By 2016, it is an additional € 65 billion will be saved, said the Prime Minister, in order to achieve a zero deficit at that date. More than half of the effort will focus on lower costs, he added. The Prime Minister also recalled that the gouvernerment expects a 1% growth in 2012.

The main measures:

• VAT reduced from 5.5% to 7%. This new rate will apply to all goods and services affected by the reduced rate saving account pay day loan.In terms of controlling health care costs is an additional effort of 700 million euros will be accomplished. "

• The rise of certain social benefits will be limited exceptionally to 1% in 2012. The social minima (RSA, pensions, allowances for disabled adults, etc..) Are not affected and will be upgraded under the current rules, the more advantageous.

• The tax loopholes will be planed to 2.6 billion euros extra.

• The corporation tax for large groups will be increased by 5%.

"France must roll up our sleeves," insisted Francois Fillon. "We must rebuild our growth model" too supported by consumption itself inflated by social transfers, said François Filln concluded.

Traffic would be disrupted from Saturday, October 29 until Wednesday, November 2 included online payday advance. The airline plans to provide 80% of flights, but stresses that "considerable uncertainty remains about the level of participation of the cabin crew." These are not actually required to prevent the direction of their intentions.

In 2007, a similar strike – triggered by the same six unions to the same period of All Saints – had caused major disruptions.

Moderated somewhat in early trading, the Paris market has accelerated the pace in the afternoon, reassured by the good performance of Wall Street. In session the Dow advanced 1.77% and the Nasdaq 1.49%. To observers, the shift is mainly due to the information that has filtered through the preparations for the EU summit scheduled between Sunday and Wednesday. Finance ministers of 17 countries of the monetary union have found themselves in the afternoon on Thursday in Brussels to finalize this key event for the euro area.Paris and Berlin have already announced that Nicolas Sarkozy and Angela Merkel would meet Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures should then be unveiled during a second summit to be held "no later than Wednesday."

The bad news relegated to planIl will then not only to agree on how to increase the capacity of the European Financial Stability Fund (EFSF), but also to review the new rescue plan for Greece.

Hope for quick and concrete progress on the thorny issue of sovereign debt in the euro zone was overshadow the bad news of the day. After Moody's, Standard & Poor's raised doubts about the triple-A long-term debt of France, where strong economic downturn.In the same case scenario, the agency also mentions a possible degradation of the notes from Spain, Italy, Ireland and Portugal according to economic conditions.

Weekly balance sheet negative for banks

Bank stocks, regaining ground as we approach the Summit of Heads of States in Brussels. BNP Paribas was up 6.22%, 5.59% Societe Generale and Credit Agricole of 3.93%. On the week, however, accuse the banks of heavy losses. Over the whole week but it heavy losses. In five days, Societe Generale lost 8.95%, 6.82% Credit Agricole and BNP Paribas 1.46% guaranteed pay day loans.Unlike some of the best performance on the CAC 40 weeks, there is Pernod Ricard (3.76%) and Danone (3%) who announced results considered of good quality, in the last days.

• Essilor (+3% to 52.48 euros)

The world leader in ophthalmic lenses achieved a growth of 6.4% of its sales in the third quarter 2011 to 1.04 billion euros. The group also confirmed its target for 2011 growth of its business "between 6% and 8%" at constant exchange rates and strategic acquisitions, and its goal of stability margin excluding strategic acquisitions.

• Safran (-8% to 22.20 euros)

The group confirmed its targets for 2011. It aims for 2011 growth of around 6% to 9% of its revenues and 25 to 30% of its operating income.Safran has seen its turnover increase from 5.2% to 2.72 billion euros in third quarter

• Valeo (6.63% to 35.85 euros)

The group reported a turnover up 14% in the third quarter to 2.6 billion euros and confirmed its operating margin target for 2011.

• Klépierre (4.01% to 22.28 euros)

The group reported a growth of 4.9% of its sales in the third quarter, supported by the increase in rents shopping centers.

• FranceTelecom (2.58% to 12.94 euros)

Orange will acquire 100% of the mobile operator CTC (China Telecom Congo) in the Democratic Republic of Congo, the French group paying $ 10 million (7.3 million) to ZTE for its 51% of CTC and 7 million dollars to the Congolese government for the balance.

