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Danièle Karniewicz chairs the board of the National Old Age Insurance (CNAV) for ten years. The CFE-CGC union, known for his outspokenness, will transfer his seat Friday to a representative of TF.

LE FIGARO. – How do you with a year follow-up the last pension reform?

Danièle Karniewicz. – It was inevitable to act on levers and short-term increase in the age of departure was the parameter most effective in lowering the stress deficits by 2018 payday loan. And we are already seeing the impact on the accounts of the general scheme: CNAV should reduce its deficit in half by 2012 and the flow of retirements begin to slow this year to produce 8.7 billion euros in savings in 2020.

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With the individual

The Finance Act 2012 goes a new movement of the plane 10% of the 14 tax loopholes already affected in 2011 (rental investment schemes, investment in unlisted companies including …). Although the tax credit for taxpayers conducting energy conservation work in their primary residence is no exception to the planing, the government decided to initiate a reform of assistive devices to the improving the energy performance of dwellings. He wants to promote major renovations including the return on investment is sometimes more than thirty years.This work financially unattractive, however, are needed to achieve the 38% reduction in consumption of existing buildings in the park, set by the Grenelle Environment Forum.

What work is encouraged?

To reach its target of 400,000 retrofits thermal year, the government intends to achieve more attractive bunches of work. Thus, taxpayers carrying the same year, at least two categories of work will receive a tax credit rates increased by 10 points, but the rate so obtained may not exceed 45%. This may include, for example, the joint realization of the wall insulation and the roof, along with installing a new boiler performance or installing a heat pump.The device, which was completed December 31, 2012, is extended for three years.

Bercy does he discourage some work?

Indeed, work is now less efficient on the spot. Thus, the installation of double glazed windows, entry door or shutters in a house no longer open right to the tax benefit if it is not accompanied by other work faxless payday advance. And when applied, the rate of the tax credit will be lowered to 11% in 2012. Similarly, the tax credit for installing solar panels for electricity production is seriously dented. The rate will increase from 22% to 13% and the tax benefit will be subject to a specific ceiling, set by decree.Costs savings are now included in an overall ceiling of € 8000 multi for a single person and 16,000 euros for a married or civil union, this amount being increased by € 400 per dependent.

Funding arrangements will they be improved?

In 2011, only 50,000 Eco-PTZ (interest-free loans granted for thermal renovation of housing) have been granted. A figure well below the objectives of the Grenelle Environment Forum. Therefore the government intends to make it more effective. Its maximum reimbursement would increase from 10 to 15 years when financing the simultaneous production of at least three kinds of work. This would apply to offers of loans issued from 1 April 2012.Similarly, to allow low-income households to achieve these major renovations, homes with an income tax benchmark tax is less than 30,000 euros per year will earn the Eco-PTZ and the tax credit. And, for offers of loans issued from January 1, 2012.

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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.

Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

Risk of default of Greece, uncertainty about the Italian economy, banks in the crosshairs of the rating agencies … in times of financial uncertainty, real estate is more than ever its role as a refuge. A study by the Ipsos institute for the network of estate agents Orpi, released this morning confirmed. 39% of respondents, real estate is "the safest investment in France today."

The stone ahead and booklets and savings accounts offered by banks (29%), and life insurance (19%). Actions (2%) and bonds (2%) are even further relegated last. The survey results show that confidence in real estate is even stronger than household incomes are high.Thus, over half (52%) of those reporting more than 3000 euros monthly income claims to have faith in the stone.

If Bernard Cadeau, president of the Orpi network, welcomes the conclusions of the study, he also expressed fears for the future. Recent government decisions – taxation of capital gains, reducing the advantage Scellier have …- he said, clearly upset the French. "It also translates instantly into the field with 5% of our customers who have taken the mandate to sell their second home in the weeks that followed," said he. A view shared by Gilles Ricour Bourges, his counterpart at the Paris-Fnaim. Since August 25, the real estate professionals succeed in denouncing the announcements made by the government and their negative effects on the market and on household budgets as prices could rise again because of the shortage.Analysis they will not fail to spread on the occasion of the exhibition of real estate in Paris, which opened on next weekend.

