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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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Car manufacturers ultra-luxurious living on another planet. The downside risks, of concern to general groups, do not seem to disturb them. Concessions in the Ferrari, "consumers are not worried about a recession. The last I saw did not look desperate, "said Sergio Marchionne, the CEO of Fiat, at the Frankfurt Motor Show.

The Prancing Horse brand also provides for a new record this year by selling 7,000 cars, against 6,570 last year. Ferrari is also counting on a profit before tax "significant", following an increase of 23% in 2010 to 302 million euros. "I'm not worried because we have quality, exclusivity, a strong brand and innovative technology," said its president, Luca Cordero di Montezemolo.

It is the only one to be extremely confident.Rolls-Royce (BMW Group), whose boss, Torsten Mueller-Oetvoes, said he was "optimistic" about prospects for its niche, also wants to exceed its historical performance of last year (2711 cars). The luxury brand will invest 11.4 million euros to expand its plant in Goodwood English and plans to increase its network from 85 to 100 outlets.

Buyers richer

Sales of the major European luxury brands (Maserati, Lamborghini, Ferrari, Bentley, Rolls-Royce and Aston Martin) are expected to jump 19% this year to 28,100 vehicles, and increase by 13% in 2012, according to a study by IHS Automotive. "The rich are becoming richer, and the number of millionaires in emerging and growing. It is a very positive trend "for specialists in this niche, says Erich Hauser, an analyst at Credit Suisse agency quoted Bloomberg.For him, "should things go really bad" for the champions of this market find themselves in difficulty.

The ultra-premium segment should be able to pass through an economic downturn better than in the previous crisis, which saw sales of certain brands to collapse, says the CEO of Rolls-Royce. "This market has been growing steadily since its low point in 2009" but "we are aware that there are risks," acknowledges, however, Stephan Winkelmann, Lamborghini's boss. But for now, the Italian brand of the Volkswagen group does not seem to fear a decline in the purchasing power of its wealthy clients. It will produce 20 Sesto Elemento for early 2013. Their price: 1.6 million euro.

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Christine Lagarde calls on rich countries to take action to avoid the risk of recession. "Those who have the fiscal space should support growth," said she, thinking probably in the United States, provided they undertake to reduce their deficits also sustainable in the medium and long term.

But the executive director of the International Monetary Fund (IMF) who received Tuesday in his new office in Washington a few journalists, mainly discussed the situation in Europe. "The time for action, collective action, bold action and immediate action" said the former French Minister. "My role is to ensure that this call to action is heard," an implicit reference to the frustration of many in the IMF, but also in the markets, given the way in which European countries are reluctant to take unpopular measures to save the euro."I can not think that governments do not share my opinion," she says diplomatically.

His call to action includes both the need for countries like Greece and Italy to adopt measures for compelling the markets and stick to it. For some it is better to collect such tax revenues, for others to reform the state to better utilize resources. Announced and voting reform is necessary, but everything is in "implementation, implementation, implementation, she repeated three times, it is only that way that market confidence can return "

Greek sacrifices

But his call is also likely that Germany seems reluctant on the need to persevere in the implementation of plans designed to aid in Athens by the European Union, the ECB and the IMF.The context of the commentary Christine Lagarde, namely the conversation expected in the coming hours between Angela Merkel, Nicolas Sarkozy and George Papandreou, is crucial. The IMF wants surely as German pressure on Greece to be productive, so that the deficit reduction commitments are kept. But the IMF also wants the Greek sacrifices and new adjustments decided by George Papandreou will be rewarded with the continued support of the first countries in the euro zone to avoid a default that would have significant systemic implications.

On the controversial issue of the urgent need to increase the equity of European banks, Christine Lagarde has wanted to avoid adding fuel to the fire. Distrust of markets that precipitated sharp falls in the prices of banks reflects a serious crisis of confidence."We are close to an open banking crisis" such as Judge Mohamed El-Erian, head of PIMCO, one of the largest investment funds in the world.

Calling Christine Lagarde late August to urgent recapitalization of banks, if necessary with public funds, was poorly received by the European authorities. "I do not back down. But I return to the reasons why the IMF thinks so. We have two objectives: growth and employment. Or to feed growth and create jobs, we need credit … it is necessary that banks' balance sheets are healthy … do not fear the crisis of sovereign debt will result in a too fast and that banks limit their lending to the economy, "said the CEO. This is also now late in the day that the institution will release its persectives the global economy.

