International & World Report

Hunting tax loopholes while declaring his intention to encourage innovation is a difficult exercise. Measures Bill 2011 Finance defended by MPs and the government caused the anger of several professional associations.

France Biotech, CroissancePlus the Richelieu Committee, Entrepreneurship, MEDEF, the union's national game, the French association of software publishers, Leem, the association of pharmaceutical companies and the cluster Cap Digital denounce threats against the 2200 start-ups and SMEs with the status of "young innovative company."

This status allows an SME under the age of eight years of being exempt payroll for eight years on the salaries of its employees who participate in research projects.

"I am surprised and shocked by the planned reform.The government renders meaningless the status of the young innovative company when it was created only six years ago and is effective. There have been no changes as a start-up innovation in a market such as biotechnology and new energy needs 8 to 12 years to launch its products on the market, "said Philippe Pouletty, honorary president of France Biotech. The reform of regulations and measures passed by MPs that reduce the research tax credit "will increase to January 1 of 30-40% the cost of payroll researchers from innovative start-ups. If such measures were applied to restaurants or cafes at France Telecom, it would be a revolution, "says Philippe Pouletty.

In Bordeaux, the founders of the start-up specializing in Internet Libcast employs 8 people, looking for a parade. "This decision requires us to serious adjustments.We need to revise our business plan and strategy but not thoroughly, "says Sandrine Mayoux, one of three partners. The young company that seeks 300,000 euros in turnover this year, could go live in London. "The British Embassy in Paris contacted us. The English want to attract small innovative companies like ours, "says Sandrine Mayoux.

In the Paris area, the company Theraclion hosted at Cochin Hospital is working on the scalpel of the future. "Our company is the world's first in its field. We are addressing a public health problem. Our product will help to treat include osteoporosis, a disease that costs 12 to 15 billion euros per year in Europe, which affects 75 million people worldwide, "says Dr. Nujurally Ishmael, Director General Theraclion.The start-up company that employs 10 people including 9 engineers and doctors more graduates tray 5 will be delayed in its projects. "It is incomprehensible to change the rules of the game I am about to commence public offering. Convince private investors will take more time because the payroll will increase, "says Dr. Ishmael Nujurally. I regret that the development of innovative companies is hampered. It is an incentive to go elsewhere if the search becomes too expensive in France. "

Aldebaran Robotics that designs personal robots and employs 100 employees, half of researchers, engineers and university graduate, is studying how to adapt too. "The measures that affect young innovative companies and research tax credit, will have an impact on our cash 500,000 euros from January 1.As the company did not have those 500,000 euros in cash, we must either lower our research efforts is our research relocate to Taiwan where it is cheaper, "says Fabien Bardinet, Deputy Director General of Aldebaran Robotics.

This shift triggers reactions which are stronger than large firms escape the cuts. "Christine Lagarde has taken this week in the Senate defending the research tax credit for large groups. I also hope to hear him say that the economy 54 million provided by the reform of the status of the young innovative company is not justified to 2 billion euros invested annually in research by SMEs, "concludes Philippe Pouletty.

With growth of 6.9% on a comparable basis, Danone has done slightly better than hoped for consensus for the third quarter. In a statement, Franck Riboud, CEO of the group explains: "Our third quarter results confirm our strong performance in the beginning of the year and the strength of our business model.

Other areas of the group's activities "in line with targets." The majority of organic growth than expected. Only medical nutrition is a little below the consensus at 8.4% against 10% expected.

The Water Division explodes.

The group's activity is driven by the performance of the Water Division, with sales up 8.7% in value and 7.6% by volume, even as analysts were hoping for an increase in value between 2 and 4 % max.During the conference presentation this morning, Pierre-Andre Terisse, CFO, said that "particularly strong growth, which benefited from favorable weather, particularly in Japan and to a lesser extent, Europe.

For the full year, the manufacturer expects sales growth of at least 6%, a stable margin and free cash flow from operations of at least 10%.

Emerging markets, growth drivers

In its statement, the giant agribusiness "anticipates that the financial crisis, economic and social will continue to weigh on consumer trends in Europe, while emerging countries should continue to thrive in large," cash advance america the group said.

