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In France, too, resistance was organized against the tax increases that prepares the new government. But it will come mainly employers' organizations. In the program of Francois Hollande, 20 billion euros of tax increase at least directly related companies. And one of them focuses all the fears of employers' organizations: the removal of the pay scale relief companies paying the levy on the value added (CVAC).

Behind this name hides a barbaric tax simple. When the government of François Fillon has removed the tax in 2010, he replaced it with two lighter taxes levied by local authorities: the territorial economic contribution (CET) and CVAE which is a tax of 1.5% value-added enterprises.

But not to penalize the smaller of them, only companies with annual revenues exceeding 50 million euros are taxed at 1.5%. Below, the rate is declining, according to the volume of business done and the slices are made based on a precise schedule. The proposal of François Hollande to remove the pay scale relief, is to tax the value added of all firms with annual revenues exceeding EUR 500 000 at a single rate of 1.5%.

Concerns

This provision will affect the brunt of SMEs is concerned there be the MEDEF. The expected tax receipts rise, according to simulations, between 3.3 and 3.5 billion euros. Difficult to know in detail what this will mean additional burden for the firms concerned. But according to data from the Directorate General of Public Finance (DGFIP), businesses with annual turnover between 500,000 and 3 million participate to the tune of 1.9 billion to these new recipes. Those between 3 million and 10 million in revenue to contribute € 760 million, mainly because they are smaller.

Against attacks of the employers of this worrying increase in the charges, the team of Francois Hollande, during the campaign, responded by indicating that SMEs would benefit from a reduced rate of corporation tax at 15%. "Except that most SMEs are already at that rate," said an official employer, "and the program of Francois Hollande has never planned to extend this rate down to more companies." …… ..

In short, the new system will penalize SMEs unless, in the parliamentary discussions, the future majority agrees to additional gestures, such as a change in the scope of the current IS reduced to 15%. A first test will show that tax Bercy to support the French industry, in a context of strained public finances.

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Meeting for the first Holland Merkel in Berlin on Tuesday hours after the presidential inauguration, the new Franco-German duo has been scrutinized from every angle.

There is one in which France did not shine in comparison: growth. While our neighbor across the Rhine announced an increase of 0.5% of GDP in the first three months of the year – far more than anticipated by economists – the Hexagon was pale with sluggish growth (0 %) over the same period. An expected figure, certainly, but all the more disappointing that the 2011 fourth quarter was revised down from 0.2% to 0.1%.

Some will see the sign that Francois Hollande must persist in its intention to renegotiate the pact with Germany in the European budgetary discipline to introduce a component of growth – what is opposite the German ruling. Others will worry about the weak position of the Hexagon before the arduous negotiation Responding to the country confirms that the only real powerhouse of the eurozone.

The growth figure of France for the first quarter confirms the tonality of the beginning of the quinquennium of the new president. Francois Hollande already knows he can not count on any boost in the short term for the conditions to implement its program.

Production of "idle"

None of the drivers of growth and gives no sign of strength: consumer expenditures of households are "sluggish" (0.2% in the first quarter, after +0.1% the previous one), while investment companies folds (-1.4%), INSEE said. And if reconnect with imports rising, it does not compensate for slowing exports enough to prevent the trade weighs on growth. As for the production of goods and services, it turns "idle". In total, the growth overhang at the end of March – that is to say, the theoretical progression of GDP if the activity remained stable until the end of the year – amounted to 0.2%.

In short, Francois Hollande will have to deal with an uncertain environment. Even more uncertain than the events in Greece could get involved … If time is not yet at risk of contagion to the Hexagon, "we must avoid the chaotic moments that disturb everyone, Greece, is 2% of EU GDP, but this may be part of the little things that become large if not managed properly, "said an official of Bercy cash advance in one hour.

Francois Hollande, he believes in his ability to bounce activity. His lieutenant, Michel Sapin, cites as evidence the industrial policy announced – more favorable, he said, growth – and European initiatives to materialize before he sees the end of next year, thanks to an agreement between France and Germany.

In fact, the new team has no choice if she wants to meet his campaign promises and not be obliged to review all its forecasts. Less growth, this means more unemployment, more deficit and more debt. But the intangible commitment is to return to 3% public deficit in 2013. Francois Hollande can not afford any off the road.

