International Headlines and Stories

Entrepreneurs can now expect to spend less time on paperwork they must complete to satisfy the administration. The National Assembly finally passed the bill Wednesday on the easing of administrative procedures despite the guerrilla led by the left. Socialist deputies and senators have decided to seize the Constitutional Council on this legislation. François Rebsamen, President of the Socialist Group of the Senate, said the referral should be made Friday.

"Francois Hollande has displayed duplicity and said on TF1 to a contractor who asked that it was essential to reduce the administrative burden on enterprises when, at the same time, François Hollande, the Socialist member of the Assembly national, and Jean-Marc Ayrault defended a motion to dismiss on the simplification of the text. Simplification is neither right nor left. It is pragmatic and expected by economic agents, "said Frederic Lefebvre Thursday, Secretary of State for SMEs, with more of the 145 measures that will be implemented in the presence of Jean-Luc Warsmann (UMP), President of the Law Committee of the National Assembly and author of the bill.

New areas

The measures apply to both the conditions of entitlement to holiday pay as procurement of low value, the secured cabinet containing all the digital business information required by the government that the 240 million ballot wages published each year. The latter, with up to 30 lines, will be simplified in several steps. The items on the Social Security taxes and social contributions will be easier to understand from the 1st January 2013. Those on unemployment contributions, pension contributions and additional pension will be from 1 January 2015.

The device of the rescript in office, which allows a company to ask its opinion to the administration, will be improved. It will be extended to new areas such as rules for calculating payroll. The administration will respond within a specified time.

Most companies only file with the court an annual report containing information that can benefit their competitors. To monitor the implementation of 145 measures, Frédéric Lefebvre install the March 19 Committee of the reduction of paperwork consisting of officials and entrepreneurs.

Insurers want to conquer the savings of the middle classes. The French have a significant financial wealth but less than one million euros often feel ill-advised by large banks, where private banking is reserved for the wealthy. It is into this breach that insurers dream of rush.

A year ago, France launched its program Allianz Allianz First to seduce investors to assets exceeding EUR 250,000. If they join Allianz Fisrt, they become preferred customers, recognized in all the networks of the insurer. They enjoy a range of high quality investments, with conditions more favorable pricing, a dedicated website on heritage issues, or telephone support 7 days 7 to answer all their questions and legal other tax anxieties. They are entitled to invitations to shows and conferences, a sign of recognition. And most importantly, advice on measures. "Heritage poles were created throughout France for general agents. They offer the support of consultants responsible for meeting with clients to analyze their needs and recommend solutions to their problems, "explains Jacques Caba, director of Allianz Private Bank.

Within months, 4,700 clients have already joined the program. This year, Allianz expands this device entrepreneurs, creating the First Circle. And is already the market of private banking. "Insurers are traditionally not present in this segment, rather allotted to banks guaranteed payday loans. They have only 5% of this market, and a gap to fill, "added Jacques Caba.

Axa has already taken a step ahead

MMA and MAAF are available, they, of commercials to tout their excellent advisors or skills in wealth management. Axa has already taken a step ahead. In 2008, just before the crisis, the insurer Axa has launched Exclusiv, a program focusing on the heritage council, to retain the investors with 100,000 to 500,000 euros of financial wealth. "Either in France 2.6 million households and 50% of the savings market value," said Nicolas Deschamps, director of market savings tributary of Axa. The group offers advice (with annual meeting with heritage specialists of the insurer) and insiders', as an outstanding communication in times of crisis)

.

"Insurers have realized they would have difficulty competing with banks in the savings market consumer. These files have a formidable business efficiency. However, the savings market more upscale, the sinews of war is the board. And insurance companies that have large sales forces have strengths to win, "added Olivier Potellet, CEO of Legal & General. The initial results are inconclusive. Axa, the average purchase amount on investments increased by 50% for clients Axa Exclusiv.

ALSO READ:

"Banks rely on popular wealth management

After two years of strong gains and at times breathtaking, the property prices have stalled throughout France in late 2011. This real slowdown was reflected in the fourth quarter by a stable house prices (+0.1%), according to INSEE statistics, released Thursday. And over one year, prices have increased by "only" 4.3% on average (6.7% for apartments and 2.6% for houses), after increasing 8.5% in 2010 .

