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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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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

The French seem receptive to advice of tax professionals. In recent weeks, get an appointment with a notary has become very complicated. And the situation should not be arranged by May 6. Alarmed by the tightening of tax rules announced in an election for president Francois Hollande, the French wish to transfer their wealth to their children under current conditions more favorable. The Socialist candidate has indeed warned that it would lower the tax exemption limit of 159,325 euros (set in 2007 by Nicolas Sarkozy) to 100,000 euros. It also intends to extend ten to fifteen years the period between two donations exempt.

Interviewed by Le Parisien-Aujourd'hui en France, and several notaries are reports of increased requests for donation from the beginning of the year. A new situation, as noted by the Council of Notaries which includes national information feedback from the field. In some studies, the number of cases has doubled, and professionals are overwhelmed. "I contacted my lawyer to get information, but since I can no longer be reached," says Martine Perez, who claims that several people around him are now in the same situation waiting, despite a case being finalized.

According to the notaries, the situation does not deserve such eagerness of the French. Even when changing the tax rules in the aftermath of the election, the required publication of implementing regulations to allow taxpayers a few weeks to make arrangements. But the concern is greatest. Amazing phenomenon indeed, it is not just the wealthy. According to Elodie Fremont, notary quoted by Le Parisien-Aujourd'hui en France, a couple of workers chose to give the bare ownership of principal residence to their daughter to keep only the usufruct. A recent decision to avoid being subject to future tax reform.

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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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In recent weeks, investors do not understand anything. Some have seen all of their interests in 2011 life insurance policy amputees 13.5% Social Security contributions (CSG, CRDS …). Others paid much less. CNP Assurances, for example, said she has not applied the 13.5% interest acquired all of 2011 … for the simple reason that it was applicable as of 1 October in 2011. Before that date, and the tightening of government tax, the rate was only 12.3%!

ING Direct, he admits he was wrong. Customers have received an email, stating that the amount of payroll taxes that had been indicated (13.5% for all interests in 2011) was erroneous. The situation will be rectified in order to apply a rate of 12.3% through September.

This means that the position of tax administration, questioned on the issue, has been eagerly awaited. She gave his answer Wednesday. Disappointment! It returns insurers and investors to their contracts! Because, of course, the rate of 13.5% applies only to interest earned since 1 October 2011. But to know when these interest-precisely-are "acquired", "should refer to the relevant clauses of the contract," says Bercy. Back to square one, therefore.

For Aviva, the manager of the famous Afer contract, signed by some 720,000 savers, the interest shall be granted unless the performance of the contract for the year is calculated, and so when the interest is credited to an account. Or early 2012. That's why he applied the 13.5% interest in all the euro funds earned by the insured during the past year. This clause is most detrimental to investors.

For other insurers, we can at least take into account the minimum guaranteed rate. Many contracts provide a minimum return in effect during the year (it is applied especially to investors who end their contracts before December 31, and thus before the yield used for the past year is known). It is less generally used to return ultimately, but it has the merit to exist. If the contract considers that the interests are acquired at least the minimum rate during the year, it is enough to apply 12.3% Social Security until late September. And apply the 13.5% that of the rest.

Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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On the eve of the highly anticipated presentation of Indian budget, the finance minister did not hide his concern. The growth of Indian giant is slowing. Up 6.7% over the 2011-2012 fiscal year, GDP growth is at its lowest since 2008, is concerned the Department in its annual economic report, released yesterday. The first sentence of the document shall, in this regard, eloquently: "For the Indian economy, it was a disappointing year in terms of growth," notes the report.

Pranab Mukherjee, Finance Minister, still displays a target double-digit growth over the medium term, but now the account is not there. The usual engine of Indian growth, domestic consumption and exports are down.

This year, the Indian authorities point the finger above the weakness of the trade balance. In fiscal year 2011-2012 (April-December), the deficit exceeds $ 130 billion, against $ 96 billion a year earlier.

