Business & Financial News

The billionaire is the target of a tax adjustment record says Tuesday Médiapart site. The IRS would make him pay including the concealment of twelve bank accounts abroad and the acquisition of the island secret watering. Liliane Bettencourt at the fashion week in Paris, January 26, 2011.

Nearly 78 million euros. This is the tidy sum claimed by the IRS to Liliane Bettencourt said Tuesday the site Médiapart, who had access to the report of the National Directorate of tax audits (DNVSF). "These are the amounts charged (including penalties and fines) under the wealth tax for the years 2004 to 2010 and, under the income tax for the years 2006 to 2009. The Negotiations are underway on this issue, counsel for the heir seeking a reduction in the total amount of this addition, "the site.

Vilmorin confirmed on Tuesday its full-year after a first quarter marked by an increase of 5.9% on a comparable turnover, particularly due to the field seeds.

The fourth seed said the world from July to September quarter, the first of the year the group has traditionally been the smallest of the year as it weighs just under 15% of total revenue.Over the period, sales reached 178.8 million euros.

"In an uncertain economic and financial environment and despite the supply of maize seeds below the targets initial production plans, Vilmorin confirms its outlook for revenue growth and operating margin for the year 2011-2012 , as announced last October, "the group said in a statement.

Vilmorin is always a growth of over 7% of its consolidated revenues on a comparable basis and an operating margin of 11% research effort included.

The agreement snatched in the night between Wednesday and Thursday by leaders of the euro area has temporarily turned off the fire that threatened the single currency but many risks still on the Greek debt restructuring and strengthening of the support fund the euro.

After more than ten hours of the summit, the Heads of State and Government of the single currency agreed with banks to reduce by 100 billion euros Greek debt and endorsed a complex mechanism to bring the firepower the European Financial Stability Fund (EFSF) to 1,000 billion.

European markets jumped and reached their highest level in three months while the euro was appreciating at more than $ 1.40, a value that had not crossed since early September.

But if this complex agreement among the most ambitious concluded since the bursting of the debt crisis in Greece in late 2009, it is nonetheless flawed, full of question marks and carries significant risks on its realization.

The bankers must first confirm their voluntary commitment to participate in the new bailout of Greece – a process that was long winded in the previous program.

Countries in the euro area should then agree on a series of far from trivial details in the implementation of the new EFSF, as the participation of international investors to it.

"I think the main risk would be to wait too long the implementation of these agreements," warned Thursday Ewald Nowotny, a member of the European Central Bank.

"Speed ​​is essential in this case," he told Austrian radio ORF.

GREEK RESTRUCTURING

Three months ago, European leaders had already reached agreement on a major debt reduction Greek involving private creditors, but the delays in implementing the plan and its lack of ambition have quickly rendered inoperative, at least in the eyes of the markets.

Decisions taken at dawn Thursday, finally attacking head-on questions of Greek debt and contagion of the crisis to larger countries such as Italy, Spain or France, are expected to avoid the euro area to repeat the same mistakes.

For Greece, it is expected that the debt be reduced from more than 160% of GDP to 120% in 2020, a level considered sustainable by the European authorities.

To do this, the governments of the euro area will set the table 130 billion euros in loans and guarantees, while private creditors will remove 100 billion from 210 billion euros of Greek securities they hold.

This voluntary contribution, expected to be received by the end of the year will amount to a waiver of 50%, said Nicolas Sarkozy and Angela Merkel, who had to meet in person with representatives of banks and weigh their weight to force the decision.

The Director General of the Institute of International Finance (IIF) Charles Dallara, who represented the banks in the negotiation, welcomed the agreement, which revises the plan of July 21, in which the private sector was engaged only up to 50 billion euros.

As expected, the leaders of twenty-seven have also endorsed the plan to recapitalize banks to the tune of 106 billion euros by June 30, 2012, of which 8.8 billion for French banks.

The plan also provides government guarantees to enable banks to secure funding in the medium and long term, similar to those that were implemented in fall 2008 at the height of the financial crisis.

