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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Most of the people assume all individual health insurance plans to be similar. And it is here they do the mistake.

Always worried about the pace of recovery in the United States, and after six trading sessions in the green, the U.S. stock markets fell on Thursday.

After an opening in the green, the gains were quickly erased by investors who took their bénéfcies. Thus, at the close, the Dow Jones down 0.30% to 10,446.85 points.

Yet on Thursday, enrollment weekly unemployment fell slightly more than expected in the United States during the week to July 24, at 457 000 468 000 cons (revised) the previous week, said Thursday the Labor Department.

But the Fed Beige Book released Wednesday evening has reported a recovery in global economy.But two of the twelve regional branches of the Fed said the pace of activity has slowed recently, Chicago and Atlanta, and two others have found a stable economic situation in Cleveland and Kansas City.

The primary appointment of the week is expected Friday with the first estimate of gross domestic product (GDP) which will attract the attention of investors.

Symantec picks

On the side of values, Visa (-4.32% to 71.93 U.S. dollars) yesterday issued a profit after the close of U.S. $ 716 million, or 96 cents per share, against 93 cents expected by analysts. The group's turnover is up 23% to $ 2 billion against $ 1.97 billion expected by analysts.

The publisher of Symantec Antivirus (-11.18% to 13.03 dollars) has announced an increase in its profit to 161 million dollars against 74 million last year.But the disappointment comes from the software storage management data that represent 36% of sales. The activity is down 5%. For the current quarter, the group revised downward its revenue were planning.

U.S. oil giant ExxonMobil (1% to 60.3 U.S. dollars) on Thursday posted a net profit nearly doubled on a year in the second quarter to 7.560 billion dollars, thanks to improved refining margins and higher prices hydrocarbons. Net income group share stood at 7.560 billion dollars against 3.950 billion a year earlier (+91%).

In contrast, Kellogg is sanctioned: -6.89% to 47.98 dollars. The U.S. food group said on Thursday doing worse than expected for the second quarter of 2010 due to the weakness of the grain market and declining sales of its Eggo brand.The Group's net profit fell 15% to 302 million dollars. Net sales declined 5% to 3.1 billion dollars.

Also severely punished: Colgate Palmolive (-6.74% to 78.12 dollars) with worldwide sales rose 2% to 3.81 billion dollars. Prices rose 0.5% globally, with a negative effect of exchange rate fluctuations, the company said in a statement. Its net profit grew 7% in the second quarter of 2010, to 603 million.

Goodyear Tire & Rubber Co. (-5.77% to 11.26 dollars) reported better than expected quarterly results Thursday in favor of growing its revenue and earnings generated by its business in North America , thus raising its stock exchange.The leading U.S. manufacturer of tires reported a second quarter net income of $ 28 million (21 million euros), or 11 cents per share, against a net loss of $ 221 million a year ago ( 92 cents per share).

For its part, the selling group in U.S. online Amazon (-0.23%% to 116.86 dollars) has launched two new models of its Kindle reading shelf.

Always on the side of values, the car rental company Avis (7.22% to 11.88 dollars) amounted Wednesday its bid for rival Dollar Thrifty, with 13.4% more than Hertz, 1.33 billion in cash and stock, hoping to cut short the agreement between Hertz and Dollar in April.

Also note, Chris Viehbacher boss Sanofi Aventis (-0.54% to 29.31 dollars) has confirmed that group continued to explore possible "small or medium-sized" acquisitions.He declined to comment on rumors about the interests of U.S. biotech group Genzyme. Earlier in the morning, sources cited by Reuters said that the laboratory intends to make a formal offer on Genzyme after the failure of his informal approach on U.S. biotech specializing in the treatment of orphan diseases.

According to Bloomberg, the board of Sanofi has authorized management to offer up to $ 70 per share, an offer that values Genzyme $ 18.7 billion.

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.

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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Secretary of State for Housing returns including the removal of stacking individual housing for students and the half-tax share for dependent children.

LE FIGARO. – Do you react when prices of the older building are divided on the rise?

