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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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"The paper title should migrate en masse by 2015 to the cards (up to 60%) and fully supports paperless (up to 20%), 'the authors of the study, noting that the wallet electronics already account for 9% of online transactions. According to them, alternative methods of payment (that is to say all forms of payment other than credit cards, checks, bank transfers) should represent nearly 25% of online transactions in 2015 cash till payday advance.

Negotiated discounts

Go Digital Edenred offers the possibility of expanding its range of services. In France, the electronic Ticket Restaurant, the former Accor Services will offer "specials flash" in stores. The principle: allow recipients to take advantage of its products negotiated discounts.

With the rise of mobile phones, plus any hotel guest does call from his room. A loss for the hotel, which charges sometimes indecent communications with margins. Some have found a solution to compensate for the shortfall: charge for access to Internet.

"60% of the hotel offer the Web in their facility to their customers, providing Mark Watkins, president of Coach Omnium, research firm specializing in tourism. For now, about half of the hotels are equipped with pay around 5 euros per hour. Two out of three customers accept when they have no choice, but they find it outrageous. This is not a money problem. For them, it's petty. "

Paradoxically, economy hotels tend to offer the connection and it is the high-end hotels that charge the most expensive.

Private companies have indeed created 110,000 net new jobs over the month (Articles Analysts had expected 100,000). ADP also revised up sharply the number of hires in September to 116,000.

The traditional weekly oil stocks should also be unveiled this afternoon.

On the foreign exchange market, the euro regained some strength, however, rising by 0 fast cash loans.83% in late morning at 1.3775 dollars. Shaken by the announcement of a referendum in Greece on the bailout, the euro fell to 1.3609 dollars Tuesday, its lowest level since Oct. 12.

New salvo of results

As for values, the banking sector that has suffered the consequences of yesterday's bounce in the euro zone, expected to focus attention.

In Slovakia, the cacophony lasted all day. And eight and a half hour debate will not be enough. On Tuesday evening, the Slovak deputies rejected the strengthening of the Financial Assistance Fund in the euro area (EFSF). A decision that could aggravate the debt crisis in the eurozone. Indeed, the unanimity of the country is essential to confirm the agreement reached by the Heads of State on July 21.

Neither the European Commission's exhortations asking Bratislava to endorse the extension of funds or calls Jean-Claude Trichet speaking in a crisis "systems" need to "fight with great determination" n 'So it will not change. Nor the assurances of the German Chancellor, Angela Merkel, a trip to Vietnam, according to which euro area "political will to overcome the crisis."

Iveta Radicova, Slovak Prime Minister, had nevertheless put pressure, making the vote on the European relief fund about trust, it has finally add fuel to the fire. A party member of the governing coalition, the Freedom and Solidarity movement (12.1% of the vote), who refused from the beginning to support the EFSF, from the outset has responded by announcing that he would not participate simply not election. For weeks, he keeps saying that Slovakia is a country too poor to pay for the mistakes of others and pay 7.7 billion euros. Moreover, in all 124 deputies present, 55 elected representatives voted in favor, 9 against and 60 did not vote.

Early elections

Remains a second vote could take place quickly, as the Constitution allows it, it was said in Bratislava.The ruling coalition without a majority in Parliament, the government would not have other means to turn to the opposition. The Social Democratic Party understands the benefit to be derived from the situation: this very night, the Smer-SD announced its readiness to support the strengthening of EFSF, provided that early elections are held. "If the talks begin, I believe that voting can take place this week," said the spokesman of the party.

In short, just a few days of the summit of European governments scheduled for October 23, the rescue of the euro remains an issue that can not stop dividing.

It would almost forget that a new had to reassure the Greek Prime Minister George Papandreou.Troika (European Commission, European Central Bank and International Monetary Fund) has given the green light Tuesday to release "probably in early November," the new $ 8 billion promised to Greece as part of the loan to was granted last year.

The teams of the troika, which had suspended in early September, their on-site because the government was not fast enough in its reforms, believe that additional measures of rigor taken since mid-September "should be sufficient" to address the situation of the country and achieve the deficit to 14.9 billion next year.

Although they recognize that the revenues from privatization will be "significantly lower" to 5 billion euros that had been planned for this year.Similarly, they note the upward revision of the public deficit to 8.5% of GDP (gross domestic product) instead of 7.4% for 2011. But they keep their hopes for sales of state enterprises still bring 35 billion to Athens late 2014.

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Prime Minister George Papandreou on Thursday once again called on Greeks to "make one more effort." Parliament where he met members of the Ionian Islands region and Crete, he acknowledged that "in an international environment very hard and unfavorable" it was inevitable to give a new turn of the screw "to ensure the important decisions of 21 July which give Greece a new rescue package and alleviate the debt. "

But two days after the announcement of new austerity measures, the Greeks hardly accuse the coup.To get the sixth installment of the loan of 110 billion euros, or 8 billion euros, the government's attack this time directly to households: 20% discount on pensions in excess of 1200 euros months, 30,000 employees laid off and placed in lowering the threshold of non-taxation to 5000 euros per year.

For Thanassis, college teacher, the situation has become untenable. "For eighteen months, we wake up every morning with a knot in my stomach until the next sunset," says he. So far, Thanassis did not participate in strikes, but this time he is running out: "My wife earns only 400 euros per month and will now be imposed.As for me, in addition to the reduction in my income, it imposes upon me a new solidarity tax … I can not pay, they send me to jail, it will always be better than being homeless ".