However, in the Ile-de-France, the most populated region of France, the annual price increases remained spectacular. It reached 10.6% on average in the départements (small and large crown). And 14.7% in central Paris (after a surge of 17.5% in 2010!). In the capital, house prices have reached new highs in the fourth quarter, with an average price per square meter to 8,390 euros, according to the Chamber of Notaries of Paris-Ile de France.

In seven out of twenty arrondissements, prices even exceed the symbolic threshold of 10,000 euros per square meter. Certain transac-tions go far beyond. On the Champs-Elysees, a 150 m2 apartment has been sold 40,000 euros per square meter in 2011! This new outbreak is partly explained by the low number of Parisian apartments sold (down 14% in the fourth quarter versus the same period of 2010), note notaries. But, "it seems that the trees reach the sky," warns Christian Lefebvre, president of the Chamber of Notaries of Paris-Ile de France, noting a change in trend at the end of last year one hour payday loan. "Over the last three months of 2011, prices are almost stable and in Paris (0.2%). In nine districts, they even declined, "says Thierry Delesalle, notary in Paris.

A correction of 5 to 10% expected

This small market downturn continued in the early years, as evidenced by the preliminary contracts signed in January 8250 euros per square meter on average, according to the Chamber of Notaries. Same thing in other towns in Ile-de-France, where prices began to fall slightly in the fourth quarter of 2011 (-0.7% in the inner suburbs and outer suburbs -0.9%).

"For the first time in years," the Paris notaries anticipate a price decline of 5 to 10% across the region, Paris included. "But this break with the long bull cycle will only be sustainable if new construction is accelerating sustainable in Ile-de-France for several years," they warn. In the rest of France, prices are expected to experience the same slope. Fnaim and notaries as well expect a correction of 5 to 15% on average this year. While some banks have tightened their credit terms and that many households are less confident in their future professionals expect lower sales. Especially since many French have anticipated in late 2011 several devices (PTZ + in the old, lower benefits Scellier …): 828,000 sales have been made between October 2010 and September 2011. High numbers, up 12% year on year.

The liquidation of the company SeaFrance Channel whets the appetites of competing operators. The subsidiary of SNCF had indeed a great market share and operating three of the ten vessels that supplied the Calais-Dover.

Now provides a new ferry crossing. Friday, the "Norman Spirit", which can carry 710 cars and 1,100 passengers, has completed its first run between Calais and Dover. It is chartered by the consortium Louis-Dreyfus Armateurs (LDA)-DFDS. The financing package for the joint venture "is not yet completed and may change," said LDA.

Initially, the "Norman Spirit" had strengthened the Dunkerque-Dover DFDS, opened in 2004. He now will leave Calais, where the crossing is the shortest – a port that is far refused to DFDS and LDA. The first company operates trains north (Dunkirk, Amsterdam). The second is present in the south, with Le Havre and Dieppe, and had tried unsuccessfully to revive the line Boulogne-sur-Mer, Dover, 2009.

There would be room for everyone

Leader on the Calais-Dover, P & O operates seven vessels, sixty trips daily, and has recently invested 360 million euros in two superferries, which have been commissioned. The first, the "Spirit of Britain", was launched over a year ago, the second in early February no fax pay day loan. Each ferry can carry 1,059 cars or 180 trucks and 200 cars.

Crisis requires SeaFrance, P & O had postponed the shutdown of ferries replaced by these vessels. The company admits to being "in an observation period with respect to competition," while observing that studies of the expansion of the port of Calais "forecast an increase of traffic in the coming years." So there would be room for everyone.

For its part, Eurotunnel, the operator of the Channel Tunnel, plays spoilsport in the sea. The company has announced its interest in obtaining the three SeaFrance ferries. Eurotunnel would lease a second time to the workers' cooperative (scop) that plan to launch the elders of the CFDT-sea SeaFrance. "We are not in the context of a coup, says Fabienne Lissak, director of communications. The elders of SeaFrance have maritime skills: we absolutely need them, our ferry business from scratch. "

ALSO READ:

"Only 90 employees of SeaFrance seduced by the SNCF plan

"SeaFrance: cessation of activity delivered

"SeaFrance: Eurotunnel wants to buy three boats

The Paris Bourse should attempt a rebound on Tuesday, a day after falling more than 3%. Around 8:02, the CAC 40 futures contract shown up 1.02%, suggesting a sharply higher opening of the Paris index. The movement should be a European future since the Frankfurt Stock Exchange advance them to 0.68%.

