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While the government is preparing a new fiscal tightening, because of spending cuts and tax increases, the debate on VAT resurfaced. One of the approaches proposed by the executive would be to create a new intermediate rate, between the rate of 5.5% and 19.6%. This increase targeted VAT would be used to finance a reduction in social enterprises. This was called the "social VAT" in 2007 and now named the UMP "antidélocalisation VAT."

Francois Fillon said last week that the restoration work and housing continue to benefit from a 5.5% VAT. But there are other sectors taxed at the same rate (books, food, water …). This pattern of a VAT has the advantage of antidélocalisation consistent with the government's strategy to improve competitiveness.Many big names of the majority favor this option, as revealed by Le Monde Wednesday payday loans for bad credit. But the subject is politically sensitive.

At Bercy and Matignon, we refused to comment Wednesday, reaffirming that decisions depend on the outcome of EU summit.

However, it seems almost assumed that the new austerity plan will include an increase in corporate income tax, most likely via a surcharge, which weigh down for a few years the current rate of 33.3%. This surcharge would be targeted at large companies (those falling within the scope of the social contribution to the IS and therefore paying more for 763,000 euros IS). For cons, the Elysee remains opposed to a reduction in payroll tax relief for 35 hours.

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Christine Lagarde sounded the call to order. The Director of the International Monetary Fund, speaking on Thursday, a week before a meeting of its 187 Member States in Washington, has directly addressed to world leaders that "procrastination" and "policy failures" resulting , led to the establishment of a "vicious circle" that affects all economies.

The director of the institution states that "the weak growth and fragile balance sheets, those States, financial institutions and households, reinforce one another, fueling the crisis of confidence and slow demand, investment and job creation. " For Christine Lagarde, "there is too much debt in the system.The uncertainties in the States in all advanced economies, the banks in Europe and on households in the United States. "

To "common front"

Since this vicious circle "is gaining momentum," the IMF said that "the time is not the withdrawal, to halftone or palliative No teletrack payday loans." One solution can work: the "common front". More alarming than ever, Christine Lagarde warned that "if the developed countries fall into recession, emerging markets will not be spared. In fact nobody will. "

Wednesday already, Christine Lagarde called for the establishment of a "collective action, immediate and bold." She asked especially to countries that have the fiscal space to support growth. "My role is to ensure that this call to action is heard. I can not believe that governments do not share my opinion, "she explained.He added that "countries have an incentive to act collectively in the interest of the economy."

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Since the beginning of the week, the Paris Stock Exchange began its session on a positive note from 1.46% to 3205.89 points, having closed at the balance Tuesday night. In mid-session, the CAC40 clinching still 1.46% at 3205.83 points.

Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the will, confirmed last night by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point.Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will learn in 12 hours of agricultural price indices in July. United States, the employment figures for August will be published in the early afternoon, followed by the index of industrial activity in the Chicago area and in industrial orders in July and inventories crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European.In mid-session in Paris, the European currency was worth 1.4441, up 0.02%.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

Bouygues strongly supports the trend. After being briefly suspended trading at the opening, the title of group jumped 12.54% to 25.98 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night.In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (3.55% to 16.75 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland. Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1 , 9% over this period easy payday loans.

In turn, Carrefour is the sentence (-3.19% to 18.05 euros), after the group announced a net loss of 249 million euros in its first half.Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-1.70% to 75.70 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half. Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (1.48% to 36.06 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (-0.75% to 262.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (stable at 158 ​​euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (1.82% to 2.8 euro) reported net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (0.74% to 57.27 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-5.31 euros, 3.39 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip wins 2.28%, to 66.45 euros and a total advance of 31%, to 33.59 euros.

For its part, Bourbon wins 1.62%, to 22.86 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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Monday, August 29 at 10 am, Alexander Pugachev, the owner of France-Soir, and Remy Dessart, the managing editor, will meet with employee representatives in a council. At that time, leaders should inform staff that they have requested placement in the daily backup process, as revealed PressNews.

The newspaper, which lost 32 million euros in 2010, is expected to lose at least fifteen this year. Reportedly, the group does not bend under the weight of debt. It supports about 2 million in payables. In fact, the financing of the newspaper is provided by Alexander Pugachev himself, who regularly feeds the current account of the newspaper to pay the bills.Figaro in an interview last November, he declared: "France-Soir has no bank debt … We lose about 2 million a month and every month I put money on account."

