The French government wants to reduce by three billion in Budget 2011, tax loopholes enjoyed by the insurance industry, under the "movement of the plane" of 10 billion to reduce the deficit, said Monday AFP at the Department of Economics. The revenue thus acquired will be made to the Sinking Fund of the social debt of 3.2 billion new resources the government has agreed to pay."This revenue will be made in three steps facing the insurance industry at large, because it is the sector with the biggest stake in what guarantees the sustainability of social protection system," said the entourage of the Minister of Economy Christine Lagarde.

Resources collected in advance

The first measure deemed included in the Finance Bill to be presented in late September by the cabinet for life insurance, the preferred placement of the French.Included are contracts known as "multi-media, which include a part in Euro (guaranteed capital invested in bonds) and other units of account (mostly invested in equities).

To date, social security contributions (general social contribution and contribution to reducing social deficits) are made only outcome of multi-support contract, then they are executed each year on contracts in euros only. "We will achieve the social deductions each year for the compartment euro contract of life insurance multi-media", it was argued. In this case, it is not really new but revenue from resources "advance", they added.

Tax incentives obsolete

The second measure relates to contracts "caring and responsible" health insurance, covering virtually all of the supplementary cover.They have since their launch in 2005 of a tax exemption on insurance agreements. "This exemption would allow these contracts to take an important place. But it is a success, so there is no need for a tax incentive very strong, "argued the entourage of Christine Lagarde."These contracts will therefore be subject to tax on insurance contracts, but at a reduced rate of 3.5% instead of the standard rate of seven per cent," he said.

The final measure focuses on the taxation of the "reserve accumulation" that insurers are required to be to smooth fluctuations in interest rates.

Each of these three measures should yield about one billion euros in revenues in 2011.

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As every summer festivals in numbers on the territory have not failed to meet a great public success. However, despite attendance that does not deny, the contraction of budgets of local cultural events to make this worthwhile. For the vast majority of them are "small joint ventures", in the words of Emmanuel Negrier, author of "Public Festivals, tapped in large part by public funds.

According to a study by France festivals, grants from these mainly involved local average for 51% of the resources of these events. "The festivals of contemporary music, which developed later than others, however, are less dependent," says Emmanuel Negrier.To give an example of the financial stability of a festival of medium size, the budget of Auvers-sur-Oise is broken down as follows: 44% public funding, 23% from sponsorship or partnerships, and 33% of own revenue, notably from the ticket.

The counties, which face increasing social spending, have generally lowered their subsidies by 10%. This is the case in Rock en Seine, which begins this Friday with the envelope from the general council of Hauts-de-Seine is dropped from 300,000 euros to 265,000 euros on a total budget of 5 million. "The trend is clearly down government subsidies. In addition to the crisis, the reform of local finances led to a narrowing of the capacity of local authorities to act in the field of culture, "says Emmanuel Negrier. A feeling also experienced Lorient Inter-Celtic Festival."Apart from agreements concluded in three years, we enjoy public support dropped from 10% to 20%. In total, they nevertheless represent 35% of our budget, "says there is no fax payday loan.

Increased use of patronage

What, therefore, to overcome this shortfall? There are really only two main levers on which play to increase revenue: the price of tickets and the development of sponsorship. While the increase in ticket prices is a limited instrument which undermines the availability of a diverse public festivals, many events, however, attempt to play the role of patronage. This is for example the case of Inter-Celtic Festival Lorient or that of Annecy.The Crescendo Festival of Annecy has indeed experienced a revival this year thanks to the donation of 500,000 euros a Russian businessman, Andrei Valeriyevich Cheglakov. "The only thing Andrei Valeriyevich Cheglakov wait in return is the recognition by the Mayor of Annecy festival of this size that has an interest in the city," said Pascal Escande, festival director. This case, however, is very exceptional, "he concedes himself.

Especially in times of crisis, it also becomes more difficult to find private funds. While the vast majority of companies have retained last year an almost identical level of funding, "they tend to focus their actions and be more attentive to their consistency," said Beatrice Menanteau, director of Admical , an association that promotes corporate philanthropy.Above all, it is currently unthinkable in France private funds to replace grants: "In Spain, some festivals are completely private. But their benefits are not equivalent to those of French festivals. Neither stimulation of cultural creation, or access to culture to a diverse audience are possible without the help of communities, "argues Emmanuel Negrier.

New blow for Toyota. The Japanese automaker has launched a new campaign to recall the United States. It covers 1.13 million Corollas, his best-seller.

The reason? An engine problem that affects models built between 2005 and 2008. The decision comes two days after the U.S. National Highway Safety Agency (NHTSA) reported having opened a new investigation into the Corolla, which was already under control since last February after 163 complaints of American motorists.

This new campaign will tarnish a bit more Toyota's reputation, which had been forced to recall more than 10 million vehicles worldwide, mostly in the U.S. since last fall.

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The Paris Bourse was raised a notch to 16 heyres. Already the CAC 40 took more than 2% since this morning, but the ISM index of manufacturing activity, released on Monday across the Atlantic in 16 hours (Paris time) gave a boost to U.S. indices, as best expected. European stock markets all benefit.