Franck Riboud, CEO of Danone, said the quarter's performance bolsters the company's decision to "continue to invest in (its) priority emerging markets, driving growth today and tomorrow."

The company has benefited from the presentation of its quarterly revenue to confirm the creation of a joint venture between its fresh dairy products division and the Russian group Unimilk. "The new company Danone-Unimilk will become the leading dairy in the former Soviet countries, especially Russia." The statement said the group. If the merger will allow many synergies, it will in the short term, increase the group's debt of 1.3 billion euros.

Finally, Danone announced it will conduct a share buyback program for approximately $ 500 million, cash that come primarily from the sale of its holdings in Chinese and Russian Huiyuan Wimm Bill Dann.

The movement of the road is expected to go up a notch next week. Sector unions call for employees to vote as of Monday morning on further actions, including possible strikes.

This weekend, the CFDT and CGT trucking organize specific actions, such as temporary blockades of oil depots, operations "snail" and roadblocks and platforms for the retail supply.

"We expected the government to take the pulse of discontent in the country, he did not follow the path of reason. We have the ability to transport the extra mile to help employees.We will return to the movement to curb the government, "exliqué the secretary general of the CFDT Road, Maxime Dumont.

"We will increase inter-union from Monday to decide on actions," he said, adding that "next week will be decisive." "We must expand the actions and participate in demonstrations Tuesday", also called Saturday the CGT federation Transport.

Transportation funds targeted

In the transport sector funds, strikes have already been decided locally low fee cash advance."Agencies like Chambery (Brinks, Loomis, Banque de France) will be on strike starting Monday, the agencies will follow behind as Valencia and we are waiting for big agencies such as Paris, Toulouse, Marseille," says Stéphane Debosque of CGT Loomis.

The Transport Union Solidarity aims to be as radical, "we carry the fuel, we supply superstores, we feed the company's raw material. Coupons touch, lock in business inventories, "she said Friday.

No use of trucks

The UR, employers' organization representing the SOHO and small road transport, insisted it would not accept the road, who are called to action Saturday and Sunday as part of the mobilization against pensions, why use HGVs.

"The actions should be undertaken on foot or by car," said Maxime Dumont well, CFDT Transportation majority in the industry.

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The International Monetary Fund (IMF) does not consider and if necessary additional assistance to Greece and help him avoid defaulting on its debt, said on Friday the Wall Street Journal, citing "a person familiar with the matter."

The exceptional support that Greece has received "does not in itself any kind of agreement with the IMF added later after the expiration of the current agreement in three years," according to the source quoted by the newspaper.

In May, Greece, heavily in debt, has received financial support from the EU and IMF, with a loan of 110 billion euros over three years in exchange for fiscal austerity measures to avoid bankruptcy the country. The IMF has supported third of the credit.

In a brief article entitled "IMF suggests further assistance to Greece," the business daily said the U.S. for the first time since spring, the IMF launched a signal indicating that he would not abandon the Greece if the country could not regain market confidence despite the implementation of reforms in the agreement.

The Greek finance minister George Papaconstantinou, this week conducted a mini-tour of the three main financial centers in Europe London, Paris and Frankfurt to try to convince international investors to buy debt Greek, showing them the progress .

According to the Greek press, the minister declined to comment on a possible extension of IMF assistance to the maturity of the support plan for three years.Some analysts do not exclude that the threat of bankruptcy resurface in 2013, the loan term the euro area and the IMF.

While they are not convinced that this country does not restructure its huge debt, a move that would require a suspension of payment, investors refuse to Athens long-term loans were too risky. This denial requires Greece to increase fundraising and repayments in the short term, to a pressure of permanent market.

Four of the five facilities inspected BP in the North Sea last year have been pinned by the British government for deficiencies in their preparation against possible oil spills. After the serious crisis that followed the explosion was the Deepwater Horizon platform in the Gulf of Mexico, the revelation yesterday of the new security flaws in the Financial Times comes at the worst time for BP.

