In all European countries where development has been a regulation of the credit brokerage market share of players has exploded.
Intermediaries in French Bank Operations and Payment Services (IOB) French do not escape this trend.
The provisions of the Financial Security Act of 2003 were completed in 2012 by decrees and orders setting multiple obligations: registration in single ORIAS, respect for rules of good behavior, provision of pre-contractual information, the need a minimum of 150 hours training.
These laws and regulations for consumer protection are controlled by the Prudential Regulatory Authority (ACP).
The second edition of the Deloitte study "bank-customer relationship" only 33% of French trust the banking system. In terms of home loans to consumers were not misled and plébiscitent the relevance of credit brokerage which saves up to 40 basis points compared to a range of banking.
The market for banking intermediation is changing and growing. On the ground economic reality is consistent with the evolution of the distribution of housing loans to households. Thus 40% of first time buyer consulted an intermediary!
Statistics from the U.S. housing market and succeed are not really encouraging ... The U.S. Commerce Department announced Tuesday that a slowdown in housing starts last month.
They settled on a rate of only 0.65 million units, against 0.7 million and 0.69 million consensus a month before. However, building permits have exceeded expectations by cons, at a rate of 0,750,000, against 0,710,000 of consensus among the economists and 0,720,000 in February.
Yesterday, the National Association of Home Builders also released a poor indicator reflecting the situation of the real estate market for April 2012 ... He declined to 25, against 28 and 28 consensus announced a month earlier. Last month, the indicator of future U.S. housing market had hit its highest since June 2007.
The Bank of Japan said Tuesday it would lend to banks 2,000 billion yen extra (18.5 billion euros) low interest rates to support growth, following a meeting of his committee monetary policy.
The institute said in a statement that the total amount of the overdraft facility offered to financial institutions would increase from 3,500 billion yen to 5,500 billion yen (51 billion euros).
These funds are for banks that want to lend to companies active in sectors considered strategic for the country's growth (research and development, investment in Asia, environment and energy, medicine, care of children and seniors, tourism and agriculture particular).
This program was launched by the BoJ in June 2010. It is separate from the heart of monetary easing measures taken by the institute, which consist of the acquisition of government bonds and corporate and other financial securities, and the issuing of loans to prime rate.
At its last meeting in mid-February, the BoJ had surprised economists and markets by raising 10,000 billion yen (92 billion euros) its planned purchases of Japanese government bonds, bringing to 65,000 billion yen (600 billion euros) the total amount of its core program.
The measures announced Tuesday, bringing on new much smaller amounts, were presented by the institute as "a result" of the monetary easing of February.
In detail, the 2,000 billion yen in additional loans include 500 billion yen for large projects and another 500 billion for loans to both small (less than 10 million yen), at a rate of 0.1%.
The 1,000 billion yen will be provided in the form of dollar loans at the rate prevailing in the relevant markets.
All of these loans will run until 30 June 2014. The BoJ has extended the duration of loans so far, initially due to expire June 30, 2012.
The BoJ has also held, unanimously and unsurprisingly, its main interest rate between 0.0% and 0.1% in order to facilitate the movement of money and encourage activity.
The latest issue of the journal IEIF "Reflections Estate" has been published and now offers a new model.
New cover and layout revisited, with an ever more attractive summary, where you will find the topics of our quarterly magazine that collects the thoughts of real estate professionals and investment: Economy, Taxation, Construction, Housing, Commercial real estate, logistics, management collective.
Your welcome gift: the editorial by Guy Marty, Director General of IEIF
The term resilience has entered common usage with a light scent of snobbery, but it has a special meaning which applies exactly to real estate in the current situation.
First used to measure the resistance of materials to shock, it was introduced in the fields of psychology and sociology: the resilience, the ability of a person or social group to cash a trauma and to cope with specific qualities and opportunities of the environment.
