For these burgundy, rush upon the opening, even earlier if possible, because deals are going fast! As prices are ultra competitive, especially this year, the first buyers of Bordeaux, the catering professionals, are in their starting blocks.The shops are often open evenings, are you invite! The best way to go on the shelves the day before and discuss with the department manager. A simple phone call to the store is often very effective.

As the maroon represent more or less half of the supply of wine fairs, each company seeks to differentiate itself from other regions. A special effort was made this year on the Rhone, the second region of France of quality wines. The focus should be the 2007 vintage in Bordeaux poor, but very successful in the Rhone.Find a good Burgundy is always difficult, because the region is small, but some retailers have managed to build a genuine partnership with great producers.

Last but not least, do not go to wine fairs shrinking violet! Carefully prepare your shot and go straight to the point, because otherwise you will never find the coveted bottles. In all the signs, the best deals are in cold areas, those that are immune to the first sight.Happy hunting!

Dates of wine fairs
• Crossroads of September 7 to 18
• Casino September 7 to 18
• Giant of 7 to 18 September
• Lavinia September 7 to October 6
• Intermarche of 8 to 18 September
• Monoprix from September 8 to 19
• Franprix from September 9 to 19
• Auchan September 14 to October 2
• Leclerc from September 22
Système U • September 28 to October 10
• Carrefour Market from September 29 to October 9

Websites
• Savour Club () August 20 to September 22

• ChateauOnline 31 August to 4 October

• Wine and Co from September 1 to October 3

• Vinothek Bordeaux from September 3 to 27

• From 1855 to September 6

• Jean Merlaut 15 September to 15 October

Bernard Spitz. – Insurers are aware of the state of public finances and ready to participate in the effort. But the "planer" has been heavy handed. These measures are excessively severe: according to our calculations, they could not represent three billion euros, but up to 4.7 billion. Of the 10 billion effort on the niches sought at all, is asking a lot insurers and policyholders. And it is inconsistent with the objective of the economy and employment. Indeed, money from life insurance does not sleep. It is invested in long-term 54% companies in the form of shares or bonds.And the rest financed mainly sovereign debt.

But you knew that the tax shelters were the target of government …

Life insurance is not a niche tax! It is easy to label and all the products that we want to address. In the case of life insurance is particularly unjustified. She has a specific tax regime, as all savings products, which is the logical counterpart of an investment horizon longer term. Life insurance is not a niche, is the principal residence of the French investment!

What action is the worst?

All the measures presented have a strong impact. But the truth regarding the tax on capital reserves would undermine the solvency of insurers at a time when the sector must adapt to turmoil with Prudential Solvency II.It is indeed a drain 1.6 billion on capital of insurers can only affect their competitiveness in terms of solvency. We did not ask the French swimmers to compete in the European Championships with a sack weighted with stones … Do not ask the insurers!

Regarding life insurance, it is not a levy increase. The contract holders will pay just multichannel CSG and CRDS earlier on their compartment euro …

Exactly. However, this measure presents legal problems. The MPT contract, even if it has a compartment in euros and another in units of account, is everything. The product from its compartment euro is assumed that during the settlement of the contract. It will then reimburse the insured the overflow of CSG and CRDS eventually paid.Also, this would mean a very heavy management for insurance companies.

Baroin believes that insurers and mutuals have the ability to not pass on, the new tax agreements supplemental health officials. What do you think?

I fear that this is not so simple. The competition will be between companies, but the tax will necessarily be passed on to policyholders. Is mechanical. The Unocam, which brings together professionals in the supplemental health insurance, had proposed a plan of 3 billion euros in savings on health spending. These are structural reforms of this kind should be put in place rather than increasing taxes.

What do you do to limit the impact of these measures?

We look first to know the exact content of the texts.Then we will make proposals to the government as the national representatives in a positive way. If appropriate regulations improve the competitive environment of our businesses in France and Europe, this will be the best guarantee for tax revenues.

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In the rest of Europe, the mood is the same. The DAX index of the Frankfurt Stock Exchange opened up 0.39% to 6215.23 points while in London, the FTSE index gained 0.31% to 5287.28 points.

The markets are reassured about the pace of global economic recovery by the strong quarterly results from major U.S. companies. Monday, Alcoa sent a positive signal, captured well by Wall Street, which signed its sixth consecutive session.Then, Tuesday evening after the stock market, Intel announced it had completed the performance in its history with net earnings in the second quarter of 2.887 billion dollars, far above the consensus.

