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The developer Kaufman & Broad returns to profit.Deficit in 2009, Kaufman saw his accounts in the green board in the first half of this year with a net profit of 2.3 million euros against a loss of 27.5 million in the first half of 2009.

For the full year 2010, Kaufman & Broad confirms in a statement that "a return to positive net income, which will however continue to carry the weight of years, with a view to improvement."

"The results of the second quarter of 2010 are part of the positive dynamic recorded in the first quarter, confirming the validity of the strategy of refocusing the business offer implemented in late 2008 on products more compact, less expensive and more suitable at the request of first time buyers and investors, "said CEO Guy Nafilyan, quoted in the press release.

Turnover down

In the first half of 2010, home sales rose 55% in value to $ 675 million euros free credit report and score. "We restart faster than the overall market," says Guy Nafilyan. In contrast, the turnover stood at the promoter of 385.7 million euros, down 7.6% over the first half of 2009.

Kaufman & Broad has announced it has signed a memorandum of agreement for the sale of all its shares and interests in Senior Health (homes of elderly dependents) for a total price of 30.7 million euros.

Completion of the transaction is subject to a number of conditions to be met by September 30, 2010 at the latest, the statement said, explaining that the buyer's name can not be revealed.

Since the beginning of the year, as Kaufman & Broad has won less than 5%. On Thursday, the title rose 5.15% at 17.75 euros.

If you are like me, then you are looking for a cheap health insurance plan, or at least to reduce what you are already paying.

A meeting of consolidation looms on the Paris Bourse. After Thursday's rebound, which helped win 40 auCAC 1.59%, investors should take advantage of this last day of the week to lift the foot. In any case, the path that has been selected by U.S. operators yesterday. The Dow Jones, which had won 2.25% Wednesday, finished the balance 0.06% Thursday. This morning, their counterparts in Asia have followed suit. Thus, the Japanese Nikkei remained in balance throughout the session while the rest of the financial centers of the region declined slightly.

The wait should also dominate this session before the release of highly anticipated monthly report on U.S. employment, which will be published early this afternoon. Yesterday, the markets have had a foretaste of what awaited the publication of a fall, slightly above expectations ds, the weekly number of new unemployed (453,000).The firm ADP, meanwhile, announced that the private sector was announced in May its fourth consecutive month of net job creation (55 000). Despite these figures, the head of the U.S. Federal Reserve (Fed), Ben Bernanke, said he still worried about the employment situation overseas. An hour after the publication of the report, the Fed chairman Atlanta, Dennis Lockhart will speak on the economic outlook and the banking environment.

Note that the second estimate of euro area GDP in the first quarter will be unveiled in the morning.

Thales observed by Christian Estrosi

In an interview with Les Echos published Thursday, Industry Minister Christian Estrosi, spoke in favor of a rapprochement between the players of the electronics and embedded software as those of Thales No teletrek payday advance.

The Strategic Investment Fund (ISF) is mounted in the capital of CGG Veritas up to a little over 170 million euros, or 6% of capital.

France Telecom said Thursday it had abandoned its proposed merger with its Swiss subsidiary Sunrise, a subsidiary of TDC, but did not specify its intentions for other building projects in the country.

Airbus, EADS subsidiary, has registered 73 net orders from January to May, but still lagging behind U.S. rival Boeing, which has registered 111, according to the trade balance of the two aircraft manufacturers.

BPCE, parent company of Natixis, formalized the merger Thursday holdings of shares of Banques Populaires and Caisses d'Epargne.

BNP Paribas, Fortis bought at the height of the financial crisis, announced Thursday an agreement in principle to merge its Turkish subsidiary with that of the Belgian bank.

National Australia Bank has found three candidates may be interested in acquiring a platform investment Axa Asia-Pacific by Australian newspaper on Friday.

Atos Origin has tabled an offer for the resumption of WorldPay, a subsidiary of Royal Bank of Scotland, according to sources familiar with the matter.

Jean-Louis Beffa, the chairman of Saint Gobain, has formalized his departure at the annual general meeting Thursday. His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year.