The financial crisis since become debt crisis, duly hit the advanced economies and disrupted circuits of bank financing. For real estate, regulation Basel III, who was scheduled to take effect in 2017 but which is finally applied in 2012, accentuates the difficulties of financing.
Facing this external shock, the real estate sector is no lack of qualities that will find relays: the SIIC know to call the financial market, the technique of obligations secured by real estate is developed and may know a great development; real estate receivables can enter assets of insurance companies by not mobilizing their little capital.
More importantly, there is the opportunity offered by a more economic and financial environment that disrupted: alternative asset, real estate becomes a safe haven for essential long-term strategies.
The Quebec government should be careful before committing too much its industrial strategy in the Northern Plan. Ditto for investors with their portfolio. China is now dangled great things, but the end could be much closer than it seems.
We were far enough share of the Northern Plan. Not as negative as his detractors (you can create a nice social wealth by developing its natural resources), but not as optimistic as its promoters (be careful to invest too heavily in one area not to leave her skin so the tide is turning).
Significant doubts were first germinated in the mind of the potential energy component, the largest of the plan, with 47 of the $ 80 billion of planned investment over 25 years. If the goal is to be energy autarky when Churchill Falls will end in 30 years, maybe. If instead of making money with future dams, the evidence remains to be done we do not plan to build some white elephant.
Component remained the mineral, where we saw some potential. A study by Deutsche Bank has just cool our enthusiasm.
What was the importance of China in global demand for mineral resources in 2010?
Although it only accounts for 11% of global GDP and 20% of the population of the planet, China consumed last year about 50% of the cement and steel products in the world, as well as 30 40% of copper, nickel, zinc, lead and aluminum.
In light of these simple benchmarks, it is clear that the situation is unsustainable. The question is for how long the boom can continue.
In an attempt to determine, Deutsche Bank focuses on what it calls "cumulative consumption." Empirical evidence shows that, over a long period, countries tend to be historically comparable to the top as they reach the consumer.
Example: over 15 years, steel consumption per person in the United States reached a peak of 9,500 kg in 1978 (633 kg per person in annual average). In Japan, the peak of about 10 000 kg was reached in 1998.
Remain on the steel. Consumption of China in 2010 was 470 kg per person. Assuming a 6% growth for the coming years, analysts conclude that steel consumption in the country will reach the annualized peak of 10 000 kg ... 2017.
The growth of the Chinese economy would then become more dependent on its level of consumption as the construction of infrastructure and buildings. The biggest infrastructure investment being made, the demand for steel and cement should begin to decrease.
Where it gets complicated
This is where it gets complicated for the Northern Plan. The iron ore used in steel, is the lion's share of planned investment over the next few years. Just think every 10 to $ 13 billion planned for Lake Otelnuk (Adriana-Wisco), to $ 4.5 billion planned for KeMag (Quebec) and LabMag (Labrador) (New Millennium / Tata), the $ 2.1 billion of Mont-Wright (ArcelorMittal).
If world demand is declining, what happens there at the price of iron ore?
In a parallel study, the house provides that $ 130 per tonne in early 2012, it is expected to increase to $ 180 at year end. It is expected to continue at a good level until 2014, but then, nosed. In 2017, the forecast is ... $ 80 per tonne.
Knowing that the Mont-Wright deposit must be in production in 2013 and Lake Otelnuk around 2016, the horizon of superrendements does not seem very important. In fact, one might even wonder if at this price level, these projects will still be areas of profitability and sustainability.
Moral of the story
There are a few.
The Quebec government should be cautious in its equity in the Northern Plan. It is better as well and avoid projects with production costs higher than elsewhere. The more expensive projects will fall first.
Quebec should not unduly stimulate the excitement likely to lead private capital. This is not to retreat with the Northern Plan, but to try to curb the enthusiasm with measurement of investors and entrepreneurs so that mining becomes too heavy in the economy.
The investor, large or small, should be careful. It is conceivable to build on the sector, because it seems to stay a few years carriers. But without losing sight of what the notion that salutary measure.
