Except that the compound created by the team led by Ludwik Leibler, surprisingly retains some characteristics of rubber and organic resins: it is light, elastic, durable and, unlike glass, virtually unbreakable no fax payday loan.
Caution should again dominate this Tuesday at the Paris Bourse. The CAC 40 yields 0.69% in early trade at 3090.53 points. Like their counterparts on Wall Street and Asia, investors will again examine the risk of contagion of the crisis of sovereign debt in the eurozone. The sharp rise in bond yields Spanish and Italian supply fears. Spanish borrowing rate to 10 years have in fact exceeded the critical threshold of 6% yesterday, what had not been seen since early August. Italy has in turn launched a debt issuance where rates were also above 6% for securities maturing five years.
This morning, the spread between government securities, french and German, that reference in the euro area, has reached a new record since the inception of the euro with an increase of 8 basis points (bps ) to 173 bps.
In Italy, Prime Minister Mario Monti called for a short time to market his team to form and implement a program, which will contain "sacrifices cash advance." For its part, the new Prime Minister of Greece, Lucas Papademos, assured that the implementation of decisions taken at the top of the euro area on October 27 would be the "main task" of the new government, preventing the Greeks from one period difficult. He has said the country's public deficit in 2011 will be reduced "at around 9%" of GDP.
This morning, the euro continued its decline against the greenback. The single currency is dollar 1.3583 (-0.29%) in morning trading. The small increase in oil is: a barrel of "light sweet crude" for December delivery gained 8 cents to 98.22 dollars a barrel while Brent North Sea crude for December delivery took 44 cents to 112.33 dollars .
"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.
By 2016, it is an additional € 65 billion will be saved, said the Prime Minister, in order to achieve a zero deficit at that date. More than half of the effort will focus on lower costs, he added. The Prime Minister also recalled that the gouvernerment expects a 1% growth in 2012.
The main measures:
• VAT reduced from 5.5% to 7%. This new rate will apply to all goods and services affected by the reduced rate saving account pay day loan.In terms of controlling health care costs is an additional effort of 700 million euros will be accomplished. "
• The rise of certain social benefits will be limited exceptionally to 1% in 2012. The social minima (RSA, pensions, allowances for disabled adults, etc..) Are not affected and will be upgraded under the current rules, the more advantageous.
• The tax loopholes will be planed to 2.6 billion euros extra.
• The corporation tax for large groups will be increased by 5%.
"France must roll up our sleeves," insisted Francois Fillon. "We must rebuild our growth model" too supported by consumption itself inflated by social transfers, said François Filln concluded.
April 2012: fifty-four nuclear reactors in Japan are at a standstill. Not a nuclear power plant does not produce a kilowatt hour. Whereas before the cataclysmic tsunami of March 11, 2011, they provided 25% of the electricity of the Archipelago.
This scenario of a sudden release of nuclear energy in twelve months is not the political fiction. It is seriously considered by officials and experts. Asked about this possibility by Le Figaro last week during his visit to Paris, the new Japanese Minister of Economy, Yukio Edano, kicked into touch. And answered: "We have confirmed the safety of reactors stopped before restarting. I can not tell you when. "
Click on the thumbnail to enlarge the graphic.
Currently, only ten of fifty-four reactors are in operation cash advance in one hour.Besides the four Fukushima Daichi finally destroyed by the tsunami, forty reactors are stopped either because they were damaged on March 11, or to be auscultated. In the next six months, the ten operational reactors must undergo in turn scheduled maintenance shutdowns. Or, while mistrust of nuclear power lies in the opinion, the Government will take maximum precautions before giving the green light to restart.
A shortage of current threat does the Archipelago? The test of the summer was passed (read the story below). Yet he missed 10% of electricity generation capacity, equivalent to the production of the Netherlands, explains Laszlo Varro, head of markets for electricity, coal and gas to the International Energy Agency ( IEA).
The wait before the EU summit on Sunday, this should be the watchword on the stock exchanges on Thursday. European financial markets are in effect suspended the decisions that should be taken after the EU summit to be held this Sunday. Folds U.S. and Asian indices, however, should weigh on the trend.
Politicians of the old continent have already promised that a solution to the crisis would be found. "Monday morning he will have the markets, the United States, China and the IMF are convinced that Europe has a plan, a European official placed loose in the heart of the discussion. If there is no agreement, each European country will be reduced to playing individual survival. "
Meanwhile, last minute negotiations are increasing.Nicolas Sarkozy visited emergency yesterday in Frankfurt to resolve differences between France and Germany directly with Angela Merkel. No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.
