Merkel tries to calm things down with Francois Hollande

 

Angela Merkel likes the cons-feet. After the victory of Francois Hollande in the presidential election on 6 May, the German Chancellor had said it would host "open arms" the president-elect. Thursday, it proved inflexible in the Bundestag, rejecting any policy of increasing public spending, policy advocated by the Socialists.

And this Saturday, one that supported Nicolas Sarkozy during the presidential campaign, tried to calm things down, three days before his meeting with Francois Hollande, in Berlin. When asked, by withholding his weekly video podcast, a "possible steady partnership with the new French president," Merkel said, "Yes, that's what I think, because we know since the founding of the Republic Germany a good Franco-German relationship is just very important for both countries. "

Angela Merkel isolated within the EU

By his attitude changes, the Chancellor irritate Francois Hollande. Before his colleagues, the president-elect would not hesitate to declare that "this is not a good method" to be so inflexible. In Berlin, the president apparently intends to say to Angela Merkel, "politely but firmly," according to a close this week quoted by Agence France-Presse savings account payday advance.

For now, the latest forecasts from the European Commission for the French economy, published Friday, give reason to Angela Merkel and fall ill for Francois Hollande. According to Brussels, France's public deficit should reach 4.2% against 3% anticipated by the new president. Growth of gross domestic product to 1.3% in 2013, far from 1.7% target by Francois Hollande. For its part, the German economy should continue its momentum. The five major economic research institutes across the Rhine anticipate a 2% increase in 2013 GDP growth of Germany.

But sixteen months of laws, the government of Angela Merkel is in trouble. Having already lost power in Schleswig-Holstein, the Chancellor will test again on Sunday in one of North Rhine-Westphalia, the most populous regional state of Germany and bastion of the left. Especially, that which formed a duo with austerity in favor of Nicolas Sarkozy, now seems isolated within the EU since the latter has lost the presidential election. And while many European capitals have welcomed the growth pact advocated by Holland.

ALSO READ:

"Between Merkel and Holland, fundamental disagreements

"Germany adjusts his tandem with France

Published on 12 May 2012 in economy, international, life, technics, world, by admin

Comments Off

Chambers of Commerce are invited in the countryside

 

Chambers of commerce and industry want to work with the new president and new government on major economic issues: SMEs, industry, international business development, training and learning. "We are a driving force. We are not in the claim, "said Jacques Pfister, Senior Vice President of the Assembly of French Chambers of Commerce and Industry (ACFCI) and President of the Chamber of Commerce and Industry of Marseille Provence in presenting the 22 proposals of the network of chambers of commerce and industry.

Sign of this willingness to change and to affirm their desire to play leading roles in major economic debates, chambers of commerce and industry adopt a new logo, "CCI de France." "There are not many networks of entrepreneurs also involved in the economy of the territories and as close to the territories. We are a private Datar, "says Jacques Pfister, referring to the Directorate of Planning.

Chambers of commerce are active in many areas. "They are machines to do economic development, to train young people to manage infrastructure," says Pierre-Antoine Gailly, second vice-president of the ACFCI and President of the Chamber of Commerce and Industry of Paris. They train apprentices. They welcome students into their business schools. They manage airports or ports. They support SMEs internationally. They help entrepreneurs. They look after employment. "The Chamber of Commerce Marseille Provence 1000 supports RSA beneficiaries per year for four years," said Jacques Pfister personal loans for people with bad credit.

Simplification of yarrow territorial

Anxious to participate in the economic recovery, the Chambers of Commerce argue that France gets a real industrial ambition. They want to make 2013 the year of the industry. They offer a one-stop financing industrial area to help entrepreneurs to find funding.

The launch of a contingency plan to enable SMEs to enter new markets is asked to stop the decline in the number of exporting companies that are not more numerous in 2011 than in 1995. Large groups will be forced to work with "a share of SMEs and SMIs in the French part of their contracts together abroad."

Noting that France is over-managed and that the powers of territorial and state overlap, chambers of commerce and industry urge a simplification of territorial yarrow, strengthening the role of cities and best use of ports or airports. "It is possible to create a% of GDP higher if we reflect on the cities and provide 1% of GDP higher by focusing on the ports of Marseille and Le Havre," said Jacques Pfister.

ALSO READ:

"SMEs have suffered from the credit crunch

"Denis Ranque:" Competitiveness is the priority "

"What CroissancePlus proposes to boost SMEs

"Chambers of Commerce: a reform" balanced "

Published on 30 Apr 2012 in life, online, technology, top news, world, by admin

Comments Off

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.

Published on 14 Apr 2012 in economic, economics, finance, technics, technology, by admin

Comments Off

Poker legend behind the "Whale of London"

 

Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

ALSO READ:

"A French trader destabilizing credit markets

"Raising shields against an American regulation

Published on 12 Apr 2012 in economic, economics, events, finance, world, by admin

Comments Off

Management-finance salaries in hiring on the rise

 

Many of vacancies, but demanding industry on skills and candidates who sought are upping the ante: all the ingredients were there in 2011 to boost wages for employment.

