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Yo-yo to the Paris Bourse. After opening on a drop of 0.27% in the wake of the Asian markets, the benchmark index in Paris dropped more than 1% in the morning to return to equilibrium. But the opening of Wall Street in 1530, the CAC 40 has shifted downward, before digging even after two bad losses to U.S. figures, which brought down the U.S. indices. Around 16:30, the CAC 40 retreated an additional 1%. Wall Street and then went back to the waterline, and the CAC 40 was the same.

So at the close, the index finished down slightly from 0.09% to 3762.84 points.

Big losses in the morning

This morning, the losses have widened in the late morning after the publication of several macroeconomic statistics:

– In France, INSEE announced that French household consumption of manufactured goods had rebounded 2.7% in July and fell 1.6% in August.Economists were expecting an average growth of 0.6% in July and the consensus was +0.2% in August.

– Updates of new housing projects in France fell by 7.7% over one year for the period June-August 2010, while building permits rose 30%, said Tuesday the Department of Ecology.

– German consumer confidence in the economy, measured by the GfK barometer, reached its highest level in three years.The barometer set for the month of October reached 4.9 points, against 4.3 points for September (revised).

Blow in the afternoon

The afternoon was marked by the S & P / Case-Shiller house price in the U.S.: housing prices have declined in the United States in July, 0.1% from the previous month.

Then, 16 hours, the index of investor confidence and U.S. consumers in September fell more sharply than expected, according to the Conference Board index released Tuesday, which fell 4.7 points from July to $ 48.5.

Thrust of the euro

As for currencies, the euro found strength against the U.S. dollar vert.Un euro is worth 1.3578 (+1%).

Michelin tumbles

But since this morning, the rating is primarily driven down by the Michelin red lantern ACC.The titles of the group to unleash 10.34% 58.51 euros at the close after the announcement of a capital increase of EUR 1.2 billion to finance investments.

The title brings with it the entire automotive sector, including Peugeot (-2.38%) and Renault (-1.69%) are on the list of the biggest losses of the day.

Ireland shook the banking

The banking and financial sector is also misguided Tuesday: BNP Paribas (-1.41%), Societe Generale (-1.14%). Courrent rumors in trading rooms that Soc Gen would make a capital increase.

Moreover, concerns have arisen with the estimate given by Standard & Poor's following which Ireland will inject 35 billion euros in Anglo Irish Bank."The projections that were previously in sharp contrast to our estimate of 35 billion now appear to evolve more into line with such a cost of recapitalization," said Trevor Cullinan said Tuesday the channel RTE."The alternative plan of government for Anglo implies that we could even surpass the 35 billion, if that were the case, it may well be that Standard & Poor's conducts downgrades," he added.

Moody's Investors Service had already cut three notches Monday of the debt rating of Anglo Irish Bank and six notches the rating of the subordinated debt.

EADS is pessimistic

Technicolor (+% to 4.23 euros) announced Monday the sale of the majority of its 50% stake in Screenvision U.S., specializing in advertising for the film, for $ 60 million (45 million euros) .

Eurocopter (EADS: -1.14% to 19.04 euros) yesterday unveiled a new range of helicopter, the X3.Lutz Bertling, head of the group, took advantage of a press conference to clarify that Germany had yet maintained its order for 80 Tiger helicopters contrary to rumors in the German media. They had recently assured that Germany would lower the number of Tiger ordered 60 and the number of NH90 military helicopters and 80 against 122 ordered. Pessimistic, Lutz Bertling said last night also that "2011 will be the toughest year of Eurocopter. Cancellations of orders decreased but the stimulus of government too. " However, he stated that 2011 would not be a year of losses."We believe that the first signs of recovery should be perceptible from the second quarter of 2011."

Aries (7.75% to 6.81 euros) automotive supplier specializing in the production of aluminum parts, announced back in the green Monday night with a net profit in the first half of 5.1 million euros against a loss of 2 million euros a year earlier."The group anticipates continued growth in its turnover by 2013 and envisages a return to an activity level comparable to that recorded in 2007, close to 47,000 tons of foundry.

The board of directors of Bolloré (-0.25% to 160.20 euros) decided Monday night to distribute an interim dividend of two euros per share given the good results of the group in the first half of 2010.

