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Greek heavy bill for Credit Agricole. The mutual bank spent in the third quarter of 905 million euros before tax provisions on its portfolio of debt securities of states of Athens.

Following the example of BNP Paribas and Societe Generale, has increased the discount on these bonds at 60%, more than 50% recommended by the Europe Agreement in Brussels on October 27. In the third quarter, the group is issuing a very amputated profit of 258 million euros, down 65% year on year, well below analysts' expectations.

In a rising market, fell Thursday morning as the stock market of more than 3%. For six months he has lost over half its value no fax payday loan. Like all French banks, Crédit Agricole was caught this summer by the crisis in the euro area."The situation remains complex." The Group is particularly strong presence in Italy, where it has 1.7 million customers.

The group shall have for the time noted "no particular sign of weakness" that would signal a possible rise in bad debts. The bank has given the Italian public debt markets to reduce its exposure in four months to 8.73 billion euros to 6.75 billion.

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Nicolas Sarkozy counting on the G20 in Cannes to shape its international image to six months of the presidential elections. It has been used beyond its expectations. This is not one but two summits taking place in parallel, for 48 hours on the Croisette.

The first official meets leaders of the twenty richest countries in the world. The second, far more dramatic, is between two doors off the record: it brings together the countries of the euro area G20, joined by the bosses of the EU executive, Jose Manuel Barroso and Herman Van Rompuy fast cash.

This crisis summit took place in two stages. A first in the morning, followed by a second, which began Thursday night in the presence of U.S. President Barack Obama.

After three days of failure and silence, it is time for excuses at RIM, the maker of BlackBerry smartphones. Mike Lazaridis, the founder of the group, announced yesterday mid-afternoon recovery of e-mails and the Internet and especially apologized in a video.

It is not clear that this is sufficient to restore the trust of those customers who have been touted for years the irreproachable quality of service of BlackBerry. The damage is considerable.For nearly four days, the vast majority of the 70 million BlackBerry circulating in the world have been very long breaks in services.

This failure is striking for its breadth and comes at the worst time, when the company was criticized by shareholders and that its rival Apple released the iPhone 4S.

"We can compare this failure which occurred earlier this year Sony with piracy data bank. The service was not affected, but it aroused the same loss of customer confidence. In both cases, the credibility in terms of brand image is reached ", e xplique Jean-Michel Huet, managing partner of the firm Bearing Point. To cope, it is necessary not only that RIM do his mea culpa, possibly to indemnify customers and above all it gives the guarantee that this will not happen again. "There are three or four years, the Bouygues Telecom network had broken down.They had compensated the customers by offering a day pass, "he recounts.

For now, RIM could face significant financial claims. Vodafone, Telefonica (Spain), Emirates Telecommunications plan to compensate their subscribers and then to turn against BlackBerry. Operators might be less generous in their grants to buy a BlackBerry, frustrated by having to manage "a deluge of calls on line pay day loans."

Captive customers

However, RIM has the advantage that some of its customers are captive: companies will not change their entire fleet of mobile overnight, and individuals are often under commitment and can not change your mobile. The Canadian manufacturer has a little time to regain the trust of its customers. But not all."There are already companies that are considering leaving RIM and wonder about its reliability," says Carolina Milanesi, an analyst at Gartner.

This failure could also hinder the development of RIM in emerging markets. The group is just beginning to establish itself in India, one of the countries most affected by the bug! To compensate for the decline in sales in the United States and Canada, the manufacturer decided to focus on these countries.

In addition, the group's management is facing a serious crisis of confidence that will get better because of the difficulties of society. Last quarter, sales fell 19% to 10 million smartphones, while its net income was divided by more than two, to 329 million, for a turnover down 10% in one year at $ 4.2 billion.Some shareholders, including investment funds, require a change of direction or a sale of the group. The problems this week, compounded by the lack of communication of the group at the beginning of the week, fueling discontent. Yesterday, the title yielded 3.43% at the opening of Wall Street, a decline of over 60% year on year.

