After a week of rumors, the announcement is, this time, official: the General Motors made its entry into the capital of the French group PSA Peugeot Citroen, according to an official. GM takes and 7% stake in PSA, which carries a massive increase in capital of around one billion euros. GM is now the second largest shareholder of the French group behind the Peugeot family.
The alliance will focus on platforms and components and provides a joint venture in purchasing. The first vehicles from a common platform GM-PSA will be marketed from 2016. Expected synergies from the two manufacturers totaled $ 2 billion annually within five years.
This alliance gives rise to a powerful global industry leader with over 11 million vehicles sold per year worldwide.
First French carmaker, PSA is currently experiencing serious financial difficulties. Its net debt rose in 2011 from 1.2 billion to 3.4 billion euros. Leaded by Europe, sales of Peugeot and Citroen fell 1.5% last year while the global market progressed by 3%. The group announced last October a comprehensive plan of saving 800 million euros that could cause the elimination of 4,000 positions this year saving account pay day loan.
With his new partner, the Lion brand will achieve greater flexibility for financial resume investment as an upmarket in Europe and the creation of a new plant in India.
GM weighed down by its European subsidiary Opel
For his part, General Motors has certainly taken over in 2011 the title of world number one Automotive Japanese automaker Toyota. But the American could benefit from expertise of PSA to finally leave the red Opel, its European subsidiary. It announced in mid-February to have lost $ 747 million in 2011.
Peugeot confirmed Feb. 21 that he "consider [ed] the cooperation projects and alliances (…) as part of its globalization strategy and performance improvement." Without specifying with whom, but rumors already evoked release of GM. Last night, the Financial Markets Authority (AMF) had called PSA to communicate "as soon as possible" on the alliance, while multiplied rumors of a capital increase.
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Lefigaro.fr is the first news site in France in January. The study Médiamétrie / NetRatings, it was viewed by over 8.8 million unique visitors a month. A hearing is always the historic site of Figaro to a million users of the follower.
Development, the second place, occupied by Orange in December, was conquered by the Nouvel Observateur. High of 7.7 million unique monthly visitors, the site of the weekly benefits from the integration of "pure player" Rue89, bought in December.
Launched in late January, the site of the Huffington Post has also brought new visitors to the World, which brought together a total of 7.3 million Internet users in January. The web offers daily evening was nevertheless made the steal third place from the site of Le Parisien / Today in France, with nearly 7.5 million unique visitors.
January has generally drawn the hearings of the press line up. Portals and aggregators of articles edited by tech giants have, themselves, not take advantage of the French appetite for news. Orange News was relegated to sixth place in the ranking with 6.7 million unique visitors, Yahoo! News is eighth with 5.4 million visitors, MSN News and Google News are respectively the 11th and 13th.
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Dispute between experts around the social VAT. Valérie Pécresse, the budget minister, expects the measure to create 75,000 to 120,000 jobs. Nicole Bricq, the rapporteur of the PS budget to the Senate, believes that the decline in employer contributions, coupled with recovery of 19.6% to 21.2% VAT and the rise of the CSG on savings, will at best 30,000 jobs. And, at worst, destroy 40,000. The Senator had to defend its position in the Senate Wednesday night, when reviewing the draft supplementary budget including introducing VAT and social tax on financial transactions. A review which promised rapid, left, majority, having decided to reject the text of a block rather than amend the clause by clause.
To achieve these numbers, Nicole Bricq reasoning in two steps. She said the VAT increase will cause a price increase of 0.5% to 0.7%. This additional inflation weigh on consumer spending, resulting in the destruction of 120,000 positions. Meanwhile, the decline in employer contributions will create between 80,000 and 150,000 jobs. Hence a total balance disappointing.
"The cuts decided by the Government target salaries between 1.6 and 2.1 minimum wage, so skilled workers. Companies hire these workers when they need their expertise. The issue of cost is secondary. As a result, reductions have little incentive effect on the hiring decision, "Nicole Bricq reasons. She said it was to hire unskilled workers that cuts costs may have a strong effect.
A Keynesian model dated
At Bercy, an estimated economic models selected in previous official reports, listed by Nicole Bricq, are based on reasoning "Keynesian" obsolete, making the consumer the only engine of growth possible. The government counters that it is precisely to encourage competitiveness and thus growth in exports.
The executive wanted to target anyway wages very practiced in the industry, in order to reduce labor costs. Nicole Bricq replied that the loss of competitiveness of French industry does not come from labor costs but an innovation problem. That's why she regrets that the capital budget for the future, focusing on research, has been punctured billion to mount the store industry.
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Visa Europe and MasterCard compete imagination to make their cards more attractive. Thus, Visa deploys a program of benefits for some 4.2 million Visa cardholders Prime. They now benefit from price reductions in a list of partner stores (Sephora, Lapeyre, Opinion …) by simply presenting a coupon to download on the Internet (visa.fr). April 1, this program will be expanded to Lenotre, ready-to-wear or Bensimon to Nature and Discovery. "Historically, the world of credit cards was rather that of the travel and leisure. Now the goal is to approach the everyday consumer, "says Catherine Soubirou, partnership manager at Visa Europe. MasterCard, meanwhile, has developed an online shopping mall which also offers discounts to holders of the Gold card.
