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The decrease in VAT in the catering numbers

Lower prices, or increase wages and create jobs, such were the promises made by professional restoration in exchange for declining to 5.5% VAT. In practice the government had forecast a drop in prices overall 3%. But the overall direction of Treasury at Bercy, the decrease was 2.5%, as it must take into account price increases (+ O, 1% a month) that would have been saved if there had been no reduction in VAT. According to Insee, the statistical institute, the decline recorded between July 2009 and end MayOnly a conservator two on average applied the lower price.

The shortfall of the state would it 2.35 billion euros a year on some 130 billion collected last year under the VAT.

Disagreement on Figures

As for salaries, increments and other benefits provided under the industrial agreement signed by the five trade unions and three of five business organizations in the sector would reach one billion euros accumulated since March 1, date of application the agreement saving account payday loan. Some 21,700 jobs have also been created, the government said. This figure is disputed by the union FO who believes him, he must subtract the 15,000 net new jobs recorded on average each year for ten years in this industry.

The measure would also have saved 25000 companies, nearly one third of the 80,000 restaurants in trouble before the reduction in VAT, as the specialist firm Gira Board.

Second lowest rate reduced

Twelve countries now have a reduced VAT on food in Europe. Since the authorization granted in 2009 by the European Commission. Only France and Belgium have taken the plunge. On 1 January 2010, Belgium has lowered its rate of 21-12% in food, drinks. Before the green light from Brussels, ten other member states had historically lower VAT in restaurants. With a rate of 5.5%, France has the second highest in the restoration reduces the lowest in Europe, just behind Luxembourg (3%).

BSkyB: Murdoch puts his son in door-to-false

In the Murdoch family, there is first a father, Rupert. The famous media magnate owns Newscorp, the Australian giant which owns among others the Fox television network, Twentieth Century Fox studios and newspapers The Wall Street Journal and The Sun.

Then there is the son, or more precisely the fourth son of Rupert James, now considered the likely successor to his father as head of News Corp.. Teenager James was known for his rebellious streak: bleached hair and piercing in the eyebrow, he distances himself from the family way, left Harvard in 1995 and created a hip hop label, Rawkus. After three years, the company, which generates an annual profit of 2.5 billion, was acquired by the company of Dad. James, suddenly sobered, is back in the family fold.

He became head of operations at News Corp. Internet without much success, then the satellite television network that makes Asian StarTV beneficiary. In 2003, his father appointed him director general of the British operator of satellite TV BSkyB.Quelques years later, he left his office to become chairman of BSkyB. James needed so as the most likely heir to his father. The two men are close, they called even daily according to the BBC. The Financial Times also reported an incident in April when James Murdoch, furious, entered the premises of The Independent in storming the cons of a newspaper stating: "Rupert Murdoch does not decide the outcome of the election – it is you who will.

Battle between BSkyB and News Corp: James is at odds

Today, James Murdoch is in a difficult position, combining the positions of chairman of BSkyB and Director of European and Asian operations of News Corp. payday loan. The group led by his father now wants to take full control of BSkyB which it already holds 39% shares. Last week, Newscorp has offered to buy the remaining shares at a price of 675 pence per share. It has raised its offer on Tuesday by offering 700 pence per share. The cost for Ruper Murdoch thus amounts to 7.8 billion pounds (about 9.4 billion euros), valuing the entire company at 12 billion pounds (14.5 billion euros) .

BSkyB has however rejected the offer, saying it significantly undervalues the company.In a statement, the British operator admits however that "an offer from News Corp. could serve the future interests of its shareholders" but said he would only accept a superior offer to 800 pence per share.

According to the Financial Times and the Daily Telegraph, James Murdoch would be steering clear of discussions of the board of BSkyB's offer of his father. The FT noted that "take full control of BSkyB would strengthen the business of James Murdoch is the corner of the empire his father knows best as a former CEO of satellite operator.

Following the announcement, as BSkyB jumped to the London Stock Exchange: just before 15h, action gained 19.40% to 717 pence. This surge up the operator above the purchase price offered by its parent.

