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The sector paris horse on the Internet is officially open to competition since June 2010 and saw sustained growth, unlike that of paris sports on the Internet, significant drop in over a year. Zeturf, founded and directed by Emmanuel de Rohan-Chabot, pulls out of the game with 25 million euros in gross proceeds from games and 26 employees. "We save 180 million euros of issues, but we thank the players much as winnings. That's why we come to 25 million euros in proceeds from the games, "he says credit report.

Expert in high data availability and information security, Zeturf puts all its information technology service to punters, one of whose characteristics is to concentrate their challenges on the last minutes before the races.  

"There are very powerful effects of peaks in races like the Arc de Triomphe or the President's Award of the Republic, with the entire population of bettors who are concentrated in a few moments."

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A month after the controversy created by the opening of its giant plant in Tangiers, and while made in France remains a central issue in the election campaign, stoutly defends his Renault acceleration in the low-cost. Cultivating paradox, the group believes that its low-cost models to help protect jobs in the Hexagon. And even if the MPV Lodgy Dacia, built on the site of Morocco, is proposed for Wednesday from 9900 euros, more than twice unless the Renault Scenic assembled at Douai, in the North.

On a European market down, "there is considerable logic to make the models where we can make them competitive," said Carlos Tavares, the deputy CEO of Renault. "While our competitors are forced, in a desperate step, practice excessive discounts, may destroy value, we invented a way to make money more effectively," he says. The low-cost range "the most profitable business" liberates margins well above 6%.

a French champion of global size

With these profits, which are "reinvested", "Renault is protected, we avoid tough decisions, our competitors are forced to take. This helps prevent people make social plans, "says Renault boss operational, which notes that" those who claim to have higher production in France more important than ours, are also those in losses. " More generally, "France would gain by having a world champion-size automobile. When the company expands overseas, it's good for the group in France, "said Carlos Tavares.

Renault has made last year 23% of its vehicles in France (against 44% for PSA). In the long term, its production declined sharply in the Hexagon: 445,000 cars and 201,000 commercial vehicles in 2011, against 1.1 million cars and 227,000 commercial in 2004.

The Lion, the automotive division was not profitable last year (- 0.2% operating margin, against 0.8% for Renault), will remove 6,000 positions this year in Europe, including 3,500 in-house .

Handicap image

The diamond company, which devotes 40% of its investments in France, it now locates priority models with high added value: commercial vehicles, electric cars and high end. The next high-end cars, planned from 2014, however, must win while French "has a disability image" in the face of German manufacturers, recognizes Carlos Tavares. For the hour, equivalent models, the Renault cars are bought "on average 10% cheaper" than those of the Volkswagen brand.

On the electric as the band Zoe will launch its fall, the boss does not hide his disappointment at the slowness of government. "The charging infrastructure are late. France has a huge opportunity to play, we have everything it takes to become a world leader in power. I am a little concerned that we can possibly pass up this opportunity, "he says.

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While the first three mobile operators declared war on the new entrant Free, France Telecom unveiled details of its contract with the fourth operator. The CEO of France Telecom, parent company of Orange, Stéphane Richard said in an interview with Les Echos that the roaming agreement signed with him rent for Free mobile network will report "significantly higher revenue than the original one billion euros" .  

The CEO of the operator partly owned public does not advance on a possible extension of the current contract with free-roaming covering communications for second and third generation-the new 4G standard that will provide mobile users transmission capacity comparable to cable.

Under fire from other operators who feel like Jean-Bernard Levy, CEO of Vivendi and SFR, Orange has offered "the best technological conditions" to Free Stéphane Richard replies that her group has not make gifts to the new entrant. He said that "it is not the economic conditions of homelessness that make attractive offers Free. The controller and the CEO of Iliad, do not they also said that the financial conditions of homelessness clearly incited Free Mobile to invest in its own network? "Stephane Richard also ensures that employees France Telecom is aware "that the contract with free roaming, the recipes for it (…) provides, will partly offset the negative effects of the arrival of the fourth operator in the market." Free delighted 400,000 in Orange, and all operators in a month and a half only, Free Mobile has attracted 1.5 million customers, according to estimates by Stéphane Richard, Free for now refuses to confirm.

