Greece but also Italy crystallize the main concerns have increased as rumors of leaving the Prime Minister Silvio Berlusconi, immediately denied by the latter. Nevertheless, if the vote to be held tomorrow at the Chamber of Deputies on the budget is negative, the departure of Cavaliere seem inevitable.

At the same time, the finance ministers of the euro area gathered in Brussels last night stepped up their pressure on Athens and Rome to the two countries meet their commitments to reduce deficits.In the process, Wall Street ended on an optimistic note. This morning, Asian markets have proven uncertain and divided: while Tokyo closed down 1.27% to 8655.51 points, Hong Kong is the balance just before 8 am (Paris time) around 19,696 , 11 points.

In this context, oil prices were up this morning in early electronic trading. The barrel of "light sweet crude" for December delivery gained 8 cents to 95.60 dollars. Barrel of Brent North Sea crude for December delivery advanced on his side of 22 cents to 114.78 dollars.

In terms of macroeconomic indicators, the figures of foreign trade in value in September will be unveiled today at 8:45. INSEE also publish the price of oil and raw materials in October at noon.

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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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.

Other taxpayers prefer to invest in developing their heritage. To alleviate the ISF, they will be willing to take risks. For their salvation will come from SMEs.Taking an investment in an unlisted (eg during a capital increase), they are entitled to a tax reduction equal to 50% of their bets, capped at 45,000 euros. "For the first time this year, this tax benefit is granted subject to maintain this participation decade. The minimum period of detention was until 2010 only five years, "says Didier Orens, Director of Private Banking Palatine.

New deal to invest in SMEs

Unless you're used to playing the angel, or to have in its relations to an entrepreneur confidence eager to welcome new shareholders, it is very difficult to choose oneself society adequately. But sometimes private banks épaulent their clients in this process.Banque Palatine, for example, proposes to support film production, investing in a small business designed with the specialist who already operates its Sofica (companies that finance the film industry and provides a tax advantage for income tax) .

Last year, it was still possible to diversify risks and build on a number of SMEs both through a holding company that was responsible for selecting them. But the new rules imposed on these structures this year has had a dramatic effect: it creates it virtually over. Investors can not expect to reduce their ISF through them no fax cash advance.

To receive a turnkey management and a diversified investment must subscribe for units of FCPI (mutual funds in innovation) or FIP (local investment funds).If the fund is committed to devoting 100% of its portfolio in SME financing, the taxpayer is granted relief on ISF 50% of the amount subscribed. If the fund is content to place in non-listed 80% of its assets (the remainder is invested in money market investments in listed shares, bonds …), the tax benefit is "only" 50% × 80% 40% of the bet. In all cases, the economy of ISF is capped at 18,000 euros. The subscriber must keep its shares five years, but the actual duration of the investment is longer, sometimes over a decade … because you have to allow time for the manager to sell the participations in the capital of companies (with another fund, another group leaders.) and to reimburse the taxpayers as well. The new trend? Some FCPI FIP and invest in convertible bonds (non-listed course) issued by SMEs in obtaining financing."This is a solution increasingly demanded by business leaders because it prevents them from being diluted by new shareholders," said Fabrice Imbault, associate director at A Plus Finance. Another advantage: the FIP or FCPI know more precisely what date it will be refunded.

Among the FCIC that matured (ie, generally between seven and ten years after the purchase), some showing heavy losses. Others have preserved capital or even offered a capital gain of 10% to 50% throughout the period (excluding tax benefit and entrance fees). How to sort the wheat from the chaff? "The most important is that the manager has a sufficient deal flow, that is to say that SMEs seek the spontaneously when accessing finance. This implies that it is known entrepreneurs or intermediaries who advise them, "said Fabrice Imbault.Because for the money, good "records" of investments are not so numerous. And they are coveted.

