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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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"THE INDIVIDUAL – How to pay less tax by reducing its energy bill?

The French have never been so pessimistic. A new study paints a bleak picture of the mindset of our citizens. A 88%, they are worried about the situation of their country. A 76%, they are also for their personal situation. "The opinion wins on several subjects, as if the French were more likely to want to stay out of the system," said Vincent Leclabart, head of the agency Australia and sponsor of a survey by TNS Sofres on the relationship between advertising and society.

"We are increasingly optimistic that the country itself," said Emmanuel Rivière, director of strategy at TNS Sofres opinion. But here, the curves converge dangerously pessimistic. The "pessimistic" and "pessimistic" for their personal circumstances have never been numerous. There have been two peaks in the past decade.In 2005, after the "no" to the referendum on the European Constitutional Treaty, and in 2008, due to post-election disillusionment. But after the fall of Lehman Brothers in September 2008, the financial crisis has clouded the picture further. This did not stop to think the French in 2009, consciously or not, the worst was over. They began to hope again. Only the current crisis of debt, at a time when unemployment rises and where growth vanishes, again plunging morale.

The study lists four stalls. In addition to the pessimism, the French won by a malaise that affects both their purchasing power and their relationship to politics and marketing. "The urge to spend is progressing, but the means are lacking, creating a frustration," said Vincent Leclabart. 56% of French people say and do not earn enough to live as they wish.Worse, four out of ten live hard and 27% admitted to frequently or permanently deprived for financial reasons.

63% indifferent and phobia

"These numbers are very important for a developed country, says Vincent Leclabart. A section of the population picks seriously. "This, in a few months of democratic maturity important for the country. But for the French political life is still boring to 42%. And they do not trust politicians to redress France.

In their world of consumption as the French drop. For the first time since the inception of the study eight years ago, the indifferent and opposed to the model "consummatory" the majority (63%). If love remains stable for brands, consumers believe that companies run to them and not their customers."It's about relationship, not product quality," says Vincent Leclabart. The French judge brands more invasive and less entertaining or convincing. Harshest techniques marketing are those who no longer want to spend, even if they can afford. A quarter of French would be disillusioned and when the poor are themselves the "unsubscribe", living hard and having more desire. The study concluded that "policies and brands do not seem to have changed relational mode. At a time when everyone theoretically has the means to express themselves, the opposite is often felt. "

The case of the fraudulent trader at UBS will ultimately cost his position to the Director General of the Swiss bank. The institution announced in a statement Saturday that the departure of Oswald Grübel. "Today, the UBS Board of Directors has accepted the decision of Oswald Grübel, Group Chief Executive, to retire from office. The Board asked Sergio Ermotti to assume this interim position. This appointment is effective immediately, "said UBS.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

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"Fraud: UBS under surveillance by the rating agencies

"UBS revises upwards the bill for the trader

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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"The biggest financial fraud

"A trader fraud cost $ 2 billion to UBS

While many criminal investigations are underway in the United States against Goldman Sachs, the management of the investment bank is taking the lead. Concordant sources, its chief executive, Lloyd Blankfein, has hired Reid Weingarten, a lawyer outside the company. The establishment said that such recruitment is not exceptional. Thus, a spokesman for the group stated that: "As is common in such situations, Lloyd Blankfein and other members of society must be heard as part of an investigation by the Justice Department U.S. response to the issues raised by a report (of a commission of inquiry of the Senate) have hired a lawyer. "

But in exchange, the reaction was particularly violent: the title of the bank plunged 4.7% to 106.51 dollars on Monday.The action that had opened up a hook at the very end of the session in the wake of the announcement by Reuters, the recruitment of Reid Weingarten. The decline then continued as in trade after the market fell to 105.45 dollars. The markets are worried because of legal troubles that will face the bank and could affect the company and its future profits.

Profile Reid Weingarten feeds the fears of Wall Street

The profile of the chosen lawyer, Reid Weingarten, fueling fears of investors. The latter is one of the most renowned lawyers in the defense of white collar crimes. He has defended the former CEO of WorldCom, Bernard Ebbers and former CFO of Enron, Richard Causey credit reports free. Both men are currently incarcerated for fraud.Reid Weingarten recently said to be "used to defend difficult cases where my clients are hated by all." He has also defended including the former legal adviser to the U.S. energy broker Tyco, former executive director of classifieds site Monster.com employment and CEOs of U.S. Neteller online banking and the reinsurer Gen Re . All suspected fraud, tax or other.

After being hired by executives of Goldman Sachs, some are asking: "Why hire someone like that?" And for them, "it means only one thing: they take the matter seriously."

