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Good news for holders of a booklet A. Next Sunday, August 1, the rate of return on investment the most popular in France will increase from 1.25% to 1.75%.
The French plébiscitent more than ever the Livret A. At the end of 2009, there were no fewer than 59.3 million savings books (and blue, distributed by Crédit Mutuel), nearly 65 million inhabitants! If one adds the 600,000 booklets initiated by associations, there are nearly 60 million savings books (59.9 million to be exact). That is 10 million more than 2008 (49.69 million booklets A and blue).The current 60 million books, however, must be qualified because, contrary to what the law says, many French people have more than one account.
The widespread distribution of the Livret A, 1 January 2009, has allowed this very old investment (born 1818) to learn a new youth. "The interchange has resulted in strengthening the collection, especially during the first quarter of 2009, in a context it is true in favor of regulated savings," said Christian Noyer, governor of the Bank of France and President of the Observatory regulated savings. For the record, between August 2008 and February 2009, Book A reported 4% net of taxes!
Young people more attracted
In total, at the end of last year, the outstanding Blue Book A and amounted to 183.4 billion euros, up 11%.Of this amount, "153 billion euros have been collected by distributors historical (the Savings Bank, La Banque Postale and Crédit Mutuel) and 30.3 billion from other banks, which for them represents 18% collection, "said Christian Noyer. This proves that, contrary to what some feared, dealers history have resisted the opening to competition.
Disoriented by the chaotic stock market and uncertain economic climate, investors continue to place their savings passbooks regulated, however low returns.
Despite a slump in June, in the first six months of the year, collecting on the book A and book Sustainable Development (ex-Codevi) remained positive at 990 million euros. This trend should continue and even grow in the coming months.Generally, the higher rates in effect encouraged the French, always very reluctant to risk, to feed their booklets.
In late 2009, 42% of assets were placed on 4.3 million booklets only! In contrast, more than half of the accounts (30 million) were credited with less than 150 euros. Is it because the book A is held mostly by young people (usually minor)? Older people (over 65) it would generally prefer other types of investments, such as life insurance.
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"In Depth Life Insurance
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On the ground of appeal as that of growth, France is doing "less bad" than its main competitors. It is the belief of the French Agency for International Investment (AFII), which on Monday published its panel's attractiveness in 2010, in collaboration with the Center for Strategic Analysis (CAS), Treasury and Datar. While foreign direct investment last year saw a decline of 41% in developed countries, they have fallen "only" 35% in France.
The Hexagon's interest to maintain this advantage: the French subsidiaries of foreign groups provide more than 2.5 million jobs, 20% of R & D and almost 40% of these exports are linked to foreign establishments.And since 2007, when the crisis was suffering its effects, new investment decisions by foreign companies will be permitted to "maintain or create approximately 30,000 jobs" each year.
"Beware the gap between what the economic data and leave out the perception of foreign investors," said Monday David Appia, president of the AFII. This paper attempts to twist the particular blow to conventional wisdom: that France would not fiscally attractive to businesses. "People often think that taxation in France is a weak point but in reality the situation is more complex," said Director General of CAS, Vincent Chriqui bad credit pay day loans.It must be determined "globally", argue the AFII and CAS.
"Strong signals"
The tax can not be reduced to the corporate tax (IS). "The effective tax burden on enterprises in France is much lower than the nominal rate of the SI would suggest," says the report. It must also consider the tax base and exemptions. Ultimately, if we look at the revenue of the IS reported to EBITDA, "France is in a better position, with a tax rate of approximately 17% of profits." Dietary improvements reserved for impatriate removing the ceiling of the research tax credit – now "the strongest incentive to Europe" – and the removal of business tax on productive investments also "sent a strong signal towards investors foreigners.
More generally, France is ranked fifth in the world for business location costs (employment, installation, transportation, taxes, equipment and energy) and one in Europe, the document stresses the AFII, which compiles data and existing rankings, making comparisons between France and eleven other neighboring countries.
