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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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The Paris Bourse started the week with no major trend. After an opening down slightly from 0.29% to the image of Asian stock markets this Monday morning, the Cac back in the green but very moderately. At mid-session, he won 0.10% to 3954.86 points. Today, the London hotel market is closed while Wall Street will not open either and will celebrate Memorial Day (as every last Monday in May). The Cac 40, which had ended the week on a nice increase of 0.86%, managed to climb to 3950 points on Friday night.

This Monday, we will particularly impact that will follow the announcement by Germany to close its last nuclear reactors by 2022. The country became the first industrial power to abandon atomic energy.Already in China, the values ​​related to coal soared when he appears as the best vehicle for investment, better than solar or wind power in the future.

European side, the news is charged. The Greek Finance Minister George Papaconstantinou said was confident Sunday in the payment of the next tranche of EU-IMF loan to avoid bankruptcy for rejecting an article of the German weekly Der Spiegelmettant doubt this release. Note that the Athenians flocked in their thousands on Sunday night in the central square of the capital, before the parliament, the fifth day of a successful mobilization against austerity, modeled on the Spanish "Indignant".

Ireland, she may have to request a new loan to the European Union and the International Monetary Fund if it fails to return on the bond market to raise funds next year, said Minister of Transportation the columns of The Sunday Times.

On the foreign exchange market, the euro retreated slightly against the dollar Monday in a quiet market due to the closing of financial centers in the United States and England. Around 0900 GMT (1100 Paris), the single European currency was worth 1.4291 dollars against 1.4317 dollars on Friday night.

Values ​​on the forehead, that Monday is the day of commencement of trading of shares of Areva. The beginning of the session is particularly volatile for the action that keeps change from red to green and almost abandoned from 3.47% to 29.20 euros.

The group's president, Anne Lauvergeon, also believes that the nuclear reactor projects under consideration will be delayed by about 6 to 9 months because of the review of data on plant safety, said Monday its president .

Renault leaves% to 0.18% 38.99 euros while known to be the name of the successor of Patrick Pelata to senior management. Portuguese Carlos Tavares, 53, an avid sports car and head for the Americas of the Japanese Nissan, Renault's affiliate, should be named the number two automaker French.

Dexia advance of 2.03% to 2.467 euros. The Belgian-French group will pay no dividend for 2011 due to the cost of asset sales announced Friday, said its chairman Jean-Luc Dehaene, Belgian daily L'Echo.

EADS gained 0.29%.Its executive chairman Louis Welsh said that he supported the introduction of a veto in the defense sector to prevent hostile takeovers, in an interview with Focus magazine. "It's not about bags and luxury goods, we are in an area of ​​national interest," he said.

Technip advance of 0.12% while the group was selected by Samsung for its Floating Shell gas extraction.

Total (-0.04%) acquired 25% of an exploration license offshore Qatar for an offshore field that extends over 5,600 square kilometers.

Petroleum.The Economy Minister Christine Lagarde said Sunday that the government could impose on oil to reduce fuel prices at the pump if they do not justify the price drops enough found so far by the administration.

Hermes pressure

Hermes was down 1.17% to 177.2 euros while the group holds a very important meeting on Monday. Saddler said the appeal: the voice of Hermes family shareholders, Bertrand Puech denounces "attempts to destabilize" the company by LVMH. The Adam, she filed a lawsuit that the family can not merge into a holding company.

L'Oreal (0.43%).Daughter of Liliane Bettencourt, Françoise Bettencourt Meyers, June 6 to ask the investigating chamber of the Court of Appeal of Bordeaux to cancel all records Bettencourt, citing a procedural issue attributable to the prosecution Nanterre.

Trading in Meetic is suspended while his American counterpart Match.com Announces Intention to bid for all outstanding shares of the French site. Internet dating site offers 15 euros per share in cash offer for its competitor.Its parent company said already hold 27% stake in Meetic.

Medica (-0.63%) announced Monday it had signed an amendment to the credit agreement that was signed in June 2010, taking advantage of favorable conditions in the debt market to increase its financial capacity.

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The global automotive industry has been particularly affected by the consequences of the earthquake in Japan on March 11. The problems of supply of parts continues to disrupt production lines. And the worst is to come as manufacturers currently still draw on their inventories of components for the shortages. But at this rate, stocks should soon be exhausted. Thus, according to the consulting firm IHS Automotive cited by Les Echos, the peak could be reached in early September, during which 3.4 to 4 million vehicles will not be produced because of supply problems.

