My Opinions

You do not mess with the IRS. While Facebook made its IPO, which will make its share of millionaires shareholders, two U.S. senators are considering a bill that would prohibit the territory Americans who renounce their citizenship for tax reasons.

In their sights: Eduardo Saverin, associated from the very beginning of Mark Zuckerberg, the company ousted in 2005 but still shares amounting to nearly 4%, and now investor in Singapore. He renounced his citizenship last September, but the information was released by U.S. authorities until recently. While it could pay up to $ 100 million tax with the IPO of Facebook, this coincidence of timing aroused suspicion.

Faced with the inclinations of the U.S. legislature, Eduardo Saverin was quick to respond. "I have paid and continue to pay any tax due on all that I acquired when I was an American citizen, he said in a statement. It is unfortunate that my personal choice has led to a public debate based not on facts but on speculation and misinformation. "

To defend himself, one who has paid the first servers to Facebook insists on the calendar of his approach cashadvance. He moved to Singapore in 2009, "interest in working and living in Singapore." His request to renounce his U.S. citizenship was filed in January 2011 and accepted in September. It also ensures not be "a tax expert."

But rumors of a future IPO of Facebook started swelling late 2010, while valuing the start-up exceeded 50 billion dollars on the gray market. Then, in January 2011, Goldman Sachs and the Russian fund Digital Sky Technologies remettaient the pot. The amazing assembly proposed by Goldman Sachs then allowed to cross Facebook the 500 shareholders threshold which required the company to make its public accounts or the stock market is quoting within 120 days of the closing accounts of the year in which this threshold was exceeded. Which would have allowed Eduardo Saverin anticipate there eighteen months the heavy tax bill that would introduce him.

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President of the European Central Bank, Mario Draghi, excludes more than Athens could leave the euro. "Our preference is that Greece continues to remain in the euro area," he said Wednesday at a conference in Frankfurt. This is a recognition that an outflow was no longer taboo. "Since the Treaty (establishing the single currency) is silent on an output, this is not the ECB decides," he added, recalling the legal vacuum in this area often referred, including the experts themselves same.

This statement confirms the remarks made Monday by Luc Coene, one of six members of the ECB Executive Board, responsible for economic analysis, which spoke of "an amicable divorce," in an interview with Financial Times.

These words, at least ambiguous and seem to add fuel to the fire, also reflect the embarrassment of the authorities in Frankfurt. They face de facto capital flight experienced by Greek banks. The phenomenon is not really new but it has accelerated in recent days further weakening the Greek banking system.

Emergency stop

To date, commercial banks do so more than the cash they receive from the ECB, which totaled nearly $ 100 billion or one third of their balance sheets, a level quite abnormal. According to market sources for Reuters, the ECB has started its lending quotas to Greek banks. She no longer accept to take title they give him as collateral. The commercial banks will have no alternative but to use the emergency window established by the Bank of Greece, according to a procedure remains perfectly legal, but that goes against the principle of uniqueness of monetary policy in the euro area.

In doing so, the ECB intends to pressure the Greek government which must recapitalize the banks that need it. At the Cabinet meeting on 27 April, it was envisaged that a recapitalization of € 18 billion would be set up. This is an emergency measure pending the recapitalization program released a wider 50 billion euro, and whose envelopes are explicitly included in the second rescue package announced last March. The technical details are currently in discussions with European experts and the IMF.

The ECB seems caught in the crossfire. While recalling officially Wednesday that it continued "to support Greek banks," the president about his aim to put pressure on the government and the public pending elections to be referendums value vis-à-vis of the euro.

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"All that remains of the old Thomson is a part of the debt," exclaims Frederic Rose, CEO of Technicolor. Inheritance is heavy, but Technicolor also received shares in a beautiful portfolio of 40,000 patents that generates 13% of turnover and 73% of the EBITDA of the group. On the one hand, a debt "excessive", according to Frederic Rose, more than 1 billion euros, which swallows every year 120 million euros of financial expenses. Other, patents essential technologies in audio screens or images that drive essential any industry consumer electronics. "Today, 80% of electronics manufacturers worldwide use patent licenses held by Technicolor," boasts the DG.

