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The virtues of rental real estate are well known. This is one of the only investments that can make on credit to build wealth. It is also a good way to prepare additional income for retirement. Finally, it is a way to accommodate her children or send them a valuable asset to start in life. However, the life of landlords is not a bed of roses! Some trace their route on this road winding and sometimes treacherous.

This is the case of Vivian B., 57, teacher. This Lyonnaise conducted between 1991 and 2010, three rental investments in his city. "I spaced each acquisition a decade, the time each time to pay off my credit. I always chose the studios in the IVth arrondissement of Lyon, an area popular.The lease payments used to pay me a portion of the loans, but each time I had to add 100 to 150 euros a month, "she says. Handyman, Viviane never hesitates to restore its apartments, it manages solo. Another "trick" by Viviane: the choice of holiday rental. "This formula provides short leases, or a year. Thus, it is easier to separate from a deadbeat tenant. "

1500 euros of additional income per month

For her, the acquisitions will stop, "because this investment is not worth the shot," given the rise in property prices in particular. "Every studio brings me 6%. But if I bought the same day, the yield would fall to 2.5 or 3%. "Soon to retire, Viviane Heritage is satisfied that it has formed. "My pension should be around 1.300euros month.

Time is now against Silvio Berlusconi. He must prove to the faster it puts its promises into action.

The head of the Italian Government is committed to the adoption by Parliament before Nov. 15 its plan to revive growth, the first stage at least. The measures were approved Wednesday by the Cabinet. Among the main liberalization of regulated professions and local public services, commitment to gradually raise the retirement age to 67, administrative simplification, auction of 15 billion euros in property assets of the state in three years.

This plan is in addition to 54 billion budget savings passed in September to restore public finances to balance by 2013, when the deficit reached 3.9% this year.

The first event will be played next week in the Senate.

Jean Lesieur, head of the drafting of the news channel France 24, sent his resignation by e-mail to Alain de Pouzilhac, CEO of Audiovisual outside France (AEF).

To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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Tomorrow is the big day Monday for "Total Access". The new brand of the oil company, which will provide service stations with low prices, will make his first steps at Rocquencourt near Paris Gennevilliers and in the Hauts-de-Seine. The two prototypes will offer, according to the Journal du Dimanche, prices aligned with retail, or about 1 cheapest personal loan rates.46 euro a liter of unleaded and 1.38 euro per liter of diesel.

An artist's view of future gas stations cheap Total Access. (CD Total)

The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain.

Exactly 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Germany is the eleventh country to approve the expansion of the envelope and the powers of the European emergency fund created in 2010 to assist countries in the euro area in need. This will be the largest contributor.

The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd.

After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday. At the close, the CAC 40 lost no less than 3.60%, and returned to below 3000 points to 2974.59 points. All index values ​​have completed the session in the red. In its wake, London and Frankfurt show respective losses of 2.36% and 4.13%. Milan, meanwhile, lost no less than 4.93%.

Once again, the banking sector has suffered the wrath of investors. He has stepped up its losses when that Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons" according to the statement of the ECB.The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.

In addition, the statements of Christine Lagarde, under which a liquidity crisis was not to dismiss as some banks needed additional capital, also weighed on the trend. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.

Result: Société Générale, signing by far the largest decline of the day, tumbling from 10.58% to 17.44 euros.Behind her, Crédit Agricole loose 7.77% to 5.40% euro Natixis 7.60% to 2.40 euros, BNP Paribas 7.54% to 29.80 euros and Axa 7.59% to 9.39 euros .

The opening of the G7 finance ministers and central bank governors of leading industrialized countries, on Friday afternoon in Marseille to find answers to the crisis, will not have enough to reassure the markets.

Obama's plan is not reassuring

Investors also received without enthusiasm details of the plan unveiled by the Employment Barack Obama in the night. U.S. President presented a draft law on the release of 447 billion for the Americans out of unemployment."This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

Clearly, the operators seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote. Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

Similarly, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and employment on Thursday night.The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears. This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.

Inflation slows in China

Also on the macroeconomic front, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6.2% in August.Industrial production is she up 13.5% in August.

In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .

United States, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in accordance with market expectations.

As for currencies, the euro Friday pressed below the $ 1.37 for the first time since late February, weighed down by concerns about increasing the economic health of the euro area and the global economic recovery.At the close, the European currency fell to 1.348 dollar (-1.70%), its lowest level since Feb. 23. For its part, the oil appears also down, despite a surprise drop in U.S. inventories. A barrel of "light sweet crude" for October delivery trading at 86.65 dollars, down 2.70%.

Values ​​to follow

• TF1 (-7.20% to 9.54 euros), M6 (-6.51% to 13.29 euros) Bolloré (3.37% to 161 euros), Vivendi (-0.25% at 16 , 05 euros); NextRadioTV (-0.39% to 10.10 euros)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (-2.47% to 32.83 euros)

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (0.69% to 45 euros)

The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-4.71% to 37.19 euros)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-7.49% to 13.02 euros)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (-1.34% to 21.35 euros)

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

The U.S. stock markets opened higher in early Tuesday: The Dow Jones gained 0.22% to 10,879.02 points and the Nasdaq 0.36% to 2354.28 points after having gleaned the previous day and 0.34% respectively 0.15%. The S & P 500 nibbles on his side 0.07% to 1124.65 points.

New home sales for the month of July in the United States are known to 16 hours. They are expected at 310,000 according to a consensus of analysts against 312,000 previously. This will be the only macroeconomic indicator on the agenda Tuesday. If others will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October was trading at the opening to 85.06 dollars, up 66 cents from the previous day. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, it will be interesting to see if the securities of the banking sector managed to recover. The meeting this Monday night has been very rough in New York, the indices have again been a roller coaster.If technology stocks have bounced back, supported by investors looking for bargains, banks have suffered greatly, however. These are the titles of the financial sector that weighed most heavily on the Dow. Bank of America has yielded 7.9% on rumors of capital increases.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States. The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill, for their part, indicated recommend a separation of the group.The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext and Deutsche Börse, which should give birth to the first exchange operator world.

Wall Street does succeed in chaining a fourth consecutive session? Nothing is less certain. Within two hours of opening, the futures contract on the Dow Jones was down 0.74% at 11,319 points, those on Nasdaq and the S & P 500 dropping 1.09% to 2182 points to 1.05% to 1185 points.

Nervousness investors won again a few hours of a meeting in Paris between German Chancellor Angela Merkel and French President Nicolas Sarkozy. The two leaders are to discuss ways to implement to improve governance in the euro area and contain the problems of sovereign debt. No decision is fundamental to expect from this meeting, warned a spokesman for Angela Merkel yesterday, let alone on the front of the Eurobonds claimed by many investors. The latter will not even up for discussion.And it is this fact which disappointed observers who expected progress on the subject. In Europe, markets are plunged into the red.

European growth disappoints

The bad mood is also expected to result from the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

United States, the agenda includes the release of housing starts, prices for import and export and especially of industrial production.This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, Home Depot, Wal-Mart, Dell and Saks must publish their quarterly results on Tuesday.

Agilent Technologies has reported after-hours trading Monday a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% turnover is up to 1.69 billion.

Berkshire Hathaway would have taken a stake in the retailer Dollar General.

Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

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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