But the strengthening of the CDC, regarding the Club Med, a symbolic value. Between the public institution and the flagship of the French tourism, relations have always been close. In 2009, when Club Med was jostled by Bernard Tapie and various takeover rumors, the Deposit had dam, committing to purchase if necessary to a capital increase, finally buckled from other investors.Today, with 5% of the round, the CDC is involved in the consolidation of the company led by Henri Giscard d'Estaing.

Strategy carried out in several stages. Last year, the highlight had been the arrival of the Chinese Fo Sun, also a partner in the Club in the Middle Kingdom. The Deposit and Management of Morocco, also an industrial partner, is also installed in the capital. The French Caisse des Depots, for which tourism is a strategic activity, also maintains links with the business club, which it funds such as the site of Valmorel.

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The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.

Concern

For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros business cards design. What scare away customers. If in addition the price of a liter of diesel were to increase significantly, the diesel car market could collapse.

The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.

Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.

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This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.

The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.

Market disappointment

In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.

This double operation shows that the Federal Reserve, the economy remains very depressed. The Fed also believes that global economic growth will remain slow.Conclusions that are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high to 9.1%.

On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the gloomy perspective of the Central Bank on the economy. Shortly after the news release of the Fed, the Dow Jones was digging his losses and gave up 1.10% at 11,283 points.

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After obtaining an immediate apology from the British publication, the Company generally does it not stop there. She wrote, according to our sources, from August 18, by law, a letter of assignment to the Mail on Sunday, saying she has suffered damages and seeking compensation instant payday loan lenders.The next day, the newspaper responded by acknowledging his mistakes and offered to pay 1000 pounds to a charity. On 1 September, the French bank has sent a second letter, noting that the magazine acknowledged its mistakes and requesting payment, this time a million pounds to the "charity" of choice. Last week, the tabloid merely replicate that he would study the issue.

Both parties are there. If the Mail on Sunday does not comply, according to our sources, the Company generally will rise to the second phase of its assignment by entering a London court.

The social package is a kind of social contribution, which weighs on the amounts paid under the profit sharing, participation, savings and pensions pay extra. Paid by companies, was established in 2009 at a rate of 2%. He has since been increased by two percentage points each year by the government! The draft budget for 2012 should not be an exception to the rule cash advance. The increase of 6% to 8% could yield 400 million euros to Social Security.

Similarly, two other measures related to loss carry-on profits, have very likely to be retained in the austerity plan. The carry-back would be limited to one year. And regarding the carry forward losses from the profits would be capped. In Germany, the losses allocated may not exceed 60% of earnings in excess of 1 million euros.

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What was planned

In late June, the government thought it had completed the expenditure side of the budget in 2012. Apart from 30,401 job cuts in civil servants (to respect the rule of non-replacement of retiring in two), he foresaw no drastic measure. On the revenue side, the executive thought to stick to 2012 an increase of 3 billion euros of taxes.The measures passed in the fall of 2010 allowing themselves to raise $ 2.4 billion in 2012 (as on marriages and divorces, the solar panels, the plane niche), there were only 600 million small to find, mainly on fiscal and social niches.

The extra effort

In early August, speculation about the note of the French debt, and the publication of zero growth in the second quarter have changed the situation. The government announced Aug. 24 that he would introduce austerity measures complementary form of cuts in niches and expenditure savings. Measures that will be added so the plan stalled in late June. Given the number of the second quarter, many economists believe that French growth will not reach the levels anticipated by Bercy, 2% in 2011 and 2.25% in 2012.But it is not clear that the government revise its forecast from August 24. He fears that a premature review discourage households and businesses. The additional austerity measures could then be presented as a safety cushion. It evokes a total effort (including 3 billion already provided) between 5 and 10 billion.