Debt and patents. It is around these two faces of Janus that will crystallize the future of the former flagship of French industry of electronics. The activist funds Third Point and Apollo, who are its shareholders first, salivating over the potential jackpot of patents. It is true that these intellectual properties has become the real challenge of the technology world. Last summer, Google acquired Motorola's $ 13 billion to get their hands on patents that will ensure a future in the mobile. Apple, Samsung, Yahoo!, Sony are fighting in court about patents AOL, which has sold 800 patents to Microsoft for $ 1 billion. The stuff of dreams funds activists are upset that Technicolor weighs only 400 million euros in stock! Their idea is simple: he would sell the patent portfolio to pocket a windfall, even after the repayment of debt. The remaining activities of Technicolor? They will find many buyers!

This is the heart of the dispute between the direction of Technicolor to its shareholders. For Frederic Rose, it is not about to dismantle the group. The patent portfolio has value only if it is fed regularly by the group of 400 scientists – including more than half in France – working in industrial activities free business cards. "We file patent enough each year to maintain the portfolio at its level. These are our main activities in the world of images and technologies of houses connected to power this portfolio, "Analysis Frederic Rose. In services industries of the image, Technicolor works with most production studios film and audiovisual. It is the world leader in the industry, and this accounts for half of its turnover, with an EBITDA margin of 13%. This is the basis of activity and the growth drivers of Technicolor.

Close the Angers plant

However, the group is faced with major strategic decisions to be taken on its third business: decoders. If Technicolor wants to preserve the activity of design and software for decoders, it can not continue to produce them in France. Hence decided to close the Angers plant this summer. "Since 2008, I promised to keep the Angers plant for three years. We lose 10 million euros a year on this plant. I had warned the government that lower tariffs on these products would ruin the opportunity to perform in France, "said Frederic Rose. The loss of the supply contract to France Telecom Livebox precipitated the decision to close the factory that employs 350 people. "The president of Thomson Angers talks with four potential buyers for the conversion of the site," says CEO Technicolor.Un serious social issue. But beyond the problem of this plant, Frederic Rose explains that he seeks to consolidate the industry in 2012 with one of the other global players in the sector. In this market, Technicolor competitor for Pace, Sagemcom and Motorola. "The goal is not to lose money in the decoders in 2012."

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A new era for the yuan. From Monday, the Chinese currency will fluctuate by 1% above or below its central rate set each morning by the Chinese central bank and pegged to the dollar, against 0.5% so far. By doubling the fluctuation band set mid-2010, Beijing made a move to further liberalize its exchange rate gradually, in "responding to market requirements", in the words of the central bank. People's Bank of China (PBoC) has, however well maintain control over the exchange rate of the renminbi, another name for the Chinese currency, keeping it "basically stable at an equilibrium level." In a crisis situation, no question of letting the Chinese currency prey to international risks.

Beijing's decision is consistent with a policy direction set out again early in March by Premier Wen Jiabao, providing for a rebalancing of growth that relies less on exports and investment and more on domestic demand. Allowing a slight rise in the yuan, the PBoC's decision in this direction: a money a bit more expensive but reduces exports in return decreases the cost of imports.

The exchange rate, an essential tool

The slowdown in Chinese growth to power offers more leeway to ease monetary policy, whose exchange rate is an essential tool. The Chinese gross domestic product rose by 8.1% in the first quarter, against 8.9% last quarter, a sign that China can no longer rely on exports for growth pay day loans. But alongside that, fed by fears of inflation remain high. While rising consumer prices is less than 4% maximum set by the government, they rebounded to 3.6% last month. A rise in the yuan can therefore contain these inflationary pressures to preserve the purchasing power of Chinese consumers.

