My Opinions

Gran Via, Saturday afternoon, thousands of Madrid overflowing sidewalks to rob the shops in the center. Plaza Santa Ana customers compete tables for a drink and some tapas … According to a recent survey, 68% of Spaniards say they are happy despite the economic depression. The Spanish crisis is a strange crisis. Five million unemployed, a growing half-mast and a debt to the edge of the alert levels, but the fiesta continues. On the surface, anyway.

The costs of the crisis, in fact, are unevenly distributed. On the one hand, those who retain their jobs. Possibly concerned about the situation, their objective situation has changed little since the crisis began, three years ago. On the other, 21.5% of those unemployed, whose number is increasing. Poorly defended, forgotten unions, their suffering is silent.As to the exhaustion of benefits, the first victims of the crisis, however, sinking slowly into exclusion.

Withdrawal into the family

Alejandro lives under the threat of expulsion. He, his brother and his mother, he unwittingly embarked in his galley. 28 years old, he had offered to help a colleague get a home loan. He signed his mother too, and they vouched. Before the crisis, Alejandro had a job as an electrician, he believed that his salary was only threatened, if by chance his friend forgot to pay a bill. When the colleague left no forwarding address, the bank asked his due: 168,000 euros of debt. "Due immediately," says the letter from the bailiff. Now unemployed, Alejandro key 340 euros compensation unemployment. His brother does not work either. Only his mother still affects a salary: 1200 euros.

Increase in VAT, income tax, any revaluation of benefits: the austerity plan announced Tuesday include unpopular measures. Consideration by the Parliament, which begins Nov. 28 in the Assembly, will not be a walkover. In the majority, the New Centre Group is thus opposed to indexation on growth, less generous, family benefits and housing subsidies. "We must protect families and tenants. We propose instead to plane more strongly niches and seek extra mile to large enterprises, "says centrist MP Charles de Courson.

During questions to the Assembly, Valérie Pécresse, Minister for the Budget, on Tuesday refused any negotiations on this subject, arguing that "we can not spend more than we create wealth payday loans."

The government remains firm, but the battle could be fierce and Gilles Carrez, Rapporteur UMP budget to the Assembly, will have work to do to stay the course. "The increase in VAT will not affect consumption. The move to 7% will not be fully reflected in prices, "he says now, to counter the arguments of sectors such as housing, food, culture and hospitality. Accor claims and the elimination of the tax on hotel stays, while the union of publishing an application meeting with Francois Fillon.

Tuesday, members of the Finance Committee in examining the second part of the draft budget law for 2012, which accepts the austerity plan in August. This has resulted in collisions.

Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.

Wall Street opened down on Friday. In early trade, the Dow Jones ceded 0.65% to 11,971.90 points and the Nasdaq 0.51% to 2684 points. Job creation has slowed sharply in the United States in October but this has not prevented the unemployment rate to fall slightly, according to official figures published on Friday in Washington. The net hiring amounted to 80,000 jobs, or half that in September, said the monthly report on employment in the department of Travail.Le Ministry also indicates that the unemployment rate fell to 9.0% in October, after spending three months at 9.1%.

Investors remain suspended to changes in the Greek case, the last day of the summit of major developed and emerging G20 Cannes fast cash online. Thursday, the New York Stock Exchange ended the session sharply higher, in the wake of European markets.The markets welcomed the surprise cut rates the European Central Bank and the withdrawal of the proposed referendum Greek Prime Minister Papandreou.

In Europe, this Friday, the Greek government plays its all in a vote of confidence from the parliament in the evening. Meanwhile, the fate of Prime Minister George Papandreou seems already sealed after the failure of the referendum proposal.

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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The CAC 40 is close to balance on Monday, gaining 0.22% in the morning at 3102.8 points. After a weekend in the green, the Paris Bourse, however, should be on guard Monday. As in Asia this morning, markets should take the time to analyze the ads the weekend about the future of the single currency and the fate of European banks. On the first issue, Nicolas Sarkozy and Angela Merkel, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor.The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders.

About the difficulties the European banking sector, Angela Merkel and Nicolas Sarkozy said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds. Again, the "details" will be specified later, they promised, even suggesting an EU summit scheduled for October 17 and 18 and a Eurogroup.

Concern persists

In this context of waiting, investors should remain cautious.Especially as other disturbing news on the euro area fell: Fitch has degraded the notes of Spain and Italy and Belgium threat. Decisions that have already sealed the mood on Wall Street Friday, despite good employment figures.

In terms of statistics, the Bank of France reiterated its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey. Moreover, the French industrial production registered a further rise of 0.5% in August compared to July after jumping 1.8% (revised) the previous month, said Monday the National Institute of Statistics ( INSEE). German exports rose more than expected in August, bringing the trade surplus to its highest level since March.The trade surplus adjusted for seasonal variations reached 13.8 billion euros against 10.6 billion euros (revised) in July.

On the currency side, the euro is rising against the greenback at 1.3477 dollar. Oil is also up: a barrel of "light sweet crude" for delivery in November gained 93 cents to 83.91 dollars in Asia, and a barrel of Brent North Sea crude for November delivery was appreciating by 53 cents to 106.41 dollars.

Values ​​to follow

• Dexia (rating suspended)

The Belgian state will take control of all of Dexia Bank Belgium, the Belgian entity of the Dexia Group will be dismantled, for a total of 4 billion euros, the Belgian government said this morning at a conference Press.Belgium will also ensure funding for the future "bad bank" that remain after the dismantling of the Dexia group of up to 60.5%, amounting to 54 billion euros. Trading in Dexia has been suspended since last Thursday.Euronext could not say when the listing would take the title.

