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Good news for consumers. The telecoms regulatory authority (Arcep) decided to require mobile operators to reduce the price charged for routing calls from a mobile network to another, said cost of call termination. Practical consequence, this decline should reduce future bills of consumers.

Wednesday, Arcep set the goal of reducing the cost of 14 cents per minute to 8 cents today at 1 January 2013. A reduction of 42%!

To get there, Constable Telecom requires a first down 2 cents, effective July 1, 2011, and 1 payday advance.5 cents in January 2012 and finally to 1 cent from 1 July 2012.

Since 2008, Arcep requires a steady decline in prices.This has enabled operators to launch tenders called "Abundance" with unlimited calls to certain times or to certain numbers selected by the subscriber.

This is still lower tariffs that allowed for some months to some operators to free calls from a landline to a mobile.

After 47 days on strike, unprecedented in a company yet accustomed to the harsh social movements, sailors CGT, met Friday afternoon on the "Paglia Orba, voted to return to work by consensus. In the aftermath, both boats sailed Friday evening from Marseille and Bastia.

It took several general meetings to achieve the signing of a Memorandum of crisis. Because after such a strike, it is difficult to vote the recovery when the result is not up to expectations. The main demand, the maintenance of the fleet to ten ships, according to a promise made at the time of privatization, has not been obtained.

The movement was in fact party to the sale of a vessel due to the decrease in the number of rotations between Nice and Corsica.Even if the rotations were increased from Marseilles and no layoffs planned, the union saw the beginning of the dismantling of the company strengthened by the sale of the headquarters in Marseille!

The CGT, however, obtained a commitment from the state to retain its 25% stake at least until 2013, when the renewal by the territorial collectivity of Corsica of the Delegation of public service is awarded the SNCM with CMN.Veolia, the majority shareholder with 66%, for its part, "confirmed its willingness to support the SNCM, provided that the company quickly generate positive economic and business outlook."

Collapse of market share

The company, already suffering in recent years by fierce competition, out of this very weakened.

The strike has cost 15 million euros, excluding the shortfall of reservations that customers have been discouraged to do for the Easter holidays or next summer.

This comes even worse, since its privatization in 2006, the company has continued to lose ground. With a 9% drop in the number of passengers carried in 2010, its market share fell to 30%.It was 82% in 2000!

Accordingly, SNCM last year accused an operating loss of 15 million euros for a turnover of 285 million, down 12%. In 2009 already, only the sale of the shares in the capital the SNCM's SPC had allowed the balance.

Main responsible: the battering of Corsica Ferries, a French company whose ships fly the Italian flag (40% cheaper than the French flag which is liable SNCM) which greatly increased the supply of transport on the Island of Beauty breaking prices. A policy called the "social and fiscal dumping" by the CGT deplores a "perversion of public support."

Corsica enjoys because most of the "passenger welfare" granted by the CTC (19.5 million) along with subsidies in the context of the DSP (187 million in 2010 to SNCM and CMN).The system, called "perverse" by the regional chamber of accounts, must be overhauled.

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The scenario is repeated on Wednesday. On Thursday, the Paris Bourse's CAC 40 climbed 1.95% to 3768.72 points shortly before the opening of Wall Street. Same movement in the rest of Europe: the DAX index of the Frankfurt Stock Exchange opened up 1.33% at 6600.77 points, while the FTSE-100 index of London Stock Exchange gained 0, 43% to 5622.27 points.

Operators being reassured by the strength of the Japanese market which has lost only 1.44% today. Caution, however. Markets, which had tried the rebound early yesterday afternoon, were unable to overcome their fears about the economic impact of the disaster in Japan. Very volatile, the Cac 40 in Paris was closed Wednesday as a sharp drop of 2.23%.The Dow Jones of the New York Stock Exchange had followed the same path, ending a decline of 2.04%.