Goldman Sachs accused of obstructing an investigation

The U.S. investment bank is once again slammed. After being accused of fraud by the SEC, the policeman of the American Stock Exchange, Goldman Sachs is now summoned by an American committee. The Commission of Inquiry on the financial crisis (FCIC) which, by its investigations, seeks to identify the roots of the financial crisis, accuses Goldman Sachs of failing to comply in a timely manner to requests for disclosure and interviews.

The institution would, according to the FCIC, responded voluntarily incomplete and unsatisfactory to queries. Members of the Commission indicated that, after having asked some very specific, it had received investment banking unreasonable volume of documents, nearly 2.5 billion Web pages without an index, which does not meet questions."Our view is that they were very unhelpful, they do not provide us the documents we requested," said its chairman Phil Angelides.

The leaders of Goldman Sachs categorically deny these accusations. A spokesman for Goldman Sachs said the bank "continues to provide the information requested FCIC.

The Paris Bourse wins more than 2%

Investors finally found a smile in Paris. The CAC 40 has indeed rebounded to 2.08%, passing the bar of 3600 points. He finished at exactly pointspoints 3617.32. The market which opened in Paris rose sharply accelerated the pace in the afternoon, after payment of first European loan of 14.5 billion euros in Greece and the renewed commitment of Member States of the euro area monitor national budgets.

Other major European markets have resumed in unison. In London, the Footsie has advanced 0.85% to end at 5307.34 points while in Frankfurt the Dax has risen by 1.47%, to 6155.93 points. Wall Street, which also opened in the green, confirmed the trend. Shortly before the close of European stock,

Bargain hunting

The Dow Jones gained 0.72% and the Nasdaq 0.85%. Wall Street has particularly welcomed the results of Wall Mart.The U.S. retail giant, whose numbers are often included as an advance indicator of the U.S. economy has garnered in the first quarter of current year net income of over $ 3.3 billion, well above expectations analysts.

In Paris the CAC 40 was worn by groups rooted in the international advantage of the weakness of the euro and an intense hunt for bargains.

The group's title defense and aerospace firm EADS has been leading the race for almost the entire session. Titles major exporters such as Michelin or Saint-Gobain also benefited from the movement as well as luxury groups. Analysts at JP Morgan believe that the weakness of the euro should be particularly conducive to luxury groups like LVMH and Hermes but also in L'Oreal, and is active in the United States.

After blowing the last few weeks, banking stocks were under PURCHASE cheap. Just before the close, Societe Generale, BNP Paribas and Credit Agricole showed increases of between 2% and 5%

First cuts in state spending

Until now, the French have not felt the effects of policy, expenditure control has been conducted since 2007. For the general revision of public policies (RGPP) merely cut in the organization of the state, culminating with the non-replacement of staff on two retiring. After the controversy arose in Spring 2008 when Bercy had failed to dent the map "families," the executive had resigned himself to not touch, or marginally so, the expenses of intervention, ie policy social and wider economic (costs targeted exemptions, housing subsidies, RSA, assisted contracts …) and subsidies (crops, including transport).

Today, given the magnitude of deficits, the government changed its tune.In framing the letter he sent to all departments, Francois Fillon requires a 10% decline in value of intervention expenditure in the period 2011-2013. "To meet the target of freezing government spending-load of debt and pensions, we can not content ourselves to work on the only day operation of departments," said Baroin's entourage, the Minister Budget. In fact, operating expenses, such purchases, computers or real estate, representing less than 20 billion euros, while the operating expenses weigh 67 billion. The Prime Minister had already announced a cut of 10% within the past week payday loans. Measurement confirmed in the letter of framing.The extension of this plane to political intervention will save 6 billion more to the state by 2013.

Difficult choices

Remains now to determine exactly where the cuts will take place. Discussions between Bercy and the ministries that will lead to arbitrage mid-June, tight ahead, as the operating expenses are political. Social expenditures account for half wicket. For them, it will take "specific reforms," according to the letter of framing. Minister of Youth, Marc-Philippe Daubresse however assured Wednesday that the criteria for awarding the RIAA will not be changed. The other half of the expenditure is made up of sectoral aid.Transport (including rail network of France), agriculture, housing and culture are on the front line.

"More generally, all departments will freeze all spending," insists one at Bercy. Including, therefore, that of Defence, while the military budget law provided an increase in appropriations. But everything should be done to ensure that capital expenditure are chipped to a minimum.