• Pierre et Vacances (0.59% to 29 euros)

The group reported Thursday a 2010-2011 annual turnover of 1.47 billion euros, up 11.2% on a comparable basis. Solely on the fourth quarter of fiscal year, ended Sept. 30.

• Etam Développement (2.81% to 14.25 euros)

The group released Thursday a quarterly revenue of 269.4 million euros, down 10.7% on a comparable constant exchange rates.

• OL Group (-0.68% to 4.40 euros)

The group announced Thursday it had reduced its net loss to EUR 28 million for the year ended June 30, against 35.6 million a year ago and have returned to a positive EBITDA (8 , 9 million) "despite a very mixed season in sport."

Elsewhere in Europe, ahead of London and Frankfurt 1.43% from 1.47%. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound. Europe follows the trend, despite the announcement of the degradation of the Italian note by Moody's.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector payday loan companies.

Indeed, Brock U.S. on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2.80 for Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The values ​​of energy and insurance markets in the eye

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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]]> http://eaforum.org/the-cac-40-is-trying-to-make-a-step-forward/feed/ 0 http://eaforum.org/mobile-frequencies-user-manual/ http://eaforum.org/mobile-frequencies-user-manual/#comments Fri, 16 Sep 2011 10:32:05 +0000 admin http://eaforum.org/mobile-frequencies-user-manual/ The government is auctioning the frequencies, which will be used for mobile fourth generation (4G). What is it?

The mobile phone transmits the voice (or data) using radio waves, which propagate in the air "waves" continuous. The frequency (measured in hertz, Hz) is the number of "waves" per second.

To make the operators therefore need to get the government of frequencies, located in a strip precise and well defined, so as not to interfere with radio, television, defense, aviation and so on.

But the frequencies are inherently limited. They are therefore a scarce and highly contested. In addition, they are not all the same quality in terms of capacity and speed of propagation. To put it very simply, the more frequencies are lower, the better they are.Frequencies "low" (below 1GHz) have good propagation properties. They provide a national coverage less expensive because they require less equipment. They also have better penetration in buildings, improving coverage "indoor". Low frequencies therefore offer the best technical and economic conditions for the deployment of large networks with national coverage.

Historically, the FM radio is in the 100 MHz band, the television in the 470 to 862 MHz. Telecom operators are above the frequency band.

• 4G (voice, SMS, MMS, mobile Internet fast): 800 MHz and 2.6 GHz. The frequencies currently 4G auction are of two types.

On the one hand, the frequencies called "gold" because they are located in the low frequencies 800 MHz band.As they spread further into the atmosphere, the operators do not need to put a lot of equipment to cover a given area, making these frequencies are well adapted to cover the rural areas. But their price is high. Released during the transition to DTT, they were recovered by the government from television, through the so-called "digital dividend". Since this frequency band is close to that of television, mobile 4G can still create interference and interference with TNT in some places.

In addition of frequencies known as "high" as they are in the 2.6 GHz band. They are particularly suited to dense urban areas. But they require high investments.

• 3G (voice, SMS, MMS, mobile Internet start): 2GHz.The current generation of mobile phones, called 3G (or UMTS), operates in the 2 GHz band, with opportunities to 2.5 GHz. To ensure a good signal coverage, operators have had denser network and stations install more emissions than the generation before. The result of the economic costs and increasing difficulties to cover the white areas.

• 2G (voice, SMS, MMS): 900 MHz and 1800 MHz. The previous generation, known as 2G (or GSM), worked – and still works – in the 900 MHz band and 1800 MHz in Europe. Each operator had to build a network of more than 15,000 base stations. Bouygues Telecom, the third came on the market was at a disadvantage: he had received 1800 MHz frequencies, requiring a denser network and therefore more expensive than its competitors Orange and SFR.In the U.S., GSM in the band of 1900 MHz, hence the need for a phone "tri-band" when traveling in the United States.

