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Who will be the big loser of the arrival of Free Mobile? While Orange, Bouygues and Vivendi have just published their annual results and must submit his Free Thursday, the operators have their accounts.

In only six weeks, Free Mobile would have earned 1.5 million customers, according to estimates by Stéphane Richard, CEO of France Telecom. Free for now refuses to confirm.

But everyone sees what he lost. Orange said 400,000 of its customers had left for Free Mobile. Bouygues Telecom, a quarter of customers since January parties have joined Free Mobile or 134000. SFR did not elaborate, but analysts said it could provide around 300,000 customers Free Mobile.

500,000 net new subscription

It remains to evaluate clients lost by MVNOs, network operators without these, like Virgin Mobile, La Poste Mobile, Auchan Telecom, etc.. "Some of these operators have lost heavily at the start of Free Mobile. While some have reacted very quickly, it was to stop the bleeding. They have de facto acted as shock absorbers for Orange, SFR and Bouygues, "said one analyst.

MVNOs with models based on commitment and with a strong distribution network suffered the least. And NRJ Mobile, which has 90% of customer engagement in and benefits from the network of bank branches CM-CIC, has limited the damage. The operator that displays 1.1 million customers continued to win in January, before losing around 5,000 in February. "Ultimately, MVNOs may have lost between 200,000 and 300,000 customers," said one analyst.

Summing up all these figures, Free Mobile would have earned about a million customers in the market in its various competitors. The remaining 500,000 would net creation, that is to say, new subscriptions. Given its attractive price, consumers who already have a subscription and can be subscribed to the offer 2 euros (EUR 0 Free for subscribers) as a second subscription or subscription relief.

One thing is certain: the fierce competitive battle was triggered not leave room for all operators and everyone is fighting for its survival.

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Gone is the political consensus that prevailed in France last year about the need to save Greece. Tuesday, the Socialist deputies abstained on two bills used to be validated by France on European Stability Mechanism (SPM). And Socialist senators will do the same next week. With 500 billion euros, MES must nevertheless serve from July, firewall Standing against the sovereign debt crisis in the euro area.

Socialists do not disagree that the SS as the budgetary stability pact European carrier with greater discipline on public accounts. And they consider that the MES and form a pact. This treaty "as it stands today does not provide strong commitment to growth," said Tuesday, Jean-Marc Ayrault, president of the PS group in the Assembly. A position in line with that of Francois Hollande, who wants to renegotiate the December European, to add a section on growth.

Heavier debt

"The refusal of the Socialists to vote MES is a serious fault which shows their bigotry," retorted Tuesday, Francois Fillon before the UMP group. Anyway, the MES should be approved by France, the Assembly, dominated by the UMP, having the last word on a left-wing majority in the Senate.

The MES is the latest tools devised to solve the debt crisis. It will function as the EFSF (European Financial Stability Fund), it will eventually replace: it will borrow in the markets and then help the troubled country. These are the European countries which will mean the MES in equity, to 80 billion euros. France will contribute 16.3 billion by 2017, including 6.5 billion this year. This will weigh down all our debt, which has already reached 1.7 trillion. And this bill is not isolated.

As part of the first aid to Greece decided in spring 2010, France has already lent directly to the country 11.3 billion on a commitment of 16.8 billion euros. Public debt has been weighed down by 11.3 billion.

France will contribute more importantly, valued at 23.4 billion euros, the second Greek rescue plan which should amount to 107 billion euros for euro area Member States. The hex will help the European Financial Stability Fund, which lends to States in difficulties with the guarantee of the Member States. Its borrowings weigh down the public debt. Because of all the commitments of EFSF on Portugal, Ireland and Greece, the French public debt should be weighed down by 38.5 billion. So that the total bill for France's aid to European countries in difficulty should go well beyond 50 billion!

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"Greece: Europe is finalizing a plan to more than 350 billion

Organic products seem immunized against the crisis. Last year, sales were nearly $ 4 billion euros, an increase of at least 10%, as estimated by the Bio Agency. A sacred performance. Over the same period, sales of consumer products (food and hygiene products) have indeed stagnated in volume, and increased by only 3% in value.

