All World

Life Insurance: Senators returned to the charge

The Senate Finance Committee examined this morning the draft budget law easing the ISF and eliminating the tax shield. She returned to the load on the taxation of life insurance: it adopted an amendment under 20% to 25% tax rate on life insurance in case of death of the subscriber for contracts over 902 838 euros. At the Assembly meeting, members had rejected such an increase, however, given by the ratio of UMP budget Gilles Carrez. It is true that the government does not want it affects life insurance. The Senate should confirm or disprove their choice in plenary session.

The Senate Finance Committee is also back on provisions passed by the Assembly, on the grounds that increasing the tax loopholes.It has reduced the ceiling for overseas investment in social housing to its original level (36 000 euros or 13% of income, the Assembly has increased to EUR 40 000 or 15% of income). It deleted a niche created by the Assembly, which established a tax reduction of 50% for subscription in a local investment funds in overseas.

Moreover, senators of the Finance Committee decided that the ban on paying in cash purchases of metals come into force on 1 January 2012, not June 30, 2012. On another subject, she reinstated the Google tax, abolished by the Assembly.

ECB prepares to raise rates in July

As expected, the Governing Council of the European Central Bank, meeting Thursday in Frankfurt, has left unchanged its interest rates. However Jean-Claude Trichet sought to prepare the minds of an increase in July. "Overall, the risks to price stability are on the upside, and a strong vigilance is therefore warranted," said the president of the ECB at the press conference that followed. In the coded language of Frankfurt, a "strong vigilance" is the conventional signal to indicate a rate hike next month."Right now we still believe that the July increase will last (this year)," said Jonathan Loynes, however, the chief economist for Europe of Capital Economics.

Jean-Claude Trichet has not sought to exaggerate the danger of inflation: "The upward pressure on inflation (is) mainly due to energy prices and raw materials," he admitted. Markets have noted that the ECB had not raised its forecast of rising consumer prices for 2012, which remain in the range of 1.1% to 2.3%. This status quo, compared to previous estimates of last March, has contributed to a decline of the euro vis-à-vis the dollar.

In terms of economic growth forecasts have been revised slightly upwards for 2011 (from 1.5% to 2.3%), the range for 2012 is particularly large (between 0.6% and 2.8 %)."Uncertainty remains high," commented Jean-Claude Trichet installment payday loans.

No "default"

It was also expected on Greece, "after the procession of contradictory statements from finance ministers, who have unfortunately contributed to widen interest rate spreads on sovereign debt in the euro area in recent weeks," regrets a market economy. The ECB President was extremely strong. "It would be a great mistake" than engaging in a debt restructuring, "he insisted. "Our position is clear and we served on European governments" no "credit event", no "default". The ECB considers that Greece would be closed permanently while the financing markets.

"We exclude any participation of private creditors who would not volunteer (from them), he only conceded.He however refused to say what would the ECB on securities it has in its balance sheet (between 60 and 70 billion euros), if private investors decided to extend the maturity of their claims.

In a less dramatic, the college of 27 governors took action on the succession of its chairman, in the form of a statement. "The governors did not Councilof objectionable to the proposed candidate, Mario Draghi, who is a person of recognized standing and professional experience in monetary or banking matters."

Debt: the bad blood between Obama and Congress

Since mid-May, the United States exploded the ceiling set by Congress of American debt, around 15,000 billion dollars currently. This ceiling has been found in January. It would suffice to go back again to exit the United States from embarrassment: the country can theoretically borrow on the markets when the threshold is exceeded. Which is to say that the U.S. is in a situation of default.

But the maneuvers have pushed until August 2, the bankruptcy of the federal state. The White House and Congress have so until that date to agree. The first press the other to raise the ceiling, but he refuses to press the button until the government has not detailed a program foresaw and specific reductions in public spending. The United States shackle in effect three years of deficit exceeding 10%.It should reach around 1.6 trillion dollars this year.