Sanofi-Aventis (-0.33% at 49.84 euros) is continuing its policy of acquisitions by announcing an agreement on Monday to buy VaxDesign, a U.S. biotech that develops in vitro models of human immune system.

Gabon, come to the capital of the French group Eramet (0.62% to 220.2 euros) reaffirmed the country's president to visit Africa in Paris.

Trigano (-1.97% to 17.4 euros) estimates that the sales growth recorded this year should continue in 2011 thanks to the success of its new models.

As for publications, Neopost (-0.02% to 55.48 euros) on Tuesday unveiled its first half results.

Note that the title SeLoger.com was suspended from trading this Tuesday morning at the Paris Bourse at the request of the Autorité des marchés financiers (AMF). This suspension is related to official submission of the bid group Axel Springer, which should be imminent and probably intervene in the morning, said a trader. The stock closed Monday at 37.53 euros.

In addition, Alcatel-Lucent (1.32% to 2.52 euros) stays the course: the titles are the only change in the green.

Sanofi-Aventis appears desperate to get hold of Genzyme. The French pharmaceutical group is even considering raising the price of its bid for U.S. company, which currently stands at $ 18.5 billion.

Thus, the laboratory would have approached lenders such as Citigroup and Bank of America to finance its bid with the initial proposal is already covered by JP Morgan, BNP Paribas and Societe Generale, understands the Wall Street Journal.

Through this, Sanofi-Aventis hopes that the U.S. biotech finally accept to negotiate with it after months of resistance.

For now and in the absence of discussion, the French group did not know at what price the U.S. company is willing to give him access to his accounts in order to complete an inventory of financial health (due diligence) Genzyme.Biotech replies that it has no market value since it is not for sale, reports the Wall Street Journal.

Sanofi-Aventis wants an amicable agreement

Strategically, Sanofi-Aventis does not want to wipe another refusal from Genzyme and therefore prefers negotiation to find an amicable agreement. But the laboratory is taking the risk of attracting the lusts of other suitors. The CEO of Genzyme, Henri Termeer, said himself that if he accepts to engage in discussions with Sanofi-Aventis, he agreed to do so with other groups.

But as it stands, Genzyme believes that the offer from Sanofi-Aventis is too low and does not take into account the perspectives of some promising drugs in its development phase.

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The government continues to revise downwards its forecast deficit of the state in 2011. In early September, in an interview with Echo, Baroin spoke of a deficit below $ 100 billion. At the time, his services were working on a costing 96 billion. Since then, the cursor has been lowered. It is a budget deficit just below 92 billion that should eventually be included in the draft 2011 budget presented Wednesday by the Council of Ministers. Why 92 billion? "This figure is the upper limit for borrowing less than France in 2011 on markets in 2010," says one at Bercy. A symbol as much as a budget calculation … The improvement will be dramatic in all cases compared to 151 to 152,000,000,000 deficit expected in 2010 payday loans for bad credit.As for the public deficit, which was reviewed by Baroin to 7.8% of GDP in 2010, it does not finish it at Bercy slightly below this mark.

Towards European measures against poor performers

For its part, Europe increases pressure for states to reduce their debts. Under the proposal by European Commissioner Olli Rehn, countries that fail to reduce their public deficits must pay a fine of about 0.2% of GDP. The Commissioner has proposed other measures, notes the Financial Times. These proposals supported by the Commission Chairman Jose Manuel Barroso, ambitious and would consolidate the European economic governance.

In its hunt for tax exemptions, Bercy put his hand on a small niche went almost unnoticed until now. It benefits the companies that offer great cars according to their leaders. These, 4×4 or sedan, can indeed be classified as mere vehicles. The advantage: they escape the tax on company cars (TVS) system and the bonus / malus. On August 31, 8700 cars, including 505 "high end", were registered under this registration specific "N1".

The government intends to abolish this tax shelter, according to The Monde.fr, during the 2011 budget to be presented Oct. 29. Information confirmed by figaro.fr Bercy."It's hard to tell the owner of a large sedan that pays the eco-surcharge that his company, she did not fulfill them," says one Ministry of Finance.

The origin of this incongruity tax is a new European regulations dating from 2007 and implemented in France in 2009. According to this text, vehicles weighing less than 3.5 tonnes can carry up to six passengers can be categorized as commercial vehicles. By entering France, this new category has to offload all taxes except VAT.

