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Is this the end of the action? Thus David Shairp, strategist at JP Morgan Asset Management, started his weekly newsletter. An issue that should speak to investors today on the defensive, discouraged by successive storms experienced stock market.

In response, the asset manager first makes common sense. "No asset class is likely to outperform indefinitely, since this would imply a permanent inflow of capital that would eventually not lower the rate of return on investment," notes David Shairp cash advance payday loan. A way of saying that investors will eventually return to the path of the Exchange. The current bad patch will indeed end. But when?

Persistence of large fluctuations in sawtooth

This time, the history market it refers. "The current period is not unprecedented.

Payday loan online has been a sort of sanctuary for millions who have discovered that by merely leveraging your income after lender verification, you can receive short term relief financially, and from actual related stresses.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

The bus and its small price could soon impose on domestic journeys. The Department of Transportation would indeed currently working on a bill authorizing domestic routes by mode of transport. "The text is discussed in inter-and we hope to present it in late February, before the end of the parliamentary session," said a spokesman for the ministry.

This would be a small revolution in the world of the French transmission. Indeed, for the moment, only the cabotage is allowed, that is to say the possibility of a bus carrying an international connection to a regular passenger in a French town and the land in another municipality of the Hexagon . This activity is only allowed from the publication of a decree in January.Eurolines is immediately seized it and announced, in February, opening the French territory over 500 trips from region to region, with lower rates on average 50% lower than the train.

SNCF not necessarily opposed

Direct competition with the train is also at stake in this future proposal. Regions that manage the funding lines TER directly involved, could indeed put all their weight to oppose the project. At the congress of the National Federation of passenger transport (FNTV), last week, Thierry Mariani, the transport minister, had ensured that these national lines "should not upset the economic balance of TER lines." The ministry promises today, "the opening line will be made after consultation with the communities and provided they do not jeopardize a public service contract."

For its part, the SNCF does not necessarily see this opening with a jaundiced eye. The railway company, which is already on the bus segment via its branch TER, could also take the opportunity to expand its offer. The boss of this activity, Jean-Pierre Farandou, explained during the same Congress that "the whole rail is not the solution. It should be a complementary service to irrigate the area where the train can not go. "

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Danone has published a quarterly revenue in line with expectations. At first, in the absence of good surprise, the valuation of Danone can call. The title pays more than 14 times earnings expected for 2012, while the CAC 40 builds about 8.2 times the estimated profit for 2012. "This is justified from the point where Danone is growing higher than the overall economy. The group offers products with high added value for the elderly and babies. It is well positioned in emerging markets, "says one fund manager.

We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects online payday advance. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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The nightmare of 2008 takes shape in the early autumn. In great difficulty, the Franco-Belgian bank Dexia has lost a third of its value on the stock market Tuesday morning amid rumors injection of public money. Since the beginning of August, the European banks, particularly French, are attacked by the markets.

Investors blame them for buying too many Greek debt. Their actions melt like snow in the sun and their Asian or American counterparts do not lend them more than with suspicion. Result, some politicians in the euro area considering state aid for out of the rut. The last time an institution, Lehman Brothers, was abandoned to its fate in 2008, this resulted in the worst financial crisis since 1929.But why, every time they approach the precipice, the banks are they rescued by the States? Decryption.

What is the importance of banks in the economy?

In Europe, the sector produces about 10% of the wealth of the country. But its importance goes well beyond the turnover. Banks play an intermediary role essential. "They manage the savings of those who are most and assign credit to those who request it," says Sofiane Aboura, co-head of investment banking master and market the University of Paris Dauphine.

"The word bank includes a number of activities," said Michel Baroni, professor at ESSEC. "In France in particular, they carry almost all areas of finance: savings management, payment system via current accounts, credit to individuals and businesses, say market activities (trading, etc guaranteed fast personal loans.)..It says the model of universal banking. "Reflecting these activities, the assets of the banking sector in France are more than 3.3 times the gross domestic product (GDP), that is to say, the wealth produced by the country in one year. In Germany the figure is two and a half times GDP, and the Netherlands, more than four times.

