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To attract customers, Fnac recycles old-fashioned recipes car dealerships. In recent days, the distributor of cultural products offers customers to resume high-tech products which they no longer use. Based on an Argus home, teaches against exchange vouchers valid in its 80 French stores.

This is a test, revealed by the challenges.fr site on which the subsidiary of PPR declined to give details. The service "Fnac Reprise" offers to purchase TVs, shelves, computers, phones, camcorders, music players and game consoles … But not books, CDs and DVDs, it is however possible to afford with the right of purchase.

The "cultural agitator," the owner would like to sell in order to afford sportswear brands, is trying by all means to correct its turnover, eroding month after month.His last idea could be successful, provided, however, offer an acquisition price attractive enough …

The figures were eagerly awaited by the markets. While the U.S. Department of Commerce announced that day that household spending had declined in June for the first time since September 2009, Chrysler, General Motors (GM) and Ford reveal a jump in sales in July.

The prize for the largest increase returns to Chrysler, which recorded an increase in sales of new cars by 20% last month. Chrysler, owned up to 53.5% by Fiat, said it sold 112,026 units, particularly the Jeep. "In a still very difficult, we make our best sales performance in over three years, welcomes Reid Bigland, head of U.S. sales."I think this figure is the ultimate illustration of the progress we have made to our products in terms of economy of oil, quality and design."

Behind Chrysler, Ford announced a 9% increase in sales of new cars on American soil in July to 180,865 units. "We are pleased to see a stronger pace of car sales, with a continued demand from consumers for our fuel efficient cars, our trucks and trucks," said Ken Czubay, head of U.S. sales USA.

The number one market, General Motors, he, reported a 7 saving account payday loan.6% increase in sales last month to 214,915 new cars sold against 199,692 a year ago. Up to the manufacturer to strong sales of Chevrolet, one of its brands, and the resilience of its new models.

The recovery remains fragile

Despite these results, analysts remain skeptical. These sales figures are in line with expectations and manufacturers are affected by cons-productive effects of higher prices to consumers still reluctant to spend.

The consensus then averaged over U.S. car market at an annualized rate of 11.8 million cars in July. A level below the rate of more than 13 million that prevailed earlier this year. Confident, GM, him, reiterated its forecast of a U.S. auto market between 13 and 13.5 million units. But his optimism is not enough to convince investors on Wall Street. GM shares lost 3.71% to 27.03 dollars a barrel in a market down by 2.19%. Following the same movement, as Ford unscrewed from 4.13% to 11.84 dollars.

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EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area.

Save Greece

Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP

The announcement was confirmed Monday afternoon by the company itself. The CEO of Caravelle, Pierre-André Martel, died Sunday evening with his daughter 20 years following the crash of a light aircraft near Lyon. Aged 57, Pierre-André Martel was known to have founded in 1995 Caravelle, the group specializes in the recovery and rehabilitation of companies, it still ran. Polytechnique, the man was also recently ranked by Fortune magazine Challenges 134th in France, with a wealth estimated at 350 million euros. He held still, with his family, 95% stake in his company.Caravelle, which announced the end of 2010, over 400 million euros in consolidated shareholders' equity and cash more than 200 million, operates in various sectors ranging from heavy equipment (Benalu, Marrel, EDBRO, Lamberet) to the self-medication (Cooper) through transport (Ducros Express, Girard).

"The provisions of Martel in this event are implemented and ensure the continuation of the group Caravelle," assured the company in a statement. When contacted, the company has not yet given details on the identity of the future (e) governing the group employs about 5000 employees worldwide, and manages 375 million euros in net business bad credit payday advance.

The board has not yet expressed

One obvious thing for the moment the most pressing issues: the future leader (or the acting team), will manage the back of the motor carrier Mory. Partially placed in receivership, it had attracted the interest of Caravelle, which confirmed the strategic importance of the resumption of mail Mory, "in order to bring its subsidiary Ducros Express." Candidates for the recovery should occur before July 31, but the direction of Caravelle had already filed early in July a written offer. Unlikely, however, that the tragic death of Sunday calling into question the strategic choice.

Meanwhile, the Board of Directors of Caravelle did not logically expressed on the scenarios considered in the coming weeks leading figure on the future of the group.The question of the succession of Pierre-André Martel remains in effect for the moment difficult to address, just hours after the formalization of that disappearance. Especially companies that, like the family, the imprint of a founding CEO of the group will need time to adapt substantial teams.

