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A colossal sum greater than the budget of the National Education (61 billion). Highly concentrated: 16 niches alone capturing half the cost for public finances.

However, it is often those most economically useful. So goes there for the two most expensive devices: reduced VAT for maintenance in housing, which supports the construction sector and limit the black, and the research tax credit, which helps innovation.

Even finding the side of households, half the cost of tax loopholes is on tax cuts on income. It includes the premium for employment, the benefits of life insurance or the tax cut for working as employees at home. Suffice to say that these niches are very popular among the French! What makes the issue politically sensitive.In addition, certain devices have become political symbols untouchable, like reduced VAT in restaurants, promised by Jacques Chirac and Nicolas Sarkozy obtained payday loans online. Finally address the benefits of retirees is not straightforward.

To avoid the worst abuses – some taxpayers paying more tax because of all these devices – Parliament has capped the niche end of 2008. He then reduced that limit last year. A taxpayer can not reduce income taxes by using loopholes in the tax in excess of an amount equal to 20 000 plus 8% of its taxable income. And almost all devices are now individually capped. Including niches overseas.

But reducing the niche 2 billion per year is a task far more difficult. Two competing options.Gilles Carrez, the UMP rapporteur of the Finance Committee in Parliament, hopes all planing devices 5% to 10%. The rate of tax reduction for use of an employee at home happen for example 50% to 45%. Bercy wishes to address the niches with the least sense. Elysee Matignon and have not yet decided.

The index futures are predicting a slightly higher opening of U.S. markets. Shortly before the opening of Wall Street, futures on indices Standard & Poor's 500 and 10.8501961,50 points.

The U.S. markets have ended on a stable note Friday. The Dow Jones gained 0.08% to 10850, 36 and the Nasdaq 100 0.18% to 1952.63. The values of consumer durables and clothing and basic materials have gained ground. Conversely, those software and services and facilities and health services have been abused.

For U.S. investors await today in early afternoon revenues and expenditures of households for the month of February.

But the main highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States.But U.S. markets will be closed as usual April 2 for the Friday that precedes Easter. Investors can therefore respond to the employment figures as the following week. They should focus their attention until the "Leading indicators of employment 'perception of the labor market by households, with the Conference Board survey from Tuesday, then the number of ADP private practice Wednesday. According to the makers of "Aurel BGC, the consensus of economists expect a sharp rebound in job creation."But, "this movement is partly technical, related to the reintegration of people who temporarily lost their jobs because of weather conditions in February …" add the specialists Aurel BGC.

Other key indicators of the week will be Tuesday house prices and an estimate of consumer confidence, Wednesday the index of activity in the Chicago area and the numbers of orders in February. Thursday last week's meeting, the market will focus on the ISM index of manufacturing activity and construction spending in March.

On the currency markets, the euro continued to recover against the greenback after the announcement last Thursday of an agreement between the countries of the eurozone to help Greece with the participation of the IMF.The euro was trading above $ 1.34 in the morning.

The values listed, Chinese, Geely signed Sunday an agreement with Ford on the acquisition of Volvo cars. The sale had been expected for several weeks, the Geely group wishing to build a Volvo plant in Beijing for its domestic market. Ford said the transaction was $ 1.8 billion and would be finalized during the third quarter.By selling Volvo, bought 6.45 billion dollars in 1999, and Ford sells the latest brand of upscale pole he had wanted to be and which also included Aston Martin, Jaguar and Land Rover.

According to the Sunday Telegraph newspaper, Verizon Communications, the second mobile operator in the United States, is in talks to merge with Vodafone.

Companies are also starting to communicate on the cost of health reform. AT & T announced a provision of 1 billion, Caterpillar announced a 100 million dollars and Deere & Co, an extraordinary expense of 150 million. The impact of this legislation on corporate performance is difficult to estimate the short term. The new law eliminates many tax deductions that companies used to reduce health costs for retirees.

The studio, based in New York could provide between 1.2 billion and 1.5 billion dollars for the recovery of the mythical MetroGoldwynMayer (MGM), as disclosed by the British newspaper Financial Times.

MGM has put up for sale last year, following its inability to pay its bills. She had received several proposals, three were still in contention at the end of last week. The company, which had initially hoped to sell two billion dollars, must be examined this week, not totally exclude the possibility of remaining independent fast cash loans .

The Hollywood studio has contracted a debt of 3.7 billion dollars five years ago, and he suffered falling DVD sales that affects the entire industry.His library of 4,100 films is yet to dream all his competitors.

MGM owns the rights to include the James Bond series, including those who are running. Time Warner owns the news channel CNN and Time Magazine.

