World Articles

Alain Belais: "To have an idea as good as it is, is not enough."

Is it more important to choose the first legal and tax status of its business or build a business plan? Candidates for the creation of enterprises facing multiple issues. Alain Belais, Executive Director of the Agency for start-ups (PACE), recommends that they follow a very rational.

1. The person who starts for the first time in the adventure of creation must first go to the website of the Agency for start-ups. She will find all the essential tips and steps to follow. She can tap into the toolbox that is available to him, then he will look to support networks.

2.If it is much easier to start a business in France, the new contractor must make a lot of work ahead of the creation of his company to put the odds on his side. Have an idea as good as it is, is not enough. Make sure that the company is a specific market, it has customers. It is essential to consider the viability of the project in detail. Plus the contractor spends thinking about his project, the more it gives the chance to see his company grow in harmony.

3. Do not focus on minor issues. The legal and tax status of the company is not the first topic to address. There is always a formula tailored to their needs when we understand its goals and needs.

4. The initial investment can be small or large.What matters is that the funds are available in relation to the needs of the project.

5. It should not be stubborn. We must not go too fast. Take the time to evaluate, test. If an idea does not find its market, you have to stop the project and give up. This advice may seem paradoxical because an entrepreneur is a man who can shake up the barriers and must be certain. But it must also be able to understand when it's wrong. However, a board shall not conceal another, perseverance, tenacity are the powerful engines of the contractor. Do not get discouraged and overcome obstacles one by one.

6. The new contractor must not remain alone in his corner. It should not be isolated. It must be accompanied. It is sometimes necessary to protect his idea, but he must also learn to trust, to reflect with others.Whether friends or professionals. Many networks are able to advise him, to help solve a problem, to build a case for funding or to face a difficult period. Qualify for free business advice, financial, legal, tax experienced entrepreneurs is an asset. There is indeed a surprising solidarity among entrepreneurs. Many of them are happy to know-how available to those who need it. The advice and support networks for sales professionals and law are very effective to support the project leaders.

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The influx of voters on the Socialist primary this Sunday will reduce the cost of the operation. In fact, a minimum contribution of one euro was requested to the voters to fund the organization of the election. Thus, in addition to a successful democratic movement of the two and a half million participants in the election allows the party to reduce the bill of 2.5 million euros at least. In an interview with L'Express. Fr, Régis Juanico, the treasurer of the PS, acknowledged recently that "often, voters give more," the gifts of up to 150 euros.

Voter participation could offset the overall cost of the operation, however, revised upwards. The latest estimates by the Socialist Party reported a budget of 3.5 million euros, against 1.5 million originally planned.In an interview with Journal du Dimanche, the spokesman of the High Authority of the primary, the lawyer Jean-Pierre Mignard estimated that this cost is related primarily to "the need to recover a significant number of voters who were in the wrong format. "

Moreover, strengthening the means of control is more weighed on the invoice. In particular, the PS did not foresee the rental digital pens to prevent fraud. The cost would reach 300,000 euros guaranteed pay day loans. Similarly, the recruitment of many bailiffs should have a significant cost, recognized Jean-Pierre Mignard.

Elected officials and activists in support of the campaign budget

In addition, the campaign paid envelope to each candidate was revised upwards just before the campaign. Thus, each participant had € 50,000 instead of 30,000.A total re-evaluated to finance new travel and meetings and printing of new leaflets.

But the two favorites polls, Francois Hollande who collected 39% of the vote to Martine Aubry (31%) did not hesitate to seek their support, politicians and activists, to finance their campaigns. In the end, the campaign of François Hollande should cost 250,000 euros to 200,000 euros against Martine Aubry. The deputy director of the campaign Arnaud Montebourg, John Palacin, recently reported that the campaign Arnaud Montebourg cost nearly 100,000 euros, funded in part by the militants.

Only the winner of the primary campaigns will have their accounts credited to the budget allocated to the presidential campaign.