2011 debt adjusted slightly up

INSEE has completed the 2011 accounts. The Institute of Statistics was first confirmed on Tuesday that the general government deficit stood at the end of the year to 103.1 billion euros, or 5.2% of GDP. Compared to 2010, he was reduced from 33.9 billion euros, "because both the revenue buoyancy and expenditure restraint." The new president pledged to reduce the public deficit to 4.5% of GDP at end 2012 and to 3% in 2013. To balance its budget equation, Francois Hollande has on growth (see above), but it also provided 29 billion in additional revenue by the end of 2013.

The weight of public debt, meanwhile, has reached an unprecedented level, 86% of GDP, 3.7 points higher than the end of 2010. At a 717.3 billion, it is also a bit more than the number that was announced in late March (85.8%). Finally, the tax burden, estimated at 43.9% (against 43.8% previously), was up 1.4 points compared to 2010.

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Those who want to buy an apartment in Fort Issy-les-Moulineaux, just outside Paris, have an incentive to hurry. Of the 1600 units under construction, only a few dozen have not yet been sold. The first occupants will move in March 2013 in this brand new neighborhood. The end of a very long history. "The first contacts with the Ministry of Defence, owner of the fort, took place in 1997, says Christophe Provot, deputy mayor of Issy-les-Moulineaux, delegate to urban planning. And the sale did not occur until 2010! "

Several causes for these delays in extension. First the different administrations (Ministry of Budget, Ministry of Defence, France Fields …) could not agree on the price of 12 ha. Then, the state and the municipality have long passed the buck who would pay for the removal of 3,000 shells dispatched on that land.

Finally, the state sold the land to the town 60 million, taking charge of the 7.6 million related to site cleanup. The city has invested $ 60 million in additional public facilities (creche, library) and sold the land to developers (Kaufman & Broad, Bouygues …) that offered the highest price.

Result, these apartments are quite expensive: 6500 euros per m² on average. "To have more affordable prices, would have required the State to make efforts and not sell his land at market rate, estimated Loiseleur Raymond, chairman of the SEM (Society of Issy mixed economy. He made another choice. "

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The presentation was eagerly awaited in the high-tech world. Become the world's number one mobile to Nokia and Apple, Samsung introduced Thursday evening in London its new flagship model, the Galaxy S3.

"Relive the presentation of the Galaxy S3

A description and the first review about this:

• DESIGN

Back to the rounded design for the new Samsung Galaxy S III: a nice case with curved lines and curved back which inevitably think about HTC's latest smartphone, the X One Screen with a slightly larger 4.8-inch super-AMOLED, which is distinguished by its superb contrast and excellent precision in the details with its 1080 x 720 display and resolution of 306 dpi (almost as much as iPhone 4S and 326 dpi). "Inspired by nature, designed for humans," says the slogan of the manufacturer. The Galaxy S III measuring 13.6 x 7 cm to 8.6 mm thick, and weighs 133 g.

• USE MORE NATURAL

"The Galaxy S III knows what you want to do," said a spokesman for the company. Thus, the Face Detection helps keep the screen active when one looks at it, avoiding it goes to sleep. The proximity sensor, when it detects a movement towards the ear, picks without having to press a button or dials the touch-screen. Equally spectacular, the S Beam can easily share files between two Galaxy SIII: touch another device and the content displayed will be transmitted automatically by NFC or Wi-Fi according to file size no fax pay day loans.

• EYE AND EAR

The voice recognition system S Voice enables Samsung to compete against the iPhone 4S Siri: we can now speak naturally on the phone asking him to take a picture, call a contact, set an alarm, to dictate text, for the weather or control the music player. The camera, it recognizes the faces of those affected and proposes to transmit images via MMS or email. Better still, pointing to a face to a photo, you can get the Google + Facebook profile and the subject.  

• PHOTOS AND VIDEOS A GOGO

Equipped with a 1.9 megapixel camera for video calling and, at the rear, a 8 megapixel sensor particularly reactive (no delay between triggering and capturing a photo), the Galaxy offers a new way Automatic scene. It may even recommend the best shot among multiple shots. Its screen can watch Full HD movies at full resolution, but he also knows wirelessly transfer the display on a big screen DLNA. It also provides access to content from other devices using a wireless network.

• THE PRICE OF POWER

Compatible 3G + (HSDPA 21) and 4G (LTE), the Galaxy S III is also very powerful with its quad-core processor. It allows to continue watching a video in a vignette while performing another task on the phone. Available in blue or white, and 16, 32 or 64GB, the Galaxy S III will be released in France in June. First Prize: € 649.

