Style and Classic Forever

In the storm that shook markets for months and financial groups, online banks are doing better than resist and explained by lower rates, a direct relationship to the client and fewer activities but prosperous.

Small in size despite a decade of activity – they now account for about 3% of French retail banking market – they show high goals and take advantage of the difficulties of traditional institutions – even though they they belong to the essential.

“I feel a momentum carrier. The need to pay less, be more attentive to his charge spring, so when there is a discourse of crisis, it is more favorable to online banking,” said Pascal gave to Reuters, President Fortunéo, number three in the sector with 150,000 customers and 210,000 accounts at end-2010, which expects 600,000 accounts in 2015.

Like its competitors, it recognizes that the big banks “suffer a little” with the debt crisis in the euro area and the need to strengthen their balance sheets.

These problems culminated in a sudden collapse in the stock market in the heart of the summer – Societe Generale sold 61.02% between July 1 and November 21, BNP Paribas and Credit Agricole 49.67% 60.14% – and today savings plans.

Boursorama, number two online banking in France, has limited the loss of this period to 26.88%, outperforming the European index of the sector (-34.98%).

In terms of image, “the crisis has two effects for banks in general: there is less patience with the lack of transparency or information and the sector as a whole was manhandled,” observes Marie Ramli, director products and channels at ING Direct.

Enhanced legitimacy

Responsible for the number one online bank in France with 820,000 customers, however, the crisis “provides opportunities (…) for all”, but the model of online banking is more beneficial.

The crisis “has given us greater legitimacy (…) At first when it comes to transparency, because it shows the pricing, they say clearly what you can do or not do,” said she told Reuters.

“Then in terms of equal treatment of the client. On the site, he found exactly the offers which may be claimed or not.”

Results validate the speech: when collecting life insurance unscrewed, ING Direct grew by 8% at end-June

Boursorama saw its net inflows drop in third quarter compared to 2010 (-62% to 24 million euros), but less sharply than the overall market (-84%) and rose by 17% of deposits on current accounts and 39% for bank savings accounts over the same period.

Online banks benefit from a range of small but deliberately oriented “rather prosperous segments,” according to Pascal gave Fortunéo.

Thus, their brokerage business took off in a period marked by high market volatility.

In the third quarter, Boursorama recorded 1.035 million orders, up 13%, and opened 12,289 new trading accounts (+30%). And ING Direct has doubled its number of orders in August and September compared to 2010.

“Customers mediate their positions, reposition themselves, but do not abandon the market,” said Pascal gave.

Related to Large Corporations

“Challenged by the direct approach,” they come “to test,” said Marie Ramli, especially as they appear, too, a growing appetite for high-banking, according to a survey carried out the BVA 27 and 28 October.

It shows that 38% of the French have used their phone to an operation and that 65% of them are banking applications develop very quickly.

ING Direct, for example, has relied on an application for the Apple iPhone and a partnership with the portal Yahoo! to launch a news channel bank.

Presides over the strategy that shares the competition, besides the DNA of online banking, the desire to strengthen the direct relationship with the client, another claimed advantage of these banks.

“We have a more compact structure, so we did not all the weight of a traditional bank. The traditional customer of a bank has less and less ability to have a partner that has a capacity of decision,” recalls Inès Mercereau, CEO of Boursorama.

She refuses, however, a rival of the main banks that online retailers are closely linked: ING Direct ING belongs to the Dutch, Boursorama at Societe Generale to 56% and 21% Caixa Bank and Crédit Mutuel Fortunéo.

If no does not hide, no one exhibits.

“I do not necessarily advertise it because the first thing to do was to establish the brand,” Inès Mercereau justified.

As for Pascal gave it considers that “it is no longer in (the) explain (…) Everyone understands that online banks are owned by large corporations.”

Employees of the Poitou Aluminium Smelter in Vienna (Group Montupet) again blocked their factory for 24 hours Thursday and Friday to protest against Renault, their main client, accused of not having fulfilled its commitments .

Employees have the blockade lifted Friday afternoon not only to their factory and the nearby factory Foundry du Poitou Fonte (Teksid group), also supplier of Renault.

They blocked Thursday afternoon portals trucks, preventing any departure or arrival of goods at two sites, but left open access to employees.

A majority of the 480 employees of the plant in Vienna Ingrandes had led a strike of nearly two months in September and October to protest against a plan of management provides competitive wage cuts of 15% for executives and up to 25% for the workers.

The Commercial Court of Niort had placed the plant into receivership last October at the request of the group Montupet, determined to withdraw and to encourage the search for a buyer.

The movement of employees had completed action on October 27 with the signing of an agreement with the administrator, who had found such “lapse of competitiveness plan”, already condemned by the government.