Benoist appeared. – These price increases are not good. What can be done to curb them? First, hire a real estate policy. Today, there is not enough land available. And that contributes to higher prices. We are moving ahead on the transparency of real estate prices. Currently, there are so many statistics that no one is confused. To provide clarity, we label the most reliable statistics. Finally, we are working on increasing housing supply in areas strained.Because if prices rise faster in Paris (15% in one year) than in France (+8.5%) (as Century 21, Ed), is that supply is insufficient. For example, in the next aid reform homeownership, people who buy new in the tension zone will be helped more than those who buy into the old to the same place. This will encourage developers to produce more housing.

The removal of stacking individual housing for students and the half-tax share for dependent children is debatable. Why did you make that decision?

It's a fairness issue. Families choose the device which is more favorable. The PLA is the only student for personal housing without means testing. Today, 535,000 homes add to the LPA half share in the income tax.Obviously, this does not affect the poorest households, who pay no income tax. And the higher the income, the higher the benefit of the half-tax share is important. We wanted to put an end to this combination. Now he must choose between the PLA or the half-tax share. According to our estimates, 70% of households will retain the PLA, the more financially attractive. This measure will come into effect in September 2011. And allow the state to save $ 200 million.

The contribution of EUR 340 million requested for social landlords has also brought controversy. How do you explain that?

This measure allows the equalization of implementing a major goal: to build more where the needs are! Of the 800 social landlords, 10% to 15% build and invest very little. In the middle, we call them "plump dormant.Especially we ask for them in 2011 an effort of solidarity to implement this equalization of 340 million euros. These amounts will be redistributed to many social landlords who build in areas where land is expensive and where the needs are increasingly important. For this contribution does not result in an excessive increase in rents, I hope the IRL (benchmark rents) is now a target growth that social landlords will not exceed.

How do you respond to social landlords who say it will lead them to build 20,000 homes in less than in 2011?

In late 2008, donors had social capital of 6.5 billion euros. That still leaves them real freedom of maneuver. Furthermore, the terms of participation and redistribution of these 340 million will be discussed with the world HLM.But we will maintain our high level of funding for social housing with government intervention 10 billion.

In 2011, Action Housing (formerly 1% Housing) Will there still subsidized to the tune of 1.25 billion euros the National Housing Agency and the national agency for urban renewal?

Yes and it's not a surprise. This contribution of 1.25 billion was provided for three years from 2009 to 2011. This will keep the government's commitments in the fight against fuel poverty, urban renewal, renovation of old neighborhoods and degraded fight against substandard housing. Already, we are discussing with Action Housing to determine its future contributions. And we have no plans to increase it.

The Paris Bourse tries on Monday to continue its momentum from Friday and thus began the session in the green. The CAC 40 gained 0.43% at the opening at 3362.72 points. At the end of last week, the CAC 40 finished on a small increase of 0.25% after a volatile trading. All investors anxiously awaiting the monthly figures for U.S. employment, which were more troubling than expected 125,000 jobs lost in June but 83,000 in private creations against 33,000 in May, and unemployment fell to 9.5%. The U.S. markets have fallen back slightly after the announcement, but their European counterparts have remained on the upside.

The CAC 40 lost 5%, however the last five days and will therefore try to regain lost ground this week. Investors can not follow Wall Street Monday as the U.S. stock market is closed after the national holiday.On the side indicators in France, the PMI services will be published. For the euro zone composite PMI index, and the sales details will also be announced.

Elsewhere in Europe, also dominates the green. The London Stock Exchange opened up 0.45% to 4859.98 points, while the German Dax climbed 0.34% to 5853.75 points.

The banking supervision

Dexia (0.61% to 2.81 euros) received the assumptions of Stress tests requested by the European Union on the eve of the weekend and is currently being examined, according to chief executive of French bank Belgian-Pierre Mariani.

BNP Paribas (0.70% to 44.51 euros) has sold its subsidiary of consumer credit BNP Paribas Personal Finance Belgium funds Apax Partners SA and Altamir Amboise.The sale is part of BNP Paribas commitments towards the European Commission following the acquisition of Fortis in Belgium in 2009 free credit score.