Goldman Sachs is not his first brush with the law. Accused of misleading its customers at the height of the crisis, the bank had paid $ 550 million in June 2010 to settle a complaint by the U.S. authority to regulate stock exchanges (SEC).And recently, the U.S. Senate issued a 650-page report very critical of the bank for its handling of the subprime crisis. The Justice Department is also continuing its investigation into Goldman Sachs and questions about its activities and its role in financial crisis. The bank is particularly accused of misleading its customers shortly before the outbreak of the financial crisis. She also denies two years of accusations of fraud and conflict of interest.

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What are your proposals for Nicolas Sarkozy and Angela Merkel?

Europe is ready to adopt guidelines on beetles or grading apples. But when it comes to economic and financial regulation, it nothing happens. The EU countries have transformed the Stability and Growth Pact in a cheats and liars. Europe needs the government's proposed economic finally the President and Chancellor.

Will you vote the "golden rule" if Congress is convened?

I will vote, even if the proceedings of Parliament are below what I expected, including the monopoly of the tax provisions. With this rule, the president is in the direction of history. But in September, the presentation of the budgets of the State and Social Security in 2012 will be the first litmus test flexcheck cash advance. We need to find 10 billion euros.I propose a new tax bracket on income, rising from 0.25% of the CRDS and a large movement of the plane on tax loopholes. It must also cut spending for operating and intervention.

Do you understand the dam from the left on the "golden rule"?

It is time to change our political practice. It is outdated and disastrous. Major reforms can not be a camp against each other. This is not because Nicolas Sarkozy has not been exemplary control deficiencies that must be opposed to the recovery of France.

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"Paris and Berlin want a golden rule for the euro area

In the wake of the Asian stock markets, down sharply Tuesday morning despite a slight improvement at the end, the financial center of Paris does not know how to behave on Tuesday … Faced with fears of economic recovery and the financial situation of countries, the Paris index is in fact the yo-yo since the opening, from a technical rebound in early trading, a new panic attacks (-3 , 08%), 1:30 after the opening. The Paris index is even pressed for less than a minute to below 3000 points, a threshold that had not crossed since July 13, 2009. This excitement is not surprising, the magnitude of the losses yesterday on Wall Street (close to 600 points for the Dow, or 5.5% decrease) who confirmed the complete absence of calm in the markets.

The Cac 40 started his session on a net increase of more than 2%, to 3188.27 points …before declining (-3.35% to 3020.46 points at 10:45). Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking to 3.01% at 5745 points. In Madrid, the Ibex 35 also passes into the red in 10 hours (-1.67% to 8318.30 points). Only the London remained in the red since the opening (-2.75% to 4929.54 points).

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama reveals that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis. European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index. From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy. In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros. At noon will also be released by INSEE oil prices and imported materials for July. For its part the Organization of Petroleum Exporting Countries (OPEC) will release its monthly report.

The barrel still under pressure

A report should be carefully watched, the price of oil is very strong pressure for 15 days, reflecting the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening.In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (77.78 dollars in mid-day in Asia, 7 pm, Paris time), while Brent crude was down the floor of 100 dollars to 101.04 dollars back then.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing. The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and as the traders confidence evaporates, "according to Jonathan at Capital Spreads Sudaria.

The side of values ​​to follow:

Financial stocks limited case (BNP Paribas was down 1.08% to 38.88 euros, Societe Generale down 1.27% to 24.80 euros and Credit Agricole lost 0.28% to 6.73 euros). In turn Natixis (1.28% to 2.93 euros) and Axa (0.82% to 11.08 euros) came to stay in the green.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

GDF Suez (-1.82% to 19.46 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-16.23% to 6.09 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (0.60% to 5 euros) has been little state, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.

It's a real competition gigatisme. After the announcement by Prince al-Walid to build a tower more than a thousand feet high, the Burj Dubai skyscraper almost seem "small." Yet, this tower, which rises to 828 meters currently holds the record for the tallest tower in the world. And the number of buildings approaching that height now record, will increase in coming years.

The popularity of the towers is very strong especially in emerging countries, which will soon appear three new skyscrapers lying in a range in height from 500 to 800 meters. Symbols of modernity and economic development, they show by their names prosperity of their city or country. The Makkah Clock Royal Tower (601 m) should be opened in Saudi Arabia at the end of this year.The draft Jakarta Tower (588 m) in Indonesia, launched in 1997, should finally set up in 2012. As for the tallest tower in China, the Shanghai Tower (632m), with completion scheduled for 2014.

United States, where the tallest buildings are just above half a mile, top of a building 541mètres should dominate the sky in 2013. This is a skyscraper built on the ruins of the World Trade Center.

