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Economy

The PEL rate raised to 2% in 2023

by archyde

The housing savings plan (PEL), this investment which allows you to save in order to obtain a loan at an attractive rate, will see its remuneration double

Good news for households looking to save for a home purchase. The housing savings plan (PEL), this investment which allows you to save in order to obtain a loan at an attractive rate, will see its remuneration double. It will increase from 1 to 2% on 1is January 2023 announced Bruno the Mayorthe Minister of the Economy.

This will apply for new PEL subscribed from this date. “This is a new support for the savings of the French after the increase in the rates of the booklet A and the sustainable and solidarity development booklet, to 2%, and the popular savings booklet, to 4.6%”, indicated the tenant of Bercy. Due to the renewed inflation, these investments had in fact seen their rate revalued last August.

Read alsoWill the housing savings plan become attractive again?

The Minister thus followed the recommendation of the Governor of the Banque de France, François Villeroy de Galhau, based on the formula for calculating the PEL rate. This makes it possible to take into account the evolution of market rates in the remuneration of this investment. The PEL rate, which has been falling continuously for twenty-two years, has been set at 1% since 2016.

SEE ALSO – Savings: the Court of Auditors wants to get rid of old PEL, too remunerated

The housing savings plan allows you to save – up to 61,200 euros – in order to finance the purchase, construction or work on your main residence. It entitles you to a credit of 5,000 to 92,000 euros, for a period ranging from two to fifteen years, at 2.2%. The rate of this right to the loan will nevertheless be less favourable, on 1is January 2023. It will drop to 3.2%, according to Bercy.

Read alsoWhy the PEL is becoming attractive again with the rise in interest rates

Is this boost likely to make savers want to invest their money in this account? Not so sure, because the PEL remains taxed (at the flat tax at 30%) and the money is blocked for four years to fully benefit from the right to the loan. “Other regulated savings products are more liquid and better remunerated”, recalls Cyrille Blesson, associate economist at Pair Conseil. According to this specialized firm, the remuneration of the livret A should increase to 3.3% on 1is next February, and that of the popular savings account (LEP), at 6%. At the end of 2021, the Banque de France identified 12.2 million PELs.

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Economy

the Supervisory Authority bangs its fist on the table

by archyde

“The accumulation of high costs can in some cases cut off any hope of return”, pointed out the vice-president of the ACPR Jean-Paul Faugère.

The Prudential Control and Resolution Authority (ACPR) banged its fist on the table on Monday about the sometimes expensive costs of life insurance contracts, a product which accounts for nearly a third of French financial savings. “All the signals seem (…) to indicate that a movement of professionals would be appropriate or even necessarysaid ACPR Vice-President Jean-Paul Faugère at the institution’s annual conference in Paris.

«This movement should be characterized by a double requirement, transparency and self-assessment“, he continued, referring to an ongoing dialogue between the ACPR and the professional federation France Assureurs. The gendarme of bankers and insurers, backed by the Banque de France, had in early May called life insurance professionals to order both on their duty to advise and on the fees charged.

Read also5 things to check before managing your life insurance online

He then pointed toparticularly penalizing entry and management fees if they (customers) are forced to quickly redeem their life insurance contract due to a lack of cash»; and criticized the place of units of account (UC), a “risky allocation” not necessarily “adapted to the needs of customers whose financial situation is fragile at the time of subscription».

Towards a new recommendation “by mid-2023”

«The accumulation of high fees can in some cases reduce any hope of return“, noted Jean-Paul Faugère on Monday, the potential return on investment ultimately not benefiting essentially “only to financial intermediaries».

«Unfortunately, we have to note that the account of a good agreement is not there yet today” about the “better transparency and justification of life insurance costs“, had indicated earlier in the day the governor of the Banque de France François Villeroy de Galhau, advancing the possibility of a new recommendation from the ACPR on the subject “by mid-2023».