Why save them?

"If a major bank collapses, the economy collapses," Assen Scialom * Laurence, Professor of Economics at Paris X Nanterre.All institutions, however, represent the same systemic risk, and do not necessarily require to be saved, says the economist: "What is it? What are its interconnections, therefore the risk of contagion, with the rest of the economy and the rest of the world? Can it be replaced in its business by a competitor? We must ask these questions before acting. "Still, ultimately, a bank, however small it may be, can not die without causing catastrophe if the situation is calm. "Today the market is destabilized and a bankruptcy would not affect normal times can be devastating," warns Laurence Scialom.

How to reduce the bill, in cases of salvage?

"For a state to help a troubled bank is less expensive than the laissez-faire

The former headquarters of Lehman Brothers in New York. Photo Credit: Mark Lennihan / Associated Press

After the weapons budget, the monetary lever is not convincing. Instead of injecting again billions of dollars into the economy as it did previously, the U.S. Federal Reserve decided on Wednesday to do everything to lower long rates in the private sector. And, hoping to boost investment and demand for housing loans. Called "Operation Twist", the program has suffered the wrath of the markets, which they consider insufficient to boost growth: Wall Street ended its last session down more than 2% Wednesday, while at the opening on Thursday, unscrewing the CAC 40 2.66%.

Thus, monetary policy in Washington would it last long? Joel Naroff to, of Naroff Economic Advisors, "it is not the level of rates which prevents companies to use and invest more," but "uncertainty about the trajectory of the economy and too low demand growth. "As for households, said he, they "are trying to reduce debt," not to run after new loans. Less terse, analysts of Japanese brokerage Nomura believe that the Fed has eased monetary policy "as it was possible to do so." An admission of impotence, that Ben Bernanke himself had drawn up late August at a conference, the Fed chairman warned that "most of the economic policy measures to support the long-term growth is a outer spring to that of the central bank. "

Problem: If the lever Currency flu, that fiscal stimulus is not better off. In early September, Barack Obama has just announced a battery of measures to support consumption and encourage the hiring in 2012. With in mind, his plan for the use of 447 billion dollars.But nothing says that these measures pass, as the U.S. president is likely to face opposition from Republicans, a majority in the House of Representatives.

Race against time

Since mid-September, they are showing more and more spirited since Barack Obama said on the table a tax program from 1500 billion to the deficit of the country. "Massively increase taxes, to save and build on a ghost reform of social programs, it is not a recipe for economic growth and labor market," said Mitch McConnell rebuked the leader of Republican senators. For Christine Rifflard, an economist at the OFCE and specialist in the U.S., the pressure of the American right wing has to be taken seriously."We saw that she was able to go very far in the months of July and August," she recalls, referring to the long political battle between Republicans and Democrats to raise the ceiling of the debt.

However, it is urgent. On Tuesday, the IMF revised its forecast downward in the United States, anticipating a growth of 1.5% in 2011, against 2.5% previously planned. Olivier Blanchard, chief economist of the institution, even mentioned a 38% probability of recession across the Atlantic, referring to the previous stock market declines in recent decades. To be effective, "the Obama's stimulus plan should be approved without delay," warns Christine Rifflard, who believes that "within two months, it will be too late." "We must first focus on measures the fastest to implement, she said.Since the reduced charges employers and employees, to accelerate quickly hires. "More than ever, the United States are engaged in a difficult race against the clock.

