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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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The battle really begins Tuesday pensions. Face-to-face? Eric Woerth, Minister of Labour in charge of the case, weakened, will defend his bill to the House in the face of opposition members reassembled. The same day, the unions united to call the French an opportunity to mobilize against the reform.

The stakes are high. The unions are convinced that the number of protesters – they drew between 800,000 and 1.9 million people on June 24 – will the government's response. "There will be many people because it is an important reform," confirmed Eric Woerth. But unlikely that the response along the lines of what the unions want. Claude Gueant, the secretary general of the Elysee, was very clear on this point yesterday on Europe 1.

"The background of the reform can not change," he hammered on the pretext that "this reform is necessary."And the right arm of the Head of State noted that "the government will certainly put forward during the debate" on the issues of "arduous, long career and polypensionnés. In short, the subjects left open to discussion after the presentation of the June 16 bill and whose unions should know the methods "in the course of the week." They should have an overview Tuesday evening as Eric Woerth is the guest log TF1. The objective is clear: give them a little time to think before their meeting scheduled on Wednesday afternoon to determine the appropriate action to mobilize.

Four active for a retiree

No question, therefore, to revisit the key measure of the bill: the passage of 60-62 years of age of retirement. All Western countries have reached the age slider to balance their pension plans.The diagnosis is the same everywhere: the combined effect of demographic changes and the lengthening of life expectancy is jeopardizing the future of our pensions. In 1950, there were seven active for a retiree in the OECD countries, against four to one today and two in 2050 for a payday loans. The crisis and the soaring deficits have made more acute the need for reform.

Solutions adopted everywhere? The increase in the number of years to reach a full pension and the decline of the legal age of retirement, is exactly the path followed by France, but in even greater proportions. Under pressure from the IMF, Greece has increased the number of installments for five years and passed by 2015 the retirement age to 63 years.Even shock therapy in Spain and Germany, where the retirement age will gradually wedge to 67 years.

Another trend is to align the system of women than men. This is the case in Portugal, Italy and Britain, where the difference between women (60 years) and men (65 years) will be removed and the age increased to 68 years in 2045!

Other foreign education reforms: the relative political consensus in which they were conducted. The German reform of 2007 has been adopted by a large coalition including conservatives and Social Democrats. "The advantage of the German system is that it is very empowering," says economist Jacques Bichot. Everyone chooses their dates of departure and receive a pension based. "

Same in Sweden, where the age limit has simply vanished.In the Scandinavian system, each has a "virtual account that accumulates points throughout the career. Each year, the Swedes are an orange envelope that indicates the amount of their pension calculated on the basis of life expectancy, economic growth and respect for the system's financial balance.

Needless to say that France is an exception with its 60 years of age and 58.7 years of actual age, the lowest in the OECD. Better, it is also in France that we spend as much time in retirement: 24.5 years in 2007, against 19.8 on average in the European Union and 14 in Japan, the lowest.

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A history of gold? The fund Bridgepoint entered into Friday night to Saturday two agreements to buy the first two channels simultaneously French jeweler midrange, Histoire d'Or and Marc Orian.

If successful, a priori, in October, the transaction remains subject to the advice of two councils and the approval of competition authorities, would bring the delicious result of two brands created by successive Sylvain Krief in the 1980s, and whose networks are geographically complementary.

Histoire d'Or, owned since 2006 to fund Silverfleet Capital, has 200 stores, almost all located in shopping malls on the outskirts of cities. The company is dynamic. Its turnover amounted to 220 million euros in 2009, up 1.1%. In France, its network of stores has almost doubled in size in four years.Elsewhere in Europe, the brand has established in Belgium and Italy. History Gold was also launched in 2007 teaches J'M (six stores), on the same niche, but more likely.

Good mid-range resistance

Located also in the malls, Marc Orian Group operates its side a network of more than 250 stores under the Marc Orian and Treasury, and annual sales of around 130 million euros. The company is owned since 2006 by QUALIUM (formerly CDC Capital Investissement) who bought from Crédit Agricole Private Equity.

The combination of these signs would create a network of over 450 shops for a turnover of around 450 million euros. It has been several years that the funds eyeing the jewelry chains midrange.The sector has grown steadily against the current of a market down 2% last year, mainly at the expense of traditional jewelry stores downtown.

Bridgepoint could benefit from his position of arch-leader to refine the positioning of its various networks, optimize purchasing and address the heart of market towns by launching a new concept.

