Reduce the "gap" of 95.7 billion euros of state will take time. Further action on pensions would give the impression that the reform of 2010 was insufficient. And the government did not hand over the finances of local governments. To give a visible signal of declining deficits before the presidential election, the government has a priority: Medicare. The hole is "halved between 2010 and 2012," has already promised the Minister of Budget and Public Accounts, Valérie Pécresse. This should reduce it to less than 6 billion euros.

To do so, Medicare will benefit from additional revenue: it will recover much of the 10 billion of additional levies announced in late August, by François Fillon. But it will also make an effort on his expenses.The aim will be to contain their rising to 2.8% (against 2.9% this year), which means 2.2 billion savings from the spontaneous progression.

The distribution of these savings will be presented Thursday by the government, which unveiled the outline of the proposed 2012 budget of Social Security, along with the latest forecasts of deficit, which is less than 18 billion euros for 2011. It's the drug industry that should be first put to use.

Price reductions, which in recent years revolved around 500 million euros a year, this year will be closer to 650-700 million, according to notifications sent to laboratories already. The delisting will be added.

Whereas in the past it was often compromised, including inventing a "orange sticker" reimbursed by the social security 15%, the government should not hesitate this time to completely delisted drugs ineffective quick guaranteed personal loans.

The warning laboratories

Mediator since the affair, the French no longer have absolute faith in drugs, which should make it less difficult such a measure. Benefit Schedule: as price reductions, the exclusions from reimbursement are also savings in complementary, as they also leave the drugs in question from the list of products they support.Now the government wants reconciliation with the complementary, after having inflicted one billion euros in additional tax.

Leem, the association of laboratories and underlines that these measures in 2012 will coincide with the expiration of many patents, according to his representative estimates 1.2 billion in sales, against an average of 700 to 800 million the previous year.Add to this bill on the drug prepared by the Minister Xavier Bertrand after the scandal of the Mediator, Leem fear next year an unprecedented decline-of-sales of the pharmaceutical industry, which could reach a % or 2%.

In addition, samples should increase: for, an increase in the special tax on the turnover of laboratories (currently set at 1%, it could return to its former level, or 1.7%) and contribute indirectly to fund new training for doctors, via the state.

Leem warned against further reductions, particularly among sales representatives, and against a "climate of distrust" that would push the major international laboratories to prefer other countries to invest in research or production.

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The stock market bounce this week has been facilitated by the concerted action of major central banks. The markets now await a response to the crisis of the euro and they still fear a return to recession is not yet integrated into the course.

• Central banks have put out the fire. Policy is to act.

To rebound, stock markets were expecting a strong gesture. A kind of kick in the bottom of the pool after the distressing spectacle of the leaders of member countries of the euro unable to agree on rescue Greece. The first impetus was given by central banks that have decided to tackle the funding problems of European banks. By providing all the liquidity they need dollars, they have the most urgent and avoided a new banking crisis. But the most difficult tasks lie ahead.For central banks are independent organizations, they therefore have the flexibility of movement that do not have the seventeen Member States of the euro. Now it is in the field of European governance, the ability of states to reduce their debt and the solidity of the European financial stability that is expected the euro area. Subjects whose implementation is far from certain and have not finished putting markets under pressure.

• Focus on growth, defensive stocks do not pay more.

The crash of August brought down one of the last great stock market myth: the resilience of defensive stocks in times of crisis. The numbers speak for themselves: Veolia Environnement and Suez, specializing in utilities, a sector traditionally very defensive, yielded 42 and 20% over the last three months.EDF and GDF Suez lost their next 18 and 12%. France Telecom, Vivendi and Vinci also fell sharply. During the summer, these values ​​have not only shown no ability to resist, but they often fell as much as "cyclical" as Lafarge, ArcelorMittal, Saint-Gobain or Peugeot. The only values ​​that really are resilient growth companies in these emerging countries have low debt and strong brands. LVMH is the case, Essilor International, SEB, Air Liquide, Bic or Hermes International. The clear market preference for growth stocks at the expense of defense is not surprising in times of crisis. It is precisely because investors fear a slowdown in the richer countries, that growth is so sought after by scholars.The famous guru of Wall Street, the American Peter Lynch, who long prospered the famous Magellan fund, has shown: in the long run, only the values ​​of growth are able to enrich shareholders. His motto: there is no fortune by multiplying the stock market moves, but the success by joining the best companies at the time.

• Economists fear a growing recession in the United States.

