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The cost of the banking relationship varies greatly from country to country in Europe, but there are reasons for this. That is the conclusion of the study in seven European countries by Bain & Company at the request of the French Banking Federation. Customers French banks not to complain: France is just below the European average in terms of pricing, with an index 95. While other countries are better off. This is the case of Germany (91), Belgium (80) and especially the Netherlands (70). But France is still cheaper than Italy (149), that Spain (107) or the United Kingdom (107).

Packages in the crosshairs

"In France, loans are not expensive. But the price of the bank on a daily basis is higher than the European average, "notes Nicolas Liolakis, partner at Bain.Overdraft fees, prices of the means of payment and other fees related to account maintenance proved higher in France and the Netherlands, Belgium and even in the UK. What grist to the mill consumer groups who denounce service pricing too expensive. The debate was launched this summer with the publication of the report Pauget-Constans. Emphasis was placed initially on the need to reduce the bill payment incidents for the frail. Already, Christine Lagarde, Minister of Economics who had commissioned the report, has asked banks to make efforts to improve transparency.

In the line of sight, the "packages", these packages collected monthly, considered more opaque and sometimes more expensive than the card billing.It was thanks to these packages, launched in 1990, that Credit Agricole, Societe Generale and BNP Paribas other muscles had reached the profitability of their retail banking, also undermined by fierce competition that 'they are engaged on credit. By comparison, British banks take, they, the bulk of their income on credit margins, very expensive in the UK. But the study emphasizes, as with any business service, attention to value for money: the French have, in particular, a mesh of branches among the densest in Europe combined with a high accessibility of the bank distance.

Elsewhere, it is rather one or the other. In the Netherlands, for example, the network, sparse, is complemented by a high rate of customers using Internet banking or telephone.In Spain, the opposite is true: customers enjoy the largest number of bank branches compared to the number of inhabitants and very little use of remote services.

Note also that France ranks well ahead in terms of financial counselors, both in their number and their training. In France, there are 176 client advisors for 100,000 customers, against 114 in the Netherlands and 99 in the United Kingdom. When 60% of advisors dedicated to French individuals claiming a degree, they are less than 20% in Spain.

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After the euphoria of Wednesday, the U.S. markets have continued their momentum but at a slower pace frantic Thursday. At the close, the Dow Jones ended up 0.49% to 10,320.10 points, the Nasdaq is 1.06% at 2200.01 points while the S & P gained 0.91% to 1090.10 points.

No big movements, the indices have stagnated at these levels throughout the session. Investors have also learned a pleasant surprise on the side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department. Economists had expected jobless claims averaged 475,000.

Other good news: the promise of real estate sales have rebounded in July.The index of sales agreements rose 5.2% compared to June, when the 79.4 economists had expected a decline of 1%. The decline in the month of June was revised down slightly, to -2.8% against a 2.6% previously announced.

Statistics mixed

But at the same time, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to show its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Moreover, the increase in orders received by U.S. factories in July was weaker than expected.These have increased – after two consecutive months of decline – from 0.1% to 409.5 billion dollars while economists were expecting an increase of 0.3%.

"It has a low volume of trade, economic indicators rather positive, so it is easy to push the market upwards," said Scott Marcouiller, Wells Fargo Advisors. "It does not happen much on the market," said Lindsey Piegza, FTN Financial, noting the hesitation of the indices during the session. The caution is called for before the publication of the very important report on employment and unemployment in August, tomorrow Friday.

Note that on the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety.

Burger King flies

On the side of values, the automotive sector should stand today.The month of August has actually been the worst for U.S. auto industry since 1983. Sales declined 21% to 11.47 million vehicles. Ford Motor (0.86% to 11.71 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (0.74% to 252.17 U.S. dollars) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

Burger King (25.08% to 23.59 dollars) has formalized its takeover by 3G Capital at a price of $ 24 per share.The total transaction is valued at four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.38% to 81.22 dollars) for the 19.9% stake it does not already own in Wesco Financial (unchanged at $ 363 ).

General Electric (0.80% to 15.13 dollars) and Westinghouse Electric might spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India, Financial Express reported Thursday.Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (1.20% to 39.68 dollars) announced Thursday it had raised its takeover offer for 3PAR (2.43% to 32.86 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars. In the process, Dell (1.98% to 12.36 dollars) refuses to bid and withdraw from the race.

