In France, too, resistance was organized against the tax increases that prepares the new government. But it will come mainly employers' organizations. In the program of Francois Hollande, 20 billion euros of tax increase at least directly related companies. And one of them focuses all the fears of employers' organizations: the removal of the pay scale relief companies paying the levy on the value added (CVAC).

Behind this name hides a barbaric tax simple. When the government of François Fillon has removed the tax in 2010, he replaced it with two lighter taxes levied by local authorities: the territorial economic contribution (CET) and CVAE which is a tax of 1.5% value-added enterprises.

But not to penalize the smaller of them, only companies with annual revenues exceeding 50 million euros are taxed at 1.5%. Below, the rate is declining, according to the volume of business done and the slices are made based on a precise schedule. The proposal of François Hollande to remove the pay scale relief, is to tax the value added of all firms with annual revenues exceeding EUR 500 000 at a single rate of 1.5%.

Concerns

This provision will affect the brunt of SMEs is concerned there be the MEDEF. The expected tax receipts rise, according to simulations, between 3.3 and 3.5 billion euros. Difficult to know in detail what this will mean additional burden for the firms concerned. But according to data from the Directorate General of Public Finance (DGFIP), businesses with annual turnover between 500,000 and 3 million participate to the tune of 1.9 billion to these new recipes. Those between 3 million and 10 million in revenue to contribute € 760 million, mainly because they are smaller.

Against attacks of the employers of this worrying increase in the charges, the team of Francois Hollande, during the campaign, responded by indicating that SMEs would benefit from a reduced rate of corporation tax at 15%. "Except that most SMEs are already at that rate," said an official employer, "and the program of Francois Hollande has never planned to extend this rate down to more companies." …… ..

In short, the new system will penalize SMEs unless, in the parliamentary discussions, the future majority agrees to additional gestures, such as a change in the scope of the current IS reduced to 15%. A first test will show that tax Bercy to support the French industry, in a context of strained public finances.

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This is an uncompromising assessment has drawn Wednesday the regional audit of Ile de France for the city of Saint-Ouen. With 46,000 inhabitants, this town of Seine-Saint-Denis bordering Paris has voted for the Communist mayor Jacqueline Rouillon since 1999. While a previous check had already pointed to a lack of control of payroll and an irregular arrangement of working time or uncontrolled high absenteeism, the Court of Auditors found that his requests were not followed by effects.

First of all financially: the room leading a debt that has reached "alarming levels" after rising by a third between 2007 and 2009. It requires a careful monitoring of urban works in progress, as the ambitious development of the docks of Saint-Ouen to avoid a "fiscal disaster."

Housing Allocation

Another black spot, personnel management. Payroll has indeed jumped 23% between 2004 and 2009, a period "yet preceded a significant increase in numbers." Meanwhile, the Chamber notes the insufficient measures against absenteeism, "even though it is a long recognized problem." Finally, the agents of the City have an annual working hours less than 60 hours to the floor legally, an additional cost of 2 no fax payday loan.2 million euros! But that's not all: the room was also detected irregularities in the management agents. Bulk: a premium of 6,000 euros computer given to agents, irregularities in the allocation of staff houses but also abnormally low rents granted to officers, an elected another common paid full-time employment served part-time municipal vehicles used by elected officials without permission

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Administratively, the picture is also bleak. The regional audit and denounced "the lack of efficient tools for procurement." At the very least embarrassing for a community. A transaction has especially been pinned: a developer has bought the City of St. Ouen some 70 homes at a price of … 19,000 to 21,000 euros. A little low, even for substandard housing on the edge of Paris. In its response to the room, the mayor of Saint-Ouen ensures particularly its desire to control debt and payroll.

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In Frankfurt as in Hollywood, blockbusters at the box office still have a following. With its new Governor Mario Draghi at the wand, the European Central Bank (ECB) had a box in rooms (market) on December 21, proposing to banks in the euro area loans to three years paid at the rate of favorable 1%: some 523 banks had then drew 489 billion euros to the general treasurer. The central bank on Wednesday repeated with a second offer of funding under the same conditions.

As in December, the operation on tap the ECB had passed almost unnoticed, as this new album monopolizes attention. Meanwhile, in effect, operators have discovered the virtues of this infusion of cash, which "played a crucial stabilizing effect on financial markets in the euro area," said the rating agency Fitch.

How? By reversing the downward spiral that led states and banks in the southern countries of Europe towards the precipice. In addition to the invoice Greek tensions on sovereign debt Italy and Spain have indeed weakened the banks of these countries throughout 2011, boomerang-feeding fears about these states, leaving the specter of a rescue banking. The risk that France has to support its banking system has also weighed in the loss of AAA inflicted mid-January by the rating agency Standard & Poor's.