In Paris the CAC 40 wins no less than 2.96% at 3,750 points to 16.20. The month of August begins very well, after one month of July already favorable to investors in Paris.

Last month, the CAC 40 was well recovered, compared to a decline in June and a memorable month of May in terms of poor performance. Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%. Compared to a year ago, it was up 6.3%.

On the face of macroeconomic indicators, two publications are important to remember.In Europe, growth in manufacturing output and new orders accelerated, reaching their highest level in three months, according to the latest PMI survey released Monday and conducted by Markit Economics Institute. The PMI index for manufacturing final Eurozone appears already to 56.7 in July against 55.6 in June

On the other side of the Atlantic, the ISM has continued to grow, but less than before. The increase in activity in the manufacturing sector in the United States has continued to slow in July, the index measuring the ISM has fallen to 55.5, but less than expected, according to figures released Monday by the association .

On the values front, are monitored:

BNP Paribas (4.59%) which unveiled on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions.The title gained 4.19% to 54.92 euros. The title brings in its wake Societe Generale (2.97%). For its part, Credit Agricole gained 2.33% to 10.75 euros.

Air Liquide (1.29% to 87.48 euros) on Monday confirmed its objective of increasing its net profit in 2010 after an acceleration of growth in sales between the first and second quarter, thanks emerging markets.

France Telecom (1.09% to 16.24 euros) has initiated discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, suggesting a possible investment of 650 million euros. Title varies slightly to 16.05 euros.

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B.Eurazeo gaining 1.74% to 49.73 euros.

The construction group Vinci (2.44% to 38.05 euros) was selected Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from 2017 the air service from Nantes-Atlantique.

Areva (-2.96% to 354 euros) on Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but confirmed its 2010 targets.

Eiffage (2.21% to 39.57 euros) published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 ( +4.4% at constant since 1 April 2010), more than 11 months of activity.

APRR (stable) – The Socialist leader Arnaud Montebourg said it had seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of Eiffage and the Australian Macquarie Group

The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed under the successive reforms of 1993, 2003 and 2007, according CNAV.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers. The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

(With AFP)

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The CAC 40 is a little break after a meeting at which bounce saw the benchmark index of Paris close to over 3%. On Friday, the markets begin the session on a slight decline from 0.13% to 3595.66 points. The waiting game surrounding the publication of results of stress tests of European banks is felt. Already, the euro back a bit against the dollar at 1.2889 dollars around 9:00.

Yesterday, U.S. markets have done a great meeting Thursday at which time the Dow has gained almost 2%. U.S. markets relatively insensitive to the announcement of a surprise increase in weekly unemployment registrations have been worn by the overall business results above consensus.

In terms of macroeconomic statistics, the session looks very calm.No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets. Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

The Germans will unveil their Ifo business climate.

TF1 reviewing its objectives to increase

The stress test, however, occupy the banking sector.BNP Paribas, Societe Generale, Credit Agricole, Natixis (BPCE) or Dexia should respond.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 announced before market sales ad up 11% in the first semester for a total turnover of 1.28 billion euros, above the consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics reported Thursday a profit above expectations at 18 cents per share with a turnover up 27% to 2.53 billion. Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard noted Thursday its annual forecast for operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft has released a turnover up 94% in the first quarter of 2010-2011, to 161 million euros and confirmed its objective of a provisional turnover of 160 million for the remainder of the year.

BioAlliance Pharma has announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in the United States Loramyc, light treatment of fungal infections of the mouth patients with cancer or AIDS.

As for ads, Alstom said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant India.

Legrand announced Thursday a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition. Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel and Prom announced Thursday it had increased to approximately 70 million euros the amount of its issuance of Oceanes five years following the year's total allotment option.

Pernod Ricard has raised its annual forecast for Thursday operating profit due to improved economic conditions. The group of wines and spirits brands owner Ricard, Absolut, Havana Club, said in a statement that its sales showed a growth of 2% at constant exchange during the year ended June 30

Pernod Ricard said however that "given a negative foreign exchange impact of approximately -1% (turned positive in the second half) and a perimeter effect of -3%, primarily related to sales of brand Wild Turkey and Tia Maria, 2009-2010 turnover was slightly down -2%.

He added: "The year was marked by an economic improvement over that of last year, especially during the second half. Pernod Ricard has continued to benefit from its broad portfolio of premium brands. "

Turnover increased by 9% at constant scope and exchange in the second half, with growth estimated at 3% in the fourth quarter alone. Pernod Ricard said that Asia and Latin America are "remained very dynamic." The improvement trend continued in Eastern Europe, the United States and Duty Free markets. The activity continued to decline overall in western Europe (particularly Spain and the United Kingdom, and more recently in Greece). "

For the full year, the company is now targeting organic growth in operating profit of between 3% and 4%, while it expects an increase of 3% previously.

The turnover and the final results of 2009-2010 will be published Sept. 2.