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On Monday, the opening of stock markets in Europe, banking stocks will be the center of attention. While Friday night, 18 o'clock – evening after the close of stock markets in Europe – results of stress tests reported only seven failures out of 91. That is to say that 92% of the banks examined have managed to maintain a solvency ratio of at least 6% by simulating economic conditions deteriorated.

But among them, banks posted September 10 called Tier One ratios between 6% and 7%. It's like having a BA of 10-11 overall average. Deutsche Postbank, Piraeus Bank, Allied Irish Banks, Monte dei Paschi di Siena, Banca UBI, Bankinter and eight small Spanish settlements are on the list, which will be closely monitored by investors.The four French banks surveyed, BNP Paribas, Societe Generale, Credit Agricole and BPCE have all scored honorable.

On Monday, central bank governors and heads of Supervisors will meet in Switzerland to discuss the reform proposals on the strengthening of bank capital.

But after their success in tests of strength, European banks may find it difficult to argue that they can not apply a stricter financial regulation.

"Banks are ready to begin implementing the new rules are needed to strengthen the capital reserves and liquidity management of banks," also provided Vitor Constancio, Vice-President of the ECB. Basel III could thus move at a good pace.

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Anne-Marie Couderc, the current deputy director with the CEO of Lagardere Active, will be the candidate for the succession of Remy Plflimlin to head Presstalis (ex NMPP). After several days of hesitation and consideration, Anne-Marie Couderc will be the candidate of "consensus" by the Lagardere Group, operator of the largest distributor of media with 49% of its capital, to vote on the board of managers under 28 July. Its mandate should however not be limited to one year despite the change, expected by next June, the governance of Presstalis with the withdrawal of Lagardère.

His appointment is hardly surprising payday advance. Broken to the press, Anne-Marie Couderc has the ideal profile.A lawyer by training, she is vice-president of the Supreme Council Courier Press and knows exactly how it works Presstalis.

A time mentioned, the appointment of former senior official Bruno Mettling, rapporteur of the draft revision of the distributor that is the basis of work today, raised a legal issue. Immediately raised by the addition of competitor Presstalis, the Courier Lyons Press (MLP), which threatened a lawsuit in the event its name to Lagardère.

Anne Marie Couderc, asked the Buzz Media Orange-Le Figaro.

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There is a little over a year, the United States 19 U.S. banks subjected to stringent medical examinations. The release of the stress tests were then allowed to restore confidence in the U.S. banking system. Europe, undermined by the suspicion surrounding its banks, hoping to achieve the same success this week. Friday evening, 91 European financial institutions, including 27 Spanish, 14 German and four French, will unveil the results of "stress tests" concocted by the Committee of European Banking Supervisors. This measure of bank capital in the light of deteriorating economic environment. "We will see that all major European banks are in fact strong enough to withstand any earthquake either," Dominique Strauss-Kahn predicts.The director of the International Monetary Fund (IMF) does not, however, that the tests reveal "by here and there, small financial institutions in trouble." Black spots are expected in the German Landesbanken, the cajas Spanish or Greek banks.

Operation Truth

Already, the fact that Europe agrees to engage in this exercise in transparency has alleviated some pressure on the markets in recent weeks. Especially after a shaky start, the finance ministers meeting in Brussels last week, promised to act "in a coordinated manner and with greater transparency that is, by Belgian Didier Reynders No fax cash advances .

Just stay to confirm. For this, two opposite pitfalls are avoided. The first is that everybody is received.These days, voices were raised across Europe to ensure that Irish banks here in Portuguese, there, or even the Belgian KBC and Dexia, had passed their entrance exam. If all European banks triumphed over the obstacles set by supervisors, this would destroy any credibility to the operation truth. At this stage, the discounts applied in testing the debt of peripheral countries like Greece or Portugal, have not been disclosed. Their severity will be watched closely.

Second risk, in contrast, the health bulletin proves very alarming. Analysts at Credit Suisse, amounting to 90 billion euros for recapitalization requirements, a level below the capacity of public funding available in Germany or Spain.In the end, "stress tests" are designed to prove that European banks hold the shock but rather that governments, even the new European support fund, are capable of supporting them. First answer Friday.

