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The fundraiser was launched with great fanfare last Friday. Brazilian President Lula da Silva himself had symbolically rang the bell at the Sao Paulo Stock Exchange under a shower of confetti. "Never in history, a capital increase of this magnitude, like the one we have just done, has taken place," he congratulated himself, wearing the orange jumpsuit and white helmet logo Petrobras.

On Thursday, the oil compagine announced the final figures are capital increase. This finally brought together $ 67.7 billion. A record in absolute terms but a sum slightly less than the upper bound of the transaction set at 70 billion.

The news now was that the capital increase carried over 2.3 billion shares and 1.8 billion preferred shares.The board of directors of Petrobras confirmed Wednesday night the capitalization of the company, which rose 50.1 to $ 117.7 billion.

The Brazilian state, which already owns 39.8%, benefited from fundraising to increase its stake to 48% of capital. It now controls 64% of the voting rights against 57.4% previously.

An increase in the height of the technological challenge of Petrobras

The giant Petrobras stock transaction is expected to finance part of the program group's investment of 224 billion dollars by 2014.

The Brazilian company will in fact engage in the holding tanks of high quality oil found off its sides in 2006 and 2007.These deposits termed "pre-salt" can be found at a depth of seven kilometers under water, beneath a layer of salt that can reach almost two miles deep. The investments needed for this operation will involve the entire productive chain of the group, looking to refineries via the offshore platforms.

The technological and logistical challenge, very well explained in a slide show of the group (in English) is up to the benefits that Petrobras expects to derive. The oil giant has proven reserves of 14 billion barrels of crude reserves that could triple with deposits in deep water.The group plans in 2014 an average production of crude by 3.9 million barrels per day, over a quarter of the deep sample, and 5.4 million barrels a day in 2020, against an average of 2.6 today ' hui.

The company says on its website that the exploitation of fields "pre-salt" Brazilian he would "move to another level of production and to be ranked among the majors in the sector."

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A Bercy, they have billions. But difficult to understand what these are actually are. To get an idea, Figaro.fr offers a balance budget payday loans lenders. Click and drag the weights that represent the most iconic items of the budget. And compare.

Wealthy households targeted

Rain of burdens on business

New efforts to labs

Last year, the Finance Bill had the ambition to "assist the economic crisis" and to "prepare for tomorrow's growth." A year of recovery made at the cost of soaring deficits. The 2011 budget the government today must put a stop to the deterioration of finances of France. It is now the stated priority of the executive.

This year, the government deficit (state, social security, local authorities) will reach 7.7% of GDP, according to recent government calculations. Bercy is committed to Brussels to reduce to 6% in late 2011.The government, while taking care not to speak of a tight budget, ensures that such an effort has never been done …

It will break both the budget of Social Security officially yesterday (see below) and on the state budget to be presented this morning by the Cabinet by Baroin and Christine Lagarde. Objective: To achieve at least 40 billion economy next year. The return to growth – the government sees up to 2% in 2011, after "at least" 1.5% this year – will help. It will provide mechanically 7 billion through higher tax revenues and social. The stimulus, which appeared in the 2010 budget but will not be in that of 2011, nearly 16 billion short-term gains.As for the 5% reduction in operating expenditure and intervention at all levels of government, it will save 7 billion.

"Fiscal Stability"

But this is not enough. Nicolas Sarkozy was forced to resign a few months ago, to make a cross on his campaign promise not to raise taxes – "I was not elected to it," has long repeated the head of state.

The suppression of certain niches – tax and social security – and the 22 other planing will find 10 billion more. The effort will be borne 60% by businesses and 40% by households."We eliminate unnecessary niches and niches galloping, which cost each year more and more expensive for the state, recently justified the Economy Minister Christine Lagarde in an interview with Le Figaro – citing as an example the credit Taxes on photovoltaic or reduced VAT on offers "triple play".

However, Bercy does not affect the principle of the tax shield, a symbol of the candidate Sarkozy, who suffered a recurrent attacks of the opposition. "This is the fiscal stability that we preach," reiterated Sunday the Minister of Budget, Baroin.However, this shield will be chipped.