This degradation of India's foreign trade partly explains the depreciation of Indian currency, the rupee against the dollar. However, the Government's report points out several reasons for hope. The export markets are diversified. A good thing, while services have suffered cruelly from the European crisis. India, which depends on the Old Continent for 20% of its total exports, should relax its export conditions, the report notes. A beacon of hope for Brussels, while negotiations on a Free Trade Agreement with the EU stumble on such a reluctance to open their Indian service sector.

Conservative

For Gaurav, an economist at a major bank in India, the government report is "a powerful indicator of what has been done" but "it is very conservative at the project level, and new ideas are struggling to implement, as the recently seen for reforms affecting foreign investment in retail, which were abandoned instant credit report. "

The Government welcomes especially the effectiveness of measures taken against runaway inflation affecting the country for several years. In January 2012, higher food amounts to 6.55% while it was close to 9% for ten months. This decline in inflation is not considered sufficient by the strong central bank to ease monetary policy. After raising thirteen times its interest rates between March 2010 and October 2011, the central bank chooses the monetary status quo since December 2011, to the chagrin of the business community.

Thursday, the central bank still has disappointed investors by leaving rates unchanged at 8.5% on the grounds that the "potential risk of inflation had increased due to the recent rise in crude prices, the budget deficit is widening and the depreciation of the rupee. "

The employers immediately expressed his displeasure, saying the decision "against-productive" for the economy. "The industry needs strong signals of relaxation to help the recovery of investments," said the Confederation of Indian Industry. The central bank has promised that "future actions will go towards a rate cut."

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As manufacturer of luxury, premium luxury. The German carmaker Porsche, fit, will pay a bonus of 7,600 euros to each of its 8,500 employees, under the year 2011.

The manufacturer has the means. Indeed, he beat last year a new record by selling 119,000 vehicles. The company's management intends to reward 'performance and commitment of the workforce. " All employees are concerned, "they work in the kitchen or as an engineer," summarized in a statement Uwe Hück, president of the council. Only downside: this egalitarian reward only applies to employees of Porsche, and not the interim.

Porsche, being acquired by Volkswagen Group, has often been generous with his troops, paying premiums almost every year in recent years. Crisis requires, however, that they were in 1100 euros in 2009, and 3800 euros a year earlier. For 2010, VW and Audi, the two main brands of the Volkswagen empire, as well as Daimler had also spoiled their staff.

The entire German automotive industry is booming. Volkswagen has released record results for 2011. Mercedes (Daimler) and BMW have also posted strong sales last year.

While wage increases are capped by a sector agreement since 2010, the premium German car groups to their employees are a valuable motivational tool. They are modest in relation to the financial health of insolent generous employers.

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"Dividend pay" or "exceptional bonus"? At the end of March, employees of the SNCF, will receive a nice bonus, the maximum amount, determined on the basis of seniority in the firm, reach 400 euros. The amount far exceeds that of 76 euros seen last year by the railroad.

Yet it gives rise to a real battle between railway union. On the one hand, the CFDT calls this premium "wage dividend" as a just retribution for "efforts" and it echoes the "record dividend" of € 221 million paid by SNCF to the State under fiscal 2011. "The CFDT and UNSA have successfully negotiated for its amount is reassessed, insists Tosolini Fabian, of the CFDT-railroaders. The rate was revised upwards through discussions with management. While we regret the randomness of its payment, we think this is good news for rail workers. "

The CGT, however, has no words strong enough to evoke what she prefers to call a "gratuity", "wage dividend" is a word "willfully misleading" and "can not exist in a public company," ensures the CGT. Above all, it is "funded by the job cuts, deteriorating living conditions and working railway, the extreme pressure on wages, the brake on career paths and declining social rights".

It is true that the CGT launched a strike notice for the day of 29 February on employment, wages and improved working conditions. The premium of 400 euros fell ill five days before the big day

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