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Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

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After several days of hesitation, the main leaders of the euro area are put together in the front line Tuesday in an attempt to appease the debt crisis. The offensive is part of the first German chancellor, who tried to silence the cacophony in his ruling coalition. "The priority is to do everything to prevent a failure of control of Greece because it affects not only Greece but the risk that affects other countries would be very high," said Angela Merkel. A very strong focus towards members of his coalition, particularly the Vice-Chancellor in charge of Economy, Philipp Roesler, who had set fire to the powder Monday citing a lack of Athens.

True to his style, though Chancellor has not completely closed the door on this idea, stating that the priority was to avoid it."Everything must be done to keep the euro area united politically, because otherwise we could face a domino effect." Angela Merkel has also kept the pressure on Athens, welcoming the signal showing that "the Greek government has recognized the situation and does what he must do. " Finally, after a meeting with the Prime Minister of Finland Jyrki Katainen, it calmed the game on the ongoing negotiations between Greece and Finland, which requires collateral in exchange for his participation in the background of help. "I am optimistic that we find an agreement," she said.

Limit catches of speech

The statements made by German Chancellor multiple contrast with the silence of Nicolas Sarkozy. The French president received Tuesday the president of the European Union, Herman Van Rompuy to a point on the situation, with nothing to filter their conversation.Side of the French government, it is estimated that in the context of extreme nervousness of the markets, which eventually rebounded Tuesday after closing fell sharply at the opening, limit the public speaking up, not to give the serious crisis that Europe wants to avoid. Do not think of a panic. Within the State, it still insists that "banks are strong," they are "fully capable" to absorb the losses to Greece and that "we are far from the situation in 2008, where the interbank market was closed. Today, there is no liquidity problem. "

On the side of the Ministry of Economy, we want even more reassuring: "rumors do not affect the real economy."Therefore, there is "no reason" to think about re-financing of the Society of the French economy (SFEF) or the Company of equity of the state (SPPE), created in the heart of the financial turmoil in 2008 to rescue banks.

As part of nationalizing banks, as the idea begins to circulate, "it is triple no!" Says Minister of Economy, Baroin, Le Figaro. The Government's priority is the speedy implementation of the plan July 21. "What must be avoided, an environment is anxiety sustainable. Because here, the banks would start to select their distribution of credits, "we nevertheless recognize Bercy. A topic that will be at the heart of the Eurogroup expected Friday in Poland. This meeting of European finance ministers promises crucial. Further indication of the challenge, the U.S. Treasury Secretary Tim Geithner will participate exceptional.According to European sources, it should call on this occasion the Europeans not to procrastinate in managing the crisis and look closely at increasing the capacity of the SFEF to deal with bank recapitalization.

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Degradation by the Moody's rating of Japan, expected by market participants, since the rating agency announced last May that it might lower the note by the country, did not seem unduly disturbed the Cac 40 .Despite a trend rather soft on Wall Street, the Paris index, after opening up 0.99% to 3114.98 points, just lowered its mid-term gains (0.69% to 3105.56 points) before returning frankly on the rise in the early afternoon, to close up 1.79% to 3139.55 points.

At the London Stock Exchange, the FTSE-100 took 1.49% to 5205.85 points, while the Dax-30 from the Frankfurt Stock Exchange gained 2.69% to more openly 5681.08 points.

Investors wanted to be optimistic, pending the announcement by the government, scheduled for 18 hours, a series of measures to reduce France's deficit of ten billion more.

In addition, the United States, the macroeconomic data of the day were quite positive, contributing significantly to support the trend in the second half of the session.According to the U.S. Department of Commerce, orders for durable goods across the Atlantic rose more than expected last month. (+4% Over the month, against a 2.5% increase expected by analysts).

A little later, the Congressional Budget Office (CBO) revised its outlook on the U.S. budget deficit. According to this independent body, the budget deficit expected to fall to 8.5% of GDP this year and 6.2% in 2012, when the Bureau so far provided a deterioration of public finances for 2011. Finally, the CBO expects a growth of U.S. national wealth by 2.3% this year and 2.7% in 2012.

However, for the euro area, orders were down in June (-0.7%) after a sharp rise the previous month, according to data from the EU statistics office Eurostat (0.5% expected by analysts).In May, they had jumped 3.6%, driven notably by the orders of capital goods, following a 0.3% decline in April.