Wait around the nuclear

Markets remain suspended to the efforts of Japanese technicians to cool reactors at the Fukushima nuclear power plant, while the situation deteriorated further on Thursday. In this context, the Bank of Japan (BoJ) announced it has injected six trillion yen (54 billion) extra in the money market today in two operations to support the economy after the earthquake, bringing to 34,000 billion yen (309 billion euros) its total contribution since Monday. The BoJ is attempting to stem the alarming rise of the Japanese currency. The yen has indeed reached a new record since World War II against the dollar in Asian trade, the greenback is worth more than 79.20 yen.An outbreak that the Japanese government has allocated to speculative movements.

Asian stock markets have plunged again on Thursday. According to Japanese newspaper Nikkei, a conference call would also gathered Tuesday afternoon with representatives from more than a dozen non-Japanese financial institutions about the market situation in the archipelago. Some have called for such an immediate closure of the stock market due to volatility. What the Tokyo Stock Exchange declined.

On the currency markets, the euro continued its rebound against the dollar on Thursday, while the yen was changing to levels not seen since the Second World War against the greenback, buoyed by speculation of remittances in Japan following the devastating earthquake on Friday.111H00 to Paris, the euro bought 1.4053 dollars against 1.3906 late Wednesday, its highest in four months.

The U.S. unemployment expected

A note in Europe, the Spanish Treasury has issued Thursday to 4.13 billion euros of bonds at 10 and 30, again with interest rates down from the previous similar show on February 17, This confirms the renewed investor confidence in the soundness of the economy.

It is within this context that several U.S. macroeconomic statistics are published.Among them, the index of consumer prices in February and weekly jobless claims (1330) low fee pay day loans.

Next came the industrial production for February (14h15), then the index of leading indicators last month and the index of the Philly Fed (15 hours).

Credit Agricole wants to quintuple its net profit

Lagardère: -0.45% to 29.80 euros

The group announced its plan to postpone initial public offering of Canal + France because of the events in Japan and financial market instability that results.By contrast, sales at Hearst Magazines International is not questioned.

Carrefour: + 0.70% to 30.10 euros

HSBC is the title neutral to overweight cons.

EADS: + 0.69% to 18.91 euros

German airline Deutsche Lufthansa AG has announced that it placed an order for 30 Airbus A320neo and five Boeing 777 freighter version.

Axa: + 3.23% to 13.76 euros

The buyer from PAI Partners in the capital of Yoplait will be known by the end of next week, said a spokesman for the fund. Seven candidates, including Bel and Axa Private Equity, are still in the running, sources said Reuters source familiar with the matter.

Credit Agricole to 11.09 EUR -1.73%

The bank announced on Thursday its net profit will increase fivefold by 2014 and confirmed forgo major acquisitions over the period.Credit Agricole, which presented its new strategic plan, said targeting a net profit of group of 6 to 7 billion euros in 2014 against 1.26 billion posted in 2010.

Bolloré: + 1.01% to 154.60 euros

NCT Necotrans announced its intention to file a criminal complaint Thursday with the prosecutor of Paris after losing in conditions he considers irregular, the concession of the port of Conakry, Guinea, on behalf of Bolloré.

Plastic Omnium is optimistic

Plastic Omnium: + 15.30% to 50.50 euros

The specialist automotive products and services to communities on Thursday posted a net profit increased fivefold to 150.7 million euros.He expressed optimism for this year.

Ruby: -0.43% to 78.49 euros

The group, whose net income rose 19% in 2010, believes that the level of its equity and low debt levels allow it to target new acquisitions this year. Specialist in downstream oil and chemical proposes a dividend of 3.05 euros per share for 2010 (+7%).

ADP + 0.23% to 60.13 euros

Traffic increased 5.9% in February, with 5.8 million passengers, including 4 million to Paris-Charles de Gaulle airport (+4.6%) and 1.8 million to Paris-Orly (+8 , 8%).

Eiffage: + 0.68% to 39.82 euros

Today is the expected decision of the Court of Appeal of Paris on the use of Arnaud Montebourg cons of PROs on APRR.

NRJ Group will publish its annual results after market close.

