A new world record price for a camera was reached on Saturday with 2.16 million euros for a unit of the German brand Leica, dating from 1923. The sale, organized by the Galerie Westlicht, held in Vienna.
Only 25 prototypes of the pre-series were manufactured by Leica. Photo credits: LEONHARD FOEGER / REUTERS
"The change is now!" The slogan is that of Francois Hollande, business leaders have clearly in mind. For good reason: the change, it is not their cup of tea. Standards changed according to the news, a tax system that grows with the economy, laws that impose new overnight … "If Francois Hollande is elected, tell us once and for all that it will do to businesses but especially then he takes it for five years, 'says almost begging a boss in the industrial sector. "From small to large group of local CAC 40, the stability is claimed hue and cry for years," says an official of Bercy.
Take five years the same policy is still not easy. Nicolas Sarkozy has learned to its cost, which had to come back, as and as Europe plunged into crisis, and unemployment and deteriorating public finances, on key measures of the beginning of his mandate: tax shield, tax credit on real estate loan interest, windfall tax on bank bonuses …
Windfall
Meanwhile the second round of presidential elections, so businesses take their troubles patiently. Is wait-business show – "they have especially put aside their investments," the economists note. Delay the initiation of social plans, according to unions. Wonder about their future boss, their compensation strategy or dividends, when they state as shareholder. And express their concerns about topics that they feel the winds, without really feeling the direction cheap business cards. The research tax credit (CIR) is one of them.
If Francois Hollande said he does not challenge this device "because it is necessary to support research" in France, the employers have understood that his team was working on a shift. "There is a windfall for big business, where we will end so that the CIR has more to SMEs", explained last week Alain Rousset, in charge of the "pact productive" in the PS candidate's campaign, speaking to redirect up … one billion euros. Enough to significantly modify the decisions of entrepreneurs!
Large and small companies also expect to know how they will be affected by "modulation" of the scheduled corporate tax that must be done "for the benefit of SMEs and companies that reinvest their profits."
Banks, they, stomp whether the Socialist candidate will carry out its threat to introduce what he calls his bill consolidation of banking which provides for "the separation of deposit and speculative activities." They should be fixed quickly, the project is provided, if any, for next summer.
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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille
Stalled, Yahoo! was forced to cut its workforce. The group will remove 15% of its jobs worldwide. The stated goal by Scott Thompson, the new CEO of Yahoo! is to create a "new Yahoo! smaller, more agile, more profitable, better equipped to innovate faster." Incidentally, the group also explains that the job cuts should enable it to carry 375 million savings per year. The group, which will publish its results for the first quarter to April 17, plans to generate 125-145000000-saving in the second quarter 2012.
Yahoo!, which boasts of having "700 million users and thousands of advertisers," saw its results decrease substantially in 2011 bad credit payday advance. Its sales fell 22% in one year, to $ 4.9 billion and net income from 13% to $ 1.04 billion. In early January, Jerry Yang, who co-founded the company 17 years ago, had resigned from the board, led by disgruntled shareholders.
Since the arrival of the Internet landscape in Google, Yahoo!, former star of the Web late 1990s has continued to decline. In six years the title has sold 61% of its value. The group, which earned up to $ 56 billion has seen its market capitalization fell to $ 18.5 billion.
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Click on the thumbnail to enlarge the graphic.
• Transfer taxes: 3.8 billion per year
Transfer taxes, a tax paid by households when buying their homes, would be halved in case of acquisition of the principal residence. According to the institute, this measure will generate a shortfall of 3.8 billion for counties and municipalities which are the current beneficiaries of the transfer taxes. It points to the difficulty of measurement (as distinguished primary residence and secondary). The entourage of Nicolas Sarkozy him figure the gross cost of the measure between 2.5 and 3 billion.
• Parental leave: 2.2 to 4,400,000,000 per year
The UMP candidate wants to relax parental leave. Its duration would remain up to three years, but it could be taken up until 18 years of the child, and not until he was 3. The cost of the measure is high but the range projected by the Institute of the company is large, the challenge is to anticipate changes in behavior: how many parents of children aged 3 to 18, with no " exhausted "their three years of parental leave, they will benefit from this new opportunity that will be offered.
• Unemployed older: 500 to 900 million annually
Nicolas Sarkozy promised the abolition of fees for hiring seniors in long-CDD or CDI of an unemployed person over 55 years, indefinitely. The encryption is based on an assumption of 35,000 beneficiaries per year (the team UMP is 50,000 to 60,000) and a reduced for 400 to 700 euros per month (higher than that chosen by the candidate's entourage).
• Contributions of craftsmen: 250 to 425 million
A craftsman is making any profit in the year 1700 euros to a demand of social contributions. The outgoing president wants to eliminate this floor to stick strictly to contributions proportional to income that is paid. The Enterprise Institute calculates a cost of between 250 million (corresponding to figure put forward by the applicant) and 425 million.
• Biometric Carte Vitale: 54 to 81 million euros per year
So far, the photo used on maps Vitale is simply sent by post. The additional cost, estimated at 15 euros per card, come from the need for staff to receive insured on site – in town halls, for example – check their identity and make their prints. It does not include a grant to the hundreds of thousands of health professionals so that they equip themselves with fingerprint readers (around 100 euros per enclosure).
• CIR: zero cost
Rather than being repaid after two years by the tax authorities, the research tax credit (CIR) would receive an advance by OSEO as a zero-interest loan "for small businesses that innovate ". An operation to "zero cost at cruising speed."