On the currency market, the euro remains stable against the dollar. To 17 hours, the European currency was worth 1.4406 dollars against 1.4436 dollars late Tuesday.

The cyclical resume, L'Oreal, the largest decline Cac 40

Oil prices were up on their side at the same time, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. A barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars, while a barrel of "light sweet crude" for delivery in October has appreciated by 81 cents to 86 totally free credit score.25 dollars on the New York Mercantile Exchange to 18 cents. A trend reinforced by the publication in mid-afternoon to the unexpected drop in U.S. crude oil reserves.

Values ​​cars, battered in recent sessions, repeat colors Wednesday. Renault leads increases the Cac 40 mid-term, and accounted for 3.29% to 25.55 euros. Michelin climbed 2.12% to 46.53 euros.

However, Total, which should benefit from the outcome of the conflict of Libya, was much increased in recent days.It yields 0.65% to 32.87 euros on Wednesday in mid-session on profit taking.

L'Oreal also declined, from 2.04% to 78.22 euros, the biggest drop CAC 40.

ArcelorMittal: 2.82% to 13.86 euros

In Australia, Macarthur Coal said it continued to seek a white knight to counter the hostile bid from ArcelorMittal and Peabody Energy.

Iliad: + 1.14% to 82.45 euros

A subsidiary of Iliad, Free, filed an appeal with the State Council on the conditions for the government of 4G mobile phone licenses, according to Le Figaro.

Accor: + 1.95% to 23.56 euros

The hotel group has published on Wednesday operating profit rose by 27.5% to 199 million euros in the first half.Accor has also returned to earnings, its net profit amounting to 41 million euros in the first half against a loss of 15 million last year over the same period.

STMicroelectronics: + 2.07% to 4.3 euros

Fitch has downgraded the long-term European manufacturer of semiconductors "A" to "BBB +" with perspective, particularly because of the weakness and lack of profitability ST Ericsson, a joint venture with Ericsson specializes in chips for son-free communication.

In the wake of STMicroelectronics, Alcatel-Lucent is 2.22% to 2.44 euros.

Eurotunnel: -0.51% to 6.03 euros

Eurotunnel said it had suspended the booking of tickets for passengers on the weekend of August 27 and 28, one of the most responsible for the cross-Channel traffic after the filing of a notice of indefinite strike by several unions.

Sanofi: -0.15% to 49.87 euros

Aventis Pharma, Indian subsidiary of Sanofi, confirmed the purchase of business without a prescription Universal Medicare, a non Indian pharmaceutical side. The title was won

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.

EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area.

Save Greece

Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP

Business leaders employing between 250 and 5,000 employees and producing between 50 million and EUR 1.5 billion in revenue, also called medium-sized companies (ETI), are confident. According to the first barometer of medium-sized companies conducted by Ifop on behalf of PricewaterhouseCoopers (PwC), 84% of managers are particularly optimistic about their companies.

They are, however, that 56% said that their morale is good when they are asked about the international situation. And 48% share this view when they consider the French economy. "More companies are international, they are more present in Europe and Asia, their leaders are more optimistic," says Bernard Gainnier, partner in charge of developing the audit firm and PwC Consulting.

Sign of good health, the main activity indicators are rising.Whether it's sales (62%), investments (44%) or the order book (43%). Nearly two-thirds of companies plan to hire in the next four months. Those employing more than 800 employees plan to hire 26 people. And over a third of its capacity will increase recruitment.

For control of the tax shield

Despite these positive signs, one in two managers said that his company's growth is constrained by taxes, either in the form of payroll taxes or taxes. 48% guarantee to be disabled by the price of raw materials. More than a third lack of visibility on its business. This figure reached 50% in the financial, technology and entertainment.

Nearly four in five managers believe that governments do not realize enough effort to promote the development of their businesses.They are calling for a legal and fiscal stability. But they are supportive of the measures on the taxation of wealth proposed by the government in May: 62% say that the possibility of being exempt from the TFR is a good idea. 56% say that removing the tax shield is a good measure. In contrast, 78% condemned the increase in transmission costs. Logic, as members of the founding families and leaders often hold the capital of such company.