Despite prices 20% to 50% higher, organic products, which represent less than 2% of the food market, continue to attract consumers. However, they are less likely to try the bio. In 2011, 40% of French reported consuming at least once a month for organic products, when they were 43% in 2010 and 46% in 2009, according to a survey by the CSA institute. "In a crisis, the curiosity of consumers is less, recognizes Elizabeth Mercier, Director of the Agency Bio. But market growth in 2008, the year of crisis, was 25% and 19% by volume. " In contrast, 18% of those who consume at least one organic product a week they intend to increase their intake this year. "This allows us to expect a further growth of organic products in 2012," said Elisabeth Mercier.

More visibility on the shelf

"The potential of new consumer stays there, half the French having no problem purchasing power," said Didier Perreol, group president Ekibio (Priméal, Bisson, My life without gluten?), Which states that Organic consumers are mostly from the wealthier classes.

"The market continues to grow as a supply effect contributes mechanically to increased purchases," says Isabelle Senand, author of a study on the bio for Xerfi. This is the result of the number of openings specialized brands (Naturalia Biocoop, La Vie Claire?), Pioneer of organic and enlargement of the assortment in supermarkets and hypermarkets. Today, 10% of milk sales are conducted in organic section, over 15% of sales? Eggs but only 6% of sales of fruits and vegetables. Last year, innovations in the organic section have increased among the national brands, ham Fleury Michon Pom'Potes Materne to Mont Blanc.

"The distributors have established themselves in this market with their brands and national brands, explains Isabelle Senand. All signs now have their own organic brand, which is largely the democratization of the market. "

The price gap has in fact reduced in grocery, fruit and vegetables or dairy products. "In five years, our prices are down 15% due to higher volumes, which allowed us to increase productivity," says Daniel Tirat, CEO of two cows, the brand of organic yogurt from Danone, the second mark market.

In three years, the market for organic fresh dairy products has doubled to 100 million euros. "We are in a logical recruitment of consumers, two thirds of our buyers who have never eaten organic yogurt, adds Daniel Tirat, which will test next month at Monoprix sales of butter and cream The two cows. We need the bio is even more visible rays. "

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BNP Paribas has limited the damage last year. Despite the crisis of the euro, which hit the banking sector especially during the second half of the year, the French group reached 6 billion euros in profit in 2011, down only 22.9%. It's better than expected by the market.

This figure covers two very contrasting. On the one hand, the retail place performance. Over the full year, this activity reached 5.9 billion euros'' profit before tax, of which nearly $ 2 billion in France (12%). the fourth quarter alone. Networks alone will clear almost all of the taxable profit of the group: 1.2 billion on 1.3 billion.

On the other hand, the sovereign debt crisis weighed heavily on the bank. A pressure that is exerted on the first banking business and investment banking. The division will have realized that 6 million profit last quarter, although this remains more than adequate compared to the losses recorded by many major European banks that have already published their accounts.

Especially, BNP Paribas will found in 2011 more than 4 billion euros in losses on its portfolio of European government debt: $ 3.2 billion on Greece, whose value was reduced by 75% in the perspective plan restructuring being finalized at the European level, plus 872 million of realized losses on the sale of government securities. Since the summer, BNP Paribas has significantly reduced its exposure to sovereign debt. She also collected 148 million of losses on loans it has sold to lighten its balance sheet.

With 6 billion profit in 2011, BNP Paribas is expected to maintain its lead over its competitors. Credit Agricole SA announced in December that he would complete the year in the red after a cleaning operation of its balance sheets. Societe Generale – which will publish its Thursday tomorrow – has warned it would not distribute any dividend.

In this regard, BNP Paribas says it will affect a quarter of its distributable income to the payment of a dividend payable in cash or shares. The bank says in effect have already exceeded the target of 9% capital adequacy set by the authorities in the whole industry in Europe.

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Qatar Airways, the first customer for the A350 XWB, the new long-haul Airbus will have to be patient. EADS, the parent of European manufacturer, announced on Friday on the occasion of the publication of the results of nine months, the factory of the competitor of Boeing Dreamliner will be the first half of 2014 rather than late 2013. The assembly of the first aircraft factory in Toulouse, will begin in the first quarter of next year and not at the end of this year. This delay will cost 200 million euros at EADS, which has set aside that amount in its accounts.

These announcements reflect "what we know today," said Hans Peter Ring, Chief Financial Officer of EADS. The band plays caution. He prefers to deliver defect-free devices instead of doing everything to meet its production schedule. The European giant draws lessons from the excesses of the A380.The announcement of the delays of the A380 in June 2006 caused a collapse of the action and the most serious crisis in the history of the company.