Zodiac Aerospace (+0.48% at 37.67 euros) has agreed to buy German Sell. It is the third acquisition transaction in two months for the group led by Olivier Zarrouati.

Carrefour (1.23% to 32.53 euros) will close unprofitable stores sixteen in Belgium at the end of the month as part of the restructuring of its assets in the country, while strengthening its partnership with Mestdagh. The group expects these closures savings of about 25 million euros per year.

Air France KLM (0.64% at 9.66 euros) will face a new competitor on the field connections to Africa. The Airline Oxygen Africa should get the green light for launch in the coming weeks.

France Telecom (0.28% to 14.24 euros) must submit to the press, about 11 o'clock this morning, its strategic plan for the next five years. He wants to have more than 300 million customers worldwide by 2015 against about 200 million today, "said Stéphane Richard, CEO of telecoms group, in an interview published in Le Parisien on Monday.

Total (0.01% to 36.19 euros) does not study the acquisition of BP, but would be willing to consider the acquisition of certain assets if they were on sale, said Friday the CEO Christophe de Margerie.

PSA Peugeot Citroen (0.84% to 21.05 euros) announced it acquired for an amount of 244,925,000 euros, part of the bond issued in 2001 and maturing in September 2011.The takeover was launched June 21, 2010 simultaneously launching the bond issue of 500 million euros due five years.

"This is our operation this year." Michel Bouvard, MP (UMP) who chairs the supervisory board of Caisse des Depots et Consignations (CDC), sets the tone: the entry of public institution with a capital of La Poste is in itself that the Fund invests typically one year. The frame is fixed by law: The Post will benefit from a capital increase of 2.7 billion euros, 1.2 billion provided by the state, and 1.5 billion from the Fund. Must still agree on the value of the Post Office to determine what will be the level of participation of the CDC in its capital.

Twice a week since the beginning of the month, teams from the Fund – backed by Lazard and Morgan Stanley, helping Gimar Finance Supervisory Commission – and those of the Agency for State Holdings (advised by HSBC), compare analysis.Condemned, by law, to agree, the two pockets of the state does not want to go to war. No way to dwell on a range of recovery – a "fork" as an actor in the negotiations – which, however, reveals a gap of one to five.

The Post valued at 1.8 billion euros

Reportedly, in fact, the "buyer" – CDC – valued at this stage, the post office to 1.8 billion euros, including debt, when the "seller", the State, shows 9.5 billion. The discussion, in fact, is to converge to a value of The Post to be that of its own funds (4.1 billion euros at end 2009).The work involved with the management of La Poste – CEO Jean-Paul Bailly plate before the Investment Committee of the Board of Trustees of the Fund on June 23 – and the EPA have already been able to fill a (small) part of gap.

Concordant sources, Bercy proposes to extend the revenue projections and results of the public company beyond 2015, the end of the current strategic plan, focusing on the extension of subsidies for the distribution of the press, Accessibility bank or land use. This involves taking a very long-term bet, even though projections for five years been based on optimistic assumptions, as stated by the Court of Auditors paydayloans.

For example, the public company anticipates a replacement for four retirements, two times less than in 2009.It sits on a decrease of 30% "only" the volume of business mail by 2015, when erosion caused by traditional Internet this activity has accelerated with the crisis.

"Prudent investor"

The financial trajectory, finally, projects a growth of 5 to 6% of revenues the Postal Bank in the period, based on a scenario of "macro" rather rosy, particularly in terms of changes in interest rates. She bet – she is not alone – a tightening of prudential regulations on international (Basel 3) which would cost only 500 million of equity to its subsidiary … These are all the more crucial that La Banque Postale represents alone worth more than 8 billion euros.On it depends on price which its parent.

To justify the target value, the arguments must be strong: the CDC should behave "prudent investor, in strict compliance with its property interests." Especially, the recapitalization not be considered state aid by Brussels. During the presentation of the report of the supervisory committee, Michel Bouvard reiterated the goal: the investment must provide a perspective of profitability similar to the average of the other assets of CDC. "We want to secure our investment in case of degraded scenario," he says.

