MEPs adjust taxation of real estate gains

MEPs adopted the amendment proposed by Gilles Carrez (UMP, Val de Marne), as amended, by the government, which is developing the new tax regime for real estate gains. He recovers, according to the general reporter the owners selling a principal residence and tenants selling their principal residence for the first time a property.

The amendment exempts from taxation of capital gains to the first transfer of a dwelling that is not a principal residence where the vendor is tenant's principal residence, as was the case before the 2004 reform. It aims in particular, according to Mr. Carr, to avoid the criminalization of young households, the Paris region or in dense urban areas, can not afford their homes because of the explosion in property prices.

Officials face unequal "one of two"

Staffing, the state officials are far from being housed in the same boat. A Defence and the Ministry of Agriculture, the rate of non-replacement of retiring workers should reach 79% and 73% in 2012. It would be only 31% for culture and bordered by an average 55%, the highest rate ever considered since 2008.

This is reflected in the general report of Gilles Carrez (UMP, Val de Marne) on the draft budget law for 2012. "The effort required to national education should be further emphasized: with 14,000 FTE (full time equivalent) less in 2012, after 16 000 FTE under the initial budget act for 2011, this ministry reaches The objective of non-replacement of an officer retiring on two "set by President Nicolas Sarkozy, to observe the general rapporteur.

Supply Chain Finance Part.I

Effectively manage its cash flows are a necessity for the enterprise and supply chain comes from low mode "Finance". Suppliers and buyers, customers and banks are willing to embrace this new trend. Born in the United States and adopted by a U.S. economy again precursor.

"The battle to dominate the market will not be a battle of the enterprises, but supply chains" Professor Hau Lee, Stanford. Historically, the competitive advantages of controlling the supply chain has always been underestimated, companies led a fierce battle on products or services, not on processes. This vision has since been questioned, particularly in a context of economic globalization. After improving the physical flows and information, announces itself with a new phase control of financial flows.

About Cross- Selling

The cross-selling as a catalyst for customer loyalty: state of the art of good practices. Faced with increased competition, banks and insurance companies must continually strengthen relationships with their customers. While 1 / 3 of the people have accounts in several banks (IREQ 2006), the challenge is to become the main bank or insurance client.

One way to be the leader is to increase the rate of multi-ownership: the interest is to provide diversified products to the customer to capture it while ensuring sufficient profitability during its life cycle. That is to increase revenue per customer (cheaper than acquiring new customers) by increasing the products held by clients and services sold.

The transformation of the sector as the penetration of bank assurance, the Assurfinance, and banking-real estate agency promotes more cross-selling. Through tailor-made pricing, offers and services can be complementary and beneficial to customers who already own one or more products and thus meet all their needs (offer a discount on the purchase of a coupled auto and home insurance or credit coupled with car insurance, etc ...)

The additional sales are based on an understanding of the client, and updated as and when relationships are maintained. They depend on the life of the client's potential risk (credit risk) and value ("life time value"). The option to develop the relationship with customers most willing to deepen and extend this relationship is vital.

To stimulate the use and income of customers, relationship marketing must move towards a proactive logic by exploiting business opportunities with specific offers that will be triggered through key moments in the client's life: a real estate purchase, a change of vehicle a termination, etc .... These can be transmitted to the client, on the one hand, in "push" or direct marketing (eg on the web, it displays the customer area of the loan amount for which he is eligible, without having make any loan application), and second, in "pull" or sales rebound as enjoy a call from the client to provide a product or service selected by the system depending on its characteristics.

The Private Equity, a market with strong growth driver - part II

The Private Equity, also known financing LBO (Leverage Buy-Out) groups for its funding and leveraged acquisitions of target companies, usually mature companies with strong growth potential. LBO funds - often associated with managers of the target - develop installation and operation of acquisition of the company with the objective to remain the capital of the latter ideally between 5 and 10 years while significantly improving the result of the business recovery. The solutions for output or funds are then variables: initial public offering, taken over by another fund, an industrial sales ...

Born in the USA, in the 60's, with the purchase by McLean Industries Inc.. Waterman Steamship Corporation, this type of acquisition has been truly popular in the '80s under the aegis of funds such as KKR who have made significant transactions in the image of the acquisition of RJR Nabisco for more 36 billion dollars (which was then the first landmark LBO). The event was followed by a steady evolution for twenty years, but no relation to the recent explosion.

