The UK does not digest the tax on "meat pies"

 

In Britain the meat pies, meat pies – have been at the heart of a new controversy. When presenting its budget, the government cited a 20% tax on all products made from dough and meat served hot and win. A measure supported by the vendors of fish and chips, which they already pay such VAT and enjoy little competition for bakers. But the press and political opponents of David Cameron were quick to assume that the Prime Minister was out of touch, by lowering taxes on the highest incomes from 50 to 45%, while increasing the price of food of the less favored social classes. To not pass a snob, the curator explained that he was also a "pie eater", recounting his last experience in the upscale Cornwall. But Sun has investigated, and, bad luck, the store is talking about Cameron closed in 2007? Suddenly, the Labour leader Ed Miliband rushed at one of the leading meat pies, chain Greggs. He said the government has downgraded the living standards of the British by all possible means. To show that he himself is close to the people, Miliband himself to offer his team eight turnovers with meat for lunch.

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Presidential: spending cuts in sham

 

So far, Francois Hollande was very talkative on controlling public spending. To prove his seriousness in budgetary matters, the PS argued the EUR 49 billion of tax increases planned – both graded increases to fund new measures and to reduce the public deficit to 3% in 2013. Change in tone Thursday on France 2. The Socialist candidate was more explicit result: the return to balance accounts in 2017 will also "by 50 billion savings on public spending," he said, highlighting a point that appears from the origin, but discreetly, in its program.

In fact, in a country where public expenditure accounts for 56.6% of GDP, while fiscal consolidation achieved through an action on the charges. Except as we stay in France. Unlike the choices made in the UK and measures imposed in Portugal or Greece, or Francois Hollande nor Nicolas Sarkozy proposed to actually reduce government spending, that is to say, the return of 100 euros a year to 95 next year. The two main candidates simply promise to slow the rise.

From 1978 to 2008, public spending grew on average by 2.6% per year, plus inflation. "We will limit their increases to 1% per year," said Francois Hollande. Right, this government promised in Brussels an increase of 0.4% per year until 2016. Then where are the savings put forward by both sides? This is actually a smaller increase in expenses, compared to their natural tendency (which is explained by the increase in salaries of civil servants, the increase in health spending, the rising number of retirees, etc.. ). This is supposed to be parallel to that of GDP. Example project with Holland. Without special measures, the approximately 1 trillion of government spending should increase as the national wealth (1.7% per year initially, 2.25% at the end, according to forecasts of the candidate). An average increase of about 2% per year during the future five-year-around 20 billion euros each year free credit report and score. The PS wants to limit their growth to 1% per year. The economy compared to the natural drift is 10 billion per year and $ 50 billion in the five year term. The weight of public expenditure in GDP would decline to 53.9% while in 2017 the government is 52.8% in 2016. In both cases, the action will inevitably unpopular.

Divisive options

Social benefits-health costs, pensions, family allowances or unemployment … – indeed absorb 45% of public expenditure. Just to bring growth in public spending to 0.7% in 2011, the current government had to reform pensions, act on Medicare and not to replace staff on two retiring.

Thursday, Francois Hollande suggested avenues for savings: lower prices and consumption of drugs, focus on health prevention, cuts in aid to enterprises, decentralization. Displaying its objective of stabilizing the size of the public, he admitted that there would be job cuts in all departments except Education, Justice and Home Affairs. "The salary policy will be serious," said Michel Sapin, program officer of the applicant, being careful not to promise any pay rise. And state transfers to local (one hundred billion a year) "will not progress." Not to mention that if economic growth is not at the rendezvous, the scheme collapses. Michel Sapin no plans yet not to intensify efforts in this case: "A real spending cuts could destabilize the economy," he retorts.

Advocating a greater effort, Nicolas Sarkozy announced the continuation of "one in two." The UMP also wants to cut $ 2 billion per year transfers to communities. Magnitude of the cuts, selected sectors: these options are politically divisive. But in a camp like in the other, the information disclosed so far are not enough.

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The Paris daily reprieve in Normandy

 

The new, bad, is not yet official but could be announced to employees on a works council to be held Monday, February 27: Paris Normandy could file for bankruptcy. According to the union SNJ, the regional newspaper, owned by Hersant Media (GHM), after considering a social "scale" would be forced into this solution and, more broadly, the entire division titles Norman Group Hersant Media, which includes, besides Paris-Normandie, Havre Free daily newspapers, Le Havre-Presse and The Progress of Fecamp, and their weekly supplements.

The direction of DRG does not comment. But the situation of his pole Norman is actually very difficult. The paid circulation daily Paris-Normandie has dropped 23% since 2006 to just 52,606 copies at last count of OJD. That of other securities decreased by 26% in five years.