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Canal +, Verallia, Lucien Barrière, Groupama and may soon Groupon Facebook … Months pass, and delayed plans to introduce as … Since the beginning of the year, stock markets have surpassed the dismal 2008 record of the number of IPOs interrupted, postponed or simply canceled. According to Dealogic, as of 1 January, 215 companies all markets (one more than the previous record of 2008) and have temporarily waived or not to stock their projects. The valuation of these suspended projects is estimated at 44.1 billion dollars.

As many failures as successes

Finally, with 224 new listed companies, plans IPO in 2011 materialized just above groups who backed down … Reveals a situation very unfavorable market conditions for the candidates to the adventure market."A successful introduction requires both companies which want to move in the markets and investors willing to commit, explains Philippe Kubis, capital markets partner at PwC. If the materials are there, the latter remain far behind, in a context of uncertainty in the business plan of candidates for introduction. In addition, operations are often arrested in very early stage, which means more delays than cancellations of projects. "

On June 20, the materials group Saint-Gobain Building and renounced to introduce an immediate business of bottles and jars, Verallia. Two months later, the CEO of Wendel (Wendel largest shareholder) welcomed the decision, finding that ca "was not a good start to the stock market history."Alongside 59 other companies had suspended their plans after the official launch of the operation, Verallia escaped the summer meltdown of financial markets, which saw the CAC 40 lost 18% between late June and early September. "The very low current valuations are not conducive to achieving the project, adds Philippe Kubis. The adequacy of the valuation of a company with market conditions at a given time is a key to the success of an operation. However, companies do not want an introduction to the discount. "

Market volatility, however, is not solely responsible. In September 2010, the hotel group Accor has sought to withdraw from the group of Casinos Lucien Barriere, via an initial public offering, and market conditions much more calm.No more successful for this group suffered from poor stock market performance of its competitor Partouche, and especially of a development strategy too unconvincing to raise funds expected.

Tell a story

A successful introduction presupposes an attractive project for sale to investors (a "story to tell," according to experts). From this point of view, some candidates still have a stock speech ambiguity, or an economic model that have not been sufficiently proven.

Best example: the site group purchasing U.S. Groupon. The group was founded by Andrew Mason enthusiastic market for two years by the brilliance of its growth. What to think about a possible introduction free credit score. But the news could cool investors.The site, which is a valuation of $ 20 billion, would be delayed by several months its plans stock, following the refusal by the federal authorities of certain elements of his record. The group took many liberties with the accounting to embellish his figures, making it the most beautiful bride. The kind of hocus-pocus that would certainly not digested the market if the group had been rated! Especially since Groupon continues to widen its losses under the weight of investment in advertising and marketing commitment to support its growth.

In terms of social networks, some uncertainty still exists about how to value companies. "The valuations given for these sites seem important in light of an economic model that looks a little, says Philippe Kubis.It seems to move towards a model including user fees, which ultimately enhance the strength of their profile, and investor interest. "

Constraints rating

A case which also the developer of video games on social networks Zynga. Again, the Securities & Exchange Commission (SEC) had requested more information on the group's activities. What backward one month (November) the first steps in Zynga Stock Exchange. Even Facebook, social networking superstar, endless hesitation. Its founder Marck Zuckerberg, fear of such an operation a shift in focus of its product development teams to financial performance. From this point of view, the market performance of its professional counterpart, LinkedIn tends to reinforce his caution.Despite a triumphant introduction to the New York Stock Exchange last May, the group rating today in its opening price.

For SMEs, the fund raising smaller first appear easier. Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

Mauna Kea in its IPO price

For SMEs, the fund raising smaller first appear easier.Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

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The airline announced Friday morning the details of his mega-order long-awaited by the industry. Air France-KLM is in need of long-haul 110 and passes a total of 50 firm orders and 60 options from Airbus and Boeing. Choices that are equally balanced between the two aircraft manufacturers as the firm order for 25 Airbus A350-900 and 25 Boeing B787-9 and the options are based on 35 A350-900s and 25 B787. The slight advantage, theoretical, obtained by Airbus was offset by the secret location by KLM B787 10, said La Tribune.