The problems of sovereign debt, however, should hang over the markets. The pressure rises in the euro zone since Moody's announced that the triple A French was threatened. Spain and Italy are always attacked in the bond markets. Finally, Germany is in the viewfinder of many observers who believe the country could experience a domino effect on the market.

But Europe is not the only one to raise the nervousness of the operators.

For now, the rating agencies Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions. Fitch, however, said it could revise its outlook on maintaining its AAA rating assigned to the United States. It recalls that it had warned in August that "a failure of the super committee to reach an agreement would likely have a negative result on the rating" of the country.

This news has already had the effect of falling Wall Street yesterday and the stock markets in Asia this morning, confirming the prediction of Japanese Finance Minister, Jun Azumi, said this morning that fearing "a big disappointment in the markets."

Oil rises

Under the spotlight, the United States must deliver on Tuesday the second reading of GDP in the third quarter.

The enthusiasm was short-lived. Asian markets, which had welcomed yesterday the political changes in Italy, switch back into the red on Tuesday. The concern around European sovereign debt increases with the lines, the fear of spreading to other countries as Greece. The fears are rooted in the rising bond yields recorded yesterday in Spain and Italy. Spanish borrowing rate to 10 years rose to 6.082% (it did not exceed the critical threshold of 6% since early August), while a debt issue in Italy took place at rates above 6% for securities maturing five years. In Greece, the Prime Minister's speech Lucas Papademos, who promises to reduce government debt at 9% of GDP in 2011, is not enough to reassure.

In this context, the Japanese Nikkei ended the session down 0.72% to 8541.93 points.The broader Topix index has in turn reduced by 0.67% to 730.91 points. "We need to stabilize the situation in Greece, Italy and Spain for the Nikkei rebound," said Fumiyuki Nakanishi, a broker at SMBC Friend Securities. The export sector has been especially battered because of the renewed weakness of the dollar against the yen. The greenback fell in the early morning under the threshold of 77 yen before slightly recover. Elpida unscrews to 8.54%, 1.46% of Sony and Sharp 1%. Bank stocks are also in the red in the image of Resona (-1.45%) and Aozora (-3.13%). Only Olympus has distinguished himself on the rise: the title continued to climb started the day by winning 18.51%, the maximum allowed for the day.

In China, Hong Kong and Shanghai respectively unleash 19,295 points to 1.09% and 0.23% to 2522 points. Spirit takes the rating down (-3.10%) in Hong Kong, as Foxconn (-1.37%).

The concern of earlier this week gives way to relief. After completing a session in the balance yesterday, marked by a small rise in the Nikkei 0.16%, Asian stock markets will resume after the announcement of the plan to stem the crisis in the eurozone. The benchmark index of the Tokyo Stock Exchange rose on Thursday at the close of 2.04% to 8926.54 points at.It's the same for other Asian financial centers: the Hang Seng index of Hong Kong Stock Exchange gained 1.74% to 19,399 points, the CSI 300 Index 0.26% 2658.42 Shanghai points, the Kospi Index Seoul 1.42% to 1921.29 points, the S & P / ASX 200 Index 2.43% to 4345.80 Sydney points, the BSE Sensex 30 in Mumbai at 0.20% 17,288.80 points and the FTSE Straits Times Singapore 1.63% to 2814.99 points.

Shortly before 4 am, France, Germany and the euro zone countries are agreed after intense negotiations with creditor banks on a 50% discount on debt securities Greek removing the last obstacle to a comprehensive plan of response to the debt crisis. The contribution of the private sector, coupled with an effort of the States of the euro area of ​​130 billion euros, will bring the Greek debt of over 160% of GDP today to 120% in 2020, said Nicolas Sarkozy.The French president also said that the means of relief funds in the euro area (EFSF) would be "multiplied" in order to reach "1.4 trillion dollars," or "1000 billion euros." For Nicolas Sarkozy, "the summit has to adopt elements of a comprehensive response, an ambitious response, a credible response to the crisis in the euro area". Even if the plan is still very fragile if the economy of Greece does not improve, he said.

