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Ten billion profit in 2010 and no corporate tax. For two years, Total aroused much criticism for failing to pay taxes despite the huge annual profits. What the leadership said that the group does not pay corporate taxes since 2008 because its activities in France are in deficit since 2008. "The BMC (worldwide profits) can be charged in France for losses incurred abroad, says chief financial officer, Patrick of Chevardière in an interview for Echoes. But insofar as we record losses in France, we do not pay corporate taxes in France. The last time the regime of worldwide profits had a positive impact on our taxes, it was in 2001! ".And Christophe de Margerie, CEO of Total, recalled: "Total paid 800 million euros in taxes in France each year, 500 million on dividends paid abroad."

"We chose to (tax benefit) give of ourselves"

Whatever the controversy will no longer be held since the group has abandoned this tax benefit. Simply because it would bring him nothing. "Rather than continue to hear all day long that the company enjoys a preferential treatment, we decided to give it up ourselves," said Chief Financial Officer of Total.Now only NRJ Media Group and use this system, which allows them to include in taxable income in France, the results of foreign subsidiaries under their control.

The boss of Total, Christophe de Margerie, hinted Monday that his group was planning to abandon this system, after questioning last week in a report by the National Assembly, pointing to the differences between the tax paid by the groups the CAC 40 and paid by the SMEs. MP Gilles Carrez, author of the report, said that more companies are large and they carry less of the corporate tax.

The decision comes as Total Christophe de Margerie was to meet Tuesday on the phone with the Minister of Economy, Baroin, having said this weekend that the oil company would pass to the recent increases in pump prices crude oil.

In Athens

It is now the strongman of the government just revamped George Papandreou: Evangelos Venizelos. Imposing, talkative and impulsive, professor of constitutional law of 54 years did not mince his words when entering his new office as Minister of Finance: "I left the Department of Defense to enter a war", has he said. And for good reason, this war is that of the economy. He is determined to carry out reforms and has a good chance to convince members to vote in favor of the second austerity plan on 28 June. Observers say it is the ideal person to mitigate the discontent within the party.

The entire political class recognizes Evangelos Venizelos his intelligence and his status as a pillar of the new government.Gathering his majority was a priority to calm the ardor of the critics of the Greek Prime Minister.

But for some experts, this man from northern Greece be too wet to agree with the Europeans. "It is the one who said the Council of Ministers last week, the country was under occupation administration. How Brussels will trust him? "Assen there be in the ranks of the Conservative opposition. For political analyst Giorgos Kirtsos, "Evangelos Venizelos wants to be Prime Minister. It has a very social discourse and is highly regarded by the barons of the press. He will use his gift as an orator to get the reforms in the population, "said he. "When he was at the Ministry of Development, he has managed the beginning of the privatization of the Greek electricity utility by arranging their own way.Now, decisions are more difficult, especially since it's not a reformer, "says Giorgos Kirtsos. The new "czar of the economy" as it is called the Greek press has an agenda of the busiest on the European stage. He will travel to the meetings of the Eurogroup and has make a difference with his predecessor, Giorgos Papaconstantinou, became Minister of the Environment.

Control social discontent

According to Petros Doukas, an economist and former Greek finance minister, Evangelos Venizelos must quickly make proposals to the Europeans to save the country from bankruptcy. This could be a takeover of the Greek debt, "which currently is sold off at least 40% on the secondary market," said he. "Once acquired, they can erase part of our debt and other loan us again as a loan at 4% for twenty-five years.This is the ideal model for the second funding of 100 billion euros, "explains the former Conservative minister.

Meanwhile, Evangelos Venizelos will also control the rising social discontent in the country, especially as the indignant and unions are willing to take it a turf war without thank you. Rallies and demonstrations are scheduled from Sunday until Friday next European Council.

The Paris Bourse plunges on Wednesday. In early trade, the CAC 40 lost 0.43% to 3851.23 points, affected by renewed concerns about Greece and the decision by Moody's considering downgrades of three major French banks because of their exposure to Greece, which Moody's has downgraded the beginning of June.

In the viewfinder of the rating agency: BNP Paribas (-1.62% to 51.76 euros, the biggest drop CAC 40), Credit Agricole (-1.48% to 10.05 euros) and Company General (-1.43% to 39.22 euros). Moody's also points out that the review it conducts since late March on the note of the Franco-Belgian bank Dexia (-1.20% to 2.30 euros), also may be lowered, take into account its exposure to Greece.Carried away by the decline sectoral Natixis loose as 1.33% to 3.48 euros.

