Negotiated discounts

Go Digital Edenred offers the possibility of expanding its range of services. In France, the electronic Ticket Restaurant, the former Accor Services will offer "specials flash" in stores. The principle: allow recipients to take advantage of its products negotiated discounts.

Philippe Mimran – all depends what you mean by "safe." If this is the sense of repayable loan, the answer is yes. France is able to repay its debts. However, if the sense of an investment that does not generate short-term losses, the answer is no. In other words, the French government bonds are no longer as safe as German bonds. Financial markets expect interest rates continue to rise. This difference of 190 basis points is the same as that between Italian bonds and German bonds in July.The French bonds are more risky than a month ago, European banks sell massively.

Why?

The rules for accounting for government bonds in banks' balance sheets have changed. Until then, when a bank subscribed to an obligation of 100 million euros to 2.5%, it maintained that amount on its balance sheet and collected an annual coupon of 2.5%. And, regardless of the carrying amount of the obligation. Now, if the title is only worth 90 million euros, it instantly suffer a loss of 10%. The balance sheet of banks is affected. For secure, regulators require them to strengthen their capital.

The American action in partnership, supported by a California resident, filed Wednesday in federal court in Santa Ana, California. Research In Motion is accused of breach of contract, negligence and unjust enrichment.The complaint, filed on behalf of 2.4 million BlackBerry users in the state, requires financial compensation.

The other complaint, filed in the Superior Court of Quebec, on the lands of RIM, is from the "Group of consumer law", a firm specializing in class actions. She asks RIM to "take measures to offset direct or indirect users of BlackBerry," and "arranging" for operators reimburse their customers.

A drop in share price

Following the cut massive services reached between 11 and 14 October, the group of Waterloo, Ontario, decided to offer its customers for $ 100 of free applications for compensation and a free month technical maintenance for businesses."We are committed to ensuring a high level of reliability now and in the future," had secured one of two owners of RIM, Mike Lazaridis.

These two class actions against Research In Motion have been filed when the company through this week a new crisis of confidence, stock market this time. On Wednesday, the share price was unscrewed from 7.48% after the announcement of the postponement until February of the second generation of the PlayBook. This tablet, which would compete with the iPad, has so far garnered very disappointing results. Since 2011, the title of Research In Motion has lost almost two thirds of its value.

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This is a great gift for viewers, but it's a puzzle dangerous for the TV market. With 25 free channels instead of 18 now, the whole landscape that will, once again upset. The Ministry of Culture no mistake. To limit the damage, he advocates the creation of channels with smaller economies than minigénéralistes who need to drain the advertising market heavily to live.

In its report on the future of TNT, Michel Boyon, the president of CSA, stressed that the advertising market is not extensible. This observation invites the CSA and the Rue de Valois to protect the large general-interest channels that have already been hard hit by the creation of DTT channels in 2005. In six years, these have already assumed 25% of the television audience and 12.5% ​​market pub. Today, however, only those projects that should be presented by Team TV, Screenrush, NextRadioTV (RMC Sport) or Equidia (PMU) are channels. All others are minigénéralistes. And propose TF1 TV Breizh, push M6 M6 Family WikiTV and Paris Première. Canal + continues to campaign for the free channel Canal 20 payday loans.

For its part, has already promised an NRJ TV Honey aimed at women and a chain TV Nostalgia for heritage programs.The CSA will decide whether looking for channels to anger the left or if historical actors assigns frequencies to minigénéralistes.

Specialists in the advertising market are reassured by any equation. "While 2011 will end positively for advertising, Régine note Tournier, expertise and purchasing director at Havas Media, there is a slowdown and we have no visibility into 2012. The arrival of new channels is likely to introduce more competition in the market and lower prices. "

"A market of mass media"

On the other hand, the expert noted, "it is not certain that the arrival of channels is a good thing because it will encourage the fragmentation of audiences.Strings that will fare best will be those backed by a large group to benefit from synergies. "

Another danger, if the number of free DTT channels increases, the pay packages of cable and satellite will lose their appeal. "The more free channels, said one expert, the less reason to subscribe to a pay offer. Especially since they are important channels of cable and satellite (TV Team, Equidia, Paris Première, Ed) which candidatent to DTT. "

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The enthusiasm of the morning gave way to uncertainty about after German leaders who are very cautious about a future resolution of the crisis in Europe.