This is a bill which would go well at the time of purchasing its housing: land transfer. This tax, which is a registration fee, reached 5.09% of the selling price. "This is a very high rate. In other European countries, taxation is more than 1% to 3%. By puncturing and the acquisition of a home, it hinders labor mobility, "said Bernard Monassier, lawyer (and a director of Figaro). The system was particularly unfair that until recently, some big sales could escape these rights. It was enough to create a company abroad, for example in Luxembourg, making it the holder of the property located in France. The passage of many a hand to the other was done so through the sale of shares of this company. "The sale of shares is taxed in the country where the company is domiciled.Or in Luxembourg, there is no registration fee or tax on capital gains, "said one tax expert. Some lawyers felt that the French tax authorities and had lost several hundred million euros per year, including transactions of office buildings in Paris.

France has responded by changing its law. Since 2010, it is stipulated that the sale of shares of foreign companies whose assets consist mainly of immovable property situated in the Hexagon is taxable in France. And therefore subject to French registration fee of 5%. In early September, members of parliament are to add additional security by requiring that the sale is recorded before a notary easy payday loans."We make sure when the sale is recorded and fees are paid," said Bertrand Savoure, notary.

Inequitable tax

Despite this correction, the system of registration fees is not very fair in France. The fee is 5.09% for the household who acquires her house. Take for example a bill for 10,180 euros to 200,000 euros purchased a home. However, anyone who buys a share of logged forest in forest community pays only 125 euros registration fees.

The logic is no better investment for businesses. The rights to acquire shares of public limited companies (SA) are not quoted by 3%. But they are capped at 5,000 euros. A ceiling for non-existent SARL (limited liability companies), where an abatement system applies less advantageous. Or LLCs are often small businesses."If I buy for a million euros of shares of a large privately-held SA, I pay 5,000 euros rights. If I take an SME SARL for 250,000 euros, my fee is 6810 euros, "says Bernard Monassier. As for the sale of the business, they are quite heavily taxed: 3% between 23,000 and 200,000 and 5% in excess of 200,000 euros. But for now, no government has had the courage to tackle such a scrub.

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Convince donors of failing markets. That's what worked on Sunday, Greek Prime Minister George Papandreou, bringing together an extraordinary Council of Ministers rather than submit to the UN forum in New York. After the cabinet meeting of three hours, the Finance Minister Evangelos Venizelos said that "for the 2012 budget must take steps to reduce public spending, with the aim of reducing the public ".

The government needs to get results as soon as possible if he wants to convince its European partners to validate the new aid of EUR 160 billion, decided on July 21. Representatives of the European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF), the troika in charge of assessing the progress of reforms, delaying their return ever in Athens.Their endorsement, however, is decisive that Greece can get the sixth tranche of the loan of 110 billion euros granted in 2010. "Without this payment of € 8 billion, the state coffers will not hold beyond the month of October," warned Filippos Sahinidis, Vice Minister of Finance. But Saturday, after their meeting in Wroclaw in Poland, EU finance ministers have postponed the go-ahead to October. This meeting produced no significant advance both in Greece as European banks face a new crisis of confidence.

Default

Pending the arrival in Athens of the troika, the Minister Venizelos talks with his representatives this evening by telephone business cards. It should detail the new economy measures.Among the efforts demanded by the creditors of Athens, are, according to a senior Greek, "the introduction of lay-offs in all public bodies, the freezing of pensions by 2015 and the merger or closure of a thirty agencies. "

Despite the urgency of more and more prevalent in the Greek situation, the Europeans always show their divisions. The Austrian government has again raised the possibility Sunday of a default of Greece. A way officially rejected by Paris, while in his interview on TF1, the former director of the IMF Dominique Strauss-Kahn called for "taking his loss", ie to wipe the slate Greek.

In Wroclaw, the finance ministers also confirmed the need to strengthen the weakest banks. But they kept to evoke the injection of public funds in an emergency."We're not worried," or the liquidity or solvency, provides Baroin on his return from Wroclaw. This belief annoys outside the euro zone, especially after the warning issued to Europeans by the Treasury Secretary Tim Geithner. "The leaders of the euro area should be aware that time is running out," launched the British Chancellor of the Exchequer, George Osborne.