Reducing the trade surplus also puts less pressure the Chinese currency. Last month, China saw its trade surplus to 5.35 billion, a figure well below the surplus recorded last year. She was even deficit in February, from 31.5 billion.

All these data therefore give the Republic a window to pursue a goal long displayed: go to term the yuan convertible, with a free exchange rate. The multiple currency swap agreements signed with different countries, like Australia in March, are steps towards internationalization of the Chinese currency.

Trading partners of China should welcome the decision of the central bank. They have been demanding for years the appreciation of a currency that they believe benefit Chinese exports unfairly with its unusually low. "They have made progress," admitted a close advisor to Barack Obama Sunday, but Washington "expects to see more movements."

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Failing to generate enthusiasm, Nicolas Sarkozy's proposal to increase by 30% the rights to build at least have helped revive the debate. That the obstacles to build more and better in our country. On this point, they all agree: France is no shortage of building land and still can not build as much as its neighbors. Blockages that maintain higher prices. To take the problem at its root, several avenues are being considered.

The first, held by Nicolas Sarkozy, setting the density. Adopted on March 6, his bill should allow to build higher buildings and increase the surface of the houses. It is also necessary that councils do not object. "I am not satisfied that it is revolutionizing the market, says Rene Pallincourt, president of the Fnaim. It will be difficult to implement and will involve mainly the individual sector pavilion. The risk is that by increasing the building rights, the land price is moving upward rather than downward. "

To end regressive taxation on the land

For its part, the association Promotoit bringing together industrial specialists in roofing campaigns for these solutions to build under his roof. In a white paper published March 12, these professionals emphasize the value of the elevation of the dwellings. According to the study of the urban architect Michel Cantal-Dupart, it would be possible to build 466,000 square meters of rooftops in Paris focusing only 12 blocks and respecting the existing rules of the local plan (PLU) . In addition, fit out attics in houses represents a much larger potential yet.

However, densification has its limits. It is of little interest in peripheral areas and can be very expensive in urban areas. "We must abandon the dogma of the only densification to produce more land, said Jean-Philippe Bourgade, CEO of developer Bouwfonds Marignan Estate personal loans for bad credit. The raw material is there, it only remains to find the political will. "Ideas abound. "To increase land supply, avoid retention through new tax rules and open to urban land reserved for it in the PLU," said Marc Pigeon, president of the Federation of property developers. On taxation, most professionals agree to demand an end to the decreasing taxation on capital gains pushing the owners to keep their land as long as possible. The French Building Federation goes further by suggesting a progressive tax (0% the first year, 10% the second, etc..) Other widely discussed proposal: since there is little mayors "builders" poised to significantly increase supply land, why not manage the building permit or the PLU level inter?

As a major landowner, the state could also lead by example by making its land available. Nicolas Sarkozy and Francois Hollande suggested: the first considering a rental and the second one free availability. A final track is to densify the residential areas in redécoupant lands of private owners. A proposition advanced in the research project "Bimby" (Build in my backyard, Build in my garden). First practical application: a network of 'consulting division piecemeal "called Terra in Design, based in Paris, Lyon and Rouen. This service combines architectural skills, legal and financial resources to provide buyers and sellers of solutions division of land for new construction.

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This holiday Belambra French, ex-VVF Vacances, should know the name of its next owner in June. Reportedly, four investors – LBO France, LFPI, Sagard and Montefiore – are in line to buy the 60% held by the Fund at Groupama, Acto. Montefiore would not intervene alone, but could take a minority ticket.

The four financial investors have learned Thursday night that they were qualified for the second round auction, organized by the investment bank Lazard. They had filed their first offers, early last week. The funds have several weeks to refine them.

Tourism and real estate

Came in 2006 with capital of Belambra, Acto structured the group around two areas: tourism and real estate no faxing payday loan. The fund initially was counting on a valuation of around € 200 million, or slightly less. The prices offered by potential buyers would be below expectations.