The use of frames is better. The worst is over. According to the barometer of Apec, 52% of companies surveyed have recruited at least one frame in the second quarter. Five points higher than last year. 43% of companies say they will recruit in the third quarter, eight points higher than the third quarter of 2009. "The results this quarter are at a level close to the situation two years ago," wrote the experts from APEC. Computer science, engineering and business services accounted for this improvement. In the first two sectors, more than half of companies recruit more than a year ago.

However, the situation remains difficult in construction where the recruitment of three companies in four are stable or declining.

Good news for graduates: improving the recruitment forecasts for the first time since the crisis began in 2008. According to APEC, 38% of companies want to hire youth in the third quarter. Four points higher than a year ago. A quarter of managers hired since the beginning of the year are young graduates. For cons, the elderly have always struggled to attract employers. Managers with more than twenty years of experience represent only 9% of new hires.

The crisis has reduced the mobility of executives in 2009

On the ground of appeal as that of growth, France is doing "less bad" than its main competitors. It is the belief of the French Agency for International Investment (AFII), which on Monday published its panel's attractiveness in 2010, in collaboration with the Center for Strategic Analysis (CAS), Treasury and Datar. While foreign direct investment last year saw a decline of 41% in developed countries, they have fallen "only" 35% in France.

The Hexagon's interest to maintain this advantage: the French subsidiaries of foreign groups provide more than 2.5 million jobs, 20% of R & D and almost 40% of these exports are linked to foreign establishments.And since 2007, when the crisis was suffering its effects, new investment decisions by foreign companies will be permitted to "maintain or create approximately 30,000 jobs" each year.

"Beware the gap between what the economic data and leave out the perception of foreign investors," said Monday David Appia, president of the AFII. This paper attempts to twist the particular blow to conventional wisdom: that France would not fiscally attractive to businesses. "People often think that taxation in France is a weak point but in reality the situation is more complex," said Director General of CAS, Vincent Chriqui No fax payday advance.It must be determined "globally", argue the AFII and CAS.

"Strong signals"

The tax can not be reduced to the corporate tax (IS). "The effective tax burden on enterprises in France is much lower than the nominal rate of the SI would suggest," says the report. It must also consider the tax base and exemptions. Ultimately, if we look at the revenue of the IS reported to EBITDA, "France is in a better position, with a tax rate of approximately 17% of profits." Dietary improvements reserved for impatriate removing the ceiling of the research tax credit – now "the strongest incentive to Europe" – and the removal of business tax on productive investments also "sent a strong signal towards investors foreigners.

More generally, France is ranked fifth in the world for business location costs (employment, installation, transportation, taxes, equipment and energy) and one in Europe, the document stresses the AFII, which compiles data and existing rankings, making comparisons between France and eleven other neighboring countries.

Saffron is still on track, despite the rejection by the supervisory board of Zodiac's merger offer sent July 6. "We stand by our proposal. It is the shareholders to decide Zodiac. We were very surprised that the leaders of Zodiac reject our proposal without seeking to fathom, "says Jean-Pierre Cojan, Deputy Director General of Safran, head of strategy and development.

The group led by Jean-Paul Herteman no plans to launch a takeover bid (OPA) hostile Zodiac. "I'm not sure that the interests of our shareholders would be served by something other than what we propose, namely to gather around the table. We have no idea at this stage other than to repeat the proposal that was made there about ten days, "says Ross McInness, Chief Financial Officer of Safran.In the letter received by Didier Domange, chairman of the supervisory board of Zodiac, Jean-Paul Herteman, CEO of Safran, simply wrote that he proposed an exchange of securities and cash to the shareholders of the Zodiac. But he has not made any proposal encrypted. Saffron has a market capitalization of about 9 billion euros. The Zodiac is 2.4 billion.

For the moment, everybody sticks to his guns. The leaders disagree on everything. Zarrouati Olivier, CEO of Zodiac, ensures that the merger would have only "limited synergies" from the industrial and it would not "create value for shareholders of Zodiac.

The state voted for

Saffron, which produces both engines as landing systems, but rather emphasizes the importance of synergies."This merger, which we have thought for some time, makes sense for several reasons, technological and industrial pay day loan lenders. The major clients such as Airbus and Boeing want to work with a limited number of suppliers. The consolidations that have occurred recently demonstrated. There are also synergies in terms of after-sales services. Bringing after-sales services of both companies would share their infrastructure, "says Jean-Pierre Cojan.

Olivier Zarrouati observes that marriage between a heritage whose key shareholders are families Domange Marechal and Gerondeau and the ISP (about 5%), and Saffron which the state holds 30%, is doomed to failure."Safran has not demonstrated in the past its ability to integrate different corporate cultures," he says in an interview with Voices. "Saffron, which is a company that makes money, has demonstrated in the past how much he knew of successful mergers and acquisitions," argues Jean-Pierre Cojan. Saffron has certainly been significant difficulties for the successful merger decided in May 2005 between the public group Snecma and Sagem private enterprise. But he has found new life since the appointment of Jean-Paul Hertelman in September 2007 at the helm. And in a sector as sensitive as aeronautics, its acquisition strategy is approved by the State. When the supervisory board has agreed unanimously to a merger with Zodiac, the representatives of the state voted for.And while interest in the Zodiac, the group remains on the lookout for other acquisitions.

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