After the protests, Justice. The taxi drivers of Avignon do not démordent: Easy Take a low cost taxi company established in February 2010 in their city, is unfair competition. Mr. Patrick Gontard, their lawyer, asked Tuesday before the Court of Appeal of Nîmes a cessation or disqualification.

"Easy Take the taxi is in disguise. Under cover of a passenger, the company transports people to return to clubs or to go catch a train. The drivers are the marauding But they have no right, "said Mr. Gontard. For the latter, certain obligations such as vehicle type and length or the need for each driver to have a personal license issued by the prefecture are not met.

Bargain prices

The union of taxi drivers did not demonstrate the existence of competition or a common clientele, or the commission of a fault, answered Mr. Julien Scapel defender Easy Take challenging the Qualification of unfair competition. Minutes are produced by the union does not "state supported on the highway", he stresses me Scapel that "there is no evidence to show that Easy Take is engaged in illegal taxi.

"We operate through two licenses, the road transport of passengers and one passenger vehicle with driver. The problems submitted to us, which are only technical problems, concern only the second license which is only about 15% of our business, "Jean-Marc Sibade relativized, one of the founders of the company.

For example, Take Easy is not yet in possession of vehicles with the length required to comply with the decree of 6 December 2010 having raised it from 4.40 to 4.50 m. The company expects delivery of the thirty Ford Tourneo Connect that will replace its original Kango.

To offer fixed price broken races (7 euros for 7 km, 15 euros for 15 km … day and night), by reservation only and a maximum distance of 50 km, Easy Take innovated: he uses vehicles converted to passenger car with advertising on the body and head restraints. "We appeal to customers who did not take the taxi before, we are not competing but complementary," argues Jean-Marc Sibade. "Anyway, Europe has given to France until 2014 that taxis are no longer a monopoly.If not us, it will be groups that it will, "he adds.

He has every intention of taking market share before that. It should open a branch in Nimes by the end of March, then a franchise in Montpellier in May and in the wake of another agency in Cavaillon, with twenty vehicles in each city. His goal is to be present in thirty cities within five years. The paradox is that taxis have made it much publicity by demonstrating against him and that requests for exemptions have poured.

Passed by the National Assembly in late 2010, then by the Senate last January, the law establishing a social price of water has just been enacted. After similar measures on Legaz and electricity, that social progress was a little past unnoticed as recalled by Le Parisien on Tuesday-Today in France. It will apply from 1 January 2012.

Since the consecration of the "right to water for all" by the law of 30 December 2006, several voices were raised for that right to be accompanied by a financial guarantee that any individual can access drinking water for food and hygiene, under economically acceptable. The idea of introducing a social tariff was included in a report of the Economic, Social and Environmental Committee (EESC) in April 2009.The report noted that while the number of file unpaid treated water dispensers public and private sectors was increasing: 33,500 records of individuals unable to pay their water bills had been well reviewed in 2008.

Even if water is cheaper in France than in most European Union countries, to 3.40 euros per m3 on average 5.16 euros cons such as Germany, a recent study by the services public water and sanitation confirmed recently that the water prices had risen faster than inflation in recent years, an average of 3.3% annually since 2004. Pioneer, the city of Libourne in the Gironde has taken the lead in establishing a very low rate of 0.10 euro for the first 15 cubic meters and then a gradual increase in the price up to 200 m3.

The social tariff introduced by the text published in the Official Gazette on February 8 does not set the price that must be applied per cubic meter of water consumed, as in France each municipality is responsible for ensuring the public water service. The text proposed by the UMP Christian Cambon provides services managers of water services revertants 0.5% of their revenues to fund departmental housing solidarity (FSL), which centralizes and distributes aid in housing and Power and telephone. The goal is to help households struggling to pay their bills. ASPs will also be equipped with an additional EUR 50 million from 2012. The government also pledged to establish a preventive system to help families in situations of default.

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The third group of French support of dependence Medica announced Friday a global annual turnover exceeds the expectations of financial analysts. Over the whole year just ended, billings totaled 538.9 million euros, up 12.1% against a target of 10% announced by management in early . At constant scope, the growth reached 6%.

