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Earlier this month, GDF Suez officially celebrated very millionth customer to the electricity in France, "a success despite a complex and uncertain competitive environment." The energy group was immediately assigned the 1.5 million customers at the end of 2012. If it passes this course, GDF Suez will claim 4.5% of the electricity market in France, against 3% today.

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.

In the thorny issue of gas pricing, the Commission for Energy Regulation (CRE) wants to make its voice heard. In early October, the policeman made a sector review (Advisory) negative impact on the government's decision to freeze gas prices, finding an increase inevitable. Today, the CRE takes a stir throughout the report, submitted to the government, the procurement costs of GDF Suez.

In this paper, Le Figaro that was provided, the controller gives the whole device flat regulated prices. He would like to begin this system to be deleted for Industrialists. Not only France is an exception, but most large companies feed on the market today and therefore spend regulated tariffs.These two reasons argue for a quick exit with respect to the CRE.

With regard to the regulated rates for individuals, the regulator is pushing for major reform. In the background, the benefit to the consumer. The CRE has accounts: only lower taxes compared to other European countries means that the regulated prices of gas in France is attractive. Otherwise, the costs of the molecule fall within the upper range in Europe. In the event of a removal of regulated prices, also under review, the regulator said that "a reflection on the evolution of social systems face the problem of cost of energy supply" should be conducted to help households more modest easy pay day loans.

Market price

Meanwhile, the CRE would like the formula incorporates a larger share of price indexation market.They are currently cheaper than the cost of long-term supply imported into France and indexed on oil. This index accounts for 90% of the price fixing. The CRE wants this share declined to 70%. Currently, there is a difference of 5 euros per megawatt hour (MWh) between market prices and long-term contracts. In early 2010, he was over 10 euros.

The CRE, which found that GDF Suez manages its supply portfolio globally, recommends that this optimization is more beneficial to the consumer. Therefore "an expansion of the scope of supply included in calculating the costs covered by regulated tariffs." In addition to the increased use of market prices, the regulator stressed the importance of liquefied natural gas (LNG), for whom Europe is a natural outlet.

These tracks will be reviewed by the government.They, who know that long-term contracts often protect the abrupt fluctuations, will also decide on the pace, currently quarterly review of gas prices.

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Sales of the Apple iPhone 4S could be banned in France. Because Samsung decided to hit hard by attacking the latest addition to his great rival before the Tribunal de Grande Instance de Paris. Its angle of attack: Apple uses the patent in which the 3G Samsung claims authorship. Within months, the competition between the two champions of consumer electronics has turned into a war around the intellectual property in the design, screens or components. A total of 19 trials between them in the courts around the world. Apple has fired the first, last April. Until then, lawyers had saved Cupertino Samsung, their main supplier of components.After initially arches his back, Samsung-attack against Apple has banned the sale of its tablet Galaxy Tab in Germany, the Netherlands and Australia.

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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The tension is still as strong financial markets. The persistent differences between European and fears of recurrence of the global economy still weighed on investor sentiment.

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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The boss of NextRadioTV, Alain Weill, encounters some obstacles to form the new division Next Interactive Media (NIM), which should consolidate the press, the computer sites and high-tech (Group 01) and the websites of radio stations RMC and BFM the TV BFMTV.

The reason: the reorganization of press titles Micro Hebdo and the personal computer with SVM, the key to a social 33 people and a dozen freelancers out of a total of nearly 180 employees. The 01 IT professional is not involved.

On October 8, on the basis of an expert report submitted on September 21, the works of Group 01 has sued the direction of NextRadioTV.He criticizes the proposed plan will not be economically justified and a number of procedural irregularities.

Writing a single

Alain Weill, who hoped that all 01 journalists would be "bimédias" October 1, will have to wait to see his vision become a reality. His will is to create an information system with 100% digital content declined across all available media, including smartphones and tablets.

His plan, quite radical plans to create a unique writing for the Web (01net) and Micro Hebdo weekly and monthly Personal computer The SVM. It would take items Micro Hebdo, embellished with some exclusive content.In addition to the elimination of 33 positions fixed, the project includes the internal redeployment of some twenty journalists should be trained in journalism Web sites to work on radios NextRadioTV (RMC, BFM …).

Group 01 may well be the undisputed leader in the computer press in France, with three quarters of the total distribution paid in the industry, according to the OJD, it remains the Achilles heel of NextRadioTV.

While radio and television are doing pretty well, Group 01 is the only division of the group sales fell last year from 36.4 million euros to 34.5 million. The activity was affected by the decrease of 21% of the distribution of paper securities. Mechanical reduction, with the disappearance of the title SVM which merged in the summer of 2010 with the individual computer. And structural decline in a market shaken violently by offering free online.The distribution of Micro Hebdo fell 13.2% in 2010.

