Public debt: France must convince in 2012 and beyond - May 31, 2011

Good student, but must continue its efforts. It is, in short, the message delivered by the rating agency Fitch in France. She confirmed the debt rating "AAA", the best possible, with stable outlook. The French government has taken "a series of measures", says the agency, "which have improved the outlook for public finances." And mention the pension reform, or the draft law in fixing the principle of balance of public finances.

"However, these efforts must be extended to stabilize and then reduce the level of debt of France, which was the end of 2010 to 81.7% of gross domestic product (GDP)," warns Maria Malas-Mroueh, responsible scoring countries at Fitch. A number of risk still hovers in effect on the financial health of the state. Starting with 2012, a major election year.It should not, Fitch warns that the budget skids on the bottom of the presidential election. Especially since the forecast growth in the medium term Bercy (+2.5% per year) are considered "optimistic."

It should not, the agency said that the newly elected unleash the flange to the public finances in 2013. Instead, the agency left little choice to the government that emerges from the polls: "We expect the 2011 budget will meet its objectives (a deficit of 5 Internet Payday loans.7%, Ed), but further efforts are needed to reduce the deficit to 3% of GDP in 2013, as agreed. " Debt levels will then stabilize at a level higher than before the crisis, reducing the flexibility to cope with future crises.

Note "under pressure"

In the medium term, Fitch added that "the memo from France could be under pressure (read: be revised downward, Ed) if the competitiveness of France was deteriorating again and if the position of France was weakening." The agency plans and the current account balance, ie the difference between money coming in and who leaves the territory, will remain negative in 2011 and 2012, approximately 2% of GDP. Fitch impels France to further reduce its "structural rigidities".

Despite these black spots, the Hexagon rest for now, said the agency, a "healthy and diversified economy," equipped "social institutions, civil and effective policies." He added: "financial flexibility reflect its status as a major issuer of sovereign benchmark in the eurozone. Clearly, the markets like, so far, take on France.

The tax puts pressure on players poker - May 30, 2011

A regular player of poker, whether online or at competitions, he must declare his earnings in taxes? For tax officials, the answer is yes. Especially if it draws most of its revenue. "Even if the amounts are variable, since the gains are regular, it is a professional income subject to the payment of income tax," said an officer in the columns of Le Parisien on Sunday.

Since the legalization of online gambling in France, the number of poker has exploded. They are nearly three million followers. But the IRS is more specifically the big players, they believe capable of winning hundreds of thousands of dollars over the year. The latter could then see their earnings taxed at 40%. Players who would venture on illegal sites should have to pay penalties.According to an industry professional, yet only a few hundred players in France are concerned low rates payday advance.

"The administration is bluffing"

While the controversy swelled, some lawyers try to calm the game "The administration is bluffing by some interpretation of tax legislation, including that concerning the management of revenues, says the daily tax lawyer Eric Haber. According to him, the case law is for poker players because it reaffirms that it is a game of chance and that the sums received are tax exempt.

Aware of this legal aspect, the IRS would try now bargaining with the players concerned: they are choosing to pay a tax, they are engaging with the administration in a long legal process.

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Madrid is looking for Europeans to buy their homes - May 28, 2011

Restoring the reputation of a Spanish property damaged. A delicate, while prices fell 20% since the outbreak in 2008 of the bubble. In the country, 696,000 housing completions remain unsold officially. So, want to give foreigners to invest in stone Spanish government launches, take heart, a campaign Investinspain. Objective: To prove that the property leaves a phase of "adjustment" to another "recovery". Secretary of State for Housing, Beatriz Corredor, goes on "tour" to the assault of "potential investors" and "influential supporters." After London, before Frankfurt, Moscow and Stockholm, she argued this week in Paris at the ambassador's residence in Spain. Morgan Stanley had, among others, responded to the invitation.

The bank also believes that prices in Spain fall further, by 10% this year.To the despair of the 85% Spanish owners. Far from Paris and its persistent delusions of grandeur, it still insists Beatriz Corredor, the "perfect time" to afford a home in the Iberian sun. With 491 000 transactions in 2010, the market is, she promises, "more stoned.