If the financial world does not doubt the ability of great leaders of the first world power to agree, for the good of the global economy, the timetable is narrowing. And rating agencies do not fail to recall. Thus, after Standard & Poor's in April, Moody's puts a sudden extra pressure on Thursday by threatening to put the debt rating of long-term United States, currently at AAA, on negative watch, implying an actual deterioration in the coming months.

No to raising the ceiling

Yesterday, Wednesday, Barack Obama received dozens of Republican representatives in the White House. These, a majority in their meeting, refused to give the green light to an increase in the federal debt ceiling because of cuts in spending."We need to tackle this debt," said out of the meeting the head of the budget committee in the House, Paul Ryan, author of a draft budget with drastic cuts in funding for the welfare state and criticized by Democratic allies of Barack Obama.

Tuesday night, the House rejected by 318 votes against 97 an increase of 2,400 billion of debt ceiling, a move described as "irresponsible" Democratic side.

ALSO READ:

"A rating agency of the U.S. deficit is moved

Obama tries to convert America to the rigor

"United States: the debt crisis postponed to August 2

"The U.S. debt has reached its statutory limit

The Paris Bourse uptick

Keep the 4000 points will be the goal of the day at the Paris Bourse. This threshold was consolidated yesterday with an increase of 1.63%, amid relief on the Greek case. Germany indeed abandon the idea of ​​restructuring the debt. Information that was also relieved Wall Street and Asian markets yesterday.

On Wednesday, the CAC 40 is moving slowly from 0.14% to 4014.84 points. Elsewhere, the London Stock Exchange opened down slightly, the FTSE-100 index lost just 0.05% to 5986.93 points. Frankfurt, by contrast, began with a gain of 0.23% to 7310.56 points.

Already in Asia, the euphoria gave way to doubts after the announcement of a further slowdown in manufacturing activity in China. PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell to 52 last month, cons 52.9 in April.For its part, HSBC has calculated a PMI to 51.6 for May, against 51.8 in April, and noted "a continued moderate growth in manufacturing output accompanied by an easing of inflationary pressures" on last month.

The U.S. employment program

These new investors also encourage Parisians to moderation. Especially since a series of important indicators is expected:

In France, the unemployment rate fell slightly in the first quarter of 2011, to 9.2% of the workforce in France (9.7% overseas departments included), down 0.1 points compared revised figure for the fourth quarter of 2010, INSEE announced Wednesday.

In Europe is provided the manufacturing PMI in May.Then the United States, employment will be honored with the study Challenger (1330) and the monthly ADP (1430), both published before the traditional employment report from the Labor Department, scheduled for Friday . Are also scheduled in the U.S., construction spending and ISM manufacturing.

As for currencies, the euro remains stable against the dollar in morning trading at 1.4427 dollar. For its part, the oil rises, still worn by the announcement on Greece.In morning trading, a barrel of light sweet crude for July delivery took 30 cents to U.S. $ 103 while that of Brent North Sea crude for delivery gained 31 cents identical to 117.04 dollars.

Operators under supervision

As for values ​​to be followed:

Axa: 2.02% to 15.14 euros

The group, which has detailed a plan Wednesday to strategic investors, will sell its Canadian subsidiary to Intact Financial.

Peugeot: -0.37% to 29.30 euros, Renault: -0.15% to 39.36 euros

Registrations of new cars rose 6.2% in May

Schneider Electric: 0.22% to 114.85 euros

The group announced Wednesday a takeover bid of $ 2 billion (1.4 billion euros) to Telvent, a specialist in systems for managing energy infrastructure, water and transport.

France Telecom: -0.57% to 15.81 euros, Bouygues: -0.11% to 32.06 euros, Vivendi +0.15% at 19.42 euros

The mobile phone may be carcinogenic but no formal proof establishes the link between mobile use and brain tumors, cancer specialists have said Tuesday the World Health Organization (WHO).