Investors have not long welcomed the determination shown by European finance ministers at the G20 Finance last weekend."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed ministers in statement.

Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin.For its part, the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extremely vigilant" with regard to public finances.

Attempted to reassure the ability of the International Monetary Fund (IMF) to support countries in difficulty, Christine Lagarde, the Executive Director, has determined that the resources of the institution for the time were "appropriate" and "fit" to Micro Europe 1. And, while many European countries are considering to use the Fund to prevent contagion of the crisis in the euro area in case of bankruptcy of Athens.

Measures of expected savings on the U.S. side

On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan.Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, from the threshold of 1.299 trillion dollars, making it the second biggest deficit of the History of the United States.Concerns also weigh on U.S. growth, after the deterioration of consumer sentiment surprise U.S. beginning in October, falling incomes leading consumer expectations to their lowest level for over 31 years guaranteed approval cash advance loans.

Following the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week.

The euro retreated slightly

On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.

Banks remain top values ​​to follow this Monday

• Banking

Standard & Poor's (S & P) announced Friday it lowered the long-term rating of BNP Paribas (-3.72% to 31.05 euros) from "AA" to "AA-" and the Bichri (Banking Industry Country Risk Assessment) of France in Group 1 Group 2. In this context, investors will keep an eye on Societe Generale (-2.81% to 20.25 euros) and Credit Agricole (-2.16% to 5.085 euros).

• Dexia (-16.71% to 0.578 euros)

The National Assembly will consider the draft supplementary budget by establishing a government guarantee.

• Air France-KLM (1.43% to 5.606 euros)

A special board meets Monday for the start RECORDED Pierre-Henri Gourgeon, as revealed by Le Figaro yesterday.In addition, three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints to protest job cuts.

• Renault (-3.06% to 26.635 euros)

The new organization called the head of the manufacturer after the false spy case will come into force on 2 November as planned and strengthen the power of the CEO Carlos Ghosn with the aim to avoid the fiasco of the early recurrence in 2011.

• Axa (1.74% to 10.745 euros)

The French insurer Axa wants to eliminate by 2015 about 1,500 jobs in Germany, or one sixth of its workforce in the country, the Financial Times Deutschland on Monday.

• Eurosic (-0.43% to 32.35 euros)

The group has completed the acquisition of 22 office buildings with GE Capital Real Estate valued rights included 340 million euros.

• Edenred (-3.03% to 18.57 euros), Guyenne Gascogne (1.50% to 80.66 euros), Mercialys (-0.11% to 27.5 euros) will publish their results for the third quarter after Stock Exchange.

In search of food markets growing, the boss of PepsiCo, Indra Nooyi, displays for months his ambition to enter the dairy sector. The group is indeed under pressure from shareholders to boost its growth, to compensate for the decline of its traditional soft drinks in the United States.The yoghurt market in contrast has almost doubled over the past decade in America.

The Wall Street Journal, the multinational company is in talks to create a joint venture in the United States with German dairy group Theo Müller. The latter, already present in the UK since 1995 with its brand Müller Corner, also happens to be looking for expansion outside Europe. The brand and type of yogurt that the alliance wants to produce is not yet known. No more than the amount that the two partners plan to invest easy payday loans.

Positive

With dairy products, Pepsi expand its portfolio of 19 product lines that each generates over a billion dollars in revenue, and would complement its offering food to the radius, at present limited to Frito Lay chips and other crackers Doritos and Cheetos.Above all, the yogurt group would bring to the positive image of the nutritional point of view. Soft drinks like Pepsi, Gatorade, Mountain Dew and Seven Up, are criticized for their high sugar content and are regularly projects surcharges, while snacks are for their salt content.

PepsiCo has already begun to diversify into less controversial products: fruit juices, with the acquisition of Tropicana in 1998, or breakfast cereals with the acquisition of Quaker in 2001. One of the strategic group is also to develop snacks and other snacks made from healthy products. The firm has for example launched last year Tropolis, mashed fruit presented in liquid water bottles for children.By creating a center last year called "Global Nutrition Group," PepsiCo has set a goal to triple its turnover in 2020 in this niche products based on fruit, vegetables, grains and of milk. Dr. Mehmood Khan, an endocrinologist came from the famous Mayo Clinic, was engaged in conduct that set.