The euro zone growth will do better than expected this year, but then things could get tougher for weak links – including Greece and Portugal – which continue to frighten the markets with their debt problems. The European Commission has revised upward its growth forecast Wednesday in 2010, 0.9% (against 0.7% previously forecast). In 2011, the forecast remains unchanged at +1.5%.

"The improved prospects for economic growth this year is good news for Europe," said Economic Affairs Commissioner Olli Rehn. But "we must ensure that risks to financial stability does not compromise this".These figures have initially supported the markets, before a relapse during the meeting.

Forecast 2011 decline

The Commission stressed that the pace of recovery could vary from one state to another. The Netherlands, Germany and France are expected to fare well in the game But in the South, we can expect a performance below average. Greece and could show a contraction of GDP – 3% this year and – 0.5% next year. Spain will be a little better, with growth expected to – 0.4% and 0.8% respectively. In Portugal, the Commission expects a GDP growth of +0.5% this year and 0.7% next year.For these three countries, forecast in 2011 have been revised downwards compared to the figures published in the fall.

The challenge for these countries is that they must serve their public finances without stifling the recovery. "Sustained growth requires fiscal consolidation efforts and specific reforms that improve productivity and employment", insisted Mr Rehn. The deficit is expected to reach 9.3% of GDP in Greece this year, against 9.8% and 8.5% in Spain to Portugal – the record being held by Ireland with 11.7%. But "if other measures sontentreprises farms (to clean up the accounts, Ed), we can expect that this will have an effect on growth," says one to the Commission.

While fears of contagion from the crisis scariest Greek markets, the EU executive wanted was reassuring."Greece is a unique and special," said Rehn, and "It's important to extinguish the brush fire before it becomes a wildfire in the European Union."

For its part, the head of the Eurogroup Jean-Claude Juncker, has ruled out any risk of contagion Greek, and any assumptions bursting of the euro area. As to former Commission President Jacques Delors, he expressed regret for lost time: "The firefighters are at work" to defend Greece and the euro, but "we must say they have been slow .

We now know more about the profile of the 16,350 taxpayers who have benefited from the tax shield in 2009. According to documents that Le Figaro was purchased, the 4521 households who have a wealth greater than 7.3 million and an annual income tax of more than 43,761 euros were collected 90.4% of the amount the tax repaid under the shield. Amounts totaled 585.6 million euros in 2009. These affluent taxpayers received an average check of 117,142 euros.

More generally, 47% of the 2009 version of the shield beneficiaries pay the ISF (wealth tax). And they pick …. 99% of repayments. In 2008, the conclusion was the same. "So I think we need to end both the shield and the ISF, while introducing an additional tax on income at 45% and reviewing the taxation of savings.The shield is a wrong answer to a bad tax, "said Jean Arthuis, the president of the centrist Senate Finance Committee.

For those who are not subject to the ISF, the check tax is much less interesting: just 565 euros. These are households with very low incomes but who own their own homes (a common situation at the meeting, among farmers. …) And are in practice pay their property tax. Also found in this category of professionals who have deficits professionals. It remains an anomaly among the beneficiaries of the shield, there are 14 taxpayers with annual income less than 3428 euros but have some assets above 16 million euros. Some suspect heavy use of tax loopholes that understate income

Despite the decline in its earnings had fallen to historically low rates (1.25%) since July, the Livret A French still attracted. According to the Fund Deposit banker of the state 16.57 billion euros have been deposited in Savings Books in 2009. It's much more than in 2008, or only 10.6 billion had been placed on this savings product.

The total stock of savings on the book A late December amounted to 184.91 billion euros, including interest.

Loss of monopoly

The importance of the collection is mainly explained by the opening of the monopoly of the distribution of the savings product on 1 January 2009. At the request of Brussels, the Postal Bank, the Savings and Credit Mutuel have lost exclusivity. The rate of pay, while 4%, has attracted the French who have rushed this product to secure savings.18.31 billion euros have been placed in single month of January 2009. During the year no less than 8.5 million booklets that were open in new vending banks, including 4 million just for the Credit Agricole.

Despite an end of year quieter, due in part to the closure of illegal Booklets some investors who already have a book in another bank, the French remained rather faithful business cards design . The crisis has indeed calmed the most daring in making them less attractive investments risky.