1.000 BILLION FOR EFSF

Third and final part of the European response to the crisis, Europeans also agreed on a scaling capabilities of the European Financial Stability (EFSF), which could then be brought up to 1.000 billion euros.An initiative likely to reassure markets on its ability to fly, if any, help from countries like Italy or Spain.

The Fund had in its creation of 440 billion euros but the support in Portugal and Ireland and the complex financial arrangements necessary to give it a AAA rating reduced to about 250 billion today its actual capacity remaining.

The leverage will be achieved via a dual mechanism: on the one hand it will provide partial debt issued by troubled countries and, secondly, to create a new "special vehicle" backed by the EFSF and the International Monetary Fund (IMF) with the participation of international investors, such as China and other emerging countries.

Nicolas Sarkozy, who said in Brussels that the Chinese participation was envisaged, met Thursday on the phone with his Chinese counterpart Hu Jintao.

The Director General of EFSF, Klaus Regling, will visit China on Friday to meet with investors.

If he had been excluded from the weekend to leverage the EFSF by providing access to unlimited liquidity to the European Central Bank, the central bank has been active in the preliminary summit.

Providing some relief to markets, the future President of ECB, Mario Draghi, stated Wednesday morning that the bank would remain present in the bond markets as they would be unstable, an expected sign for several days which was welcomed by Nicolas Sarkozy.

"I am not the spokesman for the ECB. The ECB is an independent institution. Mr. Draghi did not interviewed before making that decision, we did have asked for anything, but it is permitted to rejoice in what 'he said, which is quite clear, "he said at a press conference, then insisting on these redemptions of debt.

The coming months may have an air of "déjà vu" for Suez Environnement, which is likely to revise down its ambitions, as in 2009, due to the economic downturn and its impact on the volume of industrial waste.

The world number two environmental services will probably have to even make acquisitions and accelerate cost reductions to be closer to its goals 2012-2013, analysts say.

"Given the deterioration in the macroeconomic environment and its impact on the business 'waste', we believe that the group will have difficulty achieving its 2012-2013 horizon," said Julien Desmaretz, at Bryan Garnier.

Building on a "gradual economic recovery," Suez Environnement has announced that it was early 2011, at constant exchange rates, the increases of at least 5% of its turnover and 10% of its gross operating profit (EBIT, EBITDA) in 2011 compared to 2010.

He also said it expects, always at constant exchange rates, on average increases of at least 5% of its sales and at least 7% of its EBITDA over the period 2012 to 2013, he still has goals confirmed in early August .

But growth prospects that loomed earlier this year moved away, especially with the debt crisis in the eurozone, while Europe accounted for 73% of its turnover in 2010 and waste 47 %.

The International Monetary Fund even had to revise downwards in September growth forecast for 2011 and 2012.

"Asset rotation"

"We expect 6% growth in EBITDA in 2012 and 2013.For 2011, it will be fair: there are risks if the T4 seen a collapse in industrial production and prices of recycled materials, "says Yohann Terry, an analyst at Exane BNP Paribas.

While threatening a new credit crunch, the prudence of Suez Environnement on acquisitions and financial profile, however, now appear as assets against his great rival Veolia Environnement, the world leader in the industry.

Just before 2008, Veolia and had instead embarked on a series of acquisitions at the top of the cycle, particularly in Germany, Italy and the United States, which proved to be far less profitable than expected in times of crisis.

The prospects of Suez, however, been a little more pressure with the sale of 70% of Bristol Water in early October for 152 million euros, the group will probably have to make acquisitions of modest size to hope to achieve its objectives.

"The group has not changed its 'guidance', confident in its ability to fill the air hole as part of its policy of rotation of assets.Does this mean that the probability of transaction (s) reasonably sized acquisitions currently under consideration (s) by the management is high? "Questioned in a note to analysts at Natixis.

"We would not be surprised (…), even if its strategic focus is on organic growth," they add.

