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There are lots of pay day loan businesses around now days who offer a no teletrack cash advance to those who need it.
SMEs have suffered worst of the credit squeeze between 2007 and 2010 than larger firms, experts say that the OECD published the first report on "Financing SMEs and Entrepreneurs" by sifting through data from 18 countries ranging from Canada to Sweden via South Korea, France, Hungary, Finland, the United States.
SMEs have been hard hit by the crisis in 2008 and 2009. Confidence indicators of SMEs in OECD countries have fallen to levels lower than those of the 1990s. Direct consequence of falling demand from mid-2008, SMEs were down to their turnover. Companies that export have suffered more than those living in their home market only because of the decline in global trade.
Risk clients unattractive
SMEs have also been handicapped by the lengthening of payment periods which continued in 2010, despite a slight improvement in the economic situation. They have experienced cash flow difficulties. Their financial situation has deteriorated. Faced with this deal, their banks have lent less in most countries in 2008 and 2009. In 2010, financial institutions continued to reduce their lending in Finland, New Zealand, Portugal, Slovenia, the United Kingdom and the United States.
In the euro area, the rejection rate of applications for credit from 12% in first half 2009 to 18% in the second half of that year. A country is an exception: France, where the percentage of refusals decreased from 12% to 7% through the introduction of credit mediation and government decisions. The public financial institution specialized in SMEs OSEO has provided 12 billion euros of loans guaranteed in 2009. According Oséo, 50% of companies having benefited from the exceptional warranty cash claim to have avoided bankruptcy. In 2010, the refusal rate financing amounted to 11% in the euro area.
Considered unattractive risk clients, SMEs were asked to provide more guarantees for credit. They paid more bank financing than large groups, despite lower interest rates. According to figures released Wednesday by the Bank of France, the cost of short-term credit to businesses rose from 2.49% to 2.42% between October 2011 and January 2012. But the cost of borrowing in the medium and long term for companies rose 4.06% to 4.21%.
The policy of the banks says that the share of SME loans, which varies according to country, between 12% and 30% of total loans to businesses, has fallen when it is already well below their weight economy and their role in job creation in normal times. Not surprisingly, the number of SMEs in difficulty increased. In 2009, bankruptcies increased in the studied countries except Canada, South Korea and Portugal. They were up in 2010 in Denmark, Hungary, Italy, Slovakia and Switzerland. Although they have declined in France, Finland, the Netherlands, Sweden and the UK, they remained at a level much higher than in 2007.
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The merger between Universal Music and EMI, respectively number one and four global music publishing operation is not like the others, beat independent labels, headwind against it announced last November. And this acquisition which is the subject, since late March, a thorough review by the European competition authorities, gives rise to unusual trading.
In addition to the traditional arguments about the consequences that such a merger might have on prices, the protagonists struggle, indeed, the future of design in Europe. With unexpected postures. If the American Universal Music – directed from Santa Monica by the British Lucian Grainge and detained by the French Vivendi – poses as guarantor of European culture, his compatriot Warner Music – owned by Russian-born U.S. billionaire Len Blavatnik – shall guard on the "negative consequences for the identity and heritage of Europe, access to culture, creativity and innovation", in a note circulated to the Commission that Le Figaro is procured.
The strength of Hollywood
Warner – unsuccessful candidate for redemption of EMI – displays the same objective as the independent grouped in Impala: torpedo rapprochement with Brussels Universal-EMI but also the resumption of catalogs of the British recorded music (number 2), ranging from Norah Jones Sting, by a consortium led by Sony (No. 4). Both operations should lead to the birth in each of these careers in music of a domineering leader, strong market share of nearly 40% in Europe.
"A music company will seek to reduce risk by influencing the production of records or by focusing its marketing firepower on a few tracks that are most likely to travel abroad – usually in the Anglo-American repertoire," warns the Warner notes, which sounded the alarm: "In the European context with its very specific markets, record companies are essential to sustain production in local languages and cultures. Leave a dominant player in deciding the viability of investments in local cultural carries a high risk. "
And prevent, "A local company is less competitive when a dominant player can absorb the bad years with a thick catalog of rights. This control of the catalog explains, in large part, Hollywood domination of the European Film Market. "
All subjects, Warner insists that should preoccupy European countries signed the UNESCO Convention encouraged to "adopt measures and policies to protect and promote the diversity of cultural expressions within their territory." A goal also highlighted in the European treaties, the U.S. recalled. Brussels must rule on the Universal-EMI merger by August 8. Universal as well as Sony have proposed sale of catalogs to reduce their scope. Recorded music side, if the Commission is not satisfied by the remedies of Sony, the European anti-trust will also open an investigation.