With these good results, Jacques Bailet, the CEO of the group, confirmed its commitment to grow the sales of Medica 45% over the period 2010-2012, according to announcements made in January 2010, shortly before the IPO of the company. As to increase its development in a sector undergoing consolidation, and reduce its debt level, management had decided to resort to financial markets, rising 9 February 2010 on Euronext about 275 million euros.

The group currently generates 70% of its sales in the operating of nursing homes (nursing homes), the rest of its business being conducted in support of temporary dependency (health care institutions and on psychiatry). In total, it manages approximately 13,800 beds, distributed in France and Italy, with about 3200 during construction or renovation. The reservoir bed yet unexploited thus provides part of its future growth. In total, some 170 institutions post their occupancy rates bordering 97%

A mixed stock assessment

Like the other actors listed sector (Orpea, Korian Le Noble Age ….), activity Medica therefore enjoys a high profile, reinforced by underlying trends carriers (aging population, probable introduction of a fifth branch of social security for the management of addiction …).Moreover, lack of childcare places in France ensures rapid filling of its establishments newly created or redeemed, and premium positioning allows him to go to the most creditworthy customers.

Stock market, these values are often sought by investors for their defensive nature. Yet since its introduction on the Paris market and the first listing of February 10, 2010, the title took only 10% low interest rate personal loans. And despite a jump of 8% during the first sessions. On the whole first year market, so the title has performed only moderately.

This average performance can be explained by the fact that the group has concentrated its efforts in 2010 on improving its financial situation. Heavily indebted as most of its competitors, Medica has renegotiated its bank debt last June to reduce costs and extend its maturity.This in order to meet another of its financial commitments, namely to reduce its net debt to less than three times its EBITDA operating by 2012, against about 7 times before the introduction.

Reconquest of investors?

This financial restructuring now underway, the fiscal year just starting should be for Medica, the acceleration of growth, notably through acquisitions. "Management believes the most favorable context, with one side of the targets of any size in growing numbers, and other potential players fewer" notes elsewhere Guillaume Cuvillier, an analyst at Gilbert Dupont. Of what to expect in the coming months further buybacks institutions in France and Italy.

This good news may be an opportunity for investors to search for the title again.Especially since the stock market environment seems to once again become more favorable to defensive stocks, while values have already called cyclic rebounded strongly in 2010. The payment in 2011 of a probable dividend for the year 2010 (for the first time) could also make it more attractive value. Management had indeed committed a year ago to pay a dividend of up to 20% of the net, starting the first year of return to profitability, which should be the case for 2010. The group will detail its annual results Tuesday, March 29, 2011 before the opening of the Paris Bourse.

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Asian stock exchanges choose divergent paths that mercredi.La closing unchanged on Wall Street and the European markets down Tuesday prompting investors to the region to exercise caution. All were suspended from the speech of U.S. President Barack Obama on the State of the Union. Barack Obama has talked in very general terms of the fight against unemployment, does not announce any concrete new measures to support short-term employment.

Moreover, the markets were disappointed by the mixed financial results published overseas.

In Japan, it is time for consolidation. The day after a session of strong gains, the Japanese Nikkei lost 0.60% to close at 10,401.90 points. The broader Topix index of all titles of the first table on his side dropped 0.71% to 922.64 points. The rise of the yen weighed on tencande.As for values, Toyota displayed a decrease of 1.73% after announcing the recall of 1.2 million vehicles in Japan, because of the risk of fuel leakage. The massive operation for nearly 16 models (not to mention their different versions) between May 2000 and October 2008.

Korea's growth at above 8 years

In China, the indices move in contrast to positive territory my credit score. The Stock Exchange of Hong Kong is gaining 0.44% at 23,893 points, after opening up 0.30%. For its part, the Shanghai Stock Exchange ahead of 0.60% to 2693 points. The markets, however, show caution due to a restriction of liquidity in the money market before the Lunar New Year celebration next week, dealers said.

