International & World Report

Barack Obama has heard Warren Buffett. One month after the American billionaire's call to raise taxes of the richest in the United States, Barack Obama will propose on Monday during a speech at the White House – expected at 16:30 French time – a special tax on the income of taxpayers earning over a million dollars a year (about 725,000 euros). The U.S. president should not indicate the precise tax rate that it intends to apply or the amount it hoped to achieve by this. But according to The New York Times, the tax on millionaires only for 0.3% of taxpayers, less than 450,000 of the 144 million returns recorded in 2010.

Dubbed the "rule Buffett," this tax is in terms of reducing the budget deficit that the U.S. president must explain to Congress Monday.Its goal? Ensure that the wealthiest taxpayers pay at least as much taxes as middle-class homes. This is not the case, as pointed out by Warren Buffett this summer, because of certain provisions of the Tax Code.

1200 billion dollars in savings to find

Thus, capital income such as dividends or interest earned by the fund managers are taxed at 15%, while labor incomes are between 10 to 35% payday loans. "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans struggle to make ends meet month we mega-wealthy continue to benefit from special tax exemptions," wrote Warren Buffett in an article published last month in The New York Times.

This tax should allow Barack Obama to approach a little more of his electoral base of the Democratic Party criticized him his "gifts" to tax the wealthiest people. The Republican majority in the House of Representatives have already announced that he would vote no tax increase.

While the United States must find 1.2 trillion dollars in savings by the end of the year, Barack Obama warned on Saturday the Americans that they would provide "pull their weight" to reduce the budget deficit. And pressed again, the Congress, including Republicans, to adopt his plan for the use of 447 billion dollars. "More games or impasses. More division or delay, "he said during his weekly radio address.

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency, Moody's, could rise to the act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook, clearly had in fact paved the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices cheap payday advance. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's, noting that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is currently rated "Aa1" by Moody's and "Aa2" by BNP Paribas and Societe Generale. S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

MPs begin on Tuesday the review of the proposed supplementary budget, which includes measures of anti-deficit plan presented in late August. A risky period for the government, some measures of the plan is hotly contested in the majority.

After the removal last week of raising VAT on theme parks, the UMP president of the National Assembly, Bernard Accoyer, pleaded Tuesday morning in an interview with Les Echos, a lower threshold for taxation of high income. Those reporting more than 250,000 euros would be affected, while the government's plan was initially not as income of more than 500,000 euros.

"It's still very high level. I think this discussion will be debated in Parliament. I am at least favorable, "said Bernard Accoyer. A proposal that the government seems willing to consider instant credit report.Europe 1 this morning, the Minister of Economy, Baroin, said here that "it will be discussed in the budget for next year. We made a proposal, the debate is open. " This measure, however, should be discussed in October.

Remove the Consolidated Global Profit

The government and members of the majority, however, have already agreed on Monday to restore the deduction on real estate gains after 30 years of detention of property, excluding primary residence. To fund this measure, the budget minister, Valérie Pécresse, expressed on Tuesday on Canal + ready to tighten the tax on luxury hotels and large groups.

"Whatever the arrangements, relaxations or changes you make to a particular measure, it will have to be fully compensated," recalled the minister.

"The Apple employees called the police directly from the Mission District neighborhood, asking them to help locate a lost object," said the police. "They then went into the house to search for the lost object (…) but they have not found". The statement did not specify what the object sought, but the title of the document "iPhone5.doc" is final! For now, the group does not want to complain.

Enhanced security

Ironically, Apple continues to strengthen security around its new devices to avoid the rustle in the media information about new projects. Thus, in a Guardian blog, it is stated that the latest iPhone are transported in locked boxes and sealed. Almost no one is able to open these packages. And the software itself is protected.The walls that do not, however, resist the doors of bars!

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The figures follow and contradict each other. The unemployment rate calculated according to the ILO by INSEE on Thursday came out slightly lower in the second quarter to 9.1% of the workforce in France and 9.6% including Dom, 9 against, respectively, 2% and 9.7% in the first quarter. Overall according to Insee, metropolitan France in the second quarter accounted for 3.3 million people not working but wanted to work. The rate of youth unemployment dropped more sharply than the average (-0.9%), when those over 50, who barely declined, remained stable.