Life insurance in ambush

Life insurance, however, has a responsibility in the defections. From February 2009, compensation contracts in euros to 4% has few rivals when the Livret A is average at 2.5% and then gradually to 1.25%.In late November, net inflows (payments on contracts less benefits paid to policyholders) in life insurance and was up 65% over the first eleven months of last year.

The erosion could continue in 2010, Economy Minister Christine Lagarde has so far ruled out a recovery rate of the Livret A. Some economists like Cyril Blesson Seeds of Finance, however, believe that it may rise to 1.5% in the month of May.

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Coup de th??tre to the Constitutional Council. Tuesday night is no less a pillar of the 2010 budget that the Sages retoque in deciding to cancel the carbon tax. In their decision, the constitutional judges – seized last week by the Parliamentary Socialists – have ruled that the law created too many exemptions, which is "contrary to the objective of fighting against global warming" and creates an inequality in tax."Less than half the emissions of greenhouse gas emissions would have been subject to contributions to carbon, because many of these exemptions, they argued.

In detail, the Constitutional Council has stressed that "were totally exempt contribution of carbon emissions from power plants generating electricity, emissions from industrial sites in 1018 the most polluting (refineries, cement, coke …) "emissions from aviation" or "those of the public transport of passengers by road. "These exemptions have led to only 93% of emissions from industrial sources, excluding fuel, are exempt from carbon contribution," according to the text.The tax would have "focused on fuel and heating products that are only one source of emission of carbon dioxide.

An alternative is proposed by Fillon January 20

Shortly after the publication of the decision of the Elders, Matignon has announced that the first Francois Fillon presented January 20 in Council of Ministers a new scheme taking "full account of the observations of the Constitutional Council.

Wanted by Nicolas Sarkozy, the tax, renamed "carbon contribution" by the Senate, was a key measure of the proposed 2010 budget. In total, it would have resulted in 4.1 billion euros in tax revenue next year, including 2.2 billion paid by households. The Head of State himself had described as a "revolutionary tax" and a "major shift" to "lasting change" behavior of the French.The tax was aimed at encouraging individuals to reduce their CO2 emissions by applying the energy consumption of households and businesses, with compensation to individuals. For businesses, the carbon tax would replace the business tax, which was abandoned, however, been validated by the Constitutional Council.

According to calculations by INSEE, the entry into force – scheduled for 1 January – would be to effect a general price increase of 0.3% in first quarter 2010, an increase of about 4 cents per liter gasoline pump. Set at 17 euros per tonne of carbon dioxide (CO2), but she had raised important challenges left, but right where some denounced the introduction of a new tax.

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Nicolas Sarkozy has unveiled Monday its decision on the great debt of 35 billion euros, of which 22 billion will be raised on the markets. Priority is given to research and teaching, which will receive 11 billion euros.

At his press conference, the Head of State said "we must prepare France for the challenges of the future." In total, then 60 billion euros to be invested in the 5 priority areas identified by the Head of State. One of the questions when considering the large loan was for the financing. Nicolas Sarkozy has decided: the state will raise 22 billion euros on the market. Individuals will not be sought, it would have cost "one billion" over, prompted the head of state.In addition, 13 billion will be financed by aid funds reimbursed by the banks.

Laurence Boone, chief economist at Capital Barcalys analyzes the decisions announced by the President of the Republic. Explanations:

The investment company Wendel has been repaid 467.5 million euros of debt. These funds come partly from the sale of hedging its securities Saint-Gobain and the rest of his own cash.

The group Wendel has 17.5% stake in Saint-Gobain, a French group of building materials and distribution. The sale of options on securities held in this building group he helped to collect 163.4 million euros immediately reassigned to prepayment. The 300 million being supplied by the treasury Wendel.

At the same time, the group Wendel reported a deferred bank debt of $ 1.231 billion. The debt, originally composed of two tranches, is now split into seven tranches maturities between 2012 and 2015.An operation rescheduling of debt which should provide greater financial flexibility to the family holding company which holds stakes in Oranje-Nassau, Legrand, Stallergenes or Bureau Veritas.