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The Nuclear Safety Authority (ASN) announced tonight that it has raised its system of crisis to the nuclear Penly, Seine-Maritime. Yesterday, two fire starts in a reactor caused a leak of radioactive water on an attached cooling system. The water was then collected in tanks provided for this purpose inside the building. But following the intervention of the EDF teams and firefighters, "since 4:00 this morning, there is no leakage at the joint of the pump," EDF said in a statement this morning. "This return to normal on the cooling system has removed the internal mobilization plan at 5:15 this morning."
The reactor, cooling down, remain stationary between 4 and 10 days, time to repair the pump circuit and "understand what happened in detail," said the AFP Dominique Mining , director of EDF's nuclear fleet. "The teams were able to re-enter the reactor building" during the night, he said, adding that "there is light, there is no smoke." The repairs could be made from this weekend.
Someone slightly burnt
The ASN provides that "the incident had no impact on the environment" and listed in Level 1 ("anomaly") on account that the seven nuclear safety INES scale.
No radioactive contamination was detected on the 29 persons involved in the reactor building to extinguish the fire starts but one of them was slightly burned during surgery, said last night the Director General of ASN Jean-Christophe Niel. "This is an injury limited" according to information from EDF, he said.
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Against finance, but not against the big bosses. The Socialist candidate for president, Francois Hollande, has reassured business leaders of the CAC 40, in an interview in Paris Matchpubliée Thursday. He was lampooned in mid-February, their salary increases "of 36% on average in 2010."
As we approach the elections, it has softened its tone. "We will need all the forces for the country's recovery. Therefore, in the aftermath of the presidential election, I will convene the CAC 40 companies, although many of their leaders will not vote for me, he says. I tell them: "You are the spearhead of the French economy. We need you and you need the state. We face together the challenge of recovery of France "."
The Socialist candidate was told by the president of MEDEF, Laurence Parisot, France 2 on Thursday, that the vocation of the employers' association was "to work with any government whatever." Tenors Socialist Party had in fact accused of campaigning for the incumbent president Nicolas Sarkozy Low fee payday loans.
Francois Hollande tried several times to reassure the campaign finance and management. Visiting London, and then he gave himself to enemy "the world of finance," he said at the City he was not "aggressive" and that n ' there was "nothing to fear" if elected.
Still, the Socialist candidate wants to increase the effective tax rate of 35% in large groups and, among other things, against the practice of stock options. "France seems to bring out the multinationals," said Denis Kessler, CEO of Scor, quoted by The Economist. For the second consecutive week, the weekly British Liberal lampooned the socialist project to tax at 75% marginal bracket the higher incomes of over one million euros.
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It was one of the key ideas of the socialist program, before Francis Holland revise downwards its ambitions: the merger of the Income Tax (IR) and the CSG. Now the PS candidate speaks only of reconciliation by the end of its protection mandate. In 2010, the UMP had also considered the option of a merger-IR CSG, before abandoning it.
A government report, prepared by the Department of Budget aimed at parliamentarians, rather gives reason to oppose this tax big bang. For this report, as Le Figaro has obtained, says the administration will not be able to say, before the implementation of the reform, which categories of French will be the winners and which classes will lose. And even if she knows the parameters of the operation. The fusion of IR and CSG would be a leap into the unknown. A leap of faith with immense fiscal challenges: the CSG reported 86 billion in 2011 and IR 48.9 billion.
A complex system
It is the complexity of the current system is causing these problems. The IR and the CSG are two very different taxes. The CSG is proportional. Wages, regardless of their levels, are always punctured by 7.5%. The IR is progressive: the tax rate varies according to income. Income between 5,963 and 11,896 euros per year are taxed at 5.5%, those between 11,896 and 26,420 euros to 14%, etc.. And, unlike the CSG, the IR has many niches. Finally, the IR takes into account the composition of the family through the family quotient, that is not the CSG.
Reconcile the two systems implies change settings so numerous that it becomes impossible to measure the combined effects. There is no way, says Bercy, to be certain that the objective (make taxation more "just" socially, with fewer niches and a progressive scale, as desired by the Socialists) is reached.
