After France, Belgium, Spain, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia, the Finnish Parliament yesterday approved the building.But Finland has still not clear what the additional security that it intended to apply to Greece in return for future loans could be guaranteed in the country.

In fact, while the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said two weeks ago that all States in the euro area have ratified the project at the end of the month, the cacophony in the field is law.

Slovakia has postponed its vote on October 25. His prime minister supports the expansion of missions of the Fund, but are still strong disagreements within the governing coalition. Member of the euro area since 2009, was the only country to refuse to participate in the first loan to Greece last year. And the head of Parliament is prepared to "torpedo" the project."My goal is to ensure that Slovakia will lose billions of euros ( business card…) The European Union does not need our money," he said.

The specter of bankruptcy

Because Greece is still afraid. Czech President Vaclav Klaus, interviewed by American television outside of the last UN General Assembly, said without hesitation that perfectly imagined that "a country so in the euro area." He added: "I'm afraid that European leaders are still spending lavishly to Greece."

An opinion widely shared by Austria, which must meet its Parliament on September 30, and whose foreign minister recently said that one could legitimately "consider bankruptcy of Greece."Like all small countries that have not voted – Cyprus, Estonia, Malta – he ensures that he wants to rely on the results of discussions between Athens and the Troika (ECB, Commission, IMF). But the finance minister said although this ultimate solution is "better than a rescue too expensive."

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Thus, for the IMF, "the most efficient would be a substantial recapitalization mandatory European banks with private funds in the first place but also of public funds if necessary." Christine Lagarde has called for research by the policies of a common vision for the future of the continent.

But the executive director of the IMF gave no indication about how to get there.Thus, Sebastian Bartholomew, credit analyst for Louis Capital Markets believes that the statements of Christine Lagarde is "a call to order IMF but do not provide concrete solutions." The specialist also wondered what private funds would be inclined to give money to banks, "who wants to bring money to the banks unless the States?" Support from private funds, wanted by the former tenant Bercy seems to be excluded.

Regulators want details

Thus, fearing that such a disadvantage about the banking sector already affected by the stroke of tobacco stock this summer, some regulators would consider asking the IMF chief to clarify his remarks, reports the Financial Times.Indeed, while Europe is mobilizing to try to reassure investors on the health of major institutions of the old continent, reports Christine Lagarde could undermine their efforts credit reports free. The stress tests were particularly aimed at reassuring the financial community. French Banking Federation (FBF) was also stressed that French banks "have passed the stress tests in July European and ACP, the national supervisor, performs regular checks to ensure the smooth operation of banks' .

As such, the FBF reiterated this morning that the French system has full confidence. The Federation reiterated, like what she wrote on August 19, that 'capital levels are well above regulatory requirements and programs for refinancing in the medium and long term are conducted under conditions quite satisfactory. "

And the banks themselves have reiterated they do not need to raise new money. In early August, to mark the publication of its results, Societe Generale has reiterated that it has strengthened its financial strength, and for BNP Paribas. August 25, Crédit Agricole has also sought to reassure. The bank, whose accounts the second quarter suffered a heavy burden to Greece, said it had to end in July of more than 120 billion of liquid reserves immediately available. Jean-Paul Chifflet, general manager of the bank, had also told the BBC: "We have no difficulty in funding us."

In exchange, banking stocks are holding up well CAC40.Credit Agricole advance of 1.1%, 1.3% BNP Paribas, Natixis and Societe Generale 1.7% against an increase of 1.3% for the CAC 40.

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"Obama, Lagarde, Bernanke for another stimulus

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

"Niches: plane and down the ceiling

"Companies: rising social package

"Other tracks: capital gains on the hot seat

Operation must! The government will this week attempt to convince the financial markets on its ability to control public finances. François Fillon unveiled late Wednesday afternoon in the presence of Baroin and Valerie Pécresse, the Ministers of Economy and Budget, the new conservation measures for France to retain investor confidence and its " AAA. "

The government enters the final stretch trade-offs. François Fillon and Nicolas Sarkozy meet to sort the list of suggestions made last week by Bercy (and amended by the relevant ministries) and begin to remove some tracks.Then the president and prime minister Wednesday to finalize the measures to adopt.

The government did not release the extent of the plan, but it evokes an effort between 5 and 10 billion, and a trend towards the top. The turn of the screw will break down between savings on public spending and further cuts in tax and social niches.

