The fateful day approaches: that of the arrival of the mobile Free. There is no filter in the individual but it is unclear the troublemaker telecom miss the fruitful period of Christmas, which generates nearly a quarter of handset sales this year.
Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.
It is the opinion more dangerous than others. That the member Martine PS Martinel just given to the Committee of Cultural Affairs as part of the passing of the Finance Act, sets fire to the powder in public broadcasting. Requires pre-election period, no doubt, is the set of reforms since 2008 who is harshly criticized, whether that of France Television as Audiovisual outside France (AEF). Even the men who are now in place are not immune to criticism. Little detailed review:
As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."
It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".
In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.
France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".
Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.
However, the options are continuing to clarify:
-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.
-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.
-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.
-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.
This is the week of Nov. 24 that the Commission could then make its own report.
The G20, which takes care of everything but no matter what, is interested. At their summit on 15 October in Paris, the central bankers of major economies in the world have endorsed the charter "consumer products and financial services." This text prepared by the OECD focuses "on the effort of education and awareness of financial issues," the general public.
The debate rages in the United States since the mortgage crisis "subprime" that erupted in 2007, putting the straw millions of Americans. Already 7.6 million families were divested of their homes, unable to meet their deadlines bank, and additional 7.4 million expected to be dislodged by 2016, the consultant provides Housing Predictor.This disaster certainly responsible for financial institutions that have dangled their customers become unbearable when mortgage interest rates began to climb. But as a last resort should we not blame the naivete and ignorance of borrowers unable to understand what they were doing?
President Obama has made it a priority that "Americans have the skills to effectively manage their disposable income and guard against deceptive practices and predatory." It is in these terms that the White House, with a "Council for Financial literacy" (financial literacy), decreed that April is "National Financial Literacy Month." One way to educate the public each spring operational introduction to finance more and more overseas.Even the Federal Reserve Bank (Fed) devotes part of its website with practical advice for a wide popular audience.
There is much to do. According to a survey conducted by FINRA (Investor Education Foundation), 68% of households have no personal events to finance as predictable as retirement or education for their children. And only 49% of households have "sufficient funds to cover the expenses of three months in case of illness, unemployment."
Carelessness or incompetence? "Most Americans lack the basic numeracy skills and knowledge of basic economic principles, such as the mechanisms of inflation, risk diversification, and the relationship between interest rates and financial asset prices "said Annamaria Lusardi economist, the George Washington School of Business.He has just published a series of studies on the subject.
This decision is based on a strict set of five test questions contained in the survey FINRA and here are the results. Thus only 65% of respondents answered correctly that "a capital of $ 100, paid 2% per year, worth over 102 dollars in five years overnight pay day loans." Similarly 64% understand that "if inflation is 2% and the returns on their savings by 1%, their capital will be worth less in a year." Only 21% know that the price of a bond decreases mechanically when interest rates rise in the market. This is the question most cotton test: the Financial Times noted for its readership "high end" has to explain every time the mechanism in its reporting of the market.In contrast, 70% of Americans know that "a fifteen-year loan requires monthly payments higher than a loan of thirty years, but that all interest paid over the life of the loan will be lower." They are, however, that 52% believed that the purchase of a share of one company is necessarily more risky than the subscription of shares of mutual funds in shares. In total "less than 10% of Americans are able to correctly answer all five questions," said Annamaria Lusardi.
The French should not make fun of poor performance. The Institute for Financial Literacy public (IEFP), established in 2006 at the initiative of the Financial Markets Authority (AMF), is about to publish a similar survey conducted in the Hexagon. However the results appear even worse, can we prevent the IEFP.
The issue is probably lower in France.The balance of PAYG pensions and group health insurance does not appeal to individual decisions. Besides the French are much less indebted than their cousins across the Atlantic.