Arkema: -0.35% to 75.90 euros

The group will enter the CAC Next 20, the antechamber of the CAC 40, and CNP Assurances will be withdrawn with effect from 20 June, the Council decided on scientific evidence of NYSE Euronext Paris. In a statement, Arkema said that NYSE Euronext enters the CAC 60 and the Large NOC is withdrawn.The reverse operation is performed for the CAC Mid 60.

Neopost: -1.16% to 61.50 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Theolia: 8.40% to 1.42 euros

The group announced Wednesday it had signed an MoU with the National Electricity Morocco (ONE) to develop and implement an entire fleet of 300 megawatts (MW) in Tetouan near Tangier.

Lagardère: 0.51% to 28.52 euros

The group has completed the bulk of the sale of its international magazine to Hearst, which should have a negative impact of EUR 35 million on operating profit of Lagardere Media for 2011.These disposals will impact is the objective announced in March a growth of around 10% of its 2011 operating profit at constant exchange media, which included the magazine internationally.

Neopost: -1.17% to 61.49 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Belvedere: -1.39% to 61.50 euros

The CEO challenge the fines against him required by the representative of the college's Financial Markets Authority (AMF).

Bourbon and Atos Origin today hold their general meetings.

Publishers, the first victims of pirated software

Sad record. In France, more than a third of all software installed on PCs in 2010 was pirated, according to the latest study by Business Software Alliance (BSA), an international group of software publishers. This represents a market value of 1.9 billion euros, on a global market estimated at 9.5 billion euros. "The retail market is worse than that of businesses, but it is more difficult to control," said Eric Beaurepaire, a member of BSA.

Worldwide, software piracy generates a shortfall of 44 billion and ten billion for Europe alone. The United States is the country where the loss in value is most important, accounting for 7.1 billion euros. But in some "small" European countries, legislation and a little flexible when the market is still underdeveloped, the piracy rate is approaching 70%, as in Bulgaria or Romania.More generally, emerging markets are at a peak, with a piracy rate 2.5 higher than in mature markets, with a total value estimated at 21.7 billion euros.

At the head office and messaging

Pirated software the most concern the office and mail systems. What makes Microsoft the publisher the most penalized. Exposure correlated with its market share. The case of misuse is the most common deployment abusive (a company buys a license for 100 PCs and installs it on 200). "Cases of pure piracy, with the use of unlicensed software, are more rare," says Eric Beaurepaire.

This does not prevent users or even entire departments of large private companies fraudulently install software on their devices, possibly bypassing the procedures established by IT departments."Such practices can have dramatic consequences for societies. Pirated software can be corrupted with viruses … "insists Eric Beaurepaire. Not to mention the risk of financial penalties for the company.

Departments also

In France, where industry, technical fields and those related to the creation on the Internet appear to be less virtuous, no area is spared, not even the utility or ministries! Moreover, there is no real correlation between the rate of software piracy and its price. The most expensive are not necessarily the most coveted.Thus, security software, which does not always worth a score of euros, are not copied less than for professionals, which can be worth several thousand euros.

Paradoxically, the French might be followers of illegal copying, they say they are also very sensitive to the respect of intellectual property. A poll conducted by Ipsos for the BSA found that 68% of French people support the remuneration of inventors the world average is 71%. Aware of the risks of "software purchased on the street or" borrowed "between friends", the French, however, not hesitate to perform multiple installations, they do not perceive a real fraud.The advantages of software legally acquired access to technical assistance, protection against intruders … not enough to convince either the French users, less sensitive than the rest of the world to these arguments.

ALSO READ:

"The site of the Business Software Alliance

Greece: Europe could put his hand to Portfolio

Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, Christine Lagarde, and his counterparts from Germany, Italy, Spanish and Greek. At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient.

A sum which would, according to business daily, covering almost all the financing needs of the country in 2012. With a deficit recently revised upwards to 10.5% of GDP against 9.4% previously, it seems unlikely that in Greece reaches, as originally envisaged, to borrow again by itself on the market bond in 2012 no teletrack payday loans.