The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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The debate increasingly keen on tax loopholes, which confirms that in each there is a lobby ready to bark! – Would almost forget that the draft supplementary budget for consideration Tuesday in the National Assembly is primarily to validate the plan to support Greece, July 21 designed by the Heads of State and Government. Paris wanted to quickly translate into national law, to enable the European Financial Stability Fund (EFSF) to be operational by the autumn.While some of our European neighbors dragging their feet, "France is the first country in the euro area to become involved in the adoption process", and was praised Tuesday the Minister of Economy, Baroin.

The votes of parliaments must give the green light to the Fund to make it more flexible: if the process goes smoothly, the EFSF will in future lead to a state pre-emptively "as a precaution", "finance the recapitalization of banks and financial institutions through loans to governments "and finally" intervene directly in the secondary markets sovereign debt, to avoid contagion and to fight against speculation. " The text extends the guarantees of states to these new missions.In the previous supplementary budget, the ceiling of France had been increased to 159 billion.

PS If the judge plan "inadequate" and abstain on the vote today, some members of the majority on Tuesday said they would adopt "without enthusiasm".

"Staying lucid"

Yves Bur (UMP, Bas-Rhin) in front of his colleagues wondered "if the answer to the crisis of the Greek debt does not come too late or if we do let's face at the failure of Greece to take its responsibilities ". He fears that this has a consequence: add to "a little more our own debt load."We must "stay lucid," warned the rapporteur of the Finance Committee, Gilles Carrez, which asked the vigilance of the "public debt that replaces private debt."

According to the scheme adopted by the countries of the euro area, loans made by the EFSF is a financial transaction with no effect on the deficit, public debt, it will increase the amount of guaranteed loans "as and when they pay "says the text. Remains to be hoped that the fears of investors about the ability of Greece to reform and to repay its debts do not materialize …

For now, Paris refuses to give in to defeatism. "We trust the Greek government to decline in terms of economy that is essential to condition the support they have, the Europeans and the International Monetary Fund," insisted Tuesday Baroin.Lucid on questions about the situation today, he also tried to reassure the state of the economy in Europe, "without denying that there are difficulties," the minister assured that the fundamentals were "good" and expressed confidence in the soundness of the banking model. In this context, "France is not threatened with recession," he said.

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The consultation ends on dependency. Roselyne Bachelot and Marie-Anne Montchamp participated in the last debate on Monday in Strasbourg. Yesterday, the Minister of Solidarity and the Secretary of State received the reports of working groups. The opportunity to review the options, when the decision phase starts – Nicolas Sarkozy is expected to decide by mid-July.

• The trails open

Roselyne Bachelot refuses to contribute the only people dependent on a recovery via succession. On behalf of the job, it excludes an increase in contributions Safely weighing on wages. More broadly, she refuses to "seek too assets" and conduct an overall increase in taxes, hence the rejection of a general increase in the CSG, as expressed last week by François Fillon.Finally, the "pattern Axa 'mandatory private insurance is also rebutted by the prime minister – incompatible choice to keep a" floor of solidarity "public.

• Funding potential

This base should look like the current personal autonomy allowance (APA), improved. To finance, the minister mentioned three tracks. First, the alignment of the CSG pensioners (6.6%) of the assets (7.5%). Then, up the "solidarity contribution for autonomy" (employer tax) in exchange for a second "day of solidarity" worked by employees, and / or its extension to independent professionals and retirees.Finally, taxation of all legacies and donations (1% suggested by the Economic and Social Council).

• Law or no law?

Alleviate the "rest dependent" people who are very dependent in retirement homes, relieving departments – the first funders of the APA – in need. These "emergency requirements" will be answered in the fall, confirms Roselyne Bachelot, who estimates that one billion annual funding required. Measures included in the budget of the social security, which can only accommodate financial arrangements. The working groups have launched other ideas, starting with better coordination of stakeholders around the dependent person (our Monday editions). Nicolas Sarkozy will decide whether the subject the campaign of 2012 or if it retains some now. In this case, should be considered a separate act, in a crowded parliamentary timetable.Marie-Anne Montchamp argues that meaning is: "A law would provide visibility, draw perspectives, we will show later that clogging effects of the crisis, as the Head of State wished" . In this case, it could be a framework law, setting guidelines, and perhaps initiating experiments.