What look like large fortunes of the world? - May 27, 2011

The latest Forbes had clearly left the show: there are more billionaires in emerging markets. Only the United States harbored far more than 100 large fortunes, we must now add China (115) and Russia (101). The crisis has clearly benefited the BRIC (Brazil, Russia, India and China) to the detriment of developed countries whose economies have shrunk.

As a result, the profile of billionaires in the world has changed significantly: younger, they are more autonomous and therefore did not inherit their wealth, according to a study published by Forbes Insights collaboration with Societe Generale Private Banking. "The great fortunes of emerging markets often come to settle so that their activity and global influence will continue for probably a decade or two longer," said Christiaan Rizy, director of Forbes Insights.They are also more involved in their companies than their European counterparts, the more eager to sell their companies once they have succeeded.

Capital Protection

Nevertheless, these billionaires, whether young or older, European, American or Asian, have all been affected by the crisis. And it feels like on investment strategy. "They are prudent in managing their assets but seek to boost their performance with" pockets "(parts of the portfolio of securities, Ed) as the most dynamic emerging markets. They position themselves more in order to protect their capital to take real risks with their personal wealth, "said Patrick Folléa, director of SG Private Banking France.

Although probably lower this year than in 2010, growth rates of emerging countries should remain higher than those of Europe and the United States in 2011. "And the difference in volatility between emerging and developed countries seem to fade," says Kim March, economist at Societe Generale Private Banking. It now remains that these billionaires will also better manage the increasing levels of inflation in China, India, Russia and Brazil.

Lagarde said a candidate for the leadership of the IMF - May 25, 2011

The French Minister of Economy Christine Lagarde said on Wednesday his candidacy official in the Directorate General of International Monetary Fund (IMF).

"I decided to present my candidacy for the general direction of the International Monetary Fund," she said at a news conference at his ministry. She said she was comforted by the support of many countries and agreed that it was a "huge challenge" to run the estate of Dominique Strauss-Kahn, who resigned after being charged with attempted rape .

Christine Lagarde said to have "quite a clear conscience" in the case Tapie, where it could be investigated for abuse of authority because of his role in the arbitration award in favor of the man business. If the investigation should be launched, then "I will maintain my candidacy," said the minister.

The IMF plans to appoint by the end of June the new IMF chief. Applications may be filed from Monday until June 10

Icelandic volcano: the airline industry trembling - May 23, 2011

«Remake? The eruption of a volcano in Iceland this weekend has reawakened memories. A year after Eyjafjöll, Grímsvötn spits a cloud of ash. Already, the Icelandic airspace has been closed since Sunday morning, the capital Reykjavik is affected since Monday, and the Norwegian traffic is disrupted. According to the European Aviation Safety Eurocontrol, the ash cloud is expected to reach northern Scotland on Tuesday and could hit western France and northern Spain on Thursday.

Secretary of State for Transport has warned Thierry Mariani: "what is safe (…), the day when Europe will be affected, there will be flights canceled," he told Europe 1. "There will be no problems in France in the next 48 hours," he said.

But already, the entire European airline industry trembling. On Monday morning, on the European stock exchanges, airlines show counters to red.e asyJet picks of 5.43% and IAG (Iberia Airlines and British) 3.7% fall of 4.37% Lufthansa and Air France-KLM fell nearly 4%.

Little risk of such paralysis in April 2010

It must be said that the economic consequences for companies were heavy last year: with more than 100,000 flights canceled in the world, the air blockade, although contested – dust could bring down the engines failed – had mounted the invoice about 1.2 billion euros for the only airlines. Just for Air France, blocking him every day was costing 35 million euros.

For now, there is nothing to say whether the extent of damage that will cause this eruption that occurred équivlente in April 2010. Admittedly, the latter is the most powerful eruption of the volcano since 1873, but the smoke is thicker less dispersible, and winds are favoralbes according volcanologists and meteorologists.Thus, experts believe that there is little risk that such paralysis occurring in both "in space and time." This morning the Grímsvötn is still active, even if the power of the eruption is smaller than it was yesterday morning, it is comparable to what it was last night, about 10 km altitude .

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The Cac 40 ended the week below 4000 points - May 21, 2011

The CAC 40, which is ironed Thursday to above 4000 points, failed to show a third straight session of gains. At the close, the CAC 40 index shows a sharp decline of 0.92% to 3990, 85 points. aaccentué market downturn after his decision known to the rating agency Fitch lowered the rating by three notches from Greece.

