International & World Report

The tax shield prevents it really the tax exile? In 2008, when the tax shield has been lowered to 50% of revenues, 821 liable to the ISF have left France, according to figures from the Ministry of the Budget that the Figaro was purchased.

In 2007 when the shield was however 60% – only 719 taxpayers had left France and EWB! Nevertheless, the flow of exiles was more important before the introduction of the shield cash advance. Thus in 2006, 846 liable to the ISF were exiled.

In addition, 312 are expatriates tax revenues in France in 2008. It's better than 2007 when they were 246.

Earnings accumulated by hedge fund managers in the United States broke records in 2009. Top 25 ranking by the AR: Absolute Return + Alpha have pocketed a total of 25.33 billion dollars (18.6 billion euros) including seven of them reap more than $ 1 billion.

This amount is more than double that of 2008 when the financial crisis had led to some heavy losses. The previous record was in 2007 with a total of 22.3 billion dollars.

The CEO of this classification is the founder of hedge fund Appaloosa Management, David Tepper. He received a salary of $ 4 billion by betting on particular banks in financial difficulties, refusing to believe that banks may collapse or be nationalized.

John Paulson lost his crown and took fourth place

Now the new record earnings.The precedent being held by the manager of Paulson & Co., John Paulson in 2007, with 3.7 billion dollars. He gambled at the time on a drop in property prices. This year, he ranks fourth with $ 2.3 billion.

It is preceded by George Soros, the famous American billionaire founder of Soros Fund Management, which has won 3.3 billion dollars, and James Simons of Renaissance Technologies, who pocketed $ 2.5 billion. They are respectively the second and third in the standings. They already had good performance with their hedge funds in 2008, like John Paulson, while that of David Tepper had lost 27% this year, like most other hedge funds.

For many of these funds, the year 2009 has not necessarily been a good year. They took fewer risks and have struggled to make gains.In addition, Carl Icahn, sixth in the rankings, do not expect returns as high in 2010. He explained that last year the debt was really undervalued, while today it is fully valued.

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The French market for private pools should start rising this year after two years of decline due to economic crisis, said Thursday the Federation of Professionals in the Pool (FPP).

"Despite a very cold winter, the market is rising again and the number of private pools sold in 2010, as turnover is expected to increase by 10% to 15% compared to last year, has said Jacques Braun, director of the PPF, at a press conference. For Mr.Braun "the pool market, linked to the curve of household confidence, is structurally supported by the carrier for leisure culture and the willingness of households to improve their real estate."

Doubling in 10 years

The market downturn, thanks to a sunny summer of 2009, took place in the third quarter of last year (plus 7% sales pools) before leaving in the fourth quarter (plus 38%) after starting very dull year (26.5% less in the first quarter, less than 8.5% in the second) No payday advance teletrek.In 2009, turnover has decreased by 10%, however, to one billion euros, against 1.1 billion in 2008 and 1.4 billion in 2007.

The number of private swimming pools more than doubled in 10 years, from 708,000 in 2000 to 1,465,840 in late 2009 (including 559,000 above ground) at the point of making France the second largest market behind the United States. Aware of the challenges of sustainable development, the PPF is currently developing a software that can calculate carbon dioxide equivalents (CO2) from the operation of pools, depending on different parameters of size or equipment. Thus the operation of a pool of eight yards on four represents an average of 200 kilos of CO2 per year, or no more than a round-trip Paris-Lyon by car, according to calculations by the PPF.

The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.

With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.

Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.

Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics. They are also followers of the liberal model. "There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.

Meanwhile, the newspaper in Tallinn is very difficult.In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia. And the country loses a little more independence. "

Flexible economy

According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country.Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.

For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist. The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland.It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.

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Athens loses patience. Having established an austerity plan unprecedented more than 10 billion euros to reduce its deficits, the Greek government requested that the European Union to turn goodwill. Prime Minister Georges Papandreou requested Thursday that European leaders to reach agreement at the summit next week on a mechanism to help Greece.

The head of government, speaking before the European Parliament in Brussels, was also skeptical about the suggestion by Angela Merkel, to be able to exclude a country from the euro area. "Just punishment could not be the solution. And punish and exclude a country would be a failure not only for the country (excluded) but also for the Union "Money as a whole, he said.

Besides the penalties, "the important thing is that we must ensure that countries that have problems are also supported," he said. On this point, George Papandreou reiterated that his country "does not claim to help": "We are not asking for money from Germans, French, Italians, and other workers or taxpayers."

"What we are saying is that we need strong political support to enable us to make necessary reforms and ensure that we will not pay more than necessary to implement these reforms, he explained to MEPs, before threatening again to resort to IMF assistance. This last possibility is rejected by the European Central Bank and by France and Germany.

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The French get a taste for self-medication: a drug used in September last year was bought without a prescription. And the turnover of these drugs increased by 0.9% compared to 2008. The products most in demand are those who treat headaches and respiratory diseases.