On this last point, the government does not start from scratch. The measures that were passed in the fall (tax on marriages, on the solar panels, niches plane, etc.). Will yield 2.4 billion in 2012. But we'll have to do much more. There is another month, the government did not request such an effort to households and businesses. He planned to take samples of only 3 billion. With 2.4 billion already in the pipeline, the step to take was minimal.But since the degradation of "AAA" rating from the United States, France finds itself under pressure from the markets. Even if it borrows at low levels (2.74% at ten years), a sign of confidence that it continues to generate, France must do everything to protect his note. For if it were lowered, the state should borrow at higher rates. According to the Court of Auditors, an increase of one point would increase the debt burden of $ 2 billion the first year. To prevent a runaway cost of debt, the government should not deviate from its route.

Increase in the social package

Paris has pledged to reduce its public deficit to 5.7% of GDP in 2011 and 4.6% in 2012. This objective was particularly complicated since the Insee reported zero growth in the second quarter. Bercy forecasts an increase of 2% of GDP in 2011 and 2.25% in 2012 now seem too optimistic.On average, economists expect now on a 1.4% growth next year. However, less growth means less tax revenue and more spending for the state, the social security and local authorities. Without necessarily announcing Wednesday a revised its growth forecasts, the government is obliged, if he wants to keep its deficit targets, to take austerity measures …

Increase in the social package for businesses, new plane and lower overall ceiling of niches, penknife devices ultramarine and real estate … the tracks are not lacking. The government also provides measures for the social security system, not to mention taxing very high incomes as suggested on Wednesday, Maurice Levy, president of Publicis and the Association of Private Enterprises (Afep), in an article in Le Monde ."We need efforts that will be requested to the French are fairly distributed," assured the same day Valerie Pécresse on Europe 1. The measures adopted will be included in budget 2012.

France can she get into the spiral of Greece, where budget cuts exacerbate the recession, which in turn widens the gap? A priori not. This year, increases in taxes, resulting from the measures passed in the fall, reached $ 12 billion. Without destabilizing the country.

Real estate: the cropped Scellier

Before the crisis, Bercy was considering reducing benefits. The pressure is greatest.

• Law Scellier

The niche Scellier reduces its tax by investing in rental real estate. It was expected that the tax reduction equal to 22% of the investment in 2011 reaches 18% in 2012.The reduction could fall to 15%.

• Ready to zero +

There are plans to reintroduce a means test for the loan (PTZ), in order to focus on vulnerable households.

• Capital gains on real estate

The capital gain on the sale of a principal residence will remain tax exempt. For other assets, the gain is taxed at 19%, plus 12.3% social. However, there is a reduction (10% per year after five years in prison) that applies to the capital gain and will disappear for undeveloped land for building. It is also the question of decline (eg 5%) for other goods.Another track: the system of reduction of the gain disappears for the payment of social security contributions.

Niches: plane and down the ceiling

The tax loopholes will undergo a new movement of the plane after the last year which affected 22 devices (Scellier, actions overseas, the tax credit for environmental equipment in the house). The rate of tax reduction was reduced by 10%: a rate of 50% was increased to 45%, a rate of 25% to 22% … The measure, however, has yet to be felt, because the first plane applies to the income tax paid in 2012, sitting on the revenues of 2011. The government planned to meet the plane in 2011 (eg 15%) and pass a new tax on plane sitting on the revenues of 2012.
Widely used devices, such as overseas benefits or tax credits for equipment of the house will still be trimmed.MPs want all the niches are planed. Others will disappear. In addition, the overall ceiling of niches, set at 6% of income over 18,000 euros, will be lowered.

Companies: rising social package

Social package, paid by companies on the profit-sharing and employee savings, should be increased from 6% to 8%. Expected gain: 400 million euros. Since its inception in 2009, the government increased the fee by 2 points every year! Systems loss carry-on prior and subsequent, which limit the corporate tax should be reduced. They benefit primarily to large companies but the government wants to rebalance the tax burden with the small. The carry-back would
limited to one year. And to carry forward losses from the profits would be capped.In Germany, the losses charged can not exceed 60% of the profit. However, the idea of ​​limiting the deductibility of loan interest is difficult to implement.