In the wake of Paris, the DAX index of the Frankfurt Stock Exchange opened down 0.37% at 7178.05 points and the London Stock Exchange began declining from 0.24% to 5789.4 points.

Already this morning, Asian markets have sent mixed signals, some following the positive trend on Wall Street and others focusing on new measures taken by monetary tightening to counter China's runaway inflation.

Inflation has stabilized in France

Caution is all the greater a significant number of macroeconomic indicators is expected today. In France, consumer prices rose 0.1% in May from the previous month and one-year inflation has decelerated slightly to 2.0%, according to statistics released Wednesday by the INSEE.

The euro area will unveil its industrial production.United States, the day will be busy: there will be firstly the Empire state index of the activity of the New York Fed, follow the index and consumer price figures from the Fed industrial production and capacity utilization of production. Wells Fargo index of the property market is also planned, as are the weekly crude inventories.

Just oil on the forehead, it was time for caution in morning trading in Asia. A barrel of light sweet crude for July delivery lost 25 cents to 99.12 dollars while that of Brent North Sea crude for delivery rose 49 cents identical to $ 120.65. As for currencies, the euro fell slightly against the greenback at 1.4421 dollar.Finance ministers of the euro area have not reached an agreement Tuesday for a new plan for financial assistance to Greece.

PSA supervision

To be continued outside the banking sector:

Technip: -0.12% to 72.98 euros

The French oil engineering group won, via its subsidiary, Duco, a contract worth around 15 million euros from the British company BP Exploration Operating Development of Lan Do field offshore Vietnam business card templates.

Total: -0.22% to 38.24 euros

The tanker is confident in its ability to meet its production targets despite the political unrest in North Africa and the Middle East, said Tuesday strategy director of the French company, Jean-Jacques Mosconi.

Carrefour: -0.63% to 29.39 euros

The police court of Evry Tuesday condemned the teaching of retailing at 3.66 million in fines for non-compliance with minimum wage of about 1,200 employees in France, officials said a judicial source.

PSA Peugeot Citroën: 0.63% to 28.81 euros

A central works council will be held June 23 to discuss the strategy of the manufacturer, which maintains that the closure of its site of Aulnay-sous-Bois (Seine-Saint-Denis), discussed in internal documents, is not on the agenda.

Renault: 0.99% to 37.06 euros

The manufacturer has postponed to 2014 or 2015 its plan to implement Flins (Yvelines) a plant for production of batteries for electric vehicles, originally planned for 2012, wrote Wednesday Le Figaro and La Tribune, citing the CGT and the management of Renault, which in turn explains the delay by "technical reasons".

EADS: +0.84% ​​to 21.58 euros, Air France-KLM: 0.33% to 10.67 euros

Secretary of State for Foreign Trade, Pierre Lellouche, will in the coming days the CEO of Air France-KLM, said on Tuesday from his office. The company is under pressure to support Airbus, a subsidiary of EADS, to the detriment of Boeing's next aircraft order.

Lagardère: -0.11% to 26.79 euros

The group announced Tuesday the appointment of Alain Lemarchand and Seamus O'Brien for the posts of deputy general managers of Lagardère Unlimited, its sports and entertainment division recently affected by a series of departures.

Rhodia: 0.24% to 31.34 euros Solvay: 0.14% to 106.80 euros

Solvay ofiiciellement Tuesday launched its takeover bid for Rhodia at a price of 31.60 euros per share. The offer should be between 15 and 20 July, according to the timetable.Solvay also offer 52.30 euros per Equator.

Areva: -0.02% to 24.35 euros

In an interview with Voices, the group's president, Anne Lauvergeon, admits that nuclear power should "rebuild confidence" after the accident at the Japanese central Fukushima, but it emphasizes the importance of the sector: "Imagine our trade deficit without nuclear power! ".

Note that BioMerieux holds its general meeting today and Faiveley Transport will publish its annual results after market close.

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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"No enlargement of the ISF to works of art

On Wall Street, futures contracts on the index set are on the downside, the Dow Jones future lost 0.25% and the S & P 500 future bending of 0.33%. The opening of the session should be marked by a decline after the wrong numbers of job creation in the private sector in the U.S. in May, published yesterday by the firm ADP. These statistics had already weighed on the Dow Jones yesterday, which had thus ended down 0.34% to 12,248.55 points.

Among the statistics to follow this Friday, the unemployment rate in the United States in May is forecast at 8.9%, a slight drop of 0.10 point compared to the previous month. Moreover, employment in agriculture in May should show a marked decline from its April level.Economists expect about 125,000 to 150,000 jobs reported last month, against 244,000 in April.

