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Wall Street down before the Senate vote

Wall Street starts again in the red on Tuesday. In early trade, the Dow Jones lost 0.57% at 12,063 points, the Nasdaq 0.51% to loose 2731 points and the S & P drops 0.69% to 1279 points.

The opening is dominated by pessimism as consumer spending of U.S. households fell against all odds by 0.2% in June, posting their first decline since September 2009. Economists surveyed on average expected a rise in expenditure of 0.2%.

The expected green light from Senate Tuesday evening

Concerning the agreement on raising the debt ceiling, the doubts persist. "Some have pointed to the fact that the rating agency S & P claimed four trillion dollars in deficit reduction over 10 years against only 2.5 trillion currently being negotiated by members, analysts said Aurel BGC.Maintaining the "AAA" is far from being elected … Many skeptics have left open the possibility of adoption of this agreement by the Congress. "An expected adoption tonight. The Senate must decide, in fact, after the House of Representatives that preceded it from that Monday night.

"I think the show we attended in Washington, a significant number of parliamentarians of this country leaving the threat of a default, really made a lot of damage to the confidence" of investors in the economy American, for his part, said U.S. Treasury Secretary, Timothy Geithnern, on ABC.

Oil side, the opening of the Nymex, oil prices melt, due to poor statistqies the day, who fear a future decline in demand.To 15 hours, a barrel of "light sweet crude" for September delivery was trading at 94.36 dollars, down 53 cents.

Results of companies to follow the corporate side, several major publications are planned this week, starting on Tuesday by Pfizer (-1.05% to 18.81 dollars). The group released better than expected earnings for the second quarter, the jump in sales of animal health products offsetting lower sales of drugs, the heart of the business group.

Google (stable at 606.71 dollars) this weekend began testing a new service, "Google Hotel Finder", dedicated to finding hotels. Positioned competitor specialized sites like Hotels.com "Hotel Finder Google" is used to search the dates of their choice, depending on the number of stars of the institution and the average scores given by customers.

Hewlett-Packard (-0.48% to 35.03 dollars) has decided to drop now $ 50 U.S. price of its new tablet, the TouchPad. This rate adjustment, presented as a promotion valid until September 10, is valid until September 10.He places the version of the tablet features a 16GB storage to 449.99 dollars, and the 32 GB to 549 dollars, just one month after the beginning of the commercialization of TouchPad.

Coach (-4.72% to 62.31 dollars), a leading U.S. brands of accessories, recorded a jump of 24% of its annual net profit in 2010-2011 (year ended July 2) at 881 million dollars, and expected to grow over 10% in the future, according to a statement released Tuesday.

Hyatt Hotels (1.96% to 39.52 euros) announced earnings for the second quarter better than expected, while saying he intended to open a number of "significant" new hotels in the future.

GM (-0.79% to 27.87 dollars) reported Tuesday a 7.6% increase in sales of vehicles in the U.S. in July, thanks to strong sales of Chevrolet, the one of the leading brands of the manufacturer, and the good performance of new models.

Raids by giants of video games on small publishers are ongoing. After the announcement of a Memorandum of surrender by PopCap Games Electronic Arts (0.32% to 22.02 dollars) and the acquisition by Zynga a mobile games publisher in Canada, is the Japanese Sony which went on the offensive by offering Sucker Punch. The American development studio publishes games for consoles, the PlayStation family, including "Sly Cooper" (PS) and "inFamous' (PS3).The amount of the transaction were not disclosed.

Amerigroup (7.47% to 51.65 dollars) is expected to jump at the opening, title, earning more than 5% in electronic trading before the opening of Wall Street. The group of health care services announced yesterday it has won a contract to develop its business in Texas.

Ways to get paid more than the CAC 40 companies

More companies are large and they carry less of the corporate tax. A fact known and already singled out by the board of tax and the Treasury, but on which a report of the National Assembly published on Wednesday by MP Gilles Carrez sheds new light.

Comparing the amounts paid under the corporate tax (IS) for all companies in France, the general rapporteur of the budget to the National Assembly was able to quantify the difference in tax burden between small businesses and the largest. "The real tax burden borne by small firms is 20 points higher than for large groups," says Gilles Carrez on Wednesday in Les Echos. A "drop that occurs across large groups internationalized," said the rapporteur.