"We fear to a social minimum, at worst a bankruptcy filing," said the AFP-Benoît Marin Curtoud, delegate from Paris to Normandy SNJ.

Discussions with the Belgian Rossel

While DRG is continuing discussions with the Belgian group Rossel to create a joint venture of leading regional dailies in France, the pole Norman seems to be a final hurdle before the conclusion of an agreement. According to the SNJ, the Company Norman publishing and printing (SNPEI), which publishes such titles and employs 365 employees including 114 journalists have registered last year a deficit of EUR 2 million and annual sales of around 40 million.

For the Hersant Media Group, which has already had to close last November Comareg (Released Sold) resulting in the heaviest social of 2011 in France (1650 employees), the liquidation of Paris Normandy would be a second crushing defeat.

Loss history published Monday by the German manufacturer Q-Cells solar panels, receivership last week to the French pioneer Photowatt, bankruptcy of the American Solyndra, despite a half-billion dollars in loans guaranteed by the Obama administration … The horizon of the PV industry seems to have dimmed in recent weeks.

Last date black cloud, so the results of Q-Cells, which Monday posted a quarterly net loss of EUR 57 million, a quarter of sales, itself down 43% year on year cash advance to savings account. The bad news have plunged the action Q-Cells up to 30% on Monday in Frankfurt. The German company cited "market environment significantly more difficult than expected."

Change the marriage contract to better protect her husband

Your matrimonial is it still fits your financial situation? Through the acquisitions made during the life, property division rules established by the initial marriage contract may no longer meet the needs of the couple, including the death of one spouse.

The rules of succession are now more protective of the surviving spouse. They guarantee him at his option, the option of retaining the use of all of the assets of the deceased, or to obtain full ownership of one quarter of those assets. The question arises, however, with respect to the principal residence, especially when children are involved. If one spouse wants more protection, it is possible, by gift or by will to assign ownership of property.

The sponsors of the XV of France met, despite the defeat

Press conferences disorganized players cut their public, lack of aggressiveness on the field, coach misunderstood the media … Of course, the end of the Rugby World Cup in New Zealand ended with a huge tribute to the XV lights, after a heroic match. But the start of the competition was not the same caliber. A novelty in the land of rugby, where the values ​​of fighting spirit, cohesion, humility and team spirit have contributed to the popularization of the sport and its appeal to brands.

Since the professionalization of the discipline in 1995, the French Rugby Federation (FFR) has in fact built on these values ​​to develop partnerships and multiply by 2.5 the financial returns from marketing. Each year, the XV of France in his reports only about 58 of some 83 million annual budget of the FFR.In addition to the TV rights and ticket sales, much of this money comes brands. Nearly 25% of the budget of the FFR is a direct result of the five official partners of the national team that is the GMF, Societe Generale, Orange, Nike and Renault.

Every year, each brand spends 3 to 4 million euros to be associated with the image of rugby. Beyond the fitness trail that led the Blues to the final, the behavior of players in the XV of France during the World Cup he chipped in this picture? "No, says Sylvie Lagourgue, Marketing and Communication Director of GMF, the first partner of the Federation (since 1985). There was a very excessive impact of certain statements out of context. There have certainly been some tension, but remain normal in a competition with so much at stake.To get to the finals, we had a good team spirit, group cohesion, commitment … These values ​​were well represented. " A speech echoed William Josselin, director of communications and marketing for Renault France, the most recent official partners of the FFR. "These tensions come to light between the players and the coach Marc Lievremont is not usual in rugby, but there was an exaggeration and a media hype on this subject. The media have really many, many. "

Co-responsible brands

Not enough challenge so positive mythology surrounding the world of rugby. Officially anyway. "The feedback that we have some brands show that there is a question mark around the traditional values ​​of the sport, admits the head of a sports marketing consulting agency.The professionalization leads to behavior change that can alter the image of a sport. Of course brands are co-responsible for this phenomenon, for providing the money, she help change the economy and the functioning of a discipline. "

Meanwhile, no official partner seems to want to question its agreements that fall "over time" in the words of Raphael Niemi, head of sports partnerships at Societe Generale, the other partner Official History of the FFR (since 1987).The contract with the FFR ends in June 2012, but the bank claims to have given a "strong signal of its commitment to rugby," in association already in the World Cup in England in 2015, after s' be associated with the 1999 and 2007.