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The insurance deductible

In its most common meaning, the deductible is an amount of money that remains the responsibility of the insured in case of disaster or when the responsible person is not identified. This allowance is intended to:

The driver-responsibility by sharing the risk,

-Limit "small" claims, which are comparatively more expensive in terms of administrative costs,

-Allow the company to propose lower prices.

Namely: the deductible does not apply to third party victims, who are always fully reimbursed.

Application of the exemptions

Regarding auto insurance, there are also:

-Deductible mileage. It is home to a distance beyond which the automobile assistance benefits do not fire. For example, if the deductible mileage is 50 miles, the tow vehicle crashed 20 km from the residence of the insured will not be supported.

-The deductible on work incapacity or disability: it is the number of days of disability or a disability rate below which the personal guarantee of the driver does not play (eg, 10 days of disability or 5% disability).

Relief may take two forms. The franchise deductible amount is simply called a threshold. In this context, the insurer does not support the claim that if the amount exceeds the amount of the deductible. If he supports it, it's totally and no money is left in charge of the insured. For example, if the contract provides for a deductible of € 300, a loss of € 250 will not be supported, but a loss of € 500 will be fully reimbursed to the insured.

The corresponding absolute frankness about it in the most common case. This amount is borne by the insured in any case. Thus, if the deductible is € 300, a loss of € 700 will be repaid only € 400 to the insured.

Excess amounts

Some franchises are set by ministerial decree and therefore required all insurance companies. This is particularly the case of natural disaster deductible amount of € 380. In contrast, other franchises are freely set by the insurers.

Limit or eliminate the deductibles of an insurance contract is to actually buy them. Therefore, contributions and increase the gap between premium contract with deductible or no deductible up to 30%. The insured can choose its franchises in particular according to their driving habits.

Note: Franchise may be different from a guarantee to another. For example, in the same contract, the franchise glass breakage can be 250 €, but that of flight-fire guarantee of 750 €.

Thus, an insured person who never lends his vehicle can save money on their insurance premiums by choosing a franchise "ready to drive" high. Conversely, parents of a young driver may have an interest in buying the franchise "novice driver" time of his apprenticeship.

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This is an uncompromising assessment has drawn Wednesday the regional audit of Ile de France for the city of Saint-Ouen. With 46,000 inhabitants, this town of Seine-Saint-Denis bordering Paris has voted for the Communist mayor Jacqueline Rouillon since 1999. While a previous check had already pointed to a lack of control of payroll and an irregular arrangement of working time or uncontrolled high absenteeism, the Court of Auditors found that his requests were not followed by effects.

First of all financially: the room leading a debt that has reached "alarming levels" after rising by a third between 2007 and 2009. It requires a careful monitoring of urban works in progress, as the ambitious development of the docks of Saint-Ouen to avoid a "fiscal disaster."

Housing Allocation

Another black spot, personnel management. Payroll has indeed jumped 23% between 2004 and 2009, a period "yet preceded a significant increase in numbers." Meanwhile, the Chamber notes the insufficient measures against absenteeism, "even though it is a long recognized problem." Finally, the agents of the City have an annual working hours less than 60 hours to the floor legally, an additional cost of 2 no fax payday loan.2 million euros! But that's not all: the room was also detected irregularities in the management agents. Bulk: a premium of 6,000 euros computer given to agents, irregularities in the allocation of staff houses but also abnormally low rents granted to officers, an elected another common paid full-time employment served part-time municipal vehicles used by elected officials without permission

.

Administratively, the picture is also bleak. The regional audit and denounced "the lack of efficient tools for procurement." At the very least embarrassing for a community. A transaction has especially been pinned: a developer has bought the City of St. Ouen some 70 homes at a price of … 19,000 to 21,000 euros. A little low, even for substandard housing on the edge of Paris. In its response to the room, the mayor of Saint-Ouen ensures particularly its desire to control debt and payroll.

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For Jardiland, spring is even more active this year. At the end of the most important commercial of the year, the second network of garden centers by turnover and number of stores (205 and 14 abroad) should welcome a new shareholder. Indeed, Batipart, the investment company of the family Ruggieri, who holds 35% stake in Jardiland, wishes, according to our information, disengage. Charles Ruggieri, who was among the players in the development of FDR and significant shareholder of Korian, has invested 122 million euros.