These figures engaged in a pattern opposite to that drawn by far the data of employment center. The number of job seekers Class A (comprising individuals seeking employment and not working, even part-time) has indeed increased overall in the second quarter.After a 0.4% decline in April, rebounded strongly in May and June, respectively 0.6% and 1.3% cash advance to savings account. To the extent that gains harvested since the beginning of the year were at the end of this period almost completely deleted (-2100 seekers Class A less compared to the end of December 2010). An upward trend that continued in July with a new and worrying increase in the number of unemployed.

The two institutes n'appréhendent unemployment statistically not the same. While unemployment on the ILO today released results of a survey conducted by INSEE, the data center jobs are the result of an administrative accounting. Moreover, only a person who has not worked even one hour during the week of the survey and actively seeking work are unemployed within the meaning of an International Labour Office.However, employment center distinguishes different categories (categories A, ABC …) depending on whether the job seeker is working or not. Category A is the one that is closest to the ILO data.

The rise in prices over the past decade has not spared the agricultural world. A report published by the Agreste, the agency in charge of "statistics, assessment and agricultural perspective," returns to the soaring prices of agricultural land since 1997. In 2010, arable lands and grasslands sold free worth 5230 euros per hectare, an increase of 66% over 1997.

Sold leased, the price is lower, at 3620 euros per hectare, which is still a 51% increase in 13 years. Rental status is not the only explanation for the difference in price between these two types of terrain. Although subject to the law of the market, characteristics of municipalities where agricultural lands are for sale often come into playThe specialty of the town, that is to say raising grain or cattle, for example, is one of the main factors that come into account when the reserve price. When the municipality has a dominant breeding beef cattle, rates may be on average 10% cheaper than in a town that specializes in cereals.

Geographically, the agricultural land is distributed in a rather orderly in the territory. The leased lands are mainly located in the Paris Basin and the northern half of France, the rest of the country being occupied mostly by vacant land payday loans in one hour.

New competition

More generally, the report highlights the influence of geographical location on the pricing of these lands. Near a city, a parcel is approximately 8% more expensive than in rural deep.An element that is associated with patch size, which also has changed over the years: the area of ​​arable land and grasslands free decreased in urban areas. Instead, the size of land rented sold continues to grow throughout the country thanks in part to farms that do not stop to grow to increase their production.

Another change in size during the past 13 years: the buyers. The report shows in fact that today Agreste fewer farmers acquire land and open meadows. They represent only two thirds of the purchasers against three quarters in 1997. Although this was down due in part to their inability to face economic uncertainties but also the arrival of new competition. A growing number of individuals and communities have actually landed on the market for agricultural land free.Primarily interested in the land, they usually offer to buy the most expensive land that farmers and thus participate in the surge in prices.

The aim is to encourage solidarity among employees. UMP deputy from the Loire, Paul Salen, filed in July 2011 a bill providing a legal framework for donations of RTT. A consistent practice in companies, which had so far developed in the silence of the Labour Code and case law.

The member was itself inspired by an actual case that occurred recently in his constituency. Badoit employees have offered 170 days of RTT to one of them to accompany her to the end of a child with liver cancer. A single gesture of solidarity was observed in April in the automotive supplier Fuji Autotech in the Doubs, in favor of an employee whose husband was suffering from lymphoma. Or at Merial, a subsidiary of Sanofi, which has even signed a collective agreement on this.

Company agreements

For now, no text did not mention the possibility of offering shorter working week, days off or recovery. This practice was not illegal as long. Spontaneous, it has developed on the basis of agreements between employees and employer, which is responsible for the holidays. "The agreements allow the company to implement virtually any provision not prohibited by the labor code," says Eric Rocheblave, lawyer office.

Thus the employees of Adixen in Annecy, could pay back all of their Christmas bonus for interim company, who did not have touched before fast cash now. Or that Renault executives have, by sacrificing RTT make ends months of Workers' group, one time forced to short.

Few dispute

But if an agreement is simple enough to offer its RTT, why, then, legislate? The bill appears to meet two objectives. First draw the attention of public opinion on a new form of solidarity. Then make sure to prevent abuses that could result.