Strikes cascade

Thursday, the streets of Athens were paralyzed by the strike of public transport and taxis, while teachers and municipal employees will do so instant payday loan. As a result, the Greeks had taken their cars, contributing to the formation of traffic jams. In turn, air traffic controllers stopped work four hours, forcing airlines to cancel or delay flights. And this is only the prelude to an end of September and October ahead particularly hot socially.

Even today, the whole country will again be largely private transport.From next Tuesday, taxi drivers planned a second strike of forty-eight hours, renewable. Before the nationwide general strike scheduled for 19 October, Greece is going to live on a chaotic rhythm.

For Pavlos Tzimas, a political analyst, the malaise is deeper. It may even, says he, to turn against the government: "This can not continue. Every three months, it was announced to the Greeks a new package of austerity measures. The government has overestimated its austerity program and has underestimated the weight of the recession. "

The business concern as well. "There is no compass, this government does not know where it goes," Constantinos Michalos rebels who heads the Chamber of Commerce and Industry of Athens.

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"Papandreou believes in crisis

"The promises that Greece has not held

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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While the public debt crisis shakes the euro area, France announced a new set of austerity measures. Goal: save 1 billion euros in 2011 and 11 billion in 2012 and thus reduce the public deficit to 3% of GDP in 2013. The government has set itself the "new challenge" to reach a deficit of 4.5% of GDP instead of 4.6% initially referred to "secure our path against any additional hazard growth and take care not to break the engine of growth, "said Prime Minister Francois Fillon.

The government downgraded its growth forecasts: this year, French GDP to increase by 1.75% against 2% originally planned. The same progression, 1.75%, is expected in 2012 against 2.25% previously expected.

The new measures

To achieve these objectives, Prime Minister François Fillon unveiled on Wednesday a new set of austerity measures. Most were expected. But Fillon said part of some key measures announced and others that had not been discussed so far.

– A tax on high incomes: it will be 3% income tax reference (capital and labor) from 500,000 euros.

– Increase of 1.2% of payroll taxes on capital income. Until now, property income (interest, dividends, life insurance products) were subject to social security contributions up to an overall level of 12.3%. This rate will increase to 13.5% and will apply to income in 2011."These households are mainly those whose standard of living is higher," insists Matignon.

– Overtime: The government has decided to reinstate the overtime in the Schedule of nationwide reduction of "maintaining the specific tax and social benefits," said the Prime Minister. Specifically, this measure will not change for employees whose net pay is not reduced and that the tax will not be increased. For employers, they will continue to benefit from the exemptions from overtime under declared but will have their planed reduce charges on low wages.

"This is not in any way to challenge the law Tepa who works overtime an instrument for business flexibility and purchasing power of employees," said François Fillon.This provision will be included in the draft budget law for 2012 Social Security to be debated in Parliament in the fall. It shall come into force on 1 January next year and will generate 600 million euros in revenue from additional contributions.

– Changing the taxation of real estate capital gains: is the measure that will bring the most in 2012 with an estimated saving of 2.2 billion euros. It is a measure that will bring the most to the state. It affects the owners of second homes, rental properties, building land or vacant. Until now, capital gains realized on the sale of immovable property (excluding principal residence) are taxed at 19% (plus payroll taxes). But the gain was undergoing a reduction of 10% per annum from the fifth year of detention.In the end, beyond 15 years in prison capital gains realized on the sale of these goods were therefore exempt from taxes. The government decided to abolish this reduction of 10% and derogatory "to tax real estate gains actually realized, after controlling for inflation no teletrack payday loan." Specifically, a tax of 19% will therefore apply to the capital gain, derived from the inflation recorded since the date of acquisition. Small clarification: This measure takes effect from the sales made after August 24, that is to say … Today!

– A new "movement of the plane" 10% of the score of tax loopholes already reduced much of last year.Are concerned and niches favoring certain investments overseas, investment in rental housing (Scellier) or the tax credit on equipment green.

– The rising price of tobacco, alcohol and soft drinks: Tobacco prices will increase by 6% in October and again in 2012. Taxes on spirits will be increased by 90 cents per liter. Wines, rums and regional productions are not affected. With the same public health argument, a tax 'anti-obesity "on soft drinks will be introduced next year, the benefit of the social security. Mentioned several times over the past years, this project had so far been held in check by the food industry.

– The complementary health will be more severely taxed to report 1.1 billion euros in 2012.Even non-existent a year ago, the tax which perform mutual and private insurers on Contracts for additional "responsible" will double to 7%.

Contracts for Health "responsible" people do not pay deductibles (1 euro per visit, 50 cents per box of medicine …) or supplements for consultations with specialists outside managed care, and do not set their contributions according to the health of the insured. They represent over 90% market share. There is no doubt that further protest and say forced to raise their prices after this. To maintain a – small – incentive for this type of contract, the contract tax "not responsible" will she, range from 7% to 9%.

– The corporate tax will be amended to harmonize the rules with Germany.The government will propose the harmonization of the report deficits in terms of corporate taxes with the rules in force in Germany. Paris and Berlin had already announced their intention to create a "common corporation tax" in 2013.

– Increased social package of 6% to 8%. The social package is a levy paid by the employer on the amount it pays its employees under the employee savings plan (participation, sharing …). Currently 6%, this package will be raised by 2 points, rising to 8%. The social package was created in 2009 and raised by 2 points every year since. This should bring 400 million euros in savings.

These measures will be proposed to parliament next week for debate in early September and be implemented quickly.

The case of addiction, however, should suffer from this new austerity plan."Addressing this issue in the economic and financial climate is not responsible," said the Prime Minister.

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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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Pierre-Antoine Dusoulier, the head of Saxo Bank