Weaknesses in the calculation are the best thing in the world shared. Luc Chatel, Minister of Education and Xavier Darcos, his predecessor, did they not been trapped on television to have a mistake in a rule of three? This rule of proportionality, it is nevertheless essential to know the place to convert into euros the amounts in dollars! While it is fashionable to "be angry with the figures," while no one admits not knowing how to read. "Everyone complains of his memory, and no one complains of his trial," said La Rochefoucauld.Failing to properly count unfortunately causes the tragic misjudgment we know, both for households and for states. Hence the saying advisors financial products, worthy of the name: "It must be understood before taking."
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While the member Franck Riester delivered Monday Valérie Pécresse its second report on "improving the numerical relation to the user," the budget minister is determined to increasingly facilitate the administrative users. It offers users to respond to 15 new proposals to improve e-government. Users can provide feedback, respond and comment on the website set-simplifions.fr
Already, Valérie Pécresse asked the Directorate General for Modernization of the State to work on five priorities:
1 – Developing for priority services, personalized assistance to users during the process online (telephone, email, chat).
2 – Offer the user evaluation surveys on the Internet or mobile at the end of any administrative process.One way to take into account the voice of users and improve services according to their reactions.
3 – 5 Launch pilot projects on social media in the areas most relevant to the user: health, human services, education, employment and culture.
4 – Offer a mobile application offering users a personalized list of deadlines and the status of its efforts.
5 – Allow the user to present to the administration's vouchers via their mobile phone with a flash code (income tax, electricity bill and telecom).
While this report confirms the strategy implemented by the government in 2010, Valerie Pécresse welcomed the tangible results already achieved.
* 160 public websites have been consolidated or eliminated to improve the readability of the presence of the state line.End of 2011, the volume of websites of the state has been reduced by 50%. For greater efficiency.
* 2.5 million users have opened an account on the site mon.service-public.fr steps online.
* 76% of administrative procedures expected by most users have been dematerialized.
* The mobile phone version of the portal administration is now available (m.servicepublic.fr).
How long the French banks will they resist the attacks of which they are the target market? BNP Paribas, Societe Generale and Credit Agricole is in the eye of the storm: their actions have lost between 50% and 55% of their value in three months! This distrust, more violent and against many of their European competitors has two main explanations. On the one hand, French banks are exposed to the vulnerable countries of Europe device (Greece, Spain, Italy …) they hold a large stock of debt of state and they often have subsidiaries. Moreover, their model "universal" makes them more dependent than the average market financing. However, funding has become, if not rare, at least very expensive.
In that context very high voltage, a parade could be a battle plan based on that 2008.The rumors for weeks on a recapitalization by the state of all French banks. The Sunday Journal Sunday evoked an injection of 10 or 15 billion euros. At its off the plane from Washington, the Minister of Economy, French Baroin furiously opposed to "the most categorical denial." Same reaction at the Elysee and the Bank of France. Such an operation would be "useless, or even against-productive," said a source familiar with the matter. For now, anyway, "banks do not want it, they are not in a logic of solidarity, but prefer to play their own cards." The "special case" of Franco-Belgian Dexia, in the words of the governor of the Banque de France, is the subject of specific thoughts.Started in late 2008, the restructuring could involve an alliance with Caisse des Depots et La Banque Postale in the field of financing local authorities (our editions of September 23), but without dismantling or modification of the shareholders, Dexia said.
Maintain and adapt
Rather than a recapitalization, institutions such as the authorities prefer to place a battle plan: take and adapt. Friday, Bloomberg TV, the governor of the Banque de France, Christian Noyer, reiterated his confidence in the strength of French institutions. However, it has raised its requirements: all French banks will have to comply, from 1 January 2013, new prudential regulations known as "Basel 3", that is to say six years ahead of schedule. The effort required is considerable.All things being equal, the transition to Basel 3 means a financial institution that it should, about four times its equity. In fact, banks will reduce the volume and level of risk of their assets and their businesses, so that the capitalization is less effort. The banked profits and payment of stock dividends must achieve the required level. For three years, the sector in France has already accumulated 50 billion euros of additional capital. The line of defense erected by the European Central Bank, whose windows are wide open cash to banks in the euro zone, is also a key element of the device.
