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Brussels denies the existence of a contingency plan in case of exit of Greece

From our correspondent in Brussels

Between doves and hawks her, Euroland barely keep a cool head on Greece. In a sentence, the European Commissioner Karel De Gucht has upset all the Friday speech intended to persuade Greek voters to make sacrifices if he wants to keep the euro.

"The ECB and the European Commission (…) study of emergency scenarios if Greece does not recover," dropped Karel De Gucht Belgian daily De Standaard. It was enough that a news agency transforms the event into "emergency plan" to exit the euro as markets become inflamed Friday.

Brussels later denied, against all probability, the very existence of the crisis scenario, whereas it is the role of staffs to anticipate. The ECB itself does not exclude it. Known for his outspokenness, Commissioner De Gucht is not the first to trip in the contradiction of speech.

The weekend is its chief Jose Manuel Barroso, who set fire to the powder by saying that "better" than Greece leaves the euro if it refuses to play the game President Committee had to make amends, just before reaching Washington, ensuring that Athens "is part of the family." Monday, it was the turn of Maria Fekter, Austrian Minister of Finance, a slap on the wrist because she wanted to leave Greece to the euro and the EU, even then readmit him.

To impress the Greeks, the European discourse can not ignore the scenario of rupture. The problem is that whenever the "bogeymen" open their mouths, they also wake up the specter of a breakup of the euro markets.

Profitable strategy

In Greece, the radical left Syriza, credited with 20% of votes in the polls, seen in the parliamentary elections of 17 June a referendum for or against the austerity, the euro should remain in the table. Europe, tired of paying to no avail, distills a message more complicated: June 17 it will be a referendum for or against the common currency, knowing that the rejection of the euro would lead to bankruptcy even more expensive for the Greeks.

The approach – now responsible Greek, European solidarity later – was agreed in Athens with the two traditional parties, the conservative New Democracy and PASOK socialist, says one in Brussels.

Without interfering officially, Europe wants to make clear to the Greeks that they can not pull the cake and eat it too. In return, Europeans are showing their commitment and offer a promise of better times. These days, were so bent on the exercise for Jean-Claude Juncker of Eurogroup, Mario Draghi for the ECB and Francois Hollande and Angela Merkel in Berlin: "Greece must remain in the euro."

Despite these boondoggles, the strategy can pay off. The conservative New Democracy (ND) replicate the advantage over their rivals Syriza recent days, according to surveys, in Athens opening the prospect of a majority in favor of austerity. Karel De Gucht said himself: the endgame has begun and the question "is whether everyone can keep his cool" to the end.

Trichet's plan to save the euro

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To avoid the breakup of the euro, the former ECB President Jean-Claude Trichet claims to have a plan: put the financially troubled countries under the tutelage of Brussels, if it is unable to implement policies budget approved by the EU. It would operate a federal mechanism "outstanding", when fiscal policy of a Member State slips to threaten monetary union.

"Federalism exception seems not only necessary to ensure a strong economic and monetary union, but it could also adapt to the true nature of Europe in the long run," said the former president of the ECB to Peterson Institute in Washington. The idea is not new. It was proposed by German finance minister, Wolfgang Schäuble, who wanted to entrust the finances of Greece to a "supercommissaire". Interference rejected by Athens as deemed "undemocratic".

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Merkel refuses to renegotiate the pact

Angela Merkel will host the new president of the French Republic "with open arms," ​​but firmly defend its rigorous design of economic policy in Europe.

The Chancellor reiterated on Monday that it intends to oppose the limits to the will of Francois Hollande to enrich the fiscal pact of measures to support growth. "The Growth Pact is not negotiable. [...] It is not possible to renegotiate everything after each election ", otherwise" Europe no longer works, "said Merkel at a news conference. "Greece could also ask to renegotiate" the austerity plan that it implements in exchange for international aid, for example, she warned. The spokesman for Angela Merkel, Steffen Seibert, also reiterated on Monday that 25 out of 27 countries had adopted the pact in the snatch a few months ago, and it was therefore "impossible" to renegotiate. Greece, Portugal and Slovenia have already ratified.