Tax on very wealthy households

The government pledged in the spring to tax high incomes, and a working group must report its findings in the fall. Two tracks are at this stage on the table to non-deductible from corporate income tax payments "extravagant" or create a new tax paid by very wealthy households. The latter option holds the rope in the government because it has the support of parliamentarians. Gilles Carrez, the rapporteur of the budget UMP
in the Assembly, propose to tax at a rate of 1% or 2% revenues exceeding one million euros per year. But Peter wants Méhaignerie the new tax applies from 150,000 euros to 200,000 euros in annual income for a couple.The lively debates ahead!

Other tracks: capital gains on the hot seat

Gilles Carrez wants the taxation of life insurance is carried over the water each year on their earnings potential, while households are now taxed when withdrawn at a variable rate depending on the length of detention ( 7.5% after eight years). Another idea: adjust the taxation of life insurance, whether it is placed in shares or products without risk. The UMP Jérôme Chartier wants to create an additional ceiling on tax loopholes, reducing to 50% of tax due from the advantage of niches. But Bercy is not favorable. Finally, many parliamentarians call for the removal of reliefs on capital gains from stocks and bonds (third year in excess of five years from 2012).

The thinking has already begun by the operators, with the French telecoms and consumer groups. The idea of ​​a limitation of the offers is suggested in a paper dated July 21, which summarizes the ways to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.

As the mobile

Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to the sector to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.

The reason given for the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.

French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.

"Unacceptable"

If operators say consumer groups adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".

In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.

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Like him, other European indices loosen: the FTSE-100 index in London lost 3.05% to 5007.16 points at closing. The Dax in Frankfurt tumbles 5.13% to 5613.42 points after falling 6% during the session. The index featured the Milan Stock Exchange, the FTSE Eb, closed Wednesday on a drop of 6.65% at 14,676 points, its lowest level since April 2009. The Madrid Stock Exchange closed on a fall of 5.49%.

The banking sector collapses

All markets are penalized by the banking sector, while Greece is planning to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors. In Paris, Societe Generale gives 14.47 (after a 20.83% drop in session) to 22.18 euros, Crédit Agricole 11.81% to 6.07 euros, BNP Paribas 9.47% to 35.61 euros and Natixis 9.11% to 2.68 euros.

Banks have suffered rumors of degradation of the note of France, while Moody's, Fitch and Standard & Poors reiterated that the AAA rating of the Hexagon was accompanied by a stable outlook online cash advance. Even Bercy denies "formally" the rumors of degradation.But the surprise meeting convened by Nicolas Sarkozy interrupted his holiday to deal with several ministers the theme of economic and financial crisis has rekindled investor concerns.

Also in Europe, the divisions between countries are delaying the implementation of the rescue plan agreed in June In addition, fears of renewed extension of the debt crisis in Italy explains the new fall. The market is concerned about the ability of Italian banks to refinance.

Industrial production declined in France

As on Wall Street, markets been unable to continue the strong rebound in the day that followed the speech by U.S. Federal Reserve.The latter, however, assured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2013 and exploring other measures to support the U.S. economy, which will probably end detailed August, at the final communiqué of the U.S. central bank. But the Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

For the economist Nicolas Bouzou, the previous day had already not reassuring:

The player is used by default in the articles of figaro.fr. Maj7

The seven unions involved threatening a strike since Monday 29 July to 1 August in protest against the new organization of work proposed by management.The CEO of Air France, Pierre-Henri Gourgeon, has in fact recently released a project to install four bases in the provinces to increase the productivity of the company based on the model low cost. It would be particularly asked the crew to work longer on a reduced number of days to be able to fly more planes. The sailing team would also be reduced from four to three people in some aircraft. In return, Air France did not want to donate 20% maximum productivity gains and made its staff.

The pilots union still in conflict

Towards unions as there was optimism yesterday about the possibility to find here tonight common ground bad credit payday loans. "We had five areas of disagreement, three have already been accepted by management", said last night at the AFP Jean-Marc Jaouen, the SNPN.Remains still to be discussed include the reduction of crews on long flights and medium-haul 142 passengers. "There is progress in the negotiations, although they are still insufficient. An agreement to end conflict can be signed, "also found Philippe Sports, the UNSA. Air France was doing its part to know last night told AFP that it "was very open in discussions" and that "all flights were kept" from July 29 to August 1.

If the conflict started with the hostesses and stewards are being addressed, it is not the same with the pilots' union, which called the strike on August 5 to 8. The powerful SNPL validated last week at 55% the new organization of work desired by management. But he opposes the hostesses and stewards on measures to sustain the supplementary pension fund for cabin crew, currently in deficit.Despite a law passed in 2008 providing for a reform of the fund, the implementing decrees have still not been published, failing agreement between the two parties.

