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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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Reform of the ISF, Act I. Passed last spring, the overhaul of the tax on capital is available in two years, 2011 and 2012. Because of these changes, the deadline for the declaration and payment of ISF is also exceptionally attached to September 30 this year.

From 2011, households with between 800,000 and 1,310,000 euros of assets are exempt from wealth tax. These homes are thus 300 000 received no tax declaration form. However, some tax advice to households close to the threshold of 1.3 million to make a statement (see interview below). In addition, taxpayers with between 1.3 and 3 million of assets this year have a simplification of formalities in their statement.

In 2011, the old scale of the ISF continues to apply. This is a scale that works in phases, with six tax rates.The first tranche that between 800,000 and 1.3 million euros of assets, is still active for those households that remain subject to the ISF is to say that over 1.3 million property. Thus, a taxpayer with a wealth of 3 million will pay a wealth tax of 16,555 euros (0.55% share of its assets from 0.8 to 1.31 million, 0.75% between 1.31 and 2 , 57% between 1 million and 3 million and 2.57).

The reform of the TFR is consistent with the removal of the tax shield. However, because the mechanism of the shield, which is shifted in time, taxpayers will still be entitled to a shield in 2011 and 2012 respectively on their overpaid tax in 2011 and 2010. The shield does not really disappear in 2013.

But some practical rules are changing.Until September 30, recipients of the shield can either request a refund check to the treasury, or less money on ISF, local taxes or payroll taxes on the amount of shield.

New scale in 2012

As of September 30, one lane remains: the allocation of the shield on the bill of ISF. One way to avoid the controversy of previous years on the checks sent to taxpayers' net worth …

Finally, indebted to the ISF will be eligible for the last time this year the cap of the ISF (wealth tax, social security contributions and income tax can not exceed 85% of revenues). In 2012, the cap will no longer exist.

It is also that next year will apply the new scale of ISF. The assets of between 1.3 and 3 million will be taxed at 0.25% and beyond 3 million at 0.5%. But the tax will no longer increments.

2 million households with wealth pay 5000 euros to ISF (2,000,000 multiplied by 0.25%) and with 4 million euros of assets 20 000 EWB (4,000,000 multiplied by 0.5%). Next year, households with between 1.3 and 3 million of assets no longer meet reporting ISF: they will show their heritage in a special box on their tax return. Only taxpayers with more than 3 million of goods will continue to make their declaration of wealth tax, to make the June 15, 2012.

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The seabed French hide many treasures. Among them, the black gold. Total announced Friday a hydrocarbon discovery off the coast of French Guiana No teletrack payday loans. An oil rig exploration, which was installed in March to 150 km off the coast of Cayenne, allowed the discovery.

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Unlike many leaders of the UMP, Bernard Accoyer does not support a convening of Congress on the golden rule if the vote is not granted.

LE FIGARO .- What impression do you get from the Summer of PS?

Bernard ACCOYER. – We saw a new battle of images and egos between the candidates in the primary. The PS seems to be a party curled up, in contrast to a world wide open. At La Rochelle, it was all in the posture of a facade of unity and there was nothing to find ideas to respond to the challenges of the moment. The PS stands still deal with the crisis.The implementation of its program for 2012, comparable to 1997 and even 1981, would have two consequences: swelling public spending and raise taxes, while France must control its spending and tax measures to adjust without affecting the household consumption or business competitiveness.

Among the subjects of contention between the majority and the opposition included the "golden rule". Do you support the convening of Congress?

It is a responsibility of the President of the Republic. It is major. French Parliament's vote on a commitment to fight against excessive deficits is a key decision. It is also a commitment of 17 countries in the euro area. We must measure the impact of the convening of Congress. I trust the president to decide or not.For my part, I hope of course that the golden rule is adopted, but I also measured the risks of this approach. Currently, all the conditions do not seem right for the look.

Namely, that you do not have three-fifths majority to pass it?

Indeed, I spoke with most opposition leaders. They spoke clearly. They are not committed to voting the golden rule in Congress. Pending the outcome of consultations with the Prime Minister, I note that the French Socialist Party is the only one in Europe to adopt this posture.

Should we still call the Congress?

The president said if the opposition decided not to join this initiative, decisive for the future of Europe, it would be one element of the debate for the next presidential campaign totally free credit score. There is no emergency.We have until the summer of 2012 to reform the Constitution. Until then, it happens a lot and the French will have to choose between courage and dangerous demagogy.

What would happen if the text was finally rejected in Congress?

The absence of a qualified majority in Congress, after a positive vote in both chambers, would be a first under the Fifth Republic. The risks of rejection are real in a very sensitive issue, so we know very well that national unity has a lot in the difficult times through Europe and the euro, and also through France.

Jean-Francois Cope continues to ask Borloo to surrender to appear in 2012. Do you think the president of the Radical Party will go anyway?

Borloo belonged to the government of François Fillon for nearly four years.It is in the majority, a personality that counts. He contributed greatly in the ministries which he was responsible. His place is obviously in the campaign alongside Nicolas Sarkozy, not a competitor.