Last August, Alain Weill explained to the BBC that at the end of the reorganization, half of the activity of NIM come from the digital and within two years this proportion would increase to two thirds. A negotiation meeting was scheduled for Monday afternoon yesterday between management and staff representatives. These were especially present against proposals.

New record. In three days, Apple has sold 4 million iPhone 4S in the world. The previous record, held by the iPhone 4 in June 2010 was $ 1.7 million. In other words, 72 hours, the firm at the apple has generated at least $ 1 billion in sales in one device. The success of the iPhone 4S may seem paradoxical. This new model, unveiled in early October had received a mixed reception. He had even been deemed "disappointing" by some experts, who expected an iPhone 5. But for the general public, it has all the five, except the number. Contrary to form, Apple has also chosen to launch immediately six versions of its smartphone, available in 16, 32 and 64 gigabits, black or white. And that was over a year that Apple fans waiting a new version of 'their' phone.

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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A sequence at high risk for economic diplomacy opened on Friday in Paris with a G20 Finance Ministers, which ends in mid-afternoon today. The summit precedes the meeting of European heads of state, October 23 in Brussels, to enable Europe to get united at the top twenty richest countries in the world, at Cannes, 3 and 4 November. The road is marked. But after the race progress is uncertain. The subjects of accumulated tensions between developed countries, amid Sino-US tensions around the issue of exchange rates.

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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Three weeks after the government's announcement to freeze gas prices for individuals on or after October 1, GDF Suez took, as the company announced at the time, the competent courts in protest against the decision. The group on Thursday filed an action for the Council of State to request the cancellation of an order made by the government.

The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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European politicians finally seem on the verge of their act together on the Greek case and the measures to try to resist contagion. The prospect of a consensus at the summit of October 23 has heightened expectations of financial marcéhs Wednesday.

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.

The difference in performance between Carrefour and Casino is evident on the stock market. Since January 1, Casino lost 18% against 41% for Carrefour. Over five years, fell by 8% Casino and Carrefour tumbles 64%. Despite a difficult French market, Casino manages to get its game against Carrefour. Casino has managed on several points.

A successful international expansion

Casino has succeeded mainly in some countries. The group of Latin America's main platform for international expansion, although the group has some nice success in Asia (Thailand and Vietnam). First, it is Brazil, where Casino owns jointly with its parent company Rallye, 48.1% of CBD Grupo Pao de Açúcar. The success of Casino in the country had also been salivating Carrefour and its shareholders. They had tried to orchestrate a merger that was not the taste of Casino.

A successful real estate subsidiary

Casino can also count on its real estate subsidiary Mercialys. It is worth 2.56 billion euros for a wealth of 2.54 billion euros. In fact Carrefour has assets, much larger, estimated at 15 billion euros. But its real estate subsidiary project fell into the water.

Little excitement in the shareholding

At Casino, ownership has been stable since the merger in 1992 Rallye and Casino. Jean-Charles Naouri has locked the capital since its holdings Rally and Kerrous hold 51.09 and 6.49% of shares. Brother Albert is a quiet and faithful shareholder with 1.7% of the capital. At Carrefour, the float was very important before Bernard Arnault and Colony Capital will invite themselves to capital. They jointly hold nearly 14% of the shares 100% free credit score.

Governance, clear and precise

At Casino, Jean-Charles Naouri decides.At Carrefour, the change of presidents have succeeded without success. Since the departure of Daniel Bernard, nor José-Luis Duran or Lars Olofsson have managed to revive the company. On the contrary, records against Carrefour-performance, particularly in France.

To a satisfactory third quarter Casino

Wednesday, October 12 evening, Casino will publish its revenue for the third quarter. While billings should not proceed at a pace as rapid as in the first half (+18.8%) but growth is expected to remain satisfactory. Unlike Carrefour, Casino relies on strong performances in France.

The stock options

These findings illustrate the past, but investors should now focus on the analysis of the perspectives of both groups. From this point of view, the stock options is tricky.In fact, Carrefour has fallen very low and it is difficult to imagine a new fall of the action. Carrefour has suffered a lot of hedge fund strategy of buying and selling Carrefour Casino uncovered. Most of the fall of Carrefour is behind us. The recovery will take time but it should be occurring at one time or another. Casino has a real advantage for the shareholder, the group pays a regular dividend and generous. Those who want to enjoy a very high efficiency can also turn to rally, the parent company of Casino.

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