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France is still looking for the keys to competitiveness

Wednesday, October 12th, 2011

What should imagine to make French industry more competitive and allow it to regain market share in the euro area? This is the question almost as old as the foreign trade report of the Economic, Social and Environmental Committee (EESC) tries to answer.Indeed, despite its strengths, the delay of France grows: the trade deficit to increase from 51 billion euros in 2010 to over 70 billion this year.

To stop the bleeding, Isabelle de Kerviler, rapporteur of the opinion that is presented this morning at the EESC proposes to facilitate the development of medium-sized companies in particular by improving the financial environment.

"We must strengthen the role of OSEO, we want to launch a loan specifically for the industrial sector and the creation of a special savings account," says the reporter who did not want to quantify the amounts or the levels of these measures especially to SMEs.

Other proposed runway: corporate taxation."It should modulate the rate of corporation tax, the report said, by shifting the tax burden of work on the consumption of natural resources or pollution or swaps."

"Create" Grenelle of competitiveness "

Compared to Germany, envied model that continues to get ahead of our country, the EESC notes that the French labor costs are not even an advantage.The moderation of costs across the Rhine and the progression (in the EU average) of this side are trimmed away.

Nevertheless, France still has a bright points in its favor: the dynamic demographic, geographic location, quality workforce, the quality of public services contrasts with an educational level that s' weakens.

To implement practical solutions, Isabelle de Kerviler wants to organize a "Grenelle of competitiveness." But is that enough to compete with Germany?

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Buy a property to his children

Sunday, October 9th, 2011

How to help her children buy a home? Faced with soaring prices of the stone, more and more parents are wondering. For young people without a little help family, buy a property is often difficult. But the stone is more than ever the key to any well-constructed assets.

A DONATION as a financing

With the recent reform of the taxation of wealth, each parent can give full tax-free, but every ten years now, up to € 159,325 (reduction in force in 2011) to each child or € 318,650 for a couple . And if the child is an adult, he took advantage of an additional allowance of 31 € .865 (per parent under 80 years), allowing it in the end, even in the capital, to acquire a lovely pied-a -land …A strategy that offers the advantage of not "inflate" its own property portfolio, since it is your child immediately becomes sole owner of the property. Thus, it can allow parents to avoid the wealth tax if the value of their taxable net wealth falls short of 1.3 million euros, or to play down if it does not exceed 3 million euros.

This approach has its drawbacks, however. "A coming of age, the child who has de facto full ownership, may sell at any time, even if the parents object," says Brillat Michel, director of engineering heritage of the EU Financial France. To "block any attempt inappropriate," Louis Aussedat, notary Althémis Network, advises the inclusion in the deed of gift, and in the deed of purchase, a prohibition to alienate.This provision makes the sale to the agreement of parents.

Know that it is still quite possible to do this for the benefit of a minor, but we must in this case the approval of the guardianship court. And while the child is under 18, the slot is part of global real estate portfolio of his parents, with possible consequences in terms of ISF.

To a lesser extent, if you own a home savings plan, you can send your borrowing rights to your child, provided that it is itself the holder of such a plan (open for at least 3 years) business card.Finally, give money in advance and not a property which you would already own, you can be exempt from land registration fee (0.715%).

SEND ACHETERET in a SCI

Here is the real estate company (SCI) who acquires the home and not you and / or your children directly, thus, again, to fund and pass more easily again. Parents are partners and own the shares of the SCI. A major advantage of this legal structure is its flexibility. A condition of relying on a notary or a lawyer to draft the statutes (beginning approximately € 2,000), all management schemes, or nearly so, may indeed be calmly considered: full or bare ownership only given to children, in whole or in part, etc..Parents may reserve the role of manager to get their hands on the decisions and procedures to meet the requirements (general meeting …). "In this configuration, the children, even adults, can not sell without your consent," said Gilles Etienne, Partner at Cyrus Council. The SCI can also borrow, even if minor children are involved. Only requirement: well set, with the help of a professional, their responsibilities vis-à-vis the debt and obtain the consent of the judge. Finally, the very existence of an ICS is not limited in time and value, as the designation of heritage that can be managed, is not fixed.