By flooding the banking system liquidity in the medium term, the ECB has caused a twofold benefit: one, the risk of going off the road an Italian or Spanish bank has moved away and two, these institutions are now able to support States by buying their sovereign debt. Hence the almost universal relief: relaxation rates on sovereign debt Italian or Spanish, rising stock markets, banks' resumption of emission payday advance… No wonder investors want more. How many banks ask they this time? Estimates vary between 200 billion and 1000 billion. With the idea that the higher the amount, the higher the markets will appreciate, because these are all new cash should get involved.

Virility contest

This vision reflects the optimism that blows from the beginning of the year. Not long ago, a massive use of banks to the ECB could have been perceived as a sign of weakness. Joseph Ackermann, head of Deutsche Bank, had also launched the controversy earlier this month stating that he had not presented to the Frankfurt office, wanting to avoid wearing the marks of a "subsidy". Mario Draghi had then replied that it was not "a contest of manhood." For his part, Stuart Gulliver, head of the rich British HSBC, said Monday that he had participated in "solidarity with the euro area". This positive attitude could help widen the circle. According to Oddo Asset Management, the euro zone banks must repay 813 billion worth of loans between 2012 and 2013, of which 270 billion solely for the German banks that had shunned the first wave.

Ultimately, the success of the program seems indisputable Draghi markets. This was an essential prerequisite to avoid chaos. The question is how these banks will inject money into the economy.

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It is a repudiation for the Competition Authority. The institution, which had inflicted 385 million euro fine in September 2010 with the main banks operating in France on their pricing of check processing, has seen its decision questioned by the Court of Appeal of Paris. In a ruling Thursday, the latter took the view that in this case, "the grievances of Understanding (…) can not be accepted" and that the banks concerned "should therefore be exonerated ".

The case dates back to the early 2000s, when banks have embarked on the computerization of processing checks. They are then granted to establish interchange fees, naturally passed on to end customers.

Fines must be repaid to banks

Banks have justified the introduction of these fees, which were abolished in 2007, the cost that they accounted for the modernization effort of check processing. One argument considered to be unfounded by corporate treasurers, who saw the impact fees.

In September 2010, the Competition Authority found in favor of the latter, and denounced an agreement on final prices payday loans in one hour. A vision not shared by the Court of Appeal of Paris, sought by banks complained, BPCE, Post Bank, BNP-Paribas, the National Confederation of Credit Mutuel, Crédit Agricole, Crédit du Nord, CIC, LCL HSBC France, Societe Generale.

In its reasoning, it considers that the commissions were "directly related to the new system paperless exchange of checks, public interest project neutral in terms of competition law …". It also believes that the Bank Agreement does not constitute "an agreement on final prices."

The Competition Authority may lodge an appeal. When asked, a spokesman said the institution consider what action would give the matter. Fines paid to the Treasury must be repaid to the banks.  

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"Whatever the horizon, the sun is unavoidable in our energy mix, as well prepared." Consultant with the firm Kurt Salmon, Celine Alléaume strongly believes in developing the sector in France and its performance on international markets, provided a policy and regulatory framework more stable and certainly more readable. A few weeks before elections, the firm Kurt Salmon and the think-tank France Monday Territory Solar publish the first edition of the Observatory for solar photovoltaics.

"This is an evolving tool, which will be updated and expanded every quarter. Relying on public data, our goal is to provide clear indicators that help to objectify the debate, "said Celine Alléaume.

The photovoltaic park remains marginal

The main finding of the observatory is hardly conducive to optimism: over the last two years, the French photovoltaic park has certainly developed to exceed the 2300-megawatt (MW) combined-connected power, but it remains marginal while digging its lag behind the most advanced countries. "The residential market, initial engine market and generates employment, came into decay since the moratorium of 2 December 2010. Other markets may follow the same trend in the next two years, "says this inaugural edition. According to several players, more than half the jobs in the sector (about 25,000 at the origin) have been destroyed over the past year.

For Celine Alléaume, the goal of the Grenelle Environment -5 gigawatts by 2020 – is already obsolete: "Other countries are growing so fast that the target should be revised upwards. If the government maintains, the French industry will not find that more difficult to place in world markets. Today, we talk a lot of sun in France but its weight is insignificant (0.29% of electricity production in 2011). "

Celine Alléaume still puts forward the statistics of the American NGO Pew Charitable Trust to attest to the weakness of the French position: "On some 56 billion invested in small solar projects in 2010, France has only counted a little over 3 billion. Similarly, while more than 22 GW were installed in Germany until 2011, our country has only one just over 2.5 GW. "Under these conditions, the whole" animation "of one sector and sectors that remains to be clarified: positioning research, choice of technology marketing, distribution of roles and responsibilities across the value chain

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Will it towards a form of judicial dismissals as it once existed an administrative authorization? The high courts have recently banned two French companies to implement a social plan. The reason is simple. These two companies, and Vivéo Sodimedical, loss of competitiveness in the domestic market belong to foreign groups financially healthy and judges have ruled on the lack of economic rationale to implement a social plan. Decisions since confirmed by the appellate courts of Paris and Reims.