Angela Merkel, provided, opened the door to the adoption of a new Growth Pact for the euro area, which would add to fiscal pact. But it has clearly defined the limits between what is acceptable and what is not. "Germany is not a growth deficit, but growth through structural reforms", said Steffen Seibert on Monday. In line with about Mario Draghi, the chairman of the European Central Bank (ECB), German Chancellor intends to primarily boost growth in Europe through increased competitiveness, notably by reforming the labor market.  

"Working well and intensively"

For his part, Francois Hollande called for a resumption of growth through capital investment in infrastructure, new energy and industry bad credit pay day loans. The Socialist would draw upon the European Investment Bank (EIB), he wants to strengthen, and remount the EU tax on financial transactions. The contrast with Chancellor Angela Merkel would be so much more frontal Francois Hollande wanted to introduce shared Eurobonds, or reform the statutes of the ECB. The two countries should compare their respective growth strategies in the coming weeks. Chancellor, who invited the new president on Sunday in Berlin, said she was ready to "work hard and intensively" with him. According to Pierre Moscovici, former campaign manager Francois Hollande, one visit may be scheduled "shortly after May 15."

The subject should also be an informal meeting announced by the President of the European Union, Herman van Rompuy, to the end. This meeting will aim to prepare the EU summit on June 28 and 29 devoted to growth and employment. Paragon of austerity in Europe, Germany is on this point more and more isolated. Several countries have called in recent weeks to further stimulate growth in Europe, without their strategies converge systematically. In addition to Greece, whose austerity policy has been sanctioned by the urns, Italy, Belgium and Ireland, in particular, were pleased on Monday to see growth back at the heart of the European agenda.  

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Taxes: what lies ahead!

"Ask the fiscal program of Sarkozy!

"Ask the fiscal program of Holland!

It speaks only of "it": family, friends, in shops, on leaving school … Less candidates in the presidential election evoke, he obsesses over the French. "It" is the higher taxes will fall on taxpayers in the coming months. For if not all are promised the same tax hell, few people are certain to escape. ISF for VAT through the income tax, local taxes or the CSG, all candidates for president – without exception! – Promise to raise taxes. More than seven in ten French expect, according to our survey Opinion Way – Fiducial.

Recognizing the need to redress the public accounts, the French are frankly skeptical about how go about policies. According to our survey, 83% believe it would be better to start by addressing the reduction of public expenditure. Las … Both favorites of 6 May, Nicolas Sarkozy and François Hollande, have detailed these days their tax proposals, which leave little doubt about their intentions.

Click on the thumbnail to enlarge the graphic.

Side of the president candidate, it is argued that the rebalancing of accounts goes to three quarters by controlling public spending. Higher taxes will do that for one quarter. Moreover, it adds in the entourage of the head of state, the bulk of tax increases has already been voted. In recent months, 32 billion in new revenues were indeed acts by Parliament and began to take effect. It is largely due to the increase in the tax burden that France was able to record a deficit lower than expected in 2011: 5.2% of GDP instead of 5.7% originally expected.

The reduced VAT rate increased from 5.5 to 7% in late December (except for staples). Social charges on savings have been identified, tax loopholes, planed, and an outstanding contribution is requested with the highest incomes. A total of 11 billion euros of additional levies on households' most-favored "have been decided," because the solidarity required "at this time of crisis, Nicolas Sarkozy justified in his Letter to the French. How to respond to the argument of "tax giveaways to the rich made" repeated by his opponents to long speeches.

Conspicuously absent from the count of the president candidate, rising by 1.6 percentage points of VAT, already passed, is expected to come into force on 1 October. "It is not a levy increase, as it will be fully offset by reductions in social charges on low wages," says one of his entourage. Not sure this is enough to convince the French, skeptical of this "social VAT" (52% opposed, according to our survey).