"But we're not crazy," says a source familiar with the matter. The possibilities of slippage are many, starting with one that Greece would go bankrupt.Better to be prepared for any eventuality and have a plan B shares at any time, ideally in a European context. Tools that were used by the state in 2008 to recapitalize banks and guarantee their loans have not been dismantled, they can return to duty at any time.
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Financial markets had clearly joined the decommissioning of the debt rating of Italy. In fact, the announcement on the night of Monday to Tuesday, the degradation of the Italian note by Standard & Poor's had only a moderate effect on European markets. At the finish, the CAC 40 gained 1.50% at 2 984.05 points. The volume of trade is still small. About 2.6 billion changed hands on the great values of the Paris stock exchange.
Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. 2.88% ahead of Frankfurt, London and Milan by 1.98% to 1.91%. Wall Street awaited with optimism after the Fed meeting on Wednesday night.In session, the Dow Jones gained 0.47% and the Nasdaq 0.62%.
Paris, which opened on a slightly pessimistic quickly changed his tune, from the bulk of the session in the green. The index briefly accused the sudden mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world and expressed concern about the evolution of the economy in the United States and Europe. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to spread to major countries in the euro area Online payday loans.
If he had anticipated the deterioration in the rating of Italy by Standard & Poor's, the Paris market, retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to avoid a bankruptcy of Greece.A new conference was scheduled Tuesday night between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and International Monetary Fund. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.
In Paris, banking stocks have nevertheless taken the index back down green. Societe Generale lost 2.43% and 6.32% BNP Paribas. However titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%)
From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
Despite the strong rebound on Wall Street Tuesday, Asian stock markets are unable to confirm their good performance yesterday morning. Including the Nikkei in Tokyo Stock Exchange which is stable at 8729.79 points, after opening up 0.78%.
Moody's has in fact degraded by one notch (to Aa3) Note the long-term debt of Japan due to the massive debt the country, aggravated by the earthquake of March 11. In the process, the U.S. rating agency also lowered the rating of a crazn debt of large Japanese banks (Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking).While the title Mizuho is stable at 112 yen to the Tokyo Stock Exchange, Mitsubishi UFJ Financial loose 1.75% to 336 yen and Sumitomo was down 0.49% to 2198 yen.
Tokyo takes steps against the high cost of yen
While the yen regained some ground against the euro (110.52 yen per euro) and was stable against the dollar (76.70 yen to the dollar), the Japanese government also announced a series of measures exceptional to help companies: including facilities will be granted to them by creating a special fund of 100 billion dollars taken on the foreign exchange reserves to encourage them to invest abroad.
Despite this, the export value, including automobile manufacturers, continued to decline in stock: Honda lost 0.93% to 2,343 yen and Toyota gave up 0.86% to 2739 points.
Chinese financial markets, the Hang Seng lost 0.81% to 19.714.50 points while the CSI 300 gained 0.35% to 2830.83 points.
As for other Asian financial centers, the trend is also mixed: the Taiwan TAIEX was down 0.11% at 7541.80 points, the Kospi Index in Seoul lost 0.61% to 1765.78 points and the FTSE Straits Times of Singapore gives 0.48% to 2752.01 points. However, the BSE Sensex 30 Bombay is stable at 16,502.90 points and the S & P / ASX 200 advance 0.23% to 4182.80 points.
Oil prices rise
Oil prices were up Wednesday morning during electronic trading in Asia, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. In morning trading, a barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars. A barrel of "light sweet crude" for delivery in October was appreciating by 18 cents to 85.61 dollars.
From our correspondent in Washington.