Hours before the signing of the MOU, representatives of the Inter CGT-FO-UDT-CFE/CGC had been received by the Industry Minister Eric Besson, who had indicated that the CEO of Renault, Carlos Ghosn , promised to maintain supplies to the plant, which supplies cylinder heads for engines.

CALL FOR SARKOZY

In a statement, the minister said that the automaker’s commitment would “ensure the workload of the future buyer, provided that it continues to meet industrial requirements.”

Anger is up a notch this week when, according to unions, management announced a drop in orders for Renault from 16,000 to 8,000 heads per week, “a drastic decline that can only lead to the liquidation of the factory, “said Gery Bégeault representing CGT.

Senator of the Vienne and former Prime Minister Jean-Pierre Raffarin has also sent a letter to Nicolas Sarkozy Wednesday in which he asks, “given the gravity and urgency of the situation,” to intervene personally “in this very symbol of industrial difficulties of our country. ”

This fear is even stronger than the commercial court of Nanterre will meet Nov. 30 to decide whether to continue the receivership.

“What we fear is that the court decides the judicial liquidation with continued activity,” said Gery Bégeault.

A meeting between the administrator and Renault is expected Monday. The future of the plant will probably be there and the wait staff the results of the interview to make decisions on the recovery of their actions or not.

After consolidating its position in France, the auction house will address abroad in the coming days. Objective: To increase its visibility.

Artcurial is the leading French auction house. In Paris, she plays to a par with its rivals Sotheby’s and Christie’s. But today this is not enough. Its shareholders, including the Dassault group which took 55% of the capital a few months ago, have other ambitions.

An office in Brussels, one in Milan

Artcurial hard to win the most prestigious sales due to lack of international visibility. So first step in mid-December: to reach more buyers, but sellers, Artcurial will open an office in Brussels. Active representation that will organize exhibitions and workshops expertise. Same, in the process, in Milan.

And by early 2012, it will also open an office in Beijing, mainly to find buyers. Especially since, unlike its competitors, Artcurial is very present on the sale of wine or watch the Chinese are very fond.

Member states of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the .

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

“France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against,” said one source.

“(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism). It is their argument to remove it, “they added.

MY future, to be replaced on 1 July 2013 to the current European Financial Stability Fund, provides after an agreement reached last March by the leaders of twenty-seven that collective action clauses will be attached to bond issues in euro area from that date.

These “CACs” permit, in a crisis of solvency of a country, to force the restructuring of a debt without the unanimous vote of creditors.

Private creditors are also involved in a gradual manner in the event of a liquidity crisis with a continuation of voluntary exposure to a country, as was done at the beginning of the crisis.

CAPACITY MAY multiplied

This mechanism is different from the current EFSF because it relies on a structure of international law and will have a capital of 700 billion euros, 620 billion in capital subscribed and issued 80 billion in capital.

This structure will not only be given the maximum credit rating – AAA – while having an effective capacity of loan of 500 billion euros. This capability could potentially be greater if a banking license enabling it to access cash from the European Central Bank was granted him.

The issue of private sector involvement in the rescue of countries appeared for the first time in the Franco-German compromise called Deauville in October 2010.

Despite warnings from Jean-Claude Trichet, ECB president then, leaders of twenty-seven had a few days later endorsed this option, triggering panic in markets that had finally forced Ireland to use the international aid.

Discussed further in March, this issue was also one of the factors that accelerated the demand for support from Portugal.

Hence the request of a number of EU Member States to waive this provision in order to reduce gradually the calm in the markets.

A decision on this issue, however, is linked to progress on other key issues under discussion, the sources said respondents: treaty reform to record in stone a tighter control of budgets, role of the ECB in crisis management and eventual creation of eurobonds.

5753 euros on average per year: this is what a car costs, purchase, maintenance and gasoline combined. A figure is constantly rising. Between September 2010 and September 2011, the auto bill increased an average of nearly 5%. An increase due mainly to soaring fuel costs.

This year, all items of expenditure are affected by this increase depending on the site Pad Drive, which decrypted data from the INSEE. But it is above the price of gasoline pushed the bill, with an increase of more than 14.8% within a year. The cost of maintenance or repair of his vehicle went up in turn of 2.40% on average.

On spare parts, they rose by 3.8% and 4% according to the SRA index (index of auto repair established by the professional association of insurers) quoted Drive Pad.

However, because the price of buying a new car has increased slightly, from 1.50% on average. It’s no competition between manufacturers thank you that explains this small increase. In a market as small, they multiply discounts and promotions that lower prices.

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Incredible story in the French airline. An Air France Airbus A340 was immobilized in Boston a few hours Friday. The origin of this capital, the absence of thirty screws on a panel fairing. And while the aircraft was to conduct a comprehensive review in China.

Air France would gladly have the publicity of this dysfunction. As every 5 years on average, the aircraft makes its big medical examination. It is immobilized for several weeks to be disassembled and each part is verified.