The Doliprane, marketed by Sanofi Aventis, prances at the head of sales, with 19% market share among the top ten selling drugs as self medication payday advance lenders . It is followed by Efferalgan Bristol Myers Squibb (12%) and Oscillococcinum (11%) of Boiron.

Driven by fears of flu, the little homeopathic pills made a remarkable surge. She moved to head of non-reimbursable drugs most sold and propels Boiron top of the podium manufacturers of products not prescribed, before Mc Neil Health (Imodium) and Sanofi Aventis.

Torn between U.S. economic indicators mixed, the CAC 40 have seen red, to stabilize at 3927.40 points, down very low, from 0.04% in trading volume expanded slightly to 3.287 billion euros.

After having opened in equilibrium, yet he dressed in green in the middle of the session, rising 0.71% to 3956 points after the publication of figures for retail sales in the United States in February. They rose 0.3% last month, while economists had expected a decline of 0.2%, due to heavy snowfall which hit the northeastern United States in recent weeks.

But in the afternoon, a decline in the index of U.S. consumer confidence in March, calculated by the University of Michigan, was disappointed and weighed on the coast, pushing the CAC 40 in red.It is the second monthly decline in the flagship index of the Bourse de Paris.

A disappointment even greater than the market, reassured by the current finalization of a possible European aid to Greece, waited impatiently the first statistically significant week for orientation. They failed to settle with the caution that has forced the CAC 40 to move all week, within narrow margins, between 3910 and 3940 points.

Values well geared motor

"We have believed, at first, that the markets greeted the indicator of retail sales in February, although it was not extraordinary, and they would go higher, but they were quickly packed said Vincent Guenzi, strategist at Cholet Dupont. Meanwhile, indicators have been revised downward in January, including retail sales, which has thrown markets."Wall Street is finally not rise sufficiently to European markets.

Elsewhere in Europe, the London Stock Exchange closed up, the FTSE-100 gained 0.15% to 5625.65 points. The Dax index of featured the Frankfurt Stock Exchange also gained 0.28% to 5945.11 points.A New York, the Dow gained just before the closure of European markets, 0.15% but the Nasdaq conceded 0.02 %.

In Paris, car values remained well oriented: Renault gained 1.89% to 33.90 euros and Peugeot 1.41% to 21.89 euros.

The title EDF yielded 1.11% to 37.86 euros, penalized by the cancellation of a contract with the United States. Lagard?re has resumed (0.49% to 26.52 euros), following the sharp drop the previous day (over 7%), caused by the announcement of gloomy outlook for 2010. Carrefour has suffered a decline in the recommendation and Credit Suisse lost 3.03% to 35.86 euros.Total yielded 0.53% to 42.70 euros.The SGC Group had indicated yesterday that it would not resume a possible strike in support of employees of the refinery at Dunkirk (North) before the trial of an action by the central works council (CEC) against its closure.

By staying close to four hours this morning at the Salon de l'Agriculture in Paris, Nicolas Sarkozy has tried to erase the minds that it does not come to inaugurate the event on Saturday. A tour which began at 8 am 30 and held in two parts of two hours each. Initially, the Head of State met the cattle exhibitors in Hall 1, then those of the crop of Hall 2 in a general rush but channeled. A friendly atmosphere, where the applause and encouragement have predominated, but without any measure with the ovation the day reserved for Jacques Chirac. A few hisses were heard but no more, on the stairs connecting the two lobbies.

Then, the president has organized and is a first, a roundtable with all unions representing farm.And just FNSEA, the majority union in which a delegation had been received yet at the Elysee Palace on Wednesday. "This is a first, previously only FNSEA attended this kind of round table across the national council of agriculture," Henin said Frederick, who follows the industry for over ten years for the publication Net farm land.

800 million in soft loans

It was during this interview, which was attended also by representatives of agribusiness, insurance and banks, totaling about twenty representatives, the president has announced measures to help the industry out crisis. "I will do for the French and European agriculture that we have done to save the funds, has hammered Nicolas Sarkozy. I will not give an inch. "However, he made a cross on the methods of the past to support the agricultural sector."There are ways that you borrowed last twenty years, those exchanges of price subsidies cons, we can not borrow more now," he said. For ten years later, he must repay. The Head of State was referring to 500 million euros of aid from Brussels retoqu?es this summer and fruit growers are expected to repay. "The solutions we have selected to ensure price breeders are legal. In addition to plan emergency aid announced four months ago to Poligny in the Jura, Nicolas Sarkozy has put on the table over 850 million.

In detail, this breaks down as follows: 800 million for subsidized loans, which now reach 1.8 billion euros, against 1.5 billion originally projected in the plan Poligny. "All loan applications will be present and honored," said the tenant of the Elysee.They are also 50 million more who will go to farmers under the FCC (relief fund expenses). They serve to alleviate the financial costs of borrowing old. Moreover, the decree to allow the exemption of all charges employers for employers of seasonal fruits and vegetables, appear at the end of the month. A measure of 170 million already announced in the Jura, which should give a better competitiveness in the sector, with a decline of two-euro cost of the hourly labor progress.