Response. In San Francisco the night of Wednesday to Thursday, Sony has provided details on its controller wireless control for its home console PlayStation 3 (PS3), at a conference for designers of video games. Using this kind of remote topped by a white sphere that changes color depending on the phases of the game, the Tokyo group hopes to outdo the Wii from Nintendo. It is possible to reproduce on-screen hand movements and body of the player. "Our controller PlayStation Move Motion Controller, with a camera placed above the screen and game will be sold at least $ 100 in the fall," says one Sony in France, without specifying the European price.

New public

With its controller "Wii Remote" Satoru Iwata, CEO of Nintendo, has attracted a new audience of young women and people reluctant to play.The controller of the Wii helped make it easy to use video games. A little more than three years after its launch, the figures speak for themselves: the console, Nintendo has sold nearly 70 million units worldwide, as many as the combined sales of PlayStation 3 added to those of Xbox 360 Microsoft.

For nearly a year, Sony and Microsoft are developing projects to retort to the Wii, the graphics less advanced.

From June 2, 2009, Sony announced its response. "Our power controller is more precise than all other existing systems, which is essential for games in high definition. For the master controller has an accelerometer and a gyroscope. Depth is also determined with precision, with the camera placed above the screen, then told the Figaro, Kaz Hirai, head of the gaming division of Sony.At that time, the firm Nippon would propose his joystick in the spring. It took a little longer, especially to incorporate the side of the camera (which recalls his playing "Eye Toy" for PS2) a sound recording instant payday loans . "Experiments in Augmented Reality" are thus promised to the players for PS3. Thirty-six studios and game publishers, including Activision, Disney, Sega, THQ, Ubisoft and Warner, will offer programs for this controller. The studios Sony, meanwhile, will launch 20 games by 31 March 2011.

The offensive of Sony, with the supplement to "augmented reality", is decisive in the fight which is tied with Microsoft. For the holiday season to season, which begins in November in the U.S., the Xbox 360 is expected to enrich the "project Natal.Microsoft wants to happen and joystick control games and propose a system composed of an infrared camera and a system of speech recognition. "The joystick is you," stated Don Mattrick, head of the gaming division of Microsoft, with last year's project to mark the spirits. In June, in Los Angeles in the next world fair of video games, the software giant must provide details on price, launch date and games for the Natal project.

Revenge of the 3D

However, Sony will release a new card to boost sales of PS3: 3D. Indeed, its console will be enriched in the second half, two programs for relief – which may be retrieved on the Internet for holders of current consoles."Thanks to the reader on Blu-ray built into the PS3, the console will offer games in relief, then a second software enables you to watch movies in 3D," said a spokesman for Sony in France. It is an advantage, including the Xbox 360. Because Microsoft has bet on HD-DVD finally abandoned, for its home console that incorporates a simple DVD player. The PS3 might as well take his revenge and become, according to Strategy Analytics, in the end, the next-generation console's best selling world.

With the exception of India (-0.05%) and Hong Kong (-0.04%) which recorded small declines, most other Asian stock exchanges have improved the bar on Wednesday, Tokyo head although it remains below the 10,000 points for the third straight session, the Nikkei 225 gained 0.52% to 9984 points.

Taiwan rose 1.10% to 7441 points, Seoul ahead of 0.04% to 3323 points, won 0.18% Sydney at 4513 points.

In contrast, Singapore lost 0.41% to 2733 points and Indonesia 0.21% to 2484 points.

The price of crude falling back slightly Wednesday in electronic trading in Asia after rebounding the previous day in New York where he won nearly two dollars, dealers said.In morning trading, a barrel of light sweet crude for March delivery retreated 48 cents to 73.27 dollars, while that of Brent North Sea due to identical, yielding 46 cents to 71.67 dollars .

Car Recalls: Honda after Toyota

After Toyota, Honda. The Japanese automaker (-1.31% to 3020 yen) chaired by Takanobu Ito said Tuesday it was recalling a total of 437,763 vehicles worldwide, mostly in North America because of airbags might of exploding and sending fragments of metal. In the U.S., the figure rises to 378,758 in the United States, 41,685 in Canada, 4042 in Japan and the rest in other parts of the world.

The massive recall by Honda comes as the first Japanese automaker Toyota (+0.59% to 3400 yen) announced the recall of more than 400,000 hybrid vehicles worldwide.

The automiobile Japanese manufacturer, Nissan (2.46%) achieved a net profit in nine months increased 25% to 54 billion yen (410 million euros) and plans to make a profit in 2009-2010 of 35 billion yen (282 million euros), against an expected loss of 40 billion yen (322 million euros).

The manufacturer of aircraft seats Japanese Koito Industries (0.62%) agreed Tuesday to have falsified the results of security checks on 150,000 seats fitted thirty-two airlines in the world. Koito Industries is a subsidiary of Koito Manufacturing, a provider affiliated with Toyota.

Opening up, down then up at midmorning. The Cac 40 gained 0.55% now at 3782 points. Asian stock markets were closed Tuesday morning, a sharp increase.