Julien Desmaretz, Suez Environnement would need to buy at least 650 million euros in assets, enterprise value, to achieve its objectives in 2012.

"Better prepared"

The group may also consider to increase its efforts in saving a lever that allowed him to limit the damage after the crisis of late 2008, while the slowdown in activity in its industrial and commercial customers affected volumes and its margins.

But having already held in February the objectives of its savings program for 2010-2012, which it expects a net gain of RBE 300 million in cumulative over three years, some analysts estimate that Suez Environnement has now limited room for maneuver.

"Given the bad experience of late 2008, management is probably better prepared for a new fall of the economy," notes, however, Yohann Terry.

In terms of dividend, the company said in February that it was an annual increase of about 5% for the years 2011 to 2013, a policy that the economy could again challenge.

"If the growth in consumption expenditure of municipalities, industrial production and commodity prices were to decline, the purpose of dividend growth would probably be revised down due to the impact on EPS and therefore the payout "said Yohann Terry.

Some analysts believe however that the group will continue to better withstand the stock market as Veolia, which has abandoned its goals this summer and in December will detail restructuring measures designed to make it more profitable.

Since the beginning of the year, the action Suez Environnement has lost 25.8% and Veolia has plunged 47%, while the CAC 40 fell by 15.11%.

For André-Yves Portnoff, prospective and strategy consultant, Director of the Observatory of the Revolution of the mind (Futuribles Group International), it is finally time to help SMEs to boost growth. Will be right at the end of Europe?

Yes, because the "baseline scenario" is always catastrophic. If nothing is done, Europe will accelerate its decline, with many catastrophic scenarios that may occur locally at the same time. Scenario brown, xenophobic governments, more or less fascist, with here and there an alternative left-wing populist. Black scenario, governments taken over by organized crime, mafia Italian and Slavic holding hands. Italy shows a partial combination of the two scenarios, all involving a collapse and worsening the economic strength and quality of life of Europe.And the Italian example shows that corruption is too expensive in a recession.

What is the economic model of a virtuous Europe?

A virtuous Europe rependrait confidence in its strengths, culture and a level of unparalleled quality, with a message but not ego-centered universal, that of humanism, of human rights, real democracy, not just formal. We argue in to action, citizens! for a Europe of the Enlightenment able to support Indignant over the world, offer them to overcome the rebellion and build together. This Europe would value its culture tolerant, secular, united, ingredients necessary for creativity, innovation, therefore, as history confirms Alexandria since the fall of the USSR. Europe is setting an ambitious industrial targets and strategy development.Far from closing on itself, it nouerait the necessary alliances in the world. It could, for example, rely on the last European champion Telecom, Nokia, Linux, free software also European in the beginning, the school computer teacher's Negroponte to start equipping our schools a European network computing Free. Instead, it subsidizes Microsoft and Google are bought shelves for our students. We think small!

Innovation, the salvation of the industrial countries?

The choice is simple: either maximize immediate profits of a few, as is the hold-up neo-liberal, and too bad if we destroyed the business and desertification territories. It removes grease staff is relocating, employees are demoralized, whatever is more than innovating.Thus, the industries of radio, TV Americans died, and Hewlett Packard, No. 1 worldwide PC just follow suit, he will abandon the PC, 32% of its turnover, 42 billion of revenue.

Either you bet on the future as many companies continued success we describe in action. Investing in people, loyalty is a friendly management's personal loyalty in turn clients. It stimulates creativity by listening and recognition. We innovate in products, services, processes, organization, partnership, it is different to escape the deadly competition on cost. And it does not seek to maximize immediate profits by killing the goose that lays golden eggs. Production, distribution must remain physically close to the essence of design and innovation, offshoring does not warrant that to get closer to markets.Repeat that innovation is not technical and can find its source at all levels. The company Favi thirty years of productivity gains three points thanks to innovations from its workers …

Why in France for decades no longer creates enough growth?