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Fnac farewell to Wake & Games. The distributor of cultural products, a subsidiary of PPR, entered into exclusive negotiations with ïdgroup (Okaïdi, Obaïbi, Jacadi …) for the sale of 41 stores games and edutainment toys Fnac Eveil & Jeux and site Online sales associate. "The reference to the Fnac will quickly disappear from the sign, gives the" Figaro "Margaret Milan, CEO of the subsidiary. Eveil & Jeux notoriety enough to live alone. "

So finished playing for Fnac, which opened its first stores in 1997 Fnac Junior, before acquiring the next year the pioneer of mail-edutainment toys, games & Enlightenment. In 2005, two subsidiaries were combined and renamed the brand.The ensemble, led by Margaret Milan, the founder of Awakening & Games, was managed independently within the Fnac.

This relative independence explains that PPR, which formally announced in February 2009 its desire to disengage from Fnac, has decided to initiate a sales process for specific Awakening & Games.

If the transfer, the amount was not disclosed, go ahead, join ïdgroup Awakening & Games, the leading French ready-to-wear children. Its founder, John Duforest, is a former Camaïeu, which he took over the child activity in 1996. Together with Jean-Luc Souflet, he launched the brand in 2000 Okaïdi, targeting children 0-14 years and two years later Obaïbi, based on 0-5 years.Both brands now have 681 stores, including 347 in France freecreditscore.

A phenomenal success has led leaders to diversify. In 2005, ïdgroup bought Frydman family (former owner of Marionnaud) Jacadi, which has 270 stores, including 117 in France. Ïdgroup, which showed a turnover of 415 million euros in 2009 (but refuses to disclose its findings), also trying to revive a small sign of educational toys and arousal acquired in 2008, called Oxybul.

50% of distance selling

"Both groups will benefit from the expertise specific to each brand, including the qualifications of Internet sales and promoting the network of stores, provide Duforest Jean and Jean-Louis Souflet. "We specialize in multi-channel," says Margaret Milan.Half of the turnover of Fnac Eveil & Games (127 million euros last year) is carried in stores. The other half is done remotely, with 90% on the Internet and only 10% by phone or by mail.

Okaïdi may therefore accelerate the Internet, while awake & Games benefit from the experience of international ïdgroup, present in 60 countries. "Both companies share the same values," says Margaret Milan, delighted to join a group to "work for the awakening and development beneficial to the child," according to its founders.

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A new face to face. And this, for the third time since 2001. Airbus and Boeing had 14 hours until today to submit their proposals to the Pentagon to get the first installment of the fabulous contract renewal of the fleet of tankers U.S.. Or 179 tankers for about 40 billion dollars out of a total of over 400 aircraft in exchange for a check of more than 100 billion dollars.

The two rivals have delivered boxes and boxes of documents 8800 pages for EADS Air Force Base Wright-Patterson U.S. Air Force in Ohio. The Pentagon said it would issue its final decision on Nov. 12, after the midterm elections in Congress. Contrary to some rumors, there was no third deposit offer from the Ukrainian Antonov.

The ultimate battle for the tanker has begun.Airbus (2008) and Boeing (2003) have each won once this contract before it is canceled. In March, EADS had been forced to throw in the towel after the abandonment because of "biased competition" in favor of Boeing Northrop, its American ally at the time.

Convinced that his offer and his plane are the best and deal with the Pentagon's commitment to open competition "fair and transparent," Louis Welsh, president of EADS, has decided to descend into the arena. EADS proposes the KC-45, a military derivative of the long-haul A330. This unit has successfully completed numerous flight tests and has won every competition in the world including in Britain and Australia with two KC-45 must be delivered by the end of Payday Advance.Facing him, a derivative competes with Boeing's Military B 767, a paper airplane that does not exist yet.

48,000 jobs

EADS has provided a list of its 200 U.S. allies including some key partners for the militarization of the aircraft. Among them, the first is Rockwell Collins, a specialist in avionics and electronics, as announced by the letter AeroDefenseNews. This group of 4.5 billion dollars in sales, is a longtime supplier to Boeing and its … B767! Rockwell Collins provides the avionics include weather radar and the B 767-200. But it is also an expert in military electronics, which are sensitive equipment aboard the C-130 transport aircraft from Lockheed and the KC-135 Boeing.GE Aviation, Honetwell, Hamilton Sundstrand, Goodrich or agreed to engage behind EADS which the Pentagon has recognized as prime contractor (prime contractor). If its bid is successful, EADS to build an assembly plant in Mobile, Alabama. He believes that his project will create 48,000 direct and indirect jobs with the outsourcing to the United States.