The surge in the yen threatens Japan

For its part, the IMF Executive Director Christine Lagarde welcomed the "substantial progress" made at the EU summit in Brussels, welcomed the leaders of the euro area have set up "a program that will respond to the crisis in the region " check cash advance.Greek Prime Minister George Papandreou, for its part considered that a "new era" began in Greece, speaking of a "new beginning" with this debt reduction Greek.

On the macroeconomic front, the Central Bank of Japan announced Thursday a further easing of monetary policy to fight against soaring yen that threatens the recovery of the Japanese economy.The institute has decided to increase 5 trillion yen (47 billion) purchases of treasury bills, increasing to 55,000 billion yen (519 billion) the maximum amount it spends on purchases of government bonds, corporate bonds and other financial securities, and loans at preferential rates.

The euro has strengthened

In addition, retail sales continued to decline in Japan in September, from 1.2% yoy, due to the fall in purchases of TVs after an exceptional run in early summer, announced the Ministry of Economy Thursday. However, car sales have stopped their dive.Consumers remain cautious overall spending due to fears generated by the earthquake and tsunami in the northeast of the archipelago on March 11 and the Fukushima nuclear accident they caused.

Side values, the action of the group of cameras Olympus soared 23% Thursday at the Tokyo Stock Exchange, following the resignation of its CEO Tsuyoshi Kikukawa, accused by his British predecessor Michael Woodford to have overcharged acquisitions between 2006 and 2008.

The euro has strengthened, buoyed by hopes of resolving the crisis in Europe. It was worth 106.26 yen and 1.3975 dollars in Tokyo Thursday morning, 1.3908 against the dollar and 105.98 yen in New Yok the night before.

Finally, oil was up, after the sharp fall the previous day in New York.In electronic trading in the morning, a barrel of "light sweet crude" gained 1.11 dollar to 91.31 dollars a barrel while Brent North Sea crude for December delivery took 70 cents to 109.61 dollars.

The tax is sure to be one of the main themes of the campaign. First question of democracy: the French have always been upset with the tax. This is not new. But now they no longer understand the meaning. Taxpayers do not know why they are not taxed when the money from. They wonder if they are "just" dizzy and taxed at the constant changes in the foot of the state, making our tax system totally unpredictable, unreadable, and therefore ineffective.How many French know they will pay for the first time this year a portion of their housing tax for inter-municipal, that is to say, of municipalities, they know nothing? How many business owners know exactly how much they will pay in lieu of business tax, abolished last year in favor of two new taxes? Reconcile with the citizen taxpayer is more than ever an imperative, when the both of them were again tempted to exile.

Question of economic efficiency then. One can only be struck by the complete lack of fiscal strategy of the Finance Bill 2012, currently under discussion in Parliament. In the eyes of officials of Bercy, the only way to increase tax revenues is to remove the niches or benefits made in the tax calculation.More than half of the 11 billion euros in additional savings are announced in late August and the removal of some old tax benefits. Now that the idea has been fueled largely with public opinion than the 104 billion euros in lost revenue for state coffers that are the fiscal and social niches, half are "very effective" or "inefficient", this solution is actually the easiest to implement. But it can serve as long-term program. As niches, whose real term is "tax expenditure", are as fundamental to encourage private investors to replace the public investor.No niches, no investment in France, which already sorely lacking.

Reform the income tax

The tax reform in 2012 will revolve around three major issues: how to bring balance between taxation of wealth and income? How to get to his income tax progressivity? What future for VAT?

To these questions, the UMP and the PS will provide different answers, of course bad credit payday advance. But the rules are the same for all. France can no longer raise taxes. The tax ratio-mandatory, ie the tax burden, amounted to 44.5% of GDP, close to its historical levels (44.9% in 1999). But conversely, the disastrous situation of public finances prevents them down.The "big bang" will be announced fiscal totally bounded in the universe: it will be a rebalancing in depth, but revenue constant.