The euro crisis is not the only concern of the operators. According to a survey by the Wall Street Journal on a panel of 53 economists, they believe that there is one chance in three that the United States fell into recession in the next twelve months. This sharp deterioration in business expectations is a bad omen.American economists believe the Fed will be reactive at its meeting on 20 September, but they doubt the effectiveness of measures taken to revive the business. The survey, closely watched by traders on Wall Street, the trend weakens. Especially when we know that this feeling is shared by consumers, which contributes 70% to U.S. GDP.

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"The groups are preparing for the 2nd half turbulence

LE FIGARO. – Are you satisfied with the performance of Pernod-Ricard during the exercise?

Pierre PRINGUET. – Congratulations to the teams of Pernod Ricard. The group has an excellent performance, with both a strong acceleration of growth of our business and our operating profits. For the first time ever, our net income exceeds one billion euros. These figures show the relevance of our premiumisation strategy and innovation. Our high-end bottles account for 71% of our sales, against 69% last year. Our new products (Wild Tea Absolut, Malibu cocktails …) our limited series and our innovations in advertising and packaging met with success.With a new bottle of Ricard sales increased 5% in France, a market of aniseed stable.

You get ready for a worsening economic environment?

No, I fear neither slowing growth in emerging countries or return to recession in mature markets. The world faces a problem of public debt, with a unique in Greece, the country most fragile. But the political dimension is at least as important as the economic dimension. Everyone was betting on an acceleration of growth in mature markets: the targets are scaled down, but countries will experience low growth in 2011 (1.5 to 2%). And there is no reason for the dynamic growth of emerging countries is slowing. For 2012, the objectives are still serene. IMF sees faster U.S. next year. You can always play to be afraid.But the psychodrama of the summer on the state of the banking system has nothing to do with the situation of 2008 and the general crisis of debt at the time. It is a political problem, but not macro-financial.

There will be no effect on the growth of your business during the current year?

We expect continued moderate growth in mature markets for the fiscal year beginning in July (1.5% last year) and continued strong growth in emerging countries (17% last year) . These will drive our growth: built on solid economic fundamentals, these markets are naturally attracted to our premium brands.

The tension in the markets makes it more difficult to manage your debt?

For our bank debt, we have no due before July 2013.We have an active management of our debt, with two bond issues last year to EUR 1 billion and $ 1 billion respectively. Interest rates remain particularly low, we will seize every opportunity to issue bonds. We will continue our debt reduction, with the aim of achieving 30 June in a net debt / EBITDA of close to 4.

You will be able to resume your acquisition policy …

Does not expect to purchase several billion on 1 July. In the meantime, we will conduct no strategic acquisitions. However, we can make tactical acquisitions, such as tequila Avion in July. It is both a start-up and a brand ultrapremium, sold between 40 and 60 euros a bottle, which allows us to expand our portfolio in the United States.This is the type of operation we will focus in the immediate future. Acquisitions of Brazilian cachaça or baijiu Chinese are possible options. In our business, this is not the type of product that counts, but the brand. Pernod Ricard could also create one from scratch. This is one of the objectives of our internal team called BIG (Breakthrough Innovation Group), whose current head of our German subsidiary, Alain Dufossé, just take the lead.

This summer, Patrick Ricard, non-executive chairman of Pernod Ricard, said at that point the group should aim for first place in the spirits market. What is your strategy to achieve this?

This is the purpose of our project Agility. The goal is not size for size, but the growth momentum. Our sales have grown faster than our competitor's last year. We must repeat that performance this year.We take the market, we are the most innovative, we are well placed to achieve this.

Alexandre Ricard was promoted a few weeks ago. It is well positioned to succeed you …

Two things are certain. One is Alexandre Ricard has an excellent track. That's why I named Executive Vice President in charge of distribution networks. The second is that I leave my post January 31, 2015, when I turn 65, according to the statutes of Pernod Ricard.

Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese instant payday loan lenders. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

What will the television of the future? This is the battle that was played in early August between the Ministry of Industry and the Communications. The Ministry of Eric Besson argued for the adoption of a new standard for DTT broadcasting (the DVBT-2). That of Frédéric Mitterrand preferred delay. Élysée and Matignon has arbitrated in favor of Eric Besson. Result, 9 August, the French government notified Brussels that it reserved the right to establish a new standard for DTT broadcasting, as revealed by the Tribune. The government does not specify the date of service, but it will be theoretically possible on 1 December 2011 with the termination of analog TV. The issue is quite simple. With technological advances in transportation and compression of images, it should be possible to make a lot of space on the radio frequencies (up to 70%).