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The U.S. equity market, which opened on a negative note on Friday, steadily widening their losses throughout the session. Around 9:00 p.m., the Dow Jones moving down 2.7% to 9977 points, below 10,000 points. The Nasdaq fell 3.36% to 2226 points and the S & P by 3.27% to 1067 points.

Investors morale in the socks while the euro hit a new low since March 2006, more than four years. The euro fell below U.S. $ 1.2 on Friday night.

On Thursday, after a meeting very nervous, Wall Street has ended on a modest increase. But this Friday, the employment numbers came out worse than expected.The U.S. economy created 431,000 more jobs than it destroyed in May, said the monthly report on employment in the department, but analysts had expected a figure much better, however, since they felt that half million net new jobs were created in May, according to their median forecast.

Yesterday, the firm always announces that EPA's own figures with a time ahead of the official statistics said that the private sector fielded in May its fourth consecutive month of net job creation (55 000).To most observers the Labor Department figures should be much higher because they include the public sector has likely hired hundreds of thousands of people to the decennial census cheap pay day loans.

Fall of oil

Euro and weak U.S. indicators are worse than expected, the oil could only suffer.

The price of black gold fell on Friday in New York at the close, the price dropping more than $ 3.A barrel of light sweet crude for July delivery finished at 71.51 dollars (-4%).

Pfizer and Dell in the crosshairs

On the side of values, Pfizer Pharmaceutical Group (-1.92% to 14.94 U.S. dollars) has recalled about 400,000 units of intravenous drugs made by Indian generic group Claris and distributes it to the U.S. following a reminder from the FDA, the American drug agency.

Always on the side of values, the rating agency Standard and Poor's estimated at three years the time required for refinancing mortgage agencies Fannie Mae American (1%) and Freddie Mac to lock the bad loans they own or guarantee.For S & P, the problems are concentrated on housing loans contracted in 2006 and 2007, at a time when interest rates and purchase prices were much higher than today.

Also note, the president and founder of Dell (-2.8% to 13.4 dollars), Michael Dell, has revealed he planned to withdraw from the Stock Exchange the company he founded.

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In a tourism market flooded with an avalanche of packages at low prices, Voyageurs du Monde is still a difference with the tailored, its core business, travel and adventure (Adventure Land, Mobile). Last year, its net income remained stable at 6 million euros for a turnover down slightly (-2%) to 239.5 million euros. Voyageurs du Monde is doing so better than the French market tourism which has fallen 10%.

In 2009, the tour was from close to 130,000 travelers, who spent an average of 2,000 euros for a stay on measure and 1200-1300 Euros for an adventure tour.Although his clients have decided later before booking (on average between 1.5 and 2 months before departure date), but they agreed to pay as much for their journey in 2008 as a whole Voyageurs du Monde maintained its rates.

"Under normal circumstances, the two forms of travel, tailor-made adventure, taking market share from the traditional guided tours in groups, said Jean-Francois Rial, president of World Travelers. The economic crisis does not change the style of holiday. However, people want more and more services and take their time making fewer visits to enjoy the place more " low rates payday advance.

At the World Travellers, tailor-made up the bulk of the activity (57% of turnover). It rose 0.5%.In France, a niche (15% of the travel market, against 50% for bathing and 25% for circuits) that Travellers World has operated as a person: "We have no competitor who covers the world as we do, says Lionel Habasque, deputy CEO. We also have the advantage of ensuring our direct distribution. And as we sell our own travels we are able to pass on any price reductions in real time. "

Before the cloud of ash from a volcano Icelandic party does not disturb the tourism industry throughout Europe, Travellers World recorded a 10% increase in bookings for 2010. According to Jean-Francois Rial, this incident represents a loss and a shortfall of around 800,000 euros. The tour operator offers reports for one year. "They would be entitled to 100% charge, without delay," said Jean-Francois Rial.There will be no refund.

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In the wake of the optimism about the global financial markets, including Wall Street, U.S. stock prices were at a standstill Friday in the opening exchanges.

It was not counting the lower by Standard and Poor's of its recommendation on Goldman Sachs from "hold" to "sell" and its price target from 190 to 140 dollars. The titles of the U.S. bank fell by more than 7%.

Around 4:20 p.m., the Dow Jones, Nasdaq and S & P 500 -0.27% change respectively to 11,137 points, 2,498 points to -0.58% and -0.54% at 1,200 points, after opening around equilibrium .