Avoid penalties

This feature is especially valuable for large German sedans payday loans direct lenders. Porsche Cayenne 4×4-base price Euro 60,959-can escape a TVS of 2965 euros and a penalty of 750 euros.Above all, the purchase can be deducted from corporate taxes through depreciation, resulting in savings of "several million euros", says a spokesman for Porsche France. In late August, approval N1 represents 10% of sales of specialist sports car, or about 150 vehicles.

But the first to sniff the windfall is Renault. The builder, whose state is a shareholder at 15.01%, has removed two seats especially in its Grand Scenic 7-seat and three in its traffic Passengers of 9 seats. The Megane and Laguna, however, perfectly fulfilled the conditions. Result, the diamond brand has earned the lion's share with 60% market share on the N1, with 5,331 vehicles sold.

Renault surprised the Bercy decision but said not to worry about sales."The N1 represent only a tiny fraction of the market for the company car which amounts to 350,000 units per year," is to relativize Francis Guion, CEO of Renault park company. "We would prefer that the state does not change the law without ceasing."

The planer will not stop in 2010. Prime Minister Francois Fillon has announced that the tax loopholes will be "reduced by at least 12 and a half billion euros in 2012, after 10 billion next year. He also supported the abolition of the tax benefit for honeymooners and PACS. The Prime Minister was speaking to parliamentarians Nice centrists.

Reductions of 12.5 billion euros represents the cumulative action on 2011 and 2012. "It's not 12.5 billion in addition to 10 billion in 2010, insists there at the Budget Ministry. The government pledged to reduce by 10% tax exemptions and taxes.

"I hear many complaints against the decision to abolish the tax advantage for a wedding, civil partnership or a divorce, I think again it is to restore fairness," said the premier."This tax shelter benefits to those taxpayers to tax on income at significant levels and therefore fewer opportunities do not benefit; Is that fair?"

"Need I remind you that everyone should be taxed equally by its ability to pay? Staying on this simple principle, "said Francois Fillon," especially as the questioning of this niche has the advantage of not inherently carry any injury to an established situation "

The government will submit the draft budget for 2011 next week. It must reduce the deficit to 6% in late 2011. This year it is expected to reach between 7.5% and 8%."We had rather expected 8% for the year-end (…) The addition of good news (…) on the employment front, the growth figures for the end of the year (…) we can reasonably think that we can fall to 7.8% deficit level at the end of the year, "said budget minister Baroin Monday morning on France 2.

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Jean-Louis Borloo is positioned. The Minister of Ecology often cited as a potential successor to Francois Fillon at Matignon, his vision of the strategy to take to prepare "future employment".

The minister believes that the economic recovery of France depends on developing the competitiveness of France, which is the "key to everything," he said during an interview with Les Echos. Jean-Louis Borloo also believes that "the crisis is really the purpose of a model," adding that "it is both a crisis of competitiveness and a Western crisis of meaning."

Moreover, according to former Minister of Economy, the economic recovery is "within reach", if they have "priority competitiveness.And the Minister of State added: "The key to everything is to amplify the return of France in the race for global competitiveness, assist and support our national champions guaranteed unsecured personal loan. He suggests to "look under the microscope" what happens in the big emerging countries.

Advocacy for "innovative financing"

Arguing in favor of "innovative financing", he proposed to organize a "Grenelle of taxation" to around 2012 in particular "to reintroduce the simplicity, visibility and increase tax fairness. Considering that the presidential election of 2012 will be played primarily on a "strategic vision" to meet the changing world, he was convinced that this mutation is an opportunity and emphasizes that there "really working".

Asked about his possible appointment as head of government, the minister replied "I do not answer questions that are not asked."

In recent weeks, the meetings between the State and the Caisse des depots have accelerated. Two folders on the desk for several months, were at the heart of discussions. The more strategic the entrance to the CDC capital of La Poste. For over a year and a half, it is expected that the public company is recapitalized by 2.7 billion euros, 1.5 billion made by the Fund, the remainder by the state.

However, discussions between the parties have long stalled on the value of the Post. The price differences have even been impressive, some citing the figure of 2 billion just the other at least 9 billion!