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From our correspondent in London

Despite a series of desperate measures taken last month to try to save the company, Southern Cross, the largest group of nursing homes in Britain, will have to end its activities. The company is in a position of near bankruptcy and will have to transfer all of the 752 homes it had to other management structures. Agreements are already being negotiated for a third of them. The listing of the group Southern Cross was suspended Monday for the London Stock Exchange.

An announcement has angered unions and associations for the protection of older people, worried about the future of 31,000 residents and 43,000 employees of the group.The bankruptcy of a private operator managed by investment funds of the City is also very bad news for the government to David Cameron, the reform of public health plans to provide a much greater role to the private sector.

Southern Cross tried last month to set up a restructuring plan which included the sale of hundreds of homes and the deferred payment of a quarter of rents for 752 homes, but these efforts have not been sufficient.

The magnitude of the crisis had forced the Prime Minister to take a stand last month. David Cameron was first started by saying that the state did not intervene in a private matter, but ended promise that he would do everything to ensure the situation of pensioners affected.A spokesman for Downing Street said Monday that no retiree "does homeless" because "there are currently about 50,000 places in the country" in nursing homes.

Reduced spending

The fate of Southern Cross also challenges the rapid privatization of the medical sector and assistance for the elderly in Britain for twenty years, a trend initiated by the Conservatives but pursued by Tony Blair. More than two thirds of homes in the country, many of which provide a public service, are now managed by private companies. The quality of their service is also criticism since private retirement residence with seven scored "poor" or "inadequate" in the inspections, said the Financial Times.

The cause of the collapse of Southern Cross is quite simple.The group had signed leases with annual increases of 2.5% guarantees but finds himself in is at odds because its major customers, municipalities and communities, reduce average spending of welfare benefits by 10% year, due to the combined effects of losses due to bad investments during the financial crisis and the massive budget reduction plan launched by the government Cameron.

This is the unfortunate consequence of a strategy set up by Blackstone, the investment fund that took control of the group in 2004. The fund wanted to increase the financial profitability of the group by selling its stock of homes, at a time when the UK property market was in a bubble.

Eighteen months after the initial concerns about the European debts, the situation on the old continent is still fragile. However, the euro remains surprisingly strong. The euro hovered around $ 1.45 since April, and rose more than 8% since the beginning of the year, and 15.5% in one year. "The first explanation that justifies the euro strengthens and weakens the dollar is in the interest rates: in Europe, they are likely to be faced by the ECB on Thursday, reaching 1.50% while those U.S. Federal Reserve and will still remain long remain between 0 and 0.25%, "says Bruno Rodier, private banker and portfolio manager at Pictet & Cie.This differential rate encourages investors to take advantage of the "carry trade", this technique to generate returns by borrowing in dollars at a rate unusually low, and place it in euros, which pays better.

"The situation should not change in the coming months because when the European Central Bank has the sole purpose of containing inflation by raising interest rates, the Fed also has the task of supporting growth and employment and maintain long-term rates low and a weak currency to do so, "said Harry Sebag, an analyst at Saxo Bank.He said the Fed will not change its monetary policy anytime soon because it looks especially the real estate market across the Atlantic, the one who caused the economic crisis and financial crisis in the summer of 2007, which is still not out business.

The dollar is kept artificially low

But even more than the strengthening of the euro, especially on the weak dollar that the experts agree. And has been a little more than a year: the Fed announcement as it injects new astronomical quantities (600 billion) dollars in the global economy. Instantly, the dollar lost its value against other currencies, and the effect lasted until now."There is also the effect 'end of world supremacy' of the dollar plays, including the report of the World Bank has recently anticipated that by 2025, that is to say tomorrow, the market currencies will be dominated also by the Chinese yuan, not only by the dollar and the euro, "notes Vincent Juvyns, strategist at ING IM.

The role of the dollar as the global benchmark fading as global governance wants to reform the international monetary system. In this perspective, little by little, investors include the future landscape of the exchange market and exchange their dollars into yuan and euro. "At the same time, we must take into account the cultural dimension of geographical areas: Europe, under the influence of Germany was a culture of rent, we want to keep a strong currency.This contrasts with the current pattern of currency war, which is to artificially push down its currency to promote its own foreign trade, "said Bruno Rodier.