Inflation likely amounts partnerships

In the meantime, the FFR will have to renegotiate some of its contracts with its partners and official suppliers. And the good performance of Blue could feed the argument to discuss the price. But everyone may not be ready to comply with the requirements. "A price inflation in a successful negotiation implies a downward during counterproductive. If you want to build a lasting partnership can not constantly redefine the rules according to sports scores. Otherwise it has to work both ways and we seem risky, "argues William Josselin at Renault.At Societe Generale, one also anticipates a possible inflation of prices charged by the FFR, but more serene. "The increase in licensees, positive values, and common stock Sports World Cup is actually strong arguments, concedes Raphael Niemi.Nous share the same fight that the FFR and Societe Generale has always been committed to the development of this sport as an integral part of business strategy. This commitment is not only related to the contract rights FFR. "

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Wall Street should once again move

The U.S. stock market should open up again on Tuesday. Future of Standard & Poor's 500 and Nasdaq 100 advance at 1.35% to 1174 points and 2255 points to 1.33%. Monday, Wall Street had already finished in the green.

Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW.Other analysts, however, want to caution. The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

The euro relapse

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. A barrel of "light sweet crude" for delivery in November gained 1 high quality business cards.15 dollars to 81.39 dollars in early trade, having closed up 39 cents Monday.A barrel of Brent North Sea crude for November delivery, which ended virtually unchanged Monday (-3 cents), advances, meanwhile, 95 cents to 104.89 dollars.

On the macroeconomic front, investors will monitor the housing price index calculated by S & P / Case-Shiller in the 20 largest cities in the United States, the index of consumer confidence and the Conference Board index of manufacturing activity in the Richmond Fed.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.

Banks: State ready to inject funds

French banks are they as strong as they claim? While Baroin, Minister of Finance, was the United States this week to reassure Americans about the health of European banks, Bercy is yet ready to draw a rescue plan, according to the Journal du Dimanche. Citing sources close to the bank and Elysium, the weekly reports that a secret crisis meeting was held in the Treasury Department Sunday, September 11. The leaders of BNP Paribas, Societe Generale, Credit Agricole, Banque Populaire, Caisse d'Epargne and Crédit mutuel have attended.

On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions payday loans. As the major U.S. money market funds.

The Elysee and the Bank of France belie

According to the JDD, Societe Generale would have accepted the plan, subject to conditions. CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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Wall Street tumbles at the end

New eventful session Thursday on Wall Street. The indices, which have continued to increase their losses after the closing sharply down European markets fall at the close. The Dow Jones ended in a loss of 3.51% to 10,733.83 points, the Nasdaq lost 3.25% to 2455.67 points and the S & P drops 3.19% to 1129.56 points.

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Oil tumbles 6%

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

The increase in the composite index of U.S. economic indicators slowed in August, which is a sign of increased risks to growth, said Friday the Conference Board.This index, which includes ten indicators supposed to give an idea of ​​the changing conditions in the United States within six months, rose 0.3% compared to July, where he won 0.6% said the institute of private economy.

On the front real estate, the price of houses increased by 0.8% in July compared to June, according to data released by the Federal Housing Finance Agency. In one year, it appears down 3.3%.

In this context, oil has lost more than 6% of its value in New York, amid sharp strengthening of the dollar, within the scope of pessimistic compiled by the Central Bank of the United States, the leading consumer of gold black.

On the currency markets, the euro is trading at 1.3476 dollar.The oil, he lost more than 6% of its value in New York, against the backdrop of a sharp strengthening of the dollar, within the scope of pessimistic compiled by the Central Bank of the United States, the leading consumer of black gold. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 80.51 dollars, down 5.41 dollars (6.3%) compared to the previous day.

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.15% to 23.17 dollars) and Citigroup (-6.23% to 23.93 dollars) suffer further degradation of their notes by Moody's. The agency that the state may fly to their rescue.

Fedex (-8.17% to 66.58 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-8.75% to 68.32 dollars) will buy the equipment manufacturer Goodrich Aviation (10.10% to 120.55 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

Park the car with his phone

This is one of the innovations that made the most about her at the Frankfurt Motor Show. The French supplier Valeo has developed a system, called Park4U Remote, which allows to park your car while remaining outside it, with his mobile phone.

The application detects the parking spot, then maneuver the car away, receding, Braque, braking, forward and contrebraque any one until it is completely parked. The Utisa has to keep its finger on the smartphone to make the whole operation.

To stop everything, just lift the index. Interest: fit into small spaces on the street or parking lot, between two poles, without damaging the vehicle. To leave, you can also get the car out of the slot with his phone, if the door opening is made difficult by the narrowness of the place.No release date is currently indicated by Valeo, which currently markets a parking assist system semi-automatically.

One thing is certain, if this product becomes public, be flying his phone will become more annoying than ever.

Automotive: car pulls herself

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