Moreover, the sessions are more mixed. The Korean KOSDAQ climbed 0.23%, boosted by the announcement of higher than expected GDP in the fourth quarter of 2010.They increased by 0.5% over the previous three months. Over the full year, the increase is 6.1%, the highest in eight years.

In Australia, the S & P advance of 0.46%, while the Indian Sensex was down 0.95%.

Oil rises

Crude prices were up Wednesday in electronic trading in Asia, a movement of bargain hunting after declines in previous sessions, analysts said.

In morning trading, a barrel of light sweet crude for March delivery gained 24 cents to 86.43 dollars. Of Brent North Sea with identical maturity took 23 cents to 95.48 dollars.

Attention, a French cheese may hide another. Lactalis is no longer the only candidate tricolor redemption of 50% of Yoplait sold by investment fund PAI. According to several sources, Bel withdrew an information pack through the transfer process.

Unlike Lactalis, the owner of The Laughing Cow, Boursin Babybel and has no activity yogurt. But the opportunity to acquire a global brand in the ultra-fresh is worth studying closely. The group, which achieved a turnover of 2.2 billion euros in 2009, discusses in any case with the Strategic Investment Fund for a possible co-investment.

Irony of the case, Lactalis is a shareholder of Bel at 24% but without any power, the remaining capital is held by a family holding company no fax payday loans.For its part, the group led by Emmanuel Besnier has not received the file, after the rejection of its offer to $ 1.4 billion for the entire Yoplait to the chagrin of Sodiaal, who wants to remain a shareholder.

A score of candidates participating in the proceedings at that stage. Including Nestle, but PepsiCo. Tenders nonbonding are expected in early February.

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Click on the thumbnail to enlarge the graphic.

This is a crucial visit to the French presidency of the G20. Nicolas Sarkozy will confront this Monday at the White House, his proposed "new international monetary order," with Barack Obama, without whose approval nothing will happen. The two presidents will discuss for an hour of detailed program of the G20, before a luncheon devoted to foreign policy issues.

The economic result of the interview where he discussed the role of the dollar, the volatility of commodity prices and a tax to finance development, infuse the roadmap of the Elysee for the G8 and G20, to be presented by the President on January 24 in Paris.

Although it has sweetened its way, Nicolas Sarkozy has not abandoned the idea, launched two years ago, a "new Bretton Woods."The taunts of the Anglo-Saxon led him to change his expression to adopt the more sober 'new international monetary order. " But the target set by the very restricted circle of the president is just as bold.

For the Elysee, he is bringing order into the "current monetary mess," characterized by excessive volatility in exchange rates and capital inflows to emerging disruptive that multiply unilateral initiatives to curb the appreciation of their currencies.

The present monetary disorder is due, according to Paris, the decline of "King Dollar", faces growing competition from other currencies, the yen, the euro, the yuan soon, a trend that has increased since the end Bretton Woods in 1971."China has emerged stronger from the crisis, we must adapt the new world monetary order to the new economic order," says one as president cash till payday. "We want to encourage the development of other international currencies, including the yuan," insists the president's entourage.

"Our currency, your problem!"

A very sensitive issue for Washington. "This is not to diminish the role of the dollar," Does it invokes in Paris. "The dollar is a major currency, and we hope it continues to play a major role, but the relative strengths of currencies will change, which will cause increasing tensions, which the G20 should meet," said the entourage President, anxious not to turn the Americans.

To ease the "transition to a more diversified monetary terms," the French presidency of the G20 suggests strengthening the IMF's role in liquidity crises, strengthen coordination of economic policies and adopt a framework for response to sudden movements of capital. "Given the current monetary mess we have intuitions, we will compare to those of Americans," said the Elysee, which claims to have the support of Germany, China, Brazil and India.

On the merits, however, France regrets a reality difficult to reverse: the dollar, global currency, remains controlled by the Federal Reserve, without real regard for the rest of the world. "Our currency, your problem!" Had dropped John Connelly, Nixon's Treasury Secretary, when it announced the end of the dollar's convertibility into gold, August 15, 1971.To the chagrin of France who tries unsuccessfully to address this reality for forty years.