Google has opened Tuesday in Canada access to its online bookstore, offering hundreds of thousands of electronic books to buy and two million others to download.
stock market today
The company said it had established for this purpose partnerships with several Canadian publishers, including McClelland & Stewart, Douglas & McIntyre, House of Anansi and Dundurn, and with retailers such as McNally Robinson and Campus eBookstore.
The online bookstore Google eBookstore was launched in the United States in December 2010. It was extended to Britain last month.
Digital books purchased from Google can be played on the Sony Reader, the Nook Barnes & Noble and other electronic readers, but not on the Amazon Kindle.
They can also be many other devices, including PCs, Macs and Android tablets.
Net income for MEGA Brands has remained stalled in the third quarter to 17.1 million, down 0.6% from the same period last year. The Montreal toymaker says it stands out from its competitors as retailers manage their inventory cautiously because of economic uncertainty.
Revenues, meanwhile, rose by 4% to 133.4 million. This is less than the 137.5 million expected by analysts surveyed by Bloomberg. The profit per share to 51 cents above the consensus at 47 cents.
"We are continuing our momentum in the Toys, retail sales of our products ahead of our shipments and positive developments with regard to retail our products in 2011 are favorable, as we see clear signs that the recovery in the Stationery and business is well under way, "wrote CEO Marc Bertrand said in a statement.
The division toys and stationery division experienced the same rate of revenue growth, or 4%. Revenue increased 6% in North America and 2% internationally.
Assange lost big in 11 months of legal battle: his extradition from Britain, Sweden seems increasingly likely, his supporters have melted as well as its superb cross of transparency, the machine scoops, WikiLeaks is threatened with closure.
At eleven months apart, the contrast was striking Wednesday, when Australia's 40, tall, thin blond hair and a bit sarcastic smile, emerged from the High Court in London, which was dismissed on appeal.
The statement is a concise unusual. Just 30 seconds. The speech is simple. The cyber-warrior wears a poppy in his lapel ultra-conventional supported by the entire British establishment to commemorate the sacrifice of the soldiers died in the war.
Assange, who has 14 days to file yet another appeal refers all questions to the consultation site "Suedevsassange.com" (Sweden against Assange).
Upon his arrest last December as part of a sexual assault case against two alleged rape and Swedish, the same Assange showed a fighting spirit to any event. Talk forever about the "conspiracy" hatched by the United States to deport him to Guantanamo via Sweden.
Assange was convinced that his troubles arise solely from the publication in 2010 by Wikileaks documents classified U.S. military on Afghanistan and Iraq, followed by the release of 250,000 U.S. diplomatic telegrams.
Named "Man of the Year" by Time magazine and The World, distinguished by Amnesty International, however, is the bane of the United States.
But the extradition request and prosperous Swedish messes his itinerary.
In the months before his arrest, Assange led a life worthy of a spy novel, moving from one country to another, avoiding sleep for several days in the same bed, wiping his tracks by changing constantly his laptop chips.
House arrest in a mansion in the English countryside since December 2010, forced to wear an electronic bracelet and forced a curfew, it does not multiply least at first interviews since his "gilded cage."
His motto? "Free Press", the secrets and expose abuses of state, "save the documents that make history."
Gradually, the press leaks are becoming scarce, interviews spaced, isolation is gaining ground.
A former spokesman for the German organization, Daniel Domscheit-Berg, blasted his "authoritarian" in a scathing attack.
The main media partner of Wikileaks distance themselves. "I came to see Assange as a man who can do both a hero or villain," the editor of the New York Times, Bill Keller.
Last September, the sprinkler becomes watered. Assange vituperation against the release of an "unauthorized autobiography" in which he has contributed before to quarrel with the author.
The book traces the nomadic childhood that led him to attend 37 schools. Adolescence, marked by the awakening to hacking. His career as a hacker "repented," security consultant, entrepreneur, "researcher in journalism," and finally the founder of Wikileaks in late 2006. He protested his innocence: "I am perhaps a male chauvinist but not a rapist."