Aircraft manufacturers stomp, the airline announced Friday morning the details of its major order long-awaited by the industry. Air France-KLM is in need of long-haul 110 and passes a total of 50 firm orders and 60 options. The total value of the order would reach $ 20 billion at list prices and about $ 11.3 billion in firm orders. Choices that are equally balanced between the pan-European group Airbus and U.S. rival Boeing.

The firm order for 25 Airbus A350 indeed-900 and 35 options placed on these devices against 25 B787 and 25 options. The slight advantage, theoretical, obtained by Airbus was offset by the secret location by KLM B787 10, said La Tribune short term personal loan. In addition, orders will not be included in the order books of manufacturers this year.

The announcement of Air France-KLM comes after a board of directors held Thursday in New York.

One hundred French deputies had launched a petition in June to urge Air France, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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The Finance Committee of the National Assembly on Wednesday adopted an amendment removing the increase in the VAT rate in the theme parks to theme. Then Saturday, Jean-Pierre Raffafin said the head of state had waived this. If the professionals, and local elected officials – Jean-Pierre Raffarin and Philippe de Villiers in the lead, have welcomed the government ends up in turn with a hole of 90 million – expected gain with the increase in VAT – in new revenue under the austerity plan. There is indeed little chance that the measure be reinstated Tuesday by the parliament met in extraordinary session. But the government was clear: any measure removed must be compensated.Asked on Sunday to go to Europe Grand 1-Le Parisien / Today in France-i-Télé, Labour Minister Xavier Bertrand described the week ahead of "week of choice."

Taxing luxury hotels …

The general rapporteur of the Budget, the UMP Gilles Carrez therefore working on a measure that would affect this time the luxury hotel, the four, five star and luxury hotels in France. Since the 1960s, the area has a rate of 5.5% VAT. A niche that has cost 930 million euros this year to the state. Hence the idea of ​​submitting the luxury hotel at the standard rate of VAT at 19.6%.

For compatibility reasons, the European creation of a flat tax is now considered. The benefit for the state would be about 90 million euros in 2012."Politically, it's interesting," said one parliamentary source Agence France-Presse (AFP), while the tax on high incomes, which will be discussed in the fall, was ridiculed by the opposition is not high enough to taste some big names of the majority. But professionals do not agree. For Jacques Borel, consultant-lobbyist, the measure would be "shooting in the foot."

Secretary of State for Tourism, Frédéric Lefebvre agrees. He told AFP on Friday to be opposed to any measure that overtaxed the luxury hotel, and "deal a blow to the competitiveness" of the French tourism. "I am adverse to anything that overtaxed the luxury hotel business because it is precisely the quality and upmarket who left the area of ​​crisis," he said.As for the Synhorcat, union of the profession, he said that a tax of 33% between 1981 and 1994 on 4-star hotels of the period, against 7.5% for the rest of the hotel, had resulted in what "Many of these hotels" will downgrade "to escape the VAT hike." In Le Parisien, Aujourd'hui en France, director of the Plaza Athénée expresses fear that his clients go to other capitals as cheaper in Italy or Spain.

… And real estate gains

MEPs also STRIPS removing reliefs on capital gains of second homes, so far exempt after 15 years. The measure is expected to bring 2.2 billion in 2012, but the alarm real estate professionals. Gilles Carrez warned: the measure is "brutal" and may seize the sector, while growth is sluggish.Charles de Courson (New Centre) feared him "bribes, fraud and promises to sell anti-dated", while the device was supposed to apply from August 25 …. To soften the blow, staggered in time is considered, not removing the ceiling of 15 years, but by passing it to 25 or 30 years. Problem should be found close to 900 million euros if this relaxation was determined.

Valérie Pécresse, making his debut as budget minister in the chamber Tuesday, said "respect" the parliamentary debate. But it should not drag on so that everything is completed before the Senate elections of 25 September.

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