Meanwhile, she prepares the next week the annual meetings of IMF member countries and the World Bank. The former French Minister of Economy said "not to have changed since moving to the IMF … but I changed my perspective … I see things differently. Since this post I see more interconnections between countries and I see better what countries have an interest to act collectively in the interest of the economy "rather than strictly individual interest.

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State budget pressure forces, the army is also looking for sources of savings. For example, by outsourcing certain activities through public-private partnerships (PPP), as authorized by an order of 2004. This solution, released Thursday, used by the Directorate General of armemement (DGA) for the renovation and operation of computer networks of the Air Force. It is the latter's second PPP, but the first in computer networks and communications. This task was assigned to a pool of companies, led by Alcatel-Lucent.One hundred sites will be to equip several hundred buildings and 36,000 wired "access points" (to connect a computer or system) in very high speed to install with the latest generation of optical fiber.

This contract runs on sixteen for a value of 350 million euros, the amount of the fee to be paid by the Air Force. The economy of the State is estimated at "tens of millions of euros" through the pooling of engineering resources with other projects that also piloting Alcatel-Lucent. The gain is not only economic: the rapid deployment of networks "will allow the bases of the Air Force to have the most advanced technologies." In addition, the provider has made commitments in terms of availability and reliability of networks, together with a penalty system.The contract also includes an obligation to "up-date" mid-life, so that the networks have the latest technology payday lenders.

The most basic to confidential defense

The project will begin in the coming weeks and deployment of the network will be completed in three years. The first "job" however the network will be operational by late 2012. In total 50,000 people are affected by the implementation of these networks that manage the flow of general computer air force, operational information – including monitoring the French airspace – as well as data for preparing missions and conduct operations. This, with a level and a degree of protection from the most basic information to the "secret NATO" or "confidential defense".In this regard, the staff of the state will retain control over the management of cryptographic hardware.

This is the second PPP signed by the Air Force. In 2008, the School of Dax, which trains helicopter pilots of the French Army, jumped on it. She chose the company as DCI external service provider, by entrusting its helicopter fleet, maintenance, and flight hours. All in under a current contract on twenty-two years to 400 million euros, 600 million less than if the school had continued to manage everything herself.

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Thirty years and not a wrinkle. MTV has reached a venerable age but decided not to grow old with those who, on 1 August 1981, discovered amazed the first television channel dedicated to music. A pioneer, she said that day, not only by imposing as a signature image of an astronaut planting a flag alum and weapons of MTV but also by spreading the first music video in the history of television, Video Killed the Radio Star of Bugglers. Created by Warner and American Express, American chain invented at the time, "the first form of synchronization between picture and sound," but also popularized "the phenomenon of DJs who will push to the extreme contextualization of the music. "In short, MTV is a string subversive.

"Music has long been a huge factor for personalization and identification of the artists," says Thierry Camas, president of MTV Networks France. "We got dressed, and adopted the lifestyle of our stars." With MTV, fans no longer confined to the glossy magazines but follow the escapades and the hits of their heroes on TV and live … historical moments. And Michael Jackson invented the moonwalk, virtually live on the chain-y launched its exclusive clip Thriller. A real event that had nothing to envy to the cinema with his unique format of 14 minutes.This video has forever changed the art of music video and assured the heyday of the chain.

Sensor trend and unparalleled observer of the youth which is the heart of business, MTV is probably the first to feel the mid-1990s that music is becoming commonplace in the extreme. Developed in 2010, the words "Music Television" logo. "The accessibility of music on all platforms, sharing it via social networks has introduced a twist that few industries have known," said Thierry Camas.

Teen in all its formats

The chain is reinventing its original format and media proclaims generational and transgressive. In those years, the musical chain accounts for only 50% of the grid. But to counteract this movement, the group creates variations 100% music.MTV puts adolescents at the center of its innovative all-out in terms of formats. It in the headlines by inventing the first two reality shows with "The Real World" in 1992 and later, the controversial "Jackass." The chain has also exported its "Pimp My Ride," the reality show with crazy cars. Bought in 1986 by Viacom, MTV is developing an international and binding on all distribution platforms. It now operates in 160 countries and has 170 variations. For the group, only one word: "preserve the value of content" on all modes of broadcasting, including video on demand.

"We're agnostic in terms of distribution provided that we are paying," insists Thierry Camas.Today, the group derives its income to 60% of the royalties from operators and 40% advertising.

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After years of it alone, Viagra, Pfizer's drug, to fight against impotence, will be joined and overtaken by its competitor, Cialis from Eli Lilly group. John Lechleiter, president, told the German press that Cialis would exceed the reference molecule, the number of prescriptions worldwide before the end of the year.