The Conte family that owns about 65% of it's famous sign is not in a position to buy such participation. Concerned about the future capital of the company, the family that controls the capital, however, commissioned in autumn 2010 Lazard to find a buyer for 35% stake in Batipart even to consider a global sale of the company , according to several sources. When asked, the president of Jardiland confirms the mandate of Lazard, but dismisses any idea of ​​surrender and advance another scenario: "We are seeking capital for our development, especially internationally," says Michel Conte, who hopes to complete Operation "before the end of the first half."

The option Truffaut

Contacts with LBO funds, however, reinforce the idea of ​​a significant operation in the capital. "Last year, twenty funds have shown interest Jardiland, this sleeping beauty. Four are still interested, PAI, Astorg Equistone and Axa Private Equity, "says a close case. The latter held the rope – appointment is made with the management Jardiland for mid-April – but nothing is signed yet.

Interested stumble over two problems: "these funds are all taking majority stakes, but the family would retain control Conte," said a relative of one of the funds short term personal loan. According to our information, the Director General, Guilhem Porcheron, was notably landed last October for trying to demonstrate that the wish of the family was unrealistic.

The other sticking point is the price. "Usually, we value the garden 6-7 times EBITDA (gross operating surplus, Ed), more than the DIY networks. However, in Jardiland, the cost reduction program has not given any results, "said another speaker in the folder. The ebitda of Jardiland fell last year, reaching about 30 million euros for a turnover of 811 million euros. "Jardiland worth about 350 million euros, but the value of the ticket to capital remains to be defined. For funds also, capital is scarce and they are very vigilant, "the source added.

The future of Jardiland is closely followed by all market participants. And especially Truffaut, Louis Delhaize Group subsidiary, which also holds the Cora hypermarkets and supermarkets Match. Reportedly, the sign of the family Bourriez, very present in the Ile-de-France, the file would look again. Truffaut had already considered, two years ago, to buy its rival, to cover the territory. "There is no proposed merger of any order between Truffaut and Jardiland," says one, however Truffaut. Same response in Jardiland. "Doing so much sense, but the family Bourriez only lacks the necessary funds. The sale of Cora in Hungary was partly necessary to repay some debts, "says a close family. Find the ideal candidate for Jardiland seems difficult.

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Lack of agreement with the most powerful Italian unions, the CGIL, Mario Monti will try to push through his reform of the Labour Code, which will facilitate dismissals in Italy.

After presenting the text to moderate unions and employers on Thursday night, the Italian prime minister intends to adopt this proposed reform of the Labour Code to the Council of Ministers, this Friday to vote to do so as quickly by Parliament .

"We will make the text so that it prevents any abuse in dismissals," Mario Monti promised Thursday night. Time is running for President of the Council who plays his all on this eagerly awaited by reforming the markets and the European Central Bank.

The confederation CGIL, which refused to sign the text and left the negotiating table, called a general strike. The Democratic Party stands for the first time Mario Monti and promises to fight. The ruling coalition, without which Mario Monti would be powerless, threatens to explode.

On the form, Monti reform aims to modernize an Italian Labour Code dating from 1970, accused of holding back growth. On the merits, it addresses two major problems in Italy: on one side, layoffs nearly impossible in large companies, the other an increasing precariousness of work, without nets worthy of the name.

To break this duality of the labor market – which is found also in Spain – Mario Monti wants to facilitate layoffs by offering social protection to many workers who are deprived, while facilitating youth employment.

Conventional termination

Socially, unemployment benefits would become universal and will last 12 months – 18 months for seniors – and will reach 1,119 euros per month, more than today cash advance loans. Paternity leave would be introduced in some industries. And a fund to support older unemployed will be created. For Stefano Libman, professor of labor law at Bocconi University of Milan, this reform has the merit of "the basis for social protection for the millions of workers now have access to coverage generalized social."

To help youth employment, the reform provides for the rationalization of the types of contracts. In quarantine, they will be reduced to eight. Learning becomes the model contract and will last three years. "In the short term, with the crisis, it will inevitably lead to layoffs. But ultimately, this will create a stable job, "says Stefano Libman.

Blocks where the reform is on the right of dismissal, framed by Article 18 of the Labour Code, which prohibits dismissal "without just cause." In fact, Article 18 does not block a score of layoffs a year, but in the minds he became the symbol of the rigidity of the Italian labor market. The government insists the review. It plans to introduce a form of "conventional rupture" in the French which allows to separate from an employee by paying compensation of up to 24 months' salary.