In 2011, Acto had entered into negotiations with the minority shareholder of Belambra, the Deposit, holder of 34% of its capital. Due to differences over valuation, public institution, also a shareholder in Compagnie des Alpes, declined to take over control of the tour operator. It would, however, weigh in the balance by validating the choice of his future partner.

Is this the end of the Eldorado Quebec? Federal Budget 2012 the country expects a cut in tax credits related to the fields of research and development so that the state could save 1.7 billion Canadian dollars (960 million). Primarily affected, the big video game companies like Ubisoft French, the British or the American Eidos Electronic Arts (EA) who massively shifted their best studios to take advantage of the generous policy of tax incentives in Quebec.

For several years, much of the so-called AAA games, video game equivalent of Hollywood blockbusters are produced in this province. The series of Mass Effect (EA), the recent Deus Ex: Human Revolution (Eidos) or future Assassin's Creed and Far Cry 3 3 (Ubisoft) are all stamped "Made in Canada". To attract this industry, Quebec has indeed set up a tantalizing tax credit that can reach 37.5% of the total wages paid by the company.

Unbeatable, and pay: a recent study shows that the number of jobs in the video game industry in Quebec has increased from 1,200 in 2002 to 8,000 in 2011, an increase of 564%. "If a few companies well established in Quebec managed to find an interesting progression, recent years have been especially marked by the arrival of new foreign multinationals," says the study TechnoCompétences. In France, the studio Quantic Dreams (Heavy Rain) and threatened to relocate its operations in Canada if the tax credit French video game, developed since 2008, is deleted by Brussels this year.

"Ireland or the United States become more attractive"

The 2012 federal budget could mess up this trend. If Quebec allows for the first time in its local businesses to benefit credit of 37 bad credit unsecured personal loans.5% on the cost of labor, in return, foreign companies are losing some of their benefits. The tax credit for research and development (R & D) increases from 20 to 15% on budget vote in Ottawa. As of 2014, will be excluded from the calculation of this device in hardware expenses. The share of wages from 65 to 55%, and the deduction of R & D done by subcontractors will go 100% to 80%.

"Since last week, invest in the creation of new video games cost more. Canada is one of most industrialized countries to invest in R & D is affordable, "said an analyst at PricewaterhouseCoopers Montreal Quebec newspaper La Presse. "The impact is negative and significant for all major video game publisher based in Montreal and Canada. Suddenly, countries like Ireland or the United States become more attractive, "he says.

French side, it puts the impact this decision could have on the domestic market. "This is still a very generous and much larger than what one can have in Europe," said Julien Le Figaro Villedieu, managing director of the National Union of video games (SNJV). In recent years, France has lost half its jobs in the sector, according to the State Secretariat for Foreign Trade. Number of French creative studio left to join Quebec where they can work on ambitious projects. For SNJV, the slowdown in Canada should allow a rebalancing of power relationships between the major producers of video games and Canada, which has for many years "a very powerful competitor, aggressive and confusing".

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In trouble in Europe, PSA could have done to the Iranian crisis. But the group's activity in this country is at a standstill for several weeks. This disturbance is nothing trivial. Although he appears quiet on the subject, Iran is in fact the second largest group, with 458,000 sales in 2011, about 3.5 million.

This country, in which Peugeot holds nearly 30% market share represents 22% of the volume of the brand. It is even the main market of the Peugeot brand for passenger cars, ahead of France.

While these sales are made by Iran Khodro, the local partner of PSA. The manufacturer assembles on site of Peugeot 405 and 206 including parts manufactured in France, the site of Vesoul. "The Iranian volumes represent only 1.5 to 2% of sales of the automotive division. These disturbances will not have a significant effect, "a spokesman relativizes. This division has reached 42.7 billion in sales last year, Iran contributes an amount of 640 to 850 million euros, which is not negligible. These revenues come from sales of CKD units, spare parts, as well as royalties paid by Iran Khodro. "Although we currently have other more important concerns, Iran is a thorn in the PSA. This is all that activity, which requires few resources, gives off a good return, "says an inside source.