With current technology, there is room for six new HD channels. Three lines are planned for the bonus of Canal +, TF1 and M6, and three others could be attributed to competitors. With the new standard DVBT-2, it will be possible to disseminate, not six but ten. The problem is that it was not until late 2013 or early 2014 for manufacturers LG, Sony, Samsung … sell TVs with standard DVBT-2. The French who are equipped with new TVs from 2005 to 2011 to receive the TNT are not ready to change to accommodate new channels payday loan no faxing.

Reasoned opinion on September 20

This equation is complicated by the question of the future media landscape and the allocation of bonus channels. But Michel Boyon, the president of CSA, must make a report on the subject to François Fillon, late August or early September. Michel Boyon has several solutions.

The first is to allow the launch of three bonus channels (Canal 20, Paris Première and LCI) in the current standard from 1 December 2012. The second is to allow the launch of these channels but with the new standard. Consequently, many channels exist but would be seen by any viewer, because there will be no television adapted. The third is to freeze the PAF with 19 free channels until 2014, when the arrival of new TVs and a full stop advertising on France Televisions. This would suit TF1 and M6, which argued for a break. But Canal Plus, who wants to launch its free channel Canal 20 in late 2011, could attack the decision to the State Council. It is Brussels that could mediate the dilemma. On 20 September the Commission will issue a reasoned opinion, or it's likely that it opposes these bonus channels.

A cold shower! Well than expected by economists, the announcement of a French no growth in the second quarter 2011 is a very bad surprise. The surge of 0.9% of GDP in the first quarter is no longer a distant memory, the stagnation of activity between March and June changed all that in full preparation of the budget in 2012. Because the government now sees its growth forecasts for 2011 and 2012 seriously undermined.

The cold snap of the second quarter mainly due to a decline of 0.7% of household consumption. "This is the highest in fifteen years and the third largest drop in consumption in fifty years," notes Laurence Boone, chief economist for Europe Bofa Merrill Lynch. The end of the scrapping weighed heavily on automobile purchases.But the damage is deeper: "Households have reduced their spending in all positions in industrial goods," notes Catherine Stephan, at BNP Paribas.

Now, with an asset growth of 1.4% since early 2011, observers doubt the capacity of France to meet its objectives over the next two years. Jennifer McKeown at Capital Economics, expects no more than 1.5% in 2011, far from the 2% of the government. BNP Paribas, it is hardly more optimistic, showing 1.7%. "To achieve a growth of 1.8% throughout the year, it takes a minium that GDP grew by 0.5% in the third and fourth quarters," said Philippe Waechter, Natixis AM. This is exactly what INSEE predicted in June, before the market crisis.But "given the surveys suggesting a slowdown in July, balances that are a priori not unique and shock the financial markets, an increase of 0.5% in the third quarter was the highest of the range, "he says.

Tax loopholes

Under these conditions, the forecast of 2.25% of GDP growth for 2012, on which the budget was to be built next year, is totally obsolete. "This year we will be online," however, assured Baroin RTL on Friday, saying that "this second quarter, disappointing that the first course, which was far ahead was anticipated."For the Minister of Economy, therefore, "it does not change the matrix on which we are working on the budget."

This position should change Aug. 24, at the meeting at the Elysee, presided over by Nicolas Sarkozy, to wedge the new budgetary decisions. At that time, many expect a downward revision of growth forecasts that will involve … an upward revision of cost savings! "We will no matter what the objective of reducing the public deficit to 5.7% of GDP in 2011 and 4.6% in 2012 to reach the 3% in 2013," insists there be tireless in the entourage the budget minister, Valérie Pécresse. The equation is simple. "A lower growth of 0.25 points in 2011 will not prevent Bercy to meet its objectives for the year. However, at current rates, the deficit is moving more towards 4% of GDP in 2013, "calculates Laurence Boone."To return to the 3% target should be achieving 20 billion in additional savings over two years."

So far, the government planned to cut 3 billion in tax loopholes. He will have to change gear. Philippe Marini, rapporteur of the budget in the Senate, calls for 6 to 10 billion in additional savings. If the final figure is not stalled, the method is refined: there will be a general plane of the tax loopholes, coupled with the removal of some of them, for the sake of "tax justice" according to Bercy. Niches affecting corporate tax for large companies are in the sights and the tax on real estate gains could be reviewed upwards. No question, however, to one year of presidential, touching the 5.5% VAT in catering. A niche that cost 3 billion each year and the economic effects, however, uncertain.