On Thursday, markets were reassured by announcements from Brussels on the Greek case.This Friday, the country announced it was preparing a shock treatment for the public finances.

The number of days across the Atlantic, guarded by all investors in the financial world, was published at 14.30 Paris time. This is the first estimate of U.S. GDP for the first quarter of the year, which emerged in growth of 3.2%.It's worse than expected.

Indicators to monitor

At the same time, rising labor costs in the United States accelerated in the first quarter for the first time since 2008, according to figures released Friday by the Labor Department.

Increased economic activity in the Chicago area (northern USA), a closely watched index, accelerated in April, the index rose from 59.9 to 63.8 easy payday loans.

Moreover, the morale of U.S. households has deteriorated in April but less than expected, consumers holding that the recovery is well under way even though it is slow, final results showed on Friday of the monthly survey of Thomson Reuters-University Michigan.

McAfee tumbles 12%.

Side companies, results in the first quarter of Chevron reported a net profit of $ 4.55 billion, doubled in a year. The shares are timidly 0.04%, to 82.32 dollars in early trade.

Yesterday, ConocoPhillips (-0.02% to 59.09 dollars), oil group announced it had doubled its profits to 2.1 billion, or 1.4 cents per share. Volume production is down 5.2% on a year (mainly related to the fields in the North Sea), but rising oil prices could imply a higher turnover of 2.6 times.

After-hours trade, McAfee, the editor of anti-virus software has unveiled a decline in profits to 37.6 million dolars, or 23 cents per share.The securities fell by 12.18% to 34.72 dollars.

The U.S. Justice had opened a criminal investigation against the U.S. investment bank Goldman Sachs, say several U.S. media including the Wall Street Journal and Washington Post. The U.S. bank still loses more than 7.6% on Wall Street, 147.1 million.

Standard and Poor's lowered its rating on the bank.

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"It was a time, Wall Street firms protected them customers. The irony about Christopher Whalen, head of research firm Institutional Risk analitycs in response to the announcement by the SEC (Securities and Exchange Commission) – The U.S. stock market watchdog – the filing of a complaint for fraud against Goldman Sachs.

The U.S. bank would have hid crucial facts about financial products affected by the subprime crisis. Fraud concerns the structuring of CDOs (collateralized debt obligations) linked to subprime subprime.

Goldman Sachs's action was immediately heavily affected by this lawsuit. Around 17h35, the title fell by almost 14% to 160.3 dollars, bringing in its wake many financial stocks and the major global indices.

The SEC accused the bank and one of its vice-presidents, Fabrice Tourre to have misled investors by concealing important facts about the financial product concerned, while the U.S. housing market began to deteriorate.

"Unfounded" according to Goldman Sachs

"The accusations are completely baseless SEC according to law and the facts and we will vigorously contest and defend the firm and its reputation," the bank said in a statement pay day loan lenders.

Around 19 hours, Wall Street was still affected by the news, the Dow Jones dropping 1.31%, to 10,999 points – falling below the psychological 11,100 points high – while the Nasdaq slipped 1.57% to 2476 points – the bar is also crossed 2,500 points down – and the Standard & Poor's 500 yielded 1.75%, to 1190 points, below 1,200 points.

Huge loss for its property fund

On Friday morning, more bad news has been unearthed: the Whitehall Street International Real Estate Fund managed by the U.S. bank would have lost most of its value, according to the annual report sent to investors last month, and published this Friday The Financial Times.

The report highlights poor investments in the U.S., Germany and Japan. Its net assets would be dropped to 30 million euros when it was previously estimated at 1.8 billion euros (1.3 billion euros).

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The wind blows hard recovery Axa Private Equity. In recent months, the French giant's capital is moving on all fronts. His latest feat of arms should be implemented by mid-May through the acquisition of travel booking site on the Internet Go Voyages. As announced in Le Figaro on Friday, the fund has topped the pole Axa Permira and Carlyle to enter into exclusive negotiations with the duo of Groupe Arnault and CNP, a holding company owned by the Belgian financier Albert Frere. The deal would value Go Travel between 300 and 350 million euros.

"We have built for years a strategy of diversifying geographically and by business line (investment, direct fund of funds, infrastructure …). The crisis has largely confirmed our choice ", says Dominique Senequier, who chairs AxaPE.With 25 billion dollars of assets in the portfolio, AxaPE plays in the yard of the largest global funds and in France is arguably one of the "winners" of the crisis. "The rise of AxaPE has been facilitated by the particular difficulties of PAI," said one investment banker.

