Bernard Spitz. – Insurers are aware of the state of public finances and ready to participate in the effort. But the "planer" has been heavy handed. These measures are excessively severe: according to our calculations, they could not represent three billion euros, but up to 4.7 billion. Of the 10 billion effort on the niches sought at all, is asking a lot insurers and policyholders. And it is inconsistent with the objective of the economy and employment. Indeed, money from life insurance does not sleep. It is invested in long-term 54% companies in the form of shares or bonds.And the rest financed mainly sovereign debt.

But you knew that the tax shelters were the target of government …

Life insurance is not a niche tax! It is easy to label and all the products that we want to address. In the case of life insurance is particularly unjustified. She has a specific tax regime, as all savings products, which is the logical counterpart of an investment horizon longer term. Life insurance is not a niche, is the principal residence of the French investment!

What action is the worst?

All the measures presented have a strong impact. But the truth regarding the tax on capital reserves would undermine the solvency of insurers at a time when the sector must adapt to turmoil with Prudential Solvency II.It is indeed a drain 1.6 billion on capital of insurers can only affect their competitiveness in terms of solvency. We did not ask the French swimmers to compete in the European Championships with a sack weighted with stones … Do not ask the insurers!

Regarding life insurance, it is not a levy increase. The contract holders will pay just multichannel CSG and CRDS earlier on their compartment euro …

Exactly. However, this measure presents legal problems. The MPT contract, even if it has a compartment in euros and another in units of account, is everything. The product from its compartment euro is assumed that during the settlement of the contract. It will then reimburse the insured the overflow of CSG and CRDS eventually paid.Also, this would mean a very heavy management for insurance companies.

Baroin believes that insurers and mutuals have the ability to not pass on, the new tax agreements supplemental health officials. What do you think?

I fear that this is not so simple. The competition will be between companies, but the tax will necessarily be passed on to policyholders. Is mechanical. The Unocam, which brings together professionals in the supplemental health insurance, had proposed a plan of 3 billion euros in savings on health spending. These are structural reforms of this kind should be put in place rather than increasing taxes.

What do you do to limit the impact of these measures?

We look first to know the exact content of the texts.Then we will make proposals to the government as the national representatives in a positive way. If appropriate regulations improve the competitive environment of our businesses in France and Europe, this will be the best guarantee for tax revenues.

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The shares of exporting firms are saddled the once heavily penalized by a strong yen and concerns about the U.S. economy.Sony so on, we let go of 1.19%, and Canon was able to take 0.66% after losing almost 4% in session.

The dollar was worth only 85.30 to 85.40 yen Wednesday in mid-session in Asia, a level at which it was not down for eight months and is lower than that on which important Nippon groups have based their forecast revenues and profits.

In terms of company announcements, the Japanese manufacturer of motorcycles and marine equipment Yamaha Motor sharply raised its forecast Wednesday for the annual results, having exceeded its goals in the first half of calendar year, helped by sales of mopeds in Asia. Yamaha now expects an annual turnover of 1.3 trillion yen (1.25 trillion previously expected cons), an increase of 12.7% over one year.It now expects an operating profit of 45 billion annually (instead of 10) and expects to complete the year with a net profit of 25 billion so he could just see the balance.

Ambiance less bearish in the rest of Asia

In Hong Kong, even, the Hang Seng returned to the equilibrium toward 7:00 and stood at 21,455.8 points. In Shanghai, the MIC 30 fold from 0.54% to 2850.5 points. In Sydney, the S & P / ASX was down 0.64% to 4545.2 points.

Oil prices fell Wednesday in Asia, while remaining above 82 dollars a barrel. In morning trading, a barrel of light sweet crude for delivery in September yielded 14 cents to 82.41 dollars a barrel.

Two years after the outbreak of the financial crisis of 2008-2009, part of the United States with the bankruptcy of Lehman Brothers, the European Parliament in Strasbourg approved the text, which was the subject of a June 30 Agreement between the elected and the states of the EU.