The Fed does not intend to undertake new measures to boost the economy, according to Richard Fisher, one of its members. In an interview with the Wall Street Journal this morning, the president of the Dallas Federal Reserve believes that "the Fed has done its job" and that if necessary additional stimulus measures, "they must come from elsewhere" .

The U.S. Treasury will sell the 6% that still holds in Chrysler to Fiat. The Italian will thus hold a majority stake in U.S. manufacturer. And the state will pocket U.S. $ 560 million.

Short-term domestic concerns will not prevent operators to remain vigilant regarding the conditions for aid to Greece as part of a new plan, unveiled in principle this afternoon personal business card.

Wal-Mart, Walgreen's and VeriFone to follow

As for values ​​to be followed, one eye will be kept open on Wal-Mart, which holds its annual investor day.

The good results published yesterday by VeriFone Systems should provide a nice progression of the title. The figures exceeded the consensus.

Walgreen announced today, before opening on Wall Street, the level of its sales in May: they rose 7% to 6.08 billion, up 5.6% on a comparable basis.Remember that the title had been boosted on Wednesday by a recommendation by UBS improved, which initiated coverage on the purchase of the title, with a price target of $ 51.

Chevron announced late yesterday that four people died in the explosion of one of its refineries in Pembroke. A fifth victim was hospitalized in serious condition.

relaxation on raw materials

As for raw materials, the pressure falls. In this sector, investors await OPEC meeting next Wednesday, which could lead to a decision by the organization to increase its oil production. Despite the many demands and frequent recently, OPEC had refused to put the issue of increased production in its agenda, and has been for four years.The markets will also tend ear to New York, where the French agriculture minister, Bruno Le Maire, must comment on speculation in commodities, at 18 pm (Paris time).

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"OPEC could decide to increase production

For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.

The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.

But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.

Three Saturdays worth a weekday

This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.

The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!

Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.

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"In 2011, the month of May will be no holiday

The law on the reorganization of the electricity market is now back on track. Tuesday morning, confirming the information of Figaro, Eric Besson, Minister of Energy, said the sale price of the EDF nuclear power to its competitors would rise to 40 euros per megawatt hour as of July 1 next, then 42 euro from 1 January 2012.This device, designed to boost competition in France will be considered in a fortnight by the Regulatory Commission (CRE), which must render a reasoned opinion.

Meanwhile, the government clearly adjudicated in favor of electrical lights: it was still estimated at 42 euros per MWh the full cost of nuclear power (operation, maintenance, future investments …), while its competitors, GDF Suez head, had set the bar at 35 euros, in line with the current regulated rates.

The reaction of GDF Suez has been immediate. The other French energy giant said that "this election will penalize customers who will experience increases for electricity prices." Convergence expected by 2015 between regulated tariffs and prices Arenh (restricted to nuclear power history) will increase mechanics first.The consumer association UFC-Que Choisir dread even price shock, "a rumor, according to Eric Besson, which I would like to help twist the fact."

Also in the eyes of GDF Suez, the high level of Arenh prevent the establishment of effective competition in electricity supply in France no fax payday loans. In these circumstances, the group will study the consequences of that decision and the possible ways to overcome the narrowness of the market opening in the short term induced by the choices of government. "

Another competing operator EDF, Direct Energy (which serves over 600,000 clients), however, shows less severe. Its president, Xavier Caitucoli welcomes first that law enforcement has not been postponed, as had been discussed earlier this month. "After several years the French market was locked, the start of the competition has really come.At 42 euros, it is possible for a competitive operator, although it will be difficult, "he says.

Seasonality

Xavier Caitucoli, it should also not focus too much on the price of Arenh: "The product is also very important and the fact that the volumes of energy vary according to seasonality will make it attractive." Sub- understood: in winter, when electricity prices are very high on the wholesale market, Direct Energy will be able to provide through Arenh on much more interesting.

In this issue, which collects opinions shared, all players meet at least the fact that the accident Fukushima weighed a heavy weight."Somehow, the government has anticipated that the audit of EDF plants could lead to huge additional costs of maintenance and needed to be reflected in the selling price of electricity."