In total, throughout the year, the Japanese earthquake could result in the loss of 2 and 3 million compared to 77.6 million vehicles produced per year, according to IHS Automotive.For now, the consulting firm believes that manufacturers could not produce the equivalent of more than 1.5 million vehicles have been produced in response to supply disruptions in supply chains which 1.1 million in Japan.

The magnitude of these shortages can be explained by the importance taken over the years by the electronics in vehicles bad credit payday advance. Electronic systems account for nearly 30% of the cost of manufacturing a car. But the main producers of these components are Japanese and there are few alternative sources of production. For example, Japanese Renesas which manufactures control systems gearboxes, holds nearly 40% market share.

Return to normal until 2012

Once past the peak, automakers will try to work extra hard to regain the level of production prior to the disaster even at higher levels to meet demand and replenish their stocks. But nothing says that the factories will be able to keep pace. In fact, the capacities of production lines are limited. On the other hand, the collapse of the automobile demand in Japan could encourage manufacturers to be cautious.

Thus, the groups should take time to catch up with the volumes that have been lost following the disaster of 11 March. Some analysts believe the situation should not be completely restored until 2012.

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While China has already provided support to European countries struggling with debt problems, such as Spain or Portugal, it could again give them a boost. The central bank governor, Zhou Xiaochuan, said on Friday that "despite difficulties in some European countries, China supports strong to overcome their budgetary difficulties and succeed in their economic recovery."

Moreover, Zhou Xiaochuan said China is "very confident in the euro area and its ability to overcome the crisis. What about European countries in difficulty, the governor said: "We have confidence in their economic prospects." A response to the wave of downgrades by Moody's sovereign these days, that hit Greece and Spain.

China pledged last year to support the euro zone countries face the rising cost of sovereign debt, worsened by U.S. rating agencies. The Spanish daily El Pais had reported in early January that the Chinese government planned to buy six billion euros of debt in Spain. In December, the Portuguese daily Jornal de Negocios wrote that Beijing was ready to buy five billion euros of debt Portuguese. At the end of last year, the chief economist of the bank Natixis, Patrick Artus, had considered buying Chinese Greek debt to several hundred million euros. Beijing has never confirmed any of these amounts.

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Nigeria, Kuwait and the UAE will increase their oil production by April to offset higher prices, with additional 300,000 barrels per day, according to the Financial Times. Amid civil war in Libya, which translates into a fall of 60% of daily oil production in the country, oil companies and U.S. banks have ceased all activities in the country of Gaddafi. The Wall Street Journal revealed that Morgan Stanley, which bought oil for his customers, has severed all business ties with Libya. ConocoPhilipps longer exports a drop of 46,000 barrels it produced each day in the country, along with Exxon Mobil and BP.

Meanwhile, speculation on oil markets in full swing. Traders expect a continuation of the surge in the number of Paris to the increase reaches a level never reached.The record price for summer 2008 – when WTI traded at $ 145 – could be beaten faxless cash advances. For now, the WTI is trading at more than $ 105 a barrel after rising nearly 14% since the beginning of the year. As for Brent, it is trading at nearly $ 115 after a dramatic 25% since January.

Already at the pump, gasoline prices beat their record highs. A liter of unleaded 95 has sold 1.506 Euro per liter, exceeding its record of 1.497 euro reached in June 2008, according to records released yesterday by the Directorate General for Energy and Climate (DGEC). As for diesel, the fuel most consumed in France, its price rose to 1.351 euro per liter, the highest since August 2008.

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Optimism is back this Friday on the Paris, following the CAC40 was in the red all week. The benchmark index in Paris closed up 1.51% to 4070.38 points. For the week, the Paris index was down 2.09%, but reaching back to the symbolic 4,000 mark.

Therefore reversed the trend on Friday, OPEC's speech on its probable involvement in the event of disruptions in oil supplies has restored color to the financial markets. Starting with Wall Street.

Even optimism squares Europen, the FTSE-100 index of London Stock Exchange gaining 1.37% to 6001.20 points. For its part, the DAX index of the Frankfurt Stock Exchange gained 0.77% to 7185.17 points.