We know that large groups are destroying jobs, it is entirely generated by SMEs. France and Europe, the fabric of large companies is not renewed. Large innovate less and less but prevent the growth of young champions, particularly in France, less so in Germany. Collusion among elites out of the same schools, electioneering and mental models are the bulk of state aid going to a few large groups.The situation has not improved since that July 1987, a report by the Ministry of Industry drew up an alarming picture of the French situation: "Our exports of high technology are insufficient. France is the only major OECD countries whose exports are dominated by sales of products with low technological intensity. The state aid is concentrated on a few sectors and companies. Large companies are the main beneficiaries of aid: 73 companies received 71% of total aid, more than their weight in the number of researchers (46%) or the volume of R & D (52% ). "

We must break with the "Republic of Buddies" or accept a costly meltdown. We know the solutions, we must stop talking and act effectively.The shock of the crisis and the pre-election period are favorable policies to require that they become serious, they simplify and focus the procedures, they open de facto or de jure public procurement for innovative SMEs by creating a affirmative, the first step towards the proliferation of French and European ETI and the formation of French and European world leaders, especially in high-tech sectors, high-growth, all that is the daily life of tomorrow in a massively interconnected .

The pessimistic comments by the Fed on the U.S. economy were right the last hopes of the market. Paris loses about 5% as other European markets, the euro and oil fall as well.

Financial markets no longer know where to turn. They awaited the Fed's effective measures to stimulate activity, they have mostly kept very pessimistic comments on the U.S. economy. And as concerns over the health of European banks are still there, the world's stock markets have performed a new dive on Thursday.

After opening sharply lower, European stock markets accentuated their losses by mid-afternoon. The Paris Bourse and yielded 4.57%, Frankfurt 3.77%, 4.70% London, Milan and Madrid 3.70% 4.40%. At the opening of the New York Stock Exchange, the Dow Jones lost 1.45% and the Nasdaq 2.85%..

Bank stocks, especially French, were the first victims of this new access of depression. Societe Generale, Credit Agricole and Natixis were down more than 7%. BNP Paribas, some limited damage to -3.3%. Alarmist comments by an officer of the influential American fund Pimco, saying that French banks could tip the whole of Europe into recession, came to power concerns.

Equity markets are not the only ones suffering. Direct result of growth at half mast, and thus reduced demand, oil prices plunged more than 5% in New York, returning to their lowest levels in a month. A barrel of "light sweet crude" for November delivery traded at 80.91 dollars.

On the foreign exchange market, the euro has meanwhile fallen below $ 1.35. It especially touched its lowest level for ten years against the yen.

Main accused of helping the new blues, the U.S. central bank. "The Fed, instead of reassuring the markets, instead encouraged the weak operators and increased their aversion to assets considered risky," explained Jane Foley, analyst at Rabobank.

As expected, it has announced the launch of Operation Twist, which will be for sale by the end of June 2012 for $ 400 billion of treasury bills in order to redeem an equivalent amount with a longer maturity. The stated objective is to lower interest rates over time. Problem, the effectiveness of the measure is highly controversial because these rates are already low. Its impact on business would not be obvious.

Unconvincing in action, the Fed, however, impressed the market by the extent of his pessimism on the U.S. economy, citing the "continuing weakness" of the labor market and "significant risks" associated with "tensions global financial markets. " Expected as the messiah, Bern Bernanke, the head of the U.S. central bank has disappointed. The Fed "does not have the tools to miraculously revive economic growth," could only observe Nigel Gault, the firm IHS Global Insight.

Several indicators have confirmed the sluggishness of activity across the Atlantic, like the new jobless claims last week to 423,000, down but higher than expected (418,000). For its part, the Conference Board's composite index came out up 0.3% in August, but slowed down, which is a sign of increased risks to growth.The U.S. treasury secretary, Timothy Geithner, has found himself in Washington that the slow economic growth was a challenge "bigger" than the debt that states the world should give priority to support growth.