(With AFP)

As with other global exchanges, all operators will have the eye to Brussels where to begin 1:01 p.m. at the extraordinary summit of the leaders of the euro area. They have an obligation to find a solution on a new plan of aid to Greece if they want to prevent contagion from the debt crisis. Angela Merkel and Nicolas Sarkozy on Wednesday reached a common position on the new financial rescue plan and a private sector participation.The content of the agreement between the German Chancellor and French President was not specified but to do so, it took seven hours of talks "very tight" in Berlin, according to members of the French delegation. The two leaders called on mid-term president of the European Central Bank, Jean-Claude Trichet, to join them in Frankfurt, suggesting that the compromise has its support. José Manuel Barroso, President of the European Commission launched Wednesday a warning more serious than usual to the leaders of the euro area.

But doubt was again set on Thursday after the statements of leading finance ministers of the euro area, Jean-Claude Juncker, who did not rule out a possible default of Greece.Jean-ClaudeJuncker also considered that an agreement on a tax on European banks to help finance a new aid program in Athens would be difficult. "I do not think there will be an agreement," he said.

Obama confident

On the foreign exchange market, the euro declined sharply against the dollar. Around 11:30 in Paris, the single European currency was worth 1.4147 dollars against 1.4212 dollars late Wednesday. Oil prices were up, however, supported by market expectations of seeing the debt crises lead to solutions.A barrel of "light sweet crude" for delivery in August took 28 cents to 98.68 dollars and that of Brent North Sea crude for September delivery took nine cents to 118.24 dollars.

United States, President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default. "I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

Rafale indicators

In addition to the meeting, the markets should observe the indicators that will be published on both sides of the Atlantic.In France, the composite PMI, which includes industry and services, is version 52.8 "flash" from 54.9 in June. "The financial crisis of 2008/2009 aside, the latest survey data suggest lower growth in overall activity since the third Gulf War in 2003," said Jack Kennedy, economist at Markit.

Activity in the private service also slowed against all odds in Germany in July to its lowest in two years, according to preliminary results of the survey Markit. The composite PMI stood at 52.2 in both "flash" against 57.3 in June.

United States, the day will begin with the weekly jobless claims. It will be followed index of home prices in the Federal Housing Finance Agency (FHFA), the index of manufacturing activity Philadeplhie Fed, then the index of leading indicators.

China's manufacturing activity shrank in July for the first time last year, registering its largest decline in 28 months, according to preliminary PMI HSBC published this morning. PMI Purchasing Managers calculated fell to 48.9 against 50.1 in June, the lowest level for this indicator since March 2009. This new atmosphere was sealed on the Asian markets.

Values ​​to follow

Banking

Banks eagerly awaiting the end of the EU summit. Their participation in the rescue of Greece is at the heart of the debates. Moreover, the institutions of the European Union will face fines of up to 10% of their net banking if they do not meet new international requirements for capital and liquidity, said Michel Barnier.

After opening in the green, the area was about-face in the middle of martinée. A mid-term securities of large establishments accuse all of declines. Societe Generale (-1.22% to 35.56 euros), Credit Agricole (-0.67% to 8.85 euros), Natixis (-1.10% to 3.16 euros), and BNP Paribas (-3, 01% to 47.33 euros) are among the largest declines the CAC

EADS: 0.24% to 24.90 euros

Airbus is ready to look "seriously" the increase in the production of single-aisle A320 to carry it beyond the already record a goal, but has not so far committed to this, its president said Wednesday Excecutive.

Eutelsat: 1.20% to 31.16 euros

The Strategic Investment Fund (ISF) on Monday rejected a proposed takeover of Eutelsat joint push by the Spanish Abertis, reported Thursday the newspaper Les Echos.

The benefits of Publicis climb

Plastic Omnium: 6.12% to 24.97 euros

The Group expects a net profit in 2011 "strong growth" after a rise of 26% in the first half to 91.4 million.

Publicis: -2.85% to 36.75 euros

In the first half, the Group generated revenue of 2.7 billion euros in organic growth of 7.1%, exceeding the expectations of analysts whose estimates ranged from 6.2% to 6.5%.

Remy Cointreau: 4.73% to 60.95 euros

The group reported a turnover of 198.6 million euros in the first quarter organic growth of 22.5%.

