"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

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 .

The Perp: still little used

The most universal of these savings products is also the least known. The popular retirement savings plan (PERP), established to encourage the French to build and open to all, hard to seduce.According to figures from the French Federation of Insurance Companies (FFSA), 27,000 new Perp were subscribed in the first half of 2011, 2% more than in 2010, but the number of building plans has stagnated at around 2, 1 million since its inception in 2004. "It produces a tunnel that compares poorly with the life insurance contracts, where the funds are not blocked until retirement and also offer a tax advantage," said Marc Darnault, Associate Optimaretraite consulting firm.Perp of the main asset is the ability to deduct contributions from taxable income, with two limitations: the amount deducted must not exceed 10% of earned income, and must remain lower for the 2012 tax return, to 28,281 euros – 10% of eight annual ceilings for Social Security (Pass).

The placement is especially interesting for those imposed in the higher brackets (30 and 41%) of the Income Tax Act and is most appropriate as thirty fifties. The Perp suffers from a disability second. The sums are blocked until retirement recovered mainly in the form of an annuity.Only 20% of funds can be "removed" capital (they are then subject to withholding tax of 7.5%), except in special cases (acquisition of a principal residence indebtedness, disability …) "The Perp is a wager on life expectancy, "says Marc Darnault. The pension amount is difficult to assess in advance and then it will suffer the same tax that the pension provided by the general scheme, namely the scale of income tax after deduction of 10%.

The Perco: the advantage of leaving capital

In comparison, the Retirement Savings Plan (PERCO), which allows the retirement funds out an entire capital – option selected by three-quarters of investors – more attractive.Reserved for the minority of employees whose company has set up this device (about 2.8 million people affected), it has experienced in 2010 an increase of 27% over 2009, according to the French Association of Financial Management (AFG). Some 690,000 employees have passed and the stock reached 4 billion euros on 31 December, an increase of 35% in one year.

The Perco can be powered both by the employee, who can contribute a maximum of 25% of its revenues, as the employer of up to triple up to a maximum of 5,656 euros per year. These payments are exempt from social charges and tax. Only the CSG (7.5%) and CRDS (0.5%) must be paid. "It's a little device binding is a management tool. It may in fact be powered by the profit-sharing payday advance low fees.Since 2010, half of it is also paid directly to the Perco, "said Philippe Crevel, general secretary of the Investors' Circle, which advises to choose security, particularly at the approach of retirement. "It should also be careful because insurers who manage packages often encourage more risky," warns Marc Darnault.

Préfon: The Perp of the Public Service

This optional retirement plan is open to staff and those who worked for a time in the public service. He met with mixed success. Only 3.7% of potential members contribute to gain points Préfon. A lack of interest that can be explained by the low incentive to contribute, the Pension Plan of the Public Service to ensure a replacement rate of 75%."This has made less sensitive to the officials the opportunity to purchase additional pension that private sector employees, including the replacement rate is 50%," says Philippe Crevel. In addition, the level of pension paid will depend on the pension point value, passed annually in the board. A rather complex system that does not allow the insured to have a clear idea of ​​what it touches.

The Préfon was dusted in early 2011. If the principle is the payment of a pension supplement in the form of annuity (taxed at the rates of income tax after deduction of 10%), it is now possible to recover 20% of the money invested capital (taxed 7.5%). Its main attraction is nevertheless able to reduce its income tax by contributing.As for the Perp, amounts paid annually to the Préfon are tax deductible within the limit of 28,281 euros for 2011 income.

Madelin: a necessary complement to the self

Created to encourage self-employed (merchants, independent artisans, professionals, leaders of society … self-employed) to accumulate savings and a pension insurance scheme Madelin contracts are tax-advantaged. As for the Préfon and Perp, contributions are deductible from taxable earned income (BIC or BNC). The device is even more advantageous, since the deduction of 10% of income to a maximum of 28,281 euros plus an additional deduction equal to 15% on income between 35,352 euros (the maximum Social Security for 2011) and 282,816 euros (eight times in the past). The maximum deduction is set at 65,401 euros."Contributing to this diet is all the more necessary for the self that the benefits of their pension base are lower than for employees," said Marc Darnault.