United States: Growth and Consumption lowered

In France, INSEE published a fall in consumption of the French in January.Business failures for the month of September 2010 will be known at noon.

United States, economic growth in the fourth quarter was revised down Friday to 2.8% annual rate, according to a second estimate published by the Commerce Department in Washington, against 3.2% after first estimate in January.

Consumption, which accounts for 70% of GDP, grew 4.1% annually over the previous quarter, against 4.4% initially estimated.She made 2.88 points growth.

U.S. consumer confidence rose in February to its highest level since January 2008, according to an index published by the University of Michigan, which was revised sharply upward Friday, 77.5.

Side currency, the euro lost it again ground against the greenback under $ 1.38, to exactly 1.3746, down 0.41%.

On the podium of the largest increases of the week are two banks: Credit Agricole (3.64%) followed by Natixis (3.48%). Saint-Gobain (+0.64%) completed the podium.

Conversely, Lafarge has the highest drop since the beginning of the week: -7.79%.Then there Vallourec (-6.92%) and Accor (-5.15%).

EADS loses the contract of the century in favor of Boeing

CGG Veritas: 9.79%, to 26.14 euros – the largest increase SBF 120

The oil services group announced Friday a net loss for the fourth quarter due to special charges related to its plan to improve profitability. The group is free cash flow positive 2011.Il said its industrial investments and multi-client should reach 600 million dollars in 2011.

EADS – 0.53%, to 20.66 euros – stronger and only decrease the CAC 40

The aerospace manufacturer lost the tender for the delivery to the U.S. Air Force, 179 tanker aircraft, after the invalidation of the previous contract awarded in 2008.It was eventually awarded to rival Boeing, but the European manufacturer has 10 days to appeal on this contract of 35 billion dollars.

LVMH: 3.56% to 113.60 euros

Dior fashion house LVMH subsidiary, has suspended its creator, the British designer John Galliano, accused of uttering anti-Semitic and racist slurs against a couple Thursday night in Paris where he was arrested before be left free business card.

Thales: 2.97%, to 27.43 euros

Ten days after a profit warning, the specialist defense electronics, aerospace and security, has published annual results sealed by provisions amounted to 721 million euros related to contracts as underachievers 'Military Transport Aircraft

Saint-Gobain 5.52% to 43.02 euros – the largest increase CAC 40

The building materials group aims to accelerate its organic growth this year, in line with the rebound in activity recorded in 2010, driven by industry demand and buoyant emerging markets. Its CEO, Pierre-Andre de Chalendar also put on a strategy of acquisitions more aggressively.

Valeo: + 9.55%, to 44.72 euros

The automotive supplier has returned to profitability in 2010 and resumed the payment of a dividend for the year past.He expects an improvement in its operating margin in 2011, driven by buoyant U.S. and Asian automotive markets.

Eiffage: 8.51%, to 43.78 euros

The company intends to renew growth in 2011 after a third consecutive year of stagnation in sales, concessions have yet to offset the sluggish construction.

Aeroports de Paris: 0.32%, to 63 euros

The group announced Thursday the results conform to expectations with growth of 5% of its Ebitda to 927 million euros in 2010. By 2015 it wants to increase by 40% in 2015 compared with 883 million registered in 2009. Its sales rose 4.0% to 2.739 billion euros in 2010 – despite an almost permanent traffic – and net income group share grew by 11.3% to 300 million.EPA anticipates a recovery significantly higher than expected air traffic in 2011 which should enable it to accelerate slightly the growth of its revenues and EBITDA.

Air Liquide: +0.84% at 92.65 euros

The gas giant said Thursday night that a financial institution entrusted the mission to assist for the realization of part of its share repurchase program authorized by its shareholders last year, within a million titles.

Sanofi-Aventis: 0.82%, to 49.71 euros

The lab announced Thursday the approval and completion of the acquisition announced in October 2010, Chinese BMP Sunstone, for 520.6 million dollars ($ 10 per share). The transaction will allow it to create a platform for public health in China, strengthening its presence in emerging and non-prescription drugs, two of its major growth drivers.

After the close, the Bel cheese (stable at 35.06 euros) will also publish its annual turnover.