After the storm that plunged all the stock markets yesterday, the markets should be less nervous on Thursday. The Asian markets have returned to the green or show moderate declines. European shares are expected to follow the same tendency to appeasement and are expected to open up. In Paris the CAC 40 is expected to gain 1.4% in early trade, the Dax in Frankfurt 1.6% and the FTSE 100 in London 1.3%.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London. Madrid and Milan 5.49% 6.65%.In New York, the Dow fell 4.62% and 4.09% for the Nasdaq.

Bank stocks follow

Gold continues, meanwhile, fly from record to record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday.In particular Société Générale, after unscrewing of 14.74% on Wednesday asked the Financial Markets Authority (AMF) to investigate the origin of the rumors that have depressed its course. The CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas and Credit Agricole also fell Wednesday by 9.5% and 11.8%.

In addition, EADS, the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Saint-Gobain has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

The oil company Maurel & Prom has reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers payday loans in one hour. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

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Cyprus is on the brink both economically and politically. Many speculate that the country, which joined the euro in 2008 to become the fourth of the area to apply for financial support.

The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.

In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.

The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.

The deficit is widening

Especially since the official debt of Cyprus – which accounts for about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.

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Half of the historic buildings owned by private individuals. Listed or registered, these buildings are part of the national heritage and the 1913 law on historic monuments, heritage built into the Code, provides the financial support of private actors to help their conservation.

Owners who wish to make a historic monument restoration work can get state funds through the Regional Directorates of Cultural Affairs (DRAC) and regional and general councils. The granting of funds by the first condition for most of the time the agreement of local authorities.

Restoring an identical

The first step is to validate the work projects by the DRAC. An architect of the buildings in France will check that it is a restoration project at the same rather than maintenance and repair ordinary.The architect must also approve the selection of the contractor responsible for carrying out the work. It must have certification awarded by Qualibat every five years.

Permission to work obtained it takes on average within six months – the owner can take the steps to apply for funding from the regional conservation of historical monuments, decentralized service of the Ministry of Culture responsible for allocating the funds allocated each year by the state. The need to restore or the urgency of intervention, will be crucial in the decision. The DRAC Ile-de-France added that the progress of the project is also examined.Hence the importance of presenting a solid case together with plans, photos, specifications, implementation schedule work …

The association La Demeure Historique, one of the two organizations accredited by the state, began to identify in a report the amount of financing obtained by the private owners of historic buildings through co-financing public (state and region). The latest figures available are for 2008 and set the total amount of funding allocated by the DRAC to 20.5 million euros, 15 million for listed buildings and 5.5 million for the monument included in the supplementary inventory.An amount up slightly from 2007 but well behind the 30 million allocated in 2000.

Isabelle de Charnace, following the request for public subsidies for La Demeure Historique association, said the 1913 law provides for the payment of a grant of up to 40% of the total work to a listed building and 15 % for a monument inscribed payday loan. "In practice, it is far from reaching these numbers consistently, but it is important to get not even one euro of subsidy," said she. The downstream of the DRAC has a twofold consequence. The first is tax because it qualifies for the tax deduction of 100% of the work. Without subsidies, the owner has the right to deduct only half.The second is that it generally serves as a passport to get help from the regions and departments.

Regions and departments

Figures published in the report of La Demeure Historique reveal a variety of situations from one region to another. In 2008, 11 of the 21 regions surveyed (the data on Corsica and overseas territories are not included), have paid any subsidy. In 2010, the number rose to 14. According to the association, this disengagement is due to the fact that the regions consider that they must give priority to financing the public patrimony. They also prefer to intervene to save the monuments unclassified through the Heritage Foundation.According to the latest figures only 55 operations have been financed by the regional councils in 2008, against 197 in 2005.

The total amount of aid allocated, however, is virtually unchanged: 3.310 million euros in 2005 and 3.206 million euros in 2008. The award criteria are also very different from one region to another, some requiring the opening scene to the public, participation in events, or the mere possibility of admiring the monument from the public way. In 2008, the regions with the most generous private monuments were Auvergne (2 million for 28 projects), Britain (547,000 euros for 19 projects) and Haute-Normandie (340 000 euros for a project).

As for general tips, 28 of the 87 who responded to questionnaires (out of 91 respondents) did not grant any subsidy to private monuments.Four departments have even enacted regulations removing the ability to finance operations of tells. They are still more generous than the regions participating in the total funding of 475 operations for 6.734 million euros. An amount in free fall over the year 2003, when county councils were given more than ten million.

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