In mid-October, Assange still look good. "The support of the media and people has never been stronger" for Wikileaks' intelligence agency of the people, "said he.
Soon after, however, he acknowledged that Wikileaks is strangled by an "arbitrary and illegal financial blockade" of the United States. The point of being threatened with closure in December.
One member of the famous Molson family involved in the Board of Trade of Metropolitan Montreal.
Andrew Molson was appointed as Chairman of the Board of the Board for a term of one year. He succeeds Sylvain Vincent, managing partner of Ernst & Young for Eastern Canada.
Mr. Molson is currently the Chairman of the Board of Directors of the brewing company Molson Coors. He serves on the board of directors of several organizations including the Montreal Canadiens, Concordia University and the Molson Foundation.
For Molson, the assumption of the chairmanship of the House is a great way to recognize the contribution of Molson in the economy of the metropolis. He rejoiced especially as it is celebrating the 225 years of the Molson brewery.
As chairman of the House, Andrew Molson will be involved in the activities of the organization during the years 2011-2012, then as Past Chair the following year. Throughout this period, he will sit on the executive committee of the House.
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its mission is to represent the interests of the business community of Greater Montreal and to provide specialized services to individuals, merchants and businesses.
Not easy for the Mail Champlain being located just 5 km from the popular Quartier Dix30, which already attracts 11 million people a year before being completed. But its owner, Ivanhoe Cambridge, believes in the potential of the shopping center to the point of having invested 40 million.
The Mail Champlain is not greater, but it is more modern, younger, sunnier than before. The old floor mat was covered with shiny chic ceramics, leather chairs and computers Apple Raspberry invite guests to relax. "We could have added a floor but the problem was not size, it was rather the positioning," said Jean Laramée, Senior Vice President, Portfolio Eastern North America, Ivanhoe Cambridge, during a site visit with lesaffaires.com.
To change its image, the mail has recruited new tenants "more efficient" (that achieve higher sales), young (Forever XXI) and higher-end (Simon Chang, Guess, BCBG Maxazria). "In coming to settle here, Browns [which has a store in Dix30] made a statement and sales are better than expected. It sends a signal, "said Jean Laramée, indicating that some of the 40 million was used to attract new tenants sign a lease. Some brands have also been moved to allow the best areas, those on the corners, with names more attractive.
Although the Dix30 had never left the ground, Ivanhoe Cambridge argues that the same amount was spent to do the work, became more than necessary. The last brush stroke, "very minor" was given 10 years ago. But the landlord can not deny that the increased competition of the largest lifestyle center in Quebec hurts. "People had not deserted but had to make a move to establish a position of quality, says Jean Laramee. Sales were down but the traffic has not dropped that much, maybe 10% maximum. "
As for tenants, only a few - including Clement and the theater would have left to settle in Dix30. Some have chosen to operate stores in both locations. "The positive is that the Dix30 has improved the strength of the commercial center. We fight against them for some tenants to Zara and XXI Forever are here, not there, "says the manager.
Mail Champlain's efforts seem to be working as the traffic in October jumped 15% over the same month the previous year. H & M, which has benefited from the work to enlarge his store increased its sales by 30%, says Jean Laramee, walking to the famous Swedish brand. To discover its new image, the mall has undertaken an extensive advertising campaign and public relations, the cost was not disclosed.
The challenge is to convince people to stay as long in the center. Because long visits often lead to impulse buying and a short stop in the food court. Currently, the average visit length is 75 minutes. Ivanhoe Cambridge has not been able to compare this data with that of 10 years ago, but notes that "it is decreasing" since "people have less and less time. "In Dix30, it is stated that the average visit lasts 177 minutes.
* Each year, the Mail Champlain welcomes 7 million customers. The Dix30 expected to draw in 20 million when all phases are completed, in 2013.