Some lines of force emerge. The income tax in its present form, is on trial. Two transformations are emerging: reconsider its progressivity, that is to say goodbye slices. Or merge it with the CSG, an idea that has the favor of PS and a large part of the UMP. This merger should not be mistaken, broaden the tax base, will make the income tax fairer, but will also be more painful for the average incomes.

Similarly, it will not escape a VAT reform. Since 2008, 15 European countries have found, for fiscal consolidation, so much so that the rate of 19.6% French is now among the lowest in the euro area, 1 point lower than the average.Especially down at the other, the government chose to lower it for some sectors (food, building …).

Finally, there is the balance between taxation of income and wealth. The most sensitive issue. Recently, in Le Figaro, the budget minister Valérie Pécresse explained: "By raising taxes on savings, we compare the taxation of wealth from that of labor income." The road has only begun. One can imagine what awaits holders of wealth in the coming years …

ALSO READ:

"Tax pro" Reform is not enough explained "

"Taxation: the rules for 2012 take shape

Grisaille Economic ambient softness unusual temperatures have probably induced consumers for caution September. Including their clothing purchases. Consequence: France, sales textile clothing tumbled 10% over same month last year.It French Institute fashion (IFM) which launches the alarm in his last letter Conjunctural.

This falling sales spares no distributor:

-Department stores accuse thus decline sales 7% by value in September versus the same period 2010

-Chains saw sales backward 10%

-Downward turnover is 12% for independent multibrand and 14% Monoprix.

Chez Monoprix we confirms that "weather unfavorable impacted sales" but also justifies this bad news by that September 2010 compared, was excellent months "sales had then effectively climbed 7% "says we the distributor.Postponement a commercial operation christened "The nine days», held last year September but is programmed this year straddling September and October has perhaps helped falling sales recognizes we also Monoprix payday advance lender.

Worst September long …

Side independents multibrand, falling sales was certainly 12% September but segment lingerie posted according IFM the best resistance (+0.3% in value in September).

All distributors confused, sales had started marking time soon summer balances was disappointing for distributors.During the period January-August 2011, they had already declined by 1.7% in value over the same period last year.

The downward trend has clearly intensified in September, which is the worst for the industry for a long time: according to the IFM, clothing sales in France had indeed increased 2% in 2010, which was a good year, after falling 8% in 2009. But climbed 1.2% 2008 and even 8.3% in 2007.

The outlook for the month of October are not provided completely obscured: true, according to Franck Delpal, an economist at the IFM, a slight improvement in weather clothing is not excluded in October, with relapse of temperatures .

Warren Buffett returned to the Tax imposed on it wishes to super rich. In a letter to an elected Republican congressman, Tim Huelskample, billionaire furnish in support of his argument precise details of income and tax it performs.

The third richest man in the world it reveals an annual income of $ 62.8 million in 2010. But thanks to various deductions which it benefits, taxable income does not exceed $ 39.8 million, he had already made clear this summer, so he paid $ 6.9 million in U.S. Treasury as 2011au the tax. Either a tax rate of 17.3%, lower than that fulfill many Americans from the middle class, including his secretary, said, according to AFP, the billionaire in a letter dated Tuesday.

Call for Rupert Murdoch

Warren Buffett, who supports the Obama administration's desire to impose more richer to reduce the U.S. deficit, has also urged his countrymen to publish very easy to turn their tax form no fax cash loans. "It is clear that many ultra rich pay even lower percentages than me on the federal government, and get the amount of taxes could be useful to legislators to establish a fair tax code," he wrote to Tim Huelskamp.

Warren Buffett had called last week Rupert Murdoch, owner of the Wall Street Journal, to publish its tax-bill, after the publication of an editorial highly critical of the "Buffett tax" in the popular business daily.

A report published on October 7 by the Office of the U.S. Congress is in support of the speech of Warren Buffett.According to the report, 25% of American millionaires, or 94,500 people actually pay less tax than the 10.4 million households earning less than $ 100,000 a year. On average, however, the millionaires perform according to the report of a tax rate of 30% when these middle-class households are taxed at only 19%.