Nevertheless, it remains to be Nicolas Sarkozy another 8 billion euros to find to meet its goal of a return to 3% deficit next year. But the UMP candidate has promised if re-elected, "no tax increase will weigh on households', except the famous" tax on tax exiles, "which he expects 500 to 700,000,000 euros year.

tax reform is the No. 1 priority of Holland

With Francois Hollande, however, taxpayers will not have completed the tax increases. If elected, the Socialist candidate wants to make tax reform the "mother of all reforms" of his five years. He warned that the tax burden would contribute half the recovery of accounts of the country and announced a forty billion of new taxes, of which 16 billion would weigh on individuals, especially the "most affluent". The team of the socialist candidate is careful to note that these increases would be added to those of M. Sarkozy … because, apart from the increase in VAT on books (from 5.5% to 7% since April 1) and the "social VAT", the PS candidate does not come back on measures already enacted.

By the summer, according to its "road map" published on April 4, Parliament would be asked to vote shock measures announced during the campaign, such as capping of tax loopholes to 10,000 euros per year, great tranche of 75% for revenues of over EUR 1 million, but the end of the tax exemption of overtime.

Despite this clarification in the calendar, remains a big blur of headlights more ads. For example: measures of higher taxes on income, such as super-slice or ceiling niches, would come into effect this year or January 1, 2013? The tax on millionaires would it apply to income tax or the home, such as tax practitioners presentiment, by hand? What about the ISF – payable in June – that Francois Hollande plans to burden? Would it be postponed until September? Is there a tax shield to 85% of income as suggested by the candidate? His entourage of these questions is swept out of hand: "These are questions for a budget minister, not a candidate as president." Tuesday, Michel Sapin, in charge of the socialist project, said the super slice to 75% would last "as long" as the recovery of the finances of France require.

Beware of leaving headquarters

Meanwhile, it was panic. Tax consulting firms claim to be inundated with requests for expatriation. "There is a before and after 75%," says a Parisian tax. Unprecedented fact, artists stamped on the left as Jamel Debbouze have spread in the media against proposed tax of Holland. Francoise Hardy has even been suggested (Paris Match 5 April) that it would move to London if they win socialist. Not sure that her friend is still a rose … Especially as the Socialist candidate, in reply, accused the stars of "whining" about their taxes! But the Dutch team, in private, multiplies the reassuring statements. The super slice? This is to "send a signal to the bosses of the CAC 40 and their extravagant salaries," they say. Everything will be done to protect athletes and artists (how? Mystery, equal taxation is a constitutional principle sacrosanct).

And for everyone else? For the Socialist tax plan, if passed as is, would increase the rating of millions of taxpayers, far beyond a few hundred privileged, as shown by simulations that we have asked the Cabinet Delsol Lawyers. Certainly, large estates and high income are at the forefront. But they are not alone.

Take the alignment of taxation of capital income on those work. This provision "could have important implications for public shareholding," warns Mathieu Le Tacon, Delsol of Lawyers, which states that dividends are already taxed once at the corporate income tax (33.3%) in the company before being taxed at the shareholder. The taxation of overtime? It will affect many employees, and 235,000 teachers who have won, thanks to them, additional one billion euros last year.

Japanese whiskey is attracting more and more

If there are four or five years, Japanese whiskeys fell almost an anecdote, it is clear that the Japanese distilleries were located largely in the market for Liquor Stores. Of the four best whiskeys in the world, two are once more for the Japanese edition of the 2012 World Whiskies Awards, organized by Whisky Magazine. The setting was won in the categories best blended whiskey in the world by Taketsuru 17 years old Nikka from home, and in the category best single malt whiskey in the world with the Yamazaki 25 year old house Suntory.