Europe is going less badly than the U.S.

Finally, if Europe goes wrong, it will hurt less than the United States. Bad news on the macroeconomic front here and on the other side of the Atlantic, lower the respective currencies, but the U.S. figures are still worse than the European data, the dollar fell more than the euro. So the euro / dollar rate goes up anyway. "If you took away the effect debt, the euro was trading at least $ 1.50," Harry Sebag plans.Recently, the growth forecasts for the European Union were found, while those for the United States have been degraded.

Thus, the twists in the case of Greece, or fears of contagion from the crisis of sovereign debt of countries in the euro area peripheral to Italy or France, they have had little effect on the euro itself. "The currency market is highly sensitive to very short term. But in the coming weeks, the scenario of an outbreak of the euro area remains the least plausible of all, "says Vincent Juvyns, underlining that" challenges remain whole in the longer term. " The markets seem optimistic about the ability of European governance to agree to find solutions to problems of public finances of member countries."And Nicolas Sarkozy, Angela Merkel, and Jean-Claude Trichet has always reassuring words to soothe the markets when tensions rise," added the expert.

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The Cac 40 could string together a fourth consecutive session bullish. When a new day begins crucial for Greece, the Paris Bourse continued its prudent mini-rally started Monday – the last three meetings, the Cac 40 gained almost 4%. The index featuring Paris, ironed the day above 3900 points, opened on Thursday, up 0.33% to 3937.26 points. It has long hovered around 3930 points this morning, and won and 0.19% to 3931.70 points in mid-session.

At the London Stock Exchange, the FTSE-100 gained 0.68% to 5895.84 points and the Stock Exchange Frankfurt, the DAX 30 in advance from 0.07% to 7299.52 points.

Yesterday, the Greek Parliament adopted the first two parts of the austerity plan intended to avoid the financial ruin of Greece. This had the effect of propelling the Cac 40 in excess of 3900 points.This afternoon, members of Greek determine in detail the cost-saving measures and privatization to engage in Greece for the next four years. But on Thursday, the progression of CAC 40 may be more limited than ever, after the IMF expressed concern about a failure of the United States.

On the macroeconomic front, several indicators punctuate the trading session:

– After declining 1.4% in April, consumer spending fell again in May by 0.8%.

– The public debt increased by 54.9 billion euros in the first quarter from the end of last year, to $ 1.6461 trillion, or "approximately" 84.5% of GDP (GDP).

For the euro area, a first estimate of inflation in June was announced at 11 am: it has displayed steady at 2.7%.For June, analysts polled by Reuters on average expected a slight acceleration to 2.8%.

Finally, the United States, two statistics will be released today: requests for weekly unemployment benefits (1430) and industrial activity in the Chicago area in June (15.45).

On the corporate side, as since the beginning of the week, bank stocks react positively to approval by the Greek Parliament's austerity plan. BNP Paribas takes 1.21% to 52.63 euros, gaining Natixis 1.82% to 3.41 euros, Societe Generale advance of 1 no faxing pay day loans.03% to 40.23 euros and Credit Agricole rose 0.44% to 10, 21 euros.Yesterday, they gained 1% to 2%.

Carrefour: -1.26% to 27.75 euros; Casino: + 0.03% to 64.62 euros

In the struggle that pitted him against Carrefour in Brazil, Casino raised its stake in the Brazilian distributor Grupo Pao de Acucar by 37% to 43.1%.

In addition, the Colombian subsidiary of Casino, Exito, will conduct a capital increase of $ 1.4 billion to buy the Uruguayan subsidiary of Casino for $ 746 million.

LVMH yielded 0.49% to 121.90 euros shortly after noon.The European Commission approved Thursday the French luxury group LVMH, headed by businessman Bernard Arnault, to take control of the Italian jeweler Bulgari-watch, considering that the transaction would not raise competition concerns in Europe.

Pernod Ricard: -0.29% to 67.96 euros

The world number two wine and spirits sells its shares in Georgian society Georgian Wine and Spirits, an operation that involves small amounts according to a spokesman for the world's second largest wine and spirits.

EADS: -0.33% to 22.9 euros

The airline American Airlines is negotiating with the European aerospace group Airbus and Boeing to purchase at least 250 aircraft, an order worth approximately $ 15 billion, according to the Wall Street Journal.

