Today Hot News

In ten years the state has lost 100 billion euros in revenue. This figure results from the calculations of shock UMP Gilles Carrez, general rapporteur of the Budget, published by Les Echos. What set the scene while the deputies are to discuss Tuesday guidance of public finances, which will set priorities for the years 2011-2013. The challenge: reducing the government deficit of 7.5% in 2009 to 6% in 2011 and to 3% in 2013 to meet EU rules. And convince investors of the seriousness of France.

Since 2000, said Gilles Carrez, 70 billion euros of tax cuts have been granted by the governments of left and right. At the same time, 40 billion of revenue were donated to the Social Security and local authorities. The whole, "without these have been offset by lower expenses!" Gilles Carrez surprised in an interview with Les Echos.

The largesse of governments are particularly focused on tax cuts on income and on the proliferation of tax shelters. Then, down one point from VAT in 2000 has caused an erosion of 40% of revenues.

To redress the balance, the member calls for "an effort on tax revenues and social order of 15 billion euros is needed to demonstrate our commitment to reducing deficits and debt". The markets and rating agencies watch the France at the turn. If they judge announced that the effort is insufficient, the state will see its rating deteriorated and must borrow at higher interest rates.

Effort "just"

Still, the effort "must be fair," Eaton Gilles Carrez. Therefore, "the movement of the plane" tax "should apply to the broadest possible base."Income tax, corporation tax, solidarity tax on wealth, and even VAT should be reviewed.

For example, the 5.5% VAT on food is expected to increase to 12%, defends the member. A measure already excluded by Bercy. On the other hand, Gilles Carrez believes that the biofuel "is developed enough to no longer need to be subsidized.

From 1 July 2010 will require some additional documents to send a letter. The price of the stamp of the priority letter weighing less than 20 grams will increase from 0.56 to 0.58 euro, an increase of 3.5%. The economic costs will also increase by two cents to 0.53 euros.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even as the universal service commitments of the post office and geographic constraints are higher in France."

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.

Pernod Ricard is pleased to announce on Thursday morning, up 14% of its turnover in the third quarter of fiscal shifted to 1.54 billion euros. And rise at the same time, prospects for the entire year.

"The title should respond by increasing", predicted the analytes Natixis SecuTire this morning before the opening of the Bourse de Paris, describing the rehabilitation objectives of the company as "clearly good news." Indeed, the Pernod Ricard shares climbed 3.7%, to 65.3 euros in early trade on the CAC 40.

"The strong performance was boosted in part by favorable comparison bases and technical effects. However, this publication shows significant signs of recovery, "entrust strategists.

In home counseling Aurel, who published a note on Thursday on the group, expectations are "substantially" exceeded.The revenue expected by the consensus of 1.4 billion euros. Aurel immediately raised its target price on the value of 52-58 euros (recommendation to "hold"). Wednesday evening, the Pernod Ricard are already mounted by 2.7%, and quoted at around 65 euros. A true performance against the Wednesday meeting.

Current operating profit seen up 3%

According to the explanation of the group, good sales were due to a "strong consumption growth in emerging economies, improved conditions in some key markets like the United States and Russia, and the effects of destocking and shifts of Easter and Chinese New Year.

Pernod Ricard has therefore decided to revise upward its outlook for its fiscal year 2009/2010 with organic growth of around 3% of operating profit, at the top of the previously announced target range of 1% growth in 3%.

Debt restructuring

Last March, the company headed by Pierre Pringuet announced its successful bond issue for $ 1.2 billion. The group's debt of wines and spirits reached 10.3 billion euros at December 31, 2009.

The world number two, whose brands Chivas Regal whiskey and Havana Club rum – among others – make its fame, has set a goal to balance "progressively" 50/50 funding between bank loans and bond debt, d by 2013.The division is currently 25/75.

ALSO READ:

Pernod and Russian Standard agree

"The Indians are whiskeys success of Pernod Ricard

Pernod Ricard continues to rebalance its debt

Pernod Ricard scratched by the crisis of champagne

If the political debate in Germany is keen on supporting Greece, no such thing in France. The Socialist Party will vote in the state next week's Budget Act that allows Paris to pay 3.9 billion euros in Athens in 2010. And this Wednesday, the hearing for two hours, the budget minister, Francois Baroin by the Finance Committee of the Assembly took place in a consensual atmosphere. "Everyone agreed it was necessary to go fast. We can not let go of Greece, especially since the effort required of his people is heavy, "recalls Jerome Cahuzac, Chairman of the PS Committee. Alarmed by the weakness of governance of the euro area and lamenting, for some, the absence of a European monetary fund, members hoped that the rescue is accelerating. "Many were disappointed that the summit of heads of state that takes place May 10," said Gilles Carrez, the general rapporteur UMP.What the minister said "it would be even more dangerous to yield to a form of precipitation.

Debate on the interest rate

The only objection was on the interest rate of 5% which Paris ready to Greece three years. The Socialists, Fran?ois Hollande and Henri Emmanuelli it was too high. But Jerome Cahuzac is more nuanced and noted that this rate is the result of a compromise between heads of state.

Still, the French government should actually earn money in the transaction, since borrows around 2.13% at five years. Baroin has been noted that the plan for Greece "is not an expense to the taxpayer! Is this why the consensus in France? "I believe above all that unlike Germany we have a culture of state intervention," said the UMP J?r?me Chartier."It is logical as German citizens, who have made sacrifices to repair their public finances, are more reluctant than the French, who were not virtuous," says the centrist Charles de Courson.