The title gained 2.80% to 42.63 euros on the Paris Bourse.

The month of September has been particularly good for business creation in France. Compared to August 2009, 56,548 enterprises have emerged, an increase of 38.6%, according to Insee, counting the self-entrepreneurs. Aside from creations made under this scheme, the increase in the number of new businesses is still at 21.1%. A consistent and sustained increase since the last twelve months, the National Institute of Statistics counts a soaring creations to 47.2%. Moreover, the number of start of July, August and September is up more than 80% over the same period in 2008. The sectors that contribute most to this growth, according to Insee, are supporting business and trade.Herv? Novelli, Secretary of State for Trade and SMEs, told AFP "we have today in this country created 424,209 companies since the beginning of the year, against 327,000 in total throughout the year 2008. It is now certain that the goal of 500,000 new businesses in 2009 will be largely exceeded.

The auto-entrepreneur always very popular

The new status of self-contractor maddens figures. Only the first nine months of the year, 230,649 applications created under this scheme have been made, more than a creation of two. Moreover, confirming the popularity of this new status, 32,000 new companies of this type are born in September to 24,531 creations "classics".On the status of self-contractor in particular, Herv? Novelli said that "initial target of 200,000 self-entrepreneurs in 2009, we are already over 230,000 and he now expects about 300,000 by the end year. He added, regarding the sustainability of these new companies, that "new firms are more fragile, but the more you create, the better the chance to see grow." Under Secretary of State, "which is as important in self-contractor, the additional purchasing power, workers and unemployed persons representing two-thirds of new businesses under the new regime.

New aid for business start help people struggling to establish their case, it is the goal of a new, signed Monday by Valerie Ohannessian, Deputy Director General of the French Banking Federation (FBF), Augustine of Romanet, CEO of CDC and Laurent Wauquiez, Minister of State for Employment. Thus, 20,000 unemployed and welfare recipients may be further along in their draft business creation, with the possibility of linking interest-free loans to bank loans that can be guaranteed. Valid until the end of 2012, the device will "provide better service support, the funding increased, easier access to banks for greater effectiveness of these new government measures. The major French banks have already started to develop this new service.For its part, the State undertakes to provide funding to support this rising to 40 million euros in 2009.

One thing on which government, parliamentary and local government agree: the reform of business tax (TP), is "the major tax reform last 30 years." And despite the rising debate right now on the subject, nobody has forgotten the essence of this reform relieve companies of a "stupid tax", whose base penalized far investments. It remains to find a solution for local authorities (municipalities, counties and regions) are not penalized by the reform of the system which previously constituted almost half of their direct tax (22 billion euros).They denounce as a loss of autonomy to the extent that they will not set their own rates of most specimens for their cash, even if Bercy reassuring on this point (see graph). Finally, they fear that the reform does in their midst, many losers, especially the communes.

A two-step scheme

Wednesday in the Committee on Finance, the UMP deputies and Marc Gilles Carrez Laffineur introduced an amendment that rewrites part of the reform to restore the link between businesses and municipalities. Gilles Carrez particularly wants to assign 20% of "additional levy. The pattern of departure government stipulated that this resource, which is supposed to be dynamic, ie solely attributed to the departments and regions.

The chairman of the Senate, too, pleaded Wednesday for the common benefit of a "mix of various recipes.Agree to leave several months of reflection. Gerard Larcher advocates a scheme in two stages: In the draft budget law, we note the death of the business tax. And it says the new distribution of resources in a specific bill, the first half of 2010. "He wants to pass on the question" degree of autonomy "and" the share of equalization in the financing of local communities. Explanation: "a dozen departments are experiencing disruption in financial charges within five years." These departments as the Indre, Creuse or Lozere, which have fewer and fewer companies – revenue sources – and more and more seniors – sources of expenditure, the funding councils' Most of the personal autonomy allowance (APA). "We will not let them go bankrupt. It requires solidarity between territories.The Republic, that's it. "Senate President imagines" share per capita "(that is to say, the number of dependents per department)," a fraction of the CSG or contribution Day solidarity ".

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