Renault, a different case

Specifically, the manufacturer is paralyzed by financial sanctions imposed by the United States and the European Union to try to force Tehran, suspected of wanting to develop atomic weapons, to renounce its nuclear program. Remittances are prohibited between Iranian banks and European banks, the group "can no longer finance its activities to Iran," which led him to "suspend shipments to Iran." Consequently, the site of Vesoul, paralyzed since late February, will again be laid off in April. The workshop that manufactures parts employs 285 people. These parts are mostly to the 206 (approximately 40% of Peugeot's sales in Iran), the supply of 405 taking place almost exclusively in Iran.

This "situation may last," do you recognize internally. This is all that PSA is now allied with General Motors (which owns 7% of its capital), in a context where the U.S. increasing pressure on Iran. "GM has to its investors and customers forcing Peugeot to end its activities in Iran," said Mark Wallace Tuesday, Director of UANI (United Against Nuclear Iran) and former U.S. ambassador to the United Nations, calling on Congress to investigate the PSA-GM alliance.

Paradoxically, his rival Renault hopes to continue to increase sales of Logan in Iran. Unlike PSA, Renault has a joint venture with local manufacturers Iran Khodro and Saipa. "Sanctions do not apply to the automotive sector," said Renault, which states "to respect the regulations." The Diamond has doubled its sales in 2011 to 93,600 copies.

The main corn producer associations announced Thursday it had filed an appeal before the Conseil d'Etat against the decree banning the cultivation of GM maize MON, taken in mid-March by the government.

The General Association of Corn Producers (AGPM), the French Union and the Federation of Inter-seed production of maize and sorghum are waiting to use this new invalidation and cancellation of the ministerial order, as was the case last November for the first arrested, they announced in a statement.

March 16, Bruno Le Maire Minister of Agriculture announced a "precautionary measure to temporarily suspend" the cultivation of Monsanto GM maize (MON810) to "protect the environment," saying the decision was made " due to the proximity of the seedlings. " 

The producers feel that the ban "is based on no scientific evidence seriously and corn growers affected by the borer and borer (insect pests of maize, Editor's note) suffer real economic damage."

2013 goal

They also challenge the "misuse or illegal, the precautionary principle has become an ideological principle of inaction."

In late November, the Council of State annulled, after a long legal marathon, the suspension of cultivation of GM maize from Monsanto taken by the French government in February 2008, following the Grenelle Environment & restoration because last September by the European Court of Justice in Luxembourg. 

On 20 February the government, yielding to pressure from environmental groups and public opinion, had asked once again to the European Commission to suspend the authorization of cultivation of GM maize MON810, on the basis of New scientific studies.

Producers who had considered at first to attack the text referred for the taking-off by mid-June, finally chose a hearing on the merits. "We are now planning the 2013 campaign, says the Figaro, Christopher Land, president of AGPM. Indeed, we want to take time to implement the system of coexistence with non-GM crops, which we had already demonstrated the feasibility in 2007. And as the government contribution e no new scientific fact to justify this second ban, we hope to achieve once again prevail. "

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The Women's Day celebrated on Thursday and its litany of gestures and speech for the occasion more than a tired mind, both male and female. Never mind, here, much less agreed, the World Day of … plumbing. A joke intended to mock the endless list of World Days – "Pinhole photography at" (sic), "for normalization" (sic) or "the kindness"? Not at all. In France, the Information Centre of copper is responsible for promoting the third edition of this World Day of plumbing. A good cause, said, for those who doubt, the site of the World Plumbing Day "The plumbing is vital to public health worldwide cash advance america." In fact, no safe drinking water without piping, valves and seals of quality. According to the UN, diseases related to unsafe drinking water every year kill more than 3 million people. By coincidence, the World Day of the plumbing is organized on March 11, the anniversary this year, the Japanese tsunami. The Fukushima nuclear disaster that ensued has accumulated problems of floods, leaks and contaminated water. The promoters of the World Plumbing Day will argue that even in the most extreme circumstances we always need a good plumber.

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