"The Post: public facing an unprecedented challenge, a necessary change." The title of the report of the Court of Auditors formally released Thursday speaks for itself. The government agency at a critical juncture. In debt and facing a collapse of its top market, mail, the Post will benefit from a capital increase of EUR 2.7 billion, provided by the State and the Caisse des depots. The two sides are negotiating the valuation of the company and hope to find common ground in late July.
In this context, the report of the Court was awaited. The sages of the Rue Cambon had already studied the Post in 2003.Returning to their audit work, they were able to measure the progress accomplished: modernization of industrial facilities, improved management of the company's … very positive developments, but that might not be sufficient "to deal deep and structural decline in the mail and opening the postal market on 1 January next competition within the Community. "
The dividends of La Banque Postale
To catch up, according to the Post Office should the Court's experts work on the cost of its network, delays in productivity and quality of its service. Especially as the company's management has adopted a strategic plan, "Ambition 2015", which assumptions are deemed voluntary by the Court. When The Post estimated the reduction in mail volumes between 2008 and 2015 to 30%, the Court suggested that he perform simulations starting with a scenario of a decline of 40%.
Jean-Paul Bailly, CEO of La Poste considers this as severe in 1 hour payday loans. For a leader, the company has shown, given the information available at the time of any possible reactivity to adapt to the collapse of mail. He recalled that in late 2007, "Nobody could anticipate the crisis" mail since, between 2003 and 2007, the total decline in traffic addressed had not exceeded 2.3%. Regarding the criticism on the quality of service, the CEO noted that the objectives set by the government have been exceeded in 2008 and 2009.
The banking subsidiary of La Poste, La Banque Postale, is also discussed. While the Court emphasized an increase in net banking income lower than expected, Jean-Paul Bailly emphasizes the exceptional resistance of La Banque Postale to the financial crisis.He returned to the strategy of developing new business banking (consumer finance, property and casualty …) partnerships. The choice "was in no way constrained by the priority given by the group to other investments."
It is a voluntary process that aims to accelerate the implementation of its services. In this regard, the Governor of the Bank of France in his own response to the report, asked the Post Office to ensure that its subsidiary "has the human skills and techniques required to address this market." The Governor also noted that the distribution rate of 45% of its income in the form of dividend proposed by the strategic plan of the Post Bank, would penalize a period "where capital must be strengthened."
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While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.
"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.
The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.
Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.
Record demand
In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.
Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.
"If we do not change policy, we will in the wall." Jacques Attali, President of PlanetFinance and author of a book entitled "All ruined in ten years? Public debt: the last chance "does not beat around the bush. After a week when financial markets are worried about the emergence of a new recession, former adviser to Francois Mitterrand and confirms that the government must halt the rise in public debt. And for this, a policy of austerity. "We're on the brink of a global deflation as it has ever seen for a century and a half," he said.
In alarm that has not failed to react as President of the European Central Bank (ECB). "I do not think the risk of a recession.Globally, it is clear that we are in a recovery phase, confirmed particularly in the emerging world, but also in the industrialized world, "said Jean-Claude Trichet. That did not stop to be careful. "Growth is not written in the industrialized world, it depends on the ability of countries to strengthen the confidence of households, firms and enterprises," he says.
Grand European loan
Europe is not doomed to stagnation. According to economists, big bosses and politicians gathered in Aix-en-Provence Economic Forum for the Old Continent has to reform, reduce deficits and build on innovation. "Without policy change, the growth potential of Europe for the next ten years will be around 1.3% to 1.5% per year.We would then take years to regain the levels of unemployment pre-crisis, "says economist Christian de Boissieu.
For this, the Circle of economists in favor of a large loan eueuropéen, referring to the one established last year by Nicolas Sarkozy. The idea is, like its sister French, invest in innovation, green technology or education. "Innovation and services are crucial. The deindustrialization of the United States had no areas of very high technology, because they have attracted the intelligence world, "says Louis Welsh, president of EADS.