On the macroeconomic front, INSEE publish European surveys monthly and quarterly business survey for January, turnover in wholesale trade and other business services, and retail and personal services for November.

Finally, OSEO organizes an annual press conference on the balance sheet in 2009 and priorities for 2010.

In the euro area, prices of industrial production for the month of December are expected.

Investors will also be attentive to promises of home sales for December and auto sales for the month of January, the United States.

On Monday, U.S. President, Barack Obama, said in its draft budget for 2011 it expects a continuation of unemployment to 10% on average and a 2.7% growth for 2010 against 2% forecast in October, before growth of 3.8% expected in 2011.

Values cars suffer Technicolor climbs

Like the CAC 40, car values, after opening upward, plunged into the red Peugeot, Renault, Michelin lose respectively 0.94% to 23.83 euros, 0.71% to 35.07 euros and 1.14% to 57.38 euros. Michelin has acquired 30% stake in the company Shanghai Michelin Warrior Tire for 18 million euros, lost 0.41% to 57.80 euros.And despite the announcement of Toyota and the increase in registrations in January.

France Telecom (-0.15% to 16.77 euros) has announced the replacement of Didier Lombard by Stephane Richard, on March 1.

Vivendi (-0.33% to 18.34 euros): M6 (M?tropole TV), whose shares gained 1.63% to 19.68 euros, sells 5.1% stake in Canal + France to an amount of 384.2 million euros. The transaction will be effective February 22. In order to strengthen the South American market, Vivendi would negotiate with its counterpart Mexican Televisa to buy a network of 20,000 kilometers of optical fiber sold by the Mexican Commission for electricity for a total of 47 million euros .

EADS (-1.12% to 14.12 euros): Discussions on the financing of the Airbus A400M military formally resumed this week in Berlin after three meetings that have petered out.Representatives of EADS and Airbus as well as seven states that customers aircraft transporting troops and equipment will try, February 4, to find a compromise on sharing the additional costs of the program.

As for publications, sales of Vinci (-0.36% to 38.57 euros) is expected after-hours trade, Gameloft (1.29% to 3.92 euros) will also publish its results for 2009.

Technicolor (formerly Thomson) has signed a partnership contract with Warner Bros., after creditors and shareholders have approved the restructuring plan to reduce debt by 2.8 billion euros to 1.55 billion euros . The action rises from 4% to 1.01 euros.

Poweo (+1.96% at 15.10 euros): Lo?c CAPERAN, Poweo CEO, says in The Tribune on Tuesday that the supplier of electricity and gas French record loss of more than 75 million euros in 2009.

The French do they realize the inevitability of the efforts to achieve a satisfying retirement? This suggests that a poll published Sunday in the JDD. According to this consultation Ifop *, breaking with previous surveys on the subject, 41% of respondents said they were ready to contribute more to retire as soon as possible. The average age of starting accepted amounted to almost 62 years, one third of respondents saying the same for departure between 65 and 69 years. A first. Because of this development, the level of concern by the amount of future pensions continues to grow, 76% of respondents reported little confident, against 61% a little over a year.

If the French are therefore more willing to make sacrifices, they do show, however, little lenient with successive governments.They are in fact 40% believed that the pension system has not really been up to this reform, while 48% believe that those assets have gone done the wrong way.

An instructive survey, a few months of a new launching system. The Head of State has chosen last year to advance the timing of the pension reform from 2012 to 2010. If the CGT said the current system "viable", the secretary general of the CFDT Fran?ois Ch?r?que decides in contrast to the introduction of a points system, more personalized than the current system, as was done in Sweden. For now, the government appears not convinced, saying the country had recently suspended the system. If considering a reduction of the legal age of retirement now set at 60 years, a dues increase does not seem so far not in the agenda.

* Conducted the 7 and 8 January on a sample of 1019 persons, representative of the French population aged 18 and older, including 522 active. Quota method. The interviews were conducted by telephone at residence of respondents.

New blow for Laurence Parisot. Three weeks after the dramatic departure of the federation food (Ania), one of two Deputy Managing Directors of the MEDEF, Jean-Charles Simon, slams the door. The surprise decision, reached Tuesday and disclosed by Le Figaro, fell very ill for the president of MEDEF, which run for another term in June-July. In eighteen months, the employers' organization has lost three Directors General after the dismissal of Jacques Creyssel, the former right hand of Ernest-Antoine Seilliere, Pierre-Henri Ricaud had held only three months.

This new episode revives criticism about management of the sponsoring employers. Jean-Charles Simon shared the position of No. 2 with Helen Molinari, a near Laurence Parisot. Relations between them have continued to deteriorate. In point of exploding during a meeting.According to several employees, Jean-Charles Simon had taken part in Helen Molinari, he regularly accused of "walking on their beds." "A scene of incredible violence", according to a witness who said he was "disgusted". For the MEDEF, Jean-Charles Simon has conducted Tuesday "while only one end of a dramatic incident."

