Towards a tax on "high income"

When in 2007 the Merkel government has created an additional income tax of 45%, Germany was against the current. At the time, it was time to lower taxes to encourage work. But the crisis and rising public deficits have changed everything. Germany has become more and more followers. In 2010, the UK has increased to 50% the rate of the highest portion of its income tax (IR). And Italy is preparing to introduce a solidarity tax for employees earning more than 90,000 euros.

More surprising number of taxpayers potentially affected by such a tax do not hesitate to ask now open! American side, the billionaire Warren Buffett has called this week for a contribution of "mégariches."In France, Maurice Levy, chief executive of Publicis Group and president of the Afep (French association of private companies), wrote in his name, an article in Le Monde, where he considered it "essential that the effort Solidarity begins with those whom fate has spared. " All indications are that it will be heard as the French government pledged last spring to introduce a tax on high incomes. "Today we are working on the issue of remuneration is said sometimes extravagant," reiterated on Wednesday on Europe 1, the budget minister, Valérie Pécresse.

The majority has already noted last year from 40% to 41% in the final tranche of IR. But this time it is hit with higher incomes (the final installment begins 71,000 euros in annual revenues). And this without creating a new rate of IR.While some lawmakers, like Senator Jean Arthuis centrist, still defend the idea, Nicolas Sarkozy is opposed to any new slice. Since the fall, the government has consistently rejected in Parliament every initiative of his majority to create a slice with 46% annual earnings per share in excess of 100,000 euros.

A million or 150,000 euros of income a year?

The Ministers of Economy and Budget has established a working group of parliamentarians who must propose measures in the fall, in the 2012 budget. The idea of ​​the executive, initially was rather taxing high incomes via the company by making non-deductible from corporate tax wages above a certain level. But the government now seems to favor a direct taxation at the household level, a solution advocated by many parliamentarians.Gilles Carrez, the UMP rapporteur of the budget in the Assembly proposes to introduce a contribution of 1% to 2% of annual revenues in excess of one million euros.

Advantage: All income is affected, including dividends and capital gains, not just wages (as with the non-deductibility). The threshold of 1 million French can target very easy – 30,000 homes would be affected. "The measure must be a symbol. This is not to bail out of the state, "said Jerome Chartier, UMP du Val-d'Oise. Indeed, 2%, the new tax would yield only 300 million (against $ 1 billion for the portion eg 46%). "Be careful not to pour into demagoguery and rich hunting. The contribution must be calibrated, "adds Philippe Marini, UMP rapporteur of the budget in the Senate.

Problem: all members do not see it that way.Pierre Mehaignerie, the UMP president of the Committee on Social Affairs in the Assembly hopes that the contribution applies from 150,000 to 200,000 euros in annual income for couples and 80,000 euros for a single. At this level, more than 300,000 homes were affected, including many executives. "I understand that. But our people are ready to make an effort if, at the same time, the state reform, "Pierre defends Méhaignerie. The animated discussions ahead in the majority!

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Mortgage: rising interest rates slows

If prices continue to increase, rising interest rates tend to slow down on its side. The latest results of the Housing Credit Monitoring / CSA published Monday, the average rate charged by banks for getting a home loan rose to 3.90% in July, or 0.04 basis points over that in June.

It's much more at the end of 2010, where it reached a low of 3.27% on average, before rising sharply in the first quarter of 2011. In the early months of the year, interest rates have taken nearly 10 basis points per month, before slowing gradually to rise in the second quarter.

Because the factors that competed so far in the rise in interest rates now seem not to have to play. "The increase began in November 2010 was related to liquidity constraints imposed by the Basel III.To satisfy them, the banks have increased their margins on new loans paperless payday loans. Today, this adjustment – of around 70 points to 100 basis points depending on the establishment – is probably done, "said Michel Mouillart, an economist at Paris X-Nanterre.

Other factors, however, could take over. The cost of money, in particular, could rise because of uncertainties related to the amount of sovereign debt. For the moment, "this factor did not play," said the economist. But it is already expected that the three-month interbank rates and increasing to ten years until 2012, drawing upward those for mortgages. "The movement of rising interest rates should continue," predicts ultimately Eluère Olivier, an economist at Credit Agricole.

Increase the duration of loans

Photo credits: Jean-Christophe Marmara / Le Figaro

Life insurance less attractive

The French preferred to shun their investment. For six months, the payments on life insurance contracts are in free fall. In one year, they were down 12% at the end of May But it is true that last year at the same time, the collection was exceptionally strong.