"Place of Culture and Tourism
The question is how to articulate these priorities, fiscal consolidation and sustaining growth -. Hence the idea of an overhaul of EU policies.In short, Europe must "change the growth model," according to former Prime Minister Alain Juppe. "The EU lacks coherence between its short and medium term focus on reducing deficits, and the long term that seeks to promote investment in the knowledge economy," says economist Agnes Benassy-Quere.
Far from being able to display growth rates comparable to those of emerging countries, Europe has every interest to agree on next steps. Otherwise it will be reduced to "a place of culture and tourism," says Jean-Hervé Lorenzi, President of Circle of economists.
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Click on the thumbnail to enlarge the graphic
He has held eight weeks. The CEO of BP, Tony Hayward, should hand over the management of the oil spill from the Gulf of Mexico to another group leader, Robert Dudley. The ad, albeit tempered by a spokesman for the moment, was made by Carl-Henric Svanberg, president of the group, during an interview with Sky News on Friday. "He went there just after the explosion. It will now transmit the management operations on a day-to-day to Robert Dudley, "he said.
Robert Dudley, a member of the board of directors of the group is in charge of operations in the Americas and Asia. Tony Hayward had already chosen earlier this month to lead a team to manage, with the authorities, long-term consequences of the spill after it had ceased.
A president on Platter
According to several analysts, heads could also fall after the U.S. congressional hearings. Observers say that Tony Hayward was well out of the question-answer session with U.S. lawmakers. The announcement of the creation of a fund of 20 billion dollars had quieted some of the fears of investors. "The provision of Tony Hayward has not been great but it could have been worse. As a shareholder, our priority was to see that all energies were concentrated on repairing the broken sink, "said anonymously to Reuters one of the ten largest shareholders of the group.
The Director General could therefore keep his job. It might be different from President Carl-Henric Svanberg."We believe Tony Hayward is doing all it can do, but the chairman of the board of directors does it not come out that well at all. It almost did not hear, "says shareholder. Another investor in the list of top 20 shareholders of the group added: "From my point of view, it will be very, very difficult for the president to overcome that. This function must be occupied by someone credible on the international scene, and it is clear that this is not the case with the incumbent.
Same view for Peter Hitchens, analyst at Panmure Gordon: "There is more pressure on the president who was, at least initially, very little known. I think at this point, we'll have someone go, so BP is in trouble. " "Obviously, everybody is looking for a scapegoat.This could be the president, "said his side Yevgeny Solovyov, an analyst at Societe Generale.
"We will survive"
Faced with this pressure, Carl-Henric Svanberg trying to stay focused. "BP is a very solid company and we will survive," he said. He said a disappearance of the band because of this disaster "can not happen."
The spill in the Gulf of Mexico has so far cost the group $ 1.8 billion, and the bill could rise considerably. In criminal prosecutions, the company may have to pay tens of billions of dollars in legal fees alone. Analysts estimate that the total cost of the disaster for BP should be between 17 and 60 billion dollars.
"On the 24-hour period ending at midnight last night, we were able to recover 25,000 barrels of oil," Friday welcomed Admiral Thad Allen to coordinate the fight against the tide black. He added that BP expected increase this volume to 53,000 barrels per day by end June So far, BP recovered 15,000 barrels per day, while the well is located 1,500 meters deep and 80 miles from U.S. shores spits every day between 35,000 and 60,000 barrels (up to 9.5 million liters) of oil .
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Discussed Tuesday by "government sources" quoted by AFP, the tax "special" on incomes over 11,000 euros per month to finance retirement, lived. If that threshold had been applied by household income, a couple of executives earning 5,500 euros each have been struck. A level consistent with the definition of "rich" François Hollande (PS) but remains visible in the middle class for Nicolas Sarkozy. The government is therefore seeking a way to help high incomes.
