Today Hot News

Certainly, Barack Obama will not have failed to read the study. While the U.S. President will propose to Congress on Monday a special tax on the income of taxpayers earning over a million dollars a year (about 725,000 euros), a survey by the University of Virginia published in early September in the journal Psychological Science, points out that a more progressive tax system is, the higher the level of "happiness" of its citizens is high. In other words, severely taxing the wealthiest taxpayers would be a catalyst for social welfare, said Shigehiro Oishi, director of the study.

Based on the results of such surveys of the American Institute Gallup, the researchers sifted through the levels of well-being of 54 countries by comparing them with the "escalation" of their respective tax systems.It appears that countries with happiness displayed by the people is the highest (led the quintet Denmark, Finland, Switzerland, Belgium, and Australia in that order) are those whose levels of taxation do matter the most high vis-à-vis the highest incomes. Note that France, whose maximum tax rate fell from 48.1% to 41% over the period 2003-2010 according to a KPMG survey of the institute, for its part, is ranked the twelfth largest in terms of " happiness "overall.

Public services better

But because of the difficulty of measuring this "joie de vivre", which does not depend exclusively on the level of wealth of a population, these results are to be taken lightly.And the United States, the richest country in the world and has a maximum tax rate of 35% in 2010 to eighth carracolent barometer of well-being of Gallup, far ahead of France.

Still, according Shigehiro Oishi, the correlation between a higher tax on high incomes and "joie de vivre" is mainly due to better quality public services in the countries concerned. He cites all government expenditures for "housing, education and public transport."

Under this prism, so some argue that the will of Barack Obama to tax more millionaires will have no impact on the happiness of Americans, as this is seen against a plan to reduce the budget deficit. But gentle irony, at least one of its taxpayers would certainly his "joie de vivre 'progress: the billionaire Warren Buffett.In an article published last month in The New York Times, the head of Berkshire Hathaway investment fund argued for such a measure: "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans are struggling to make ends meet month we mega-wealthy continue to benefit from special tax exemptions, "he complained. Not sure, however, that the unanimity of implementation within the cocoon of "mega-rich"!

ALSO READ:

"The United States, the richest country but not the happiest

The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

"Who owns the Debts

"Germany is losing patience with Greece

"Wall Street Weathering the Storm

In the wake of the rebound in U.S. indices, the benchmark index in Paris was up 2.16% to 3154.20 points on Monday night at closing. Enough to clear the heavy losses the last two sessions, and even the redépasser 3150 points.

The Frankfurt Stock Exchange also closed up sharply Monday after meeting exceeded the 3%: the DAX index of thirty blue chips gained 2.39% to 5670.07 points, also carried by the speech of Friday Federal Reserve Chairman Ben Bernanke, who was reassuring on growth.

Friday, after a negative early trading, Wall Street has indeed ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4507 dollar per euro to 17 hours. On Monday, the U.S. indices still show green, reinforced by the recovery in consumption of U.S. households in July.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot. And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression.U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT. A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110 make quick cash.8 dollars.

Among the statistics expected Monday in Wall Street, the surprise came from consumer spending. The Americans have in fact spent more than expected in July. Up 0.8% on month, consumer spending across the Atlantic more than 0.3 percentage points the level expected by analysts. The promise of home sales have, they, down 1.3% in July compared to June, as the market expected, according to figures released by the National Association of Realtors. They increased by 2.4% in JuneOver one year are up 14.4%.

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) at the end, only two cuts were regrettable among the 40 largest capitalization on Paris: the Danone (-0.35% to 45.57 euros) and Essilor (-0.68% to 52.61 euros).

In addition, about Christine Lagarde did not prevent banking stocks to rebound.A technical rebound is sustainable, while the sector was the most attacked in recent weeks: Société Générale (3.61% to 22.10%), Natixis (3.72% to 2.78 euros) Crédit Agricole (3.37% to 6.63 euros) and Axa (2.30% to 10.47 euros) and BNP Paribas up the rear with a more moderate increase (2.49 % to 34.39 euros).

In addition, Ingenico (2.49% to 27.55 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR (0.13% to 52.32 euros) will observe the re-opening until September 9 of the OPR launched by Eiffage (2.22% to 31.36 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

Capgemini (3.96% to 27.95 euros) announced it has signed a five-year contract with the company's payment service EnterCard Scandinavian. The group of consulting and information services will pocket 30 million euros as part of this agreement.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (1.39% to 50.62 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Channel (1.29% to 4.406 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos.The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom 2.08%, to 13.01 euros) would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

ALSO READ:

"Wall Street ends up after the speech by the Fed

"Obama, Lagarde, Bernanke for another stimulus

"Parisot denounced a U.S. plot against Europe

Finance ministers of the euro area suggest caution in setting up a system to prevent a collapse of Greece. To address the most urgent, the central bankers of the Eurozone have laid the conditions for payment "by mid-July" of the next tranche of 110 billion euros in loans over three years promised last year by the troika . The release of the loan is linked "to the adoption of key legislation on the budget strategy and privatization by the Greek Parliament," the ministers said at the end of yet another meeting on the Greek crisis started Sunday in Luxembourg. Without this loan, Athens, facing deadlines refinancing risk bankruptcy next month.

