World Articles

Jean Lesieur, head of the drafting of the news channel France 24, sent his resignation by e-mail to Alain de Pouzilhac, CEO of Audiovisual outside France (AEF).

To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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These days, the majority had disagreed on some measures of the austerity plan as the VAT increase in theme parks and the end rebates on real estate gains. The government has heard from members and changed its copy.

Real estate capital gains: exempt after thirty years

So far, the real estate gains from the sale of second home or rental investment have benefited from a system of allowances that could significantly reduce the tax liability. To calculate the taxable gain, a reduction of 10% per annum applied after five years in prison. What amounted to a total exemption after two years. As part of the austerity plan presented on 24 August, the government decided to remove any abatement, and the next day.The added value (for inflation) would have been taxed at 32.5%, regardless of the holding period. Unacceptable to many members of the majority, led by the rapporteur of the budget Gilles Carrez UMP.

The government preferred to find a compromise with them, which should logically be adopted by the Assembly on Tuesday. The abatements are restored, with a grid less generous than before: 2% between the sixth and fifteenth year of ownership, 3% between the sixteenth and twenty-fifth, 10% above the twenty-fifth. This will lead to a reduction of half in twenty-five years and total exemption after thirty years. The French may still take several months for rebates of 10%, the new system applies only to final deeds of sale signed on 1 February 2012.To finance this relaxation (180 million "lost" to the state in 2011, 195 million in 2012), it was decided, inter alia, to submit to French taxation, via a deed, the sale of shares of Civil Society Real Estate (SCI) performed from abroad but on French goods.

Companies: Consolidated Global Profit loss

Always return to fund rebates on real estate gains, MEPs adopted on Wednesday the proposed Bercy to end the regime of worldwide profits, which can deduct the losses of profits by foreign subsidiaries. Total Vivendi or benefit. Another source of funding: the extent of the share of capital gains on disposal of subsidiary (leading to an exemption from capital gains to 90% instead of 95%) is brought forward to 1 January 2011.Finally, as announced August 24 by François Fillon, one of the articles of the bill limits the back and carry forward a deficit. From 2011, the deferral on profits can only be done earlier than one year (instead of three). The postponement of the deficit on the profits of subsequent years will be capped (at 60% of income in excess of 1 million euros).

Luxury hotels: four euros per night

The government had to give up the VAT on theme parks. To compensate for the shortfall of 90 million per year, Bercy and the members voted to create a 2% tax affecting luxury hotels including nights at a price greater than or equal to 200 euros.

The Paris Bourse on Wednesday will try to stop his downward series. The CAC 40 closed yesterday on a third round of consecutive decline, the lowest of the year and still under 3000 points. This time, to consolidate their recovery, operators should rely on the good mood of the Asian markets who have chosen to embark on a bargain hunting.

Closing slightly lower on Wall Street should also reassure the markets. The New York Stock Exchange, which remained very cautious, however, has not panicked by the announcement of a good non-manufacturing ISM index. All good news about the health of the U.S. economy are highly valued in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight.Tomorrow, Thursday, will also be a crucial day in Congress with the speech of President Barack Obama on employment. The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts.

Germany at the center of attention

Side the euro area, all eyes turned to the German Constitutional Court which shall decide on Wednesday on the legality of the financial contribution of Berlin plans to help Europe. The observers could never imagine, however, that the Court considers illegal contributions already provided by Berlin, which would cause a cataclysm in the euro area. Chancellor Angela Merkel plans to comment on the decision of the Court in a speech to the Bundestag in the morning.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

The single currency was this morning up 0.34% to 1.4055 dollar. It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro.Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Values ​​to follow on Wednesday

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

• Air France-KLM

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement.With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in June These shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a deuixème trimesre marked by a 3.3% decline in sales. This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

Miserable for the opposition, wobbly for the Court of Auditors and the Bank of Italy, considered a "blatant theft" by the CGIL union, which calls for a general strike on September 6, the budget bill amendment from the agreement Monday between Silvio Berlusconi and his main ally in government, the Northern League, never ceases to cause a stir.