For the week, the CAC declined slightly by 0.70%.

Ala London Stock Exchange, the FTSE-100 ended with a slight decline of 0.14%, while the Stock Exchange Frankfurt, the Dax 30 shrank more sharply by 1.26%.

On the macroeconomic front, the deficit of the balance of current accounts in the euro zone rose to 4.7 billion euros in March, against 6.5 billion euros in February, according to preliminary figures released Friday Bank European Central Bank (ECB).

The euro continues to rise

This fragile economic environment in the United States enjoys the euro continues to rise, albeit less strongly in mid-session, against the dollar. In one week, the single currency rose to 1.4272 dollars from 1.41 dollars.

In midday trading, a barrel of oil, light sweet crude for June delivery gained 0.65% to 99.57 dollars.

Siemens will pay 648 million euros Areva

Sanofi-Aventis: -1.28% to 54.04 euros

The anti-arrhythmic Multaq group Sanofi, marketed in France since October 2010 and currently reimbursed at 65%, is threatened with delisting, but the final decision remains subject to such a hearing of the laboratory, according to La Tribune.

Areva: 1.59% to 30.63 euros

Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce bad credit payday advance. The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP.

GDF Suez: -1.19% to 26.09 euros

On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire.The framework of management information systems from Lyon is currently in critical condition.

Vallourec: -1.13% to 86.91 euros

Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.

PPR: +0.25% to 121.85 euros

PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.

Suez Environment: -0.32% to 15.37 euros

Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.

Biomerieux: 2.33% to 77.38 euros

Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.

Pierre & Vacances: 1.55% to 54.36 euros

Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June

Strauss-Kahn is no longer head of the IMF - May 20, 2011

After calls to replace Dominique Strauss-Kahn to head the International Monetary Fund, the firm announced his resignation Thursday morning. "Dominique Strauss-Kahn today informed the board of the IMF of its intention to resign from his position as CEO with immediate effect," said Institution of Washington said in a statement.

"It is with great sadness that I feel compelled today to present to the board my resignation from my post as IMF managing director, said in a letter DSK. "I deny with the strongest possible all allegations towards me.I want to protect this institution I have served with honor and dedication, and in particular I want to devote all my strength, all my time, and any energy to prove my innocence. "

Thus, legally, the IMF chief's resignation appeared the simplest solution to facilitate the smooth functioning of the institution. About this unprecedented situation, the lawyer Dominique Strauss-Kahn, William Taylor and had simply said Wednesday: "I think that ultimately this will be resolved", but refused to specify when and how.The head of British diplomacy was William Hague, he stressed that Dominique Strauss-Kahn, "obviously in a very, very difficult," should "take a decision on his future."

For his part, and after a meeting as "informal" board of directors Monday, the IMF gave no indication on how it intends to manage the fate of its CEO. The institution said to work "normally".

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Greece: Brussels plans to pay the market - May 18, 2011

The idea of ​​a possible debt restructuring Greek gaining ground in Europe. "If a restructuring of government debt is not on the agenda, an initiative to keep intact the exposure of private investors in Greece could be conducted," said the Commissioner for Economic and Monetary Olli Rehn Tuesday night, following the summit of finance ministers of the euro area.

The president of the Eurogroup meeting of finance ministers from the eurozone, Jean-Claude Juncker, is on the same line. If Greece led the necessary reforms and privatizing 50 billion euros of assets, "we will see then if it is possible to have a fresh restructuring of the Greek debt," acknowledged Jean-Claude Juncker.

It would offer to investors who wish to accept the refund Athens over a longer period than expected.Enough to give them greater assurance of being repaid eventually and alleviate future payments in 2012 and beyond. Athens faces a wall of debt in the coming years.

Facing the crisis, when the big boys stammer - May 17, 2011

They called France Telecom, Renault and Servier. Their common thread? All have recently suffered scandals at the national level: the wave of suicides among the telecommunications specialist, the case of industrial espionage for the fake diamond brand, that of health scandal for the pharmaceutical company. Despite their armadas of communicating, their leaders have been unhappy about – moved or wrong – strengthening the media attacks against their companies.A bit like Dominique Strauss-Kahn, before being arrested this weekend for a sex scandal, which was mounted in late April in the Porsche one of his advisers in communication, and which the press has field day, lamenting the return of a certain "caviar left."