Especially the Europeans intend to set up an assistance program to enable Greece to avoid a default in the longer term. This time, the private sector should be involved."The ministers agreed that the additional funding required will be financed both by official and private sources," assured the European central bankers. The ministers also began to speak with one voice on such terms as this will help: they have indeed "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature. " In other words, the creditors will agree to replace loans maturing by others of the same amount.

Jean-Claude Juncker, a leading finance ministers of the euro zone, said Monday he has "decided to convene a special meeting of the Eurogroup on July 3" to complete the program of aid to Greece.He also announced that members of the euro area agreed on the creation of a permanent fund for the euro area. It will have 500 million euros that will be lending to countries in the area who find themselves in difficulty.

The assistance could reach hundreds of billions of euros

So far the ministers were divided on the issue of assisting in Athens: Germany favored the idea of ​​longer maturities on debt, where Paris defended the option of "rollover" . "We agreed on the voluntary involvement of the private sector while there is a week or two options on the table," welcomed Jean-Claude Juncker.The most important thing is to convince investors that it is not part of a default of payment, liable to cause market panic and contagion to other countries in the euro area.

The amount of this aid has not been determined. Ministers have simply stated that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country. Some point to have a total of a hundred billion.

If the main principles of this new aid were recorded, details of the plan remain to be defined. The "main parameters of a new funding strategy clear" should be defined "by early July", say the ministers.The initial ambition of the ministers were, however, to "discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is how far it can and must go."

ALSO READ:

"Greece is planning a referendum on the rigor

It unanimously that members have voted to delete one of the cornerstone of the quinquennium of Nicolas Sarkozy. On the night of Friday to Saturday at a little over two hours of the morning, the parliamentarians adopted rule repealing the tax shield, established in 2007 to limit to 50% income taxation. All of the supplementary budget will in turn be a formal vote on Tuesday afternoon.

Strongly contested by the opposition and discussed in the majority, sending checks every year to the wealthiest taxpayers had come to interfere with government. In 2010, a total of 678 million euros that the state has returned to the beneficiaries of this measure, a figure slightly higher than in 2009 (EUR 586 million). Especially, like last year, is only a small fraction of some 592,000 taxpayers subject to the ISF who earned the largest amounts recovered.If the amount of average check totaled 40,908 euros, the richest 7% received 60% of the amount paid, or 381,000 euros on average.

To the dismay of Socialist deputies, the government's plan, however, does not remove the tax shield that from 2012 on taxes paid on income in 2011. According to the deputy PS Jerome Cahuzac, the measure should thus continue to cost the public finances 550 million Euros in 2012 and 200 million in 2013.

Relief ISF

The elimination of this symbolic mandate Nicolas Sarkozy also fits into the context of a broader reform of the taxation of wealth, the members approved each measure in recent days. To parliamentarians, the Minister of Budget, Baroin, endeavored to describe the philosophy of combining text as "social justice" (the end of the tax shield) and "tax justice" (relief ISF)."The government is a simple reform, fair and balanced" has said repeatedly this week Baroin.

On Friday, the parliamentarians approved a reform of the solidarity tax on wealth (ISF), which raises € 800,000 to 1.3 million euros threshold of assets at which a taxpayer is taxable to the ISF. Approximately 300,000 people should therefore be exempt from this tax next year. The current rate also eased: below three million, the tax rate increased from 0.55% to 0.25% when it is lowered to 0.5% instead of 1.8 % above. Overall, 250,000 taxpayers should therefore pay less. This reform will result in a revenue decline of 1.8 billion euros.

A shortfall that is projected by the government, be offset by the elimination of the tax shield, the higher taxes on gifts and estates, and the new tax on second homes of strangers, sitting on their rental value. In total, the projected deficit for 2011 however, increases of 596 million euros, 460 million due to payments associated with the Taiwan frigates affair. Remain a little over 130 million bridge to return to the original projected deficit. Baroin promised by the end of the year new savings measures to achieve this.