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Christine Lagarde, Minister of Economy, candidate to succeed Dominique Strauss-Kahn to the IMF, is also his campaign on the net, via Twitter. "Follow my campaign for the-post of Managing Director of the IMF," she writes in the introduction to his account @ lagarde_imf.

For now, 243 "followers" can thus keep track of time use of French. A figure that is expected soon to increase, most ministers have a twitter account is followed by several thousand people. Since last Wednesday, his account has been opened just before formalizing his candidacy – the Minister has published 46 twits (short message) alternating French and English payday loans. We learn as she lunched today with Brazilian Finance Minister Guido Mantega and with the Governor of the Central Bank of Brazil, Alexandre Tombini.

Sunday during the broadcast of Jean-Pierre Elkabach on Europe 1 – during which the atmosphere was "studious," says a post – al least not twittered about ten times to keep fans informed.

Christine Lagarde also take this new kind of forum to defend the matter Tapie "arbitration was the least bad solution to put an end to Tapie affair," she wrote this weekend.

The minister listed a dozen groups, but for now, she does not follow any …

Where can you buy with his mobile phone in France?

In Nice, about 3000 subscribers already use their mobile phones to pay for their tram, their parking, their paper etc.. Nine other cities, including Paris, will follow this year. One testing ground in Europe is likely the London Olympics in 2012 when Samsung and Visa will deploy this type of regulation.

Should we change phones?

Yes, you need a phone (NFC for Near Field Communications) and be equipped with a specific SIM card. The cell phone used in Nice is a Samsung mobile. But all the major manufacturers, Samsung, LG via Nokia, HTC and Rim should propose several models by the end of the year. Google estimates that in 2014, less than half the mobile phones will be equipped with NFC technology.

Should I change to another provider?

No.In France, Orange, SFR, Bouygues Telecom, NRJ Mobile offers mobile payment. It is always possible to switch from one operator to another. In contrast, Google Wallet does for the moment at Sprint, which owns 11% of the market in the United States electronic check payday advance.

What happens if there is loss or theft of the phone?

This is where the role of the telco is essential. It is he who provides security through the SIM card and customer service. The information contained in the SIM card without contact are encrypted and secure. So nobody can access it.

The Google Wallet Will he land in France?

Yes. The operator Orange was in discussions with Google, with which it has already established a number of partnerships. It should soon have NFC devices running Android.

The State encourages Does the rise of the NFC phone?

Yes.Christine Lagarde, Eric Besson, Rene Ricol announced yesterday the launch of a call for proposals for the NFC, with 20 million euros. Objective: to support the order of 20 to 30 projects of innovative mobile services simplify many everyday actions of the French. "In case of loss or theft, the operators guarantee the security of bank information."

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Solidarity savings gaining weight. As evidenced by the latest barometer of the association Finansol group of leading financiers in solidarity with the Hexagon, its stock is around 3.15 billion euros at the end of December 2010, an increase of 31% compared to the previous year. "Every family of products grew with rates of 15-50%," says Finansol in a statement. Even if these good figures owe much to the legal requirement for companies to make socially responsible funds in their employee savings schemes, which weighs half of the total outstanding.And they must also be compared to the total amount saved each year by the French, which is around 250 billion euros.

Journalist expert on the subject, and author of "Solidarity savings for Dummies" (available since May 12 First Editions), Eric Larpin believes that such legislation has almost doubled the number of savers, who passed the bar of 700,000 people. Ultimately, these funds are supporting local projects of SMEs and cooperatives in sectors "of recycling, recovery, fair trade, organic farming or carpool," recites the journalist.

These are all areas where it is difficult to get funds."Companies faced in my work always tell the same story: their case was set aside by the banker, who considered them too risky in the absence of a business plan or market research deemed appropriate," says Eric Larpin. This explains why banks are reluctant to offer these savings products:

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