In February, AxaPE Spotless sold, the manufacturer of Water Scarlet, to BCPartners for nearly 600 million euro cash advance america. Its collection infrastructure is also left on top speed. Allied to the Deposit in a consortium led by Vinci, he won the huge contract in late March from 7.8 billion euros to build the TGV Tours-Bordeaux.A month and a half earlier, Vinci and AxaPE were also selected, this time to install a GSM network in the trains, a contract for 1.4 billion euros.

Negotiations with KBC

As for funds of funds, a job that involves identifying the best managers to invest in their funds, AxaPE poised to grow. The group has entered into exclusive negotiations with NatixisPE in February to resume portfolio (valued 543 million euros) iXEN, NIPartners and Initiative & Finance. Axa is also advanced negotiations for the acquisition of part of the portfolio of 300 million euros at KBC.

"We now have 7 billion dollars in cash. We can move very quickly on opportunities, "says Dominique Senequier.Asked about the likelihood of a sale of its entity by the parent, the insurer Axa, the ruling notes that "AxaPE is part of the multi-expertise of AXA Investment Managers.

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Like many manufacturers of generic drugs – legal copies of original drugs – Mylan is unknown to the general public. Yet the number one generics in France, with a market share of nearly 30% in pharmacies, and the third lab by the volume of drugs sold. In 2009, Mylan has sold 210 million boxes in France and its turnover of 754 million euros, increased by 15%.

For the whole group, the turnover reached 5.1 billion dollars (3.7 billion euros) and net income of $ 582 million. The company listed on Nasdaq is the third generic manufacturers in the world behind Israel's Teva and Novartis subsidiary Sandoz. Pride of place on a huge market.Drug sales amounted last year to 752 billion, said yesterday Didier Barret, president of Mylan Europe, Middle East and Africa, and generics are an important part. In the U.S., they reached last year 71% of sales. The value of generic, cheaper drugs under patent, represents a much smaller share of the pharmaceutical market.

Thus, while they represent 50% of the volume of drugs sold in the EU-27, they weigh only 18% of total sales. A shift appreciated by European governments who save through the credits, 25 to 30 billion euros per year. In France, Social Security has reduced its costs last year of 1.1 billion euros. One third of this gain has been achieved with Mylan.

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The story accelerates. This Friday, the Japanese group Sharp has introduced a tiny touch screen, color, reproducing 3D videos. The big innovation is that this screen does not require glasses. A step that should be taken seriously. Unfashionable as it may eventually large screen televisions in 3D now being launched in the U.S. by Samsung and Panasonic but need to don special glasses.

However, to see the effect in relief, it is necessary to be right in front of the small screen, 30 cm apart. "We can only produce small screen in this technology. In addition, 12.7 cm diagonal. It must be well in front, otherwise the perception of 3D fade, "says Patrick Chardin, director at Sharp France. To develop its new technology, the Japanese group has improved its previous innovations.Three years ago, in Tokyo, Sharp has introduced an innovative technology which allowed three people to watch at the same time, a different program broadcast by the same TV, depending on the position of each face on the screen. Each point on the screen was broadcasting a different image depending on the viewing angle of the viewer.

According to this principle, with an image emitted for each eye, the semiconductor division of Sharp has designed its new 3D display device called an "interlaced effect. The additional cost compared to a conventional screen is not excessive.For the screen in landscape consists of a conventional LCD panel on which is placed a filter.

Nintendo

But because of its limited size for the 3D effect, "we focus on three markets: portable gaming devices, smartphones (note: mobile phones for surfing) and embedded screens, such as GPS in cars" said Patrick Chardin payday loans.

Production should begin in September. One of the first objects that can use this technology should be the next portable game console, Nintendo 3DS, announced last week and promised for 2011. For its previous screens of the DS, sold 125 million units, Nintendo had already appealed to Sharp as a supplier.

Nintendo's next console will be presented in June in Los Angeles at E3.The Japanese group said the old games the DS can be reused on its future console. With 3DS, the group led by Satoru Iwata will take another step ahead of the Sony PSP (67 million), which was sold two times less than the DS. In addition, the CEO of Nintendo will reduce competition from the iPhone and iPod Touch which guests are on the market for portable game consoles.

Moreover, it could sell 78 million smartphones equipped with 3D screens by 2018, says DisplaySearch.For now, only one mobile is sold only in Japan by Hitachi, with a 3D effect without glasses.

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