Unibail-Rodamco: 0.26% to 143.88 euros

The group said it had signed for 1.1 billion euros of asset sales in the first half and accelerated its development plans after reporting an earnings growth supported by its recurring rental income.

Ubisoft: 3.83% to 6.15 euros

The group announced that its sales better than expected first quarter gross margin should support a few days after being heavily penalized by the stock market concerns about future profitability.

Mersen: 3.43% to 40.10 euros

The group released a turnover up 17% in the second quarter, supported by sales in solar activity, which is the group to provide a statement of objectives for the entire year.

APRR: 0.11% to 46.90 euros

The group announced it had recorded a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

Cegid: 1.91% to 20.49 euros

The group reported a 32% decline in net profit in the first six months of the year to 4.8 million, despite a 5% increase in sales. The publisher of management software specialist said that last year, accounts for the first half was boosted by a reversal of provision for risk.

For Louis Welsh MPs that pressure is unnecessary. "I remind you that 95% of aircraft we are producing for export," says the director in an interview with the Journal du Dimanche.From the first days of the Paris Air Show, which closes its doors Sunday night, the European aircraft manufacturer has announced an almost unexpected rain control, supported by contracts negotiated with the giant companies in emerging countries. Wednesday and Thursday, the group recorded two commands including records, first with the Indian carrier IndiGo, on 180A350, 150 Neo, then with Air Asia, with 200 A320 Neo, is the largest order in the history of civil aviation. "These emerging markets provide the" A "and represent over two-thirds of the global market. Our 730 orders and commitments demonstrate that our products meet the expectations of these new customers, "supports Louis Welsh, referring to the plebiscite met by Neo A320 aircraft during the rally.

Hunt on the lands of Boeing

Overall, therefore, the European group put on emerging countries to take advantage of an aerospace market returned to a "dynamic," says Louis Welsh. If political disagreements today Stems certain contracts, the group can always rely on its broad technological superiority to convince companies of those countries developing their flights to Europe and the United States. And ambitions of the European aircraft manufacturer does not stop there, the group wishes to continue to hunt on the lands of his rival always, Boeing.Referring to the age or obsolescence, of much of the fleet of U.S. airlines, the leader discount surf the success garnered at Le Bourget and "large needs to renew its fleet" (U.S. companies ) to increase its influence across the Atlantic.

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• Combining the highest rate of tax reduction, 75%, and the highest ceiling taken into account, 50,000 euros, generosity proves the most profitable. To be considered, donations should be made for organizations listed in the law: including foundations of public benefit, research institutions or public or private higher education, and training businesses.

Despite the undeniable tax advantage given to them, foundations fear being victims of the new tax data.Without having exact figures, most of them believe that people who are outside the ISF this year are widely distributed among their donors. To cope with this situation, Charhon Francis, president of the French Center Foundation, calls on governments to increase the cap considered to 100,000 euros. Others, like the Little Brothers of the Poor, remind their donors that they may use the original formulas as temporary donation of usufruct. The property in question, whose incomes are sold for at least three years, no longer fall within the tax base to the ISF.

• Direct investment in SMEs is the second track the most effective in limiting the ISF. Now, only 50% of payments are taken into account as against 75% previously and the maximum amount deductible is planed from 50,000 to 45,000 euros.To prevent certain abuses of the past years, several types of SMEs have been excluded from the device. They are those engaged in real estate or financial activity and those that operate power generation by wind or solar. Note: It is possible to mix investments in SMEs and donations to foundations and accumulate wealth tax cuts. But the ceiling is taken into account for 45,000 euros and 50,000 euros, not as is the case for donations only.

• Other support for tax exemption, the FCIC and FIP are subject to new rules. These funds, which invest in unlisted companies, are eligible for a reduction in ISF of 50% of the share invested in eligible SMEs in the limit to 18,000 euros. New constraints were imposed this year.They have no such opportunity to focus on certain sectors, such as art, jewelry, wine cellars, renewable energy.

The FCIC must invest at least 60% of their assets in eligible SMEs in the abatement of ISF, but they have a room for the rest of their investments. Some FCIC or FIP continue to use it to diversify some of their assets in listed securities. Others prefer to invest in eligible SMEs all capital raised. "This helps to maximize the tax benefit.Indeed, only the portion of the assets of FIP or FCIC invested in unlisted SMEs entitles the ISF reduction of 50%, "says Fabrice Imbault, managing partner of A Plus Finance.

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