Finally, Stephane Richard said he was "quite shocked" by the statements of the President of ARCEP, encouraging operators to draw conclusions from the arrival of Free and reduce costs. The CEO of France Telecom wonders if this is "an invitation to make redundancies, when one tries to save manufacturing jobs throughout the territory," or of "an incentive to share infrastructure. " A track he considers "paradoxical."

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"The network Free Mobile disrupted

"Where Free Mobile has recruited 1.5 million customers

In almost all developed countries except France, Switzerland and Singapore, the income tax (IR) is taken directly from the paychecks of household, month after month. This system called "withholding tax" has two advantages: it makes life easier for taxpayers and allows the State to recover almost certainly the tax due, and it regularly.

France should she finally opt for this system, after several failed attempts? Francois Hollande has thought before abandoning the project too. The latest study on the subject of compulsory Council (OAC), an organization linked to the ECA, rather gives reason to critics of the withholding tax. "Some of the arguments advanced in favor of historically withholding their lost weight," said Wednesday, during the presentation of the study, Didier Migaud, the first president of the Court of Auditors.

Indeed, 73% of monthly paid by French taxpayers are now: they pay their IR month after month. Payment is made by monthly installments or third provisional, in 90% of cases it is done electronically (direct debit transfers). The tax return has also been improved, many are now pre-filled boxes. In short, the taxpayer, the French system is relatively simple to use. And the withholding tax is not a panacea: the taxpayer must file a tax return and having to adjust to the tax the following year.

Another consequence of modernization introduced in France, the tax already covers very well the IR, to 99%.

The withholding tax would actually an advantage for the French: they would pay a tax based on income of the year. Currently, households that see their revenues decline, due to retirement, unemployment, divorce, have to pay high taxes compared to their resources in the year, this tax is computed on income, best, of previous year. 30% of households fall into this category each year.

But the CPO believes that this problem can be solved without going through the withholding tax. It is already possible in France to modulate its monthly installments or obtain payment periods, in case of declining income. Would require the IRS to better communicate on these facilities, says the CPO.

Costs for the company

The tax could also opt for the taxation of income during the year: the deposits paid in taxes would be calculated on the estimated income for the year. There would regularize the following year, when revenues definitively known. This system would have an advantage over the withholding tax: the company would not be involved in tax collection.

Indeed, if the direct debit from paychecks, the employer is the tax collector. It can even be the one to calculate the total revenues. In the latter case, he knows if his employee receives other income from savings or property, and he knows the wages of their spouse. Besides the privacy issue, this can affect wage policy – why increase someone whose spouse is very easy? This design maximum role of enterprise is rare and only affects Canada. It remains true that the withholding tax involves costs for the company, from four to two hundred euros a year in different countries.

Anyway, switching to the taxation of income of the year it takes place via the IRS or the withholding tax levied by the company, is a problem, that of the transition year. Could not ask taxpayers to pay that year double tax on the earnings of the year and those of the previous year.

The solution most often proposed is to cancel the tax assessed on the income of the previous year. An acceptable solution since in practice the tax authorities would not suffer any break in the perception of the IR. But at a cost: it would continue to grant tax benefits (employment at home, donations?) On revenues of the previous year. The bill would be 5 to 10 billion euros calculated the CPO. Not very appropriate at this time of fiscal crisis.

With regard to the withholding tax, "the balance tips towards more disadvantages than advantages to," said Didier Migaud.

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Released in early 2010, a year and a half of recession caused by the bursting of the housing bubble, Spain could plunge into the red. Supported by the only engine of exports and tourism, the economy will suffer from the international slowdown. And domestic demand – consumption and investment – remains stalled, weighed down by record unemployment. Economists forecast a decline in activity over the next two quarters payday loan lenders. For the full 2012, Natixis expects an increase of GDP, limited to 0.2%, even more severe, Bank of America Merrill Lynch expects a fall of 0.7%. Two days before the election, the government had to accept lower growth for 2011 at 0.8% against 1.3%, less than half that expected by Brussels in the euro area.

Occupation: the red lantern of Europe

This is the black point of the Spanish economy.

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.