It is in fact yesterday that Tony Hayward, CEO of British oil out, appeared before a parliamentary committee about the safety of deep drilling in the North Sea. Despite calls by some politicians, including the European Commissioner for Energy, Günther Oettinger, Great Britain did not implement a moratorium on new deep wells, saying that safety standards were sufficiently robust.A decision could be reviewed if the non-observance of safety rules by BP proved serious enough. Inspection reports from the Department of Energy, which has procured the Financial Times through a request for Right to Information, show that most of the BP employees had not received training to prepare regulatory in the event of an accident causing an oil spill.

The British oil company has 33 drilling platforms and operating in the North Sea, and on 12 of them that were inspected, 7 had not made the necessary training. The company claimed to have corrected the problems identified since the inspections. BP is not the only company to be late on mandatory training.Shell was also affected but to a lesser extent, with only 5 out of 27 inspections identified problems in the last 5 years guaranteed payday loan.

Many accidents

On the whole North Sea, the safety statistics have worsened in recent years after the British authorities. There were 85 accidental releases of oil and gas over the period 2009-2010, compared to 61 in 2008-2009. The number of accidents classified as "serious" is also increased from 30 to 50 over the same period, while staff on the platforms was reduced from 28 200 to 26 600.

Some of the problems associated with aging platforms, some of which are active since the 1970s. Platform for BP Magnus, in operation for 27 years off the Shetlands, was repeatedly criticized by officials.The installation was not prepared to deal with oil spills, and labor inspectors noted deficiencies, such as a lack of sufficient lifeboats in running condition, the emergency lights failed and the beams and poorly maintained metal bridges. BP claims to have invested 250 million pounds to deliver Magnus to level.

A letter from the Labour Inspectorate to BP last winter, and published this week by the Daily Telegraph commented that their subcontractor Seawell "had a habit of working without due process or frames given by Authorities ". Labour inspectors also criticized BP for not sufficiently taken their previous conclusions seriously.

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Gilles Carrez wants to go further than the government on the niches. It will introduce amendments to that effect during the debate on the 2011 budget this fall.

LE FIGARO – What are your views on the French public finance?

Gilles Carrez – Economic policy has been pursued since the crisis is a no-fault. Today, employment recovers, tax receipts and social re-form. But we emerge from the crisis with a very high public deficit. In 2011, France will be the second sovereign borrower in the world after the United States! This makes us vulnerable. The comparison with Germany could become difficult because our neighbor should have a deficit below 3% of GDP next year. France must absolutely bring his to 6% in 2011.

How?

We must first control public spending. But since they are rigid, the process is slow.Despite the non-replacement of staff on two retiring, the payroll of the state increased from 600 to 800million euros per year! The social welfare spending rose inexorably. So we must also protect revenue. Hence my fight against tax shelters and social.

The plane on the niches will bring 500 million. Are you disappointed?

500 million is not much. It is not a plane, but a nail file! Of the 10 billion in new revenues in 2011, expect about half of the insurance and banking is not a balanced fiscal policy. Especially since some measures are not sustainable.I propose in the budget debate amendments to go further, much further in reducing the tax and social niches and that with a sense of fairness.

What devices do you carry the iron?

The reduction rate of 75% tax on small niche ISF leads to bad investment decisions easy payday loans. We must decrease. Is it reasonable to exclude from the plane cuts the tax on donations, especially donations to political parties? I do not think. The real estate gains, excluding principal residence, must be submitted to CSG and CRDS. It would introduce an income ceiling for the new zero-interest loan to replace the tax credit on mortgage interest.

And side businesses?

It must redefine the research tax credit to avoid windfall. Book and the tax credit incentive for small businesses.Finally, deletion of the last installment of IFA (fixed annual tax), scheduled for 2011, should be postponed. This measure will only affect very large firms, which it is normal that they participate in the national effort.

Ultimately, should put an end to niches?

It would have to transform many grants. Rather than offering on tap for a tax credit to households that install solar panels, mostly imported from China, it would be better to give them direct support. And do the same for the niches overseas. The grant runs in a sealed envelope.If the credits are consumed in October, well, the distribution stops! With the tax shelter, forecasts and assessments are impossible and the result is disastrous for government finances.