"The case is now drawing to a close," said a stakeholder.Concordant sources, a meeting at Bercy on Thursday afternoon between the Economy Minister, Christine Lagarde, the CEO of the Caisse des Depots, Augustin de Romanet, and the chairman of the supervisory board of the Fund, the member (UMP) Michel Bouvard, significantly closer views. They converge on a base value of 3 billion euros, which would mean the CDC for a 25% stake, which may be an additional fee.Discussions are continuing elsewhere on this point.

This "pivotal value," rather low end, reflects the uncertainty many had pointed CDC: falling mail volumes, capital needs of the Postal Bank, passive social … The execution of the strategic plan presented to spring by the company president Jean-Paul Bailly will be followed closely.

Sensitive issue

Moreover, before finally endorse their agreement, the parties will finalize the rules pertaining to the governance of the Post Office when it has two shareholders. Also, contracts that bind CNP Assurances, Caisse and La Poste, will be "bound".

Second issue very sensitive way to being resolved: Bercy and the Deposit have reached an agreement acceptable to both financially and politically, a new rule of sharing profits from the CDC.The supervisory board should approve the new scheme from next Wednesday.

Until now, the benefits of the TFB were three destinations each year: one third of its funding for missions of general interest, third for the strengthening of the capital and one third for the state budget. Now the CDC budget to pay 50% of its consolidated income statement. The floor, which corresponded to the retirement of notaries disappears. However the payment will be capped at 75% of company profit. A provision designed to avoid a "capitalization" of the public agency.

Under 2009, the Fund does not pay the state 660 million euros, but 980 million. In his simulations for the next five years, the CDC expects to withhold 3% to 5% higher than it would have been with the previous rule.Because the new rule will prevent the psychodrama that marred in recent years relations between Bercy and the CDC, whenever the latter has suffered a capital gain by selling an asset (Ixis, Savings …). Now, there will be no windfall profits, but a single consolidated earnings, shared equally. Neither hand tension as when the heart of the crisis in April 2009, the State had made public that the group did not pay dividend for 2008.

At Bercy, the Treasury and the Elysee, some senior officials did not hide their irritation so. And in the process, the Minister had commissioned a report to the General Inspectorate of Finance (IGF) on fiscal relations between the state and CDC. "Today, everything is fine!", They say now on both sides.

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It's the end of bank secrecy. France and Switzerland were in conflict, after Paris had recovered several thousands of names of French taxpayers suspected of fraud and stolen data from a French computer scientist at the HSBC bank in Geneva. Since then, Paris has returned the data to Switzerland. On Thursday, the National Assembly Thursday formalizing an agreement between the two countries.

The bill provides that when the French authorities wish to obtain information on a French tax resident, suspected of evasion or tax fraud, Switzerland will no longer oppose him his eternal secrecy.

Switzerland hopes to join the G20

The economy minister, Christine Lagarde, called the agreement an "important" because "it includes all taxes and all people." "From the G20 (in London in April 2009, ed), our work has borne fruit," it welcomed."More agreements were signed in eighteen months than during the previous decade," she said.

Three months after the Swiss government transferred to the United States data from UBS clients accused of tax evasion, this agreement confirms the commitment of Switzerland no longer listed in the "gray list" of tax havens by the Organization for Economic Cooperation and Development (OECD), and thus hope to join the G20 cash advance.

"We are not not ready to set fire to the Swiss banks

The verdict has also resulted Thursday in exchange for boring between the communist deputy Jean-Pierre Brard, which opposed the agreement and Christine Lagarde. "There is no fire to the lake, but you're not ready to set fire to the Swiss banks!" Quipped the Communist MP, addressing the Minister of Economy. "It's not perfect, Mr.Brard and there will probably always continue to tax havens, "replied the minister. "You must first sign, we'll see if they cooperate," said the rapporteur, the UMP, Claude Birraux for whom this endorsement is "a form of revolution."

The addendum also includes a provision designed to avoid "fishing expeditions" and ensure that claims are relevant. It will also end the double exemption for capital pensions paid by Switzerland to French residents, authorized by the 1966 Convention. Border around 100,000 working in Switzerland.

The bill must still pass the upper house Senate.