As if this were not enough, the bad news continued to accumulate on the side of the euro area. The private sector activity there is in fact contracted in September for the first time in over two years, according to a first estimate of the firm Markit PMI. The activity slows and approaches the stagnation in Germany and France, the two largest economies in the region, the source said. Italy, whose financial markets worried, revised sharply downward its growth forecasts, reduced to 0.7% for 2011, 0.6% in 2012 and 0.9% in 2013.Rome assured that the austerity plan passed last week was enough to balance the budget by 2013. But the bond market, the Italian securities suffered, with a standard rate record deal with German titles, safe havens in which investors have rushed. The performance of the German Bund and 10-year fell to its lowest ever observed in 1.665%.

The debate continues in Europe on the recapitalization of banks, following the call to use the IMF's European Financial Stability Fund (EFSF) to recapitalize the most exposed to the debt crisis. The IMF estimates the potential losses in the sector to 200 billion euros. Echoing the words of his colleague in charge of Competition, Joaquin Almunia, European Commissioner Michel Barnier to Financial Services found that 25 of them need to be recapitalized.

Fifteen years after an initial gain of almost 19 million francs, a Lotto player has done it again. He comes to pocket three million euros. The Lottery is gambling favorite of the French.

Same player plays again and … wins again! At fifteen years apart, he has twice pocketed three million euros in the lottery. This rare winner, who plays the game since its inception in 1976, this time it will "ensure a legacy for her two children."

"I have a lucky star," admitted on Wednesday the winner after receiving an anonymous check for 373.50 euros in 3001 the French Games (FDJ). He was the only one to check the six correct numbers of the Lotto draw on July 27. A very lucky winner even if the JDF identifies some cases identical. Each player Lotto (2 bet euros minimum) in fact has a chance in 19 million to find the right six numbers to win the pot.But the JDF has calculated that the same player now has a chance in 363 billion (000 billion or 363) to find twice the six correct numbers.

On a quiet, head of the Hérault has provided "very happy" but he welcomes the new gain "with much calm and serenity", "makes him less of an effect than the first." The fifties "in the industry," said he had invested his first win in April 1996 (18 818 305 francs, the equivalent of 2.86 million euros, according to its own calculations) in "business". He intends to use this new gain of slightly more than 3 million "to ensure a legacy to her two children."

He told playing a thousand euros each month with "multiple grids on several different grids."

Not the first case of double blow

This double gain in several years apart remember other cases identified by the FDJ.So Christian and his family have shared 1.5 million euros in 2005, received 28 years after 137,000 euros. Jean (2 million in both 1994 and 1997), took the opportunity to travel a lot and spoil his entourage. In 1992, Roland took home 675,000 euros and seven years later than 7 million. Luck had smiled for the first time five years ago to Martine. A subtle joy because the young woman was not the only one who found the six correct numbers and then she had touched "as 120,000 euros." In 2009, this time, she was the only one who checked the six correct numbers, an increase of 3 million euros.

Finally, 20 years ago, Andrew won a first time Loto Sportif two million francs (300,000 euros). On November 7, 2010, he is about playing with horse racing earned 10 euros to the Euro Millions.The terminal of gaming ARPU is down, it falls back to a Flash (the machine chooses the numbers in place of the player) and the lottery went on a cruise with friends. At the airport, he bought the Progress of Lyon but opens several days after the boat to discover that he has won nine million euros.

Gambling favorite of the French, the Lottery in May 2011 became the first game of the JDF to Rapido and Euro Million. In 2010, the Lottery had achieved a turnover of 1.5 billion euros on 10.5 billion euros in turnover in the JDF.

VAT reduction, reform of corporate tax … measures that the government hopes will be adopted next week should bring 4.9 billion euros to the state. Spanish Prime Minister Jose Luis Rodriguez Zapatero at a news conference late in July 2011.