First, because the high income and capital income will participate in the effort to fund retirement: raising a point of the top tax on income, rising to 41%, and rates taxation of capital gains, interest and dividends will be outside the scope of the shield. Then, because the plane 10% decided on 22 tax loopholes will be made outside shield.

Despite the efforts and the austerity of the budget, the debt should still take time to unwind: it should reach just over 86% of GDP in 2011 and just over 87% in 2012.It would begin to decline from 2013.

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Wealthy households targeted

Households will pay 1.5 billion more in taxes in 2011.

Newlyweds PACS, divorced *

Today, married and PACS can make three tax returns the year of their marriage (two separate statements to the date of the union and a common after), which underestimates their taxes. The same system works in reverse for divorces and out-of PACS. From 2011, the newlyweds and PACS will have to be a joint declaration for the entire year, or two separate statements for the year.For purposes of divorces and civil partnerships, it will make two separate statements throughout the year.

Up the final installment of income tax

The tax rate of the last installment of income tax from 40% to 41% for 2010 income taxed in 2011 online payday loans. For this installment earnings per share of family quotient above 69 783 euros per year.

Rabot on niches *

Twenty-two tax loopholes are planed: the rate of tax reduction they offer will be reduced by 10% (a 50% rate increase to 45%, a rate of 40% to 36%, etc..), And this income for 2011, imposed in 2012.Among the niches are planed three devices used extensively: the Scellier for rental investment, niches overseas tax exemption (except for investment in social housing, non-planed) and the tax credit for equipment home for Sustainable Development (condensing boilers, windows, etc..). Moreover, the tax credit for photovoltaic panels will jump from 50% to 25% today.

Up charges on employment at home *

Individuals who report their employers to employees at home have a real wage reduction of 15% on payroll taxes. This allowance will disappear in 2011.CSG seen on high incomes (more than four times the ceiling of the social security) will cover 100% of salary, against 97% currently.

Stock options and top-hat

Taxation is significantly revised upward for stocks and options for pensions cap.

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Rain Cherga for businesses

The invoice is between 6.5 and 7 billion for businesses.

VAT on the triple play (*)

The entire bill for triple play (Internet + TV + phone) will be subject to VAT in 2011 to 19.6%. Today, half of the offer has a VAT at 5.5%. The question is how telecom operators, who will undergo this tax increase, pass it on to their customers.It could cost two euros per month more on your individuals.

Annualization of exemptions from

From 2011, calculation of payroll tax exemptions will be made on an annual basis, not monthly. The thirteenth month premium and will therefore be included in the calculation.

Social package

The package on social participation, profit sharing, employee savings and pensions will be further increased by 4% to 6% in 2011.

Contribution accident

Contributions under occupational accidents and occupational diseases will be increased by 0.1 points.

Regime mother-daughter

In mother-daughter tax, dividend raised from the subsidiary to the parent company are tax exempt. Except for a "share of costs and expenses" which is taxed.This share is 5% dividend, with a ceiling equal to the amount of expenses actually incurred by the mother. This cap will disappear in 2011.

Fees for Insurers

Insurance companies and mutual funds will see the money invested in reserve funding subject to tax at the output of 10%. Contracts for Medicare in 2011 officials will be subject to a tax of 3.5%.This allocation could result in a rate increase for policyholders.

Bank charges (*)

Sitting on risky assets, this new tax will hit from 2011 banks, credit institutions and investment firms.

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New efforts to labs

Prescriptions

Physicians should continue to "hold their pen" on the orders: 500 million in savings are expected to better target the requirements of the cholesterol drugs or physiotherapy.

Pharmaceuticals

The "lab" will suffer further price declines in some older drugs in general.Beyond 0.5% increase in their turnover, they will surrender a portion of the increase in Medicare (this threshold, called "rate k 'instead hovered around 1% to 1 , 5% in recent years).

Radiologists, laboratories, hospitals

They will also implement tariff reductions. In the case of public hospitals, this effort will focus on acts for which current prices are significantly higher than in private.

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Next Wednesday, the budget minister Baroin present to Cabinet the 2011 budget. The government, which hopes to reduce the deficit to 6% of gross domestic product, must achieve 40 billion euros in savings.For this, it builds on the following economic assumptions:

– Growth: 2%, after +1.5% this year.