Previously, the Greeks will make new efforts, however, warned the Europeans. Including accelerating the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek seems once again rejected by the participants.While Lars Feld, one of economic advisers to Angela Merkel on Sunday felt that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem" President of the Eurogroup Jean-Claude Juncker reiterated after the meeting that such an option was excluded.

Greek newspapers have relayed their side, however, the slopes on Saturday morning "workout" soft "after they discussed Friday. The opportunity for Greece not to pay interest rate for two years in exchange rate subsequently increased, or lengthening the duration of bonds maturing in 2011 and 2012 have been particularly considered. The financial situation of Greece will once again be the next meeting of the Eurogroup on 16 May.

ALSO READ:

"The Greek system in Portugal

"New approaches to help Greece envisaged

Oil prices ended the week below $ 100

Doubts seize the oil markets this weekend. On the New York Mercantile Exchange (Nymex), the price of a barrel of light sweet crude for June delivery broke down the psychological barrier of $ 100 on Thursday. He confirmed his decline at the close on Friday. After a session of ups and downs, it closed at 97.18 dollars.

On the whole week, the barrel has lost 14.7%. This is the largest decline in weekly percentage terms since the week 19 December 2008 when prices fell by 26.8%.Prices had not changed at these levels since March 16, when the uprisings in the Arab world and worry about the nuclear crisis in Japan had made prices soar.

The downward trend is the same on the Intercontinental Exchange in London where a barrel of Brent North Sea crude for June delivery traded at 108.42 dollars, down 2.38 dollars compared to Thursday. These days, the decline was due to analysts' pessimism about the future numbers of jobs overseas.

Surprise contradictory indicators, the U.S. economy created more jobs than expected in April (244,000). Nevertheless, a barrel continued to decline in early trading, before settling at around 99.45 dollars in mid jouréne in New York.Job creation does not erase the bad macroeconomic indicators released in recent days, suggesting that the recovery remains fragile.

On Thursday, investors are learning that new jobless claims in the United States increased sharply during the last week of April, 474,000 applications for allocations, while economists were expecting a decline. The day before, the numbers of firm ADP showed that job creation in the private sector in the United States slowed in April, well below forecasts of economists.

These announcements point to a decline in oil demand in a context of high oil prices. In addition, a continued rise in U.S. oil inventories, which should have been starting to fall a few months of the summer of large displacements.

In this context, the sharp rise in the dollar makes things worse.Thursday disappointed by the decision of the ECB not to raise interest rates next month, traders got rid of their euros. Result: the single currency, which was worth $ 1.49 yesterday, falling almost 2% to 1.4547 dollar. A situation which penalizes the purchase of dollar-denominated crude and thus rendered less attractive.

ALSO READ:

"Oil is too expensive threatens global economy

"A looming shortage of oil for 2050

Sarkozy the premium will not necessarily "cash"

Latest offs were made. The bill establishing the principles of the premium that Nicolas Sarkozy wants to force companies with more than 50 employees – which distribute profits up – to pay their employees is written. It should be sent next week to the State Council for approval.

The clarifications concern the concept of exact dividend taken into account. It will not be the total amount of dividends paid, but the dividend per share. The scope of company concerned has also been refined: in a group, it will be the parent. Thus, if the dividend paid by the parent increases relative to the average of the previous two years, all the subsidiaries and dependent must pay the premium. They display or not benefits rise.For groups present in France but whose head office is abroad, the measure will apply to employees in France so the "highest parent situated on French territory" has increased its dividend.

Another clarification: it is possible, by collective agreement, to offer employees something other than cash free credit report and score. The "premium" for example, could give the appearance of a surplus or profit participation, an assumption of a mutual or a bonus share issue. Only principles: the benefit must be made public (that is to say, to benefit all employees and not to certain categories), pecuniary (it must be equivalent to a sum of money) and new (it should not have been granted previously).