This momentum is the result of a combination of several positive key factors. The first of these is an abundance of liquidity in financial markets. Attracted by high yields (15-16% on average), liquidity providers (banks and insurance institutions, pension funds and private wealth) do not hesitate to fill the capital market allows investors to raise funds more increasingly important. Direct consequence, the number of LBOs has increased but more importantly, the number of very large transactions (over one billion Euros. SMEs are no longer the only target of LBO financing transactions, large groups of interest to certain funds, particularly in terms of business management. So after the frenzy of acquisitions recorded in recent years, these groups now intends to liquidate their related activities generate higher margins.

The Private Equity, a market with strong growth driver

Private Equity market has been experiencing four to five years an unprecedented dynamism. The figures for 2006 speak for themselves:

* 71% growth in business volume in 2006

* 71 billion of funds raised in 2006 or 22% over 2005

* 208 LBOs carried out in France in 2006, with two thirds of companies less than 100M € turnover,

* 1.5 million people now work for a company in France came under LBO, 9 to 10% of private sector employees,

Private equity is one of the five main areas of activity of the market says private equity (intervention in the capital of unlisted companies generally to achieve horizon 3-10 years of strong capital gains), other activities are:

* Seed capital (or seed money) which represents the first stage since it is for investment projects still in its infancy, funded in order to develop a technology still in R & D to enable to go forward to a potential market,

* Venture Capital, also known as the Venture Capital (VC), which translates into a capital in innovative companies, being in the early stages of development and which have a high growth potential but also a very high risk,

* Capital development which is a capital contribution in companies with strong growth but at a more advanced level of development that target companies for venture capital, they are usually companies who have strong financing needs through equity,

* Capital reversal of investing in troubled companies to put in place a recovery plan.

The variations in multi- channel strategy

The challenges of a multi-channel strategy are varied:

* Analyze the appetite canal of each client to use the appropriate channel.

* Update in real time all the information collected on the client and actions taken by the various channels.

* Provide a customer reference and not a contract or agency and reference different keys depending on the location of the system where you enter.

* Reorganize the network with the integration of multi-channel approach.

* To improve reception and increase the return rate to increase the effectiveness of campaigns.

* Controlling costs for greater profitability: to avoid cannibalization of a channel with one that would raise the cost of distribution for an identical volume of business.

The most delicate issue is to control the consistency of the channels. Indeed, the proliferation of channels only reinforces the risks associated with direct marketing campaigns: a campaign will generate even more inadequate for dissatisfaction it has been sent two or three times through multiple channels. Each pipe has its constraints that can undermine the effectiveness of a marketing campaign. The combination of more channels and interactivity allow them to circumvent these risks. To do this, the use of multi-channel increases the requirement on the supply, logistics, commercial pressure campaigns, performance monitoring and adjustments as well as organizational, process information system.

In conclusion, this multi-channel strategy, which appeared some years ago, remains in the crosshairs of the current issues. We have well established the online insurance cyber banking and have not had the desired penetration in the market. The trend can still be reversed and for the moment, many drivers have yet to be exploited:

* Messaging customized web portals of all institutions,

* The design of targeted advertising based on the behavior of the user,

* Improved tools subscriptions on the Internet and telephone (secure sites: electronic signature ...)

* Agency home with the setting up of terminals advisors.

A Vector of Innovation

The French are increasingly using more online banking with nearly 60% of Internet users who visit the website of their bank. Despite this, the agency remains the focus of customer relationship: 27,435 bank branches were recorded in France at the end of 2006, more than 1,000 additional branches in two years. Also, the banking and insurance from a distance, 100% online, limited for now to a few organizations: foreign banks, some credit institutions and insurance so it is important to link the distribution channels.

Personalize the communication and efficient use of distribution channels following the logic of process costs and customer value is the major axis of a multi-channel strategy. Depending on the objectives, policies can be differentiated.

In this logic, combinations client use x x channel are put forward to maintain the equivalence between the link type of transaction / channel and the link type of customer / channel.

Whatever the entry point used by the client, processes are implemented, depending on the task at hand to guide the client to the appropriate channel in terms of palatability and cost (programs incentives such as offers for online subscriptions).

In addition, indirect methods largely complete the distribution of offers and services such as the Broker (TV operators), the network affinity (automobile association for insurers) and the General Agent as an extension of networks of insurance agencies.