But for the most prestigious cards, these benefits are not enough. The 150,000 holders of a Visa Infinite card will then be offered, to April 1, new services very chic. As Jet Taxi, which for 2200 euros an hour, take four people in Le Bourget to the destination of their choice. Or the opportunity to attend events are difficult to access (the Grand Prix of Monaco Formula 1, the Cannes Film Festival …).
Extensions guarantees
Open doors to places or events was the confidential trademark of the very VIP Centurion Card from American Express. The same idea will wow now the holders of other cards. MasterCard has already embarked on this path, imagining private parties for its Platinum card holders who dream of visiting a quiet art exhibitions or attend concerts circle. A taste for the Parisians, what awaits them when Paris will join the Priceless Cities program, launched by MasterCard in New York last summer and launched from London and Toronto. It offers cardholders Platinum – but for some offers, a Gold – privileges: previews or priority seating for events to, in the highest rated restaurants
.
"Exclusive offers, which consumers aspire today," says Francois Gandon, marketing manager of MasterCard France. Thus, the card interest is not limited to insurance they offer … even if they are perfected. Visa is for example to review his.
The foreign assistance was not playing in the event of natural disaster? This exclusion has been removed. Children of divorced or separated parents received guarantees only if the parent traveling with the cardholder? They are now protected even if they move without him. "The goal is to avoid maximum disappointment of our customers, guarantees on misunderstood or exclusions that surprise them," says Emmanuel Robert, head of product offers from Visa Europe France.
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The streets of Athens and Thessaloniki were ablaze in the night, when MPs voted in favor of a new austerity plan. After heated debates within the precincts of Parliament, the austerity measures imposed by the European Union and the International Monetary Fund was adopted by a majority of 199 votes out of 300 MPs, including 278 in attendance. The pressure weighed heavily on the members. In fact, the leaders of the Socialist Party and the rightist New Democracy, meeting within the ruling coalition, have warned that they radieraient members of their camps who would vote against the text. Of the 236 deputies concerned, a score of 21 members of socialist and right were therefore excluded from the ranks after the parliamentary vote.
Before the vote, the Greek prime minister, Lucas Papademos, had also hammered the Greek deputies "will take responsibility" and "define the most important choice" for Greece, "move to Europe and the single currency" . Government members have indeed hammered if the austerity plan was not passed, the country would be forced to declare themselves insolvent and out in the longer term the euro. Athens must indeed pay 14.5 billion euros in March, but its coffers are empty. Troika has called for new austerity measures in exchange for the release of its indispensable assistance of 130 billion. After the vote tonight, the Eurogroup could meet on Wednesday to give the green light to disburse it. Also requested consideration by private creditors, which should reduce the 100 billion euro debt.
Specifically, the measures include the reduction of health spending (1.06 billion), military (300 million) and reduced wages for young and pensions. A cocktail that does not pass to the people, who began hitting the streets in the afternoon yesterday. By late evening, scenes of chaos were observed in Athens on the sidelines of the anti-austerity, which gathered 80,000 people according to police, during which 54 participants were injured and buildings and shops burned. In Salonika, 20,000 demonstrators were reported damaged and six banks. Greek Prime Minister condemned these events, noting that "violence and destruction that have no place in democracy."
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The fateful day approaches: that of the arrival of the mobile Free. There is no filter in the individual but it is unclear the troublemaker telecom miss the fruitful period of Christmas, which generates nearly a quarter of handset sales this year.
Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.
Air France-KLM is one of the biggest disappointments of this year the stock market. Title drop 59% since January 1. The strike, which lost, according to our calculations, about 10 million per day to the company, is only one element in a more negative balance very dark.
"There is no question that I invest in this action. There is no visibility. They mastered neither the personnel nor the cost of oil prices. They face strong competition from other companies, "said one portfolio manager bad credit payday advance. This opinion, indeed radical, summarizes the weariness of many managers who do not want to invest in Air France KLM.
The numbers speak for themselves. Market capitalization is more than 1.67 billion euros, less than 7% of annual sales and less than 25% of equity. The group is in any case weighed down by a net debt of 6 billion euros.
The new windfall tax on high incomes that night passed in the Assembly she will enhance the effectiveness of tax? In fact, the interplay of tax loopholes and the architecture of the tax still allows the wealthy to cancel their taxes. According to "the latest data, covering the tax paid this year as revenue in 2010," cited by Les Echos, nearly 5,000 high earners have completely cleared their taxes this year.
Thus, 4800 households taxed at the last tax bracket of 41% and thus have a taxable income of more than 70,830 euros have erased their income tax by the interplay of tax loopholes. 6497 they were last year.Meanwhile, more than 9,000 tax households have reduced their tax between 70% and 100%, according to the report on the 2012 budget Gilles Carrez quoted as saying.