Thus the proposed text, which focuses only on the donations bound for parents whose child is "gravely ill," says that the agreement required the employee donor such as his employer. "To the extent that these initiatives are based on agreements, litigation is rare. For now, it is even nonexistent, "Eric Rocheblave nuance. Already signed by 136 MPs, Paul Salen, interviewed Thursday morning in Les Echos, has high hopes to push through the text before the next presidential election.

"YOUR OPINION – Do you agree with the initiative of offering their employees days off? Would you be willing to do the same for a colleague? Share your thoughts and experience in the comments below or by email at temoin@lefigaro.fr.

Wall Street has failed to confirm its rebound on Wednesday. At the close, the Dow Jones unscrewed from 4.62% to 10,719.94 points, the Nasdaq 4.09% to 2381.05 loose points and the S & P lost 4.42% to 1120.76 points. As in Europe, signs of nervousness was palpable. The volume of trade has been very substantial and heightened volatility.

Again, the problems of sovereign debt in Europe have focused attention. Greece plans to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors. As the European markets, particularly the banking sector has been attacked in the image of Bank of America (-9.87%), Citigroup (-8.49%), Goldman Sachs (-7.76%), Morgan Stanley (-7.52%), Wells Fargo (-6.17%) and JP Morgan Chase (-6.13%).

In addition, rumors of worsening debt rating by a French rating agency have affected investors. "These rumors are totally unfounded and the three agencies Standard and Poor's, Fitch and Moody's have confirmed that there was no risk of degradation," however, said the entourage of the French finance minister, Baroin.

"At this stage, investors dizzy," says Oliver Pursche, president of Gary Goldberg Financial Services.

Fear of a recession

In addition, operators are even very concerned about the state of the U.S. economy. Yesterday, the world stock markets have overreacted, and positive against all odds, to about the Fed. This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy.Oil stocks have fallen dramatically and unexpectedly last week in the U.S., according to figures released by the U.S. Department of Energy. Crude inventories fell 5.2 million barrels to 349.8 million barrels in the week ended August 5. Analysts polled by Dow Jones Newswires had forecast the contrary, an increase of 1.1 million barrels.

Note that the budget deficit of the United States continued to fall in July for the fourth consecutive month according to figures released Wednesday by the Treasury Department.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple (-2.76% to 363.69 dollars) briefly delighted, yesterday, Exxon Mobil (-4.59% to 67.90 dollars), its position as the first market capitalization.

Firefighters desperately looking for financial markets. For a month, the Cac 40, which recorded its ninth session Thursday consecutive decline, has lost 17%! And the stock market this week might conclude on the tenth. Shortly after opening, the stock market index fell by 2.09% to 3250.95 points.

On other European financial centers, the atmosphere is also depressed: the Footsie-100 from the London Stock Exchange 2.58% to 5254.11 loose points, the DAX 30 Frankfurt Stock Exchange fall 3.85% to 6167.96 points, the FTSE MIB in Milan leaves 3.44% to 15,573.84 points, the Madrid Ibex 35 yields 1.96% to 8516.20 points, the Bel 20 in Brussels is down 3, 61% to 2143.45 points.

In anticipation of U.S. employment figures

That can extinguish the fire which engulfed global stock markets? The President of the European Central Bank, Jean-Claude Trichet, it is tested in an exercise it is broken.Without having reassured, he did not panic by not clarifying his intentions on debt buybacks. "It's the return of the behavior of crisis," says Aurel BGC in it.

Consequence: the main European stock markets fell 3% to 4%, Wall Street plunged 5%, Asian stock markets slumped 2% to 5%, oil is trading around 85 dollars a barrel and not to vicinity of $ 100 as there are about ten days, and gold flies to 1700 dollars per ounce. A scenario that is not yet catastrophic according Volokhine Gregori, president of Meeschaert Capital Markets. "We're not on a" bear market "(bear market over a long period), he says.We will be there when the stock markets lose 20% per week. "

After the publication of interim results of the banks, the speech of Jean-Claude Trichet, investors will monitor closely the figures for employment and unemployment in the United States for the month of July (1430). "This does not fundamentally change the market trends, said Grigory Volokhine Business on BFM.

The trade deficit declined in June

Most investors expect to know if there will be further monetary easing to support the U.S. economy and if European countries are finally going their act together. " Same story on the side of Aurel BGC. "Even a figure in line with expectations should not prevent markets brooding, said Christian Parisot, chief economist at Aurel BGC.Hopefully a little bounce if it exceeds the expectations. "

Other macroeconomic news: the trade deficit of France. He was greatly reduced in June to 5.598 billion euros, after 6.415 billion in May, according to data released Friday by Customs.