The corporate tax paid by large groups of the CAC 40 is in fact much lower than that paid by SMEs. For four of them, it was even zero between 2007 and 2009, the report quoted by Les Echos. 10 billion euros in total was paid by the CAC 40 companies between 2007 and 2009 for the SI, including tax credits. Is, 86 million per group per year, representing only 0.4% on average of their turnover in France. The four companies which the state is a shareholder (France Telecom, EDF, GDF Suez and Renault) will make an exception, with a gross rate IS 40%.

Enclose tax loopholes

Gilles Carrez explains this differential taxation depending on the size of the company by the existence of tax loopholes that benefit large groups mostly internationalized.This is the deductibility of financial expenses from taxable income or the deferral limit deficits. These groups' benefit, legally, the opportunities available to them: the maximum charge in France expenses related to foreign operations, "expatriate" certain products under activities carried out in France, "said Gilles Carrez.

To avoid a stagnation of revenues SI "to a lower level than pre-crisis", the rapporteur suggests a framework for these tax loopholes enjoyed by the full CAC 40 companies. "Why not cap the financial expenses deductible, as are the Germans? It would be a kind of IS minimum. We could also return certain products, "he recommends.

According to Les Echos, the Elysium is the least prepared, as part of Budget 2012, a time limit on the deferral limit deficits.The regime of worldwide profits, which benefits mainly to Total and Vivendi could also be questioned. A debate that could beat its full part in the presidential election.

The Paris Bourse remains in positive territory

Follow the mixed trend on Wall Street and Asian markets optimism? The Paris Bourse has made his choice on Tuesday. The CAC 40 begins trade up 0.63% to 3830.79 points. Same atmosphere elsewhere: the DAX index of the Frankfurt Stock Exchange opened up 1.13% at 7165.14 points while the FTSE-100 index of London Stock Exchange gained 0.55% to 5805.08 points .

Yesterday, U.S. markets, which started in the green, finally ended on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P. Conversely, the Asian stock rose in unison this morning, buoyed by the announcement of the Bank of Japan maintained its key interest rate near zero to support the growth of the archipelago.

Markets, however note the acceleration of inflation in China to 5.5% yoy in May, more than expected by analysts.This rate, the highest in almost three years, should still push the country's authorities to tighten the monetary and thus assist in the deceleration of economic activity in China. The monetary tightening measures taken by Beijing to curb inflation have led to a decline in new lending by Chinese banks in May and a monetary growth slowed to a low of 30 months.

Still on macroeconomic, the current account deficit in France widened somewhat in April, to 4.8 billion euros, against 4.1 in March, due to the increase in the balance of trade in goods, according to figures released Tuesday by the Banque de France (BDF). The day promises to be as charged across the Atlantic. Program: sales details, the price index for production and business inventories.

As for currencies, the euro continues to rise against the greenback at 1.4437 dollar.For its part, oil declines, affected by the downgrade of the long-term debt of Greece and the publication of inflation figures in China. In morning trading, a barrel of light sweet crude for July delivery lost 24 cents 97.06 dollars while that of Brent North Sea crude for delivery same retreated 17 cents to 118.93 dollars.

Values ​​to follow

The banking sector

Banks are sensitive to the Greek news, do not react negatively to the further deterioration of the country's debt that one step closer to the fault. BNP Paribas (1.75% to 52.31 euros), Societe Generale (+1.65% at 39.65 euros), Natixis (+1.64% to 3.52 euros), Axa (1.46 % to 14.95 euros) and Credit Agricole (1.25% to 10.13 euros) rise.

Axway Software: 26.28% to 23.50 euros Sopra: -2.88% to EUR 63

This Tuesday will be the first day of trading of the company, the shareholders of Sopra has given the green light last Wednesday to the proposed demerger and listing of the software division of group counseling and services.

Capgemini: 2.27% to 38.27 euros (largest increase in the ACC)

The group announced on Tuesday that in "exclusive negotiations" to acquire the operator Prosody.

Neopost: 1.37% to 59.05 euros

The group said growth in its expected sales of between 3 and 5% excluding currency effects in 2011, instead of the range of 2 to 4% previously expected. The manufacturer of franking machines for mail said it has completed the acquisition of GBC-Fordigraph.

Suez Environment: -0.53% to 14.02 euros (largest decline of ACC)

The group, through its subsidiary Degremont, has won a contract for the extension of the treatment plant and wastewater recycling in Qatar Doha West, for a total of 35 million euros, "he said Tuesday in a statement.