His back is not what concerns most insurers. They are especially concerned more and more savers to make withdrawals from their contracts. These purchases (and capital paid after the death of the policyholder) jumped 15% in one year, and even 29% on the single month of May. According to the French Federation of Insurance Companies (FFSA), the movement affects all contracts, better filled with more modest. Crisis forces, some French draw on their savings to finance their spending. Others are shifting their capital to other investments, including real estate faxless pay day loans.The erosion yield contracts (3.4% on average in 2010) encourages them. As uncertainty about the sustainability of the tax advantages of life insurance.

Even the famous Afer the contract is affected. The G76, a syndicate of agents of the historical savings association, a phenomenon of outflows unprecedented explosion in the number of closings of contracts for two months, and decreased – for the first time – the number of members . In the weeks preceding the general meeting of Afer, June 29, the G76 has spared no criticism of the current leaders, denouncing particular problems of governance and lack of independence of Association vis-à-vis Aviva, the insurer that manages the contract Afer. Two points on which he joined the SOS Principles Afer. Further discussions that may leave investors confused again.

The line makes a gesture to the doctors

Finally! Members have completed the review of the law Fourcade. It was to rectify the situation of the "law Bachelot," voted there less than two years by the same majority, which had annoyed the doctors. By April, the Assembly removed the most controversial provisions: the requirement for GPs to report their vacations and fine for those who refuse to go in regular reinforcement of their colleagues in the suburbs or country, overwhelmed.

Exit, therefore, measures against the deserts themselves, the new Health Minister, Xavier Bertrand, considering that the stress would only further reduce the vocations of generalists. The reading of the law Fourcade was then interrupted by the Easter holidays. It ended this week, the text will be voted on Tuesday before being aligned with the Senate version.Further measures to ensure the specialties at risk, here are the latest measures adopted.

Generic shapes and colors

Generics will have the same shape and same color as the medicine they copy, without this constituting a breach of patent. One way to facilitate their acceptance by the elderly or taking multiple medications. MP Yves Bur vote had this provision in late 2009, but it was censored, having no place in a law funding the social security system. Tough, the elect Alsace returned to the charge.

A little transparency about dentures

By January, a typical specification is established, that dentists have to provide their patient before placing a crown, bridge … The document mentioned the origin of the prosthesis.A response to consumer traceability, meet the increasing imports from China and Madagascar. However, the estimate would not indicate the price at which the dentist bought his prosthesis but that which he sells … the patient, distinguishing the amount of its provision (installation, etc..). The distribution between the two sides may be somewhat artificial – we rarely see a patient from his bridge hand …

A hearing screening for infants

Babies under three months will benefit all, within two years, a free screening of hearing impairment. This measure had been the subject of another bill passed by the Assembly but "stranded" in the Senate.Its authors have the opportunity to present again, by amendment.

Networks of mutual care authorized

As private insurers, as they already do with opticians, mutual care can best repay performed among health professionals with whom they have entered into an agreement (including for example warranties of a cap exceedance of fees …). A ruling by the Supreme Court, written by a dentist, had prohibited. Mutuality be able to develop "networks of care." To meet the medical unions, who fear direct links insurers and physicians, these agreements will be framed by a national charter.

The Tokyo Stock Exchange remains in the red

The Tokyo Stock Exchange is in free fall since last Thursday. In nearly four sessions, the Nikkei 225 has lost more than 3%, while trying to get closer to 10,000 points again he had reached a little over a week earlier. On Tuesday, the Japanese stock index was down 0.12% at 9546.75 points, after the downturn on Wall Street Monday night.

TEPCO continues to plunge

In the absence of macroeconomic indicators or outcomes of heavy odds, the Nikkei does not take advantage of the decline of the yen against the dollar, the greenback rising 0.41% to 81.18 yen. The uncertainties surrounding the euro area after the arrest of the International Monetary Fund boss Dominique Strauss-Kahn, as always worry investors.

On the corporate side, the operator of the nuclear power plant, Tokyo Electric Power (TEPCO) collapses from 11.42% to 372 yen, its lowest in a month and a half.According to Standard & Poor's on Friday, the U.S. rating agency Moody's also downgraded one notch from TEPCO (Baa2). This rating qualifies the issuers considered of average quality but still able to meet their deadlines.

Investors replay the energy sector in Shanghai

In China, financial markets operate in an uncoordinated manner. If the Hang Seng in Hong Kong following the downward trend in Tokyo, falling from 0.11% to 22,935.80 points, the ISC Shanghai climbed from 1.07% to 3133.53 points supported by the energy sector is highly prized by the investors who profit from the decline of oil. China Shenhua Energy climbed 3.47% and to 28.6 yuan.