The Fund negotiates as a shareholder pact that would endorse the joint control with the State on the public company, it takes 25 or 35% of the capital. "The state is more favorable to have the CDC in a strong position as shareholder," says one close to the matter.The Fund would have four directors, an involvement in appointing the CEO, and a veto not only on large investments, but also the most common big decisions, like budget.

No change in the short term. But the door remains ajar for two more months. Nicolas Sarkozy held a meeting this FRIDAY on pension reform in the presence of several ministers: Baroin (Budget), Georges Tron (Public Service) and Eric Woerth (Labour). Following this meeting, the President of the Republic has decided to send as is the bill (see the text in its entirety) to the Councils for review. No editing for now, is therefore proposed for this text which provides a gradual increase in the age of retirement until age 62 in 2018.

However, the executive says ready to developments on three issues dear to the CFDT: the situation of people who started working before age 18, taking into account the hardship and treatment of poly-pensioners (of persons covered by several pension plans).The special case of poly-pensioners had hitherto not been mentioned in the text of the reform presented Wednesday.

Nicolas Sarkozy has asked Eric Woerth offer him "at the latest before the start of parliamentary debate in September, possible developments on these topics.

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The government wants more than ever, give pledges of seriousness on the issue of deficits. On 20 May the Head of State had announced its intention to amend the constitution so that every elected Government embarks on a path of structural balance is imperative, as well as on the date on which the balance of government finances public must be reached.

Without waiting for the amendment of the constitution, Francois Fillon took the lead. In a letter that the Prime Minister has just sent to members of government, he asks them to "stop inserting provisions that affect tax revenues or social security in ordinary legislation.A real revolution!

For material already deposited and bills not yet been discussed, the prime minister asked his ministers "to submit amendments for the deletion of such provisions and to oppose a negative opinion of the Government any amendment which would tend to introduce. Members of the government "shall not in any way rely on the wisdom of Parliament," wrote François Fillon.

Fillon finally asks ministers to screening assessments for all tax provisions that they want to introduce the draft budget law or draft law on financing social security. All this will lead ultimately to limit the creation of new tax loopholes

Forget the sessions in the red Wednesday. Place in dark green well on Thursday. Markets after the euphoria that led to yesterday's Wall Street close on a rise of 2.25%. U.S. indexes are made by good macroeconomic statistics on housing and automotive sectors.

This morning, the Japanese Nikkei has started the session on a gain of 1.62% and has risen steadily to reach an increase of 3.13% to 9903.75 points shortly before the mid-session. The TOPIX gained 2.42% on his side to 891.14 points. In addition to optimism about the U.S. economic recovery, the rating is supported by Japanese exporters who values this morning, enjoy a favorable decline in the yen. Toyota gained 3.24% and in plenary at 3340 yen, and Panasonic 3.75% to 1188 yen. Around 6:00, the dollar was up slightly to 92.20 yen while the euro rose more frankly, to 113.32 yen.

The Japanese invenstisseurs also anticipate the appointment of Finance Minister Naoto Kan as prime minister following the resignation of the head of the center-left Yukio Hatoyama. Naoto Kan market support measures in the economic positions which are considered by operators reassuring low fee payday advance. Finance Minister calls for a weaker yen, an increase in consumption tax and a cap on the deficit. He is currently the only declared candidate and a favorite for prime minister, who will be appointed Friday.

The rest of the region is bathed in green

In Hong Kong, the Hang Seng turns the page of a tough session on Thursday for an increase of 1.84% at 19,830 points.Ditto for the Shanghai Composite, which gained 0.62% to 2587 points.

In Korea, the Kosdaq is 0.70% to 1268 points, and Australia, the S & P recorded a growth of 2.13% to 4474 points. Finally, in India, Sensex 1.53% allows itself to 16,998 points.

Oil follows the movement

The rise in the markets has also evolved over the crude above $ 73 a barrel in electronic trading Thursday in Asia. In morning trading, a barrel of light sweet crude for July delivery 70 cents to 73.56 dollars, while Brent North Sea with identical maturity, gained 72 cents to 74.47 dollars.