As for the arrival on the market Free Mobile, the fourth operator who promises to cut prices, the MP highlights the importance of "honor its commitments": "I'm not the VRP or the Orange Free , defends it. But it is a matter of principle. I am for freedom of the consumer, but when it's choose freely, he must assume.When his engagement is over, he can, why not look at other offers. "

"This amendment was not included"

"Even if your commitment is complete, you can stay at your service," Edward replies Barreiro, deputy director of studies at the UFC-Que Choisir. "This amendment was not included. We do not force consumers to change operators, but they have the opportunity. " The involvement of customers in 24 months' lock the market, "he laments: for two years, customers are not interested in other offers, even if they are more profitable. They re-enlist even if they want to renew their mobile age."It's a vicious cycle that prevents to choose," complains Edward Barreiro.

"Our position is clearly to punish all practices designed to keep customers captive, had also argued before the Assembly Jean Dionis du Sejour, Deputy New Center, who filed the amendment. The competition, which should work with the arrival of the fourth operator, and finally take-off of mobile virtual network operators, will allow the French to gain purchasing power. "

Free Mobile should, in fact, launched its first early 2012, while in parallel develop MVNOs, these operators without their own network, such as La Poste Mobile, Virgin Mobile, NRJ Mobile Mobile or Carrefour. In this context, the UFC-Que Choisir claims to have seen an increase in the number of "so diverted re-commitments."The consumer association has collected 270 customer testimonials rehired without their consent, such as accepting a trade offer without knowing it meant a re-engagement of two years. "Until January, the operators will try to keep their consumers, said Edouard Barreiro. There is a sense that they are afraid of competition. "

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A figure that takes into account several factors: the investment required for the construction of new production capacity to offset the loss of the atom, the increased use of renewable energy, whose development is heavily subsidized, the increase in imports electricity, the dismantling of existing … Upon arrival, a whole energy landscape is changing: "As a guide, installed capacity equal to a wind farm produces almost four times less electricity than a nuclear site "notes the expert Lionel Taccoen.

In France, six months after Fukushima is the beginning of the presidential campaign raising issues. Socialist candidate in the primary, Martine Aubry considering this scenario on the horizon of twenty or thirty years. For his part, François Hollande does not abolish the atom, but a declining share in the "mix" French energy to 50% by 2025, against 80% currently. In Green, Eva Joly simply consider wind turbines to replace all nuclear power plants. None of the three, however, has quantified at this stage he is defending the option.

Orders of magnitude

Bernard Bigot, the head of the Atomic Energy Commission (CEA), does not figure in his interview with Le Figaro.But the comparison with Germany on which he relies can consider orders of magnitude are staggering: at least 750 billion euros, if we simply triple the German bill to meet the proportion of nuclear power stations in each country personal loans for bad credit. In fact, it could be much more, since France is now three times more dependent on the atom as its neighbor. The consequences, both for public finances and for the customer's bill is incalculable …

In early September, the government, through the Industry Minister Eric Besson, has appointed a committee called Energy 2050, responsible for evaluating all possible scenarios.Its report, which is due early next year, will act more formally on the financial implications of the changing energy landscape.

The companies concerned have also started working. Before the summer, Areva told the PricewaterhouseCoopers study on "the socio-economic power in France." The significant role that industry plays in the national economy is highlighted: 125,000 direct jobs (4% of industrial employment) and 410,000 total jobs (direct and indirect), 450 specialized companies and 12.3 billion euro of value added, or 0.71% of the contribution to GDP.A weight that will also put in the balance at the time to decide.

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector is most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

In Paris, Societe Generale (-5.62% to 23.25 euros) is the second largest drop in the CAC. The bank is followed by Credit Agricole (-4.30% to 6.42 euros), BNP Paribas (-3.54% to 35.39 euros), AXA (-3.48% to 10.96 euros) and Natixis (-1.17% to 3.04 euros). The Federal Reserve Bank of New York is stepping up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them, reported Thursday the Wall Street Journal

Busy schedule

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday.Asian markets themselves, showing up mostly in dark red on Thursday. "There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

The trend could change with the publication of several indicators of weight across the Atlantic. The ball starts in the U.S. earlier this afternoon at 14:30, with weekly jobless claims. Meanwhile, the Labor Department will release the index of consumer prices.To be published 16 hours the index of leading indicators, sales of existing homes and the index of the Philadelphia Fed.

Renault Murail, manager at Barclays Stock Exchange, the market is "worried because we table this afternoon on poor figures in the U.S. that would go in the sense of breathlessness even more evident economic recovery."

The France keep its AAA by S & P

On Thursday, Standard & Poor's is said to be "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro is falling against the greenback in morning trading. It is worth 1.4399 dollars. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Investors in the oil market claim to be concerned. In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars while that of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Values ​​to follow

Lafarge: -3.80% to 27.89 euros

The cement may react to the publication of the results of its Swiss rival Holcim.The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -3.10% to 19.36 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart. "It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec (-5.88% to 60.14 euros) UBSpasse to "neutral" against the "purchase" of Veolia (-5.28% 10, 84 euros), Nomura cut its price target on EDF (-4.06% to 20.67 euros) to 33 euros against 47.50 euros.