EADS Has a chance to win and achieve the American breakthrough he has been waiting long? Many questioned both the military contracts are in final political decision. The price will determine the Pentagon said, putting pressure on the two groups. EADS has already said he would not take a contract loss

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Hard times for cement? This seems to believe the stock exchange operators on Wednesday. Every sector is affected by falls in Europe. The Stoxx Construction Materials lost 1.08% to 2550 points. This is the largest sectoral decline in Europe. A wind blowing across the cement concern since the Irish HRC issued a warning on its sales in 2010.

The Irish group announced Wednesday that its sales in 2010 would be affected more severely than expected by the consequences of fiscal consolidation in the euro area and slowing the pace of recovery in the United States. The penalty is immediate Dublin Stock Exchange: securities lost 8.76% to 15.62 euros to 10.40.

Meanwhile in Paris, his rival Lafarge signs the worst performance of the CAC 40.Titles unleash 3.32% to 40.18 euros on a market down by 1.55%.

Bond issue

Furthermore, the stock reacts to the bond issue launched by the French cement. Lafarge announced on Wednesday will raise 550 million dollars (about 437 million euros) from an "institutional investors in the United States. The program will last five years and will focus on a fixed coupon of 5.5%.

The funds raised are expected to refinance part of the group's debt, which on 31 March, amounted to 14.58 billion euros. The settlement and issuance of bonds are scheduled for July 9, 2010.

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Enshrined in the Mediterranean Solar Plan (SMP), Transgreen aims to channel a portion of the solar and wind energy produced in Africa to Europe by 2020. Its objective is to export 5 gigawatts (GW) of renewable electricity on a total of 20 gigawatts produced on the south shore of the Mediterranean. An investment of 8 billion euros granted to the future network in addition to 40 billion euros from the Mediterranean Solar Plan devoted to the production of this green energy.

Jean-Louis Borloo Transgreen is the "Union for the Mediterranean for real", a concrete infrastructure that prevails "on the institutional" and he does not hesitate to compare the ECSC, European Coal and Steel Community, the fathers of Europe.While strengthening North-South cooperation, the project will, according to the minister, not only to reduce emissions of greenhouse gases, contribute to European energy security but also ensure access to electricity Africa, a prerequisite to economic development. Transgreen could create over 150,000 jobs and increase of 10% electricity production in North Africa.

Thirteen companies and institutions (including the Deposit) founded the renowned consortium Transgreen. Led by EDF, the partnership remains open to new participants. With a modest budget 2-3000000 euros, the consortium will coordinate the efforts of investors.One of the most complex tasks will be to address regulatory and policy paving the way for the purchase by the countries of the EU electricity produced in Africa under conditions profitable for all partners.

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The French economy could be structurally affected by the crisis. In any case believes that INSEE detailing today its scenario medium-term growth in France. The French institute of statistics suggests that the gross domestic product (GDP) of France should not catch up in time of crisis. The INSEE estimates that France will find the pace of growth before the crisis but only part of the "lost ground" will never be caught.

INSEE said that the crisis "is a major macroeconomic shock," and can "have a lasting negative impact on employment, capital and total factor productivity. It tends to depress simultaneously the demand and supply. And according to the institute, the loss of revenue during the crisis and higher interest debt will weigh on the public debt and growth.Several scenarios are examined by the specialist statistics in France. The ratio of debt to GDP would increase by 40 percentage points of GDP by 2018, in the absence of debt reduction.

And INSEE said "the impact of different scenarios of loss of gross domestic product on public debt is raised to 2018, between 20% and 50% of GDP depending on assumptions. Didier Blanchet, head of economic studies, however, said "it is not a prediction, but a hypothesis.

Structural deficit gradient

The evening, Jean-Philippe Cotis, Director General of INSEE had said "the crisis has cost France, hopelessly, about 3 percentage points of GDP in tax revenue and social. Growth restarts quite normally, but it remains a scar.He said the structural deficit of public finances has deteriorated and 3 percentage points of GDP permanently and governments will have to correct this imbalance.

The IMF is no more optimistic

The International Monetary Fund (IMF) was little more optimistic yesterday. In its annual report on France, the institution considers that the recovery will remain "fragile" and the outlook "highly uncertain". According to the IMF, the government may have underestimated the significant budget reduction efforts to be made to return to 3% public deficit.

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