Life insurance remains the investment that captures the most savings in France: its outstanding amounted to 1,827 billion euros at the end of October, according to the latest figures available from France Assureurs. Jean-Paul Faugère also mentioned the loan insurance market, another subject of tension this time with the banking players, the latter defending their historic market share linked to the housing loan activity. The ACPR “regularly receives reports on practices that are not very compliant“, he said, also referring to a new recommendation to come.

SEE ALSO – Economy: Emmanuel Macron predicts a difficult year 2023 and a “recovery” in 2024

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Economy

“It is easier to go to Mars than to enter the realm of the rich”

by archyde
We know where “the red planet” is located that Elon Musk, the richest man in the world, wants to conquer. But very clever who would say from what level of income or heritage one becomes rich. Gorodenkoff – stock.adobe.com

ANALYSIS – Not only do the access doors to the kingdom of the rich remain undetermined, but its perimeter is confused, with everyone projecting their fantasies there.

Their lavish lifestyle drives the tabloid press and “ordinary people” as they say now. Except Annie Ernauxour 2022 Nobel Prize for Literature, which holds them in low esteem, they have always fascinated writers. «The rich do they have something more than the others?”, asked in the 1920s, in Paris, the American Francis Scott Fitzgerald to his friend Ernest Hemingway. Who answered him: “Yes, money.” But how much exactly? Strange paradox, the economists and statisticians whose figures constitute the profession are unable to provide an answer. They fiercely refuse to do so, and we will see why they deem it unnecessary to define a quantified standard measuring access to wealth. To paraphrase a famous parable, “I tell you, it is easier to go to Mars than to enter the realm of the rich.” Because we know exactly where “the red planet” is thatElon Musk, the richest man in the world, dreams of conquering. In contrast…

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Economy

OPEC+ meets on eve of new sanctions on Russia

by archyde

The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries, led by Ryad, and their ten allies led by Moscow, meet this Sunday.

The producers of oil of OPEC + should opt Sunday, December 4 for caution and maintain the current cuts, on the eve of the entry into force of new sanctions against Moscow, pillar with Ryad of the alliance. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their ten allies led by Moscow, meet at 11:00 GMT in an electric climate.

Russia is headwind against the price cap of its oil that the European Union, the G7 and Australia have planned to put in place on Monday “or very soon after“. It is also on this day that the EU embargo on Russian crude transported by sea begins, which will eliminate two thirds of its purchases in Moscow. The objective of these measures: to deprive Moscow of the means to finance its war in Ukraine.

Maintaining the expected course

For OPEC+, the question is what will be the impact on the supply of Russian black gold. DNB analysts refer to “great uncertainty“. The price of a barrel of Urals crude is currently hovering around $65, barely above the $60 ceiling, implying a limited short-term effect.

But the Kremlin has warned that it will no longer deliver oil to countries that adopt this mechanism. What place certain nations “in a very uncomfortable position: choosing between losing access to cheap Russian crude or exposing yourself to G7 sanctions“explains Craig Erlam, analyst at Oanda.

Read alsoUkraine: Kremlin rejects Biden’s conditions for talks with Putin

Faced with these unknowns, the alliance could decide to “stay out of the spotlight and watch for price spikes” after this new set of sanctions, underlines DNB, anticipating a meeting “discreet“. The choice of a virtual meeting, and not at the headquarters of the cartel in Vienna, reinforces the scenario of the status quo, that is to say a drop of 2 million barrels per day in December, as in the previous months, according to the analysts. A track confirmed to AFP by an Iranian source.

Price at half mast

Craig Erlam, however, does not rule out “a more drastic cutto support prices, affected by the global economic gloom. Although they have recovered slightly in recent days, helped by the timid measures to ease China’s zero Covid health policy, the two global crude benchmarks remain not far from their lowest level of the year, far from their March peaks. Since the alliance’s last meeting in early October, Brent North Sea oil and its US equivalent, WTI, have lost more than 6%.