Axa: + 1.05% to 15.42 euros

The insurer will invest 500 million euros in its partnership with the Chinese bank ICBC over the next 5 years.

Gecina: + 0.02% to 95.54 euros

The land was made yesterday two new asset sales, with the amount of its trade-offs to 559 million euros at end June

EuropaCorp: + 2.85% to 3.97 euros

The company production and distribution film Luc Besson has suffered a net loss of 30.2% million for the year ending March 2010 to 2011.

Groupe Partouche (0.75% to 2.67 euros) recorded in the first half of its 2010/2011 financial year lagged net income down more than 30%.

Beneteau (2.27% to 14.87 euros) will publish its revenue for the third quarter after the close of trading.

Panic blew the oil markets on Thursday. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in August finished at 91.02 dollars, down 4.39 dollars compared to the previous day. In London, the IntercontinentalExchange, the price of Brent North Sea with identical maturity tumbled 6.81 dollars even at 107.40 dollars to 21 hours.

In New York, the courts have even touched 89.69 dollars in session, their lowest level since Feb. 21. In London, a barrel of Brent North Sea crude for August delivery fell to 105.72 dollars, its lowest level since May 6

The backlash follows the decision of the International Atomic Energy Agency (IEA) to use its strategic reserves to bring to market 60 million barrels of oil. The idea is to compensate for the cessation of Libyan exports.According to the Agency, the events in Libya have deprived the market in late May of 132 million barrels of crude oil and "the further tightening of the oil market" resulting "risk of jeopardizing the fragile global economic recovery," says a statement.

The United States is "ready to do more if necessary"

Specifically, the 28 member countries of the IEA will release market two million barrels per day over a period of thirty days. A level which could be reviewed according to changing circumstances.

The United States will participate in this effort up to 50%, 30% for European countries and Asian countries for 20%, explained the executive director of the IEA, Nobuo Tanaka. The U.S. Department of Energy confirmed that it would draw 30 million barrels in reserves, currently at a "historically high" of 727 million barrels."The United States is prepared to do more if necessary to address this problem," the same official said on condition of anonymity, noting that an evaluation of current measures would be carried out after a month.

For his part, "France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks," said in another statement the Minister of Energy Eric Besson .

Surprise

For investors, this intervention is a real surprise. "It was mentioned last week in the markets but it was not included in the exchange, said an analyst at Saxo Bank personal loans for people with bad credit. No one expected that such action is taken now, it's very rare, "he adds.This is actually the third time in the history of the IEA, created after the 1973 oil crisis, that such action is taken. The members of the organization had already put to their stockpiles after the invasion of Kuwait and Iraq in 1990 after Hurricane Katrina that struck the United States in 2005.

This exceptional measure of the IEA should have the effect of increasing the available supply in the markets. It comes after the announcement Wednesday by U.S. Agency for Energy Information, a stronger-than-expected weekly oil stocks. "The IEA seeks to defuse the situation to avoid a price rise when the summer travel season approaches," says one at Saxo Bank. This announcement also appears as a response of industrialized countries to the failure of the meeting of OPEC countries in Vienna on June 8.The latter had failed to agree on an increase in their production quotas to slow the rise in prices.

Morose context

The announcement of the IEA is also grafted to a more worrisome macroeconomic environment for the oil markets. The U.S. central bank lowered its growth forecast Wednesday for the United States, she sees now under 3% for 2011 and increased its forecast for unemployment. Thursday, the idea of ​​a slowdown of the U.S. economy was confirmed with the announcement of an unexpected rise in jobless claims last week in the leading consumer of oil. In China also, the index of HSBC measuring manufacturing activity fell in June to its lowest level in eleven months.

"Wherever you look, it appears that growth is slowing," summed up Phil Flynn of PFG Best."This bodes ill for energy demand: this suggests that the measures taken by the Chinese government to slow the economy may be working too well, especially in a slowing U.S. economy and difficulties in the euro area "he added. In this atmosphere, "if there is a rebound, it will not be exceptional. It should not exceed 100 dollars. But instead we see prices stabilize at 90-95 dollars, "warns Saxo Bank.

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The support is not official, but the formula leaves little room for doubt. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF." In the race to succeed Dominique Strauss-Kahn to head the institution, is a way for Washington to support the European rather than his rival Mexican Agustin Carstens.