In addition, the report finds that the member tax is proportionally lower in high-tax scale. Thus, households last year at the head of a benchmark tax income of more than 500,000 euros per share had a tax rate of 26% against 28.5% for those earning over 250,000 euros per unit cash advances pay day loan. The explanation is simple: the wealthy derive most of their income from capital is taxed less than income from wages.
The new tax on high incomes should correct these inequities. The tax households reporting between 250,000 and 500,000 euros will pay a tax of 3% and those reporting more than 500,000 of 4%.
But the very high income should continue to be taxed proportionately less.Liliane Bettencourt spends less than 15% of its income for tax purposes against nearly 30% on average for a living part of his work, recently castigated the PS deputy Pierre-Alain Mute. And on the other side of the Atlantic, Warren Buffett has built his own case as a symbol. The latter is crusading for the adoption of a tax on high incomes in the U.S. revealed to have paid $ 6.9 million in taxes, a rate of 17.4% of its taxable income.
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The Paris Bourse after opening down slightly, trying to make a step forward after a session that saw the CAC 40 fly over 2%. In the morning, the CAC 40 in advance of 0.62% to 3249 points in early trade. Investors do not follow the mood on Wall Street yesterday and Asian markets this morning. The latter found confidence to the rhythm of advertisements European leaders on a plan to end the crisis. They particularly appreciate the position of the European Commission yesterday called for an urgent recapitalization of the banks deal with the debt crisis. Remarks relayed by the Minister of Budget Précresse Valerie, who, like Berlin, says it is "a necessity". France is willing to inject even said herself of public money to support its banks if necessary.
This commitment reflects a shift in the euro area on the Greek case.The taboo of failure is no longer excluded. The President of the European Commission Jose Manuel Barroso called for "decisive action on Greece" while German Finance Minister Wolfgang Schäuble said yesterday that the overall level of indebtedness of Greece should be reduced s' it reaches an unbearable level, "to provide better opportunities" in the country. The discount will have to accept that private investors in the second aid package to Greece adopted in July would be 39% if we used the current market prices to assess the risk profile of the country, instead of 21% estimated at the time, said yesterday an official of the Institute of International Finance (IIF).
New vote in Slovakia, the euro rises
Concerning the Relief Fund in the euro area (EFSF), which must be expanded to support the plan to end the crisis, Slovakia has promised another vote tonight or tomorrow.It should be positive this time because four opposition parties agreed to support the government in place, in exchange for early elections. These data give back to the euro insurance. The European currency found the threshold of $ 1.38 in morning trading.
Oil, however, is small decline: a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline. The operators claim to be concerned before the publication of figures on weekly petroleum reserves in the United States.Another indicator to the American agenda: the weekly jobless claims, trade balance and budget.
Values to follow Banks and cyclic form
The cyclical stocks such as Alcatel (9.9% to 2.2 euros) and Vallourec (3.32% to 48.90 euros) and the banks in the image of Societe Generale (2.92% at 23 , 84 euros), Credit Agricole (2.61% to 7.75 euros) or BNP Paribas (2.50% to 36.23 euros) always lead upward.
Total (-0.98% to 36.20 euros)
The oil company has discovered gas and oil off the coast of Norway, announced this morning the Norwegian Petroleum Directorate. According to preliminary estimates, this discovery is to be between 19 million and 101 million barrels.To dig the well that led to this discovery, Total was allied with Norway's Statoil, authorities said.
Carrefour plunged 4.16% to 17.17 euros
The group launched Thursday a new warning on its results in 2011, relying now on a decline in operating income between 15% and 20%, 15% instead of the planned end of August.
Lafarge (2.28% to 29.62 euros)
The French cement company announced an asset swap with the U.S. Martin Marietta, which it will transfer the aggregates quarries and concrete plants ready and asphalt, in exchange for aggregate quarries and distribution sites .
Casino (1.98% to 62.71 euros)
The retailer saw its organic growth slowed in the third quarter with declining sales of its hypermarkets in France, but the group has confirmed its objectives for 2011 include the strengthening of its market share in the Hexagon and improving margins at Franprix-Leader Price.
Areva (0.72% 22.49 euros)
The consortium of the French group and Germany's Siemens called the Finnish operator Teollisuuden Voima (TVO) to engage in the path of cooperation with the approach the final stages of construction of the EPR reactor Olkiluoto 3 (OL3). The final cost of the EPR should be 6.6 billion euros, according to the member Marc Goua responsible for a report on the accounts of the group. Areva has also been licensed by the U.S. authorities to enable it to construct and operate an enrichment plant in Idaho.Finally, the boss of the group, Luc Oursel, raised the possibility "to smooth or to shift some investments to reduce risk and improve (the) financial situation"
ArcelorMittal (-0.38% to 14.47 euros)
The group decided to shut down two blast furnaces located near Liège in particular because of the deteriorating global economic situation, the financial daily reported on Wednesday Belgian L'Echo, information later confirmed by the unions.
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New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.
According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …
Roles reversed
For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.
France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.
Pre-aid to Greece
In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.
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