You think he will return to the fold?

I hope with all my heart and, as an intelligent and responsible, I think.

What makes you optimistic for the re-election of Nicolas Sarkozy?

What matters are not the polls, which have often said the opposite of what came out of the polls. The important thing is what has been done and what the French can expect the next five years. The President has taken, in exceptional circumstances, the right decisions at the right time with courage. Nicolas Sarkozy, during his presidency of the European Union or the G20, led the way.It was also the strong man in particularly difficult crises: the economic crisis in 2008, the crisis in Georgia, the Libyan crisis. The French need in a dangerous time, a head of state determined, courageous and experienced.

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Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese payday loans. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

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Many observers believe that Kodak missed the turn of the digital. The giant of photography at the age of 130 years, could now take his revenge with his key weapon: a portfolio of 1100 patents for digital imaging. These inflame the lusts of the giants of the computing and telephony, Apple to Microsoft via Research in Motion (RIM) – Blackberry's parent company – and Google, which multiply purchases in this sector to enhance the functionality their phones.

The phenomenon was illustrated recently by the acquisition for $ 12.5 billion, Motorola's Mobility by Google. An operation that allows the Internet giant to hand over a lucrative portfolio of nearly 17,000 patents telephone.In early July, a consortium led by Apple and Microsoft spent $ 4.5 billion to acquire the patents of the Canadian telecom equipment supplier Nortel for bankruptcy.

"Clearly, the ability to take pictures and send them to mobile devices is critical for manufacturers of smartphones, and Kodak may hold the key technologies that provide these services," said Paul Ausick, the financial website 24 / 7 Wall Street.

Kodak ready to sell

More operations and acquisitions are increasing the portfolio of Kodak takes the value. The financial firm MDB Capital, in an interview with the Bloomberg financial agency, has said the group's 1100 patents were worth, in today, nearly three billion dollars. All of Kodak's intellectual property would be five times the value of the company itself.The news panicked investors rushed to the title at the New York Stock Exchange yesterday. The action Eastman Kodak jumped 25.70% to 2.69 dollars.

Kodak, no question of missing the boat. According to the Wall Street Journal, the manufacturer of cameras "began promoting its portfolio this week, contacting companies that might be interested." Kodak said currently "explore strategic alternatives" for its patents.

When it is launched, the battle for the acquisition of these technologies will be tough. Kodak could play the card by removing the grudge he accuses Apple and RIM already violating its patents on technology for viewing photos on their iPhone and BlackBerry.

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How to stop the contagion of the crisis of debt in the euro zone? European leaders are working on the subject while, after Greece, Ireland and Portugal, the budgets of Spain and Italy still worried. Among the options considered: Eurobonds. Berlin does not want to hear about it, Paris does not show much enthusiasm either. However, this proposal is increasingly cited as the most credible to stem the crisis.

What Eurobonds?

Eurobonds (in English or eurobonds) are bonds issued by all 17 Member States of the euro area and subscribed in their common name.The rate of these bonds would be an average for the various member countries, now very different depending on the health of national economies: while German interest rates to 10 stood at 2.62%, those of the Greece nearly 15%.

The creation of the Eurobond, which would mark a greater economic integration in the euro zone, would be to pool the debts of member countries.

What are their advantages?

"If there had been the 'Eurobonds', we would not have today's crisis," says the Italian Minister of Economy, Giulio Tremonti. Such titles would indeed to most indebted countries to borrow at rates lower than those applied to them today. And so break the current vicious circle: with interest rates high, they struggle to refinance markets.

Last week, the European Central Bank (ECB) has disbursed a record $ 22 billion of debt to buy Italian and Spanish, allowing a relaxation of bond yields. But for many, these measures are not sufficient and Eurobonds appear as the most credible to stop the contagion of the debt crisis.

Opposing their creation?

Germany refuses to discuss it. Berlin has in fact particularly low interest rates and would be the big loser of the pooling of European debts. She also fears that the Eurobond release the pressure on states to réquilibrer their finances. Germany wants a greater economic cooperation among member countries of the euro area and the creation of a European institution that would oversee the fiscal policy of each.

Hence the warning before the meeting between Nicolas Sarkozy and Angela Merkel on Tuesday afternoon: "We will not cover Eurobonds on our own because it is not, in our opinion, a way desirable or practicable" , said the spokesman of Chancellor allemande payday advance.La France also spoke against the Eurobonds.

"We have a common monetary policy and fiscal policy in each country individually," which results in different interest rates, and "as is the case, Eurobonds are not an option"

Has revived the debate?

The creation of Eurobonds is promoted by long-time supporters of federalism in Europe, including Jean-Claude Juncker.States who suffer from debt interest rates are higher, of course, too, this solution in a positive light.

But even in Germany, the idea seems to be gaining ground: the president of the association of German exporters (BGA), Anton Boerner, has taken a stand for the creation of European bonds, "We need it, and we needed quickly, "he said, calling for the introduction of" golden rules "budget to support their creation.The German daily Die Welt also reported this weekend that the German government began to consider the Eurobonds.