Scellier Act: rent-to-child

Parents who buy a home with the benefit of the tax reduction under the law Scellier can rent the apartment to their children.A three conditions: it must be the principal residence of the latter, that it is detached from the tax home of the parents (it is then placed on its side), finally, that actually pays the rent. ALSO READ: "Placement: the French have confidence in real estate

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Fillon is launching a comprehensive plan "anti-deficit" for France

Thursday, August 25th, 2011

"A strict policy to allow France to remain sovereign in the economic and social development." François Fillon Thus he justifies the battery of measures, presented Wednesday to prevent any slippage in the deficit in late 2011 and 2012. In the context of extreme nervousness of the markets and growing concern about the European debts, the government has a goal of "intangible" reduce the public deficit of France 5.7% of GDP this year to 4.6% in 2012 (4.5%, in fact, said the Prime Minister to keep a "margin").

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market paydayloan.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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"Tobacco tax: EUR 1 billion savings by 2011

"Rigor: the right plan welcomes the left denounced the cynicism

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Innovations in series to the radius Breakfast

Wednesday, August 17th, 2011

Activia has recently launched a variant of its yogurts, to be paid in grain payday loan lenders. (Photo credits: DR)

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The Fed is concerned about growth

Wednesday, August 10th, 2011

After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

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Veolia will not achieve its annual targets

Friday, July 29th, 2011

Veolia Environnement title should suffer this morning at the opening of the Paris Bourse. In full-season publications, investors thought instead to have their eyes on the accounts of the CAC 40 large, but the specialist environmental services announced this morning in a statement it would not hold its 2011 goal of growth in net profit, due to provisions and write-downs that he will in its half year (ended June 30, 2011) to about 800 million euros.An unexpected result of avertisssement should not help support the Paris Stock Exchange, expected back in the red this morning.

Engaged in a process of "refocusing its operations," Veolia has in fact has indeed increased the sales and partnerships since the beginning of the year, more than 1 billion euros of capital gains generated over 400 million under discontinued operations. However, the group of Antoine Frérot wants to go further, and believes that in Southern Europe, North Africa and the United States "based on the latest developments in operations", Veolia Environnement decided to launch new restructuring actions, redeployment and adjustment of activities in scope.

Confirmation of organic growth target

Hence the revised forecast recorded in the accounts payday advance lenders.Beyond the revision of the forecasts on net income, management expects an adjusted operating income excluding Veolia / Transdev (transport sector) "slightly lower at constant exchange rates" over one year against a growth of 4 to 8% previously announced. The only consolation, however, should not that bring smiles to the market, "the goals of organic growth, cost reduction of 250 million euros on sales of 1.3 billion euros and free cash flow positive after dividend payments are confirmed, "says Veolia.

No details yet on the new estimated net income, but Veolia, which will detail its half-year Thursday, August 4, should be a strong values ​​followed this Friday and next week. "Veolia Environnement August 4 detail the steps to refocus and improve profitability decided" also stipulates the release.Note that these results for the first six months of the year should also reflect the impact of lower volumes of waste treated during the crisis.

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"Fitch confirmed the note of Veolia

"Veolia: Going international

"Veolia: sales up 11.3%

"INTERVIEW -" Veolia will invest 7 billion euros in three years "

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U.S. debt: the savings plan scaled back

Sunday, July 10th, 2011

The U.S. lawmakers are reviewing their ambitions down. The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years required by the President of the United States is now on a more narrow of the order from 2000 to 3000 billion dollars in savings, to be negotiated between Democrats and Republicans, said John Boehner.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Budget cuts

The aim of the negotiations that are straining the elected representatives of two major American parties is twofold: first, raising the U.S. debt ceiling authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt is not sustainable in the medium term. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system.However, the U cash advance no fax.S. national debt has already reached the summits, looked with suspicion by the rating agencies. In this context, the figure of 4 trillion reassure markets further.

Electoral concerns

After days of deadlock, negotiations appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House.Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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"Debt crisis: Obama negotiating with elected officials

"The use stalled in the U.S.

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Le Parisien 30 million invested in its recovery

Saturday, July 9th, 2011

Philip Carli, who arrived in October 2010 within the Amaury group, wants to make Paris Aujourd'hui en France "a reference to the national daily press and local cross-media in France."