According to the circle of investors, 61% have an independent contract Madelin (including retirement). The FFSA counted 899,000 contracts outstanding of 1.1 billion euros. The funds invested – usually on euro fund or units of account such as life insurance – are recoverable in the form of an annuity (taxed at the rates of income tax). No events capital is possible except in very specific cases of bankruptcy or disability of the investor.Finally, unlike other retirement investments, payments on contracts Madelin must be regular.

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Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters no fax cash advance.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

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.

The U.S. stock markets remained open on Monday, public holiday in the United States (Columbus Day, which commemorates the discovery of America by Christopher Columbus).Only the bond markets were closed.

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis, however, as in Europe, supported investor sentiment. Tonight, President américainBarack Obama supported "the strategy of Nicolas Sarkozy and Angela Merkel. The latter, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders.

About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds. Again, the "details" will be specified later, they promised, while the EU summit scheduled for October 17 and 18 was postponed to October 23 to allow more time for officers to prepare a response "global" .

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion.The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual, the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel. Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative.So there's a good chance that companies do at least as well as the consensus ", say experts Cantor Fitzgerald.

On the macroeconomic front there was no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, the bank received the good news on the progress in Europe: KBW Bank Index jumped 5.31%. JPMorgan Chase gained 5.21% to 32.30 dollars and Bank of America 6.44% to 6.27 dollars.

The Sunday Telegraph, the investment bank Goldman Sachs (3.71% to 96.13 dollars) could make additional cuts.

Apple (5.14% to 388.81 dollars) announced that it has registered one million pre-orders for its iPhone 4S in one day

Netflix (-4.83% to 111.55 dollars) has given up its business organization DVD rental website in a new and renamed Qwikster said Monday that the industry would remain on the same site as that of video streaming services.

Sara Lee (1.58% to 16.71 dollars) announced Monday it will sell its bakery brands in Portugal and Spain as well as seven production sites in Mexico Grupo Bimbo to 115 million euros in cash

For its part, the world's number one supermarket chain Wal-Mart (2.07% to 54.81 dollars) announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling .

At the same rumors about Yahoo! (2.39% to 15.84 dollars) to continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

To speed up, EADS is based on solid commercial and industrial positions built by his two spearheads: Airbus and Eurocopter. The European aircraft manufacturer owns 70% of the market for Brazilian civil aviation with 600 units sold and over 250 aircraft to be delivered.Since 1998, Airbus has tripled the size of the fleet in service with his family in 320 has accumulated 350 orders. The company LATAM (after the merger between TAM and LAN) is now in the top five customers of Airbus, while the regional airline TRIP is the world leader in turboprop (propeller) ATR, a subsidiary of EADS and Finmeccanica. Airbus hopes to increase further by assuming the largest share of a market whose needs are estimated at 610 new aircraft by 2020.

A new plant in Itajuba

Eurocopter, meanwhile, was the pioneer group in terms of technology transfer. He is the only helicopter manufacturer in the world to have implemented a comprehensive industrial activity in Brazil. And this, in 1978 by creating a subsidiary, Helibras. Its plant Itajuba (Minas Gerais) will be delivered after that date, 610 helicopter in late 2011.Between 1978 and 2011, Eurocopter's market share jumped from 14 to 53% in Brazil. To cope with this growth, the group plans to open two maintenance workshops in Brasilia and Rio will open this winter and a new plant in the presence of Itajuba Dilma Roussef, the president of the Brazilian Republic.

The new site will assemble including the EC 175 for the Brazilian army. Three years after the signing of a contract to acquire 50 EC 175, accompanied by a transfer of technology, the program aims 50% local value added. To this end, Helibras just doubled the capacity of its engineering center and plans to open a technology institute in association with the University of Itajuba. "Several industrial packages were signed with the Brazilian industry: from the 26th unit, only the cell (note: the body of the helicopter) will be delivered in Marignane," says Louis Welsh.Become the fourth industrial base of Eurocopter, behind France, Germany and Spain, Helibras will have 1100 employees by 2015 against 610 in 2011 (and 290 in 2009).