L'Oreal: 1.16% to 85.45 euros

Liliane Bettencourt should be placed under curatorship enhanced seen his health, according to doctors appointed by a judge of guardianships that have not examined directly, however, announced Tuesday a source familiar with the matter, confirming information site lemonde.fr .

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.

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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.

The right choices to reduce its ISF

Three and a half month break. Traditionally scheduled for June 15 statement, and therefore the simultaneous payment of the ISF, is unusually extended this year to 30 September. Additional time to consider the tax-free solutions. While the general principles remain the same, the practical, they, live.

• 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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Advertising: TF1 hard to start in 2011

Morale is at half mast at TF1, which held its general meeting Thursday. The poor performance of hearing the first quarter will, according to financial analysts, the impact on advertising revenue. The consensus of analysts, they would be down 2% versus the first quarter of 2010, which had posted 355 million euros. It must be said that the first private channel has been unlucky in the first months of the year with JT sluggish and entertainment in free fall.

"In 2010, free channels have pulled their growth in a proactive policy volume. The screens are well filled in 2011, the price effect which is structuring. Yet the latter is related to hearings. And, in this case, they have not always been the rendezvous for TF1, "said Sergeant John the Baptist, the brokerage firm Gilbert Dupont.This was particularly the case in prime-time portion of which sank with the accident "Square VIIIP. The lower rates would have been understood for advertisers between 14 and 24% and it was not until the introduction of the game "Money Drop", Endemol, in a few weeks to recover.

The situation is quite different with regard M6 whose advertising revenues are up 7% to 162 million euros in the quarter. Good hearing chain Nicolas de Tavernost including the JT and "Scenes from" support price of advertising. "TF1 had some crashes while hearing M6 surfs its success," said Julien Roch, a financial analyst at Barclays. This virtuous growth is now linked to the rising cost of grid announced last September and is expected to be on the year, between 5 and 10%.A boost that seduces even more advertisers and audiences are waiting for you.

Disappointment in the markets

However, the side of diversification, the group experienced a fall impressive range of analysts estimated between 16 and 20% due to the collapse of sales of Bordeaux and a weaker performance on the market broadcasting rights for lack of a twilight or indoor video.

On Thursday, during TF1 fell 4.19%, to 12.35 euros, while that of M6 lost 2.22%, to 17.85 euros. However, analysts remain calm. At European level, falling valuations of media companies is around 20%.

Customers, equal access to Internet

Customers should they pay more for their Internet access if they over-consumption of online video? Providers of Internet access they can slow the rate of subscriber connections that download on the Internet? No and no, slice the report of the mission on the neutrality of the Internet and networks, introduced Wednesday by deputies Laure La Raudière (UMP) and Corinne Erhel (CBC) Economic Affairs Committee of the National Assembly.

Anxious to "protect the Internet" in its current form, they detail the nine principles that should ensure an open Internet or "neutral" for Internet users. Proposals trenches that contrast with the approach of a "traffic control" as proposed by the Minister of the Digital Economy, Eric Besson.

The cornerstone of this report is the inclusion in the law, the principle of net neutrality.Its definition could be slipped in the Postal and Electronic Communications: "Capacity for Internet users to send and receive the content of their choice, or use the services to run applications of their choice, connecting the equipment of their choice (…) with a transparent quality of service, adequate and nondiscriminatory. "

The report also estimates that only obligations of a judicial or security must justify blocking access to the Internet. Therefore, access to file sharing sites should not be blocked upstream. "The network would not be neutral if the peer-to-peer was degraded," say the MPs, because peer-to-peer is used both to pirate music or movies that innovation as Internet telephony Skype.This does not apply the law to hackers.

Participate in financing

It does not include the principle of network neutrality into law, it is still necessary authority to enforce it. This authority could be the policeman telecom Arcep or judge. The authority will be particularly responsible for preventing telecom operators to restrict access to Internet content. The report wants to "reserve the term Internet access to only deals with the principle of neutrality."Thus, a mobile operator could no longer sell "unlimited Internet packages" when consumption is limited for example 500 megabytes per month or if it refuses to install applications like Skype Internet telephony.