LE FIGARO. – What is the content of the proposed stimulus package you presented yesterday to the employees of "Parisien in France today?"

Philippe CARLI. – We have decided to invest 30 million euros to develop and diversify our offer. This choice results from the observation that 80% of our revenues come from sales to the number. We must therefore meet the expectations of our readers. The objective is to increase our revenues of 100 million euros on the brand Le Parisien in France today. To retain and expand our audience, we plan to invest ten million euros, with, among others, the creation of a weekly magazine offers.Coupled with the daily on weekends, it will include in the second half of 2012, a news and lifestyle magazine picture of a hundred pages. In a second step could be added a weekly edition of our monthly enriched La Parisienne.

And for everyday?

Besides the fact that the model will be upgraded with a passage of 64 full color pages, we wish to reaffirm our commitment to strengthening our close nine departmental editions (eight departments of the Ile-de-France and the Oise), representing 49% of our sales. We plan to increase their editorial pagination of 50% and increase local resources, including rich media. Finally, to be closer to the cities and communities, we want to enter into agreements with associations, clubs and municipalities.A manager of the communities would be created for each edition.

You also mentioned before the diversification of employees …

Indeed we expect to invest 20 million euros in acquisitions of companies specializing in electronic transactions, including trade between individuals, group purchasing, or even the classifieds. We are also interested in human services.

The envelope of 30 million euros, also includes capital expenditure?

The journal's editorial changes will be accompanied by a modernization of two of our printing presses Saint-Ouen, where we have modernized our mailroom at a cost of 3 million euros. In addition, we invest in our management tools related to our subscribers, our readers and clients low interest rate personal loans.30 to 35 million French people each month are in contact with one of the hallmarks of our group (Le Parisien in France today, the team, Amaury Sport Organisation). It's time to capitalize on these contacts by imagining new offers for our subscribers. I am convinced that this is a very strong leverage income.

Where are you in the digital convergence of your editors?

If there is one place where it is well advanced, it is in our county editions, where journalists play the game But there is still room for improvement, including better integration of information flow and anticipate events . In terms of organization of the group Le Parisien, five major areas should be established, bringing together existing services around cross-cutting issues – news, entertainment and sports – and two that would be created – investigation and image.The realization of any newspaper should be linked to art direction and a cross-media desk would also be created to handle all information and redirect them to different media.

This major reorganization will she downsizing?

It should actually result in the removal of items from 40 to 50 of the 600 employees that has Le Parisien. But I said that my desire is to avoid forced departures. We want to set up a voluntary redundancy plan the details of which will be discussed with the social partners in September.

What functions are involved?

Mainly managerial functions, simplifying the hierarchical organization, and positions related to the achievement of the newspaper.The creation of new centers, in particular survey and image, is expected to provide opportunities in writing to some of those involved. Scribblers writing should not, however, be affected.

On the branch Amaury Sport Organisation (ASO), what are your plans?

We will continue its internationalization. Several opportunities are being explored. We will support the development of ASO in South America, including Brazil, where we opened a subsidiary in late 2010. But also in Spain, where we took a significant stake in the Vuelta, the Tour of Spain. We also plan to organize events around the bike in Qatar and Oman. Discussions are also underway for events in China.

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The French trade deficit hits new record

Thursday, July 7th, 2011

On the international trade front, France patina. For the second time in two months, the trade deficit hit a bad record in May, -7.422 billion euros, according to figures released Thursday by the Customs. Year over year, he moved to -63.418 billion euros, against -51.558 billion in 2010.

The poor sales in May due in large part by higher energy bills in France, reflecting a rebound in imports of natural hydrocarbons. Imports, burdened by this trend, amounting to 41.601 billion euros in May, up 2.9% over three months. This figure was moderated by the slowdown of industrial imports.This, "due to lower aircraft and naval acquisitions and a decline in purchases of electronic equipment and pharmaceuticals, 'the customs.

At the same time, "industrial exports sag again," they note. Result, exports grew by only 0.9% over the last three months to reach 34.179 billion euros in May "The persistent decline in transport equipment (aircraft in May, car in April) weighs on the trend," within Customs.