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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Vizada, which employs over 700 people and has a turnover of 458 million euros, was born from the merger of satellite communications Norwegian Telenor and France Telecom.It has 200,000 users worldwide, among them "ships of the merchant marine, emergency response agencies, government and military units, media companies, providers of telecommunications services and Internet, as well as 'business aviation, military and civilian, "said EADS.

Supplier of the U.S. government in the airline industry, Vizada has received this year a contract with the U.S. General Service Administration to "ensure access to services for mobile satellite communications to government customers and military payday loan." German and French armies are also among its customers.EADS achieves its fourth acquisition since the beginning of the year and its biggest operation since the acquisition, for 2.75 billion euros in September 2006, the 20% of Britain's BAE Systems in the capital of Airbus .

Reduce its dependence on sales of Airbus

In late June, Eurocopter has completed the acquisition of Vector Aerospace Canada for 450 million euros. Last week, Airbus has purchased the American Metron Aviation, a service provider for air traffic control, for an undisclosed sum. He launched a bid in the amount of 348 million euros in the Danish Satair, a specialist in the supply of aircraft spare parts. "These acquisitions reinforce Astrium, Eurocopter and Airbus in services and in the U.S. market," said Boris Zaïtra, corporate vice president and director of mergers and acquisitions at EADS.

Weighed down by a huge debt of 14 billion euros, the rating agency Standard & Poor's has pushed the note of cement to the level of speculative transmitter – Lafarge claims to be "on track" to meet its debt reduction target of at least two billion euros in 2011. Two weeks ago, the group sold its gypsum in Europe and America in the Belgian Etex to € 1 billion (enterprise value) and they could sell in North America and Asia.In the second quarter, the group achieved 50 million savings in structural costs, $ 100 million since the beginning of the year, in line with the objective of a reduction of at least 200 million in 2011 .

The group still expects an increased demand for cement and provides a market growth between 2% and 5% in 2011 compared to 2010.

To avoid being faced with demands for ransom of up to tens of millions of euros, the group has had to adapt.After the first fishing season in September 2009 carried out without any protection, fleet Sapmer has adopted a "for the protection of its crews, under the strong incentive of the state," explains Yannick Lauri. The measures are rather restrictive and expensive …. The obligation to "binômage" (navigation of ships by two, alternating with fishing time) in effect reduces the effective time fishing and limits the free movement of ships. "Especially since we had to navigate a given speed, which has a significant effect on fuel consumption." This obligation has been reduced on June 1, but could be reconsidered in case of renewed attacks.

Insurers ship their bets

But the effect on fishing in itself is a first illustration of the additional costs incurred by piracy.Faced with these increased risks, insurers have been quick to react. "The coverage of these risks represent 10% of our insurance for our tuna fleet, about 75,000 euros for our fleet of three tuna," said Yannick Lauri.

Finally, a report by the Institute of Higher National Defence Studies (IHEDN) which participated Sapmer, released in June, estimates that several hundred thousand euros a year ship the additional security measures.

This cost may seem exorbitant, but due to the requirement for owners to use the personal protection of their ships. Cost is in addition to the measures on navigation, and insurance-costs. For example, Arnoult Gauthier, president of sales VNavy benefits of private military companies (PMCs) from 4000 to 9000 dollars (2800 to 6200 euros) per day per boat.For the heavier the device includes boarding protection teams on boats.

Armed men on board for the protection of marine

For shipowners flying the French flag as Sapmer, these are men from the bodies of state (marine commandos, marines, etc.). Who come to protect the crew. Five armed men complement the 33 sailors present on each of the three tuna of the group. Considering that their vigilance decreases after six weeks, the state imposes, by that time, a return to earth for five days of rest before returning to sea This is not consistent with the ten weeks during a campaign fishing, and induced costs of accommodation and logistics for tracking weapons.

If the teams are state bodies, is financially Sapmer "put to work" for the care of these men.Yannick Lauri, which does not specify the percentage of participation, while acknowledging the nature of effective protection measures by professionals.

To a use of private protection?