The tracks for households

Arbitrations are not made but many tracks are on the table. The tax loopholes should have a new movement of the plane (that is to say, a lump sum reduction of the benefit), this time for devices on the income of 2012. Plane and 10% voted last year to 2011 revenues could be increased. "I especially hope that this plane does not, like this year, a score of niches, but more generally," said Philippe Marini, the UMP rapporteur of the Budget in the Senate one hour payday loan.His counterpart in the Assembly Gilles Carrez is on the same line. MPs also want to lower the overall ceiling of niches, now fixed at 6% of income over 18 000 euros. However, the idea developed by the UMP Jérôme Chartier limit to 50% of tax due from the advantage of niches does not seem to hold the rope. The niches on the overseas are in the spotlight, such as real estate. A lowering of Scellier to 15% in 2012 (instead of 18%) would be driven by Bercy. Alternatively, introduce a condition of income in the new interest-free loan, now open to all. He had already planned to eliminate discounts that apply to real estate gains (10% per year after five years), but only for undeveloped land for building. The system of all real estate gains could now be cured without jeopardizing the exemption for primary residence.Allowances on capital gains would also be looked securities. Gilles Carrez calls for taxation over the water, so each year of life. "This is something artificial, complex and betray the government's promise not to touch the life," Storm Bernard Spitz, the president of the FFSA (French federation of insurance companies). Finally, the government wants to tax the very high incomes. A track is preferred because it has the preference of parliamentarians: a new tax of 1% to 2% for annual revenues in excess of one million euros.

The tracks for business

The regime of worldwide profits (BMC) should be preserved. As the exemption of capital gains on the sale of subsidiary. "It is wrong to believe as Martine Aubry niche that weighs 22 billion. These cover 22 billion three years, "says one at Bercy.However, the carry back of losses could be limited to one year. Regarding the carry forward losses from the profits would be capped. Another idea: in the tax consolidation groups, 5% of the dividends would be taxed (whereas now they are exempt). Advantage of these measures: they affect large groups.

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The pressure was at its height on Friday night Silvio Berlusconi, Italian Prime Minister. According to Reuters, the European Central Bank had asked him to commit to implement fiscal reforms quickly, a prerequisite for debt it bought the Italian Treasury. This would include an amendment to the Constitution so Italian and to introduce a "golden rule".Rome could make announcements to that effect from this weekend, in exchange for which the ECB would intervene in the markets next week to support the Treasury of Italy. These rumors had the effect to strengthen the euro against the dollar.

Sign of financial globalization accelerated the past three years, Asia is now that Western countries face their responsibilities. Major creditors of the United States and the eurozone, Japanese and Chinese have expressed their annoyance. "We hope that the United States adopt measures to ensure the safety of assets held in the U.S. by other countries," said Chinese Foreign Minister Yang Jiechi.The latter also called on the world's major economies to strengthen their "communication" and improve "global economic governance."

The Minister of Finance of Japan, Yoshihiko Noda, for his part called "to discuss" problems of market distortion currency, debt crisis and U.S. economic issue. Asia calling the West to deal with its imbalances, the G7 in reverse!

Calls to Action

Side the euro area, the calls begin to be heard. According to the Commission President José Manuel Barroso, who has asked Member States to vote as soon as the new aid package to Greece, the Commissioner of the Economy, Olli Rehn, has increased calls for the Friday action. He acknowledged that "the current crisis is not just Europe cash advance now."He said the solution may be to the world and "international coordination through the G7 and the G20 is very important," two bodies currently chaired by France. In this context, Nicolas Sarkozy has held since his vacation spot in Cape Negro a telephone conference with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero. He also had talks on Friday with Barack Obama. But as in previous crises, Europe is still far from offering a united front to the markets. Spanish Finance Minister, Elena Salgado, has sharply criticized the European Central Bank, which, she said, created "confusion in the markets."Implicitly, Madrid surprised that Jean-Claude Trichet at a press conference on Thursday, has announced the resumption of purchases of debt of Ireland and Portugal, two countries with financing needs are in principle already covered by the European Solidarity Fund (EFSF), even if it is unable to avoid tension on the secondary market.

However, the ECB has done nothing yet for Spain and Italy, which are in turmoil.Another sign of division: several Anglo-Saxon sources have suggested that the decision to resume the buyback of sovereign debt was opposed by the Germans, Dutch and Luxembourg in the Council of the ECB.

"The market seems to have understood that the European Summit of 21 July has finally brought a DIY solution to alleviate the difficulties of the peripheral countries of the Union", are economists Natixis. Principal is the day the bond markets, the rate loans to ten years in Italy increased over Spain, 6.12% and 6.03% respectively.Hence the pressure on Berlusconi by the ECB, and behind its main shareholder, Germany.

