foreign companies have this impression because of the crisis.But investors must understand that they must add value to the country by buying companies, they will not buy at bargain prices just because the Troika (EU, ECB and IMF) has set targets for privatization.

What are your criteria for selecting candidates?

It will take commitments in terms of jobs and investment. A Greek in two is unemployed. Yet young people are highly educated. The vast majority has a lot of degrees and study abroad. We can not continue to let them emigrate abroad and lose our minds. We have no preference on the nationality of the interested companies. The European framework does nothing, so if we have good proposals from non-European groups – from Asia for example – we will take seriously into account.We must establish a business model that will be based on production, competitiveness and trade.

But the Troika impatient …

We will fulfill the objectives of the 4 billion privatization by the end of the year. But you know, the Troika also wants the success of this program. His emissaries were correct in finding that there had been delays in structural reforms, but they must understand that we have passed a series of reform laws that are not spent in the company, in the real economy business

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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On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions. As the major U.S. money market funds.

Project buried by BNP Paribas

According to the JDD, Societe Generale would have accepted the plan, subject to conditions.CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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This good performance is due to the pricing bottom of the sign. That the budget would shrink consumer this year, Leclerc done since a few months more to offer the Nutella jars, bottles of Coca President and cheese at the best price. The group has "invested nearly 25% of the margin," explained Michel-Edouard Leclerc mid-July, commenting on the figures of the first half.

The strategy paid because Leclerc is gaining ground: its market share was 17.4% in early August, up to a point in a year.These are mainly customers who now prefer to Carrefour to shop at Leclerc. Carrefour has lost almost one million customers a year, says the firm Kantar. Consumers have felt that the company has passed the rate increases negotiated with suppliers in the spring. This summer, the group also backed down, becoming aggressive pricing.

400 terminals withdrawal in 2015

Newer phenomenon also explains the slowing of Carrefour and Leclerc force: the drives low rates payday advance. "A significant part of the decline in Carrefour," which has only a few points of withdrawal of courses ordered online, "is already benefiting from E. Leclerc and Auchan, note Kantar. With Auchandrive and Chronodrive, Auchan is the pioneer of these terminals, located next to the supermarket or along a busy road.Noting that the French want to spend less time to shop and do not want to pay more, as with delivery services or Houra Telemarket, Leclerc decided in 2007 to max out the Yankee brand. In late June, 101 E. Leclercdrives were already spread over the territory. They will number 150 at the end of the year and 400 in 2015. In this horizon, Leclerc expects to achieve with this method of distribution sales of 1.5 billion euros, almost five times more than the 350 million expected this year. "One third of our growth comes from the drive. This format is already 1.4% of our turnover, more than double a year ago, "according to Michel-Edouard Leclerc.

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The dissenting voice of the German finance minister

But Christine Lagarde acknowledged that differences still exist between the IMF and ECB experts on the methodology to achieve the quantification of the capital requirements of banks.The final decision of the IMF should be in the final report, whose publication is expected by the end of September. The difference analysis between the IMF and the Europeans based in part on how to account for the value of government bonds of countries at risk in banks' balance sheets payday loan lenders. The former are open to the idea of ​​using their market value, while the latter prefer internal models are less sensitive to changes in short-term securities.

Meeting in Marseille on Friday and Saturday, finance ministers from the euro zone wanted reassurance on the European banking system, swearing that he will not go bankrupt. All? Not a voice was more concerned desired. That of the German finance minister, Wolfgang Schäuble, who would, according to Spiegel, already developed a plan to prevent the bankruptcy of Greece.That should not reassure the financial markets the Cac 40 lost a quarter of its value in two months going over under the 3000 points – while a crucial week promises to Greece and the euro area.

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In July, Crédit Agricole said that the participation of the bank in terms of aid to Greece and the operations of its subsidiary Emporiki, the country would have an impact of up to 850 million euros on its performance in the second quarter. Finally, the load is lighter than expected: Greece does not cost "only" 640 million euros on quarterly Credit Agricole. A load that is distributed as follows: 202 million euros (146 million after tax) for impairment of securities of the Greek states and 494 million for the goodwill of the Emporiki Bank (2006).However, the debt problem gecque led the market value of Crédit Agricole in a dramatic decline: its stock has lost nearly 35% of its value since the beginning of the year.

These results confirm the long-term goals

As for results, the bank has indeed announced Thursday a net profit after minority interests fell by 10.6% to 339 milion euros in the second quarter versus the same period in 2010 payday advance. But this is higher than expected by analysts who had forecast a quarterly profit of 193 million euros. BNP Paribas and Societe Generale were published at the beginning of the respective benefits of 2.12 billion euros and 747 million.

According to the CEO of Crédit Agricole Jean-Paul Chifflet, these results confirm a positive underlying trend at the operational level of the bank, in the 2014 strategic plan, presented last March. The group aims to achieve a return on equity of 10% to 12% by 2014. The bank would also surpass the 25 billion euros in net banking that date.

In the medium term, Crédit Agricole has no plans to increase the capital despite the market turmoil in July and August, denied the report, published Wednesday in the Letter of expansion of 1.5 billion euros, dedicated the recapitalization of its subsidiaries in Southern Europe. However, the group recognized that its goal of returning to profit for Emporiki Bank in 2012 would be compromised.

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