"EADS has become a Brazilian citizen"

The goal is to build on the expertise of Helibras to launch a new helicopter 100% made in Brazil by 2020. For now, the subsidiary is in line to meet with the EC 225, the civilian version of the EC 725, the growing needs of oil companies, including national oil Petrobras, an offshore market estimated at 60 gear. "With Helibras, EADS became a Brazilian citizen. It is considered a success by the government. Thanks to our ability to offer technology transfer, training of local staff and to adapt our products to our customers' needs, we can also penetrate into the space and defense, "said Louis Welsh.

The time is right because Brazil wants to boost its defense industry and space. Dilma Roussef took last Friday a series of support measures in this direction with the view to learn new skills because there is no question, as in the past, to rely on foreign equipment. The president of Brazil was cited as the first site implementation specifications of the future communications satellite in Brazil. "This satellite will have a hybrid dual mission: to satisfy the needs of the army and bring broadband to areas that do not yet have access," said Jean-Noel Hardy, vice president of sales and marketing in Latin America to Astrium, EADS Space.

The purchase process should be launched by end 2011-early 2012 by the state holding Telebras. Astrium and its subsidiary Equatorial systemas stand ready to respond to build that future satellite.The timetable is tight because Brasilia plans to launch in 2014. "The transfer of technology associated with the contract of 716 million reals (about 360 million euros) to pave the way for a second satellite with a major domestic content in 2019," said Jean-Noel Hardy.

A partnership with Thales not excluded

In the even more sensitive defense and security, Cassidian, a subsidiary of EADS Defence, created in 2010, a joint venture with Odebrecht, a diversified conglomerate that controls the transfer of technology in submarines sold by France. The joint venture's primary mission to respond to future tender for the monitoring of land and sea borders of countries with command centers. "We do not exclude to partner with Thales to win this contract," says Louis Welsh.

It is estimated at 7.5 billion euros over five years.World Cup Soccer in 2014 and the Olympic Games in 2016 as Brazil hosts play a role as a spur to a country recognizes the need to invest heavily in the fight against insecurity. Cassidian who has already won its first contract to equip the federal police secure communications systems, also expects the results of the tenders awarded by the policies of the 26 Brazilian states who want to equip. "This market is estimated at 1 billion euros, and we hope to take at least half," said Christian Gras, President Cassidian Brazil.

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The President of the General Council of Seine-Saint-Denis since 2007 fought first for his department. Claude Bartolone has discovered that he had contracted in 2008, led by Communists, many loans have become toxic. Thus, a debt of 953 million euros, the joint may have to pay a premium of about $ 300 million over the next ten years because of toxic loans contracted between 1997 and 2008."The equivalent of building a school year," criticizes Claude Bartolone. "And that amount could be even higher," said the MP. In fact, some of the loans contracted by the municipality are indexed to the Swiss franc and interest rates can reach 50% depending on the evolution of the franc.

Most disturbing is that the department of Seine-Saint-Denis (93) is not alone in this. MP PS refers to "hospitals, small towns or communes, departments, ports such as port of Le Havre" and "communes of all political stripes like Saint Etienne, Rouen, Saint Maur or Saint Tropez."

According to Claude Bartolone, "the total amount of toxic loans granted to public entities be around 15 billion euros of which would be 5 billion of potential losses."

"Banks can not not pay"

MP PS is clearly concerned the role of banks. He said "they are responsible for the explosive situation in the French subprime" where thousands of municipalities are now over-indebted. Indeed, it is satisfied that they have not fulfilled their code of ethics. "They had a duty to inform and how their customers customized uninitiated" or the quest for profit seems to have guided more banks. Thus, the President of the General Council 93 filed a complaint against Dexia, Depfa and Calyon (Credit Agricole). The court should rule in October. But even Claude Bartolone said that "banks can not avoid paying." The MP also believes that "the whole chain has failed." The state has not applied a circular on the prohibition of structured products and regulatory authorities have also failed in their duty.A helping hand of the state can not be excluded.

Otherwise, "the local authorities would be forced to raise local taxes, reduce investment and jobs." And technically if the failure of a local community is not possible, it can be put under the tutelage of the state as was the case of Angouleme, said the chosen PS.

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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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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.