UBS has not finished paying the consequences of fraud valued at 1.5 billion euros of one of its traders in London. Beyond a tarnished reputation, the scandal threatens the investment activity of UBS and its credit rating, sesame to borrow on the markets. In fact, Moody's has been quick to draw. In the evening, the rating agency has under surveillance the notes of the first Swiss bank to a possible degradation. If the loss due to fraud is "manageable" by the bank, Moody's noted, "these losses raise questions about the group's ability to successfully rebuilding its investment banking operations," said the specialist assessment Financial. More worryingly, Moody's believes that the event shows the "weaknesses in risk management group."

The rating agency also reserves the possibility to study "the implications of such an event on the ability of management to grow the sales of the investment bank in a suitable manner in terms of risk and the potential impact on profits of another setback on that front free business cards. " And Moody's adds: "Similarly, we will consider the potential implications of such an event on the reputation of UBS to its customers of its private banking and wealth management."

However, Moody's believes that the examination of the situation "is unlikely to lead to damage of more than one notch."The bank in turn stated that the case was likely to plunge into the red its third quarter results, but that customers should not suffer directly.

Markets, the penalty was immediate: the title UBS closed Thursday down 9.75% to 10.80 Swiss francs in a market up 0.29%. It must be said that the bank accumulated problems. In 2008, she was among the banks most exposed to subprime. More recently, the bank paid the $ 780 million U.S. in tax evasion Affiris. And some observers are quick to mention the outright end of the business of investment bank UBS.

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After starting the session in the green on Tuesday, following information about a possible takeover of Italian debt by Beijing, the CAC 40 is pressed far into the red on Tuesday. One hour after opening, it lost 2.86% to 2773.07 points, after starting the session up (1.53%). The other European financial centers remain hesitant: the Footsie-100 from the London Stock Exchange down 0.11%, the Dax in Frankfurt rose 0.26%, the FTSE MIB in Milan down 0.11% and the IBEX 35 Madrid is at -0.13%.

According to a report in the Financial Times, had asked Italy to China to perform major purchases of its sovereign debt.Senior Italian officials told the newspaper that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Despositi e Prestiti. After starting the session in the red, Wall Street has ended the session in the green Monday, the Dow Jones gained 0.63% on the session. This morning, Asian stock markets also popped up slightly. The day before, the Paris Bourse had ended the session on a sharp decline dropping 4.03% to 2854.81 points (their lowest level since April 2009), weighed down by banking shares.However, market rumors suggest that Beijing now hear is not finally ready to buy bonds in Italy.

Result: the banking sector is left in the red zone, having been literally massacred on Monday. For the record, the U.S. agency Moody's announced it would lower a notch notes BNP Paribas (-10.26% to 23.44 euros) and Credit Agricole (-2.01% to 4.73 euros) and two notches that of Societe Generale (-6.10% to 14.62 euros) because of their exhibits to Greece.

Investors are particularly concerned about the situation in Greece, including the possibility of bankruptcy is no longer excluded for many politicians. An output of Greece to the euro is now considered by many economists.To this must be added about this Monday, Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), which estimates that Greece may have to undergo further restructuring of its debt. "What is likely to be more pronounced restructuring of the Greek debt," he said on iTV. German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens.In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."

Oil prices mixed

On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece. Around 8 am, the single European currency was worth 1.3665 dollars against 1.3680 dollars on Monday in 23 hours.

As for oil prices, they were mixed, helped by a relative weakening of the dollar-weighted but the latest projections of OPEC anticipates a lower than expected growth in demand for crude because of the nervousness of the markets.In early electronic trading, a barrel of "light sweet crude" for delivery in October gave himself 80 cents to 88.99 dollars a barrel while Brent North Sea crude for delivery in October, more sensitive to economic conditions in Europe, gave 52 cents to 112.25 dollars. "We see that oil has a weaker dollar," said Ker Chung Yang, an analyst at Phillip Futures commodity in Singapore.

On the front mécroéconomique, the consumer prices in France rose 0.5% in August from the previous month, said Tuesday the National Institute of Statistics (INSEE).This increase resulted mainly from the late summer sales but also reflects the higher prices, also seasonal, tourism-related services, these increases are offset by the seasonal decline in prices of fresh produce, INSEE said.