A branch of the Chinese sovereign fund China Investment Corporation began purchasing shares of four major Chinese banks in trouble in the markets. The subsidiary in question, the fund Huijin rich 400 billion dollars and already the largest shareholder of the four largest banks in the country, did not specify the amounts invested in the operation, but the news was enough to reassure some investors. This morning, the values ​​of the banking sector take off in Hong Kong Stock Exchange: Industrial & Commercial Bank of China (ICBC) jumped 8.9%, China Construction Bank ahead by 9.1% Agricultural Bank of China wins 12 % and Bank of China allows itself 9.8%, against an increase of 3.3% for the benchmark index of the Hong Kong, the Hang Seng.

The titles of Chinese banks have continued to decline on the stock exchanges in Shanghai and Hong Kong in recent months, reaching their lowest level in two years recently cheapest personal loan rates.These dismal performances reflect investor concerns on the issues of debt incurred by local governments in China, revealed by an unpublished government report last June. Provinces and municipalities have accumulated at least 1.16 trillion euros of debt in late 2010, with 80% financed by Chinese banks. Nearly 25% of these loans expire at the end of the year.

The explosion of informal loans, in an environment of tight credit, also weighed on banks, who have seen private individuals and companies take almost 50 billion euros over the first two weeks of September, a large part is then paid out of any legal framework.

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After a first crisis meeting on Monday, the board of directors of Dexia held another meeting on Sunday night marathon on a background of tensions. On the menu, the agreement in principle found in government, between France, Belgium and Luxembourg, on a pattern of orderly liquidation of troubled bank.

The dismantling of Dexia revolve around two main axes. First part of the device, sales lead to much gnashing of teeth. Side France, the discussion focuses on the sale of a portfolio of over EUR 70 billion – mostly loans to local authorities – an entity owned 65% by Caisse des Depots, which drags its feet. Until more details, the Investment Committee of the CDC has just issued an advisory opinion but negative according to our sources.La Banque Postale will take a minimum the job of funder community, hitherto devoted to its competitor.

At the same time, Dexia will sell its retail banking subsidiary in Belgium, Dexia Bank Belgium, the Belgian partner probably common across the Quiévrain. The Wall Street Journal, Price, hotly debated, could turn around 4 billion euros, well below the value expected by shareholders. As Fortis sold to BNP Paribas in 2008, the Belgian government's goal is to lean then the network to a private actor. For its part, Luxembourg completes its participation in the recovery of BIL through a consortium led by Qatari investors. Denizbank, the Turkish subsidiary, is also about to be sold.

The second component of dismantling the management of residual interests.While the Spanish or Italian Sabadell Crediop seem almost impossible to sell, will remain at Dexia a portfolio of nearly 95 billion euros in loans, of which 12 billion of government bonds devices in Europe. It is this "bad bank" guarantee promised by France and Belgium will apply. Sunday, the two countries should share the burden away. In 2008, Belgium had made to their account 60% of the security so much higher than 150 billion euros. This time, the camp Yves Leterme wanted to reduce its share of the bill, arguing that the French management had little Belgian interests associated with the management since 2008.

Impact rating

Signal of the high stakes, Prime Minister François Fillon had made the trip to Brussels on Sunday to meet with Belgian prime minister Yves Leterme.The talks, which have been associated with Jean-Luc Dehaene and Pierre Mariani, President and Group CEO, helped lead to a solution "fruit of intensive consultations with all partners involved," insisted the two sides.

The two countries share a triple objective: secure banking on their own territory, without violating the rights of minority shareholders, and while limiting the cost of this debacle for public finances. Friday, Moody's had also placed the rating on negative watch Belgium. Council of Ministers to be held in Belgium on Sunday night, after the Board of Directors of the bank.

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Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council. "Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser.

While a government source announced the "initiatives" to support Franco-German Greece to face serious funding problems of its debt, the Elysee Palace denied."There will be no Franco-German initiative today," said the president requested by the AFP, saying also that no decision had been made about a possible speaking of Nicolas Sarkozy to Following his meeting scheduled at 17 am (Paris time) with the President of the European Union Herman Van Rompuy.

The Elysee was also opposed to a very firm denied rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.