The reassuring news overshadowed the announcement by Moody's from a severe degradation of the note in Portuguese debt. Similarly, they overshadow the low morale of German investors, illustrated by a Zew index at its lowest since April.

Side indicators on Wednesday, investors will keep a close eye on the industrial production figures for the euro area over the months of May and the index of consumer prices in June, savings account payday loans.The United States will publish details of their sales and their weekly oil inventories.

Note that in the good mood, the euro remains above 1.27 dollar, euro 1.2703 per dollar, more precisely. The greenback lost some of its appeal as a safe haven after this encouraging start to the season results in the United States.

The technology sector at the party

From the corporate side, the day will be very quiet on July 14, national holiday. No publication or any announcement are expected.

As in Asia, the technology sector benefited from the announcement of Intel. Alcatel-Lucent (+1.37% to 2.22 euros), STMicroelectronics (2.85% to EUR 6n95) or Soitec (4.31% to 8.60 euros) grew significantly.

Requiring further attention, the reaction of France Telecom, while the group general manager, Stéphane Richard, acknowledged Tuesday for the first time the suicide of an employee as an occupational accident. The securities lost 0.07% to 15.13 euros.

After his good start in stock, Carmat still trying to attract investors and does this mean securities earning 1.72% to 22.48 euros.

In Paris while the CAC 40 has lost about 5% in just four sessions of sharp decline – 10.5% after winning nine consecutive sessions of gains – the hesitation gave way late in the session at a beautiful hike .The CAC 40 gained 1.61% at 3576.45 points.

The euro was down, circa 1750, at 1.2337 dollars (-0.40%), while the gold – even likely – is still dealing $ 1,250 (-0.29%).

A well-attended American Statistical

At the European Central Bank, the M3 money supply fell by 0.2% in May, and remains unchanged over the month. Credit to private sector in euro area gained 0.2% in May over one year, after increasing 0.1% the previous month, according to preliminary results announcement on Monday by the European Central Bank

On the macroeconomic front, U.S. consumer spending rose 0.2% after remaining flat in April, according to statistics released Monday by the Commerce Department. Economists and analysts polled by Reuters had forecast an average increase of 0.1%.

The household income has risen in parallel by 0.4% after rising 0.5% a month earlier.Real disposable income has increased it by 0.5% in May after rising 0.6% the previous month.

The savings rate of Americans has reached 4.0% against 3.8% in April, which represents an additional savings of 454.3 billion annual rate, the highest level since September.

The index of consumer prices PCE excluding food and energy, rose 1.3% over the last 12 months, the Commerce Department said, against 1.2% in April.

But the statistic most watched this week will be the number of applicants for overseas jobs, which will be released Friday, which should mark a break in trend, with new positions expected destruction.But a rebound in employment in the private sector is also expected on Friday to reassure the markets, analysts said Aurel Bgc.

The tax credit: disagreements

Priority of Paris and Berlin, the tax credit has received a cold reception in Toronto at the G20. Despite support from Washington and London, the final communique does not mention the tax lip as a legitimate option for banks to charge up the pieces of the crisis.

In contrast, three of Basel, the beginning of compromise seems to be emerging.The reform of financial regulation will be based primarily on strengthening capital standards imposed on banks, not the end of 2012 before.

On Monday just before noon, bank stocks are well oriented, but unequally: BNP Paribas stands out, gaining 2.48%, Societe Generale has assembled no more than 0.70% and 0.02% Credit Agricole.

Banques populaires Caisses d'Epargne According to information Wansquare, BPCE Foncia has decided to withdraw the sale. The preparation of a new law on directors and the rout of Urbania Group took account of the sale of the land.

Casino: -0.08% to 62.72 euros Jean-Charles Naouri, CEO of the group, delivered at Figaro's strategy to cope with a sluggish consumption in France, however, offset by continued momentum abroad.The boss has no plans to float Cdiscount and will focus more on small and medium format hypermarkets (6 000-8 000 square meters), rather than the hypermarkets.

Trigano will on Monday publish its turnover for the third quarter of fiscal offset. Shares rise 1.07% to 14.705 euros in mid-day.

Many hedge funds were originally installed in the Cayman because it was one of the few countries to allow the managers the freedom of action they need. "But since then other countries like Ireland and Luxembourg have changed their laws and created vehicles that hedge funds can use.All hedge funds that we have been created recently in Luxembourg, "said Laurent Dupeyron, CEO of Olympia.