Chapter macroeconomic, Germany will provide the Government's economic forecasts. Across the Atlantic, the weekly claims for unemployment benefits will be published 16 hours and the resales of September and the composite indicator of economic activity.Activity in the Philadelphia area in October will be known 16 hours.
New burst of publications
As for values, the Dexia should respond to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank. Legislators have asked, however, a principle of banking counterparties.
Pernod Ricard achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.
Schneider Electric has lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros in the third quarter.
Publicis announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still think recording "above market growth" over the entire the exercise.
The manufacturer of smart cards Gemalto, the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.
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Useful but expensive. INSEE publishes Friday the first study measuring the effects of tax incentives implemented since the early 1990s to develop home care services (child care, home help for the elderly, housework …). "With an estimated cost of three billion euros in 2010, the tax system is more than half of public spending for the sector," notes and the statistical institute.
Established in 1991, these tax incentives allow households to deduct from their taxes half of their spending on home care services in a ceiling. This system was completed in 2007 by a tax credit for tax-free households, with half the money spent now repaid them without the income tax is a limit.Thus, a household spends 2,000 euros per year in-home services and pay (before deduction of tax benefit) 500 euros tax can now get 1000 euros, against 500 before.
Result, "said resort" home care services took off in twenty years. It doubled between 1996 and 2008 from 6 unsecured personal loans.4% to 12.8% of households. "This development reflects both supported the regularization of undeclared work and employment creation, because of better solvency of households," says INSEE.The institute estimated that between 85,000 and 300,000 the number of households that have used more, thanks to fiscal measures, such services.
Tax Credit
The only tax cut would have enabled the creation, between 1991 and 2007, from 12,000 to 43,000 full-time equivalent jobs "at an annual cost per job created between 23,000 and 85,000 euros."
The tax credit, introduced in 2007 for households not taxable, would have in turn fostered the creation of 4,000 to 14,000 jobs, an annual cost of between 9,000 and 28,000 euros per job. This new provision is only in the end only 2% of the overall cost of the tax benefit (122 million) from the simple fact that users are low-income households, rather young, and therefore little use to home care services.
Pierre Mariani, managing director (that is to say the CEO) of the Franco-Belgian bank Dexia, has the gift to tell of the horrors with apparent nonchalance. Speaking to the AJEF Thursday (Association of Economists and financial journalists), he compared the lives of bankers in the current environment in disaster film "2012". No sooner had we escaped an imminent threat that a new arises. Compared to some of his colleagues, Pierre Mariani may have relaxation of the banker who in any case had no respite or almost three years ago, when he was dispatched to Brussels to head a bank just saved from the waters by the Belgian and French, and the Deposit.
Since then, considerable work has been shot: the balance sheet was reduced by EUR 170 billion, the financing needs of a hundred billion.At a time when European banks stumble over the availability of funds in dollars, Dexia is fortunate to have transferred his assets overseas (FSA, and in July, its portfolio of financial assets). At least that problem is not his, and he is also out today – contrary to some market rumors – that the Franco-Belgian bank is not the one who used this summer and again today at the box office dollars of the European Central Bank.
Still, the situation remains extremely tense for Dexia, "we are a sovereign funder – or rather subsouverain with local authorities – a strong presence in Southern Europe. It does not facilitate the life … "Pierre Mariani notes by wielding an understatement.Rating agencies – Moody's downgraded Dexia in July – are closely monitoring the sensitivity of the banking crisis of sovereign debt and refinancing conditions, knowing that the group is still heavily dependent on short-term refinancing.
In this situation, Pierre Mariani has perhaps even more than his colleagues their eye towards politics. "The debt crisis is now deep enough to destabilize the European financial sector," he warned, calling on European leaders to bring order in the governance of the euro area and to implement the Agreement of 21 July. It is however "not certain that the solution lies in a massive recapitalization" of European banks.
In addition, the head of Dexia focuses on the consequences of running the economic growth of the pressure right now on the banks."Everything is in place to organize a massive contraction of credit," he warns. Banks now carve their balance sheets to reduce their financing needs, especially long term, gradually emerging business critical, such as project finance, aircraft financing, loans to local …
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"Dexia pays dearly spring cleaning of its accounts
Shortly before the opening of U.S. stock markets, index futures and Standard & Poors'500 evolved Nasdaq 100, respectively 0.07% to 1186.50 points and – 0.53% to 2205 points, suggesting a hesitant start of the session.
The day before, the index featuring New York has sold more than 1%, as the S & P, while the Nasdaq limited its losses – 0.78%. Investors signaled their disappointment and after the speech of the President of the Federal Reserve (Fed), Ben Bernanke. He did, in fact, made no indication as to potential nudges the Monetary Policy Committee of the U.S. central bank might decide to implement after the meeting scheduled for September 20 and 21.The banking sector fell sharply on Thursday on Wall Street, precisely because of this lack of detail.
