The euro recovers against the dollar

On the foreign exchange market, the euro penalized yesterday by concerns over the European banking sector recovered himself.Having lost 1.46% Tuesday, the euro climbed to 1.2713 dollars in mid-session.

On the macroeconomic front, the release tonight at 20 o'clock in the Beige Book Fed instant report on the U.S. economy, is the principal rendezvous of the day, across the Atlantic.Although unemployment figures better than expected, released last Friday, the U.S. central bank should continue to keep interest rates low.

Also note in the current macro, China has again rejected any foreign pressure on Tuesday the exchange rate of its currency, the yuan, while reaffirming the need to maintain good relations with the United States to During the visit to Beijing two senior White House officials need a personal loan with bad credit.

Bank stocks in the viewfinder

On the side of values, while Sanofi-Aventis continues to woo Genzyme, the U.S. Laboratory, Bristol-Myers Squibb agreed to buy another American biotech, ZymoGenetics, for 885 million dollars.

After its disappointing second quarter, including its defense division, Boeing announced the reorganization of its military aviation activities.The number of divisions from six to four, with a consequent 10% reduction in the number of posts.

Today on Wall Street banking is likely to remain under pressure. The feeling of increased bank risk has also been fueled by the meeting yesterday, the Basel Committee, responsible for setting new solvency rules for banks. However, after this meeting, the committee has maintained the suspense in not distributing a press release. It will do that Sunday. In the morning, a Wall Street Journal had rekindled doubts doubt on the reliability stress tests on European banks, whose results were published at the end of July.

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 new hypermarket Carrefour way, space is reorganized into nine clusters, including the decoration and textiles. "The store will be more competitive in terms of price," says Lars Olofsson. A whole cluster will focus on "special events" with "two major themes monthly surprise in store for" customers, "says the CEO.

Carrefour, the world of large retailers, is facing an erosion of customers of supermarkets. The context is not easy, admits Lars Olofsson: "I think in the coming months, consumption will remain stable.(…) It remains a gloomy background.

The group would pull through, however, better than its competitors. "In France, Carrefour's market share of 24% has increased by almost a point since the beginning of the year on a constant basis," enthuses the director general. The group achieved a turnover of 24.9 billion euros in the second quarter, up 6.3%. The interim results will be presented August 31.

"Added to the fact the World was going" all digital "in Brittany and Pays de la Loire, which induces additional purchases of new TVs and Freeview decoders," said INSEE. On the other hand, auto sales have plunged, stabilizing in May (-0.1% against -9.6% in April).

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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Total revenues for the group led by Beno?t Potier amounted to 3.152 billion euros against 2.997 billion over the same period of 2009. An increase of 5.2%. The company listed on the CAC 40 was that the increase of its activity has occurred in all business sectors and in all geographic areas.The emerging areas, however, contributed to the improvement.

"Unless a major turnaround in the economy, Air Liquide in 2010 is a new growth in net profit in the continuity of its historical performance," said the CEO, which states that "the discipline in terms of cost management and cash (…) has been maintained during the first quarter of 2010 and the ratio of operating margin was slightly higher than the average for the year 2009."

Emerging markets drive our business

Gas & Services activity (2.76 billion euros, 8.3%) is indeed characterized by "a marked contrast between mature economies (+5% compared to Q1 2009) and emerging economies (28 %), while activity Industrial merchant finds the path of growth, although sales in the mature economies still lower than the first quarter of 2008 before the crisis easy payday loans.

Large Industries recorded a rebound in activity, particularly through the start and ramp-ups in China, South America and the United States. The electronics is experiencing a rebound, supported by sales of specialty gases.Finally, health remains strong, always worn by home care.

During the first quarter, Air Liquide welcomes the signing of three new contracts with steelmakers in China, construction of new production capacity of liquefied gas to India and starting five manufacturing facilities in emerging economies.

The group also continued its acquisition strategy in health.

Air Liquide outperforms

Since the beginning of the year, Air Liquide shares rose 6.43%, with a gain of 0.31% on Friday, listing at 88.37 euros. The CAC 40, it has seen its course take only 0.38% since January 1, 2010.

If in 2009, they were virtually stable operating margin of Air Liquide rose to a record level of 16.3%.Air Liquide profits rose an average of about 8% per annum over the last twenty years.

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However, it is often those most economically useful. So goes there for the two most expensive devices: reduced VAT for maintenance in housing, which supports the construction sector and limit the black, and the research tax credit, which helps innovation.

Even finding the side of households, half the cost of tax loopholes is on tax cuts on income. It includes the premium for employment, the benefits of life insurance or the tax cut for working as employees at home. Suffice to say that these niches are very popular among the French! What makes the issue politically sensitive.In addition, certain devices have become political symbols untouchable, like reduced VAT in restaurants, promised by Jacques Chirac and Nicolas Sarkozy obtained payday loans online. Finally address the benefits of retirees is not straightforward.

To avoid the worst abuses – some taxpayers paying more tax because of all these devices – Parliament has capped the niche end of 2008. He then reduced that limit last year. A taxpayer can not reduce income taxes by using loopholes in the tax in excess of an amount equal to 20 000 plus 8% of its taxable income. And almost all devices are now individually capped. Including niches overseas.

But reducing the niche 2 billion per year is a task far more difficult. Two competing options.Gilles Carrez, the UMP rapporteur of the Finance Committee in Parliament, hopes all planing devices 5% to 10%. The rate of tax reduction for use of an employee at home happen for example 50% to 45%. Bercy wishes to address the niches with the least sense. Elysee Matignon and have not yet decided.

These products have been delisted by the CNAM chosen according to studies by the High Authority of Health has estimated that they were ineffective.The purpose of the maneuver is to save 150 million euros for Social Security, while the latter should show a deficit in 2009 of over 20 billion euros cash advance america.

According to the director general of the French Mutuality, Jean-Martin Cohen-Solal, interviewed by Le Parisien, "whether the drug is effective and is reimbursed correctly or it is not and shall not be refunded. Mutuality French has also decided not to reimburse drugs reimbursed 15% by the social security, which would save 80 million euros each other.

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MGM has put up for sale last year, following its inability to pay its bills. She had received several proposals, three were still in contention at the end of last week. The company, which had initially hoped to sell two billion dollars, must be examined this week, not totally exclude the possibility of remaining independent fast cash loans .

The Hollywood studio has contracted a debt of 3.7 billion dollars five years ago, and he suffered falling DVD sales that affects the entire industry.His library of 4,100 films is yet to dream all his competitors.

MGM owns the rights to include the James Bond series, including those who are running. Time Warner owns the news channel CNN and Time Magazine.

As for attendance – for the common man the show remains open as usual until Sunday evening – Organizers are hoping now over 20 000 visitors less. "But this should remain a good year this year we will exceed the 600,000 visitors mark, says Juana Moreno, Director General of the International Exhibition of Agriculture. But we will only probably not the 670,000 visitors last year at the current rate of admissions. " Three major explanations for this. The storm last Sunday slowed the enthusiasm of the visitors that they are provincial or Parisian.Moreover, events like the milk of the Apli (Association of Milk Producers independent) or Conf 'have also dampened the enthusiasm of visitors. Finally the prospect of a presidential visit in a tense atmosphere does not help for parents with small children. Still, the pride of exhibitors is still there and read on their faces passionate.

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