The Japanese group Suntory is the origin of Japanese whiskeys, in the 1920s. It has two distilleries (Yamazaki and Hakushu) located in northern Japan, which develop blended and single malt whiskeys. The diversified industrial group also owns three Scottish distilleries. Its direct competitor, Nikka, a subsidiary of another giant, Asahi, came a little later (1952) in this segment. And also owns a distillery in Scotland. By themselves, these two houses share almost the entire market of Japanese whiskey world.

If the brand is more Nikka located on the French and European market, notably through the House of Whiskies, which has exclusive, Suntory is positioned more on the U.S. market. Thierry Benitah, CEO of the House of Whiskies, said: "The entry level and mid-range is slightly more expensive for Japanese whiskey over Scotch whiskey, but for more upscale products, including oldest, Japanese whiskey is cheaper, same quality. " It takes only 30 euros for a Japanese whiskey entry level (in comparison, one of the brands of Scotch whiskey sold in the world, Label 5, costs 12 euros). In amount in the range, Japanese whiskeys are between 150 and 650 euros, the price may even go up to 10,000 euros a bottle for a 50 years old.

France, the second consumer of Japanese whiskey

In 2010, according to the International Wine and Spirit Research (IWSR), it is consumed in the world 81 million liters of whiskey Japanese, representing 3 payday advance.2% market share of all whiskeys. Global consumption of whiskey, all confused, totaled nearly 2.7 billion liters. The United States are the largest importers of Japanese whiskey, with a volume of 5.2 million liters. France comes second with just under 3 million liters (2.9 million).

In 50 years, the French have adopted the whiskey. They are the biggest consumers of single malt Scotch whiskey, with 135 million bottles per year, or more than two bottles per person. In comparison, Americans consume 125 million bottles annually, depending on the portal Planetoscope.

Japanese whiskeys, more subtle and sweet

How to explain this craze for Japanese whiskey? Keinta Minari, head of the division of Suntory whiskey for France, gives some keys to this success: "One explanation lies in the style of Japanese whiskey, which is subtle and complex, where Scotch whiskey will be more strong and sturdy. "A view shared by Thierry Benitah of the House of Whiskies" Japanese whiskey is more accessible than the scotch in terms of taste. Unlike Scotch whiskeys, which have a slight bitterness on the finish, Japanese whiskeys receive a final grade soft, chewy and sweet "

According to Pierre Tissandier, head of the cellar Whisky Lodge in Lyon, and previously head of Diageo whiskeys, this development is surprising, "the Japanese whiskey differs from Scotch whiskeys including a search of the exotic, but also by a marketing and a highly developed packaging. " The Scottish distilleries would suffer a certain archaism, where Japanese whiskeys are more modern and stylish.

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World Bank: Obama wants Dr. Jim Kim

This choice is a surprise. A native of Korea, physician training, graduate of Harvard and Brown, Jim Yong Kim is not known in international financial circles. However it is in the world of health and development, particularly for his efforts against AIDS and tuberculosis. He specifically directed the Department to Fight against AIDS of the World Health Organization.

The management of the development institution is traditionally an American, while the International Monetary Fund (IMF) has always been attributed to a European. The odds of Jim Yong Kim selection by the board of directors of the bank amounted to the extent that the United States, the largest shareholder of the World Bank, has the support of European countries, Japan and many countries emerging.

Hours before the announcement by President Obama, South Africa had formally proposed that Ngozi Okonjo-Iweala, Nigerian Finance Minister, and former World Bank director, succeeds Robert Zoellick, whose term as U payday lenders.S. President the bank comes to an end in late June. As at the choice of Christine Lagarde last June to head the IMF, rich countries have promised an emerging open and transparent process of selection that results in the designation of the most qualified candidate. Despite this commitment, developing countries find that their chances to win one of them are tiny. Their inability to agree on a single candidate is indeed an enormous handicap.