The dollar has him down after another long-awaited announcement yesterday, but came after the close: the stimulus of employment. Announced Thursday by U.S. President Barack Obama, it reached 447 billion against $ 300 billion anticipated by the markets. Its effect on Wall Street, however, could be mixed, most investors expecting the Republicans in Congress, then block its adoption.
Market analysts estimate IG still that "the optimists seem to want to return to the market," leaving hope of eventually positive impact on Obama's plan investor sentiment. The question is whether this will play starting this weekend or delayed. Meanwhile, European stock markets were on the downside.Bank stocks were particularly exacerbated their losses after the remarks of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.Investors also follow closely the discussions of the G7 Finance, met for two days in Europe in Marseille.
Another item, from China, could also help to soothe, on both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy payday loans direct lenders.
This Friday, Wall Street, the macroeconomic agenda will be relatively light, only a first estimate of consumer confidence from the University of Michigan for the month of September is indeed expected.
Threats to jobs at Bank of America
On the corporate side, no major publication was in sight Friday.
The job cuts planned by the management of Bank of America (BofA) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the matter. The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions. These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.
Texas Instruments, however, could respond after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest.The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.
Finally, according to The New York Times on Thursday, U.S. regulators are close to agreement with the mortgage giants Fannie Mae and Freddie Mac, about their role in the crisis of 2008.
Denis Olivennes set the course. The boss of Europe on Monday announced a desire to place the station "lasting beyond 10% of total audience," where its predecessor, Alexandre Bompard, always assured that "we had not set a target Hearing ". A Europe which ended the 2010-2011 season to 8.7% of the audience, did not exceed the symbolic threshold of 10% audience from January to March 2010. For Denis Olivennes, yet it is the "natural area" where Europe has to change 1. Currently, a play in which division France Inter (10.2%) and NRJ (10.7%). "It's a marathon not a sprint," said Denis Olivennes.
If the owner of the station, also at the head of information division of Lagardère Active (Europe 1, Sunday Journal and Paris Match), is given three years to reach its goal, it is pressed to do so."We need to increase advertising revenues and those from diversification. It provided funding for our programs, "commented Denis Olivennes. In the first half, Europe 1a indeed registered a "slight decrease" in advertising revenues. But advertisers have been attracted by the new schedule in September, reassured the control group.
This new grid wants to "reconnect with the deep roots of the station." "Europe is a television station whose spine is the information which has the characteristic good humor," analyzed Denis Olivennes.Simple translation on the air: the three appointments of information of the day – the morning, afternoon and evening Europe – are interspersed with two "beaches of entertainment," in the late morning and afternoon.
New site info
Eager to improve its image among listeners as advertisers, Europe has become an an "opinion leader". It is the mission entrusted to Arlette Chabot, director of information of the station. "The information needs to be a reference to Europe, as its independence," she said. To strengthen its position as the standard for information, will also launch a Europe in mid-October a "pure player" of information, facilitated by a dedicated team of journalists. It will be fed content from other sites in the group, its own content and production of Internet users.
"Real estate: the cropped Scellier
"Niches: plane and down the ceiling
"Companies: rising social package
"Other tracks: capital gains on the hot seat
Operation must! The government will this week attempt to convince the financial markets on its ability to control public finances. François Fillon unveiled late Wednesday afternoon in the presence of Baroin and Valerie Pécresse, the Ministers of Economy and Budget, the new conservation measures for France to retain investor confidence and its " AAA. "
The government enters the final stretch trade-offs. François Fillon and Nicolas Sarkozy meet to sort the list of suggestions made last week by Bercy (and amended by the relevant ministries) and begin to remove some tracks.Then the president and prime minister Wednesday to finalize the measures to adopt.
The government did not release the extent of the plan, but it evokes an effort between 5 and 10 billion, and a trend towards the top. The turn of the screw will break down between savings on public spending and further cuts in tax and social niches.
On this last point, the government does not start from scratch. The measures that were passed in the fall (tax on marriages, on the solar panels, niches plane, etc.). Will yield 2.4 billion in 2012. But we'll have to do much more. There is another month, the government did not request such an effort to households and businesses. He planned to take samples of only 3 billion. With 2.4 billion already in the pipeline, the step to take was minimal.But since the degradation of "AAA" rating from the United States, France finds itself under pressure from the markets. Even if it borrows at low levels (2.74% at ten years), a sign of confidence that it continues to generate, France must do everything to protect his note. For if it were lowered, the state should borrow at higher rates. According to the Court of Auditors, an increase of one point would increase the debt burden of $ 2 billion the first year. To prevent a runaway cost of debt, the government should not deviate from its route.