No flat tax
The report further finds that certain categories, such as pensioners, could lose to a fusion of IR and the CSG. Their two advantages (a CSG lower, a 10% reduction on the IR) could be questioned.
However, the new tax could not, whatever happens, be modeled on some flat tax adopted in Eastern Europe. The flat taxne not take into account the family situation, is proportional and is taken directly from the payroll. But the report stresses that the new French tax must meet three criteria, under penalty of being declared unconstitutional: consider the family situation, be progressive (not proportional) and tax all income. However nothing prevents the imposition of a levy directly on the payroll in France. But again, tipping is technically complex … Merge the IR and the CSG to create a new tax is a long, complicated, and uncertain results.
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The possible appointment of Jean-Louis Borloo at the head of Veolia react keenly the opposition. Monday, politicians railed against a possible intervention of Nicolas Sarkozy in this case, as reported by Libération and Les Echos.
The Socialist Party, through the voice of Pierre Moscovici, denounced "little arrangements in Fouquet's friends no faxing payday loans." Canal +, the campaign manager Francois Hollande evoked "the game of musical chairs comfortable to oust a man of political centrists and avoid certain temptations."
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"We will put patterns Florange unemployed by taking control of the plant." Edward Martin, representative of the CFDT EWC ArcelorMittal, wants offensive. The occupation of the site, scheduled for tomorrow, is a direct consequence of the extension until 30 June of the closure of two blast furnaces Florange, the last of Lorraine. "The direction we to understand that, barring a miracle, this closure would last all year," says Edward Martin.
For several months, the largest producer of steel has many announcements to reduce its production capacity. Spain, Belgium and France but also Romania and Czech Republic were affected. Today, only the blast furnaces in Liege never reopen. Other closures are for the moment, temporary.
A temporary measure reaffirmed to the minister, Eric Besson
Bourrier Hervé, President of ArcelorMittal France, reaffirmed that "temporary" to Eric Besson, Minister of Industry, last week. Employees such as trade unionists fear yet more than this closing becomes final. The clues that point in this direction are beginning to be numerous.
"A blast furnace is designed to run continuously, says an industry expert. It degrades when it is not the case. "The first blast furnace Florange is closed since June. The second since October. Investment and maintenance are reduced. Some were made late last year but "there is nothing for a month and a half" notes François Pagano, CFE-CGC delegate. "The industrial base is deteriorating, laments Edward Martin. With the cold, some lines broken. "Worse:" The founders began to be reclassified in the group. Leaders do not take it otherwise if they had close Florange. "
The recovery of orders has not changed all that
The recovery of orders failed to revive the plant. Aditya Mittal, CFO of ArcelorMittal, said on publication of results in 2011 that "shipments are much better than the fourth quarter of 2011, but we are still far volumes 2006, 2007 and 2008." What does surprisingly, these years being excellent.
Francois Pagano explains that "the business unit North, including Dunkirk, Florange, Benelux and Germany, recorded 3.7 million tons of orders for the second quarter of 2012 while its production capacity is 3.8 million . So the plants are running at 97% capacity. At this level, it would be possible to reopen Florange to avoid a potential bottleneck. "
Finally, the closure would be consistent with the group's strategy to focus on very large production units in coastline at Dunkirk and Fos sur mer in France and Bremen in Germany. The justifications for the closure of Liege seem perfectly applicable to Florange. "ArcelorMittal is considering a gain of 56 euros per tonne, which would be credited to the closure of Liege and transfer the production of slabs (Note: raw material for the manufacture of sheet metal) to Dunkirk," says the firm Laplace Council A study commissioned by the Walloon region. The forward gain is identical to Florange: "The leaders explain that ArcelorMittal bring slabs from Dunkirk saves 50 euros per tonne," confirms Francois Pagano.
With increased action "punch", although some have put Florange in the heart of the current election campaign. "Getting a formal commitment of a private company seems complicated," admits to the entourage of Eric Besson. A conclusion which adheres Francois Pagano whose only solution is to "convince Lakshmi Mittal's economic interest Florange".