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LE FIGARO. – How do you judge a European rescue of Greece?

Baudouin PROT. – To me, this plan is the strong sense for private players as the euro, worth far, deserves to be protected against all odds. However, the situation in Greece, incomparable with any other country in the euro zone, had unique characteristics that justify a voluntary effort of private actors in support of a second plan.Now, should this plan be implemented expeditiously by all stakeholders. At the same time, Greece, which has unprecedented efforts by European countries and the private, must organize the ordering of public finances and ensure the receipt of tax revenue.

Do you understand the skepticism of the markets?

The concern of investors is not solely the difficulties of the euro area: the dramatization of the issues on the U.S. debt has played an important role in recent weeks.As for Greece, I think investors appreciate the content of the rescue plan but are sensitive to the legitimate conditions for its implementation.

Investors do not react as the new prudential requirements of the banking sector?

We are fully equipped to the new rules, but do not close their eyes: they will affect corporate finance and European households. It was good to review the regulations to draw lessons from the financial crisis. But we may realize soon enough that regulators were too heavy hand by penalizing the classic credit, which was nevertheless in no way responsible for the crisis. This accumulation of fiscal pressures, the solvency and liquidity, penalizes the banking sector and through him the entire European economy.Do not forget that banks are a cog in the service economy.

Do you have a room to change these rules?

We always criticize the accumulation, the rate and strength of these new requirements. If we continue to seek a reasonable and flexible timetable is in the interest of European growth, because as a company we have the means to adapt.

The bailouts are increasing, the savings plans are spending less and less in the countries concerned: the euro is at risk?

We believe that the euro is a common good, whose existence is a vital asset for the European economy, its competitiveness and its influence. As a major bank in the euro area, we are very attached to the fact that the euro not only remains, but thriving. We must stop the ongoing short-term stress on the euro area.We must return to basics. A euro area, stronger strengthened governance and discipline proved its major countries should create a virtuous circle in which no one discussed the existence of our currency.

How do you react to the agreement on the maximum debt to the United States?

The events show that each major U.S. economic zone in the crisis has its challenges. The economic cooperation between the authorities and central banks is crucial. In 1929, the non-cooperation among States, the competitive devaluation and protectionism caused the relapse of the global economy guaranteed payday loans. We need the international dialogue, especially at the G20 is active and constructive.For Europeans, the fact that the euro is a successful factor in their capacity for dialogue and influence at the highest level.

Global growth appears to slow …

With global growth of 4 to 4.4% in 2011, we are not, by far, in a recession. Germany is healthy glow, and the French economy remains dynamic on many factors. We must stop being afraid. With the end of easy money and fiscal policy pressed for ten years, the United States are certainly entered a less favorable macroeconomic framework. But at the same time, creativity, innovation and U.S. demographics are factors in supporting growth.I remember most of the current period that America has its problems as well as Europe: in both cases, a responsible and dynamic among all stakeholders is the key to better fortunes.

"The impact of the exceptional charge of 534 million of Greece was absorbed"

LE FIGARO. – You have a profit of 4.7 billion euros in the first half, up 8% year on year. The economic environment you did not penalized?

Baudouin PROT. – BNP Paribas has maintained its level of activity throughout the semester, despite market fluctuations. The activities of the bank are doing well in all our businesses. In France, Italy, Belgium and Luxembourg, we increased our outstanding deposits by 7.4% in one year and loans of 4.7%.The impact of the exceptional charge of 534 million euros for Greece was absorbed with this growth and lower cost of risk outside Greece.

Should we expect further writedowns on Greece?

We have spent the depreciation in the accounts of the second quarter and not return it. On our 4 billion in assets, 2.3 billion are maturing in less than 2020 and then entered in the plan. Our depreciation represents 21% of those stocks. The Greek State remunerate our new commitments to thirty years around 4.5% compared with a market price much higher. This difference in interest rates explains that the transaction will result in economic loss.

How behaved your business debt?

In this context of strong turbulence, the activity of our bond business was down, but comparatively less than our competitors.In the second quarter, we still made more than a billion of revenue in this business.

Do you see an improvement in the level of arrears?

Yes, they have fallen by about 25% of all businesses. In corporate banking and investment, we even included provisions.

You display a return on equity of 13.8%, well below the profitability before the crisis, should we now expect BNP Paribas at this level?

This rate is currently the best in the industry. Given the new regulatory requirements, expect to see us grow from 12% to 15% in the coming years. The conditions of profitability of the banking sector are permanently transformed.

Many of your competitors have launched plans for job cuts.BNP Paribas will he go through it?

No, we do not anticipate any plans of downsizing on a large scale. This does not prevent us from adapting, in occupations where necessary, our staff constraints arising from new liquidity ratios. But overall, BNP Paribas remains largely Recruiter 4000 with 15,000 new hires in France and the world expected this year.