The "wise men" are aware that the candidate will also appeal to the state, which supports the candidacy of Alexander Juniac, adviser to the Minister of Economy, Baroin instant personal loans guaranteed.Pierre-Henri Gourgeon is on the same line, but not Jean-Cyril Spinetta, Group Chairman, a supporter of the appointment of a "pro" for a business sector heckled by the TGV, the low-cost, companies of Gulf and Asian competition.

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Other taxpayers prefer to invest in developing their heritage. To alleviate the ISF, they will be willing to take risks. For their salvation will come from SMEs.Taking an investment in an unlisted (eg during a capital increase), they are entitled to a tax reduction equal to 50% of their bets, capped at 45,000 euros. "For the first time this year, this tax benefit is granted subject to maintain this participation decade. The minimum period of detention was until 2010 only five years, "says Didier Orens, Director of Private Banking Palatine.

New deal to invest in SMEs

Unless you're used to playing the angel, or to have in its relations to an entrepreneur confidence eager to welcome new shareholders, it is very difficult to choose oneself society adequately. But sometimes private banks épaulent their clients in this process.Banque Palatine, for example, proposes to support film production, investing in a small business designed with the specialist who already operates its Sofica (companies that finance the film industry and provides a tax advantage for income tax) .

Last year, it was still possible to diversify risks and build on a number of SMEs both through a holding company that was responsible for selecting them. But the new rules imposed on these structures this year has had a dramatic effect: it creates it virtually over. Investors can not expect to reduce their ISF through them no fax cash advance.

To receive a turnkey management and a diversified investment must subscribe for units of FCPI (mutual funds in innovation) or FIP (local investment funds).If the fund is committed to devoting 100% of its portfolio in SME financing, the taxpayer is granted relief on ISF 50% of the amount subscribed. If the fund is content to place in non-listed 80% of its assets (the remainder is invested in money market investments in listed shares, bonds …), the tax benefit is "only" 50% × 80% 40% of the bet. In all cases, the economy of ISF is capped at 18,000 euros. The subscriber must keep its shares five years, but the actual duration of the investment is longer, sometimes over a decade … because you have to allow time for the manager to sell the participations in the capital of companies (with another fund, another group leaders.) and to reimburse the taxpayers as well. The new trend? Some FCPI FIP and invest in convertible bonds (non-listed course) issued by SMEs in obtaining financing."This is a solution increasingly demanded by business leaders because it prevents them from being diluted by new shareholders," said Fabrice Imbault, associate director at A Plus Finance. Another advantage: the FIP or FCPI know more precisely what date it will be refunded.

Among the FCIC that matured (ie, generally between seven and ten years after the purchase), some showing heavy losses. Others have preserved capital or even offered a capital gain of 10% to 50% throughout the period (excluding tax benefit and entrance fees). How to sort the wheat from the chaff? "The most important is that the manager has a sufficient deal flow, that is to say that SMEs seek the spontaneously when accessing finance. This implies that it is known entrepreneurs or intermediaries who advise them, "said Fabrice Imbault.Because for the money, good "records" of investments are not so numerous. And they are coveted.

In any case, what emerges from the latest wave of the Baro-Eco Viavoice for HEC, Le Figaro and France Inter, in August, the total fertility fell by 30 percentage points from May "Unheard of. And, – 55, the index fell to its lowest level since its inception in 2004, "insists François Miquet-Marty, president of Viavoice.

All indicators are in red and some even collapsing altogether. Thus, three out of four frames (+ 25 points) expect a deterioration in living standards in France in general in a year, against one in two in May.And nearly eight in ten (39 + points) forecast an increase in unemployment in the coming months (the survey was conducted before the publication of poor figures from July). "The extent of the deterioration of macroeconomic indicators is particularly worrying," believes François Miquet-Marty No teletrack payday loans.

Fear of a recession

In this context, it is not surprising that they are pessimistic about the evolution of the economic situation. Seven in ten think that France "will again be in recession" over the coming months."The risks of recession concern especially as states now have more ways to revive the economy," said President Viavoice.

The personal perspectives of white-collar darker too, even though the labor market frameworks remained well oriented in July, according to latest statistics from the Apec, with offers up 67% over 12 months. According to the barometer Viavoice near a two-part (+ 16 points) think their personal financial situation "will deteriorate." More than eight in ten believe that the opportunities to advance their careers will be "weak". "Vote the budget framework of Franco-German proposals against the crisis, G20 in the fall: the appointment of school appear to be crucial to restore the confidence of executives," said François Miquet-Marty.