• Renault (0.53% to 25.80 euros)

The automaker is expected to announce on Friday a reorganization of the group which will extend the power of its CEO, Carlos Ghosn, Tribune reported Monday.

• Air France-KLM (2.9% to 5.30 euros)

The airline said passenger traffic up 9.3% in September and cargo traffic down 3.4% in September.

• Veolia (0.99% to 10.82 euros)

The service group sold its restructuring investment company Eolfi Asset Management, specializing in the management of funds investing in solar and wind energy, according to La Tribune.

• Dassault Aviation (0.30% to 674 euros)

The aircraft manufacturer (group owner Figaro) yesterday announced a resumption of aircraft orders, which have doubled year on year to 2.065 billion euros.

• Technip (1.20% to 60.71 euros)

The subsidiary Duco has been awarded by Shell Offshore two contracts for field development and Cardamom West Boreas, the Gulf of Mexico.

• Maurel et Prom (1.34% to 12.89 euros)

The group announced that statigraphique wells (drilled with a light fitting) Sab Strat-1A demonstrated the presence of oil on the driver's Sabanero in Colombia.

• Total (0.38% to 35.48 euros)

The inter-union employees of the refinery in Berre l'Etang-(Bouches-du-Rhône) of LyondellBasell, within the scope of a proposed closure, said Saturday at a general meeting is restarted until the end of December, found a corresponding of AFP.

• Artprice (-0.53% to 30.30 euros)

In an interview with Boursica, Thierry Ehrmann, the president of the Lyon-based company, said the groups' relatively young and wealthy "want to capture the potential of the art market in Asia and would think to do with the support of Artprice, for commercial gain or capital.

She has it all in these turbulent times. The piece that sells for 200 euros on Monday, the Monnaie de Paris is solid gold. A metal sought by individuals particularly since the financial turmoil. The 50,000 copies (999 per thousand of gold) are sold on the website of the Paris Mint www.monnaiedeparis.fr at its headquarters in Paris and in 1000 post offices.

For collectors, it is a copy of most in the series of Euro regions (silver coins with a face containing the names of 27 French regions). "This piece represents a safe investment, since it still be worth at least face value," it says to the Monnaie de Paris. An argument that has more weight than other investments are sad mine.

When she threw parts of the regions 10 euros in cash (one model per region), the Monnaie de Paris had found at his door in the morning thousands of individuals. And the quota available on the Internet had passed in less than a morning on a one-piece per second. Fans will do so many this time? Gold is the ultimate safe haven, but today it is no longer 10, but 200 euros to be paid to pocket a new gold coin. Verdict noon.

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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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Angela Merkel is political campaign. In two weeks the German Parliament's vote on extending the Stability Fund, Chancellor not only seeks to restore calm in the euro area and the financial markets, but also to convince the Germans of the effectiveness of its strategy . To know how to play patience with Greece.

Criticized by his fellow partners and for its attention to this subject, Angela Merkel, however, continue to trust the government of George Papandreou. "From all I hear from Athens, the Greek government is aware of the situation and does what he must do," said the Chancellor, who had already called a few days ago to patience with Greece.

Greece is waiting for a new tranche of eight billion

German Chancellor even volleyed his Economy Minister and leader of the FDP, a partner in the CDU Angela Merkel, who said Monday that the bankruptcy of Greece "is no longer a taboo subject." "I think we do a great service to Greece so we speculate as little as possible but encourage Greece to meet its commitments," she said on the radio BBB. Recognizing that "there are no taboos in politics," replied Angela Merkel to his minister that "we are a government and we must of course be able to control all the processes we want to implement." The Chancellor said that the euro area has no mechanism to organize the orderly failure of a member state.Meanwhile the European Stability Mechanism (MES) in 2013 …

For these statements, Angela Merkel also seeks to convince the European experts of the Troika (European Commission, European Central Bank and International Monetary Fund) charged Wednesday to assess the progress of Athens, the new release every eight billion euros for Greece and avoid a default in the country.

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New relocation Schneider? The world of electrical equipment would include 1000 to remove temporary positions in France, and to move production abroad, says Liberation Monday. The newspaper learned of an internal mail sent in June by Vincent Meggle, director industrial France, several executives of the group. According to the internal mail, these transfers of activity are justified by the addition of temporary employees in France by the group.

To adapt to the economic crisis, Schneider Electric had indeed deleted over a thousand jobs in France in 2009, replaced by temporary workers when orders are distributed. The group employed 2,763 temporary workers at the end of last May, according to Liberation. Numbers that the group now considers excessive."If we consider a ratio of" normal "15% of temporary workers, we now have 1,637 too many," said Vincent Meggle. 600 positions are currently being removed, and 1000 remain to be transferred abroad. "The top management is asking us to move quickly" toward a "new rebalancing," said the email quoted.

Denial

Schneider's management denied the report, explaining that this was only a "reflection of senior managers." According to an internal source quoted by Liberation, the freezing of the plan would result instead of an intervention by the Elysee Palace: these job cuts would be unwelcome to a few months of the presidential election. If this is not currently implemented, it still falls in line with the strategic direction of the group.

Schneider Electric's growth is in fact now largely driven by emerging countries. In the first half, 39% of its revenues were generated. In order to get closer to its customers, the group gradually decreasing its workforce in the Hexagon, while increasing its production abroad.

According Mediapart last week, three of the seven leaders of the group have also recently left the French headquarters and moved to Hong Kong. The family of the group's chief executive, Jean-Pascal Tricoire, it will move as well. If the headquarters of Schneider Electric continues to Rueil-Malmaison, installing a patron of the CAC 40 in Asia – a first! – Has symbolic value.