For the rest, nothing changes.The amount and terms of the premium must be negotiated within the company, under the same conditions as the participation or incentive. And failing agreement with the organizations representing the staff, for setting out is only for company management. No company with over 50 employees will benefit from exemptions. The premium will be exempt from normal social security contributions – but subject to 8% of CSG-CRDS and 6% social package – up to a ceiling of 1,200 euros. As at the date of entry into force: this year.

ALSO READ:

"This will change the premium for employees

A Chinese man puts his hand on Saab

New twist in the soap Saab. The automaker based in Sweden could eventually be bought by Chinese Hawt. The latter plans to invest 120 million euros in exchange for a maximum of 29.9% in the mark, says a press release from Saab issued following an agreement signed in Beijing Tuesday. Hawt will also provide 30 million euros in the form of convertible loan with a maturity of six months and an interest rate of 7%. This will allow the company to pay its suppliers and boost its production to a standstill since mid-April. However, the group expects green light from the Chinese authorities, the European Investment Bank and the Swedish National Debt Office.

"This agreement provides funding in the medium term and consists of an investment in the form of subscription agreements totaling 150 million euros, and a strategic alliance to China including co-generation companies, technologist and distribution, "said Victor Muller, CEO Spyker, owner of Saab. "With clean diesel technology Hawt, its production capacity and its ambitious development programs, we found the right partner to develop Saab," he added easy payday loans.

Former Russian shareholder rejected for now

For now, no details are given about the fate of the former shareholders of Spyker, the Russian businessman Vladimir Antonov and friend of Victor Muller.Last week, the Swedish Debt and General Motors, Saab's previous owner, always very involved in group activity, have approved its proposed $ 30 million stake in Spyker to take a 29.9% interest in Saab. This investment should be made through the financial group Convers controlled by Antonov. The decision was rejected by the Swedish government for suspected ties to the Russian businessman with organized crime.

Choosing Hawt is a surprise for analysts, as several big Chinese manufacturers, including Great Wall Motor Co., China Youngman Automobile Group Co. and Jiangsu Yueda Group Co. have applied for the acquisition of Saab.Founded in 2000, Hawt, Small Business Beijing, has an annual production capacity of 350,000 vehicles, 300,000 engines also produce clean diesel per year and 450,000 automatic transmissions.

Positive market reaction after the death of Bin Laden

Thunderbolt in the night from Sunday to Monday: in a speech from the White House, Barack Obama announced death of Osama bin Laden, killed by U.S. forces in Pakistan. The President has confirmed information from a top U.S. official relayed by several media outlets including The Wall Street Journal and The New York Times. Markets, the announcement of the death of the leader of al-Qaeda had an immediate effect: the dollar has suddenly turned upward against the euro.

The greenback is thus dropped below the $ 1.48 mark to 1.4771 dollar exactly five o'clock, Paris time, against 1.4864 dollars two hours earlier. Similarly, the greenback was trading at 81.66 yen 80.96 yen against just shortly before. The death of public enemy number one U.S. pushes investors to buy the greenback as the dollar continued to drop in recent weeks.The weaker dollar intensified since the decision of the U.S. central bank (Fed) at the end of last week to maintain unchanged its policy of very low rates.

Similarly, oil prices fell back by 1.3% to 112.39 dollars on U.S. markets. The silver prices are also falling by almost 13%. The futures contracts U.S. already announced a rise of nearly 1% of the major indices. As for U.S. Treasury bills to 10 years, they fell back by 2.4 basis points.

"A source of concern is raised in the Middle East," which has led to lower oil prices and hence an increased demand for the dollar, "said Tomohiro Nishida, operator Chuo Mitsui Trust and Banking, cited by Dow Jones Newswires. Daisuke karakami, economist at Mizuho Corporate Bank, but warned that the new did "not support the dollar long term."According to him, "the Fed policy is more important for the dollar. The dollar will remain weak against other currencies, except the yen, the Bank of Japan is also providing to keep rates very low for long.

Elsewhere, Asian markets were also buoyant. While the Chinese stock exchanges are closed on Monday, the Nikkei 1.5% advance.

ALSO READ:

"Osama bin Laden was killed