Many managers even go further and create ordinary mutual funds, subject to the same European regulations (UCIT III) than any ordinary fund. Management is a hedge fund, but not the status. This boosted some professionals. "In these funds, subscribers must be able to leave their money every fortnight. If the markets undergo a new liquidity crisis, it would be very difficult to achieve for managers, "says Emmanuel Boussard Boussard & Gavaudan president. But hedge funds have no choice. Investors are jostling as they used to invest their capital home."Today, especially in private banks, customers are interested in hedge fund performance, but want liquid funds and regulated," says one Axa IM. And as for hedge funds, the customer is king.

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The European Commission had made the same request to all Member States in July 2008 with the ambition of a Complies to share its requirements in two years, ie by July 2010.According to the newspaper, France, Portugal, Italy and the United Kingdom is problematic, one month maturity.

The guarantee unlimited public is considered a "state aid incompatible" with EU competition law by the Commission. With this guarantee, the company is in fact not subject to the law on bankruptcy and insolvency. The state covers all the group's commitments and repay debts if the company can do itself. In the case of La Poste, the transformation of the public enterprise into a limited company had solved the problem of the unlimited guarantee.

The situation is repeated Does the station? According to Les Echos, the French government sent an absolute bar to the Commission in early April, saying that "France rejects the view expressed by the European Commission will present its legal arguments because the government 's will not change the status of Epic SNCF.

On Monday, the Secretary of State for Transport Dominique Bussereau said in a statement it was "no question of changing the status of EPIC SNCF, which does not entitle its holder a competitive advantage." The statement said that France had asked the Court of Justice against the EU Commission.

In exchange, Vale will receive 22% stake in Norsk Hydro, becoming the second largest shareholder in the company after the Norwegian state, and a cash payment of $ 1.1 billion.

To fund this mega operation, the Norwegian group will launch a capital increase of 10 billion kroner (1.75 billion dollars). The transaction is expected to close in the fourth quarter of 2010. On this occasion, by the Norwegian state will be reduced from 43.8% to 34.5%.

Too dependent on others until

The acquisition by Norsk Hydro is the largest acquisition made by a Norwegian company out of its bases No fax pay day loan. This operation ensures the supply of bauxite Norsk Hydro hundred years.

The main assets are redeemed in Vale's share of 51% in the aluminum smelter Albras, its 57% in the Alunorte alumina refinery jointly owned with Norsk Hydro – who now control 91% -, and 60% in Paragominas bauxite mine. Alunorte is the largest alumina refinery in the world, and Paragominas is the third largest bauxite mine, ore of aluminum base of the planet.

"We were so far dependent on others for the purchase of raw materials the most important [for the group, Ed], bauxite and alumina."This agreement will (…) Norsk Hydro group present on the entire chain with strong positions in the production of bauxite, alumina production, the production of aluminum and its transformation, welcomed Terje Vareberg, president of the board of directors, at a press conference.

Fabrice Tourre himself "surprised" and said he never told the ACA, the media company that acted as an agent of selection underlying portfolio of 07 Abacus AC-1, that Paulson & Co take share or buying a long position in the Abacus. "I do not remember the exact words I used at that time," admits Fabrice Tourre but he claims to have suggested to the ACA, Paulson could be involved in the transaction without being an investor. "If the ACA was not insured on this point, she had every opportunity to clarify the subject."

"We lost money too"

Fabrice Tourre said he never intended to mislead "two of its two major customers, the ACA and the German bank IKB No checking account payday advance. "When Goldman Sachs told investors that ACA had selected the titles referenced in Abacus, this statement was absolutely correct," said Fabrice Tourre.

Contrary to qu'assurent members of the Subcommittee investigation ongoing U.S. Senate, the transaction Abacus, "was not designed to fail". He said Goldman Sachs had no economic interest in seeing it fail. "We lost money too," says he, advancing "an amount exceeding 100 million dollars."

A polluted river

In his testimony, Fabrice Tourre appreciates being able to defend itself against these "false accusations". "These past weeks have been difficult for me and my family. I have been the subject of unfounded attacks on my motives, "he says.

Things get tough for him, as for the other leaders agreed Tuesday. In opening the hearing, Sen. Carl Levin, chairman of the subcommittee, did not mince his words regarding the Goldman Sachs "who took advantage of the collapse. "As the polluters who put the poison into a river, they have integrated the risky products in our financial system and polluted," he acknowledges. He does not forget to pass the role of credit ratings agencies "who with their triple A have to believe that the water was drinkable.

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So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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