As for use of private companies, "this device is not yet approved for vessels under the French flag, although discussions are ongoing, and there is some legal uncertainty on the issue." Currently, MPI experiments with private companies to protect the devices that need to be as effective as the protection of embedded military teams, but technically lighter. But for now, no alternative "has not yet developed," says Yannick Lauri.

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European Commission demands since January 2009 the repayment of French subsidies paid to producers of fruits and vegetables between 1998 and 2002.Received a complaint from a French farmer who felt aggrieved, the European Commission finally ruled that these subsidies distort competition in the market. It is therefore around 600 million euros that France is committed to be reimbursed by the farmers. The Minister of Agriculture, Bruno Le Maire, confirmed this week that the first claims had been issued to operators.

A plan of assistance deemed insufficient by the operators

Farmers are even less inclined to pay as they deem insufficient aid plan deployed by the state to help them during this difficult time payday loan. While compensation from the national guarantee fund for agricultural disasters (FNGCA), with 200 million euros, should not be paid until mid-September, operators were waiting on the part of the state allocation direct subsidies.But the move by the Charente Thursday, the head of state has rightly refused to "fall into the bad habit of giving allowances that would be declared illegal in a few months." Nicolas Sarkozy has decided to offset a one-year repayment of loans to farmers in 2009 as part of an exceptional level of support, $ 1.6 billion.

"The billion euros of measures [announced by Nicolas Sarkozy], I still trying," said Xavier this Sunday Beulin Today is a little over 500 million euros. " A sum that compares to the heavy expenditure that farmers will face this year. Between the difficulty to find fodder to feed the animals because of drought, rising grain prices and lower meat prices, which could amount to "much more than a billion euros, said Chairman of the FNSEA.

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The situation is especially worrying that the U.S. government can not reach agreement on a possible increase in the debt ceiling from the federal government, which must yet be approved before August 2.After S & P and Moody's, Fitch has in turn launched an alert on U.S. debt, menançant the triple A of the country.

Responsible macroeconomic news

In this context, the publication of a new set of indicators in the United States will be closely watched. The program first, the weekly jobless claims. Then follow the figures in the trade balance and inventories of wholesalers. European news will be as important to the ECB decision on interest rates.

In France, payroll employment has increased its recovery in the first quarter and the balance of agency has eased, according to Insee. The sectors mainly merchants have created a total of 58,200 jobs after 48,300 over the last three months of 2010, an increase of 0.4% against 0.3% on the previous quarter.

The euro and oil up

On the currency side, the difficulties U.S. leads the euro to rise against the greenback. The single currency is trading against 1.4628 dollars in morning trading.

Side oil prices are trending upward, failing agreement within OPEC to increase production of crude, analysts said. In morning trading, a barrel of light sweet crude for July delivery took 49 cents and $ 101.23 that of Brent North Sea crude for delivery gained 27 cents identical to 118.12 dollars.

Values ​​to follow

Club Med

The group announced on Thursday a profit of 10 million euros in the first half, against 3 million in the first half of 2010.The indicator of profitability of the villages of the French group jumped 67% to 47 million euros.

Remy Cointreau

The group reported a net profit 2011en 2010-down more than 18%, to 107.5 million euros, 109 million lower than expected by the market.

Air France-KLM

The airline announced Wednesday an increase in passenger traffic in May, albeit at a slower pace than in April, which had benefited from favorable comparison bases.

EDF

EDF could be tested by the weather this summer. RTE, the French electricity network operator, today the government's scenario for the summer. Dry weather and heat wave could cause the system to its limits.

Aeroports de Paris

ADP announced Wednesday it had entered into exclusive negotiations with the operator of airport services 3S Group to cede a majority stake in its ground handling activities.

Sopra

The shareholders gave the green light Wednesday to the proposed demerger and listing of Axway Software, the software division of group counseling and services.

Saint Gobain, Bolloré and Ruby hold their general meeting today.