Oil prices are actually trending down Tuesday in electronic trading in Asia on demand concerns continued to affect the market, dealers said.In morning trading, a barrel of light sweet crude for June delivery declined 27 cents to 97.10 dollars. That of Brent North Sea also June delivery yielded 30 cents to 110.54 dollars.

Mixed trend in other Asian financial centers

On other Asian financial centers, the trend is mixed. The Taiwan TAIEX edges up 0.18% to 8927.40 points, the S & P / ASX 200 gained 0.59% in Sydney to 4677.60 points and the KRX 100 of Seoul is stable at 4464.54 points. In contrast, the BSE Sensex 30 Bombay declined from 0.14% to 18,320.20 points and the FTSE Straits Times is 0.86% at 3136.48 points.

Ireland lose close to his rank of reliable borrower

Irish debt enters the red zone. On Friday, ratings agency Moody's Investors Service has indeed lowered the rating two notches of Ireland "Baa1" to "Baa3", pushing the country to the lowest level possible for reliable borrowers. In other words, the last step before investor confidence will eventually volatilize. And Moody's notes that this degradation is accompanied by a 'negative' outlook, leaving the door open to future further degradation, although this decision should not intervene "in the medium term."

If a new downgrade of its debt were to be decided, the country would be in fact classified as borrowers may not honor their debts. Ireland would therefore its sovereign bonds classified as "junk bonds" – or junk bonds, and would have the greatest difficulty in borrowing on the markets.And a restructuring of its debt would be necessary.

The bailouts are linked together, the challenges remain

This decision was taken by the rating agency because of the deteriorating economic outlook of the island. Paralyzed by a financial crisis, Ireland has been trying for two years to improve its economic situation. She suggested early April fifth bailout of its banking system, in great difficulties, which must be recapitalized to the tune of 24 billion euros.

An austerity plan aimed at reducing the public deficit to 3% of Irish GDP in 2015 from 9 fast cash online.6% in 2010 was also adopted by the country before the elections of 25 February, to keep its promises to the IMF International and the European Union that have provided aid to 85 billion euros.

A new recession

Despite these efforts, economists forecast remains bleak.Last week the central bank of Ireland has revised down its growth expectations for this year: Ireland's GDP should grow by 0.9% it in 2011, 0.1 percentage point less than its initial forecast formulated in January. It also lowered its expectation for 2012 s Croisances from 2.3% to 2.2%.

She also gave the term "recession" on the current year, after the Irish GDP has declined for three consecutive years, falling by 1% in 2010 from 3.5% in 2008 and 7.6% in 2009.The IMF has also produced a report on the state of the Irish economy and its prospects, which should be published that day.

Corruption, the housing bubble and lax financial regulation that boosted the country's growth until the outbreak of the financial crisis in 2007, could continue to encumber the Irish economy for several years.

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The Cac 40 advances

In the wake of a meeting of the rise in Japan, the Paris Bourse displayed in the green Friday. The Cac 40 gained 0.48% at the opening at 4047.54 points. INSEE and Bercy have improved their outlook for the French economy.

The National Institute of Statistics noted yesterday its growth forecast for the Hexagon in the first quarter. INSEE now expects a GDP increase of 0.6% over the period, and maintained its growth forecast of 0.4% for the second quarter. More good news: the Minister of Economy said Thursday night that the forecast deficit of France for 2011 is reduced to 5.7% of GDP as against 6% previously.The FO-FGTA whose representation rate exceeds 40% was followed by the CFDT, CGT and CGC.

The quotation of the EDF and EDF EN flilière (EDF EN) is suspended Friday pending a statement Payday advance.

The Lafarge Group (+1.64%) has resumed the sale of its "cast" Lafarge Gypsum, valued at 1.5 billion euros. Private equity funds are interested in taking over the division of "plaster" of cement, but are reluctant to bid for the entire division.

Walt Disney must hold a ceremony for the foundation stone of its theme park in Shanghai. This is a group of first park in mainland China.

Expedia, the online travel company announced Thursday its intention to split into two publicly traded companies, separating its activities Expedia and TripAdvisor.

Also expected today, the traffic figures for Air France (-0.52%) for the month of March.

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Fragile, Wall Street falls further

U.S. stock markets opened lower in early Wednesday, then stumbled to 16h45: after starting down by 0.49%, the Dow Jones was down 1.16% at 11,718 points, the Standard & Poor's 500 fell 1.07% to 1268 points and the Nasdaq 100 gives 1.11% to 2638 points.

The trust is far from being restored while the nuclear situation in Japan remains very critical. The European Commissioner for Energy has found that the situation in Japan "out of control." "I do not rule out the worst in the hours and days to come," he said Tuesday. Things that have stalled breièvement European and American stock exchanges.

Over the Moody's decision to lower again Portugal's debt by two notches weighs on the trend, including on Wall Street.On Tuesday, the New York Stock Exchange ended sharply lower.

The indices have however, reduced their losses Tuesday after the end of the meeting of the American central bank (Fed), which held that the economic recovery was based "on a more solid" than before. Investors were also reassured to see that it maintained its accommodative policy despite rising inflation against a backdrop of soaring oil prices.

Asian stock markets have taken this Wednesday in the wake of the Tokyo Stock Exchange ended sharply higher (5.68%) in the aftermath of a historic plunge caused by worsening nuclear crisis in Japan. The Tokyo Stock Exchange took advantage of an intensive hunt for bargains and a climate a bit calmer after further intervention by the Bank of Japan (BoJ).This was indeed Wednesday injected 3.5 trillion yen (31 billion euros) in the money market, bringing to 26,500 billion yen (234 billion) the total sum provided by the BoJ to the interbank market since Monday.

The euro declined against the dollar

On the foreign exchange market, the euro lost ground against the dollar Wednesday, penalized by lowering the debt rating of Portugal by the rating agency Moody's. To 14 hours in Paris, the euro bought 1.3932 dollars against 1.3996 late Tuesday.

Statistics aside, evil is gloomy bad credit pay day loans.The producer prices rose 1.6% in February to the U.S. because of higher energy prices, according to figures released Wednesday by the Labor Department.

The housing starts fell in February near their historic lows, while building permits fell to a level never seen, according to figures released Wednesday by the Commerce Department.

In addition, crude oil inventories rose last week unsurprisingly, while those of refined products, especially gasoline, have declined, according to figures released Wednesday by the U.S. Department of Energy.

Boeing to monitor

The side of values, Boeing (-0.42% to 69.40 dollars) is still under pressure. The group monitors indeed very closely the situation in Japan.All programs include the U.S. aircraft manufacturer, in fact, elements from Japan.

After several unsuccessful attempts to IPO, the U.S. investment fund Apollo (-1.24% to 40.70 dollars) transfer account within a few weeks 26 million shares for a total of just over 500 million dollars, according to Reuters, 69% will be new securities. The news agency said however that the stock market turmoil after the earthquake in Japan could still delay the plans of Apollo.

After the close of Wall Street yesterday, ACE (+0.15% to 60.24 dollars) was provisionally estimated its losses in the first quarter to 210 million after taxes and premiums for reinstatement following the natural disasters in New Zealand, Australia and the United States.The impact of the earthquake in Japan is currently estimated between 200 to 250 million dollars after taxes.

For its part, AIG (0.57% to 36.99 dollars) has confirmed its intention to pursue the acquisition of Japanese insurer Fuji Fire and Marine Insurance.

Also note, YouTube has announced the acquisition of Green Parrot Pictures Dublin-based company specializing in video technologies.

Nvidia (0.74% to 17.79 dollars) has announced the departure for personal reasons for his financial director David White. Karen Burns, head of management control and fiscal affairs, and acting.

Renault confirms that it paid its informant

The twists in the case of alleged espionage at Renault are continuing. On Wednesday, the manufacturer, speaking through his lawyer Jean Reinhart, confirmed that he paid 250,000 euros to the anonymous informant originally denunciations internally. "We'd be in a range of about 250,000 euros," he said on Europe 1 radio mic, confirming a report in the Chained Duck. This money was given to him by an intermediary, agent of a private intelligence company, which could give them to the mysterious informant in whole or part.

According to the satirical weekly, the source would have received the money between October and December 2010 in exchange for its internal investigation. Duck shackled adds that this person is now claiming 200,000 euros 900,000 euros and still further to provide evidence of what she says. These last two figures were not confirmed by Renault.

The group's lawyer, however, added that for the first time, the builder was ready to unveil the identity of that source. "Renault did not know the identity of the informant. We asked our two security officials, who are alone to know, to deliver his name and address services investigators, "said John Reinhart.

"If injustice has been committed, there will repair"

Tuesday night, other sources claimed that a former military already become a private investigator had received a total of 100,000 euros that had been responsible for redistribution to investigators expected to work on suspicion of espionage. Heard in early 2010 by investigators from the Central Intelligence inside, Michel L, admitted being involved in this case as "biller".

These same sources alleged that the sum of 100,000 euros, "five installments from October to November 2010," passed through his hands. Part of this sum would have been sent to bank accounts in Madrid, whose holders must be identified by investigators.

Renault had originally not wanted to comment on the report of the satirical newspaper, at least not "until the investigation is not over," explained a spokesman. "We want the whole truth comes out and if injustice has been done, there will be compensation," she said just yesterday répétantles remarks by the Director General Patrick Pelata Le Figaro.

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Wall Street takes a break

U.S. stock markets opened quietly Thursday. In early trade, the Dow Jones dropped slightly from 0.02% to 11,742 points, the Nasdaq 0.12% cowardly to 2734 points and the S & P lost 0.01% to 1286 points.

On Wednesday, Wall Street has soared to heights not seen since August 2008, before the bankruptcy of Lehman Brothers, reassured, as European stock markets, the success of the auction Portuguese.

The publication of the Beige Book for the U.S. central bank has also accelerated the upward end of the session. The Fed has seen growth "moderate" at the end of 2010, it nevertheless welcomes a strong industry activity and signs of improvement in U.S. employment front.

On the foreign exchange market, the euro is rising again against the dollar.At the opening of markets, the euro bought 1.3313 dollars against 1.3128 dollars on the previous evening.

The trade deficit is reduced

On the macroeconomic front, several indicators were expected:

– The weekly jobless claims rose in the United States during the week to January 8, 410,000 to 445,000 cons (revised) the previous week, said Thursday the Labor Department. Economists on average had expected 405,000 registered unemployed. The entries of the week from 1 January were revised up from an initial estimate of 409,000.

– The trade deficit narrowed slightly in November, against analysts' expectations, according to figures released Thursday by the Commerce Department.The trade balance posted a deficit of 38.31 billion dollars, while the market was expecting a widening of the deficit to 40.50 billion dollars.

– The producer prices rose more than expected in December, driven in particular by the cost of energy and food sectors. The Labor Department announced Thursday an increase of 1.1% after rising 0.8% in November. Analysts had expected an increase of 0.8%. Excluding food and energy, producer prices have been 0.2% in December, a figure consistent with the consensus, against a 0.3% gain the previous month. It is this component of the index that monitors the Federal Reserve to measure changes in inflation.

Also note, the World Bank predicts slower growth for the global economy in 2011, according to its semiannual forecast released Wednesday, and alarmed by a return to soaring prices of 2008, which had particularly affected commodities.

Record seizures in the U.S.

In the property sector, more than a million homes were seized in the United States in 2010, a new annual record, said Thursday the firm specializes RealtyTrac. These foreclosures were up 14% from the previous record hit in 2009, said RealtyTrac, which publishes every month a monthly survey procedures for entering the United States since January 2005.

This total would probably have been higher without the scandal provoked by the revelation in September, irregularities in the treatment of thousands of seizure procedures, which forced most banks to pause in their performance records.

Caution before the results of Intel

The side of values, the rating agency Moody's announced Wednesday that it degraded by one notch from A3 to Baa1, the rating of U.S. insurer AIG (1.47% to 59.26 dollars ) nationalized 80% by 2008, the day it announced it would reimburse the Federal Reserve Bank of New York by Friday. "If the heart of activity in the insurance industry has stabilized over the past year, it is not sufficient to justify the previous note in the absence of continued government support," the agency said.A few hours earlier, AIG said it planned to complete its recapitalization plan on January 14 at the latest, even if it is not yet certain.

Always on the side of values, investors should play the card of caution on technology stocks before the publication of the results tonight from Intel (-0.34% to 21.23 dollars) Indeed, as noted by the specialists Aurel BGC, "the PC market in the fourth quarter was very dynamic." According to IDC, PC shipments are up 2.7% yoy against 5.5% expected by the firm. Sales in the U.S. are down 4.8%! Estimating Gartnet is more optimistic, with growth of 3.1% against 4.8% expected but shipments to the U.S. fell 6.6%! The strong sales iPad explain some of this disappointment.

Indeed, Intel does not benefit from sales growth of Internet tablet.However, according Garthner, Apple (-0.09% to 344.10 dollars) would experience a 24% growth in shipments during the quarter and increased its market share in the U.S. to 9.7% against 7.4% previously.