This backup procedure, if accepted by the Commercial Court of Paris, will allow the appointment of an administrator. Its role would be not to negotiate with creditors, but rather to address the structural and economic reasons that make the newspaper is in permanent deficit. France-Soir and will be until the release has not reached the 150,000 to 170,000 copies by the admission of its owner.However, at present, the paid circulation of the title revolves around 74,000, despite the relaunch of the title made in January 2011.

The cost structure

Alexander Pugachev, who has already invested 50 million euros in the title, was prepared to inject 20 million euros in 2011 to run the newspaper and energize. But today, it raises the question of the cost structure of the paper. The selling price, even back 50 to 60 cents, and low advertising revenues do not find a financial balance. The equation is complicated Alexander Pugachev. To reach 150,000 copies, the newspaper needs to invest in editorial quality and a strong distribution. But this is expensive. It might therefore seek partners to share the burden.

One more! Taiwan's HTC has come to swell the list of phone manufacturers in lawsuits against Apple for patent infringement by filing a complaint on Tuesday night. He joined Motorola and Samsung in this. And all three are pursued by Apple are accused of having copied its phones and tablets. To believe that the trial is a way like another to manage a patent portfolio of brands. The complaints became so numerous that more and more industry observers blame the mobile phone companies to spend more in legal fees only to pay engineers. At the expense of innovation.

A drift that Apple, as a party plaintiff or defendant in a number of ongoing trials, is no stranger. The firm seeks to protect its technologies as well as its distinctive (packaging, product development, wiring).Apple targets are far from accidental. As for Samsung, HTC and Motorola, it indirectly addresses its main competitor in the mobile phone: Google's Android, which equips the devices of the three brands offending and weighs 43% of this market.

The game is risky for Apple, which is far from winning all its trials. After graduating last week a ban on the marketing of the Galaxy Tab Samsung in Europe, Apple has finally seen its competitor be allowed to sell the tablet in Europe, except Germany. Apple is also regularly attacked by some "small" sector, like Creative, to whom he had to pay $ 73 million, accused of using its expertise in digital music player for his iPod payday loans guaranteed no fax. But these repeated attacks are proof of the incredible ability of Apple to seize the zeitgeist and often improve the copy.Which in terms of "victims" is no excuse. Especially as unwilling to compromise, Steve Jobs, the CEO prefers to go to trial, even if it means losing. Another failure in the face of Nokia. Apple was ordered to pay a lump sum and use rights, which amounts have not been made public, some patents.

A dangerous game

A similar logic to that which led Microsoft to claim $ 15 a smartphone sold to Samsung. The U.S. already collects $ 5 from HTC. For its part, Oracle accuses Google of violating some of its patents to develop its operating system for smartphones Android, and is seeking $ 6 billion.

"Apple has it gone to the dark side of the Force?" The question made the rounds of blogs devoted to the subject, concerned about the prosecution of the brand.We are far from "nice" Apple label won in the late 1980s and early 1990s, as opposed to "bad" giant Microsoft, which dominated the world. Apple, so concerned with his image of "challenger" and an alternative to the dominant model, probably not only take the risk to see it tarnished nor disappoint his fans.

After losing more than 8% over the last seven sessions, and have plunged dangerously, this morning, falling 1.8% to 3460 points, the Cac 40 limited its losses slightly in mid-session, down from 0.40% to 3508.71 points. The index featuring Paris is nevertheless on track to sign an eighth consecutive day of decline.

On other European financial centers, the Footsie-100 from the London Stock Exchange 0.97% to 5663.10 loose points, the DAX 30 Frankfurt Stock Exchange lost 0.83% to 6740 points. But stock markets in the South, the more destabilized the previous day to resume mid-term: 20 PSI of the Lisbon Stock Exchange will stop over as well, only 0.05%. Milan bounces more frankly about 1.15%, and Madrid, 1.59%.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend.Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly."For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American.Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat.Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: + 0.38% to 7.86 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -0.64% to 36.56 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: + 0.01% to 49.51 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -6.91% to 30.26 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -1.53% to 7.87 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: + 1.87% to 12.82 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: + 4.62% to 64.34 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -2.50% to 237.50 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -0.06% to 35.34 euros, Peugeot: + 0.66% to 24.43 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.French car values ​​rebound sharply in mid-session.