ALSO READ:

"The tax-exempt donations allowed every ten years

"No enlargement of the ISF to works of art

"The reform of the ISF to benefit small estates

Parisian investors tried to back up the hill after a session that began in the 3900 ACC 40chuter points. But to no avail. After taking all morning, the benchmark index of the Bourse de Paris digs its losses to 15 hours (-0.92%) at 3854.15 points, after the announcement by the U.S. Department of Labor unemployment figures very disappointing for the month of May. Same scenario elsewhere in Europe, the Dax index featuring the Frankfurt Stock Exchange Folding of 0.47% to 7041.04 points while the FTSE was down 0.59% to 5813.26 points.

In addition, investor optimism is reinforced by the continuing problems of sovereign debt in Europe.Today Greece and the "troika" will unveil details of an upcoming fiscal tightening.

Finally, operators are troubled by bad macroeconomic indicators in the U.S. which suggest that the recovery is still difficult for the world's largest economy. Yesterday, the bad news is still chained to the front of the productivity, prevents Wall Street rebound. This morning the Asian market was also very mixed. This especially since the rating agency Moody's has threatened Thursday to put the debt rating of long-term United States, currently at AAA, on negative watch.

The service sector slows in Europe

Finally, the wait dominates before the publication of several important statistics.In France, growth in services sector activity slowed slightly in May but remains close to the peak of nearly 11 years hit the previous month, final results showed on Friday of the monthly survey from the Markit Purchasing Managers . PMI Segment income $ 62.5 after hitting 62.9 in April, its highest level since September 2000. An initial flash estimate of 62.8 gave the May 23

This same index slowed sharply in Germany last month to 56.1, its lowest level since October against a flash estimate of 54.9 and a figure of 56.8 in April.

Then the United States, the appointment of the day will be the publication of the monthly report on employment from the Labor Department low rates payday advance. Then comes the ISM services.

As for currencies, the euro, which climbed to over $ 1.45 yesterday, continues its recovery. It traded at 1.4482 dollars this morning.Oil prices were also rising in electronic trading in Asia, due to the decline of the dollar, prompting investors to buy commodities. In morning trading, a barrel of light sweet crude for July delivery gained 20 cents to 100.60 dollars. That of Brent North Sea crude for delivery same took 24 cents to 115.78 dollars.

Values ​​to follow

The banking industry is again monitored while the budget plan for Greece and the "troika" will be unveiled. BNP Paribas (+0.78% at 52.82 euros), Societe Generale (0.57% to 40.43 euros), Credit Agricole (+0.48% to 10.40 euros) move.

TF1: -0.32% to 12.39 euros

Media rights to Roland Garros on Europe, formerly held by Eurosport (TF1), will change the diffuser to be allocated to the agency MP & Silva from 2012.

Vivendi: -0.18% to 18.91 euros

SFR announce next week an overhaul of its mobile offerings and partnership with the broadcast site Spotify music on the internet, writes La Tribune. The telecom operator will hold a press conference Tuesday, June 7

Thales: 2.54% to 29.68 euros, Safran: 1.89% to 28.30 euros

Discussions between the two groups regarding an exchange of assets will be using a mediator, Aldo Cardoso, former head of Andersen's consulting firm, said Friday the newspaper Les Echos.

Renault: 0.70 to 38.16 EUR

The manufacturer believes that the shortage of diesel that has weighed on its registrations in the month of May in France will be eliminated in the second half, especially against the backdrop of the expected slowdown of the market, told The Tribune on Commerce Director of the French subsidiary.

In Greece, the IMF Dominique Strauss-Kahn was among the first to sound the alarm. Without openly contradict the assurance of Europeans, as many economists doubted the success of the rescue plan launched a year ago: Too many deadlines, not enough growth.

Monday in Brussels, twelve months after betting that Greece would be in 2012 on the markets to finance its deficits, the countries of the euro went to the inevitable: the appointment is missed, the Papandreou government will need aid of fifty billion by 2013 in addition to 110 billion made a year ago, and the question is, nagging about the ability of Athens to one day repay her debts.

What the German liberals of the FDP already denounced as a "bottomless pit" is primarily a political problem for Angela Merkel.Since the beginning of the crisis of sovereign debt, German politicians proved less willing than others to raise money for the taxpayer at any price stability in the euro area.

To divert a debate as to poison repetitive, Germany now proposes to extend the repayment schedule in Athens. In consideration of a new fiscal tightening, would be the way to relieve the cash Greece and reduce all credits claimed on the rest of the eurozone.

78 billion euros to save Portugal

Wolfgang Schäuble, the Minister of Finance since Sunday added a condition sine qua non: "All credits will be rescheduled as well, that is to say, both those made by private banks as those granted by the various bailout fund set up by the EU and the seventeen countries of the euro.