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Fighting poverty other than by gift, microcredit splint it for over thirty years. Microfinance institutions (MFIs) provide financial services primarily to small loans but also savings or insurance, those excluded from the formal banking system. Microentrepreneurs and have the means to create their own businesses, improve their living conditions and perhaps create jobs. But the year just ended was one of the difficulties for this model which has 150 million microentrepreneurs worldwide.

In 2010, the microfinance sector has indeed been affected, delayed by the global economic crisis.Jacques Attali, President of PlaNet Finance, the first microfinance institution in Europe, and Maria Nowak, founder and president of the Association for the Right to Economic Initiative (ADIE), formed in 1989 and a pioneer of microcredit in France, stress that the crisis has led to a decline in purchasing power, which microentrepreneurs have suffered. With the increase in indebtedness, repayment rates have declined and Adie reported a decrease in loans for the first time in its existence:

India: financial excesses and mass suicides

The crisis was not the only issue in the recent difficulties in the sector. 2010 was also the year when the failures of microfinance have come to light. Since summer, the industry is going through an unprecedented crisis in its fastest growing market, India.In a country with 70 to 80 million microentrepreneurs, the sector appears new financial windfall. Some MFIs have transformed into for-profit investment fund lucrative. Wishing to improve their profitability to attract new capital, they have increased lending to creditworthy borrowers and their repayments demanded aggressively. Contrary to its fundamental principle, microcredit has acted as consumer credit or even used … to repay previous loans! The downward spiral began, suicides of indebted borrowers and harassed by MFIs have unfortunately made the headlines in Indian newspapers.

Symbol of that drift to the pursuit of profit, SKS Microfinance, MFI leader, went public July 28, 2010 to raise 350 million dollars (268 million euros).To Muhammad Yunus, the father of microcredit and Nobel peace 2006, the IPO was "fundamentally wrong and a bad signal. Microcredit should not be presented as an opportunity to earn money. It must first be used to create the activity, allowing the poor to have a job. "

Regulate the sector

The Indian state of Andhra Pradesh, which alone has recorded 85 suicides borrowers, has already passed a bill to prevent these abuses and to limit high interest rates. The regulation is precisely the key according to Jacques Attali, who remains confident about the future of the sector in 2011:

In France, the industry should also be revived.A recent amendment to the legislation authorizes the microloan effect between individuals, resulting in a rise of sites of "peer-to-peer lending" as Babyloan.org.

Large firms take over

But social economy is no longer the preserve only of those institutions or the state. Large private companies seeking to maximize their profits, in turn seized the subject and launch in partnership with other actors in the social business.

Such as microcredit, the objective is to fight against poverty. But this time, we see the big picture: multinationals are encouraged to use their skills and cash to complete a specific project. First example: in 2006, associated with the Grameen Bank, Muhammad Yunus, Danone yoghurt product sold around 6 cents in Bangladeshi villages.Since then, the social business has invested in other areas: Grameen Phone, is a partnership with Telenor of Norway, became the first telephone operator in Bangladesh. For his part, Veolia Environment has partnered with the Grameen Bank in the field of water and Adidas is committed to making shoes at low prices for the Bengalis.

Virginie Seghers, a professor at the Institut d'Etudes Politiques in Paris, explains that social business is based on knowledge of field stresses the role of multinationals to improve their image and position themselves in markets that represent 4 billion future consumers :

France has put this principle into practice recently. For Martin Hirsch, the sector has experienced a real boom in France in 2010.The former High Commissioner for Active Solidarity, who co-chairs the pulpit "Social Business / Business and Poverty" HEC stresses the power and responsibility for these large companies to persuade them to embark on these projects:

Martin Hirsch presided today with Emmanuel Faber, Danone's number two, a partnership which has joined Schneider Electric for carrying out actions of social business in France.

For 2011, several projects will be tested: the creation of coupons for infant feeding products such as baby food and infant formula, a partnership with Essilor to reduce the cost of glasses and another with SFR to reduce the price Small telephone consumption. In one year, Martin Hirsch hopes to lead a dozen projects.