Clearly, the political compromise was drafted in haste, less to meet market expectations and requirements of rigor of the ECB and Brussels as to satisfy the appetites of political coalition.

The plan touches the budget plan adopted on August 14 the Council of Ministers, who remodeled himself the three-year plan adopted July 15 by the Chamber of Deputies.The goal remains unchanged: to return to balanced public accounts or substantially by the end of 2013 with a deficit reduced from 3.9% to 0.2% of GDP. This requires about 48 billion euros in savings or additional revenues in two years.

However, the mechanisms used to differ materially. Abandoned, the removal of "solidarity" on income exceeding 90,000 euros per year announced in mid-August. As the merging of municipalities with fewer than 1,000 inhabitants (Italy has 8100 municipalities) and the consolidation of a number of the 110 provinces, which duplicates the 21 regions. The initial objective was yet to release 70,000 posts the payroll of the state.

Structural reforms are delayed

Wednesday again, the government had to give to exclude the counting of annual pension contribution periods of education or military service.About 100 000-130 000 Italians are concerned. The measure, considered unfair by many, would have saved 500 million euros next year.

As a result, the Bank of Italy said that the draft budget relies too much on tax revenues, which represent three quarters of the effort. Again, structural reforms are referred to the next legislature: it would halve Yet the plethora of parliament (one thousand), scouring utilities and local governments, reduce the exorbitant privileges of the political class. Decisions that require boldness.

Parliament must approve the draft by 15 October. Some 1 300 amendments were tabled. You can bet they significantly exacerbate spending. Silvio Berlusconi is confident to govern until the election deadline of 2013. Markets, they will vote probably before.

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday instant payday loan.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for 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.

Operation seduction for Joe Biden. The U.S. vice president, who loop a five-day official visit to China, wanted to reassure foreign creditors first in Washington on the economic strength of the United States. Americans "have never been in default and never will be," he said Sunday.

According to Joe Biden, even if the agreement signed last moment three weeks ago by Congress to prevent this disaster has cost the country a deterioration in its S & P notes, "The United States remains the best option to invest."

The message is "clear"

Beijing, which holds nearly 1.17 trillion dollars of U.S. debt, had been very critical of the U.S. government after the historic decision of the rating agency. The country was particularly called on Americans to stop living above their means payday loans.

The visit of U.S. Vice President in China, entirely focused on the issue of U.S. debt and the solidity of the world's largest economy, appears to have reassured. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt," has said Premier Wen Jiabao. This will ensure the safety, liquidity and value of good Americans. " The Chinese leader also claims to have "full confidence in the fact that the U.S. will overcome their difficulties and put their economy back on track for healthy growth."

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Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market payday advance. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

American financier Guy Wyser-Pratte does not disarm in the folder Lagardère. Almost eighteen months after the general meeting of 27 April 2010 during which the two resolutions he had proposed were rejected at 76% and 78%, Guy Wyser-Pratte against attack. Wednesday, August 3, he sent a letter to the Financial Markets Authority (AMF), in which he contested the vote count at the meeting of shareholders of the group.

The American activist took some time to gather evidence to support its contention. Today, it provides the AMF documents showing that the ten funds managed by AllianceBernstein (a subsidiary of AXA Group), a leading shareholder group Lagardere with 10% of the shares, would have voted for he had presented two resolutions.

For investigation

A resolution was to appoint him to the Supervisory Board of Lagardère.Resolution B was to amend the prerogatives of-stock by requesting that the general partners do not vote more consistently before the sponsors. Guy Wyser-Pratte also produces documents from two firms specializing in proxy voting investors (ISS and Broadridge). They would have gathered the voices of various U.S. institutional investors in favor of two resolutions A and B. Finally, he instructed the firm McKenzie to a total of U.S. investors vote in favor.