– Fiscal deficit: 6% of gross domestic product (GDP), after a record "around 7.8%" this year.

– Public debt: 86.5% of GDP from 83.7% this year.

– Inflation: +1.5% after 1.2% this year.

– Employment: 160,000 jobs created traders, roughly double this year, which should reduce the unemployment rate.

Overview of the main novelties for 2011:

HOUSEHOLDS

– Use at home:

The government wants to eliminate the deduction of 15 points on employer contributions to Social Security offered to households reporting their employee wages at Real.

– Real Estate:

The tax credit on the loan interest, a key measure of the tax package of 2007, disappeared, replaced by a new zero-interest loans expanded and reserved for first-time buyers.

– Marriage:

The government wants to end the multiple tax returns for tax year of marriage, civil partnerships and divorce. The newlyweds of the year do subscribe to three statements of income, but one or two.What, so, will raise the amount of tax.

– High income:

They are involved in pension reform, through raising the marginal rate of tax on upper income (41%), higher contributions on stock options, the abolition of the tax credit on dividends received by shareholders, or increased withdrawals from retirement hats.

– At 10% of plane in 22 niches:

These are niches that reduce the income tax by making an investment choice.For example, the tax credit on equipment in support of sustainable development, tax reduction for certain overseas investments or rental investment in new device ("Scellier).

– Photovoltaics:

The tax credit for photovoltaic systems will be reduced by half (from 50% to 25%).

– Health insurance:

The government prepared according to Les Echos a lower rate of reimbursement for medical drugs "moderate" (35 to 30%) and a slight increase in user fees (which remains the responsibility of the patient or their mutual) on care currents (doctors, physios etc..).A hospital co-payments of 20% applies to acts up to 91 euros could be raised about thirty euros.

BUSINESS

– Insurance:

Certain tax loopholes, including related supplemental health and life insurance will be reduced by 3.55 billion euros. For some insurers, this amounts to bid for the cost of additional households.

– Telecommunications:

Tenders combining television, telephone, internet, such as "box" or some mobile plans will be subject to VAT at 19.6% on the entire bill, against 5.5% so far on half the Note.Two of the major operators (Orange and Free) intend to pass this increase on their bills.

– Employee savings:

The government will raise from 4% to 6% fee on profit-sharing and social participation.

– Charges:

Under the pension reform, the government will modify the calculation of the general allegations of employer costs in the annualization. This will result in a reduction of € 2 billion of these cuts.

Corporate contributions to fund the industry accidents and occupational diseases of Social Security could be identified.

– Tax credit:

A tax on banks will their riskiest.According to the Minister of Economy Christine Lagarde, she will bring 504 million euros in 2011, 555 million in 2012 and 810 million in 2013.

– Restoration:

The exemption of fringe benefits offered to restaurateurs who feed their employees is eliminated.

– Pharmaceutical companies:

Raising the special contribution of laboratories is envisaged, as well as lower drug prices.

Key figures from the 2011 budget:

– Tax and social niches will be reduced by 10 billion euros in 2011.

– The state budget is expected to reach 285.69 billion euros (against 281.11 billion in 2010), including 45.38 billion for the burden of debt which becomes the largest item of expenditure, to the School Education .

– Total expenditure, including grants to local and Europe-would amount to 356.87 billion.

– Net tax revenues should be between 253.1 and 262.5 billion.

– Downsizing: 16,000 posts in the Education, Defence and -8250 to -3127 Budget.A total of 31,411 FTEs will be eliminated next year, a figure that should reach 100,000 by 2013 to an expected savings of 3 billion euros.

Conversely, the Justice Department will be the only – with the Prime Minister's office (+54) – to benefit from net new jobs (+400), mainly in the prison, and will climb to 5 credits , 8 billion next year (+2.7%) and 5.96 billion in 2012.

Mission Research and Higher Education will work with a stable workforce and credits from 23.64 billion euros in 2010 to 23,830,000,000 in 2011 and 24.04 in 2012.

