A carbon tax applicable to contested 4000 companies

 

Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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MBAs remain attractive despite the crisis

 

Times of crisis are double-edged for the MBA. On the one hand, the full-time programs are rubbing their hands, because the lack of economic dynamism, and therefore attractive enough career prospects for managers, strongly encourage them to invest in formal training they will release a When the economy rebounded. Conversely, executive programs, whose participants are mostly still in office, are less likely to see pay for training by their employer.

This year, the situation seems much more mixed. The full-time MBA from HEC shows a decrease of 15% of applications. "This is an effect of the global crisis, and to a lesser extent impact of the circular Guéant who last year restricted the issuance of work visas for some of our international graduates," says the deputy director of the MBA HEC, Bernard Garrette.

Diversity profiles

For its part, Insead has seen the number of candidates to the program full time ten-month increase in proportions which he described as "moderate." Faced with an upsurge in applications, the International MBA from EM Lyon has chosen to preserve a small promotion (thirty people) and has revised upwards its selection criteria.

In both schools, it is recognized that these good figures are also linked to a greater diversity of profiles. If applications from Western European managers tend to settle, they are balanced by a growing interest among Asians, Indians and Latin Americans. The same goes for the European Executive MBA from ESCP Europe. "For the winter semester 2012, our Executive MBA candidates are substantially identical to those of January 2011. Our recruitment is based on our five campuses European balance, including an increase in the number of candidates on Berlin, "says Valerie Madon, program director.

Facilitating employment

The development of strong co-investment between participants and employers may contribute to not fall too in Executive MBA candidates. The young executive MBA from ESC Dijon has even increased its staff this year (18 participants). Service statistics careers in any case seem to agree with those who are engaged in an MBA. At HEC, over 90% of graduates in June 2011 were placed in less than three months.

And opportunities are as interesting as before the crisis. The study TopMBA.com QS Jobs and Salary Trends Report 2011-2012, the salaries of MBA graduates have even increased by 10% in Europe last year. "Companies are definitely more time to recruit to ensure they have found the right profile, but when they found it, they reward the true value," said Joe Li Puma, director of the International MBA from EM Lyon.

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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%.

To a "big bang" tax after the presidential

The tax is sure to be one of the main themes of the campaign. First question of democracy: the French have always been upset with the tax. This is not new. But now they no longer understand the meaning. Taxpayers do not know why they are not taxed when the money from. They wonder if they are "just" dizzy and taxed at the constant changes in the foot of the state, making our tax system totally unpredictable, unreadable, and therefore ineffective.How many French know they will pay for the first time this year a portion of their housing tax for inter-municipal, that is to say, of municipalities, they know nothing? How many business owners know exactly how much they will pay in lieu of professional lataxe, removed last year in favor of two new taxes? Reconcile with the citizen taxpayer is more than ever an imperative, when the both of them were again tempted to exile.

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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Thousands of "outraged" parade, events in Rome

• Banks attacked in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched on Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters.

In Rome, two cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

Refinery strike threat to hard Berre and elsewhere …

As soon as the announcement by LyondellBasell Tuesday in council, the forthcoming closure of the Berre refinery, which employs 370 people, of all 1270 employees of a petrochemical site voted renewed strike of 24 hours. "More than a thousand employees, including much of the leadership, voted to stop all of the site, that is to say the refinery, but also units of petrochemical and oil depots, and blocking of entrances and exits, "said Patrick Sciurca, spokesman of the Inter (CGT, CFDT, CFE-CGC, FOR, CFTC). "We're dealing with rogue bosses. They force us to take tough positions that we can further tighten, "says the union.CGT announced yesterday that the general meetings will be held in all French refineries this morning.

In 2010, the area was paralyzed by a social movement in response to the announcement of the closure of the Flanders refinery, operated by Total in Dunkirk freecreditscore. At the time, the conflict had disrupted fuel distribution in France.

At Berre, the sale of the refinery achieved no result, LyondellBasell prefer to stop the costs: it has indeed lost 400 million euros since its acquisition in 2008 and is expected to be € 120 million deficit in 2012 . "It's the only number that management has given us. They are unable to tell us what results come out the whole site with or without the refinery while a McKinsey study estimated that closing the refinery would deprive downstream from the site of 80 million margin of integration " , Patrick gets upset Sciurca.

Euro: Sarkozy is expected to speak this afternoon

Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council. "Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser.

While a government source announced the "initiatives" to support Franco-German Greece to face serious funding problems of its debt, the Elysee Palace denied."There will be no Franco-German initiative today," said the president requested by the AFP, saying also that no decision had been made about a possible speaking of Nicolas Sarkozy to Following his meeting scheduled at 17 am (Paris time) with the President of the European Union Herman Van Rompuy.

The Elysee was also opposed to a very firm denied rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.

Crucial week for banks

The week promises to open high risk for the European banking sector in general and French institutions in particular. Literally slaughtered on the stock market since the beginning of the summer, the banks are preparing to face new headwinds. While the Europeans this week to finalize the second bailout of Greece, the rating agency Moody's might, according to some rumors, lower the credit rating of three French banks, BNP Paribas, Credit Agricole and Societe Generale. June 15, the agency had placed under "surveillance" for three months, with "negative outlook" because of their exposure to Greece. If she sticks to what she had said before the summer, Moody's lowered by one notch notes BNP Paribas and Credit Agricole and two notches that of Societe Generale.During the weekend, Moody's and the three banks involved have declined to make any comment.

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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MEDEF Summer University: the owners remain optimistic

The storm that hit financial markets and threats on the European and American do not worry the bosses from all over France who participated Thursday in the second day of the MEDEF Summer University organized on the campus of HEC Jouy-en-Josas (Yvelines). After facing the worst financial tsunami in September 2008, they are determined to stay the course. "Companies that seek growth, continue to seek growth. Those who curl up, continue to shrivel, says Stephen Bernard, Bernard Controls CEO and Chairman of the MEDEF TPE-ETI. The only danger could come from the banks if they change their attitudes vis-à-vis SMEs. We are regularly out on all the work done during the crisis of 2008 to pursue a genuine dialogue with the bankers.I am confident because companies can not grow without banks. "

In July, a survey conducted by the MEDEF Ile de France, reported a cautious business leaders in investment and hiring in the coming months. They showed a greater reluctance at the beginning of the year. Recent events have not changed their perception. "Business leaders know that the current financial difficulties do not have the same basis as in 2008. They are not fooled. A company is not only its market value cash till payday advance. Its value, it is men and what it produces. French banks are solid. Order books are good. The agenda is full of my business, "says Marie-Christine OGHLY, president of MEDEF Ile-de-France.

Emerging growth opportunities in

"What strikes me is the gap between the health of businesses and the macro-economy.I am reasonably optimistic. Large companies and other clients maintain their investments, "says Christian also Poyau, president of the Micropole services company that has acquired a Chinese company in May. "I just take stock of our activities in China that are developing as planned. The company fundamentals are good. We should not only focus on the U.S. economy. The world has changed. China, Brazil grow. I do not believe in a deep recession in the United States. I am confident because companies have growth opportunities in the world. " This observation is also that of Christophe de Margerie, Total CEO: "The growth in emerging markets is not to our detriment. It helps a lot when things go less well, "said the boss in this major group, listed on CAC 40, who attended a session on the theme" Réespérer. "A word that bosses are determined to make them.

Debt: France deserves what score she?

The three major rating agencies have Anglo-Saxon reassured after the deterioration of the U.S. debt rating by Standard & Poor's: France, with a AAA, will not follow the same path. At least in the coming months. An agency is an exception, the Chinese Dagong. It gives the country an AA-rating, while preventing it could soon lower it. Large agencies and small news, who's right?

Dagong is not severe with France. "She has a much more negative than Western agencies of the United States, the United Kingdom, France, Belgium, Italy, Spain, observes in a note to Patrick Artus, head of economic research at Natixis.Regarding the situation of public finances and potential growth, we can only give reason for Dagong against three major rating agencies. "

But the financial rating of a state that reflects the risk that it does not pay-or-bad debt, is not based solely on purely accounting. Moreover, France does not deserve an AA if only the statistics alone were taken into account by Standard & Poor's, according to calculations of Natixis.

Political risks

"The gap between Dagong and the three major agencies and explained in the apprehension of risk policy and governance," notes Juan Carlos Rodado, economist at Natixis, and author of a study on the methodology of rating agencies. An example: Venezuela has severely noted Standard & Poor's (BB-) by Dagong (BB +), because the former has less confidence in the Chavez government.Moody's, Fitch and Standard & Poor's, unlike Dagong, also place a note on the weight of history. If a country has poorly paid its creditors in the past, such as Russia in 1998, the final verdict will be more severe. This factor discriminates against developing countries, and benefits the West.

At the heart of the statistical arguments, the Chinese agency promotes stronger economic growth and foreign exchange reserves, that is to say the cash generated by an entire economy thanks to exports. This way of clearly favors the emerging countries, major exporters (including China) and catching up economically.

The agency Dagong appears too severe, however, in general, said Jean-Christophe Caffet, an economist in charge of France, Natixis also: "She has placed virtually no major country in the AAA category, and those that are found are the debt markets rather narrow in which we can not really invest, such as Norway, Denmark, Luxembourg and New Zealand. "

Question of Independence

Also emit some doubts about the credibility of the agency Dagong. It has only twenty analysts to rate 67 countries, against 70 to 80 126 Standard & Poor's. In addition, its relationship with the Beijing government cast doubt on some Chinese economists, reports Le Monde. Finally, the same method as slides Juan Carlos Rodado, is not innocent: "When Dagong underestimated so the political risk, we understand the underlying interest."Namely encourage emerging countries close to China.

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