"In total, we can demonstrate that counting only the votes of shareholders represented by American myself, AllianceBernstein, Broadbridge and ISS, my application to the supervisory board received 44% of the vote of the quorum present at the meeting. In addition, it is likely that other European shareholders have also voted in my favor.I therefore request the AMF to conduct an investigation to understand the origin of the discrepancy between the results of the AG and the counting done by us, "said Guy Wyser-Pratte. In 2010, the AMF had already audited BNP Paribas, which had been in charge of counting votes at the annual meeting of shareholders.

Returning to the issue today, Guy Wyser-Pratte hopes remobilize American and European shareholders for the next general meeting of 2012.

In March 2010, Guy Wyser-Pratte had burst into the capital of Lagardère by buying up 0.53% of the shares. He then publicly criticized the governance of the group protesting against the existence of a partnership limited by shares and had criticized the lack of strategy of management.The tone was mounted and Philippe Camus, a member of the sponsorship of the Lagardère group, the AMF had seized a few days before the general meeting, marveling at the distortion between saber rattling by Guy Wyser-Pratte and the reality of the impact of the two draft resolutions.

Strategy of focusing

Arnaud Lagardère had benefited from the rostrum of the General Assembly to address the critical Guy Wyser-Pratte. Some time after the general meeting, it had sold substantially all of its shares, pocketing a nice way to gain. Today, he is left only about 100,000 titles.

The tension had fallen, but after this episode heated, the Lagardère Group has implemented a strategy of refocusing on its core businesses – publishing, distribution, media and sport – and the country where he holds a position leadership.Suddenly, the group undertook to sell all of its minority, especially in Canal + France, the Amaury group and the group Marie-Claire. For now, these sales have stalled. However, Lagardère Active has led to the charge of selling most of its international press center to the American group Hearst, to 654 million euros. This represents a hundred titles in a dozen countries.

The leaders of the eurozone announced Thursday evening in Brussels a second plan to save Greece from bankruptcy, a total of 158 billion euros, with substantial contributions from banks and other private creditors of the country.

Indeed, the creditor banks in Greece will contribute to a further aid to this country to the tune of 135 billion euros over 30 years, said French President Nicolas Sarkozy at the end of a summit of the euro zone in Brussels . "In total, the effort will be 135 billion over 30 years" only for private creditors of Greece, he said. The assistance will be 54 billion euros over three years (mid 2011-2014).

The leaders of the euro area showed a "firm commitment" in favor of Greece at their summit, also said French President Nicolas Sarkozy during a press conference."We decided to support Greece as a member of the euro and the euro area. It is a strong commitment "said Nicolas Sarkozy.

Proposals to improve governance

Proposals to improve the governance of the euro area will be made "before the end of summer" with German Chancellor Angela Merkel also announced French President Nicolas Sarkozy. Chancellor Angela "Merkel and I are agreed on the need to advance economic governance in the coming weeks so ambitious and proactive," said Nicolas Sarkozy told reporters. "Before the end of the summer, we will make proposals.(…) Our aim is to seize the opportunity of the Greek crisis to make a qualitative leap in the governance of the euro area, "he added, without giving details cashadvance.

In addition, the International Monetary Fund (IMF) will participate in the financing plan, according to President of the European Union (EU) Herman Van Rompuy. "We have reached agreement on a new aid program to fully cover the financing needs" of Greece, which "will be funded by both the EU and the IMF," he told a press conference.

Trichet welcomed the new plan

For his part Jean-Claude Trichet, ECB president, welcomed the new aid package of nearly 160 billion euros decided to Greece, holding "crucial" to stabilize the economy.The new support program of the European Union and the International Monetary Fund is crucial to stabilize public finances "of Greece and" to ensure the sustainability of public debt "of the country, he told reporters after a summit the euro area.

He also welcomed the fact that the private sector to plan aid is limited to only Greece and is not intended for other countries. The ECB had expressed concern in recent months of such a contribution, seeing a potential for worsening of the debt crisis.

Also present in Brussels, Christine Lagarde, the new director general of the IMF said the institution would continue "to play its part" to help Athens.Christine Lagarde, who praised "the significant support to the growth and financial stability" of Heads of State and Government of the euro area and financial institutions, said in a statement that any new aid was subject to Athens the will of the Board of the IMF.