– Lower credit: it must involve more than half of the state missions, including Ecology (-4.5% YoY), relations with communities (-4.2%), Overseas Mer (-3%), the City and Housing (-2.6%), Agriculture (-2.5%) or the Solidarity and Integration (-1.8%).

Mission Work and Employment should see their credit further progress next year, before a sharp decline from 2012.

(With AFP)

The Minister of Culture and Communication, Frederic Mitterrand, and Secretary of State for Strategic Planning and Development of the digital economy, Nathalie Kosciusko-Morizet, took stock Wednesday on the progress of digitization projects cultural content supported by the large loan. Last December, the president has launched a comprehensive program to support innovative companies 35 billion euros. The section dedicated to new uses of the digital economy $ 2.5 billion, 750 million to fund the digitization of cultural, scientific and educational.

In six months, the two departments have collected 141 contributions and funding projects.And already, the Minister has identified four major projects that are "a budget of around EUR 100 million investment" on the 750 million euros for the digitization of cultural content. To support the development of the legal provision in the film, the two departments and selected the project of creating a platform of more than 3,000 feature films post-1929 format VOD (video on demand) . This scan will be "in connection with private partners pooling their catalogs," warned the Minister of Culture personal loans for people with bad credit. In the same spirit, Frederic Mitterrand supported the creation of a portal offering video on demand for all TV programs and films with the Institut National de l'Audiovisuel (INA).

Scanning the BNF

In the field of writing, the Minister intends to carry out a third project dear to his heart, that "unique in Europe, which is unavailable to scan the books of the twentieth century under copyright, from a consortium of partners public – the National Library of France (BNF) – authors and publishers. " Initially, 100,000 books should be digitized and, eventually, 400,000 titles. "Since July, several private players and publishers have expressed their interests," said Bruno Racine, president of the BNF.

Fourth major project, the creation of a digital kiosk for the national daily press should be released in the coming weeks. Five daily and one weekly – without doubt L'Express – participate in the kickoff of this new platform for publishers.

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The U.S. stock market should open down slightly Wednesday. The index futures Standard & Poor's 500 index retreating into effect from 0.26% to 1131.50 points and those on the Nasdaq 100 yield 0.25% to 1 980.50 points. On Tuesday, the New York Stock Exchange New York Stock Exchange closed in a disorganized, visibly disappointed by the cautious tone adopted by the U.S. central bank, which said it was ready to further support the economy, "if necessary . At the close, the Dow Jones gleaned 0.07% to 10,761.03 points, while the Standard & Poor's 500 lost 0.26% to 1139.77 points and the Nasdaq 0.28% to 2349.35 points.

On the foreign exchange market, the euro was more than $ 1.33. The Fed said that economic recovery overseas should be "modest."Investors, who, anticipating a period of deflation, have sold their dollars en masse, making climbing mechanically other currencies including the euro against the greenback. Yen tu its highs against the U.S. dollar.

On the macroeconomic front, investors are waiting to 16.30 including the traditional weekly inventory of crude oil to the United States. Indicators in real estate sales old and new, always under the microscope by the market are then expected Thursday and Friday respectively.

The side of values, after the close, the software company Adobe has announced for its third fiscal quarter, a profit of $ 230.1 million. Turnover exceeds the expectations of analysts.It exceeds the 990 million dollars against 697.5 million last year.

Instead, the group of Internet auction eBay has announced that its results would fall within the upper range of its forecasts in the third quarter.

Always on the side of values, the chip manufacturer for the telecommunications sector has revised downwards its projections of revenues for the third quarter. It now expects sales of between 161 and 163 million dollars against 169-177000000 announced at the presentation of results for the second quarter.

For its part Microsoft has announced an increase in its quarterly dividend to 16 cents a share against 13 cents. The group announced its intention to increase its borrowing capacity of $ 6 billion while its cash flow is 37 billion dollars.The announcement should add momentum to expectations of share repurchases and payment of a dividend.

Also note, the economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year.

The Charles de Gaulle Airport Express is not ready to see the day. According to the daily La Tribune published on Monday, negotiations have stalled to convince Vinci start this project back in 2000. The future process should provide direct liaison between the center of Paris (Gare de l'Est) and Roissy airport in twenty minutes.