If prices continue to increase, rising interest rates tend to slow down on its side. The latest results of the Housing Credit Monitoring / CSA published Monday, the average rate charged by banks for getting a home loan rose to 3.90% in July, or 0.04 basis points over that in June.

It's much more at the end of 2010, where it reached a low of 3.27% on average, before rising sharply in the first quarter of 2011. In the early months of the year, interest rates have taken nearly 10 basis points per month, before slowing gradually to rise in the second quarter.

Because the factors that competed so far in the rise in interest rates now seem not to have to play. "The increase began in November 2010 was related to liquidity constraints imposed by the Basel III.To satisfy them, the banks have increased their margins on new loans payday loan lenders. Today, this adjustment – of around 70 points to 100 basis points depending on the establishment – is probably done, "said Michel Mouillart, an economist at Paris X-Nanterre.

Other factors, however, could take over. The cost of money, in particular, could rise because of uncertainties related to the amount of sovereign debt. For the moment, "this factor did not play," said the economist. But it is already expected that the three-month interbank rates and increasing to ten years until 2012, drawing upward those for mortgages. "The movement of rising interest rates should continue," predicts ultimately Eluère Olivier, an economist at Credit Agricole.

Increase the duration of loans

Photo credits: Jean-Christophe Marmara / Le Figaro

The New York Stock Exchange opened slightly higher Thursday, supported by a better than expected in the United States and hopes of resolving debt crises, despite disappointing figures on U.S. employment: the Dow Jones gained 0 , 16% and the Nasdaq 0.15%. The Dow Jones Industrial Average is 19.75 points to 12,591.66 points and the Nasdaq, dominated by technology, 4.30 points to 2818.53 points.

On Wednesday, the New York Stock Exchange completed a small drop in session hesitant, catching her breath waiting for concrete solutions to the debt crises in the U.S. and euro area.

President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default."I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

As on other major exchanges worldwide, operators will also have their eyes riveted to Brussels where 13 hours started at the extraordinary summit of the leaders of the euro area. The latter will try to find a solution on a new plan of aid to Greece to avoid contagion of debt to other countries deemed weak in the euro area. According to draft conclusions of the EU summit, the conditions of loans to Greece would be reduced. The idea of ​​bank tax was abandoned.

Busy schedule

On the foreign exchange market, the euro rebounded sharply against the dollar Thursday, buoyed by the draft agreement at the summit of the euro area in Brussels. Around 1330 GMT (1530 Paris), the single European currency was worth 1.4322 dollars against 1.4212 dollars around 2100 GMT Wednesday, after getting off to 1.4139 to 10:30 GMT. The euro climbed also clearly against the Japanese currency at 112.63 yen against 111.94 yen yesterday.

Oil prices were moving up slightly at the opening in New York, the market welcomed with relief the first details of the draft agreement between leaders of the euro area to meet the debt crisis cash advance today.Around 1:15 p.m. GMT on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.84 dollars, up 44 cents from the previous day.

On the macroeconomic front in the U.S., the day will begin with the weekly jobless claims. They proved disappointing: the number of new unemployment benefit recipients back to 418,000 people during the week of July 10 to 16, the figures Aoccdrnig Department of Labor. Analysts had forecast 410,000 new registrations.

Values ​​to follow

The side of values, the publications will continue today before the opening of Wall Street including Travelers, Pepsico, Morgan Stanley, United Continental and AT & T.

Investors will pay particular attention to Intel as Thursday.The world of microprocessors released after the market close, quarterly results better than expected. Net income progresséde 2% to 3 billion, a record turnover, up 22% to 13.1 billion. The title loses 1.78% to 22.58 dollars.

For its part, American Express Financial Group exceeded market expectations by announcing Wednesday an increase in earnings in the second quarter from 31% to $ 1.3 billion, thanks to higher costs to its customers on the cards crédit.Le of revenue has in turn increased 12% to $ 7.6 billion, above the 7.35 billion expected by analysts. The title earns 1.42% to 52.83 dollars.

For its part, the distribution group online eBay issued a net profit of 283.4 million dollars for the second quarter, down 31% due to the acquisition of marketing services GSI Commerce. The action wins 2.68% to 34.06 dollars.

Always on the side of values, Google (0.83% to 600.28 dollars). would grow in telephony. The Internet giant has begun discussions to buy the specialist in mobile phone technology InterDigital says the Wall Street Journal. The newspaper said the interest of the Internet giant for InterDigital comes in the wake of its failure on the redemption of certificates of the Canadian telecom equipment supplier Nortel. InterDigital, with a market capitalization of $ 2.8 billion, he is studying a possible sale.