Click image to enlarge.

The Minister of Labour has also promised that the number of employment center will remain constant at 45,422 agents. A feat, said his entourage, "in a constrained budget and despite the fall in unemployment in January (35,700 job seekers in category A)."

To meet the general discontent on the number of positions considered inadequate in several reports in recent weeks, however, Xavier Bertrand announced the redeployment additional 500 agency staff support functions to assist job seekers. "The back office staff have already gone from 25 to 17%, do you remember rue de Grenelle.This redeployment is an effort of a point higher. " During a videoconference with the sub-prefects, the Minister had, earlier, praised the rapid development of assisted contracts concluded in the nonprofit sector: 100,000 in seven months, against 120,000 budgeted in the year .

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It is true that the pyramidal organization sponsors tickets with different specific and visibility – enables sponsors to enjoy the varied biggest cycling race in the world. To be included in the club of four key partners alongside LCL, Vittel, Carrefour or Skoda, with arrangements for wider visibility and exclusivity of the brand associated with the Tour, it takes 3.5 to 5,000,000 of euros per year.

For their part the official partners (ten in total) as Antargaz, Orange, Festina, AG2R La Mondiale, Brandt or the PMU (the green jersey sponsor) must raise between 600,000 and one million euros. For that amount, they have a pavilion at the Village, a place in the publicity caravan and a right of communication associated with the Tour. Finally, the 17 official suppliers, engaged for three years, such as the ever-present Cochonou (14 years on the run), Nesquik, Sodexo, Etap Hotel and Haribo, capitalizing heavily on trade marketing operations, but are not associated with the sports section. Average amount of investment: between 300 and 500,000 euros.

Not to mention the octogenarian Caravan advertising that drives the pre-race with 160 vehicles and thirty brands that are paying 37,000 euros for the right to four vehicles (6300 euros per additional vehicle) and distribute the artists receive "goodies" . In anticipation of its 40 year history, has completely revamped its Cochonou device caravan and bobs will distribute 100,000 collectors, 400,000 sachets sausage, or 5000 bags. "Since our arrival in this race, we settled in aided awareness 95%.As for our market share by volume, it increases by 1.5 points during the competition each summer to 12%, "said Schneider Laétitia, Brand Manager for Cochonou.

Proof if any of the enthusiasm for marketing the event, we already know a new partner of the Tour in 2012: Le Coq Sportif, which will become the new supplier of ASO, some 60 years after a first experience!

New technologies invite themselves

Like likes to remember year after year Yvon Breton, No. 1 group collective foresight AG2R La Mondiale, signing 15-year presence in the bicycle, via a team (9 million budget) and a partnership with ASO, "what is the event that can give his name to a team that generates advertising equivalent of several million euros?" In 2010, they corresponded to 90.5 million purchase of space or a new level, against 63 million euros in 2009. "We remain on the bike because it can continue to install the brand," he insists.Traveling agency that the group installed on each step also enables it to host more than 40,000 people during the three weeks of the competition and also to distribute the number of "goodies".

The media is probably the maximum calculation made by Alcatel One Touch, a newcomer to the team of partners ASO, which is the first investment in sports sponsorship. "We have a public position and the Tour is the premier event that allows us to reach out to families, much more available at this time of year as a vacation," says Ludovic Leray, head of sponsorship. For his debut in the sport, the distributor of mobile phones and Internet products will be visible via TV the appearance of its logo during the "course info" for the steps.It will also be the first partner to the general public to support the publicity caravan of the inside line, thanks to its smart phones and using Facebook and Twitter. Alcatel One Touch will also benefit from the device and expects to receive 550 hospitality guests during the Tour.

The passion is the same side of town who dream of one day hosting the festival of cycling. London did not hesitate to pay 10 million euros for the Tour in 2007, bringing together more than one million spectators along the Thames. The budget for a city of Grand departure starts at 2 million euros and may actually exceed the threshold of 10 million. Fortunately, the bill is more reasonable for the typical stages: 90,000 euros for an arrival city, 60,000 euros for a departure city or 150,000 euros for the candidates to the city of rest.Result: ASO boasts more than 200 cities bidding to host the next edition of the Tour. What up years of the race tracks.

The ASO model is it infinitely expandable? "One wonders how the public finds it among the many brands partner on the Tour. Too many companies these may influence the visibility futures, "warns Marc Mazodier, research professor in marketing at the ISG business school. Specialist ambush marketing (ie the "ambush marketing"), he stresses the need for brands to differentiate themselves from each other by a real working partnerships activation.

Admittedly, the stakes are also unpublished. The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008.Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008. The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios no fax pay day loan.But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial. But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly.By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

The U.S. bank, which also pass for $ 6.4 billion of writedowns in its accounts the second quarter, estimates that its net loss for the three months ending in late June could be up to $ 9.1 billion, according to a statement of the institution.

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