Chronic point defect or failure?

For its A340 and Boeing 747, Air France subcontracts visit to this great Chinese Tyca, the world leader. He worked for many companies such as Lufthansa, American Airlines or Emirates.

The management of Air France evokes a quality defect-off of the provider and ensures that safety was never at stake company pilots, they, deplore the failure of chronic Chinese subcontractors. They recall that last year, a Boeing 747 was also revised in China had been painted with paint flammable.

The group formed around building Bouygues Ile-de-France, with architect Renzo Piano, was selected to build the future courthouse in Paris, said Friday the board of EPPJP.

Bouygues was competing with Vinci for this major project, to be confirmed by the signing of the PPP expected by February 2012, says in a statement.

This signature will then make public the architectural design of the book, which will be built on the ZAC Clichy-Batignolles, north of the capital, said the board of the Public Corporation of the courthouse in Paris (EPPJP ).

The project, presented as the window of a modern justice in France, was announced by Nicolas Sarkozy in April 2009 as part of his speech to the Greater Paris.

It will be completed before the end of 2016 for a 2017 start-up current, said the EPPJP.

The state and the city of Paris for a long time felt that the current courthouse in Paris, located in the Ile de la Cité in the heart of the capital, had become too dilapidated.

In addition, the premises of the High Court of Paris and the regional judicial police are now scattered over six different sites.

At a height of 160 meters, the new building will bring together on a single site all services of the Tribunal de Grande Instance of Paris and the police court.

It will house 90 courtrooms every day and will host more than 8,000 people.

Italian architect, Renzo Piano head offices in Genoa, Paris and Berlin as part of a group that brings together a hundred employees, architects, engineers and various.

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The bond issue was made in days of pain: 10 billion euros expected in the short term have been lifted, but at very high prices. Its borrowing rate now stands at 6.5% on average. A record.

“The job was done but at a terrible price”. It is the reaction of many bond strategists after the show. Demand is down but not collapse. Especially, the rate is two times higher than at the last auction Italian end of October.

Asphyxia is threatening the country

The result: short-term rates have literally gone. The two years has exceeded 8% despite massive intervention on the secondary market of the European Central Bank.

According to an expert in sovereign debt, we are witnessing the gradual collapse of the bond market the third largest economy in the euro area. So asphyxia threatens the country, as higher rates of course adds the cost of debt. A huge debt that reached 120% of GDP.

According to the Governor of the Bank of Italy, these tensions “Feed the doubts” the solvency of the country. Thursday, at the mini-summit in Strasbourg Nicolas Sarkozy and Angela Merkel put pressure on the new Italian Prime Mario Monti, considering that if Italy collapsed, it’s the end of the euro.

The new government under Spanish law, to be sworn in mid-December, envisages, among other options, to seek international assistance to restore the country’s public finances, we learn from sources close to the Party people.

The Popular Party (PP) will have to solve the problems of an economy on the brink of recession, with a public deficit target difficult to achieve in 2012, higher funding costs on bond and money markets nervous and a banking sector weighed down by billions of euros of bad assets.

“I do not think the decision (to ask for help) was taken (…), but it is one of the options on the table, because you asked me about it. But we need more time and more information on the current state of things, “one told Reuters.

If external funding was needed, either from the European Financial Stability Fund (EFSF) or the International Monetary Fund (IMF), it would be better, from a political point of view, the quick decision to do that later in market pressure, it says.

“If we do, it will do so immediately,” they added.

Asked about the possibility of seeking outside help, an official of PP declined to comment.

ECB FIRST

The IMF on Tuesday launched a liquidity line to six months, open to countries pursuing strong policies but nonetheless exposed to the debt crisis in the euro area.

A consultant told Reuters the PP said that an IMF loan request was one of the assumptions in the study. This is insufficient in itself and temporary in nature, he added.

The future president Mariano Rajoy of the government unveiled its little economic projects in the general election campaign that resulted in the overwhelming victory of the Socialists on PP last Sunday.

Mariano Rajoy met this week with leaders of the major Spanish banks to get a clearer picture of the economic health of the country and take its first decisions, the source added.

The new prime minister pledged to stick to a target of a deficit representing 4.4% of GDP in 2012, which would require huge spending cuts and an overhaul of a financial sector hard hit by the collapse of real estate.

The Spanish Treasury will pay back in 2012 some 120 billion euros of debt, while financing its deficit. All this represents a total of 200 billion euros at least.

One solution commonly referred to the problem of Spain and other countries in the eurozone in trouble, is a quantitative easing of the European Central Bank, which would turn the printing money to buy back debt . A solution that firmly rejects Germany and some officials of the ECB.

“Spain would choose the solution of the ECB in the first but if not, it will be financed from outside,” said the consultant.

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