Britain, which has not adopted the euro, has also come out in favor of Eurobonds by the voice of his finance minister, George Osborne: it asked "institutions in the euro area to all that is necessary to maintain stability ", describing the disintegration of the euro as" economic disaster including the UK "." Solutions such as Eurobonds and other forms of security must now be considered seriously, "he added.

Other voices were heard recently in favor of it "Europe needs Eurobonds," said the investor George Soros in an article published Monday by the Financial Times: "Germany and Other countries have AAA in one way or another to create a system of Eurobonds. Otherwise, the euro will collapse. "

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A return express. Nicolas Sarkozy called Wednesday morning at the Elysee a "working meeting" surprise, to "take stock" (and know) market in crisis, amid concern for the euro area. Since the worsening financial situation, the head of state was managing the crisis from its resort on the Var coast, so you do not send alarming signals to markets. "There, it was easier to gather everyone in Paris, says it at the Elysee. But the sine qua non, there was not too brutal market drop, that morning. Otherwise, the meeting would have made things worse. "

The secret had been carefully guarded.And the Elysee waited for the reopening of markets on Wednesday morning to publish (at 9:22) the press release announcing the meeting, held in the green room, in the presence of Prime Minister François Fillon – back to Tuscany, he left in the aftermath – and the Governor of the Banque de France, Christian Noyer. Ministers Baroin (Economics), Valerie Pécresse (Budget), Alain Juppe (Foreign Affairs) and John Leonetti (European Affairs) had been asked the day before returning to Paris for the occasion.

Anxious to reassure the markets in a context of "excitement," Nicolas Sarkozy wanted to remember with great fanfare that France was determined to achieve its goals in reducing deficits (5.7% of GDP in 2011, 4.6% l Next year, 3% in 2013).Trajectory necessary to preserve the precious "AAA" rating (see below).

Unpopular decisions

In a statement, the Elysee reiterated Wednesday that those commitments are "bound regardless of changing economic conditions." Sarkozy asked Baroin Pécresse and make proposals for further savings, as part of preparing the draft budget law for 2012. The budget minister said that the Figaro tax loopholes – but not those in the service of employment – will be far removed. "The employment protection is a barrier," nuance Pécresse, who wants loop "a budget of fiscal justice" with "effort shared by all."Sarkozy and Fillon will be August 17 to prepare the trade-offs which will be made Aug. 24 before being endorsed by the Cabinet next week.

The head of state wants to take advantage of the worsening situation to prepare public opinion for unpopular decisions fast cash. But he also wants to show the French that the policy since 2007 (non-replacement of a staff of two, pension reform, etc.). Is one of the reasons why France would keep its credibility on the market. "Current developments validate the economic strategy led by the government," insists the Elysée in a statement. During yesterday's meeting, which lasted over two hours, Sarkozy further held that the measures taken by France and its partners since the beginning of the crisis had begun to bear fruit."There was a relaxation on the market for sovereign debt, we must keep a cool head," said Baroin to the output, hours before a new European stock markets dive. Reportedly, Nicolas Sarkozy is expected to meet German Chancellor Angela Merkel in the coming days. The date has not been set.

The head of state also discussed Wednesday the famous "golden rule", he wishes to include in the Constitution. "He called everyone's responsibility, beyond the partisan divide." Again, Sarkozy wants to use the crisis to push its advantage, and put the opposition – who refuses to vote – to the wall. The president spoke at length on the telephone Tuesday with Jean-Pierre Chevenement about it.Reportedly, François Fillon could end of August to stage a number of meetings with opposition figures had proved "constructive" on the subject, as Jean-Pierre Chevenement, Manuel Valls, François Dominique de Villepin or Bayrou. Interviews that aimed to isolate a little PS. "We can not build with those who want to destroy," says a close associate of President.

After the meeting, held in an Elysium in full work, the walls completely covered in scaffolding, Sarkozy thanked the ministers for their presence: "You can return your vacation spots," Has he said. "Oh? We have the right to say the word now? It is no longer taboo? "Ministers had fun. For Baroin and Pécresse, "the work continues."The two "musketeers" of the right must be found this weekend with the Minister of Economy in the Creuse, to work on measures they present earlier this week to the president. As for the head of state, he took over the road from Cape Negro on Wednesday, late afternoon.

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On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Reassured the markets for a while

But around noon on Monday, the dollar back down a little already, one euro was trading against 1.4437 dollars (0.23%). Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar.

Thus, if the news is welcome, the markets are not won by the euphoria. They are waiting because the confirmation of the plan by a vote, or some Republicans have expressed strong opposition to the agreement.Already on the European stock markets, the increases are bunched together in mid-day. And on Wall Street indices predicted a future increase in the Dow Jones 1.3%. Not enough to make up for the fall of 4.4% registered in the past week.

Markets are also wary because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections. Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped. However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded.In this case, markets may again sink into depression.

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The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel paydayloans. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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