Increase in the social package
Paris has pledged to reduce its public deficit to 5.7% of GDP in 2011 and 4.6% in 2012. This objective was particularly complicated since the Insee reported zero growth in the second quarter. Bercy forecasts an increase of 2% of GDP in 2011 and 2.25% in 2012 now seem too optimistic.On average, economists expect now on a 1.4% growth next year. However, less growth means less tax revenue and more spending for the state, the social security and local authorities. Without necessarily announcing Wednesday a revised its growth forecasts, the government is obliged, if he wants to keep its deficit targets, to take austerity measures …
Increase in the social package for businesses, new plane and lower overall ceiling of niches, penknife devices ultramarine and real estate … the tracks are not lacking. The government also provides measures for the social security system, not to mention taxing very high incomes as suggested on Wednesday, Maurice Levy, president of Publicis and the Association of Private Enterprises (Afep), in an article in Le Monde ."We need efforts that will be requested to the French are fairly distributed," assured the same day Valerie Pécresse on Europe 1. The measures adopted will be included in budget 2012.
France can she get into the spiral of Greece, where budget cuts exacerbate the recession, which in turn widens the gap? A priori not. This year, increases in taxes, resulting from the measures passed in the fall, reached $ 12 billion. Without destabilizing the country.
Real estate: the cropped Scellier
Before the crisis, Bercy was considering reducing benefits. The pressure is greatest.
• Law Scellier
The niche Scellier reduces its tax by investing in rental real estate. It was expected that the tax reduction equal to 22% of the investment in 2011 reaches 18% in 2012.The reduction could fall to 15%.
• Ready to zero +
There are plans to reintroduce a means test for the loan (PTZ), in order to focus on vulnerable households.
• Capital gains on real estate
The capital gain on the sale of a principal residence will remain tax exempt. For other assets, the gain is taxed at 19%, plus 12.3% social. However, there is a reduction (10% per year after five years in prison) that applies to the capital gain and will disappear for undeveloped land for building. It is also the question of decline (eg 5%) for other goods.Another track: the system of reduction of the gain disappears for the payment of social security contributions.
Niches: plane and down the ceiling
The tax loopholes will undergo a new movement of the plane after the last year which affected 22 devices (Scellier, actions overseas, the tax credit for environmental equipment in the house). The rate of tax reduction was reduced by 10%: a rate of 50% was increased to 45%, a rate of 25% to 22% … The measure, however, has yet to be felt, because the first plane applies to the income tax paid in 2012, sitting on the revenues of 2011. The government planned to meet the plane in 2011 (eg 15%) and pass a new tax on plane sitting on the revenues of 2012.
Widely used devices, such as overseas benefits or tax credits for equipment of the house will still be trimmed.MPs want all the niches are planed. Others will disappear. In addition, the overall ceiling of niches, set at 6% of income over 18,000 euros, will be lowered.
Companies: rising social package
Social package, paid by companies on the profit-sharing and employee savings, should be increased from 6% to 8%. Expected gain: 400 million euros. Since its inception in 2009, the government increased the fee by 2 points every year! Systems loss carry-on prior and subsequent, which limit the corporate tax should be reduced. They benefit primarily to large companies but the government wants to rebalance the tax burden with the small. The carry-back would
limited to one year. And to carry forward losses from the profits would be capped.In Germany, the losses charged can not exceed 60% of the profit. However, the idea of limiting the deductibility of loan interest is difficult to implement.
Tax on very wealthy households
The government pledged in the spring to tax high incomes, and a working group must report its findings in the fall. Two tracks are at this stage on the table to non-deductible from corporate income tax payments "extravagant" or create a new tax paid by very wealthy households. The latter option holds the rope in the government because it has the support of parliamentarians. Gilles Carrez, the rapporteur of the budget UMP
in the Assembly, propose to tax at a rate of 1% or 2% revenues exceeding one million euros per year. But Peter wants Méhaignerie the new tax applies from 150,000 euros to 200,000 euros in annual income for a couple.The lively debates ahead!
Other tracks: capital gains on the hot seat
Gilles Carrez wants the taxation of life insurance is carried over the water each year on their earnings potential, while households are now taxed when withdrawn at a variable rate depending on the length of detention ( 7.5% after eight years). Another idea: adjust the taxation of life insurance, whether it is placed in shares or products without risk. The UMP Jérôme Chartier wants to create an additional ceiling on tax loopholes, reducing to 50% of tax due from the advantage of niches. But Bercy is not favorable. Finally, many parliamentarians call for the removal of reliefs on capital gains from stocks and bonds (third year in excess of five years from 2012).