Accor: -0.80% to 28.59 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

New boss to change the head of the Sunday Journal (JDD). The managing editor Olivier Jay, who had succeeded in February 2010 in Christian de Villeneuve, will give up his post. It will soon be replaced by Jérôme Bellay, former head of France Info, a LCI and Europe, as revealed by the site of the weekly Le Point.

According to our information, features Jérôme Bellay in the day of the seventh day of the Lagardère group is expected to exceed the strict framework of the chief editor. He should be appointed as director of next September. Faithful group Lagardère, Jérôme Bellay it now runs the production company Maximum.Founded in September 2000, Maximal Productions (a subsidiary of Lagardère Entertainment) produces reports, documentaries and magazines for information and knowledge, which the magazine "C in the air" presented by Yves Calvi on the channel France 5.

Olivier Jay was received by Lesouëf Bruno, the CEO of Lagardère Active magazine, and Denis Olivennes, the new head of group media information center (Europe 1, Paris Match and Le JDD). Its future within the group is not yet known. Neither Lagardère Active or Denis Olivennes have commented on the desired information.

Le Journal du Dimanche, which opened a new formula on March 6, saw its circulation fall by France paid 13% in the first quarter of 2011 compared to the same period in 2010, according to OJD, reaching 233,445 copies.The change at the head of management to allow, according to sources familiar with the matter, to give "even more attractive to breath and JDD to be a major news magazine seventh day."

The Central Bank of the United States (Fed) is more pessimistic about the U.S. economy than it was last April. She announced on Wednesday to lower all of its forecasts for the fourth quarter. Result: economic growth year on year over this period should be between 2.7% and 2.9% against a range of 3.1% and 3.3% previously.

In turn, the unemployment rate should be between 8.6% and 8.9% on average in the fourth quarter, while two months ago the Fed was counting on 8.4% to 8.7%. The unemployment rate rose to 9.1% in May Finally, inflation is seen between 2.3% and 2.5% year on year and between 1.5% and 1.8% excluding food and energy.These forecasts are higher than in April, from 0.2 to 0.3 percentage points.

The Monetary Policy Committee believes that "the economic recovery continues at a moderate pace, although slightly slower than the Committee had anticipated." The Fed also shows less optimistic regarding the labor market. It considers "lower than expected," instead of "gradual improvement" in his words of April.

Rate remained at zero

In this context morose, the decision was taken unanimously by the members of the Monetary Policy Committee to leave unchanged the interest rate the central bank in a range from 0% to 0.25%.This is the twenty-second meeting following the end of which the committee announced that there will remain "for a long time."

The Fed also reiterated that its share repurchase program of $ 600 billion of debt the Treasury launched in November will end well at 30 June The Fed will continue its policy of reinvestment of securities it holds. One way to maintain a constant level of liquidity injected into the financial system of the United States payday loan.

The Fed lends to new interventions

At a press conference, the Fed chief, Ben Bernanke, said it was considering as well as to intervene again to change nothing. "We would be prepared to take additional measures, clearly, if conditions warrant. We have a number of ways of acting, none of them being devoid of risks or costs.We could, for example, make more purchases of securities or structured differently. We could lower the interest we pay to banks on their excess reserves with the central bank, "he said.

In his view, the Fed could act "by giving a specific date to define the long period" during which it wishes to maintain its key interest rate near zero. "These are the ways we can ease monetary policy further if necessary. Of course, all these things are somewhat unusual, "noted the President of the U.S. central bank.

But he stressed that the Fed could also maintain the status quo: "If the economy worsens and inflation remains relatively low, then we will not begin to emerge from the current monetary policy, he warned. And therefore we will not change the language. "

The central bank, anxious to reassure the markets, however, added that "the slowdown in economic recovery is in part a reflection of factors likely to be temporary, such as rising food prices and energy, or purchasing power and household consumption, and supply disruptions associated with the tragic events in Japan. " On Wall Street, investors are not convinced. At the close, the Dow Jones loose 0.66% to 12,110 points.

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Lehman syndrome is in everyone's head. The debt crisis in Greece and other countries in the euro zone could "derail the economic recovery in Europe and perhaps in the world," said Friday in Sao Paulo (Brazil) Olivier Blanchard. The chief economist of the IMF keeps clearly in mind the collapse of investment bank Lehman Brothers and the effect of stupor that had followed. A few weeks later, international trade plunged by more than 15% and the global economy went into recession.