Exclusive negotiations with the government since July 2008, the consortium formed by Vinci, the Caisse des Depots, Axa Infrastructure Investissement and Keolis, shows little inclination to launch the project. He feared at first that the proposed extension of the line 14 to the same airport would affect the traffic of the CDG Express.

Banks also fear strikes by train drivers who will, in accordance with the law, employees of the SNCF online cash advance. In addition, the consortium seeks to alter the route to capture traffic from Great Britain who arrived in Gare du Nord.

Finally, the planned initial investment of about one billion euros should be exceeded. An additional reason to hesitate Vinci, who has also won several contracts recently.

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Last Sunday, the Basel Committee, the international body responsible for developing the operating rules of the banking industry, announced the requirements that apply to the future. The standards, including the implementation will run through 2018 have been considerably strengthened, with the explicit aim of avoiding another financial crisis. President of the French Banking Federation (FBF) from 1 September, the boss of BPCE François Perol reacts to this event on behalf of the profession.

LE FIGARO. – What the French banks feared-that is to say an excessive strengthening of the requirements of their regulators, has it occurred last Sunday during the meeting of the Basel Committee?

Francis PEROLS. – The strengthening of capital adequacy of banks is necessary. The rest was an instruction to regulators by the Heads of State and Government of the G20.What was decided on Sunday is the translation of this commitment, in a version very demanding. Judge for yourself: in practice, the minimum capital that a bank must be multiplied by more than 5 by the new regulations. Indeed, not only the minimum ratio of capital raised from 2% to 7% risk, but also the definition of capital that can be taken into account in calculating this ratio is made more restrictive. In total, this will greatly increase the amount of capital that banks must be equipped.

How, in the case of French banks?

The French banks did not wait for new regulations to strengthen their capital. Since the crisis, they have increased their capital over 30% on average to be placed well above the minimum required by current regulations.This is why the French banks are already solid banks, as demonstrated resistance tests that Europe has made in July. And their model is robust enough that the capital requirement set by Basel 3 may be filled by setting aside a portion of their results. Regulators have indeed had the wisdom to give us enough time for that …

So where is the problem?

All things being equal, have more capital for the same activities, it means more pressure on the risks we take, therefore, on credit, and the profitability of these risks and therefore on interest rates . The risk is therefore a credit less dynamic and more expensive. I would add that the work of regulators are not completed.It remains to further clarify the definition of capital, as well as rules on banks' liquidity … Especially, the issue of systemic risk is on the table. Treating it with a new overhead capital which would apply to larger institutions would be a grave error when they enter an area unreasonable, in which those banks could no longer fulfill their mission of financing the economy. In my view, the systemic risk is an approach which should focus particularly on the organization, transparency and market surveillance. On all these subjects, the French banks remain extremely vigilant and mobilized. With a strong message with regard to capital: that will do!

Last Monday, bank shares have risen sharply in stock. The markets seemed relieved.Are not you exaggerating the impact of Basel 3?

Let us not focus too much on daily changes guaranteed personal loan approval. More fundamentally, the markets had anticipated a large part of the new rules. In any event, we can not say that imposing 7% minimum capital ratio for banks, this is nothing! We were right to call the attention of authorities and public opinion affect the growth of this reform. The companies also say the same thing as us. Never forget that in France, banks provide three quarters of the financing of the economy.

Do you fear a tax credit?

A tax credit included in the draft state budget for 2011. Other European countries like Germany or the United Kingdom, have indicated they would create their own tax. I would like to mention three things of common sense. First, remember that tax the banks is tax credit, therefore the economy.Next, note that the bank support plan has not cost the French state, on the contrary, this is not the case in other countries where a tax credit is created. Finally, ensure that the tax, if there is tax does not disadvantage the French banks compared to foreign competitors, since all countries have no tax.

Georges Pauget and Emmanuel Constans have been handed a report on the pricing practices which is the basis for further negotiations between banks, government and consumers. Your profession has more work to do …

This report has the merit of presenting a global approach. He recalled that the question of rates can not be separated from the overall relationship model, and near the French credit institutions maintain with their customers.He also noted that the bank charges in France compare quite favorably to the practices of other major European countries. However, we can still make progress in terms of tariff transparency, clarity of information given to the client, avoiding incidents that bank must be able to anticipate. And if there are abuses in pricing, we must correct them. We have made concrete proposals. For example, we propose that each bank publishes the tariffs of the ten most common banking services, the list is the same for everyone. We would also, along with a detailed description of the package the most common.Other proposals are now on the table of the Minister, for example to limit the price of payment incidents for the most vulnerable customers.