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The question on everyone's lips invited journalists on Thursday in Paris by Marc Ladreit de Lacharriere, the president (and owner) from Fitch, one of three international agencies Credit rating with Moody's and Standard & Poor's. The French government does risk losing one day or the other its AAA rating, which assures financing conditions for the optimal time? There is a little over a month, Baroin, the budget minister, although he had caused disturbance by declaring that it was a goal "tense". He had had to return for saying that France would keep its good signature "no doubt".

David Riley, head of Fitch Sovereign risk has certainly not been outright, but he wished to remind the public announcement of his agency last March 30, confirming the rating of "AAA with stable outlook, the best that either.Since then the agency, including half of the experts working in London and New York, has published another "positive comment", May 28, welcoming the conference at the Elysee on public finances with the social partners.

The diagnosis remains the same, if we believe the criteria provided by Fitch. Compared to other AAA-rated sovereign states (a dozen Worldwide), France is characterized by a per capita income slightly below average (around 35,000 dollars against 37,500).

Challenge for France

Instead, it relies on a level of inflation among the lowest and least volatile and "stability of tax revenues" (well above the average for other countries AAA).David Riley has also recalled that France had not had to suffer a banking crisis, unlike the United Kingdom or the United States, and its level of budget deficit below these two countries. Still, the notes are never acquired for eternity. "If the debt level should continue to grow, the question might arise in the medium term. But it is a challenge that France is not alone in facing. "

Fitch's meeting was not intended to scrutinize the French case but to explain the mode of operation of the agency. "If BP makes a mistake in the Gulf of Mexico, we do not criticize all the oil companies so we constantly amalgam when it comes to rating agencies' protests Marc Ladreit de Lacharriere.It will distinguish itself from its major competitors "doing work more than other analysts, in order to provide a diagnosis if not more documented beyond doubt. "Because ultimately, it is the investors who are the referees. The euro area is structurally borrowing outside for more than 1000 billion euros, "he quips. Some would in fact that the ECB could build itself a rating agency, which would obviously be judge and party.

David Riley the opportunity to explain why Fitch is expected to worsen 28 May Spain to AA +, which then was considered the final blow vis-à-vis a country plagued by the suspicion of markets."What then has changed? The worse than expected deterioration of public finances, the slow pace of restructuring savings, the contagion of the crisis and the deteriorating Greek sustainable growth prospects. Our decision was taken after a long period of explanation with the Spanish government, "he says.

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There will indeed be a case Boutin. François Fillon has ruled Tuesday: his ministers will no longer entitled to combine their ministerial allowance and a pension of retired. Former Secretary of State for Housing had indeed stirred controversy last week about his double pay, perceived to be a member retired and in charge of a mission by the government. The head of government, which has already announced that future ban to UMP deputies should soon write to his ministers "asking them to suspend payment of their parliamentary pension.

In support of this decision, Francois Fillon cites the constitutional amendment of July 2008, under which ministers can automatically return to Parliament when they leave government.A provision making, as the Prime Minister, "illogical" the possibility of combining the two sources of income. In addition Christine Boutin, who had already announced it will conduct its mission on globalization gracefully, several ministers are concerned by the ban. Michele Alliot-Marie, Roselyne Bachelot, Raincourt Henry, Patrick Devedjian and Jean-Marie Bockel, all former MPs and sixties, are particularly targeted.

The system of parliamentary reform

Other collateral victims of this controversy: the parliamentarians. While the government prepares to unveil on Wednesday morning, the pension reform, it intends to show that employees are not the only ones making sacrifices. Labour Minister Eric Woerth said Monday and hoped to redesign the system of retirement benefits for parliamentarians.A device that allows them to reach thirteen months of retirement a year and, thanks to a dual assessment, a full pension after 22.5 years in office. "We need the President of the Senate and the Speaker of the Assembly clearly announce a reform in the coming days," Had he then served.

Message received by the President of the National Assembly, Bernard Accoyer. Tuesday at the antenna of Europe 1, he has indeed supported the abolition of dual assessment under which assessed one year is worth two "exceptional measures were intended to be removed without delay." A working group will be established soon on a floor Wednesday to reform the system applies this fall.

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This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic reduction plan deficits that ignited the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by the markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero payday loan no faxing.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

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