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The FIP and FCPI no longer as successful … These funds were nevertheless supposed to attract the savings of the French and use it to finance long-term SME unlisted. A long-term investment (eight to ten years), illiquid, without capital guarantee but with a … boutique tax: a reduction in ISF or income tax, as desired.

But last year, this core was not enough tax. For the first time since 2006, investment funds and local mutual funds in innovation have collected less than a billion euros, according to preliminary figures compiled by Capital Finance. "Overall, the devices that qualify for a reduction of income tax have seen their collection collapse of 27%. Those that reduce the TFR fared better: subscriptions declined only 12% to 15%, "notes Fabrice Imbault, executive vice president of A Plus Finance.

The climate crisis probably did not last year prompted investors to invest long term, nor to take risks. The radius défiscalisants investments, they also often preferred "investment Scellier, whose death was announced," notes Fabrice Imbault.

The plane of the tax has been

But professionals also designate another fault: the movement of the plane tax, which last year was reduced by 25% to 22% reduction of income tax granted for these products. However, the rate granted in 2012 has shrunk 18% only. Will it be sufficient to compensate in the eyes of policyholders, the investment risks and constraints, there will be sufficient to continue to attract subscriptions? The stakes are high, when many small businesses are afraid to have more difficulty obtaining bank loans and seek more stable funding.

More and more management companies adjust their strategy in any case. They are moving away from FIP and FCIC, whose management constraints (imposed by the state in exchange for tax benefits) they seem to become too heavy. And are more interested in venture capital funds (mutual funds, venture capital). More confidential funds, reserved for wealthy investors who do not seek a tax cut, but want to diversify their assets on SMEs, in the hope of good performances. "Many subscribers are themselves leaders or former leaders of society, and ready to accompany young dynamic SMEs that develop," says Foucault Delannoy, associate Cape Horn Invest.

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Nathalie Kosciusko-Morizet unveils the contents of the interim report released today on Nuclear Safety.

The FIGARO. – The agreement between the PS and the Greens provides the closing of 24 nuclear reactors by 2025 if elected president Francois Hollande. What do you think?

Nathalie Kosciusko-Morizet. – Is the culmination of an absurd kind of negotiation, "a reactor against a constituency." Conventional wisdom says that does not mix the cabbage and carrots. Contrary to their denials, that's exactly what the Greens and the PS. This is not serious about the nuclear issue but it is a fundamental problem for all subjects, a method that has been seen at work in 1997-2002. The program of the Socialist Party does not contain anything about the environment, it subcontracts these questions to the Greens who, themselves, pursue political goals payday loans with no fax.While a tsunami can occur at Fessenheim in Alsace, imagine how to react in a situation of utter devastation, whatever the causes, natural or human, as a result of a terrorist attack, for example. IRSN proposes to determine the list of essential safety equipment of a reactor which must be "overprotected." An example: sand filters, which, in case of accidents, prevent the spread of radioactive cesium in the environment, could be consolidated. These measures will likely assume additional investment. Again, the economy should not limit the collateral.

Lovers of trekking in the Sahara desert sores will go their way. The tour operator Voyageurs du Monde (Nomad, Terdav), specializing in custom travel and adventure, closed end of 2010 all its destinations in Algeria, Mauritania, Mali, Libya and Niger. Because of the very uncertain political climate in these countries (historically 3% of sales), the group "does not plan to reopen until at least two or three years, unfortunately," warns Lionel Habasque, Executive Director.

So, the tour operator sells proportionately more trips to the United States, its first destination (6.7% of sales in the first half), Italy (4.3%) and Vietnam (3.7%). However, the weight of Morocco (3.4%) and especially Egypt (3.2%) melted over the last year.The brochure Israel-Palestine, launched a year ago, has attracted 800 customers, 2 million euros in turnover.

Last year, Voyageurs du Monde has 130,000 people travel, having to afford a vacation cost between 1500 euros (Terdav) and 2200 euros (Voyageurs du Monde). This year, they should be more numerous, and their average spending unchanged.

Since September, the backlog for this winter is stable. In the first half, Voyageurs du Monde recorded a turnover of 101.5 million euros (3.60%), and a net loss of 3.2 million (- 1.9 million a year earlier) . "We are structurally deficient in the first half because we support 50% of charges with only 40% of our annual," says Alain Capestan, Executive Director.If prognostic already year 2012 "difficult", it aims for 2011 an increase of 2 to 4% of sales, operating income stable, but net income declined, mainly because of differences currency movements.