Even if it does not slash its quotas this Sunday, the cartel could in the coming months “take a more aggressive stance“, in a warning to the West which ruffles the cartel by regulating prices, predicts Edoardo Campanella, analyst at UniCredit. A strategy that risksaggravate the global energy crisis“, he warns.

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Economy

In November, inflation fell for the first time in 17 months in the euro zone

by archyde

France is among the nations least affected by soaring prices, according to Eurostat.

With the holidays approaching, will soaring prices finally begin to ebb? In its latest publication on inflation, this Wednesday, Eurostat indicates that the inflation rate in the euro zone fell to 10% in November. A level in sharp decline compared to the record of 10.6% reached in October. It is, moreover, the first decline since… seventeen months, and the month of June 2021.

In detail, inflation reached 1.9% at the time. A rate which then rose steadily, until it exceeded the 5% mark in January 2022. The war in Ukraine then led to a rapid surge in prices, bringing the rate from 5.9% to 7.4% between February and March. The start of the new school year and the approach of winter then again drove prices to peaks, and the rate approached and then exceeded 10% between September and November.

Read alsoSocial discontent swells in the United Kingdom in the face of inflation

The fall in inflation in November is mainly explained by the decline in energy prices, which, over one year, increased by 34.9%, against 41.5% in October over the same period. Bills for food, alcohol and tobacco, on the contrary, continued to swell, reaching 13.6% over twelve months in November, against 13.1% a month earlier. Inflation for industrial goods was stable, at 6.1%, and that for services was down slightly, at 4.2%, specifies the statistical service of the European Commission.

Unsurprisingly, within the member countries of the euro zone, the inflation rate varies greatly, from one to two. In November, it exceeded the 20% mark over one year in the three Baltic countries – the record being reached in Latvia, with 21.7% – and it remains above 10% in eight other countries. France is one of the least affected nations, according to Eurostat, ahead of Spain, however.

In France, in November, INSEE estimated the inflation rate at 6.2%. This month, the price increase food prices accelerated compared to October (+12.2% over one year compared to 12% in October) while energy prices slowed their progression (18.5% compared to 19.1%) .

SEE ALSO – Inflation: “There are a lot of signs of concern”, in companies, says Geoffroy Roux de Bézieux

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Economy

The compulsory control of the state of the boilers will also have to verify the existence of a thermostat

by archyde

The Ministry of Ecological Transition specifies that this device “concerns all boilers whether individual, collective or company, and whatever the energy used”.

Mandatory control of the state of the boiler in a dwelling or buildings must now check the existence of a thermostat and its proper functioning, according to a decree published in the Official Journal as part of the government’s energy saving plan. This provision “concerns all boilers whether individual, collective or company, and regardless of the energy used“, Specifies the Ministry of Ecological Transition, whose text published on Friday supplements four existing decrees. This also applies to heat pumps and air conditioning systems.

The professional in charge of the control mustcheck if there is a thermostat or not, if it works well or not, and also see if the heating or cooling networks are well insulated“, according to the same source. Heating equipment that is poorly maintained or not overhauled in its entirety leads to overconsumption which can be significant, in the order of 8% to 12%, according to the ministry. For example, good maintenance of the boiler and the installation of a controllable and automated regulation system, a set of offices of 1000 m2 can achieve up to 20% reduction in consumption and 5000 euros in savings. , according to a case presented on October 6 when the government launched its energy sobriety plan.

SEE ALSO – According to the energy policeman, “there is no reason for us to have difficulties with gas this winter”

Read alsoUp to 1500 euros more aid to change your oil boiler

The decree of November 21, 2022 “relating to the inspection and maintenance of boilers and thermodynamic systems” further provides that in the long term, office buildings or “tertiary buildings» will all have to have a building management system, in other words a system that automatically controls ventilation, temperatures and lighting. This will be mandatory on January 1, 2025 for buildings with a heating power greater than 290 kW, then from the threshold of 70 kW on January 1, 2027.

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