"In many markets such as France, Italy, South Africa and Australia, we are already with Cialis to Viagra," he said. According to the American College of Physicians, in 2020 some 322 million people worldwide may suffer from erectile dysfunction. In 2010, these treatments generated a turnover of 3.7 billion dollars, 2.6 billion euros.

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The Italian luxury brand, Prada is the first of his country to its IPO on the Hong Kong. On his first day of trading, securities were up 0.25% in early trading to 39.60 Hong Kong dollars (3.56 euros), against an introductory course in 39.50 dollars in Hong Kong ( 3.55 euros), while the Hong Kong Stock Exchange opened with a gain of 0.39%. This allows Prada raise $ 2.1 billion.

Despite these humble beginnings, the company hopes most luxurious increase its visibility in Asia with the regional listing. Sales of luxury products are doing very well in this part of the world. China weighs more heavily, representing the second largest market behind the United States and ahead of Japan. The industry shows growth rates of nearly 25% annually in the Middle Kingdom free credit score online.A trend expected to continue at least over the next five years, analysts said. The consulting firm PricewaterhouseCoopers expects that China will become the first market in the world by 2015. The sign of Milan also provides a major expansion plan throughout the Chinese territory in the years to come.

Prada is not alone in courting the Asian markets since the stock market. Burberry and Coach American also announced their intention to rate in Hong Kong. Prada's performance will be regarded as a test for the Asian market place, where Samsonite has recently disappointed by losing 11% on the day of its listing on June 16.

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The return of the Easter long weekend is prudence in the Paris Bourse. Closed since Friday, the latter has only indication for a mixed close on Wall Street Monday and wait very pronounced in Asia on Tuesday morning. The Cac 40, which had just managed to stay above the figure of 4,000 points on Thursday, then begins a slight decline from 0.19% to 4014.29 points.

Even movement on other European markets: the London Stock Exchange lost 0.04% to 6015.84 points in early trade while the DAX in Frankfurt Exchange loose 0.09% to 7288.77 points.

The meeting could be very volatile when many major publications are expected in the United States. Side of macroeconomic indicators, the festivities begin on Tuesday by the index of consumer confidence and U.S. investors and the S & P property.On Wednesday, markets will pay close attention to durable goods orders and especially the Fed decision on rates. Thursday will be marked by the first estimate of U.S. GDP in the first quarter, while Friday is expected the Chicago PMI.

Side business publications, many Americans reveal their weight lours trimestriles results, including 3M, Amazon, Ford, Microsoft, or Caterpillar. The French will not be left with, among others, Renault, Seb, Klepierre, Bull, Safran, Saint Gobain and Total.

Side currency, the euro remains strong against the dollar at 1.4527 but fell slightly (-0.15%).From their side, oil prices retreated in Asian electronic trading, a barrel of light sweet crude for June delivery lost 91 cents to 111.37 dollars and that of Brent North Sea falling by 66 cents to 123 dollars.

Air Liquide is better than expected

Areva and Suez GDF

Both groups must announce within weeks a partnership in offshore wind to meet a tender of 10 billion euros to be launched in France in May, reported Tuesday the daily Les Echos.

Saffron

Six years after the founding merger between Snecma and Sagem, Safran Thursday changed its governance to return to a traditional organization, the Chief Executive Jean-Paul Herteman becoming CEO

Air Liquide

The group announced Tuesday a turnover of more than-expected first quarter and confirmed its forecast an increase in net profit this year.World number one industrial gas produced a quarterly revenue of 3.543 billion euros, up 8.8% excluding currency and natural gas. The only gas and services division posted growth of 11.4% on a comparable basis to 3.185 billion.

Technip

The group won, through its subsidiary, KTI, a contract for ten superheated steam generators for the first phase of an oil sands project in Canada.

Scor

The French reinsurer acquired Transamerica Re, the U.S. division of the business mortality Dutch insurer Aegon, for 630 million euros, becoming the second life reinsurer in the U.S., according to a statement.

Eurazeo and OFI Private Equity Capital

The investment company said Tuesday the acquisition for 132 million euros of OFI Private Equity Capital, an investment company that specializes in French SMEs currently controlled by the mutual insurance group Macif.

Michelin

The group said Thursday it would raise its target volume growth throughout the year if sales continue at levels experienced in the first quarter, which was marked by a turnover in excess of expectations.

Biomerieux

The group published a turnover up 3.5% in the first quarter.