Click the preview to enlarge the graphic.

While the manufacturing sector remained in growth in the United States in August, while analysts expected a contraction. This index, calculated by the Institute of Supply Management (ISM), falls to 50.6 against 50.9 in July and 48.5 expected.But investors have extra caution while construction spending heavily relapsed in July in the U.S., continuing to suffer from the weak housing market, according to figures released Thursday by the Commerce Department.

In addition, the decline in nonfarm productivity in the United States was larger than initially announced in the second quarter, against a backdrop of weak economic growth, according to revised figures released today by the Department of Labor. And the number of jobless declined in the United States during the week to August 27, at 409,000 against 421,000 the previous week. Economists were anticipating 410,000 registrations.

The blow came from the White House. If it has revised down its forecast budget deficit of the U.S. federal government for 2011 and 2012, it has also revised down its growth forecasts.The Budget Office of the White House (OMB) said in its biannual journal that the deficit should reach 8.8% of GDP for 2011 and 6.1% for 2012. It revised down its economic growth forecast to 2.1% this year and 3.3% for 2012, pushing the unemployment rate to 8.2% in the fourth quarter, up 0.9 point less than in July 2011.

European debt worries yet

In Europe, the issue of debt remains a concern for investors. According to calculations by economists of the IMF if the European banks were asked to write on their balance sheet obligations of States in the euro area market value, their tangible equity would fall to about 200 billion euros in total, from 10 to 12%, reports the Financial Times. In fact, the debt crisis is far from over and the discrepancies between European leaders are continuing.Latest, the EU president, Herman Van Rompuy, downplayed the significance of the "golden rule" budget that Paris and Berlin want to impose the euro area, even as France in extolling the virtues.

Values ​​to follow

The side of values, French Fimalac announced the sale of its Canadian subsidiary Algorithmics, specializing in software for the financial industry, IBM (-0.92% to 170.32 dollars).

Automakers said Thursday strong growth in sales of cars in the year to August in the U.S., 31% for Chrysler, Nissan 19%, 18% for General Motors (-4.16% to 23.03 dollars) and 11% for Ford (-2.52% to 10.84 dollars), despite difficult economic conditions.

The title Ciena surged 20.18%. The manufacturer of equipment for telecommunications shows a profit for the first time in three years, while analysts expected a further loss.

Goldman Sachs has been unscrewed from 3.49%. The U.S. Federal Reserve demanded that the U.S. bank to make the services of an outside consultant to review the mortgages issued by one of its subsidiaries, to identify and compensate borrowers who have been victims of improper seizures .

In addition, a judge overturned the conviction of SAP (-1.04% to 53.85 dollars) to pay to $ 1.3 miliard Oracle (-0.80% to 27.85 dollars).

The distribution group online eBay (-1.43% to 30.43 dollars) is looking for acquisitions in Japan and China, the two largest economies in the Asia, where the group wants to develop, said an official of the eBay Wall Street Journal Thursday.

Also note, after closing the CEO of the U.S. investment bank Bank Of New York Mellon (-0.15% to 20.64 dollars), Robert Kelly, has resigned because of "differences in management approach Company "with the rest of management, said Wednesday the establishment.He was replaced by Gerald Hassell, a member of the board, the bank said in a statement.

For its part, the number two mobile phone in the U.S., AT & T (-0.74% to 28.27 dollars), suffered a blow Wednesday with the opposition of the competition agencies, the proposed takeover its rival T-Mobile for $ 39 billion.

Cameron International (-0.83% to 51.53 dollars) has announced the acquisition activities of LeTourneau drilling products held by Joy Global for about $ 375 million in cash. The same Joy Global said it had experienced for its third quarter ended July 29, orders rose by 49% to $ 1.4 billion and sales up 34% to $ 1.1 billion.Operating profit reached $ 236 million against 172 million last year.

Costco Wholesale (1.20% to 79.48 dollars) issued net sales up 17% year on year to 6.9 billion in August and 27.6 billion dollars in the fourth quarter. In addition, CEO Jim Sinegal announced his departure on 1 January 2012 and its replacement by the Director of Operations Craig Jelinek.

Stryker (-1.23% to 48.24 dollars) will acquire Concentric Medical, specializing in the manufacture of products for the treatment of ischemic stroke, for $ 135 million.