This decision revealed seventy-two hours before the opening of the Dubai Air Show was predictable. In June, during the Paris Air Show, Airbus announced a year and a half behind two of the three versions of the A350 XWB. Management had set the stage by explaining the weeks preceding the calendar was tense for "a very risky program."

In late September, Thomas Enders, CEO of Airbus, told the BBC: "We always start date for the final assembly of the first aircraft in late 2011. But there is no magic date. We learned a lesson simple enough for the A 380: it is useless to push sections of the aircraft on the assembly line if they are not ready. "

As to give grist to G20 ministers meet farm late Friday morning in Cannes, the FAO food price index released yesterday registered a sharp decline after months of increases. It stood at 216 points in October, its lowest level in 11 months. "Prices nevertheless remained generally higher than last year and remain very volatile," says to FAO, the UN Food and Agriculture.

The fight against price volatility in agricultural commodities is precisely the heart of the priorities that the ministers of agriculture have taken in June in Paris during the holding of a special agricultural G20. These will draw Friday a first assessment of this work."The challenge for leaders is to find ways to constrain the natural volatility of the courses without mask or minimize the aggravating factors which tend to look the part of financial markets," said Didier Rousseau, expert industry the agri-food consulting firm Weave Same day payday loans. Volatility can be explained according to the expert by "the increase in global food demand, the emergence of biofuels or the occurrence of weather-related disasters."

The five commitments that will be discussed and reviewed at the G20 agricultural Cannes

• Establishing information system on agricultural markets (AMIS). Hosted by the FAO global database that aims to improve transparency and information on agricultural markets of four major crops for food security (wheat, rice, corn, soy).

At a time when Thiriet just walk on its turf, the company put more than ever on its local image no fax payday loans.

Household consumption, the traditional driver of French growth, declined in September. It fell 0.5% last month, according to figures from INSEE published on Friday, after rising 0.2% in August. Despite this poor performance, the third quarter remains positive consumption rose 0.2% after a particularly bleak picture of the second quarter this indicator fell by 1.9%.

In September, it is the purchase of textile-leather and energy costs which have lowered consumption. These expenditures have dropped respectively by 4.7% and 4% last month, a much greater decline than in previous months. For the textile sector, the wrong number "announcement of hard times," Judge Camille Williencourt, an economist at Natixis. It points out that consumption fell by 17% in this sector since the second quarter of 2007.A sign that the industry "is recovering gradually, after a very poor second quarter impacted by the decision of the cash for clunkers," said Camille Williencourt payday loans for bad credit.

INSEE had Tuesday reported an unexpected improvement of consumer confidence in October. Indeed, they are much less likely to anticipate a rise in unemployment – although the statistics published this week have reported a record high – and are optimistic that this summer on their future standard of living. Other anticipation apparently bodes well for the consumption of the end of the year, they were also more likely to feel the need to make major purchases. But despite these positive developments, "consumer sentiment remains generally depressed, said Helene Baudchon, economist at BNP Paribas, well below its long-term average of 100."

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

• Discount of up to 60% of the Greek debt

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Recapitalization of banks to the tune of 108 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.

"We have made some progress on the banks" and "we have laid the groundwork for an agreement" which will still be subject to "discussions between heads of state" and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter.

But according to European diplomats, "there is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF)." On the other hand, "the ministers are trying to agree on the minimum capital."The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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Many station controllers have spontaneously stopped Thursday afternoon to work after the announcement of the aggression of one of their colleagues in a Corail train earlier in the day. Traffic TGV, Corail and TER is still very upset that Friday morning * and should remain "at least the morning," according to the SNCF, which does not give details. It invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled can do exchange or refund.

Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines should be "near normal" according to SNCF.

Transport Minister, Thierry Mariani, Thursday criticized the work stoppage of workers, finding that it was not "appropriate response" to the extent that he believes "it is not an act delinquency, this is a person who clearly has mental problems. " "This is not stopping the trains that they stop the insane," he said. The President of the SNCF, Guillaume Pepy, is on the same line. "This is a rare occurrence, an attack of such violence.It would serve no purpose to penalize travelers simply because a dangerous madman attacked controllers, "he said in Besançon, where the controller was assaulted in hospital.

No train service on the night of Thursday to Friday

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. Some passengers were stranded at the station waiting for a hypothetical train.

Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP