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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Second largest producer of cotton after China and before the United States, India took the markets short Monday, putting a halt to its exports. Driven by Chinese demand, they were likely to exceed the end of March the 10 million bales exported in twelve months, while the Indian government had to fall to 8.4 million bales its quotas. This political decision intended to favor local manufacturers Monday sparked a 4% increase in the prices of futures contracts for cotton available in May.

Worrying signs of ready-to-wear and conjure the specter of runaway prices experienced a year ago. Francesco Marchi, Euratex, Association of European textile producers, fears "that European producers of fabrics not subjected to higher prices, which will be transferred to brands."

]]> http://atthecore.us/clothing-protected-by-a-surge-of-cotton/feed/ 0 http://atthecore.us/reunion-the-measures-announced/ http://atthecore.us/reunion-the-measures-announced/#comments Sun, 26 Feb 2012 06:00:23 +0000 admin http://atthecore.us/reunion-the-measures-announced/  

The price of gas and electricity for low incomes will fall in Reunion, and those of 40 essential commodities will be frozen at least from March 1 through the efforts of local communities, said Friday the prefect, Michel Lalande. A series of measures taken after a round table of five thirty gathering around him the chairmen of local councils, chambers, representatives of consumer associations, oil companies and professional drivers payday loans guaranteed no fax. All participants in the roundtable have finally launched a "solemn appeal" to calm the population.

]]> http://atthecore.us/reunion-the-measures-announced/feed/ 0 http://atthecore.us/first-historic-loss-for-credit-agricole/ http://atthecore.us/first-historic-loss-for-credit-agricole/#comments Thu, 23 Feb 2012 12:24:08 +0000 admin http://atthecore.us/first-historic-loss-for-credit-agricole/  

For the first time in its history, Crédit Agricole SA ended the year 2011 in the red. This loss of 1.47 billion euros is due to a double effort: trying to balance the Greek crisis and adaptation to the new world of banking.

"The Greek situation continued to deteriorate throughout the year. Emporiki, the local subsidiary of the group, saw its operating losses increase, "says the group in a statement. In total, the cost of the Greek crisis did go up in smoke 2.4 billion euros in 2011. It had already cost the green bank over two billion euros the previous two years. Positive, the group has managed to reduce by half the level in nine months of Emporiki refinancing by its parent.

The second part of the bill, presented to the regional, for adapting to the new world of banking. In this respect, John Paul Chifflet, the general manager, did not choose the half-measure. Its vast battle plan, unveiled last December, resulting in 2.5 billion euros in provisions and impairments on acquisitions too aggressive fast cash now. In parallel, the mutual bank will embark on a diet, mainly driven by the Corporate and Investment Banking (CIB). For this subsidiary, lost $ 150 million over the years, adapting to post-crisis world through the sale of portfolios, the removal of 1750 positions and the withdrawal of twenty-six countries. The adaptation plan costs nearly 500 million euros in the bank.

Cumulative, Greece, impairment in the fourth quarter and the adaptation plan dug accounts of Crédit Agricole SA of 4.4 billion euros. These losses do not yet call into question the soundness of the Credit Agricole group, based on fieldwork of the regional banks. They have not fallen in 2011 with a cumulative profit up 3.6% to nearly 4 billion euros. The Crédit Agricole group as a whole shows and an annual profit of 812 million euros, against 3.6 billion in 2010. The group has a solvency ratio of the nails in the European requirements to 9.6%.

The Act of July 5, 2011 amended the Act of April 2, 1947 Bichet governing the distribution of the press in France. The role of the Supreme Council of the Courier press is reinforced. Its decisions can now be enforced by the Regulatory Authority for the distribution of the press, newly created. To the President of the UNDP, which represents 30,000 newsagents, the way is thus open to the implementation of reforms, as the set.

LE FIGARO. – In the context of fierce competition between Presstalis and MLP, that becomes the sales network of the press?

Gerard Proust. – All the attention is currently focused on the situation of e-NMPP and custodians who act as wholesalers, because they structure the distribution of the press. Their business model is affected by the steady decline in sales. Presstalis responds by reforming its organization, but is being weakened by the departure of titles that will be distributed by mail MLP concurrent capable as appropriate to offer better rates. The trustees seek to rehabilitate their missions and resource to the new situation. But that does not detract from the urgency, at least, the situation of press merchants, who provide the relationship between supply of press and public.

Gerard Proust. – What makes you say that you forget to press the merchants?

When we deplore all the time the crisis of the press, and we do not get lost in the competition by explaining that the paper deliver new technology, we forget that it is primarily to closures of points -500 specialty sales per year! – we should lower the diffusion constant. There is no release that can stand well without a strong sales network. But yet we forget! His compensation is still insufficient to attract entrepreneurs and empower them to adapt to consumer expectations. I'm currently reading the proposals presented to the Superior Council, which suggest that the financial resources of the sector, now rare, be directed first to the other players. So I have every reason to fear we think too late to merchants when they are exhausted. I even saw that Stavros Dimas offer some burdens on traders, then we should be to alleviate the primary concern!

What is their situation?

They are not facing a crisis of paper seen by the overall maintenance of our turnover bookstore or card shop subject to the same competition from the Internet-but a crisis of the dispensing apparatus, which supplies the sales network so that it arrives in this double feat: distracting the consumer and discourage the merchant. Be aware: 60% of our supplies come away with unsold (it's more than half of the volumes delivered that do not meet the expectations of customers of the shop, who are squatting in blighted areas and that the merchant who monopolize would be better served to welcome and advise his client) and 20% of gaps in the sale (it's one in five who has not found among his dealer that he had come in search)! What a waste … Thus the turnover flexes for several years, as broadcasters abandon their profession, and that the sector is thereby destabilized the whole, with its greater risk. 

What are your recommendations?

There is no inevitability to the current situation of the press distribution, means rebound there, going through the procurement reform, for better consumer satisfaction, and improved compensation the merchant, to convince entrepreneurs to focus on our business. Must be provided at point of sale assortment of titles that meets customer expectations, we know such identification. This procurement method is practiced by all modern commercial networks, and even to sell the press in some European countries. It has been long and carefully defined and tested by the entire profession, before his deployment is blocked because he got obviously a handful of "editors" whose abuses led to the exhaustion I described the system.

This reform will suffice?

No! Soon, it will take to change the pay conditions of the merchants, always worse off when compared to their European counterparts, but also to other trade business. We must learn to lock onto them, because they are the ones that attract new entrepreneurs at the expense of being a merchant Press. It is they who come to occupy the commercial spaces, often the most prominent, as my colleagues leave vacant. When the publishing community is concerned about the turnaround of its sector, it must file the compensation of its sales network and not a priority, as I fear, a subject that "come after".

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After the real success of online shopping sites like eBay, PriceMinister, or the Bon Coin, the new trend is for rent on the Net. Many small e-rental sites, as Zilok, Goopes or Consoloc, abounds on the Web, reflecting the popularity of the French for "eat smart", or just how to use a product when it is needed. Today, the market leader and pioneer in France, e-rents, Argus publishes the first charter, based on tens of thousands of locations identified by the site for three years. "The Argus does not set prices, it indicates to users who have no idea of ​​the rental value of their purpose, how it can be rented and how it can bring," said Alexandre Woog, the founder of a start-up incubated with HEC.

So a bike is rented 10 euros per day, a barbecue 8 euros, 5 euros a vacuum cleaner, a hair remover 10 euros, 30 euros a stereo, a battery 45 euros, a snowboard 7 euros, 25 euros a cement mixer, a road car 55 euro, 1 euro a puzzle, etc.. The list is not exhaustive as rental properties are varied and sometimes unusual: there are spy cameras, to strip bars, disco buses, limousines, and even goats to 10 euros per day, to unravel his garden!

The concept of "collaborative consumption"

Woog Alexander, the founder of e-rents, will export its online rental site in Europe.

Question of economic efficiency then. One can only be struck by the complete lack of fiscal strategy of the Finance Bill 2012, currently under discussion in Parliament. In the eyes of officials of Bercy, the only way to increase tax revenues is to remove the niches or benefits made in the tax calculation.More than half of the 11 billion euros in additional savings are announced in late August and the removal of some old tax benefits. Now that the idea has been fueled largely with public opinion than the 104 billion euros in lost revenue for state coffers that are the fiscal and social niches, half are "very effective" or "inefficient", this solution is actually the easiest to implement. But it can serve as long-term program. As niches, whose real term is "tax expenditure", are as fundamental to encourage private investors to replace the public investor.No niches, no investment in France, which already sorely lacking.

Reform the income tax

The tax reform in 2012 will revolve around three major issues: how to bring balance between taxation of wealth and income? How to get to his income tax progressivity? What future for VAT?

To these questions, the UMP and the PS will provide different answers, of course. But the rules are the same for all. France can no longer raise taxes. The tax ratio-mandatory, ie the tax burden, amounted to 44.5% of GDP, close to its historical levels (44.9% in 1999). But conversely, the disastrous situation of public finances prevents them down.The "big bang" will be announced fiscal totally bounded in the universe: it will be a rebalancing in depth, but revenue constant.

Some lines of force emerge. The income tax in its present form, is on trial. Two transformations are emerging: reconsider its progressivity, that is to say goodbye slices. Or merge it with the CSG, an idea that has the favor of PS and a large part of the UMP. This merger should not be mistaken, broaden the tax base, will make the income tax fairer, but will also be more painful for the average incomes.

Similarly, it will not escape a VAT reform. Since 2008, 15 European countries have found, for fiscal consolidation, so much so that the rate of 19.6% French is now among the lowest in the euro area, 1 point lower than the average.Especially down at the other, the government chose to lower it for some sectors (food, building …).

Finally, there is the balance between taxation of income and wealth. The most sensitive issue. Recently, in Le Figaro, the budget minister Valérie Pécresse explained: "By raising taxes on savings, we compare the taxation of wealth from that of labor income." The road has only begun. One can imagine what awaits holders of wealth in the coming years …

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So investors remained pessimistic before the meeting between President Nicolas Sarkozy and Prime Minister of Greece George Papandreou that began at 17 hours, to "take stock of the situation with him that is currently in Greece."

More than 18% increase for the banking week

Across the Atlantic, consumer spending has slowed sharply in August, while household incomes have in turn declined for the first time since October 2009. Were also more bad news from China where activity contracted slightly in September for the third consecutive month as Germany, which saw its retail sales fall 2.9% on month in August .Sign of the resurgence of pessimism, the euro resumed its decline against the dollar at 1.3456 dollars (-0.96%) and oil is about to go under 80 dollars to 80.082 dollars exactly (-1, 61%).

On the corporate side, banking stocks were again weighed on the Paris stock exchange, but this time negatively. Societe Generale lost 7.31% to 19.54 euros, Crédit Agricole has sold 3.17% to 5.23 euros and BNP Paribas dropped 3.50% to 30.05 euros. Week, however, was very positive for the French banks as they have won between 18% and 20% in stock. Most cyclical stocks, the more dependent the economy, also rose in the image of Lafarge (10.40% for the week) and ArcelorMittal (4.93%). However, the luxury sector has suffered: the last five sessions, lost 5.50% LVMH and PPR was down 7.88%.Vallourec, which suffers from the slowdown in the sectors of mechanical engineering, gives up almost 9% for the week.

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."

Player Figaro BFM

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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