Design software in France is a little less risky. "In the French edition software, 2010 was a year of crisis. The growth of turnover was 16%, to 4.7 billion euros, "said Bernard-Louis Roques, CEO and founder of Truffle Capital, a venture capital firm that finances the ranking of players, called "Truffle 100." He added: "The editors have maintained their investments, especially those for research and development, during the crisis cash till payday. This behavior partly explains the low investment growth Publishers in 2010. "

As for results, the situation improves. "The margins are restored. Net income more than doubled, "added the expert. The first hundred publishers have earned a cumulative result of 543 million euros against 254 million in 2009. It is better but small compared to the situation abroad.

Nuclear, taxes, competitiveness, reform of the eurozone. Prime Minister Francois Fillon has outlined his vision of Franco-German couple in a double interview with the weekly new plant and Wirtschaftwoche. "We need more coordination and coherence between us, Germans and French, he says. We must encourage convergence (…), without any goal of fusion (…). We have launched an exercise of such taxation. We wish to extend to all aspects of competitiveness. "

Nuclear. France does not follow Angela Merkel's desire to abandon nuclear energy, has made it clear lines between the Prime Minister. Fukushima disaster "raises a debate on nuclear policy," he acknowledges. "We must learn all the lessons to enhance the safety of our park."

Taxation.The example of rapprochement between Paris and Berlin tax should be extended to the entire euro area, defended the prime minister. The Pact for the euro, adopted March 11, said he provides "a real commitment to fiscal coordination" in order to end the "harmful tax practices of certain states." But not to the point of "having a single tax," he says.

Competitiveness. In addition to taxes, Francois Fillon wants to follow the example of German industry. "The industrial competitiveness of Germany is a chance for Europe", he explains. His goal? Make French industry "as competitive as German industry."

Purchasing power. During the last decade, the Germans have made great efforts, particularly in wages, to be more competitive.The Franco-German rapprochement does not mean that the French will make the same sacrifices, has implied François Fillon: "Despite the crisis, we have ensured that the purchasing power is constantly evolving and it will still be the case in 2011 .

Public finances. No question of raising taxes to restore fiscal balance. It should rather decrease spending, repeated the prime minister. Asked about the VAT increase, he said that "the current environment of rising inflation does not lend itself entirely to an increase in VAT. Priority is given to reducing tax loopholes.

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The project will be unveiled Thursday at a symposium at Bercy, and haze rises gradually on the path towards the next tax reform heritage. This Tuesday on France 2, the budget minister Baroin said the government recognized two scenarios, developed after "two months of consistent work." The minister said that both proposals include the abolition of the tax shield. The divergence between the two scenarios for the future of the solidarity tax on wealth (ISF). One expects a "fundamental transformation" of the ISF, and the other "maybe" its removal, said Baroin.

For if the end of the tax shield, a key measure of government misunderstood by public opinion and finally considered inefficient, seems determined, the tax on capital is still under debate, even within the majority.The abolition of this tax is symbolic indeed politically risky, and some members, including Richard Maille, Gilles Carrez argue more for development – raising the threshold to reduce the number of taxpayers assessed and modified abatements to protect the primary residence – that for a simple disappearance. The Head of State, Nicolas Sarkozy, would prefer for his "real reform, with some drawbacks" to "a small reform, with all the disadvantages."

A bill expected in May

Since then, many test balloons were launched. Among the most significant, the idea discussed by Nicolas Sarkozy, to tax capital gains from the sale of a principal residence, which he himself finally rejected.Christian Saint-Etienne, professor at Paris-Dauphine, which campaigns for the end of the ISF suggests introducing instead a top slice of income tax and a tax on real estate capital. But "the more likely is that the TFR will be preserved and developed," he predicted.

The symposium on Thursday, chaired by the Ministers of Economy and Budget Baroin and Christine Lagarde, will bring together parliamentarians, economists and business leaders for an overview of the composition of French heritage and a comparison with foreign practices. A bill is expected as early as May "France needs a broad debate on its tax burden," says still in Les Echos on Tuesday the president of the National Assembly, Bernard Accoyer. However, it insite on the fact that the reform must be "fair" and does not worsen the deficits. "

For its part, the opposition has already sharpened his arguments: the government "cares about the wealthy less wealthy, rich or poor, rich or poor," joked the spokesman Benoit Hamon PS. Laurent Fabius (PS) said meanwhile that France was "not in a financial position that allows you to lose 4.5 billion in resources.""In this situation, there is no place for gifts, especially to people who are lucky enough to be the most fortunate," added the member of Seine-Maritime, reacting to remarks made by Baroin .

This indicated that the government recognized two scenarios for the ISF in its tax reform, its transformation from its abolition, and that the two hypotheses also predicted the end of the tax shield.

(With AFP)

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