Recently, France Telecom has still found in the eye of the cyclone with the immolation of an employee in the parking lot of one of its sites, falling to 58 the number of suicides by employees of the company since January 2008. However, a few months earlier, the operator welcomed the return to "normal atmosphere [...] as in any business, with its ups and downs." And Stéphane Richard, CEO of the group, calling in our columns to "prudence" of unions and the media, seeing some suicides in "the dramas of life [...] a priori unrelated to the company."

For Laurent Vibert, a specialist in crisis communications, "companies sometimes think too fast as they overcame their problems." And when a case resurfaced, "the communication team has not really tools, and is outdated or discredited." Back to the wall, Jean-Bernard Orsoni, spokesman and Press Secretary of France Telecom, is now positioned as a scapegoat, "at a time, for various reasons, it has become an emblematic case of the issue of suicide at work. But it illustrated only by France Telecom, "he says indignantly. Before advancing in comparison to the less shifted, "You know how many suicides per year in the Nord-Pas de Calais? 860! "

Bosses "disconnected from the French and their business"

According to Laurent Vibert, the leaders often have difficulty "to put in place of the listener."In general, "they are disconnected from the reality of their business." For some even their ego outweighs the advice of communications companies. Emblematic example, Jacques Servier has shocked France during his wishes for the new year, Assen: "The Pick, only three deaths." Following these comments, the agency Image 7, which was trying to catch the blow, made her apron. Anne Meaux, the head of the prestigious advertising agency, did not wish to return to this breakdown door. But according to our information, it generally deplore the lack of flexibility that agencies have to manage certain crises.

Carlos Ghosn, the Renault boss had not shot his best card, when, after twenty long days of silence that followed the bursting of the case of industrial espionage, it appeared to log 20 hours TF1, asserting that he had "multiple evidence" against three executives of its licensees. Except that shortly after the affair turned sour, making a false case. "Yet all the work of communication officers to ensure the veracity of such facts, demonstrates connecting to a large group. If they are not sure, they do not go 20 hours. " In this case, it appears that Carlos Ghosn has bypassed the 'com' "and went to seek advice from his relatives.In well-informed circles, the name of Maurice Levy, CEO of Publicis, was circulated.

In the end, though most attacks mark the minds and impacting time corporate image, "they have no lasting effect on their accounts," Judge Laurent Vibert. He stressed that "the memory of the crisis is short enough." It supports such as Toyota, including the general public "has already forgotten the massive recalls of vehicles" in the first quarter after serious technical problems. At Renault, any downturn is to be deplored. In the eyes of financial analysts, brand diamond is in a good momentum and its prospects remain promising, particularly in the power, with its strategic plan 2016.

Advice for home equity Natixis Securities, the purchase value, the espionage affair has nothing impacted earnings forecasts and the group has been the subject of any comment.Except recently: "The page is definitively turned [...], the General Meeting of April 29 was handled masterfully." With Carlos Ghosn in the role of conductor. In addition, Renault has signed an "excellent start to the year" marked by a growth in turnover of 15% in the first quarter. In the end, even if the stock has lost more than 3% in one trading day after the resignation of Patrick Pelata, number two in the group, the manufacturer has saved his feathers: action lost 5.2% since the beginning of year when the CAC 40 gained 5% and 7% Peugeot. But the gap is mainly due to the earthquake in Japan, which affects its Japanese ally Nissan.

The side of France Telecom, the title has hardly budged since 1 January, as the sector index telecommunications."While the crisis in a group does not affect supply or demand, then the impact of this will be invisible in the notes of some analysts and passed on to the stock price," says one analyst Paris. So when Toyota was living the crisis recalls of millions of cars when the BP oil platform exploded in the U.S., while production is directly affected and the immediate outlook revised downwards. As for Servier, non-listed, the case of the Mediator has not affected: the company has two billion euros in cash and no debt. Despite the compensation to be paid by the group, the Mediator crisis should not force him to sell assets. And even if the political and legal battle concerning the financial compensation to victims has just begun.