Asian stock markets continued their slow descent into hell. Third day of the week, third session in the red for almost all Asian financial centers, much still shaken by the political crisis in Libya. Suddenly, Wall Street closed sharply lower Tuesday, the Dow Jones dropping 1.44% to 12,213 points.

The atmosphere is also not great on Wednesday on Asian stock markets. The Nikkei 225 Index was down 0.81% to 10,578.50 points and 2.6% since the beginning of the week. Note that Japan's trade deficit has ballooned in January, reaching 471.4 billion yen (4.17 billion euros), due to significant oil imports, while exports have stagnated.

In addition, the yen continues to appreciate against the dollar, a dollar quoting yen 82.59 (-0.22%).As a result, values exporters like Toyota are battered stock market, the Japanese automaker fell 1.2% from 0.5% and Canon.

Only Shanghai and Mumbai are progressing

In China, financial markets were mixed after a report released Tuesday by the U.S. central bank has concluded that the Chinese currency, the yuan might well be overvalued against the dollar. And contrary to what it believes the Obama administration. The CSI 300 Index gained 0.19% in Shanghai to 3169.58 points (-2.55% since the beginning of the week).In contrast, the Hang Seng Index in Hong Kong lost 0.43% to 22,891.30 points (-2.53% from Monday).

The trend is clearly negative on other financial markets: the Taiwan TAIEX index dropped 1.67% in Taiwan to 8528.94 points, the KRX 100 Index Seoul yields 0.43% to 4182.40 points, the S & P / ASX 200 Sydney Index was down 0.22% at 4845.90 points and the FTSE Singapore Straits Times Index fell by 0.35% to 3008.62 points. In contrast, the BSE Sensex 30 Index of Bombay captured a slight increase from 0.18% to 18,328.40 points.

Crude prices continued to rise Wednesday morning markets in Asia, supported by the thrust of violence in the Arab world and particularly in Libya, a major producer of black gold, analysts said. In morning trading, a barrel of light sweet crude for April delivery gained 4 cents to 95.46 dollars.That of Brent North Sea crude for April delivery has appreciated by 22 cents to $ 106.

If the Tunisian and Egyptian revolutions have little impact on financial markets, one that shakes Libya far more impact. Tensions in the country, which is one of the largest exporters of oil directly affects the price of gold and black strong impact on European stock exchanges (Paris, London, Frankfurt, Milan, etc..) Asian (the Nikkei has lost nearly 1.8% this morning) and American (the index futures point to sharply lower opening on Wall Street this afternoon).

On the foreign exchange market, concern is also affected. Investors, for whom uncertainty is the worst phobias, put their appetite for risk and protect themselves in the closet. How? By placing their ball in the values called "refuge", such as gold, the dollar or the Swiss franc.In contrast, the euro, it is shunned.

Thus the European currency slipped below $ 1.36 on Tuesday morning, facing a greenback sought. Around 11 am, the euro is trading exactly at 1.3574 dollars, down 0.8%. Strong increase in the foreign exchange market.

According to technical analysis – that is to say, the analysis using only graphics – a bullish retracement could take place if "we manage to hold above this level." Conversely, the break of 1.3540 support to "push the pair to return to the area 1.3430 / 1.3460 dollars," warns XTB.

Outbreak of fever dollar

"Operators now appear in the mainstream during the political uncertainty prevailing in Libya", note analysts from Saxo Bank.The dollar is the first to benefit.

"Then just yesterday the greenback remained stable on its main counterparties, currencies against the U.S. dollar depreciate all": in addition to the euro has risen from about 1.37 to less than 1.36 dolar, the Sterling is currently trading at 1.6140 dollars after fluctuating in a range between 1.6220 and 16240 dollar yesterday during the day. The trend is the same for the Australian dollar loses more than about 80 pips (or 0.0080) against the U.S. dollar during the Asian session: it is trading at 1.0015 dollars against 1.0094 dollars late yesterday evening.

The loonie (Canadian dollar pair / USD) has fluctuated sharply in passing last night of 0.9864 to 0.9821 Canadian dollar before regaining ground this morning at 0.9860.In addition, this pair should know today strong fluctuations during the publication of the retail automotive sector off 0.7% expected in December.