Among the possibilities is a slice of the additional income tax. This is part of decisions that must still be taken as setting the new age. "For the public finances, better go to 62 by 2018 (or extension by a quarter per year) to 63 years by 2030," argues a government source.Way to break in the speech? Response no later than Wednesday, with a press conference of Éric Woerth. The head of the state will not talk about retirement at this point.
The CAC 40 index which comprises the forty largest capitalization of the Paris market, will be 41 values within one day, Friday, July 2, with the division of the Accor group, said in a statement Friday the exchange operator NYSE Euronext.
Accor, which is part of the CAC 40 will separate into two entities, one containing the name Accor hotels and gathering activities, and the other called Edenred, representing the prepaid services industry (Ticket Restaurant, gift cards bad Credit payday advance ..).
On July 2, two new groups will therefore part of the CAC 40 Edenred do so before the index feature of Parisian place before the opening of the meeting of Monday, July 5, said NYSE Euronext.
The general meeting to approve the demerger will take place June 29, days before the listing of the two entities.
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The email, signed by Jean-Marie Messier, was dated Sunday, June 30, 2002 at 10 am 23. It may look like a formal letter stating the last wishes of a CEO for a stay. The paper brings to light the scenes is a bit petty negotiations after leaving the group.
That Sunday, Jean-Marie Messier knows he was dropped by the main shareholders. The accounts of Vivendi Universal are in the red. A loss of 13.6 billion euros has been announced. While three days before a board of directors has rejected a narrow majority vote of no confidence against him, he is preparing to resign officially. His departure seems to be the only solution to reassure markets that have become hostile to personality and promises disappointed "J2M.
This Sunday morning, Jean-Marie Messier is therefore sending an email to one of his lawyers."Then I will summarize the points that I want to have all the details?", Begins the missive in a list. First point: "check the proper treatment" of several close aides including Xavier Couture, then CEO of Canal +. Third point: "ensure a legal cover" and an "unlimited coverage for legal fees. To pay them, said in a parenthesis Jean-Marie Messier, "it must be shielded." Other points: provide "social security coverage for my family," fees for the apartment in New York, to benefit from 20 hours per year of flights on aircraft or group chair the ceremony films were made by several Filmmakers on September 11."They are small and big important things," says the e-mail Sunday morning.
Reading this list by the presiding judge is not likely to put at ease Jean-Marie Messier. "It is both a needle in a haystack and it has a pathetic," he explains at the helm. I decided to leave VU but I was still looking for ways to hang myself by mentioning the date of such board or of the projection of films on September 11. Rereading it after eight years, is baroque! ".
The former CEO has said he resigned from the group by letter on the night of Sunday to Monday without worrying about the conditions of his departure quick pay day loan.He had refused a golden parachute clause inserted in his contract after the merger with Seagram, Vivendi, "yet it was the practice in American companies," says he. And he was not at the time of signing his resignation guarantees on his departure: "My decision was to leave and was independent of contract terms," he repeats at least four times in court.
Four days later, July 3, 2002, we find the time to file a handwritten letter addressed to the administrators group."J2M" indignant that he was asked to "make a decision that breaks his professional life," that is, to resign, that he was "promised straight in the eye to treat honorably" but ultimately it is a question not to grant him his starting conditions.
"This letter is not a boss but someone lost, lost, who knows what to do," justifies this time "J2M. The terms of his departure he has finally provided a driver, health coverage for five years and a sum of 18.6 million euros, a sum never touched, an arbitration in New York who stopped in the middle flight this "golden parachute". This short list is at the center of a prosecution for abuse of corporate assets
On this point, the court is no longer the place of the feelings by writing an email Sunday morning dark.At the bar in the courtroom sunny, Jean-Marie Messier adjusts his expressions when the time comes to discuss these golden parachutes to CEOs French inspired 2000s counterparts américiains. He uses a clear voice and clear expression. "I know the media sensitivity when you mention these matters, argues the former CEO. But I mean there was no prejudice. I acted in good faith. For the rest, I had no hand. I thank you for Vivendi Universal.
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