"Ulcos" or last resort
All actors in the Lorraine steel cite Ulcos project, the acronym for "steel making process at very low CO2 emissions," as salvation for Florange. Launched in 2004, this is a program to find new techniques to produce steel with less carbon dioxide (CO2). Investments for carrying out are huge: 650 million euros! The French government has already pledged 150 million euros of funding. And Brussels could bring 250 million additional. ArcelorMittal leaders have vowed to launch Ulcos, and bring the balance of funding, if EU subsidies are granted.
Except that many obstacles have arisen in recent months. First techniques. The processes developed by Ulcos involve capturing and storing carbon. But experts are beginning to question this technique both for environmental reasons and efficiency.
Then the price of CO2 allowances collapsed in recent months, making plans to reduce CO2 emissions less urgent to implement. And nothing suggests that prices will go up quickly. In difficult economic times, as is currently the case, companies may be reluctant to invest in such technologies if there is no immediate financial implications.
Finally, there is little doubt that ArcelorMittal will decide to raise, or not, Florange on the basis of the only economic criteria. "The management of ArcelorMittal has told us clearly that Florange restarted if the market justifies it, and not only if Ulcos born," stated Michel Liebgott recently, area MP Florange.
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The opening of Sunday shopping has become a topic of this Friday's presidential campaign. Nicolas Sarkozy, the president now officially a candidate for reelection, took hold of the States General of Trade to revive a debate that has never really stopped since the adoption of the "law Maille". The Act of August 10, 2009 allows the Sunday opening of shops in some towns and tourist areas and hot springs and in some big cities. More generally, the Labour Code provides for the possibility for all stores to open five Sundays a year authorized by the mayor or the prefect.
"If the French put their trust in me at the next presidential election, the first step that I will implement will be to continue the flexibilities already made with regard to Sunday opening of shops for you to adapt to changing lifestyles, "it said in the statement that was read by the Secretary of State for Trade, Frédéric Lefebvre. "Broadening the conditions for opening of shops on Sundays, giving you more freedom, it's growth for your business is employment for the French, it's purchasing power for your employees , is the strengthening of the tourist attraction that France is strong, "argued the head of state, resuming his campaign slogan. Already in 2007, Nicolas Sarkozy had placed Sunday working at the heart of his campaign, when he presented himself as the candidate of purchasing power and it boasted its famous slogan: "Work more to earn more" .
And since, traders remained dissatisfied. In his "Pact for the development of commerce", presented in November 2011 with the intention of being sent to the candidates in the presidential election, the Board of Trade of France (FPS) requested the opportunity for each merchant to open " freely from 10 to 12 Sundays a year ", even if his store is located" out of area tourism. " The association already put forward "changing lifestyles" and "ambition tourism in France" to justify its request. During sales in January, Frédéric Lefebvre assured that some foreign tour operators were programming does not weekend in Paris because their customers can not be done shopping.
"A little air"
The issue of Sunday opening is sized. With 730,000 businesses, trade accounts for 20% of private jobs in France and 10% of GDP. Its annual sales reached 1.4 trillion euros, said the FPS. However, the federation does not argue for an opening of "all the shops, every Sunday throughout France." "What we want is a relaxation, a little air," said its chairman Gerard Atlan, quoted by AFP. "The dealer should be there when there is revenue to do, when there is none, it closes."
Like Nicolas Sarkozy, the Socialist candidate Francois Hollande has taken hold of the subject. In a video broadcast on the same Estates General of Trade this morning, he says he will engage in "negotiations" on the issue "controversial" work on Sundays. Last date flowage in a parliamentary report prepared last November that voluntary employee to work on Sunday in the authorized areas was "not sufficiently guaranteed" by some companies. For Francois Hollande, it is to find "a balance between the rights of employees" and concern for traders to "respond to new forms of competition." First union to respond, the CFTC has regretted the "social choice" favored by Nicolas Sarkozy, according to the union, further open the way for the "hyper-consumerism."
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Officials will be more affected by rigor. The government decided on Tuesday: one day waiting period will be established for employees in case of sickness. Earlier in the day, the Prime Minister, François Fillon, was tried before the House the case "reasonable." This period corresponds to the time at the beginning of the stop, during which the insured does not receive allocation.
In private, the waiting period is currently three days. But under the austerity plan, the government plans to bring it to four days, stated Valérie Pécresse and Xavier Bertrand on Tuesday. A measure subsided, according to the entourage of the Minister, by which pension arrangements are provided 70% of employees, which may reduce or eliminate this delay.
Stops short penalized more
This extra day would represent a saving of around 200 million euros.