After Baroin, the budget minister interviewed Sunday night on BFM-TV, the UMP Gilles Carrez, rapporteur of the budget to the National Assembly, argued in turn that Monday in the daily Les Echos for a higher threshold of entry in the wealth tax (ISF). This tax now affects all French people whose heritage reaches 790,000 euros. Gilles Carrez advocates raise the threshold to 1 million euros. Baroin spoke even raise the threshold to 1.3 million.

According to the deputy, "the problem lies less in the beginning of the ISF in the inadequacy of its scale, designed in the 1980s. For him, it is primarily the question of ownership must be addressed. "The value of their homes has soared, unrelated to changes in their income," he says.As he had said in January last, he calls for a discount of around 500,000 euros on the detention of the principal residence, beyond the reduction of 30% which is already being applied. Gilles Carrez think thus significantly reducing the number of taxpayers to the ISF, "by exempting the middle classes not to mention the many taxpayers who do not file but are very close" entry thresholds. He also rejects the idea of taxing capital gains on the sale of a principal residence. "Any idea would be to increase one way or another taxation of the residence is prohibited.It would be totally inconsistent with the desire to increase the proportion of French people own their homes, "says the MP no fax payday loans.

Remove the tax shield, "a negative political signal"

To fund this reduction of TFR estimates Baroin to 900 million euros, Gilles Carrez relies on "elimination of the tax shield (which) will save 700 million euros." "The priority is the elimination of the tax shield: it should benefit 200,000 households and has ultimately benefited only 20,000 of them, for a negative political signal," he says. He also continues to support the idea of creating a fifth installment of income tax of the wealthiest households. "We could get 300 to 400 million euros."

Tax reform, which must, according to the member, "to be addressed in a political manner," will be presented in May by the Council of Ministers and the Assembly in June. Gilles Carrez was invited Tuesday by Prime Minister Francois Fillon to an interim update on the progress of work.

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The case takes us back to the 2000s, when Jean-Marie Messier (J2M) reigned supreme on the Vivendi Universal empire. The French court ruled on Friday about the fate of the businessman, spent two years at the helm of a group, Generale des Eaux, which he turned into a media giant, and led to almost bankruptcy in 2002. After eight years of investigation and trial bankruptcies on one of the hottest and most publicized in recent years in France, the court sentenced him to a term of three years suspended sentence for embezzlement in her in managing the media and communications group. For his part, Edgar Bronfman Jr., chief executive of Warner, was sentenced to fifteen months suspended sentence and five million euro fine for insider trading.

More charges weighed on J2M.The first is the "dissemination of false or misleading" about the financial health of Vivendi. In fact, Jean-Marie Messier, Vivendi Universal said that was perfectly healthy even though the group was awash in debt, nearly $ 20 billion in 2002. The former officer is also suspected "abuse of social good" in connection with a golden parachute negotiated $ 20.5 million, but not touched. Finally, he is alleged to have manipulated prices by buying securities in order to do so artificially.

Messier admits mistakes but no offense

The latter acknowledges having made mistakes, but no crime. The former boss, 54, concedes, the Wall Street Journal: "I was young, I've said too much and I became a symbol." Whatever the Horns of Canal + J6M nicknamed (for Jean Marie Messier, Myself Master of the World) even regretted his "arrogance" at the time.But beyond its mismanagement, Jean-Marie Messier also challenges a softer environment cheap credit report. He recalled that the bursting of the dotcom bubble and September 11 were particularly devastating for the values of the new economy traded.

He especially insists he did not deliberately sought to mislead analysts and shareholders. "Some of my decisions in the management proved wrong, but a fraud? Never, Never, never! "He says. And he points out the flaws in the file. The indictment for abuse of social good based on a negotiated golden parachute … but never touched. As for price manipulation, it acknowledges the massive purchase of Vivendi shares after the attacks of Sept. 11, but in order to protect the business speculators.

Relax expected

And his defense seems to have already convinced: the prosecution has demanded his release, he believes did not deliberately sought to mislead analysts and shareholders.

Already in January 2010 as part of a class action lawsuits (class action), a U.S. court did not accept the accusations of lies about the group's accounts. However Vivendi had been convicted. This time, Jean-Marie Messier in theory liable to five years imprisonment and heavy fines.

And small shareholders of Vivendi who cheated were the spearhead of the French criminal investigation, hoping to get their side of the damages and see recognized the responsibility of the former management team in the failure group.After eight years of waiting, the last hours might seem like an eternity!

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