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The former stars of mobile phones, Nokia, Motorola, Sony Ericsson, RIM (BlackBerry) and even Microsoft have missed the turn of the smartphone. Can they still get back in the race? Their image is tarnished by this delay. BlackBerry and Nokia-Microsoft duo are the first victims. They are also penalized by the unattractiveness of their application stores. While Apple displays 550,000 applications in its App Store and Google 350,000, for its Android Market, RIM and Windows Phone as having between 10,000 and 50,000. In response, the Canadian has just effected a turnaround first. It is now possible to download applications on its Android tablet playbook. For its part, Microsoft relies on the arrival of its new Windows 8, dedicated to the convergence between tablet PC and smartphone finally manage to win in telephony. Telcos want the arrival of a third player to escape the duopoly Apple / Google. For now, these wishes are not sufficient to ensure a start to a fanfare Windows Phone. Specialists have to find many beautiful virtues, it has sold just over 1 million Lumia (the Windows Phone from Nokia) since their launch in mid-November no faxing payday loans. For Nokia, it's a matter of survival. For Microsoft, success becomes an obligation, in a world where smartphone sales surpassed those of PC.
Motorola bought by Google
"Ten years ago, consumers chose a terminal. Today, they opt first for an ecosystem, "said Pierre Peladeau, an analyst at Booz & Co. And for now, the choices are on Apple and Android. The brands of the 2000s fetish pay the price. Sony Ericsson, soon renamed Sony, seeking to revive the glory. The new product launches are expected to accelerate. For Motorola, the situation is more ambiguous. The former star of mobile telephony, inventor of the clamshell phone, was bought by Google in August. Motorola has released its new Razr Android without the benefit of exclusivity from Google. The latter should spare the susceptibility of its other clients, Samsung, LG and other HTC.
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The surprises could affect 100,000 to 200,000 homes. According to Le Parisien-Aujourd'hui en France, households may not be taxed so far include paying the income tax this year. The head is the second austerity plan announced by the government last November and froze the tax scale.
Previously, the tax brackets, which forms the basis for taxation, were reviewed annually to reflect inflation increases the cost of living. By freezing for at least two years tax brackets, all persons whose incomes rose in 2011 could potentially be affected by the reform if they are left with taxable income greater than 5963 euros, the threshold first tranche of 5.5%. For the government, the money will have to pay these homes will be relatively low because the IRS does not claim the tax payment when it is less than 61 euros. Le Parisien-Aujourd'hui en France underlines that the sudden imposition could have more serious consequences for households as much aid as those granted to the school canteen and transport are related to the absence of taxation. Some families might therefore lose those benefits.
Changing slice
Another mechanical effect of freezing the scale, other households may already taxed, them, cross the threshold of the top tax bracket and thus having to pay more check cash advance. This extra tax is not yet visible on the view that taxpayers received early this year to pay the first third. The surprises will come in September, when paying the balance. According to calculations of national union unified tax (Snui) quoted by the newspaper, the increases will be spread from 1.17% for a wealthy couple with no children at 12.57% for a single. The government expects in any case additional EUR 1.7 billion of tax revenue for 2012 and double that for 2013.
Finally, the richer will also be affected, because the scale of the solidarity tax on wealth (ISF) has also been frozen. The government expects 44 million of additional wealth tax in 2012 and 88 million more in 2013.
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After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a further decline of 1.89% to 3185.30 points before to increase its losses. He dives over 4% at 3142.59 points just Vanat noon. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Milan plunged nearly 5%, while the Athens Stock Exchange falling more than 6.31%.
Greece is the main reason for this new diving indices. The country has placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt.They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize. They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).
In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities cashadvance. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing.com site financial analysis.In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis. "Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.
Manufacturing activity in China slows
Traders also expect the G20 to be held in Cannes Thursday 3 and Friday, November 4 for more information on the involvement of other countries in the European rescue plan. In an interview with Le Figaro, the South Korean President Lee Myung-bak has already ensured that his country will support the rescue of the euro area, "if necessary".
In this tense atmosphere, the euro lost ground against the greenback.
The applications are increasing in the resumption of Swiss France Telecom. In any case, think they know what the Echoes, which announced Friday the opening match of Xavier Niel in the race for the resumption of the Helvetic subsidiary of the French operator. According to the newspaper, the co-buyer of the World with Pierre Bergé and Matthew Pigasse, have filed an application for the acquisition of the asset, the group wants to get rid Stéphane Richard since late July. Announced during half-year results, this operation should yield between 1.5 and 2 billion euros to France Telecom. Or so hopes in the group.
Despite the difficult conditions of funding and the increased reluctance of banks, the French operator has not given up the sale. The facts seem to prove him right, a dozen candidates who have passed the process of selling the asset.But the arrival of Xavier Niel somewhat diversified profile of potential buyers. So far, the majority of applications related investment funds: Apax, Providence, EQT, Bain Capital, Liberty Global, Doughty Hanson and Carlyle separately and Altice, Numéricable shareholders.
Support of Goldman Sachs
Xavier Niel, the head of the Iliad, the 297th ranked Fortune Global Forbes, meanwhile intervene personally. The Egyptian billionaire Naguib Sawiris politician, former CEO of the operator Orascom is also in the race. Faced with these heavyweights of finance, the French entrepreneur has joined forces with the U.S. bank Goldman Sachs, report echoes.
"At 2 billion Swiss francs (1.6 billion euros, Ed), Orange Switzerland is valued six times its gross operating profit on the stock exchange more than 3.8 times that of France Telecom," the daily explains.A premium is explained by the fact that the sale of Orange Switzerland is the only major operation in progress on the Old Continent now, and that France Telecom has commissioned ahead of banks, including Credit Suisse, HSBC, JP Morgan, to prepare a financing plan ahead in order to facilitate the implementation of the operation.
At the second round of bidding, all filings seem to hold the interest of the French operator, since no application has yet been ruled out.
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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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