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.

The Cac 40 could string together a fourth consecutive session bullish. When a new day begins crucial for Greece, the Paris Bourse continued its prudent mini-rally started Monday – the last three meetings, the Cac 40 gained almost 4%. The index featuring Paris, ironed the day above 3900 points, opened on Thursday, up 0.33% to 3937.26 points. It has long hovered around 3930 points this morning, and won and 0.19% to 3931.70 points in mid-session.

At the London Stock Exchange, the FTSE-100 gained 0.68% to 5895.84 points and the Stock Exchange Frankfurt, the DAX 30 in advance from 0.07% to 7299.52 points.

Yesterday, the Greek Parliament adopted the first two parts of the austerity plan intended to avoid the financial ruin of Greece. This had the effect of propelling the Cac 40 in excess of 3900 points.This afternoon, members of Greek determine in detail the cost-saving measures and privatization to engage in Greece for the next four years. But on Thursday, the progression of CAC 40 may be more limited than ever, after the IMF expressed concern about a failure of the United States.

On the macroeconomic front, several indicators punctuate the trading session:

– After declining 1.4% in April, consumer spending fell again in May by 0.8%.

– The public debt increased by 54.9 billion euros in the first quarter from the end of last year, to $ 1.6461 trillion, or "approximately" 84.5% of GDP (GDP).

For the euro area, a first estimate of inflation in June was announced at 11 am: it has displayed steady at 2.7%.For June, analysts polled by Reuters on average expected a slight acceleration to 2.8%.

Finally, the United States, two statistics will be released today: requests for weekly unemployment benefits (1430) and industrial activity in the Chicago area in June (15.45).

On the corporate side, as since the beginning of the week, bank stocks react positively to approval by the Greek Parliament's austerity plan. BNP Paribas takes 1.21% to 52.63 euros, gaining Natixis 1.82% to 3.41 euros, Societe Generale advance of 1 no faxing pay day loans.03% to 40.23 euros and Credit Agricole rose 0.44% to 10, 21 euros.Yesterday, they gained 1% to 2%.

Carrefour: -1.26% to 27.75 euros; Casino: + 0.03% to 64.62 euros

In the struggle that pitted him against Carrefour in Brazil, Casino raised its stake in the Brazilian distributor Grupo Pao de Acucar by 37% to 43.1%.

In addition, the Colombian subsidiary of Casino, Exito, will conduct a capital increase of $ 1.4 billion to buy the Uruguayan subsidiary of Casino for $ 746 million.

LVMH yielded 0.49% to 121.90 euros shortly after noon.The European Commission approved Thursday the French luxury group LVMH, headed by businessman Bernard Arnault, to take control of the Italian jeweler Bulgari-watch, considering that the transaction would not raise competition concerns in Europe.

Pernod Ricard: -0.29% to 67.96 euros

The world number two wine and spirits sells its shares in Georgian society Georgian Wine and Spirits, an operation that involves small amounts according to a spokesman for the world's second largest wine and spirits.

EADS: -0.33% to 22.9 euros

The airline American Airlines is negotiating with the European aerospace group Airbus and Boeing to purchase at least 250 aircraft, an order worth approximately $ 15 billion, according to the Wall Street Journal.

Axa: + 1.05% to 15.42 euros

The insurer will invest 500 million euros in its partnership with the Chinese bank ICBC over the next 5 years.

Gecina: + 0.02% to 95.54 euros

The land was made yesterday two new asset sales, with the amount of its trade-offs to 559 million euros at end June

EuropaCorp: + 2.85% to 3.97 euros

The company production and distribution film Luc Besson has suffered a net loss of 30.2% million for the year ending March 2010 to 2011.

Groupe Partouche (0.75% to 2.67 euros) recorded in the first half of its 2010/2011 financial year lagged net income down more than 30%.

Beneteau (2.27% to 14.87 euros) will publish its revenue for the third quarter after the close of trading.