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500,000 French accounts in Switzerland

This billion may seem weak against 5.6 billion earned by the Italian tax authorities. But Italy had offered an amnesty to his repentant, who paid a fine.France, including the budget minister at the time, Eric Woerth, refused amnesty on principle. Explaining that a political choice less than 5000 people (4725) are gone in the cell, whereas, according to some experts, there are 500,000 French accounts in Switzerland. In short, France has preferred to draw little repentant but take a good revenues. Revenue which, after being estimated at 700 million in early 2010, will certainly exceed the billion ultimately. For all the records are not curly. Only 1600 have paid all repented their due. For 2605 of them, the transaction is entered into with the IRS but there are still remnants of income tax and penalties to settle. Finally, 523 cases are being processed.Everything should be completed by the end of 2011, according to Bercy.

In detail, the cell has recovered 497 million ISF 233 million inheritance, 157 million income tax (IR), the 7.3 billion in assets reported by the French who are reported guaranteed payday loan. "Those who have regularized their situation are often people who have inherited their parents' accounts in Switzerland. These assets traditionally reported little income. And the crisis has aggravated the situation, "says Bruno Gibert, Partner at law firm CMS Bureau Francis Lefebvre. That's why the IRS has collected little IR.

HSBC list

Penalties have so far brought only 70 million. "This amount seems low. I ask for clarification Philippe Parini, the director of public finances, at a committee hearing in May, "said Jerome Cahuzac.This figure corresponds to an average penalty amounting to 7.8% of the tax, is nevertheless consistent. Indeed, Bercy was decided to limit the penalty to 5% for those who did qu'hériter hidden assets and 20% for those who actively concealed the money, instead of the 40% effective usually. "Furthermore, with the payment of taxes due those who have settled have left a total of between 10% and 15% of their capital. This is not nothing! "Says Bruno Gibert.

Today, although the cell has closed its doors, the lawyers continue to file folders regularization Bercy. "But for now, they are not treated," says one of them. The tax is especially busy launching the 3000 fiscal controls on persons from the list of accounts with HSBC hidden in Switzerland. And despite the fact that the Court of Appeal of Paris has declared illegal the file from a flight. "This case concerns me.It should not be that tax evaders are doing, "says Jerome Cahuzac.

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Germany, Canada, the United States, France, Italy, Japan and the United Kingdom and will provide liquidity.The economy minister, Christine Lagarde, on the initiative of the conference call while France chairs the G7, however, reported not being able to provide "the amount of intervention unsecured personal loans." "Excess volatility and disorderly movements in exchange rates have adverse consequences for economic and financial stability," say members of the G7 and promise to continue to "work if necessary."

Further intervention by the Bank of Japan

One analyst said that the chances of a return to normalcy in the markets "are more important when you have a concerted action rather than mere intervention of the Bank of Japan (BoJ). And the BOJ has continued to act. The agency issued 3,000 billion yen (28 billion euros) this Friday to avoid a liquidity crisis.Since the beginning of the week, the Bank of Japan has injected 37,000 billion yen (333 billion euros) in the money.

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The operation will be done through a share swap with the Bulgari family, principal shareholder of the jeweler. After the transaction, the group headed by nearly 60 luxury brands including Louis Vuitton, Moet et Chandon or Christian Dior, hold 51% stake in Bulgari.

Then, LVMH will launch a friendly takeover of the remaining shares at a price of 12.25 euros per share Bulgari. The title was trading at 7.59 euros Bulgari Friday at the Milan Stock Exchange, valuing the company about $ 2.3 billion. The premium would be well over 60%!

The price may seem excessive, but it nonetheless seems "justified" in the eyes of analysts from Natixis.First because Bulgaria is a "high quality assets' means the company has a brand and an established network and has also completed a major restructuring over the past two years. Second, because the operation makes a good "complement existing marks the division Jewelry & Watches (Chaumet, Tag Heuer, Hublot, Zenith …) that is missing a critical size (5% of sales of LVMH 2010), "they said.

For Natixis, "financing the buyout of minority, for about 1.8 billion euros, should be fully absorbed by the strong cash generation that the group performs each year."

Bulgari: 2nd shareholder of LVMH

In exchange for the sale of the stake, the Bulgari family becomes the second largest family shareholder of LVMH and have two positions on the supervisory board of LVMH, one without voting rights.Francesco Trapani, Bulgari family member and its current CFO, will be one of them, it takes over the division of LVMH Watch & Jewellery (Philippe Pascal take other functions) and will have a position on the executive committee .

This operation comes at a rebound of the luxury market which had suffered badly during the recession. Bulgari has published a 21% jump in quarterly revenue in January, while the group headed by Bernard Arnault saw its net profit soar by 73% over 2010.

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