This statement therefore encourage what Christine Lagarde who must, on Thursday, passing his oral exam before the Board of the IMF. She must convince the 24 members it is the most capable of governing the IMF in the current turmoil. Agustin Carstens, he led his interview Tuesday.

The Mexican Fund for an impartial

During this session, had said Monday the institution, "each candidate will present his views on issues facing the Fund and its member states, and administrators will be able to interact with the candidates." Mexicans called for an increased IMF resources permanent, impartial, representing more emerging economies on its board of directors.

Christine Lagarde was in turn focus his presentation on an IMF "responsive, cooperative, legitimate and fair." So far, she expressed hostility to a restructuring of the Greek debt. When asked whether she was confident before the interview, the French Minister exclaimed: "Forever!".

Two shadows loom, however, about his candidacy. First, the case Tapie, who has rebounded earlier this week, and the Greek crisis.Brazil has indicated, through his representative at the IMF, Paulo Nogueira Batista, he expected the future Director to hold a position of severe vis-à-vis Greece: "We need strong action to obtain from Athens, and a clear financial commitment on the part of the euro area. A general statement is inadequate. " A position held since the beginning of his campaign by Agustin Carstens, who says he even opened a debt restructuring if necessary.

Preordained

For many observers, however, the game is a foregone conclusion for Christine Lagarde. "The French Minister on course to win," and headlined the Wall Street Journal on Thursday morning. She enjoys the strong support from almost all European countries, over 15% of the vote.One member of the board should, however, provide support to Agustin Carstens: Mexican director representing Spain and Latin America, 4.7% of the vote. Brazil has not made clear in his favor.

The decision should ultimately be taken on the basis of consensus, not wanting the institution or place one of its member countries is at odds vis-à-vis a future director or humiliate an unsuccessful candidate. The outcome of the deliberations is expected Tuesday at the earliest, and June 30 at the latest.

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The deputies continued Friday to review the draft budget law amendment removing the tax shield and reducing the ISF. As expected, they voted in Article 1 of the bill abolishing the wealth tax for estates of less than EUR 1.3 million and revised the scale for the highest wealth. Now between 1.3 and 3 million of assets, the rate of TFR will be 0.25% from the first euro over 3 million, it will be 0.5%.A discount mechanism will correct the effects of threshold to prevent the wealth around these new terminals are losers compared to the previous situation.

During the final debate, which were to continue late into the night or Saturday, the members have changed two important points of the original text of the government, which will have a direct impact on taxpayers.

30,000 euros per decade

Proposed by the Rapporteur-General Budget, Gilles Carrez, the shield will reverse charge from 2011. Specifically, beneficiaries under the shield of their 2010 income will be imputed directly to their ISF, payable before September 30. Until now, the reverse charge was voluntary, and beneficiaries of the shield receiving a refund check from the treasury for several months after paying all their taxes.By forcing taxpayers to deduct that amount directly from their ISF, the government is spared thus a new controversy over the amount of refund checks that were received by a few large fortunes during the spring 2012 presidential election in full.

In addition, Members noted the reduction in ISF for each dependent child (including the majors pursuing studies), raising it to 300 euros against 150 euros previously.

The second set of changes to the law on donations of money. On the proposal of the Government, members agreed to authorize the renewal every ten years of the exemption from transfer taxes on gifts less than 30,000 euros.Since the law Tepa the summer of 2007, it is possible to donate money to his children, grandchildren, great-grandchildren, or failure of issue to his nephews and nieces, without incurring tax (ie, without paying gift tax). And that, provided the donation does not exceed 31 865 euros and that certain rules are respected age. It's sort of a particular form of donation.

The government amendment relaxes the system. Thus, in case of gift to a child, the parent must have less than 80 years, and not, as now, less than 65 years. This threshold of 80 years is also one that is already applied to gifts to grandchildren or great-grandchildren. In addition, the amendment authorizes such gifts of money tax-free every ten years, whereas previously this could only be done once.The cost of this measure is estimated by the government between 20 and 30 million euros from 2017. It is in effect from that date that the first donors who benefited from this measure in 2007 will give back to their descendants. Good news however for holders of life insurance. Gilles Carrez's proposal to raise 20 to 25% taxation of life insurance in case of death, to the heritage of over 903 000 euros, was rejected.

The solemn vote of the Act is expected Tuesday.

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