In 2011, the bonus must not be disproportionate to the fixed salary and cash bonuses will be capped at 30% of the total premium, or 20% on premiums particularly important.

End outlandish bonuses

Much of the bonus will be paid immediately and will not be after a period of at least three years to allow the employer to recover some cases where investment does not function as expected.

Finally, at least 50% of a total bonus will be paid as contingent capital, which can be recalled in case of banking difficulties, so that taxpayers do not end up in the front line when a bank gets into difficulties.

In the case of banks that receive public subsidies, the text also provides that "no variable compensation should be paid the officers of the institution unless it is justified."

"Europe gets the rules of coaching salaries of bankers and traders with the most aggressive in the world," said a French Green MEP, Canfin Pascal, who negotiated the text free credit reports. "By limiting the proportion of variable pay in total compensation, this text will finally put an end to extravagant bonuses synonymous with extravagant risks," he added.

A text to the liking of the banking sector

"Two years after the outbreak of the global financial crisis, these tough new rules on bonuses will transform the culture of bonuses and incentives to end the excessive risk-taking", claimed that his side the Socialist Arlene McCarthy, parliamentary rapporteur on file at the agreement in principle on June 30

The text is however not to the liking of the banking sector."We believe that the agreement goes too far, because at the international level, there are already some principles" in the form of recommendations that were made including the Financial Stability Board (FSB), had informed the AFP secretary general of the European Banking Federation, Guido Ravoet after the tentative agreement. "We believe that this is not the public authorities to make amounts, percentages," he added, saying that this responsibility should be left to banks.

"If the international level, it does not follow Europe, European banks have a competitive disadvantage," says Guido Ravoet, who believes that "financial centers like New York, Singapore and Hong Kong will benefit."

This acquisition will enable the world's leading luxury brand Sephora develop the Brazilian market, first in line and in stores, the company said in a statement.

Sack's, founded in 2000 and based in Rio de Janeiro, sells over 270 brands and over 83,000 customers in its database. The site for online sale is one of the three most visited sites in Brazil, with 4 million unique visitors per month. Brazil and beyond, the South American markets are extremely holders for the sale of luxury goods.

Without a license, Google will "cut off all contact with China"

David Drummond also explains the decision by the expiration of the license granted to Google to operate in mainland China. "If we continue to redirect users, our license PKI (Internet content provider, Ed) will not be renewed.Without this license PKI, we can not operate as a commercial site Google.cn. So Google would cut all contact with China. "

After the New York Times revealed in late April that the identification system Google has been attacked by hackers from China, relations between the California company and China have deteriorated markedly. In this context, it is not clear that Google sees his license renewed. And to complicate this relationship further, Beijing has promulgated a law that requires every provider of a mapping service to obtain a license to practice in China for fear of seeing his service to close.In other words, that Google Maps may be available in China, Google must obtain a license.

Regulation of European businesses worried

Like U.S. firms, their European counterparts also fear a tightening of laws against them over the next two years, according to a study by the European Chamber of Commerce in China released on Tuesday. 40% of respondents are concerned about a rise in discrimination against the foreign companies. According to the chairman of the House of Jacques Boisséson, in the case of environmental degradation, they may not choose to remain "absolutely." But about 80% of them are optimistic about growth prospects in China.Proof that it is the political aspect is concerned between the two parties.

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Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.On Sunday, White House adviser David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well." He said an independent management of the fund would ensure that the money will be paid on time.

Discussions in BP

The oil group did not show opposition to the creation of such a fund. The board will discuss on Monday at its weekly meeting. It will also define the issue of ownership policy group that should be announced July 27. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.

In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty.But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.

Largest drop in the FTSE

This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. The track folds nearly 2.5% in morning London Stock Exchange and sign the biggest drop in the FTSE, which advances it by 0.5%. After sessions particularly volatile oil of the title had already sold nearly 10% last week. Since the beginning of the accident, the market value of BP was reduced by almost 44%.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes paydayloans. "

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, but caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, the trio that swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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In exchange, Vale will receive 22% stake in Norsk Hydro, becoming the second largest shareholder in the company after the Norwegian state, and a cash payment of $ 1.1 billion.