If equal access to the Internet and is ringfenced from the Internet side, it remains to ensure services for publishers – video platforms, social networks, connected TV applications. For the service providers, the report proposes to "further reflection" on their participation in the financing of the Internet and network investment. He claims such a precise study of the costs of increased traffic on the Internet.Where appropriate, the report recommends that a mechanism by which sites get the traffic (such as YouTube, Google, Facebook, Skype …) are involved in financing networks by paying a kind of right of way. "It would stabilize the cost sharing of the network … and could encourage smaller players content," the report said. But it's a story at the European level.

European banks are seeking 100 billion

And three. Europe prepares to submit its banks for a third round of stress tests. The objective is always the same: to reassure markets on the strength of the European banking system. And thus enable it to finance itself without the help of the European Central Bank.

On Friday, the European banking authority has announced details of the exercise, whose results will be announced in June, as promised, the device has been hardened by the previous album. This time for the 91 European banks subject to the "check-up cross bar higher than 5% of capital" hard ", even in stormy weather on real estate, sharp rise in rates or further increase in funding costs. Last July, investors have found the stress tests implausible.Moreover, four months after seeing their health bulletin buffered by the ECB, two Irish banks had called for help.

Last year, the stress tests had highlighted a need for equity of only 3.5 billion euros. Since then, Deutsche Bank, BBVA and other Standard Chartered has increased its capital by 10.5 billion, partly to fund acquisitions, partly to prepare for the increased requirements of Basel 3. But it is still far off. By adding the "hole" of 24 billion euros of Irish banks, the 50 billion that could cost the "cajas" in Spain, the 20 billion estimated on Italian banks, and even the 11 billion announced last week by Commerzbank the 100 billion euros of capital requirements is taken blithely.

Contain contagion

The announcements follow one another.Furthermore Commerzbank, Intesa Italian unveiled last week its intention to raise $ 5 billion one hour payday loan. These projects were well received. The markets want to believe that four years after the explosion of the subprime credit bubble in the U.S., the continent is poised to contain the contagion. Governments, in fact, began to worry about the soundness of their banking system. Permeability between banks and the U.S. has never been more evident. Last winter, the woes of the Anglo Irish Bank and other Bank of Ireland Ireland compelled to seek help from Europe and the IMF.Conversely, it is under pressure from his own bank, choked by the degradation of the Portuguese sovereign risk, that Lisbon was forced last week to accept the lifeline.

Typically, Portugal's decision could put pressure on Spain, next on the list of countries deemed sensitive. It did not happen at this point. Madrid took the lead in addressing, since January, the restructuring of its savings undermined by the housing crisis.As for Italy, the governor of the central bank has conveyed the message that he wanted much better capitalized institutions.

Then, build equity far? The gap between, on one hand, the high solvency ratios – above 10% – set by the Swiss regulator, which the UK could follow suit and the other, the Germans and French, that warn against the risk of escalation. The debate is far from complete.

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A Lotto winner buys the box and save jobs

Between fiction and reality, sometimes there is only one step. With 10 million euros in his pocket, the winner of the Norman lotto jackpot last September showed that by making as in the French pub games: he bought the box and kept his old boss.

This winner, who wishes to remain anonymous, did however not to taunt his former employer, but to "avoid as 13 or 14 guys do become unemployed," says he to Parisience Monday. Indeed, the transport company where he worked as a truck driver was in receivership when it wrapping up the loot. Seeing his SMEs about to close its doors, he did not hesitate to spend hundreds of thousands of dollars of his new fortune. "I was the only potential buyer, says he. In addition, transportation is all my life.We do not stop like that overnight. "

"If I see that I lose too much money, I Quit"

Today 100% shareholder, the anonymous millionaire became CEO. His former boss, left the company, keeps him, some responsibilities. This old son of a laborer, truck driver for nearly 30 years, says not to play with his tyrannical boss and former colleges do not hesitate to take the wheel in the absence of one of its employees. The head change in direction would also not change their relationship. His former colleagues on "respect" because "they know I like them as a driver. Tour, I made them. " The fifties, however, warns he will not play in the super-savior forever: "If I see that I lose too much money, I stop."

The nouveau riche, which ensures not yet have taken a vacation, prefers to grow his millions in "the stone and secure investments." Meanwhile, her story will remain etched in the annals of French games that ensures they never saw a former employee, winner of a jackpot, buy his old company. Let alone keep his boss.

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