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29.9 billion euros. This is the minimum cost per year, calculated by the Institute of the company, the sixteen main proposals of the socialist program and François Hollande for the presidency in 2012.

Measures François Hollande

The Institute has calculated the company eight measures developed by the Socialist candidate in the primary. First, the creation of 12,000 teaching positions per year, or 60,000 on the five-year term. This would cost 360 million euros per year, cumulative $ 1.8 billion in 2017. "These new posts create an implicit debt to the State, which undertakes to pay the pensions of these agents when they reach retirement age," says the Institute. The rating is saltier contracts for generation, exempting charges for three years as a young recruit companies while maintaining a senior job.This measure, the five-year cumulative, burden on public finances from 30.5 to 33 billion.

Another strong measure: the extension of the RSA under 25 years of activity without preconditions. The Enterprise Institute estimates that 120,000 to 200,000 young people could be affected, which would represent an annual cost of 528 to 876,000,000. With "a serious risk of imprisonment in a youth inactivity trap and a significant risk of fraud", the RSA representative "70% of the money diverted to family allowance." The Institute also estimated the cost of the massive development of renewable energy and reducing from 75 to 50% of the nuclear power generation by 2025. The bill? 10.9 billion a year.If this effort can reduce French imports of energy, it will be "on the other hand a negative effect on the purchasing power of households, through the rising cost of energy bills," warns the IDE.

The measures of the Socialist Party

Winner of the primary, Francois Hollande has not yet specified what action the program he intended to resume the PS no fax payday loans. The Institute has calculated the company in the main. The establishment of a public early childhood, a key measure of the project would cost between 4.5 and 5 billion per year. Half the budget of the justice! The bulk of the bill would come from the creation of 360,000 childcare places (3.8 billion per year … just by operating costs), welcoming children from 2 years to kindergarten cost him, by 720 million year.Much controversy as the assistant accused of favoring the creation of a study allowance for trainees is paradoxically less expensive. The Institute's $ 1.3 billion per year. The reason? This new allowance would replace other aid, and especially young people concerned only with limited resources. The bill would particularly high, however (9.6 billion per year), if the allowance was extended to all students, warns the Institute.

In a more traditional vein, the PS promotes the appreciation of the disabled adult allowance (AAH) and better care for older people, through the personal autonomy allowance (APA).According to the Institute, which takes the hypothesis of a revaluation of these allowances by 20% over five years, the AAH would cost $ 1.7 to $ 1.9 billion a year more, and the APA, 1, 5-2100000000.

Cell quantification of presidential projects, implemented by the Institute of the company, will now address the evaluation of the revenue side of the PS program. The question is whether Francois Hollande planned 30 billion of resources to balance its balance sheet. Last outstanding issue: the institute did not look back on the pension reform, suggested by the PS but never clearly put on the table by François Hollande. If this were the case, the encryption would rise much faster.

The Paris Bourse, who did not know which way to turn this morning, finally chose optimism shortly before the opening of U.S. markets, and the day after a sharp drop in session. The CAC 40, which started up in shy and then fell below 3200 points in late morning, far back in the green earlier this afternoon. To 15 hours, he climbed 1.28% to 3227.37 points. The London FTSE is also up dansle green, up 1.37% to 5477.59 points. The Frankfurt Dax climbed meanwhile to 1.56%, passing over the threshold of 6000 points to 6006.86 points.

While the debt crisis still occupies all minds. Last night, Spain has been the target of the rating agencies.After Fitch, Standard and Poor's lowered turn a notch sovereign rating of Spain, to "AA-", citing the "uncertain prospects for growth" of the country and the likely further deterioration in the Spanish financial system . Banks are also in the viewfinder. While the leaders of the euro area support more vigorously a recapitalization of the sector, Fitch up seven institutions on negative watch, including French banks BNP Paribas, Credit Agricole and Societe Generale.

However, investors welcomed the good news last night: the green light given by the Slovak Parliament to strengthen the European Financial Stability Fund (EFSF). This gives air to the single European currency traded at 1.3802 dollars around 15 hours.

Debt problems in the euro zone should just stay in the heart of the Paris meeting, tonight and tomorrow until Saturday, finance ministers of the latter must include G20.Ces prepare the summit to be held in early November. France has also supported the idea of ​​making Thursday the EFSF bank. The markets have hopes of progress on the case.