ALSO READ:

"Greece: Paris ready to pay 3.9 billion euros

"Berlin is threatening to say no to Athens

"Greece:" Confidence in the eurozone is at stake "

"Issues around the crisis in the euro area

Ever. When China publishes a number, it rarely falls in the half-measure. The purchasing managers' index, which measures both new orders and industrial production, released Thursday, has gained 3 points in March according to official statistics (55.1). It is at its highest level since its inception six years ago.

China, which is expected to announce an increase of 12% of its GDP (gross domestic product) in the first quarter, beating all records, remains the leading exporter, ahead of Germany (1 202 billion last year), but , surprise, it also consumes.

It will, if one believes his prime minister, Wen Jiabao, a deficit in its trade balance of 5.9 billion euros in March, the first since April 2004. This dip is due to the explosion of imports. They had increased from 85.5% in January. They still grew by 44.7% in February.Oil, coal, but also high technology products and luxury goods. That is what the government calls "accelerating change our mode of economic development.

The recovery plan 4 000 billion yuan (432.7 billion euros), launched in late 2008, that does not fund major projects. It also subsidizes purchases of appliances, cars, farm equipment. Thanks to him, retail sales rose 15.5% last year.

China has become the biggest car market before the United States. It is also the second customer of Bordeaux wines, after the European Union. Its purchases of gold are expected to double in the next decade, according to the World Gold Council cash advance no faxing.

The scourge of inflation

"The Chinese consumer spending weighs only 35% of the country's GDP, over 50% against the rest of Asia and from 60 to 70% in most OECD countries (Organization for Economic Cooperation and Development economic), "notes a recent study by Nomura. But she sees four reasons to explode: the growing appetite for Chinese goods as durable and as their wages increase, the expansion of cities in central and western countries, the development zones rural and the need to increase the share of services "which represent only 40% of GDP against 60% to 80% in high-wage economies."

But Beijing must first curb the twin evils. He needs to control inflation at 2.7% in February was the highest for sixteen months.For the first two months of the year, consumer prices rose 2.3% while retail sales increased by 17.9%. In Shenzhen, near Hong Kong, the square meter of land is sold 2 000 euros! China should also reduce the social divide. Urban residents earn 3.3 times more money than the people of the country, against 1.8 times in 1983.

Only the introduction of a real system of social protection for all allow the government to persuade households to save less to pay their pensions, their routine care, education and children to consume more.

ALSO READ:

The Chinese prefer holidays in China

EU leaders, meeting Thursday and Friday in Brussels, bend at the head of Greece and the world is watching. Sign of the attention paid to the euro area this week, the U.S. central bank, the rating agency Fitch and the central bank were all in their own way, trying to put pressure on European capitals.

Most recently, the deputy governor of the central bank of China, Zhu Min, criticized hollow inaction of EU leaders in the Greek case. "I do not think that Greece will go to bankruptcy because it is relatively small," he said in Hong Kong Thursday morning. "But we see no decisive action that would send a signal to the market saying:" We can solve this crisis, we can stop it. " The market remains very volatile. "

And prevent the problem is not confined to Greece."Greece is a case, but this is only the tip of the iceberg," he said. "The main concern today is obviously Spain and Italy." One way to remind Heads of State and Government meeting at the European Council that it is time to extinguish the fire fast cash without a hassle . The rating agency Fitch has in turn worsened the note of Portugal on Wednesday, highlighting the structural weakness of the country.

The fear of a "great shock"

The United States also expressed concern earlier this week when European inaction. For the first time a director of the Fed, the U.S. central bank, has publicly worried about a contagion of the crisis in the Greek American economy.He said such fear at worst "a big shock in financial markets" could occur "as a general movement of withdrawal [investors] the debt market states. A particularly alarming prospect as the United States have more need than ever to issue debt.

"These statements sound like a call for decision making at European level" analysis Natacha Valla, chief economist at Goldman Sachs. Ultimately, "this crisis, caused by a small country like Greece, is amplified by a bad reason: the failure of European authorities to take a decision."

See also:

"SPECIAL – Greece, a challenge for Europe

In extremis, the European Commission and the U.S. shareholders of Dexia have completed their rough Friday trading on the sacrifices that the Franco-Belgian bank will make. "This agreement ends a period of uncertainty extremely painful for the employees of the bank, welcomed yesterday Pierre Mariani, managing director, that is to say operating officer of Dexia.

In the fall of 2008, as Fortis, Dexia had found just hours after insolvent, unable to find markets daily cash needed to balance its balance sheet. Its shareholders (TFB French, Belgian holding parastatal) had flown to her rescue, and the French, Belgian and Luxembourg. Before the Commission, Dexia has also managed to restrict the amount of state aid to the only reviewed recapitalization States.This has helped limit the damage on the amount of concessions that are required of the bank.

Specifically, Dexia will in 2014 have reduced its balance sheet by 35% compared to what it was in late 2008. A goal that adds only a few assignments, relatively marginal to the restructuring plan prepared by management of Dexia itself: in addition to the scheduled liquidation of its bond portfolio, Dexia will divest its subsidiaries in Italy, Spain, Slovakia and insurance in Turkey.

For Pierre Mariani, the key challenge is won Brussels recognizes the viability of Dexia, and considered credible ability to survive without any government assistance free credit report and score