Indeed, according to the latest study by Robert Half, executive compensation in finance and accounting have increased 5 to 10% compared to 2010 on trades in vogue as management control, financial control and audit internal. A management controller with three to five years of experience and could expect between 40,000 and 63,000 euros gross per year. Accountants, whatever their level, have also benefited from the situation. Now, the gross annual salary of a single accounting with five years experience ranges from 30,000 to 34,000 euros gross. That of an accountant suppliers or customers is between 22,500 and 27,500 euros, depending on experience.

Offer prospects for premium

According to the annual survey of salaries Expectra 2011, the highest salary increases related to the management controller (+10.8%), the administrative and financial (+9.3%) and the Financial Analyst (6 + , 5%).

All companies have not yet joined the trend. At risk for more cautious, to see quality candidates decline their offer. No doubt they will be more flexible on wages to convince the best. Even suggest the prospect of premium for not going out of the pay scale. But in these trades, the variable portion rarely exceeds 10 to 15% of fixed salary.

ALSO READ:

"The corporate finance recruitment continues

"SPECIAL CADREMPLOI – the audit industry consultant

SERVICE:

"Find the latest jobs with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

Published on 12 Feb 2012 in events, features, technology, top news, world, by admin

Comments Off

The Paris market takes a few colors on Friday. In this holiday, where the activity is reduced, the CAC 40 was up. In mid-session, the index rose 0.65% to 3084.49 points after opening up 0.21%. Yesterday, he finished down slightly. In Frankfurt, the DAX index also advanced 0.96% to 5923.95 points while the FTSE-100 in London gained 0.49% to 5471.75 points.

Investor sentiment is supported by advanced this week in the eurozone. Management of public finances in Greece and Italy, two countries that focus on crisis fears of European debt, will change hands. In Greece, Lucas Papademos, former Vice President of the European Central Bank (ECB), has been appointed head of a government of national unity. In his first statement, he said that the euro is a "guarantee of monetary stability online payday loans."The United States and reported a reduction in trade deficit while new jobless claims fell to their lowest level since April. This morning, Asian stock markets were also in the green. In Tokyo, the Nikkei closed up slightly from 0.16% to 8514.47 points.

The AMF opened an investigation

The Financial Markets Authority (AMF) has announced the opening of an investigation after the blunder of Standard & Poor's last night, the rating agency has mistakenly sent a message indicating a degradation of the triple A French before denying the information two hours later.

On the currency markets, the euro has regained some ground. The European currency changes above $ 1.36, above the low of 1.3484 in one month.

Published on 12 Nov 2011 in economics, features, international, opinions, technics, by admin

Comments Off

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.

Published on 02 Nov 2011 in Uncategorized, events, news, people, publications, by admin

Comments Off

Debt crisis: the hope of a European agreement yet repelled

The first pieces seem certainly find their place. But the puzzle is far from complete. The Europeans have agreed on strengthening the capital of their banks, with a budget of up to 100 billion euros. Nicolas Sarkozy was also close to Angela Merkel on the future arsenal EFSF, after a frank discussion in Frankfurt. But there is so much more to do before finding a complete agreement, most detailed and validated by the whole euro area. That is why the French President and German Chancellor confirmed on Thursday night, the sounds that had run all day: a second summit of Heads of State and Government held "no later than Wednesday," after that of Sunday. In addition, Sarkozy and Merkel will meet on Saturday night in Brussels to prepare its crucial deadlines.This new adjustment schedule confirms that markets foresee that this time, European leaders are no longer allowed to make mistakes. The first tangible plans must begin to blur out that night, after a first closed session of the seventeen ministers of finance of the euro.

Recapitalization of banks

In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds bad credit payday advance. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.

On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.

The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.

To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.

ALSO READ:

Published on 21 Oct 2011 in economic, life, online, opinions, world, by admin

Comments Off

Public debt reached 1.692 trillion euros

French public debt continues to swell. It increased by 46.4 billion euros in April-June, peaking at 1.6927 trillion euros, INSEE reported Friday. This represents approximately 86.2% of gross domestic product, that is to say, the wealth generated by France in one year.

The state is primarily responsible for this increase. His contribution has indeed increased in the second quarter of 52.6 billion euros. "This is essentially its long-term marketable debt," said INSEE. Clearly, these are bonds issued by the state to investors and repayable on a long horizon (ten years). However, local governments have reduced their debt by 2.7 billion euros, and the government social security declined 2.3 billion.

Loans to Portugal and Ireland as part of the bailout in the euro area weighed 2 credit report.4 billion euros (1.6 billion for the first 0.8 billion for the second). Conversely, the French car manufacturers have paid up to € 2 billion loans at the height of the crisis, in 2009.

Reduce government debt returns to stop a ship at full speed. The effect of inertia is such that it takes time-years-in order to stop its progression. The government intends to reduce the amount of debt in the coming years. It will peak at 87.4% of GDP at end 2012 and to decline 87.3% in 2013, 86.2% in 2014 and 84.1% in 2015.

ALSO READ:

"France will borrow 179 billion euros in 2012

"Bercy present an austerity budget for 2012

"GAME NEWS – Drive finances of France

Published on 01 Oct 2011 in economics, features, international, news, world, by admin

Comments Off

Yet the conditions for a sustainable rebound

• The stock market environment is in many ways more fragile than in 2008

After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

ALSO READ:

"Investors remain on the alert

"The Paris Bourse is expected to remain on guard

Published on 26 Sep 2011 in business, international, news, special, world, by admin

Comments Off