Busy schedule

Operators also appreciate the battery indicator on both sides of the Atlantic side disappointment, inflation accelerated more than expected in September in the euro area, moving to 3% against 2.5% the month above, said Friday the EU statistics office Eurostat.

However the U.S., retail sales rose more than expected in September (1.1% against 0.7% expected). At the same time, import prices in the U.S. rose 0.3%.Rather reassuring statistics on the state of the U.S. economy. However, most investors expect the index of consumer sentiment for October and business inventories.

In China, inflation slowed slightly to 6.1% in September, against 6.2% in August, the government said Friday, but remains at a high level that does not bode a loosening of Chinese monetary policy.

Values ​​to follow

Banking sector

Placement on negative watch by Fitch of several institutions weighs on prices.BNP Paribas lost 3.49% to 32.18 euros, Societe Generale 2.62% to 21.04 euros and Credit Agricole 0.42% to 5.26 euros.

Veolia Environnement: 1.21% to 11.30 euros

The group has hired investment bank DC Advisory for the sale Citelum, a major global players in the lighting and electronic equipment areas, reports Les Echos.

Accor: 2.70% to 22.64 dollars

Already a leader in Asia Pacific, the group will open more than 200 by 2014, including doubling its presence in Indonesia, new land for expansion after China and India. The group also plans to sell seven hotels Suite Hotel, located mostly in Paris, for $ 77 million to a consortium of French investors.

CA Cheuvreux has decided to lower its price target from 35.5 to 29.5 euros to reflect the slowdown in the global economy but it remains to outperform.

Carrefour: 1.78% to 17.15 euros

Cheuvreux lowered its price target from 19 to 16 euros and remains under-performance.

GDF Suez: 1.58% to 23.49 euros

According to a report in Le Figaro, confirmed by a spokesman, the gas distributor has filed an appeal Thursday in the Council of State against the government's decision to freeze gas prices for individuals from 1 October.

Belvedere: 3.22% to 29.14 euros

The Court of Appeal of Nimes, which examined the validity of Thursday a new backup procedure given in July to spirits group, has reserved its decision on 1 December, according to sources familiar with the matter.

Eurazeo: 1.53% to 33.21 euros

The group announced Thursday an investment of 37 million euros in 3S Photonics, a French specialist in opto-electronic components including the Strategic Investment Fund held 18%.The operation, which includes a capital increase will allow Eurazeo to control 83% of 3S Photonics.

Stallergènes: 1.11% to 45.60 euros

The group confirmed Thursday its growth objectives and scope for this year despite the slowdown in activity growth in the third quarter.

Eutelsat: 1.16% to 29.74 euros

The group announced Thursday night that he would propose to the November 8th general meeting of shareholders to elect as president of its board of directors Jean-Martin Folz, former CEO of PSA Peugeot Citroën, succeeding Giuliano Berretta .

Netgem: -4.51% to 2.75 euros

The group reported Thursday a drop of 45% of its turnover in the first nine months of the year to 59.4 million euros and said that the forecast revenue in the second half would be comparable to the first.He added that his business continued to grow profitably, to increase cash flow.

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The French, Belgian and Luxembourg governments announced Sunday mid-day they had found a solution for the bank Dexia, about to be dismantled. Their proposals were still to be considered by the Board of Directors of the bank has been meeting for 15 hours in Brussels.

In a statement, the three governments reaffirmed their solidarity in the search for a solution that is shaping the future of Dexia, and ensure the management of the banking group, their full support."The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals", they said, without giving more details on how they have learned.

A purchase of 100% of the Belgian branch

Sunday morning, Finance Minister Didier Reynders had indicated in an interview with the RTBF channel that Belgium did not exclude to redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank. The price of DBB is estimated between 3 and 7.5 billion euros, and the Belgian State is priced in the low end. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely. This does not mean that we will stay three months or six months, "he said.Given the scale of the debt crisis, the Minister of Finance estimated even possible that the state is still present in the capital of DBB in three to five years on line pay day loans.

The scheme favors dismantling of Dexia now a nationalization of the Belgian entity, Dexia Bank Belgium and in France the creation of a new bank dedicated to local communities. This would take the portfolio of loans to local Dexia's a small part comes in the form of toxic loans in the heart of the turmoil for several months. Other assets such as Denizbank, the Turkish subsidiary, Dexia BIL in Luxembourg or be sold. Quatar's sovereign wealth fund would also be interested in the latter entity. The amount of these operations is unknown.