There is no evidence that the economic activity that turn red in the United States. At fifteen months of the presidential election, 71% of Americans disapprove of the economic policies of Barack Obama. This is a record. Only one quarter of those polled by Gallup favorably consider his efforts in employment and public debt. In this context, the President of the United States promised to present to Congress in September, a plan intended to reconcile two seemingly contradictory goals: on one hand, stimulate demand and employment, on the other hand, sustained reduction the budget deficit.
"When Congress will return in September, my message is basically this: we do not have to choose between the reordering of our business budget or growth and employment. We must do both, "said Barack Obama, touring the Midwest.Aware that his reelection is played on its ability to convince centrist voters he represents the best alternative to save America from a serious relapse into recession, coupled with a public debt crisis, the president is preparing for a tough battle this fall.
To boost employment, Obama is considering various measures: the creation of a bank investing in public infrastructure projects, tax cuts for companies that hire a reform of unemployment compensation to support the training expenses.Without the intervention of Congress, the Treasury may also review the program ineffective assistance households renegotiate the terms of their mortgages to avoid eviction from their homes.
Convinced of his sincerity
For their part, Republicans who dominate the House of Representatives, show no desire to abandon their opposition to any form of stimulus spending, even in the short term. "We must stop this talk of new stimulus spending with money we do not," continues Eric Cantor, Republican leader of the House, as a response to the White House.
The purpose of Barack Obama is not so contradictory as it sounds. It is even consistent with the recommendations of the International Monetary Fund (IMF).This is to agree on a credible plan for long-term budget savings, while accepting the very near future new spending intended to strengthen a fragile situation. To convince his sincerity in spending cuts in the long term, the president has put pressure on the bipartisan Select Committee of Congress responsible for identifying 1.5 trillion dollars in savings over ten years, by the end of November . He hopes that it offers twice the spending cuts in the long term.
This implies, firstly, that one key to health costs. Now Barack Obama is prepared to do so, despite the opposition of elected Democrats. On the other hand, it would generate new tax revenues.To achieve this, while Republicans block any tax increase, the President hoped that the Committee will opt for a comprehensive reform of the tax code, eliminating popular deductions in exchange for a lower tax brackets for individuals and companies. It is further necessary that Barack Obama ahead of detailed proposals in this regard. He has not dared to do so far.
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"Our damage is the result of the positions of a political party over another," said David Beers of Standard & Poor's. It is in fact the political impasse that is degraded.
The agency draws conclusions from long weeks of fruitless discussions between the White House and Republicans in Congress on the issue of public debt. It punishes the agreement therefore insufficient on 2100 billion dollars in savings over ten years voted last week on Capitol Hill.
S & P expected, like others, agreed two times more ambitious and also noted the dangerous precedent set by the threat of default artificial Treasury for lack of voting in time for raising the ceiling of the debt.
Republican intransigence in this political struggle partly explains the lack of compromise.The Conservatives' refusal to consider any tax increase prevented Barack Obama to make concessions in terms of reducing social spending. As far the President has not operated to best deal with Republicans and finds himself in some way "degraded".
The Republican campaign already denounced the "president who has ruined America by driving up the debt of 40% and lose its" AAA "rating."
Imprisoned at Camp David for the weekend, Barack Obama has not even commented on the news. His approval rating fell from 40 to 42% last week, the lowest of his term.Beyond the trust, which is increasingly lacking, its scope is more narrow.
The prestige of America severely affected
While growth slows dangerously, it seems short of ammunition to boost growth because public debt is too high for a fiscal stimulus. The President has not found the words to restore confidence and prevent Wall Street dive. He can not expect miracles from the Federal Reserve, which already maintains zero interest rates since December 2008. At best, it is hoped that the falling dollar boosts exports and saves the United States of a new recession.
Finally, with this degradation of Standard & Poor's is the very image and prestige of the first power of the world that are severely affected.To the point that China, with over one trillion U.S. debt is now ready to teach economics at the American Barack Obama.