"Aérodépendance"

Important position in sales abroad, but very volatile, aviation fell 6.2% over the month."We had one the last two months show some" aérodépendance "of France, aerospace accounts for more than 10% of French exports and any slowdown in performance has a very significant effect on the external accounts of country, "Analysis Alberto Balboni, an economist at Xerfi.

"The weakness also dominates," adds customs. To make matters worse, military exports shrink to 100 million euros. "Exports, unlike imports, have not regained their pre-crisis level (they are still below their values ​​of mid-2008), continues Alberto Balboni.More worryingly, France is among the major industrialized economies (excluding Japan), which recorded the lowest export growth after the trough of the crisis. "

Dynamism of Germany

Only exceptions to this gloomy picture, agricultural exports go, and auto sales. "Sales at their highest level since the crisis, particularly to improve the major partners of the European Union," according to customs.

France breaks the limits in general thanks to the dynamism of its European neighbors, including Belgium and especially Germany. Customs also stressed that "sales to Africa, however, are well oriented (automotive and aerospace, cereals, refined oil), like those in the Near and Middle East (aircraft)".In contrast, Asian economies, exports that had supported earlier this year, marking time.

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"These products are exported to many French

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Real Estate: INSEE rejects the idea of ​​a bubble

Tuesday, May 17th, 2011

Soaring property prices in France in recent years seems more related to lack of supply that financial speculation, unlike the situation in Anglo-Saxon or Spain, said Tuesday the Chief INSEE, Jean-Philippe Cotis. This view of the National Institute of Statistics contrasts with the Center for Strategic Analysis, an agency attached to the Prime Minister, which evoked a few days ago the creation of a "bubble" of real estate in France likely to deflate with adverse effects.

According to a new study released Tuesday by the INSEE, house prices in France have increased by 141% over the period 1998-2010, more than three times faster than income (+43%). Meanwhile, rents, which are framed, up 33%, averaging 2.4% annually, a rate higher than inflation.

No excessive investment

The curve of property prices in France until 2007 has been a path quite similar to that of the United States. But the two markets have not experienced the crisis in the same way: while the price of old fell rapidly in the U.S. market from 2009 to regain a level near that of the early 2000s, the correction in France been limited (-7% in 2009) and prices are starting to rebound quickly (+6.3% in 2010), as the volume of transactions, almost returned to its pre-crisis. However, the price level in France does not necessarily mean a "financial imbalances," said Jean-Philippe Cotis at a news conference. "In France we do not see a surge of investment, excessive investment in real estate that would have justified a lurch as the one we saw in the Anglo-Saxon or Spain," Has he said.

"It is more towards the real economy and the scarcity of the physical side of financial complications," he added. According to the latest figures from the Federation of developers (REIT), housing dwelling sales in France fell by 11% in the first quarter versus the same period last year. Stressing the role played by the shortage of housing supply, Jean-Philippe Cotis raised the level "relatively modest" investment in construction no teletrack payday loans. "The situation in France and the United Kingdom seems to reflect scarcity rents physics," he said, noting that low interest rates they had different effects in the United States and Spain "where the speculative dimension was clearly established. "

Housing weigh more on the budget

Due to an explosion in property prices that rose faster than incomes, the French spend, according to Insee, share more and more of their budget on housing. Rent or monthly repayments of borrowings, accrued expenses, but also collective individual energy and water strain their finances, including those of less affluent households. Thus, 3.8 million households (14% of total) are found living in "fuel poverty" because they spend more than 10% of their income to pay their energy bills for heating and lighting, to A study entitled "to have or spend too cold to warm" conducted in 2008.

30% of French must repay a mortgage.In seven out of ten cases, the mortgage debt used to purchase a principal residence or other property or land. In other cases, it is used to finance renovations. The grant depends on the creditworthiness of the applicant, the proportion of households with a mortgage is therefore with the level of revenu.Le amount of repayments of loans related to housing is only an average of 745 euros per month 2008, according to results of another study on "the debt and the use of banking services."The burden of repayment of loans averaged 21% of disposable income.

If the weight of bills related to a mortgage is on average three times higher than that of a monthly consumer credit (259 euros on average), the latter result, however, more often unpaid and the filing of a record of indebtedness.

(With agencies)

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Property: rising prices is like a bubble

The study on the site of INSEE

The study of the Center for Strategic Analysis on housing prices

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