To fund this mega operation, the Norwegian group will launch a capital increase of 10 billion kroner (1.75 billion dollars). The transaction is expected to close in the fourth quarter of 2010. On this occasion, by the Norwegian state will be reduced from 43.8% to 34.5%.

Too dependent on others until

The acquisition by Norsk Hydro is the largest acquisition made by a Norwegian company out of its bases No fax pay day loan. This operation ensures the supply of bauxite Norsk Hydro hundred years.

The main assets are redeemed in Vale's share of 51% in the aluminum smelter Albras, its 57% in the Alunorte alumina refinery jointly owned with Norsk Hydro – who now control 91% -, and 60% in Paragominas bauxite mine. Alunorte is the largest alumina refinery in the world, and Paragominas is the third largest bauxite mine, ore of aluminum base of the planet.

"We were so far dependent on others for the purchase of raw materials the most important [for the group, Ed], bauxite and alumina."This agreement will (…) Norsk Hydro group present on the entire chain with strong positions in the production of bauxite, alumina production, the production of aluminum and its transformation, welcomed Terje Vareberg, president of the board of directors, at a press conference.

Discussions were already sealed since Frederic Mitterrand has reported an "ethical problem" for potential buyers. Jean-Francois Cope said his contribution to the debate by expressing support for the maintenance of advertising day after 2011, the date fixed by law to decide the future of advertising on France Televisions.The decision of the board of directors is therefore in the direction of the leader of UMP.

This decision takes into account "the substantial uncertainty surrounding whether or not to advertise before 20h," the statement said the leadership of France Televisions, which states that the "exclusive negotiations in progress is intrinsically linked to the assumption of suppression of advertising before 20 hours on the antennae of the group. "

A result in ahead of schedule

The management team at France Televisions has another reason to rejoice. According to the Tribune on Tuesday, she managed to exit the group's public accounts in 2009, making him reap a profit of 19.6 million against a net loss of 78.4 million in 2008. The performance is surprising in light of the deficit of 135 million originally budgeted. All indicators are also green.Operating income also goes a loss of 101.2 million to a profit of 68.7 million is one year. A result that the State had not expected before 2011 pay day loan lenders.

Net revenue available group also rose to 2.497 billion against 2.263 billion a year earlier. This result is explained partly by an 8% increase in advertising revenues for 20 hours (405 million euros), and secondly, by a government grant of 405 million euros expected to offset the stop advertising after 20 hours in 2009 which resulted in a shortfall of 383 million euros to France Televisions.

The cost of programs increases

The results show an increase in expenses of 3.2% to 2.45 billion euros. Since the cessation of advertising, France Televisions was indeed invest heavily in its production.The group would also step up its commitments in the sector of cinema

These new standards imposed on manufacturers led to an increase of 4% of program costs to 1.94 billion euros. The savings from the reduction of staff (120 positions at least 10,350) are not sufficient to compensate. Hence the current plan of internal synergy.

Confusion surrounds the departure of Carolis

These results sow disorder while rumors of departure of Patrick de Carolis at the end of his term in August amplified since Saturday. Alexandre Bompard, 37 years and current CEO of Europe 1 appears to be the favorite to take the head of France Televisions. His appointment could even intervene Tuesday on the sidelines of the meeting of the board of directors of France Televisions or Wednesday in Council of Ministers.The information is currently denied by the Elysee.

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Last year, its turnover reached 915 million euros, down 0.9% compared to 2008. This development has been permitted by opening 26 new outlets. At comparable number of stores, sales fell 6.8%. If it was buckled, this sale would mean the end of the adventure Carrefour Portugal, where the group was present since 1990.In July 2007, the group had already sold for 662 million euros twelve hypermarkets, whose turnover reached 530 million euros so.