"I did not publicly insulted Helen Molinari, contests Jean-Charles Simon. "He just said that the remarks of Helen Molinari were false, and he left," said one director.As for the release of the MEDEF which emphasizes "support to internal teams whose competence is recognized and which have been proven by these unusual methods, the starter found that" this appalling response augurs poorly for the ability to listen, change and professional management. "Atmosphere …

"No authority over his troops'

According to him, Jean-Charles Simon Laurence Parisot had warned in November that he wanted to leave the MEDEF. "The conditions for exercising my mission were not met," says he, citing failures "in decision-making and organizational roles in her duet with Helen Molinari. "This duality organized could not function, and Tuesday's meeting has shown that Laurence Parisot had no intention of changing anything.I have drawn the conclusions by resigning. "

These eddies successive revive the rumors about the possible candidacy of rivals meet Laurence Parisot, beginning next summer. They are also beginning to worry the Executive's approach to appointments on pensions – the issue that President Ania, Jean-Ren? Buisson, was precisely the charge on behalf of the MEDEF, until his departure. "All this shows that Parisot has no authority over his troops observed a government source. Our main contact employers is low, it's not good to address pension reform. "

In this context, the cancellation of the general assembly next month, announced Wednesday by Les Echos, almost unnoticed. This appointment is not required by the statutes of the MEDEF, Laurence Parisot, but was accustomed to rise early each year a great "show" for debate, discussion and advocacy.His removal was due to "simple economic reasons," says the MEDEF, which has granted a reduction of contribution to its members.

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The International Energy released Friday its monthly report, raising its forecast for demand in 2009 and 2010. The decline in global demand for black gold caused by the global recession would be less strong than expected this year.The IEA now foresees a decline of 1.6% over one year to 84.9 million barrels per day (bpd), while she was counting so far on a contraction of 1.7%.

For 2010, the IEA now expects demand to 86.3 million barrels per day, up 1.7% year on year, while it previously expected a more moderate increase of 1.6 %.

The "risk" that still weigh on industrialized countries, including the continued weakness of demand in the United States is offset by the strength of the recovery in emerging markets.

China and India are the resumption of global demand

"The early indicators better than expected in China and India, whose economies continue to benefit from government stimulus plans" should indeed be the global demand for oil, rising by 3.6% in 2009 to China.The IEA, however, surprised the "apparent discrepancy" between a limited consumption of gasoline and rising sales of cars in the country.

The IEA has estimated that the final price of a barrel of oil reaches $ 76 by 2014, at constant exchange rates, against $ 60 provided in its previous report. Friday, the price was changing between 70 and 71 dollars.

According to the scenario more gloomy global growth of 3% in 2014, oil demand should grow by an average of only 0.5%.

Banks in the City must follow the rules on bonuses strictest in the world, according to Sir David Walker, author of an official report presented Thursday to the government. The former president of Morgan Stanley has created a nice surprise in the City by requiring financial institutions to disclose how many employees earn more than one million pounds (1.1 million euros). He also wants to go further than the "code of compensation" which is being implemented by the supervisory authority of financial services (FSA) recommending to display up to five years to pay bonuses to bankers, with the possibility for banks to recover some money in case of trouble. These principles are closely following the agreement signed last September by the Heads of State and Government of the G20 summit in Pittsburgh.

The City thundered.Finance Minister Alistair Darling has promised, this Thursday, that "government would act quickly to implement reforms" proposed by Sir David Walker. For the proposed measures have a chance to be implemented before the next parliamentary elections should take place in early May 2010, will require that they be included at the last moment in the law reform of financial regulation which has just 'Just be submitted to Parliament. What will be difficult, but possible.

Risk of leakage of foreign talent

At the heart of the report, the transparency clause on salaries of more than 1 million books, which will be released in increments of 1 to 2.5 million, 2.5 to 5 million and more than 5 million, including trying to give shareholders more information on wage policies in force in the banks.According to estimates by Sir David Walker, over 1 000 employees of the City already affecting more than one million pounds per year, counting salary and variable bonuses. Even if we can not make public the names of best paid traders as is envisaged in the United States, this clause will cause howls of anger in the community bankers, was also accused the author of the report Thursday, the Financial Times.

Financial crisis or not, the very secret little world of the City that does not put his nose in his business bonus. Bankers fear that strict new rules do not flee the best foreign talent."It is essential that other countries adopt the same rules and at the same time, has warned Angela Knight, chair of the British Bankers Association (BBA).

Besides compensation, the Walker Report, released Thursday, reflects the recommendations already made this summer in a draft to strengthen the boards of banks. The members of CA should thus be better equipped to control both the financial risks and wage policies.

The Walker Report (pdf and English)

"The banks remain fragile in Europe