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The Center for Strategic Analysis (CAS) continues its investigation into "the writing to the digital time." After concentrating on last November in the print media, the agency decision support attached to the Prime Minister released Monday in conjunction with the Centre National du Livre (CNL) its first proposals to help "the players book chain to take the turn of the digital ". Chriqui for Vincent, CEO of CAS, digital is "both a promise of new developments in publishing and a threat, as a share of value could escape the small booksellers and publishers if one does not fix clear trade rules. "

"A strong drawback '

Its three notes of analysis devoted to authors and publishers, bookstores and public libraries, the CAS takes priority recommendations to develop the digital book in France. Also attractive prices – "Consumers clearly want a high-price discount paper" – Vincent Chriqui calls for a consolidation of the French distribution of digital book around a single platform. "There are three distribution platforms in France. Booksellers and readers are confused, and this can only help Amazon (the creator of the Kindle reading light, Ed) which has the richest supply, "he notes. Besides the platform that Decitre will also launch in early April payday lenders. To develop a "real market" – the digital book represents just 1% of book sales when it weighs 15% U.S. and 10% in Britain, the CAS also recommends better "interoperability" ie "the ability to download digital files of books on any model of reading lamp or shelf. But this is not the case today: the tablet Kindle does not give access to files in ePub format, for example, "he says. "We think this is an obstacle to the development of the digital book at the same time that interference with the principle of free competition," said Vincent Chriqui.

The institution does not neglect the booksellers, weakened. One objective of CAS is to support the "policy of multi-channel strategy-store sales and Web-traditional bookshops, to prevent leakage of customers to the Internet giants." The low profitability (between 0.6 and 2%) of the booksellers are not given because the means to invest. All of these proposals, which must also preserve "editorial diversity of the French edition" will be sent to the Government.

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The hands of talented British singer and songwriter Eric Clapton, nicknamed "God" (God), she plays alone, the ultimate sound of blues and rock'n'roll. Renowned for its crystal clear sound, the American brand of Fender guitars now also shine on the market scene on Wall Street.

Founded in 1946 by Leo Fender, the legendary American manufacturer of electric guitars, acoustic amplifiers and a record filed Thursday with the Securities and Exchange Commission (SEC) to enter "as soon as possible" on the Nasdaq. The date of the introduction, the number of shares offered and their prices have not yet been disclosed.

The company, which will appear on the Stock Exchange under the symbol "FNDR", hopes to raise up to $ 200 million. The inventor of the Stratocaster, the icon of the electric guitar and one of the most popular models in the world, with "use about $ 100 million of revenue raised through this IPO" to repay a portion of its debts, whose amount is close $ 250 million. "In 2011 we were number one in terms of market share in the U.S. in the field of electric guitars, acoustic, and bass amplifiers and electric guitars and basses," the company said.

Fender Musical Instruments Corporation, owned by the Weston Presidio investment fund, has made 700.6 million dollars in sales in 2011 to a net profit of 19 million. Some 45% of its sales generated outside the U.S., mainly on the European market.

Also Eric Clapton, Fender has among its faithful ambassadors Keith Richards, Mark Knopfler, David Gilmour, Jeff Beck, Bruce Springsteen or Jimi Hendrix in 1967 who sacrificed his Stratocaster on stage in setting them on fire before smashing against the ground.

The inventor of the Stratocaster and Telecaster, Leo Fender, a creative force unmatched, gave his company to CBS in 1965. Fender grew considerably in the years that followed, before passing through an air hole associated with a lower quality instruments. In the 1980s, CBS will sell all its non-media related. A group of employees and investors led by William Schultz and his family and buy Fender to CBS in 1985.

Started from scratch

The new company had to start from scratch, including the sale or factory or machine. The emblem of the American guitar succeeds, however, his recovery, extending its grip on trademarks Guild, Gretsch, Jackson and Charvel excluding professional sound equipment. In 2008, Fender acquired Kaman Music Corporation (KMC), the largest U.S. independent distributor of musical instruments.

Based in Scottsdale, Arizona, with a production facility in Corona, California, Fender has continued to cross swords with Gibson, another giant of the electric guitar that Jimmy Page, Led Zeppelin, is one of the greatest followers. His fetish model, the Les Paul, was designed in the early 1950s. At its heavier and fatter than her rival Stratocaster, the Gibson Les Paul ignites always also rock the world stage.