Jim Yong Kim is expected in the coming days begin a journey in the great capitals of the world to present his candidacy and convince shareholders of the World Bank of the correctness of its strategy to fight poverty and underdevelopment.

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Paris: a triplex to 46 million euros in sales

A record. Triplex of 780 m2 in the heart of the capital is on sale for 46 million euros. With 60,000 euros per square meter, this is the first time a well as expensive is listed in Paris. This luxury apartment, located 42, avenue du Président-Kennedy in the sixteenth district, was inhabited in the early 1960s by the legendary couple of French cinema, Alain Delon and Romy Schneider. Overlooking the Seine, in an upscale neighborhood of the capital, it boasts an unrivaled location.

Some parts of the apartment are furnished in a modern style. Photo Credits: Paris West Sotheby's International Realty

These American rappers become entrepreneurs

"I'm not a businessman, I'm a business, man! *". This sentence from Jay-Z – the title Diamonds From Sierra Leone Remix by Kanye West – sums up the prevailing situation in the world of American rap. At the head of a fortune respective $ 450 million and $ 100 million, the two artists will be performing in Paris-Bercy in June, are real business men. And they are not alone. P.Diddy, 50 Cent, Dr. Dre or Pharrell Williams, these rappers are also producers, composers, actors sometimes but mostly contractors.

For most self-made men, from disadvantaged backgrounds, the American rap stars today are wealthy. In addition to the income they derive from the music is by increasing business partnerships, equity investments or launching their own brands that they have become real cash machines. The latest example, Snoop Dogg released in April his trademark cigars Executive Branch. P.Diddy expected him to launch his own tequila.

Jay-Z, entrepreneur model

Investing turns to alcohol, clothing or food, these artists have become multimillionaires. Thus, the famed producer Dr. Dre has seen the brand of headphones he had founded in 2008, Beats by Dr Dre, being acquired last year by the Taiwan-based HTC for a whopping $ 300 million.

Thanks to its partnership with Diageo, the world of spirits, P. Diddy could become the first billionaire rapper dollars if we are to believe Forbes magazine. Ambassador of the Ciroc vodka brand, it also supports its development. Marketing, management, the rapper takes care of everything and receives 50% of profits. His fortune is now estimated at $ 475 million.  

But he who is cited as an example is Jay-Z. Author of a biography of the rapper from Brooklyn, Empire State Of Mind, the reporter Zack O'Malley Greenburg of Forbes sees in him a model for ambitious of any contractor to build a business empire. In 2007, the sale of his Rocawear clothing line, had allowed him to pocket $ 204 million. Label boss, he is also a minority shareholder of a NBA basketball team, the New Jersey Nets and co-founder of the chain of clubs 40/40.

French rappers go at it too

To advertise their own brands, they can rely on themselves for long references in their rap songs. They also benefit from their address books thick and artists they produce to make a perfect product placement in their videos. The ambition and the cult of success are perfectly claimed. They are even in the heart of their brand. The rappers are betting on the fact that in addition to consuming their music, fans will adopt, and therefore buy, their lifestyle. "My brands are an extension of myself, Jay-Z told the magazine Men's Health. All my things are a part of my culture. " His music is inseparable from his business.

American rappers are not the only ones to diversify their incomes, French rappers go at it too. Like Booba who launched his clothing brand streetwear Unkut in 2004. Precursor, was created in 1998 JoeyStarr brand Com8 (Come-Eight) with two partners. It has benefited in its early stages of the promotion by both members of NTM.

Some fans will blame these rappers emblematic of a new kind of move away from the original message of the rap genre protest denouncing the inequalities and injustices. Still, in 2010, Jay-Z was the one of Forbes magazine along with the American billionaire Warren Buffett. A form of consecration.