Belgium Dexia has already saved the first time in 2008 by injecting, like Paris, three billion euros.So now it seeks to limit the bill, said Saturday the Belgian daily L'Echo.

In the spirit of Belgian politicians, the idea is to have a solution on the table before Monday morning and the opening exchanges in Europe. Belgian Prime Minister Yves Leterme wants the government proposals to be endorsed soon.

(With agencies)

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LVMH keen interest in crocodiles. The luxury group buys Heng Long, one of the five largest tanneries in the world of skin of these amphibians. LVMH guarantees its supply of crocodile leather quality that will serve to make its products more upscale, like her Louis Vuitton bags designed by Sofia Coppola or some accessories valued at Dior.

Tanning, led by Koh family since its inception in 1950, is listed on the Singapore Stock Exchange, it should be removed in the coming weeks.

This will be done via a holding company dedicated HLI Holding. It will acquire all shares of Heng Long to 160.8 million Singapore dollars, or about 92 million euros. LVMH will become majority shareholder of Heng Long, holding 51% stake. The Koh family is committed to reinvesting in the HLI holding up the remaining 49%.The Director General and Executive Director, members of the fourth generation Koh, will remain in place for at least the next five years.

The tannery produces between 200,000 and 300,000 skins per year, including crocodiles from Porosus high in Asia. Despite the change of ownership, it will continue to supply customers other than LVMH.

Heng Long is riding high. Its sales surged in the first half of this year to 36.3 million Singapore dollars (20.8 million), it was up over 50%. During the same period, the net result of the tannery was even more than doubled.

"If your forget you Papi, did you not understand!" This is the slogan that the Feast of grandfathers proudly looks for Sunday, October 2. This annual event occurred in 2008 reflects the growing weight What grandparents grandmothers are celebrated in France on the first Sunday in March since 1987 not only in the family hierarchy but also in the population. In fact, 50% of those age 55 have at least one small child bad credit personal loan lenders. "Women are becoming grandmothers at 54 years on average, while men are becoming grandparents at age 56," says Sophie Schmitt, founder and CEO of Seniosphere, a consulting firm in strategy and marketing on the target of baby Boomers and seniors.

Poster of the 2011 edition of the Festival of grandfathers. DR.

The long pause between colleagues at lunch time lived. The increased pace of work was right in this traditional division, whose length has been reduced to a trickle in the last twenty years. While employees willingly stopped for over an hour and a half to sustain themselves in the 1990s, they now spend no more than 22 minutes on average to this ritual.

"The lunch break has become the adjustment variable of the workday, says Anne-Sophie Godon, director of prevention within the group of social protection Malakoff Médéric, who published a study Tuesday on the subject. The content of the day was densified, while the distance between work and home tends to increase. In this context, employees have no choice but to cut back on the lunch break. "Women are more concerned than men, many of them prefer to take the shortest time at noon in hopes of starting earlier work, says Odile Fox, medical officer in Paris.

Employees bring their lunch more

With less time spent at lunch, it is the nature of the meal that has changed. A perceptible change in the last few years yet, the study said. Since 2009, the number of employees who go home for lunch has been declining (29% of respondents in 2011 against 34% in 2009), as well as those who go to a restaurant business (19% instead of 22%). In contrast, the share of those who swallow a sandwich as a meal is still growing by 2 points in 2011 compared to 2009.

Shortening the length of the lunch break is not always synonymous with "junk food".The proportion of employees who bring their pittance to work after having prepared at home is steadily increasing. Nearly a third now say do it frequently, women are over-represented again. "The French are trying to eat more balanced, it is a serious sociological trend. Provide meals is a way to control your diet. It's also a way to save money, "says Anne-Sophie Godon. The crisis is over there.