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Since then, considerable work has been shot: the balance sheet was reduced by EUR 170 billion, the financing needs of a hundred billion.At a time when European banks stumble over the availability of funds in dollars, Dexia is fortunate to have transferred his assets overseas (FSA, and in July, its portfolio of financial assets). At least that problem is not his, and he is also out today – contrary to some market rumors – that the Franco-Belgian bank is not the one who used this summer and again today at the box office dollars of the European Central Bank.

Still, the situation remains extremely tense for Dexia, "we are a sovereign funder – or rather subsouverain with local authorities – a strong presence in Southern Europe. It does not facilitate the life … "Pierre Mariani notes by wielding an understatement.Rating agencies – Moody's downgraded Dexia in July – are closely monitoring the sensitivity of the banking crisis of sovereign debt and refinancing conditions, knowing that the group is still heavily dependent on short-term refinancing.

In this situation, Pierre Mariani has perhaps even more than his colleagues their eye towards politics. "The debt crisis is now deep enough to destabilize the European financial sector," he warned, calling on European leaders to bring order in the governance of the euro area and to implement the Agreement of 21 July. It is however "not certain that the solution lies in a massive recapitalization" of European banks.

In addition, the head of Dexia focuses on the consequences of running the economic growth of the pressure right now on the banks."Everything is in place to organize a massive contraction of credit," he warns. Banks now carve their balance sheets to reduce their financing needs, especially long term, gradually emerging business critical, such as project finance, aircraft financing, loans to local …

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Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices cheap payday advance. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's, noting that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is currently rated "Aa1" by Moody's and "Aa2" by BNP Paribas and Societe Generale. S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

This increase serves as a good sign for U.S. growth in the third quarter. What mood enhancing buyer investors, who already showed optimism prior to publication.At the opening of the session on Monday in New York, the Dow Jones ahead by 0.74% to 11,368 points, the Nasdaq and Standard & Poor's 500 rising 1.36% respectively in 2514 and 1 points, 40% to 1193 points.

The final impact less severe than expected from Hurricane Irene passed over New York yesterday, also contributes to investor optimism. Similarly, after being confused by the speech of Ben Bernanke, the Fed chairman, on Friday, market participants regain hope in a possible intervention by the Fed.

The Dow Jones above 11,000 points

According to analysts at Aurel BGC in fact, the announcement by Ben Bernanke, a two-day meeting in September to study in detail the possible deployment of new monetary tools, reassured. "Either the recovery of economic activity is growing, or the central bank will implement new support measures, they summarize.Under these conditions, the U.S. indices rebounded sharply after Bernanke's speech. "

In fact, dropped below the 11,000 points while the Fed chairman began to speak, the Dow finished at 11 284.5, up 1.2% on Friday night. A final increase, which encouraged European stock markets bounce back on Monday morning, except in London, closed due to holiday.

Another indicator which will be followed on Monday, the promises of home sales for July are expected down 0.1% from a consensus of analysts, against 2.4% rise previously.

The bank should remain in the spotlight

No major publication is expected on the business side.

However, the banking sector will probably still at the heart of analysts' expectations, due to the rebound in the sector in Europe.

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.1 billion euros and net profit up 30.7% to 258.2 million euros. These results confirm the group to maintain its growth objectives "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year.

Side perspectives, Essilor says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

The increase is explained by a return to normal imports of parts produced in Japan, interrupted after the earthquake. "The disruption of production caused by the disaster Japanese, which affected production in March and April, were apparently stronger is believed," Dominique Barbet analysis, economist at BNP Paribas.

The car saw its production increase by 2.5%

All sectors are displayed in green in the month of MayThe production of electronic and computer equipment rose 2 online pay day loans.3%, the textile industry of 1.3% and rubber and plastics 2.2%. The car, itself, saw its production to rebound by 2.5%. In this context, chemistry and medicine show more modest increases of 0.3% and 0.5% in May Only agricultural and food industries suffer a decline of 0.2% of their business.

From March to May, manufacturing output increased by 0.9%. Compared to the same period last year, manufacturing output rose 4.8%, INSEE said. Despite these positive figures, French growth to slow in the coming months, according to the Bank of France. The institution has revised down its outlook, relying now on an increase of 0.2% of GDP for the second quarter (April to June).