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The war between the two global giants of bottled water is now also plays in the field of ecology. Danone (Evian, Volvic, Badoit, Salvetat), No. 2 of natural mineral waters in France after Nestle announced Tuesday the launch of the first bottle of "plant" in France.

The group chose Volvic, Evian brand behind his second with 10% market share, to embody this change. "This is related to brand positioning and sensitivity to its consumers in respect of the environment," explains Véronique Penchienati, CEO of Danone Eaux France.

In a market still water bottled in very sharp decline in five years (-2.3% in 2009, -9% in 2008), large groups are redoubling their efforts since then to restore the appetite of consumers, increasingly tempted to tap water.In times of crisis, water bottles bear the brunt of the reaction of consumers, anxious to preserve their purchasing power. Almost free, tap water is also considered more environmentally correct, which do not waste or shipping cost. Last year, the distributor Biocoop even stopped to market bottled water.

None of the giants of the water does not neglect environmental concerns of consumers. With the new bottle made from 20% of plastic waste from sugar cane next to that of petroleum, Danone is attempting to improve its green image. However difficult to go beyond 20% without jeopardizing the quality and duration of water conservation.

In ten years the group has already reduced by 20% the amount of plastic used for bottles.For two years, Volvic is one of the first brands to introduce PET (polyethylene terephthalate) recycled up to 40% in the fountain of eight liters short term personal loan. Its bottles are also fully recyclable. The group is approaching its goal of reducing by 40% the carbon footprint of the bottles between 2008 and 2011. The latest Volvic, yet lighter than 2 grams, will have a CO2 footprint by 35% to 40% lower than a standard bottle of the brand.

Surcharge of 15 to 20%

Easy to spot in the store shelf, the bottle will be the only one wearing a green cap. Danone wanted to keep it simple. "It's a complicated subject for the consumer who is not yet the difference between PET and recycled PET …" says Véronique Penchienati. 50 cl bottles will be the first to take the plunge next month, before the rest of the range in early 2011.Germany largest market with Volvic third of sales, then Britain will follow France. The price of Volvic remain unchanged, despite a surcharge of 15 to 20% of this new plastic as compared to PET.

Even if the market resumes timidly from the beginning of the year (+ 1%), ore not lowered the guard. They multiply promotions (23% of sales), notify the health virtues of their waters (Hépar improving transit, removing toxins Contrex) and their liking. Nestlé (Vittel, Contrex, Perrier), a tag "unique taste" will soon be affixed to each bottle. Furthermore, groups multiply innovations, launch new formats and test new brands. Nestle is testing in France for several months, one of its global blockbusters, Pure Life.

For a long time dream of Nicolas Sarkozy make France a country of owners. That is why the head of the state presents itself this mardidans the Val-de-Marne reform of housing subsidies. With a goal: "make" more homeowners spending less. Christine Lagarde, Minister of Economy, unveiled this summer the outlines of this review. Deemed ineffective, the Pass property and the tax credit on real estate loan interest-key measure of the law passed Tepa after the election of Nicolas Sarkozy in 200 – will disappear starting in January 2011. Do continue the loan (PTZ), but in a new version. The savings target should be achieved.The cost to the State of PTZ reformatted amount to 2.6 billion, while that without reform, the bill of housing would rise to 4.4 billion in 2013.

Helped more modest homes

The aim of this new formula is PTZ boost accessions to the property by concentrating resources on those households in greatest need. The new device will therefore concern only first-time buyers, while the PTZ old formula was open to all. In addition, all households, regardless of their income, can benefit from the new zero-interest loan, while the former was not available to wealthier households.

But this largesse is only on paper. Indeed, the new device will not be interesting for the most disadvantaged households who will repay their loans over a short period."Beyond two SMIC, fast enough, there is no benefit to the PTZ, stressed last week Alain Dinin, CEO of property developer Nexity. Conversely, the poorest households have an average of thirty years to repay their loan. It is more than the old PTZ, where the repayment period was often eight years.

The amount of new PTZ depend on four criteria: geographical area, household size, the fact that housing is new or old, and its energy performance. The ecological criteria did not exist in the former PTZ. Other developments: the gap that already exists between the amount of the loan in Zone A (greater Paris, Riviera, Geneva French) and that obtained in Zone C (rural areas and small towns) will be more pronounced in the new formula .A device which, compared to the old, provide a larger bonuses for large families.

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