* "I'm not a businessman, I'ma business"

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Shanghai will free property sales

Faced with a collapse of its real estate market, Shanghai intends to relax its measures restricting purchases. According to the Shanghai Security News, the city will soon authorize the purchase of a second residence for people who had lived there at least three years. An acquisition until formally excluded for "non-local" to curb speculation and soaring prices. "This should push up sales of real estate 20% to 30% in Shanghai, said Jack Gong, an analyst at Jefferies Group Inc.. Hong Kong, but that does not mean that the central government also intends to implement such measures to relax. "

Striving to deflate the housing bubble, a source of social unrest and destabilization of the economy, Beijing has implemented since 2010 on measures to limit credit and the number of apartments that individuals can buy.

Pillar of growth

But today, the Chinese real estate sector was found particularly affected by a drop in demand as prices began to decline, causing a wait of many potential buyers.

A statement from the National Statistics Office, the property prices in January continued their downward trend in most Chinese cities. Of 70 cities covered by a monthly survey, 48 have seen the price of flats down by the previous month, while it remained stable in 22 others, no increase was noted.

The Chinese government does not seem to want as many concessions. "In the name of fairness and stability, restrictive measures can not be released," said Premier Wen Jiabao in mid-February, ending, after three days, the measures of the city Wuhu in eastern countries, which were to subsidize the purchase of apartments to stimulate activity in the sector.

Always fight against speculation, the Chinese government announced in late January to create a file owners covering 40 cities. This is to prevent wealthy Chinese to circumvent the prohibitions imposed by municipalities to purchase several apartments, increasing acquisitions in different cities.

But the Chinese government also needs to avoid a contraction in the construction sector, a mainstay of the Chinese economy, while it is slowing its growth.

China's central bank announced it would reduce the reserve requirement ratio for banks to release more of their maneuvers to lend, especially first-time buyers who struggle to find housing.

In one day, the U.S. national debt has grown from 55.8 billion. Results on Tuesday it reached 15,033.6 billion, according to the U.S. Treasury Department. She is now 99% of GDP forecast by the White House for all of 2011.

This debt had crossed upwards the threshold of 10 000 billion in September 2008. Since then, the United States earn one trillion additional debt every seven and a half months on average. Pace violently denounced by the Republican opposition accusing President Obama of being solely responsible.If nothing comes of these discussions before November 23, the law provides for the automatic implementation, from 2013, cuts in government spending, divided equally between defense spending and the remaining costs.

Pessimistic, the International Monetary Fund (IMF) said in its latest "monitor public finances" dated September, the public debt of the United States would reach 100% of GDP at the end of the year, 105% in 2012, and continue to increase up to 115% in 2016.

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"United States: flaws in the plan of the last hour

Philip Hall, the new boss of Altran, promised to refocus. It does this. Friday, the board of the technology consulting group examined the future of its subsidiary, Arthur D. Little. Among the different scenarios studied, the sale of the consulting firm strategy its leaders holding the rope, according to our information. While the managers of the subsidiary offer for months to redeem, Altran, assisted by Messier Maris & Associates, contacted several consulting firms, BCG at Monitor Group through Sia, to explore alternatives.

But these tracks did not result: competitors were primarily interested in the brand Arthur D. Little, well known, at the same time alienating the teams.A complex equation, in a world of service where the value of the firm is keen to its consultants.

Altran, which publishes this morning's quarterly revenue, could take the opportunity to announce the opening of exclusive negotiations. According to the proposed scheme, the group would agree a loan managers to its subsidiary, deficit in 2010, so they fund the recovery. To secure this commitment, the brand remains the property of Altran until the loan is repaid. This will result in a depreciation in the accounts of the group. Until this summer, it hoped to sell its subsidiary to 70 million euros. The transaction amount will be much less. Altran in 2002 had bought the European operations of U.S. giant Board Arthur D. Little. This acquisition has not been successful due to lack of synergies between parent and subsidiary.In the first half, the group has cut 39 million the value of Arthur D. Little in his accounts. Contacted by Le Figaro, Altran declined to comment.