In addition, the current account deficit widened from France in July to 4.5 billion euros against 3.4 billion in June, due to an increase in the deficit of trade in goods, announced Tuesday Bank of France.

United States, the import price will be announced in late afternoon.

Values ​​to follow

Accor (-4.77% to 20.48 euros)

The hotel group announced on Tuesday a target for 2011 operating profit of between 510 and 530 million euros during the presentation of its new strategic objectives.

Renault (-2.69% to 23.33 euros)

The manufacturer has officially launched Monday in Maubeuge mass production of the Kangoo Zero Emission (ZE), which accounts for between 30,000 and 20.OOO vehicles per year.

PSA Peugeot Citroën (-2.91% to 16.04 euros)

The CEO of PSA Peugeot Citroen confirms Philippe Varin Tuesday in our columns his will "accelerate cost reductions," including employment.While ensuring that no significant slowing in demand was observed, explaining that the group wants to "guard against a possible market downturn."

Total (-2.29% to 31.38 euros)

The oil company announced Monday that he wanted to continue the search for shale gas in the southeast of France, while pledging not to use the method known as "hydraulic fracturing" now banned.

Interparfums

The group specializes in the design and marketing of fragrances, posted first half net profit up 33% to 17.1 million thanks to sales, according to a statement released Tuesday. This result should the "lead to revise upward its forecast for sales in 2011," added the group.

During the weekend, Moody's and the three banks involved have declined to make any comment.

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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Coca-Cola is angry against France. To protest against the tax on soft drinks that the government of François Fillon wants to establish in 2012, as part of the austerity plan, the U.S. giant announced Thursday the suspension of an investment of € 17 million provided for the next year at its plant in the Bouches-du-Rhone, the Pennes-Mirabeau.

This is the first concrete decision of the U.S. company from ads on 24 August. By this gesture, the group's management intends to "symbolic protest" against the tax. The investment "is not canceled but it must be reassessed in the context of uncertainty created by the tax," says the group. These 17 million would be used to launch a new production line for cans at the plant, the second in France in terms of production, which employs 203 people and five years has already received 45 million euros of investment .

It was to be formalized on September 19, on the occasion of the celebration of 40 years of factory Pennes-Mirabeau. The arrival of John Brock, president of Coca-Cola Enterprises for 40 years the site is also canceled.

"I understand the position of Coca-Cola"

Coca-Cola, which employs 3000 employees across five production sites in France, says wait and see what will unfold the vote in Parliament before taking a final decision. The tax should indeed be debated in the coming weeks as part of the bill for funding Social Security."We hear and symbolic protest against a tax that punishes and stigmatizes our company our products," said Coca-Cola, which "reaffirms its strong opposition to any form of stigmatization of soft drinks and their assimilation into other product categories such as tobacco. "

This tax, which should bring 120 million euros to the state, according to the manufacturers should increase the cost price of the can of a euro cent on average. For the National Association of Food Industries (ANIA), the decision of the U.S. company is understandable. "I understand the position of Coca-Cola, said Jean-René Buisson, president of the association. Coca is one of the companies that have signed charters with the government on reducing sugar and nutrition education policy.Why do food manufacturers would they continue to trust the government? ", He gets mad. "The tax Fillon is the stigma of food which is harmful is not scientifically proven," he adds.

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The CAC 40 continues its slow descent into hell. The stock market, which recorded a third consecutive session ended with a downward decrease of 1.13% to 2965.64 points, its lowest close of the year. It should even go back in spring 2009 to find such levels.

Moreover, stock markets are all in red with the exception of London (1.06%) and Zurich (4.02%). But the DAX in Frankfurt still loose 1.04% and 2.06% Milan.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union.Some analysts believe even now that the plan was stillborn. "Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said.

Societe Generale and Credit Agricole to the lowest since 2009

Bank stocks were again the most attacked: BNP Paribas lost 5.24% to 29.66 euros, Crédit Agricole, 4.72% to 5.56 euros and Societe Generale, 6.54% to 18.92 euros.

Audika: + 1.56% to 16.30 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: 2.54% to 12.50 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: -1.68% to 17.80 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: -1.66% to 54.36 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: -0.38% to 55.29 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: 0.03% to 19.30 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France-KLM: + 0.79% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: -2.07% to 19.63 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Séché: -9.65% to 42.45 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

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