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Good indicators are tipping the CAC 40 rising

The Paris Bourse continued down this Thursday, but timidly, after a sharp decline (-1.22%) the previous day amid concerns related to government debt.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.

Investors seem to pay more attention to the good economic indicators fell again Thursday.

Rain clues to look closely

This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year

Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.

Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.

The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.

Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

IMF: the euro area lags behind the global recovery

The weather global economic summarized in three figures: production (GDP) will grow 10% this year in China, 3.1% in the U.S. and 1% in the euro area countries. For the whole world, growth is expected in 2010 to 4.2% and 4.3% in 2011. With a clear dividing line between the advanced countries, whose growth prospects are around 2.3%, while savings "emerging or developing" a galloping pace of 6.3%.

These new "World Economic Outlook," IMF showed that "the recovery unfolds better than expected. But new challenges have emerged and exceptional "cautioned Olivier Blanchard, chief economist of the Fund. He calls a "warm" restart in the advanced countries, which are still found a lower level of production of 7% it would have without the crisis.In the eurozone, the IMF also revised downwards by 0.1 percentage point to 1% its forecast for growth in 2010, although France, among others, has fared rather better with a forecast of 1.5% instead of 1.4%.

Dependence credit

For Europeans to wonder why their economies pull themselves together much more slowly than America, Olivier Blanchard gives two main explanations. Europe is "more dependent on bank credit as the U.S. market where finance plays a greater role for business and they have restarted the fittest." Furthermore "the policy responses have been later and less strong in Europe," he adds.

This means that the IMF does not disavow the fiscal stimulus plans, including Dominique Strauss-Kahn, their boss, was one of the strongest supporters, from January 2008.But "it is urgent to develop strategies for fiscal consolidation in the medium term" now stress the same experts. They note that the budget deficits in advanced countries have now reached 9% of GDP on average and that "the debt / GDP ratio should exceed 100% by 2014 if nothing is done.

Rebalancing Economic Policy

The situation is more delicate than a too abrupt adjustment of public finances could hinder growth already shaky. Hence the advice to double trigger "to fully implement fiscal stimulus measures planned for 2010, except in countries which already have a strong increase in their risk premium and must begin to rebalance their budgets now," as Greece. But the most advanced countries should undertake a substantial fiscal consolidation in 2011.

Emerging economies are the reverse face "to an influx of capital, a good thing in itself, but can become excessive," warns Olivier Blanchard. He recovered one of his favorite anthems "the currencies of a number of emerging markets remain undervalued in considerable proportions regarding the yuan." It calls for a revaluation of the currency, both in relation to the dollar than the euro, the only way to give oxygen to Western exports and ease the risk of overheating in Asia. This rebalancing of economic policies will be central to discussions of the G20, whose finance ministers meet Friday in Washington.

The iPad is delayed for a month in France

The "revolution" promised by Apple will wait a bit. On Friday, the U.S. group announced that its touch pad will be marketed in France and in several other countries until the end of April, a month later than originally indicated. Only Americans can place orders from March 12. In the U.S., shipments of the model with a WiFi connection indeed begin earlier, April 3. The model with 3G as it arrives at the end, as in France, where the two versions will be available at the same time.

Rumors of a delay in the iPad was buzzing for several days. Monday, analyst Peter Misek, Canaccord Adams, had reported the first production of concerns among suppliers of Apple. "We learned that the launch of the iPad would be limited, while congestion in manufacturing has impacted the production of new aircraft," he wrote.Hence the choice of restricting output in the United States, the time to increase the production rate. But on Wednesday, contradictory information had been circulated. Apple has not commented on this point.

"The risk of frustration"

This delay, however, should have little impact on sales. "We believe that the only impact of this delay could come from the frustration of consumers and product launch somewhat tarnished for Apple," wrote Peter Misek. According to his estimates, some 550,000 tablets could be sold by the end of June, up 1.2 million and 3.5 million in October the following year. Early studies indicate that the entry-level models (WiFi, 16GB of storage, $ 499) and high range (WiFi and 3G, 64GB storage, $ 829) are the most requested.Prices in euros are not yet known.