Valeo

The group said Thursday sales rose sharply in the first quarter and said he was confident he will continue to grow faster than the market in 2011, but did not detail his ambitions for the full year. [ID: nLDE73K1GA]

ADP

The group said they had been exploring the possible sale of the control group Alyzia specialized in ground handling operations for airlines and airport security.

First A380 to Montreal

Renault Samsung

The manufacturer could be affected by the announcements of its partner Nissan said Tuesday that its production in Japan would fall by nearly 60% in April 2011 over April 2010.Moreover, the South Korean affiliate of French Renault and Hyundai Motor will recall over 100,000 vehicles because of manufacturing defects, said Monday the Department of Transportation in Seoul.

Air France-KLM

The first Airbus A380 carrying the scheduled Air France between Paris and Montreal landed Friday at the PE airportMontreal Trudeau.

Europacorp

The group has once again launched Thursday a warning on its results 2010-2011, warning that the expected loss for the year would be greater than those anticipated by the market, partly because of new provisions.

Veolia

The management of the airport platform Perpignan fell Friday in the purse operator Veolia Transport, a week after that of Carcassonne.

L'Oreal

The general meeting of shareholders on Friday renewed almost unanimously the appointment as director of the heiress Liliane Bettencourt group, 88 years, for a period of four years.

After Exchange, April, Lafuma, Renault, Seb, Manitou, Sopra, and STMicroelectronics will unveil their turnover in the first quarter.

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Second consecutive year of decline for the Nintendo group. The Japanese video game specialist has published annual results on Monday in freefall. Its net profit fell 66.1% to 77.6 billion yen (648 million). Its operating profit tumbled 52% to 171.1 billion yen (1.43 billion euros) in respect of the 2010-2011 year ending 31 March. Figures well below market expectations.

These poor results are explained by the slowdown in sales of the Wii home console blockbuster, but aging of Nintendo. The group has sold just over 15 million in 2010-2011, against 20.1 million the previous year. In addition, the launch of the new handheld 3DS relief was too late to be able to save the year of manufacturer.

The console manufacturer table for 2012 on the results up, but below analysts' forecasts.Nintendo says count on an operating profit of 175 billion yen for the year 2011-2012, against a consensus of 215.8 billion yen. "The market reaction should be bad," said Yusuke Tsunoda, a financial analyst at Tokai Tokyo Securities, quoted by Bloomberg no fax payday loans. "Sales of Wii expected to drop as the group probably provides lower prices on the console."

"New Play"

The Japanese video game giant has tried to reassure. He announced the presentation of the successor to the Wii on June 7 at the electronics show in Los Angeles, E3. The group declined to give details, except that it will offer "a new way of playing at home," said CEO Satoru Iwata.

However, information already leaked to the press.Much more powerful than the Wii, it would be equipped with high definition, like its competitors Playstation 3 and Xbox 360. The Japanese group have also developed a new kind of controller, which is akin to a touch pad. One way to compete with smartphones that break into mobile video games. Nintendo's portable console, the DS has seen its sales plummet by 10 million units this year to 17.5 million.

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Rising electricity prices in the coming years will she "modest," as stated by the Government? Nothing is less certain. Especially if the state relies on the Champsaur report to determine the selling price of nuclear energy for EDF to its competitors, under the law on reorganization of the electricity market.

In the conclusions of this report – that Le Figaro was bought – "the average price of Arenh (restricted to nuclear power history) over the period of regulation could out to about 39 euros per megawatt hour (MWh) .

This figure is substantially lower than the threshold advocated by EDF, which estimates that 42 euros per MWh the full cost of nuclear power (operation, maintenance, future investments …).But it is also well above the starting price desired by EDF's competitors, who point out that current tariffs are regulated on the basis of 35 euros per MWh. Anyway, to 39 euros per MWh as stipulated in the Champsaur report, the convergence required by law in 2015 between regulated tariffs and prices Arenh will result in a significant rise in the former."In a context where all components of cost of supplying electricity are up, the constraints of evolution of the price system (…) are extremely strong," the report notes.

Although several hypotheses can be considered according to the weight of taxes and the rate of inflation, but increase the rates regulated by 2015 could average 6.5% per year as the underlying report.

The impact of Fukushima

Suffice to say that politically, the application of such a law might be scolded consumers. Hence the long wait before the final decisions of the government.

Still in its conclusions, the Champsaur report notes that "tests were made before the serious problems that have affected nuclear power plants in Fukushima.And to emphasize that the results of the audit of central French government decision "should be taken into account in calculations of electricity generated by nuclear power history." For EDF, this is no doubt this will generate additional costs for maintenance of the park, which should therefore be reflected in the price of Arenh.

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