"A new method of environmental measures"

Also on the environmental front, the President said that farmers had already done much. "I believe in sustainable agriculture, yet it need to change.I asked Bruno Le Maire and Jean-Louis Borloo to hold next week a first working group around a new method of analysis of environmental measures in agriculture, "he said. This working group is working on three areas: an analysis of what is happening with our European neighbors, a study of the economic and social impact on patterns and quantification of benefit to society. The President recalled that farmers across the prairies, it possible to store CO2. Interest so as to avoid wastage of the agricultural land disappearing at a rate of one department every ten years. A 10% tax will apply to all sales of these lands as they become farmland.

Finally, in the debate on the future of the CAP, which must be reviewed before 2013, Nicolas Sarkozy said he was prepared to reduce the budget by more than 50 billion euros on condition that farmers live with decent prices and we apply the Community preference.

With the announcement of these measures were mixed unions, most tanks are those of the Confederation Paysanne. "These are interesting and go in the right direction. But they are not sufficient, he should go to the social VAT to make agriculture more competitive French, "said Francis Lucas President of the Rural Coordination. FNSEA has in turn welcomed the easing of environmental benefits."Without denying the objectives of sustainable development, we can not ask for more investment in heavier farmers if there is no remunerative prices and incomes, reacted Jean-Michel Lemetayer, president of the FNSEA. Agriculture should not be steel or textiles of tomorrow, "he added.

Around 12:30, the President closed the debate by promising to review the parties present three times a year to make a point with their monitoring of current files. "I was happy to be with you," he said in the twenty participants.

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The French do not really feel the first effects of the recovery. Nearly 43% of them believe the situation will not improve in the short term, against 53% more optimistic, according to an Ipsos Direct Insurance. The 18-34 years are more positive, being 60% believe in a short-term improvement of the economy.

In contrast, the 35-59 years are 49% to fear for the future economic situation. Pessimism contrasts with predictions of positive growth, the government is relying on such an increase of 1.4% of GDP in 2010. It seems that the fear of unemployment prevails in this population group. They are right: the unemployment rate, currently at 9.1% should exceed 10% according to the OECD.

A large majority (69%) French also fear a rise in prices. Again, they are too pessimistic.Economists Natixis, inflation should not exceed 1.2% in 2010, a fairly low level. INSEE table involved a decline in inflation "underlying", that is to say outside energy prices, to 0.9% in July 2010 against 1.8% in October 2009 .

Eight out of ten people expect further increases in oil prices free credit scores . Again, the French would they be worried too? INSEE expects a stable price per barrel to around $ 80 by mid-2010. But the National Institute of Statistics warns that still considerable uncertainty surrounding its estimates, the market of black gold is very volatile.

According to the Ipsos survey, these pessimistic expectations should lead the French champions of saving, save more. Nearly 65% of respondents believe that the crisis will encourage them to save even more.On this point, they agree with the experts. The INSEE estimates that savings will remain at a high level (16.6%) in the first half of 2010, having broken records in 2009.

Latest cares, but not least, the French: the future of pensions. They are 90% believed that "concern about changes in the level of pensions in the years to come is a sense justified. Negotiations on the future of the pension system, initiated by the government this year, will soon fix the issue.

Haro on stress associated with transport. In a study whose findings were published Monday in Le Parisien, Technologia firm specializing in the prevention of occupational risks, points to the adverse effects of increasingly frequent suffered by employees Ile. Saturated lines (lines 1, 3, 6, 7 and 13 are officially), frequent delays (more than 20,000 delays on the single line of busy RERA, in a year), and companies increasingly prompt to relocate their offices in the suburbs for reasons of economy: this is at least enough to increase stress levels of employees affected by these transport commuters daily.15 to 20% of 8 million passengers who travel each day on the Paris network would be affected, according to Jean-Claude Delgenes, CEO of Technologia.

"A triple penalty"

The study, conducted from discussions with employees and more than 150 HR managers, staff representatives or the Committee of Hygiene and Health at Work, underscores the impact of such inconvenience Health employees, and quality of life in the business. "SMEs are the structures whose operation suffers most from these repeated delays, due to their low numbers," says Jean-Claude Delgenes. Employee side, in addition to fatigue, stress and loss of family life brought about by the slowness of some transport is sometimes the career advancement that is hampered by these delays are difficult to predict."For those employees who bear several hours a day on trains or buses arrive tired at work and see their careers blocked, it's triple trouble," says Jean-Claude Delgenes.

Proposals to stimulate discussion

A finding against which the employees interviewed appeared resigned. The firm Technologia, which makes ten proposals (favored by the carpool, or the establishment of an efficient information bound travelers), wants to mobilize otherwise elected on this issue due to the regional elections. A yard more, while companies with more than 1,000 employees will be considered next week by the government, according to their degree of commitment against the psycho-social risks.

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