On the corporate side, the last two banks issued after market close on Thursday night: Natixis and Dexia.

Natixis: -3.29% to 2.676 euros

Natixis on Thursday posted a net profit above expectations in the second quarter thanks to a sharp increase in the contribution of results from regional banks of its parent BPCE (People's Bank – Savings Bank).

Dexia: -6.88% to 1.54 euros

Dexia announced the heaviest loss in its history, a performance due to both the sale of a portfolio of toxic assets – centerpiece of its restructuring plan – and its contribution to the aid plan on sovereign debt Greek.

Carrefour: 18.56 euros stable

Carrefour announced a new reorganization of its management, including replacing its chief financial officer, when the group just straightening operations in France and suffered a major strategic setback in Brazil.

LVMH: -2.30% to 112.55 euros

LVMH said Thursday it had received approval from Consob, the Italian stock market authority, for offering Italian jeweler Bulgari on which he announced the takeover in March.

Vicat: -5.47% to 44.24 euros

Vicat said Thursday expect a slight reduction of its operating margin in 2011 due to the revolution in Egypt, the rising energy costs and start-up costs of factories in India.

Careful, this is the verdict seems to be emerging markets about the compromise between Republicans and Democrats to raise the debt ceiling. European shares closed sharply lower on Monday and Wall Street is in the red at mid-session.

European leaders hailed the recovery of 2.4 trillion dollars in the legal limit of U.S. debts. Enough to hold until 2013, after the U.S. presidential election in November 2012 of. "This plan raises considerable uncertainty that hovered in recent days on the market about a risk of recession in the United States, welcomes Philippe Waechter, head of economic research at Natixis AM. While no agreement was reached before Aug. 2, the federal government could not spend what he earns, which would have sealed the growth. "But economists remain cautious: the lack of plan detail and ambition.

• Two uncertainties

The plan presented by President Barack Obama and the Democratic and Republican negotiators is still a project that has not passed by Congress. "The Republicans may be unhappy with the cuts in the defense budget. (…) In addition, any tax increase is explicitly provided, which could make it difficult to convince a sufficient number of Democrats to vote the text, "Analysis Paul Mortimer-Lee, chief economist at BNP Paribas IPC.

Second unknown, raised by Inna Mufteeva, economist at Natixis, "no timetable has been issued for budget cuts. These cuts should not be introduced too fast, Barack Obama assured, but it would be interesting to know when. "Especially the plan, based solely on spending cuts and no tax increase, is likely to influence an already weak growth.

• A plan insufficient

"The total savings proposed, or 2.4 trillion dollars, is insufficient to put the U.S. budget on track," said Paul Mortimer-Lee. The rating agency Standard & Poor's estimated 4 trillion in savings over 10 years are needed to reduce the U.S. debt.

• The main decisions postponed

Almost two-thirds of the austerity measures -1.5 trillion dollars over a total of 2.4 trillion-flow from the proposals of the committee for the opportunity to be presented in November. Result, "there are still too many uncertainties about possible future tax and budget cuts, concerned about Paul Mortimer-Lee. This uncertainty will penalize investment decisions and hiring companies. Growth will suffer.The compromise presented Sunday night therefore merely postpone the problem, and not far beyond. "

• Questions about Washington's ability to make decisions

"Initially, Obama targeted Republicans as a plan of 4,000 billion dollars, said Philippe Waechter. As they differed on how to achieve their ambition has melted over the negotiations, to agree in the end the lowest common denominator (2400 billion dollars in savings). "

So lacking in the original goal to doubt the effectiveness of the American political system. "If there were only Republicans and Democrats agreed was found. But the presence of extremists of the Tea Party has changed the situation, forcing the Republicans to more than intransigence, Philippe Waechter analysis. It has changed the political system in the United States.Part of the Republicans wanted something other than what was negotiated usual, causing the blockage. "

This could happen in the future, warned Standard & Poor's in a note dated July 14: "The inability to reach an agreement today leads us to believe that there will be no more coming years. "This argument could lose its" AAA "in the United States.

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