Decreased concentration

Sandwich and dish prepared in advance, reducing the dwell time has nevertheless perverse effects. "When you eat quickly, no time to feel full. Satiety occurs only after a quarter of an hour. And when we eat at his computer, it's worse: it does not even pay attention to what you swallow.Result, we tend to snack in the afternoon, "said Patrick Serog, doctor. In 2011, 39% of employees admit to regularly snacking, two points more than in 2009. "Making a real pause, three-quarters of an hour, is crucial, says Odile as Fox. Without this cut, the stress builds up. "

The health of the employee is not only involved for the company either, the lunch break is not wasted time. An employee who does not stop and does not cut even if it's only twenty minutes with their working environment is an employee who may lose concentration. "Attention has its phases. It can be really careful for forty five minutes or an hour, but rarely more. If we restore his normal work environment at his office, for example, the concentration decreases even faster, and we made mistakes, "warns Patrick Serog.This did not include an office where you eat according to host Monster 400 times more bacteria than the toilet normally maintained.

"Testimonials – And you, do you take time for breakfast? Prepare your meals in advance or do you buy close to your work? Share your experience in comments below or by email at temoin@lefigaro.fr.

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The IMF Christine Lagarde would it become anti-globalization? Long, the subject is taboo: that globalization does not please everyone, it tends to increase inequality in rich countries, everyone sensed. But it was a lesser evil. Cons weighed in the balance somewhat, compared to the prowess of China, India or Brazil and the hundreds of millions of people out of poverty through free trade. "Globalization" as the Anglo-Americans, was an apotheosis for the IMF. Its original mission, and still relevant, is to eliminate protectionism and the specter of the Depression of the 1930s. Light of Sirius, all was well in the brave new world.

This good report is no longer appropriate. The IMF recognizes that since the "Great Recession" of 2008-2009, more than 200 million people are unemployed worldwide. A record.And three-quarters of the 30 million unemployed appeared in the "advanced" countries. However, the phenomenon looks durable.

The World Economic Outlook, which forecasts 2011-2012 were published last week, a special chapter devoted to "labor markets in advanced economies" and their structural changes. That is to take stock of two decades of globalization flawless. "Technological change and trade are as old as civilization," warns the Fund. But this time it's different. Strange coincidence, the revolution in information technology broke out when China, India and the countries of the former Soviet empire have joined the global market, which they were previously excluded.Overnight, shortly after 1990, the global employment has almost doubled to $ 3 billion.

The new communication technologies, including container transport, helped to internationalize production lines. One of the most eloquent symbol is provided by Apple's products are designed in California and assembled in China by Foxconn. Apple includes only about fifty thousand employees, researchers and managers, while the second largest global market capitalization, after Exxon. Less glamorous, Foxconn is working a million people.

25% of the United States would be "relocated"

These are the United States as a whole that work on this model, specializing in highly paid office jobs and relocating industrial production. The international division of labor has been entirely satisfactory in the first place."Until a decade ago, the effects of globalization on the distribution of wealth and jobs were safe," according to Professor Michael Spence, the IMF quotes extensively from the work instant credit report. The Nobel Prize in Economics notes that from 1990 to 2008, the U.S. managed to create 27 million jobs, keeping unemployment low. But 98% of these positions were offered by the sector working exclusively for the U.S. domestic market, including 10 million from government agencies and health. In contrast, industries whose products are exportable, "tradable", as the term of Michael Spence, did not increase their employment, except in highly skilled occupations. The biggest loser is the middle class, who was employed by the industry.According to Professor Alan Blinder, former number two of the Fed, 25% of all jobs in the United States would be "relocated".

This reconfiguration of the labor market was not prejudicial as the United States grew at a rate of 2.5% per annum. It became unbearable to the crisis, while the construction, public agencies and service companies hire less and less, even at low wages. The IMF notes that all the old industrialized countries are housed in the same boat. For his part, Michael Spence said the exception of Germany, "which has clearly failed to protect his employment in export industries when they were threatened." He noted also that the de-industrialization resulting in collective impoverishment.According to his calculations, the value added per employee increased from 72,000 to 80,000 dollars between 1990 and 2008 across the Atlantic in non-exporters, while it jumped from 79,000 to 120,000 dollars in industries working for the world market.

Globalization is certainly not a zero sum game in which emerging economies prosper at the expense of old nations. But within each country, certain social groups benefit while others suffer. IMF sees not only a factor of inequality, but also a drag on overall growth: by venting industries, which have much higher potential productivity service activities, the United States and Europe condemned to decline. Not wishing to embark on a highly political terrain, the IMF experts take shelter behind the recommendations of Professor Spence.They are twofold: win back lost industrial jobs by the middle class while practicing a specific social redistribution in favor of the victims of globalization clearly identified.

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