With a new version of its forecasts, this time slightly down from last April (world growth is reduced from 4.4% to 4.3% in 2011), the IMF is concerned about the risk of "destabilizing defects" on sovereign debt.The feared scenario is thus described: "In the event of a severe market event, a shock could reverberate beyond the euro area by the game at a time of exposure border (bank's debt these countries) and a general decline in risk appetite. "

Overheating of the emerging

Long shared the conduct more or less expansionary economic policies deemed desirable by governments, the IMF now delivers an unambiguous message: "Policy makers should strive to make rapid progress in the consolidation of the financial system." He took the opportunity to ask the U.S. Congress to meet "immediately" the ceiling of federal government debt, currently the subject of disagreements between the Republican and Democratic members personal loan for poor credit.

The IMF estimates that Japan will suffer a decline of 0.7% of GDP this year, following the earthquake that struck the archipelago on March 11, but its economy is expected to rebound 2.9% in 2012. International experts acknowledge the slowing U.S. economy since the beginning of the year they consider "higher than expected." This leads to belittle the Fund from 0.2 to 0.3 percentage points growth figures for the United States in 2011 (2.5%) and 2012 (2.7%). "In contrast, growth has surprised on the upside in the euro area, driven by investments more generous in Germany and France," he notes.For the second consecutive year, the German economy will grow at a rate above 3% in 2011, while its French neighbor to grow by 2% this year and 1.9% next year.

Emerging countries, whose annual growth will exceed 6% in 2011 and 2012, are facing a problem of "overheating". Without naming any countries by name, Olivier Blanchard believes that "inflation rises above the increase in raw materials and food prices." Hence the recommendation made to them to tighten their monetary policy, "The more long rates remain low, the greater the risk of a crash landing."

The government is very worried by the drought that has spread to 61 French departments and is willing to provide aid to farmers. Nicolas Sarkozy, who is in the Charente on Thursday presented a plan to help farmers affected by drought which includes a "shift one year" repayment of loans granted to farmers in 2009, and waived the Tax on undeveloped land.

"It is essentially a cash flow problem is (…), you repay your debts, or you pay for your food animals," said Nicolas Sarkozy after visiting the operation of a cattle farmer Montemboeuf . "We will find you some leeway and we will shift all the payments of a year," he added. "Essentially this is a map of deferments," stressed the head of state.He stressed that the "encryption" of this measure, the state will take over the payment of interest owed by farmers, could not be established "now" does not exclude other measures if necessary .

A budget of 500 million

At a roundtable in La Rochefoucauld, the Head of State later clarified that this related only to the reimbursement of aid paid under the plan launched in 2009 Poligny (Jura). "I just do not tell the difference repayment of all loans in French agriculture, it must be serious," he said. During the roundtable, the president also said that "farmers in the affected areas would benefit from an exemption from tax on undeveloped land (…) which represents 300 million euros."

In the process, he said that the state would pay the national guarantee fund against agricultural disasters, mobilized by the Minister of Agriculture, Bruno Le Maire, a budget of around EUR 200 million to enable the payment Advance compensation "from the month of September." "On 12 July there will be a first test session files (…) the first payments will be held in September," he said.

Facilities of National Defence made provisions

Finally, Nicolas Sarkozy has announced, next week, a meeting of professional agricultural organizations with the Ministers of Agriculture, Ecology and Defense, as well as the CEO of SNCF to adjust logistical problems posed by the movement of fodder from farmers in difficulty."The problem is less a production problem at those you book (fodder) that a massive logistical problem," he said, adding that "national defense facilities" will be made available to allow storage straw and fodder.

In his speech, the head of state has ruled out any direct assistance to farmers in difficulty. "Do not fall back into bad habits to give you benefits that would be declared illegal (by Brussels, ed) in a few months," he said.

In addition to these economic measures, Nicolas Sarkozy also announced the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture."We must learn to make better use of water," he résumé.Les farmers cautious

The President of Young Farmers Jean-Michel Schaeffer has cautiously welcomed as a "first step" measures that have just been announced by the head of state, hoping they will soon materialize. "These are statements of good intentions. Now we must see action, wait and see what's behind. We know that the devil is in the detail. Awaiting implementation, "said the farmer, who is the head of a union representing 50,000 members. His remarks mainly concern 200 million euros to allow advance payments of compensation. "The damage, we will evaluate them between July and August. Will this be enough compensation? It is far too early to tell, but it is a first step, "he said.

François Fillon evaluated Thursday before the senators, "nearly one billion euros" as the sum of national solidarity will have to spend to support farmers.

(With AFP)

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