The scenario is dictated by the desire to Berlin not to suggest to voters that he pays only instead of banks. He received on Monday, supported by Austria and Luxembourg. But it gives a cold sweat in the financial community and the European Central Bank (ECB). For many it is the first step towards a "restructuring" of Greek loans: in other words, debt forgiveness as an extension of time, lower interest rates, reduced principal or a cocktail of three .France and its banks heavily engaged in Athens, are against "all forms", repeats Christine Lagarde.

Shortly before the Eurogroup meeting on Monday night, the Barroso Commission has begun to cut corners. A restructuring would present "devastating consequences" for public and private creditors and Greece would be better advised to look for new resources in the accelerated implementation of its privatization plan. But "arrangements are always possible," said spokesman Amadeu Alfataj.Divided on the Greek case, the Europeans are, however, were more divided over the issue Portuguese EU finance ministers gave the go-ahead for a bailout plan for Portugal, which provides 78 billion euros in loans to joint the IMF in exchange for austerity.

ALSO READ:

»COMPUTER GRAPHICS – These figures make the misfortune of the Greeks

"Greece and Portugal on the menu of the Eurogroup

The markets took fright on Friday night after a new European cacophony. Greece had threatened to leave the euro in discussions with the European Commission, reports the website of German magazine Der Spiegel quoted a government source in Berlin. The major European capitals have refuted this information.

"These items are a challenge, undermine the effort of Greece and the euro and serve speculative games," said the Greek finance ministry said in a statement. "We did not discuss output of Greece in the euro area, we all think it would be a stupid option," added the president of the Eurogroup Jean-Claude Juncker. "The assumption of an outflow of Greece to the euro area is completely fanciful", also assured Bercy.

Despite denials by the French, German and Greek, the single currency accelerated its decline against the dollar.Friday night shortly before 22:30, the euro lost nearly 1.4% to 1.4338 dollar. Rumor sign a new stage, and this information is disturbing. It is not surprising that the euro will weaken, "said one analyst at a U.S. bank. At the same time, the cost of insurance against a collapse of the Greek debt ("Credit default swaps, or CDS) jumped from 74 basis points to a record 1,370 basis points, according to Markit.

Meeting in Luxembourg

An emergency meeting, was held between some finance ministers from the eurozone. Jean-Claude Juncker as a German government source quoted by AFP on Saturday, it was denied solely on Greece.

"These are meetings that take place at irregular intervals, and mainly" the members of the euro area as the G20, such as France, Germany and Italy, the source said German.It argues, the discussions covered a wide variety of topics, including the regulation of financial markets, with Portugal, but also the financial situation of Greece. The Greek Finance Minister George Papaconstantinou also confirmed to have attended the meeting Friday.

According to the Greek press on Saturday, new support measures have been studied. The financial daily Naftemboriki referred to the lengthening of bonds maturing this year and in 2012, leaving Greece a breather. According to another newspaper, Kathimerini, the objectives of reducing the public deficit could also be pushed back two to four years, or interest rates in exchange for an extended break of two years, during which the country does not pay interest.

Contradictory statements are troubling indeed the euro area in recent weeks about a possible debt restructuring Greek. Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring is "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem." The ECB president Jean-Claude Trichet, for his part flatly denied Thursday that event.

The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .

These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.

Towards a global growth "balanced"

The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings guaranteed payday loan. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.

On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.

"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.

ALSO READ:

"The world economy is still" in crisis "

The names of PPR and Prada had been raised. Both groups would ultimately not pursued. After confirmation by Hermès its intention to separate the 45% stake in the Jean-Paul Gaultier, have accelerated discussions with other candidates. According to Les Echos newspaper, they would be three in contention: the Catalan group Puig, which controls including Nina Ricci and Paco Rabanne, the Swiss company Richemont and Chinese Fung Capital, the financial arm of the family Fung. The latter comes from elsewhere to acquire the shoemaker Robert Clergerie, already owns Cerruti.

Exclusive negotiations

Exclusive negotiations could be opened with one of three contenders in the coming days. For the intentions differ according to the potential buyer. The Chinese group Hermes would remain the capital of fashion. Richemont, would prefer to fully resume the hand.In all cases, the creator – Jean-Paul Gaultier who is seeking a shareholder loan to finance its international expansion, particularly in Asia – should yield a marginal part of the 55% stake it owns.

The valuation of the house Gauthier is discussed: from tens of millions and hundreds of millions of euros. The house would have recorded a total turnover of 22.5 million euros in 2009, a fall of 19% over the previous year.

ALSO READ:

"Hermes wants to sell its stake in Jean Paul Gaultier

"Hermes separates from Jean Paul Gaultier

"The shoemaker Robert Clergerie bought by a Chinese group