Beyond the case of Apple, the delay gives the tablet a little air to developers who rush to provide software adapted from the start. If the iPad can run applications from the iPhone by doubling the required size on the screen, the device opens the field for specific uses, including through the development of new menus in the interface and d an optional keyboard. However, outside of Apple and some major publishers like Electronic Arts and the New York Times, most developers have started work on the iPad after his presentation, January 27.

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Wall Street remains cautious before the publication of results from Intel

U.S. exchanges are connected to the cautious mode. At the opening, the Dow Jones earns a "small" 0.01%, before the publication of statistics of disappointing, while the Nasdaq lost 0.18%.

The expectation results from Intel, which will be announced tonight after-hours trade, is felt. The day before, markets have been supported by financial stocks and ended the session up support. And this morning, Asian stock markets ended in green.

According to the Fed, interest rates remain permanently low. The Minutes of the FOMC have confirmed a continuing recovery in economic activity, but the country still convalescing.On Wednesday, the United States has issued a budget deficit widened in December, reaching 91.85 billion dollars.

In Europe, the ECB left its key interest rates to 1% on Thursday.

Disappointments side statistics

The number of registered unemployed in the United States was up more than expected during the week ending January 9, according to figures released Thursday by the Labor Department. In data adjusted for seasonal variations, these weekly applications for unemployment benefits rose for the second consecutive week to 444,000 against 433,000 (revised) the previous week.

Another disappointment, retail sales in the U.S. fell against all odds in December, according to official figures released Thursday in Washington, but this masks a bad performance review of their surge up the previous two months.

Sales at retailers and restaurants fell 0.3% in November (data seasonally adjusted), said the Commerce Department, while analysts were waiting up 0.5%, according to their median consensus .

And import prices in the United States remained stable in December compared to the previous month and rose 8.6% over the whole of 2009 due to high prices of energy, according to figures released Thursday by the Labor Department.

Mixed opening for banking

President Obama should present today (noon, local time) measures to facilitate the repayment of public aid for banks and given guidance on the new tax credit. Shortly after opening, JP Morgan Chase gained 1.06% to 44.73%, Bank of America 0.54% to 16.71 dollars. In contrast, Morgan Stanley sells 0.83% to $ 31 and Goldman Sachs 0.69% to 167.90 dollars. Wednesday at the close, Bank of America gained 1.6%, 1.8% JPMorgan Chase, Morgan Stanley 0.4% Goldman Sachs 0.7%. To recall, JP Morgan Chase will release Friday.

Hershey (-3.02% to 36.61 dollars) has proposed a new offer to buy Cadbury, the Financial Times. Off-exchange, as Hershey sells nearly 3%.Cadbury breath as he seeks another buyer that Kraft Foods.

Rio Tinto (+2.54% to 233.94 dollars): the Australian mining group columbia unveiled its production of iron ore rose 49% in the last quarter of 2009, over one year.

The company Zale Jewelry (2.54% to 3.23%, having lost 8% non-Exchange) has seen three of its senior executives leave the group.

Intel (+1.71% to 20.96%) publish, after market, its annual results.

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The change in status of the Post in March rejected

This is a slight reversal done discreetly. An amendment to Article 1 of the bill on the changed status of the Post provides an entry into force of the text on 1 March 2010 instead of January 1. This is the UMP deputy for Haute-Loire Jean Proriol who took the initiative. Main reason: the discussions in Parliament have taken too late. The amendment states that "due to the postponement of consideration of the bill from the original schedule and the high likelihood of referral to the Constitutional Council, the promulgation of the law before 1 January 2010 is now unrealistic.

The postponement of two months per se has no consequences for the Post. However, the very symbol of the government which wanted to launch the change of status one year to the day before the liberalization of market positions across Europe.

This change must be approved by members during consideration of the bill on Tuesday to the National Assembly. If heated discussions ahead in the chamber, the tension should be even more palpable outside. Already in the afternoon, several demonstrators, including the NPA leader Olivier Besancenot, tried to climb the gate of the Palais Bourbon, equipped with smoke and banner bearing the likeness of Sud-PTT union.

An examination of the text in the Parliament should continue until Thursday before a formal vote January 12.

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