"This is a first," protested Nicolas Sauvage, member of Avosial, the influential lawyers' union in labor law, which has just sent a letter to presidential candidates asking them to "take a stand" on the issue. A first for three reasons. "Not only is there no provision in the Labor Code which allows a judge to conclude, before a social plan is triggered, the lack of economic rationale and cancel it in stride, but it intrudes more and doing it in company management, which is prohibited by the Civil Code, "argues Nicolas Sauvage.

The lawyer also notes that only the employment tribunals may cancel an ex post social – and not, ex ante, the high court – because of the absence or insufficiency of rehabilitation measures put in implemented. And therefore condemn the offending companies to pay damages as compensation.

To him, the danger is all the more important that the Social Chamber of the Supreme Court, whose judgments regularly give a cold sweat at all DRH de France, is a crucial hearing next Tuesday in the case Vivéo cash advance. His judgment will be delivered mid-March. After being bought by a competitor in 2010, this French software for bank trading rooms wanted to restructure to cope with the collapse of its activity after the crisis. But as he belongs to a German group to blooming health, the Court of Appeal of Paris has forbidden, while no departure had yet been reached.

Question attractive

According Avosial, confirmation of this judgment to the Supreme Court would create "a huge uncertainty for employers, small or large groups, French or foreign." It would encourage companies to "wait to be on the brink rather than anticipating the tough decisions" that may require the use of downsizing for a company to remain competitive. "The vast majority of restructuring is to sustain an activity and not to make profits to increase capitalization," argues Nicolas Sauvage.

Such confirmation could also be opened "the door to the prohibition of dismissal in France" and harm "to the attractiveness of France and its ability to retain or create jobs," says Nicolas Sauvage.

Also addresses the presidential candidates, Avosial hope that the Supreme Court will recall a fundamental principle of French law which states that there is' no nullity without text. " Verdict in less than one month.

After many twists and turns, Greece is on track to reach agreement with its private and public creditors on Monday. After Jean-Claude Juncker, the leader of the euro area, which showed his confidence on the outcome of the meeting scheduled for Monday, it was the turn of the Spokesman of the Greek government to report his optimism.

Pantelis Kapsis estimated that his country has "the green light of the Eurogroup on Monday to continue the proceedings". In fact, the latter confirmed that Athens would have found a way to fill the gap of 325 million euros in the 2012 budget, the last condition set by the Troika (the IMF, the ECB and the European Union) to unlock loan of EUR 130 billion and run the erase operation 100 billion of securities held by private creditors. According to Greek media, these savings would come from additional cuts in special pay schemes public service, drop some special pensions and declining defense budget and pharmaceutical expenditure.

Moreover, the European Central Bank and central banks of euro area countries have initiated the exchange of Greek bonds in their possession against others, to generate capital gains that should ultimately benefit in Athens, according information reported by the German daily Die Welt guaranteed payday loans.

The markets also seem to believe that an agreement will be reached Monday. This morning, the stock markets in Asia are well oriented, driven by good statistics in the United States but also by the hope that agreement will soon be born. U.S. markets ended Thursday's session at their highest level since May 2008.

But Greece could agree to pay this price. The release of the necessary loan of 130 billion euros would indeed be conditioned to a wider public audit of the country. The agreement would include the creation of an escrow account which would contain sufficient funds to repay the debts of the country over the next twelve months. Moreover, Athens would complete a list of "24 priority actions" before the end of the month and before the release of the famous loan of the Troika, says the Financial Times.

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Clearly, the political compromise was drafted in haste, less to meet market expectations and requirements of rigor of the ECB and Brussels as to satisfy the appetites of political coalition.

The plan touches the budget plan adopted on August 14 the Council of Ministers, who remodeled himself the three-year plan adopted July 15 by the Chamber of Deputies.The goal remains unchanged: to return to balanced public accounts or substantially by the end of 2013 with a deficit reduced from 3.9% to 0.2% of GDP. This requires about 48 billion euros in savings or additional revenues in two years.

However, the mechanisms used to differ materially. Abandoned, the removal of "solidarity" on income exceeding 90,000 euros per year announced in mid-August. As the merging of municipalities with fewer than 1,000 inhabitants (Italy has 8100 municipalities) and the consolidation of a number of the 110 provinces, which duplicates the 21 regions. The initial objective was yet to release 70,000 posts the payroll of the state.

Structural reforms are delayed

Wednesday again, the government had to give to exclude the counting of annual pension contribution periods of education or military service.About 100 000-130 000 Italians are concerned. The measure, considered unfair by many, would have saved 500 million euros next year.

As a result, the Bank of Italy said that the draft budget relies too much on tax revenues, which represent three quarters of the effort. Again, structural reforms are referred to the next legislature: it would halve Yet the plethora of parliament (one thousand), scouring utilities and local governments, reduce the exorbitant privileges of the political class. Decisions that require boldness.

Parliament must approve the draft by 15 October. Some 1 300 amendments were tabled. You can bet they significantly exacerbate spending. Silvio Berlusconi is confident to govern until the election deadline of 2013. Markets, they will vote probably before.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday instant payday loan.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.