Reduction in VAT on the purchase of new housing, reform of corporate taxes and mandatory use of generic drugs, these are the main weapons of the Spanish government, which adopted its new plan Friday to combat the crisis. "The government has approved a reduction in VAT from 8% to 4% for the purchase of a new home," said Jose Blanco, his spokesman, adding that it was an "exceptional measure and temporarily extended until 31 December. "Reform of the corporate tax should bring in 2.5 billion euros and the spread of generics 2.4 billion euros.

The plan, which the government hopes will be adopted next week, should bring 4.9 billion euros in state coffers, while the country is at the heart of a new financial turmoil that threatens the entire area euro. Jose Blanco confirmed that the government would urgently request the convening of Parliament to ensure that "measures be adopted so quickly."

Other measures for future employment

The economy minister, Elena Salgado, said the plan aimed to "support growth" and "generating activity and the recovery of the construction industry", at a press conference at the end Council of Ministers.The reduction in VAT should in particular help to sell many unsold new homes since the bursting of the housing bubble in 2008. The meltdown has precipitated the country into a severe economic crisis, with record unemployment in industrialized countries, with 20.89% in the second quarter.

Elena Salgado said the government would announce measures "to boost employment" at the Second Extraordinary Council of Ministers scheduled for August 26. These ads take place in a context of new financial market meltdown. The Madrid Stock Exchange is taken since late July in a new spiral and fell again Friday to levels not seen since the debt crisis of spring 2010.

Doped including the sales and purchases of clothing, household consumption increased by 1.2% in June after declining during the previous two months. But the trend throughout the second quarter is negative. The World Food Planet Carrefour de Lyon

Finally a somewhat favorable economic indicator. While unemployment has increased again and the accumulated bad news on the front of the activity, household consumption expenditure increased 1.2% in June, after falling 0.3% in in May, according to INSEE. Increased yet insufficient to reverse the trend throughout the second quarter they were down 1.8% after 0.1% in the first quarter. What will weigh on growth mechanically.

This recovery is mainly due to the expenditure on durable goods, which rose 2.5% in June after falling 0.1% in May.Throughout the second quarter, but they recede by 6.3% from 2.2% in the first quarter.

Purchases of automobiles including increased 2.2%, but this increase does not offset the declines in previous months. In total, they were down 11.2% in the second quarter. Purchases of equipment housing are also up in June (3.8%, but 0.6% in the second quarter), thanks to a favorable schedule balances in furniture.

The strongest recovery has benefited from purchases of textiles and leather, which rose 4.3% after declining in May (-3.5%). This increase is partly due to the timing of sales that began early this year. In the second quarter, this item was down 0.3%, after -0.9%.

Consumer spending in other manufactured goods are up slightly in June (0.7%, after -1.2% in May).They decrease slightly in the second quarter (-0.2% after +0.6% in the first).

Energy consumption, it has continued to rise last month from 1.4% after 5% the previous month. Throughout the second quarter, however, declined by 1.1% due to particularly mild weather in April.

In the end, only the consumption of food has fallen (-0.4% after -1.4% in May). It is generally slightly lower throughout the second quarter (-0.1% after +0.2% in the first quarter).

Note that the number of consumer goods in May was revised by the INSEE, which is now estimated at -0.3% against -0.8% previously.

Total proposed replacing the U.S. Chevron as a partner of Russian Rosneft in the operation of an oil site in the Black Sea, announced Friday the executive director of Rosneft.

"Total has made an offer and we will make a decision about our partners by the end of the year," said Edward Khoudaïnatov the sidelines of a forum at the oil refinery Kirichi, near St. Petersburg.

Chevron and Rosnef had joined last summer in a partnership of oil exploration in the Black Sea estimated at $ 32 billion, but the American has since withdrawn the project.

Edward Khoudaïnatov invoked "valuation differences" between the site geologists in both groups.

But according to oil industry analysts, there were other disputes between Rosneft and Chevron, including the location of the future joint venture or the choice of a court of arbitration of disputes.

In January, Rosneft has signed another agreement of about one billion dollars with the giant ExxonMobil to develop a nearby site on the Black Sea.