If you had set a goal for your year as president of the FBF, what would it be?

Convinced that French banks are in the service economy. The crisis has been able to raise doubts, because it revealed here and there risk taking reckless, very far from their funding mission. In some countries, banks have put their economies to its knees.In France, no bank has fallen, much better, French banks have continued to do their job during the crisis: France is one of the few European countries where, in 2009 in the heart of the crisis, stocks loans have increased while the economy was in recession.

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In a shopping center adjacent to the prestigious neighborhood in the heart of Shanghai Xintiandi, next to major international luxury brands, luxury brands are displayed three "Chinese" with strong ambitions. The first two, the jeweler Qeelin and clothing brand Shiatzy Chen, were born respectively in Hong Kong and Taiwan. However, Shang Xia, launched Thursday, is focused on the baptismal font in mainland China. Under a sponsorship very French, since the brand is part of Hermes.

The Hermes China "intends to go against the current usual," bearing the establishment of the East to West, "says its founder, Jiang Qiong-er.The granddaughter of the painter, the son of a famous architect Shanghainese, former Arts Decoratifs in Paris, this woman was very elegant and cultivated army to "create a world of inspiration Chinese give new life to the craft skills through contemporary design. The approach in China, is certainly innovative. For three years, Qiong-er crisscrossed the country to find these skills. 'For nearly 100 years, with the events she has known, China has been cut off from this tradition, she says.

Shang Xia means "above, below" in Chinese, with this philosophy in which opposites coexist in harmony. Presented in a sleek and simple world, the collection includes large felt cashmere coats made from one piece of furniture like carved in zitan, wood Imperial.Leather goods, too, or tea in fine china of "eggshell". "We do not want to make products" trend, "she says, but creating a timeless style, which passes the centuries as the furniture of the Ming Dynasty."

Majority Shareholder very

The new brand is also defined "by what it is not" amused as the CEO of Hermes, Patrick Thomas. "Shang Xia is not a mark of the second line of Hermes for the Chinese market," says he. "And the Shang Xia products are not sold in Hermes boutiques worldwide, he said, the two brands are completely separate and share only two things: the philosophy of quality craftsmanship that made the success of Hermes and shareholders. "The French group is the majority shareholder of the very brand new, without wanting to give figures. But it would be at least 90% of the structure.

Hermes Xia and Shang does not want to rush things. The opening of two other shops only is expected within two years coming to Paris and Beijing. "Our products are not intended for the Chinese market but only to be sold worldwide," said Qiong-st. According to Patrick Thomas, Hermes remains true to its strategy. "We do not choose the external growth, but pregnant organically, we are not predators." And China has emerged the best ground. "If one day Shang Xia becomes a competitor for Hermes, he says, it means that we succeeded." There is no doubt that the adventure is closely followed by all other players in the luxury.

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Turning on the soap of the contract for refueling the U.S. Air Force. The European EADS, which has hitherto not explained wanting to "sell out" their planes to win the battle with U.S. rival Boeing, is finally ready for "a revision of the final price" if the Army asked him, according Chairman of EADS America, Ralph Crosby.

On the sidelines of a conference of the Air Force Association, Ralph Crosby said that if the Pentagon requested a change of price, "we would consider his request." "We intend to be aggressive in the competition, but not kill the bottom line," However, said a spokesman Guy Hicks.

The speech follows comments made by management in early September. Louis Welsh, Director General of the European group EADS was explaining was not "ready to crush the price."Very offensive, the head of European aerospace giant also said in early July: "Let me be clear we want to make money." This statement was referring to the Financial Times Deutschland that Airbus had already lowered its prices by at least 10% for each tank.

The ultimate winner should be announced in November. Herve Morin, who will be in the United States of September 16 to 18 next, will meet its homology Robert Gates to review the case.

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