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.

The typical value of a payday advance is upwards of 1,500 and the sum is usually given over a period of up to 30 days. However, these figures can vary between faxless payday loan lenders and when looking for a payday loan lender it's important to find one that meets your exact needs and requirements.

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 .

An official with the International Monetary Fund said Wednesday that if any institution could buy bonds Spanish and Italian, along with the European Financial Stability Fund (EFSF) prior to distance himself a little later with this idea.

Antonio Borges, Director of the IMF's European Department, said at a news conference that the IMF "might even invest with the European Financial Stability Facility (EFSF).We would definitely ready to play this role. "

Greater involvement of the IMF in attempts to resolve the debt crisis in the euro area could reassure some investors who feel it is out of control.

"The investments we would do in Spain or Italy would be based on the certainty that these countries are on track, they are solvent and to take all necessary measures," said Antonio Borges.

"Because the EFSF now has the opportunity to invest in secondary markets, we could invest with him, to support the debt markets in Italy and Spain with an additional element of credibility," he said.

Later, Antonio Borges, issued a statement saying he wanted to "clarify some comments earlier held" by saying that the IMF could act directly on the bond markets.

"The IMF can only offer our resources to countries, it can not be used to intervene directly in the bond markets. We do no involvement in the market with the EFSF," said he.

The EFSF, with 440 billion euros, is seen as not sufficiently abundant in case of worsening of the crisis.And European officials are already thinking about increasing its response capacity through leverage.

ECB must remain active in the bond market-BORGES

At the press conference before his release correcting his remarks, Antonio Borges had said he wanted to wait for the ratification of the new powers of EFSF before further action by the IMF.

The IMF could go further and invest directly in bonds in Italy and Spain and for this he will have to create an investment vehicle specific, had said Antonio Borges.

He also felt that the European Central Bank should remain active in the bond market to help stabilize it, even after strengthening the powers of the European Financial Stability Fund, the EFSF.

ECB buys government bonds Spain and Italy on the secondary market since August to prevent the cost of borrowing in these countries do not rise to prohibitive levels.

The ECB considers that this action is somehow an extension of its monetary policy decisions.But many economists believe the central bank in the euro zone will no longer intervene in the market when the EFSF will feature its new powers including the purchase of debt on the secondary market.

"The ECB has a very important role to play in restoring market stability in Europe," said the director of the IMF's European department, Antonio Borges, at a press conference. "It is not possible to have a monetary union with the debt markets of extraordinary instability, as is the case today."

It is not, says the IMF, the spendthrifts save states, but to smooth out market fluctuations."A steady market intervention to stabilize the conditions would be most appropriate," said Antonio Borges.

Governments in the euro area might consider a way to make such operations more acceptable to the ECB, whose statutes forbid it to fund government.

"If that means give the ECB some degree of support from finance ministries across Europe, in order to provide additional comfort to make it easier, we would certainly very happy to see that happen, "said Antonio Borges.

"There are several ways to do so. This could simply be guaranteed by several ministries of finance, this could be the EFSF, there are many possibilities.The most important thing is to make it easier for the ECB to stabilize a presence in the markets, "he added.

A new week promises to be tense on Wall Street, where investors are worried about a possible erosion of corporate earnings against the backdrop of the debt crisis in Europe and slowing Chinese economy.

The U.S. stock markets fell more than 2% Friday, signing the third quarter of their worst quarterly performance in three years, and some fear that the benefits of big names backed out because the rating is supported by foreign demand.

Past two years, export sales have averaged 30% of the turnover of listed companies in the S & P 500, allowing the results of many of them to exceed the expectations of analysts.

"If the euro falls, it will have a huge negative impact on companies like McDonald's," Judge Todd Schoenberger, LandColt of Trading.

"I do not expect quarterly results very fast", he adds. The ball must begin quarterly publication October 11 with Alcoa.

In addition, many U.S. multinationals have benefited in recent months the relative weakness of the dollar to support exports.But the euro shows a quarterly decline of more than 7% against the greenback, depriving companies of the damper.

Last major undertaking as to have lowered its profit forecast, Ingersoll-Rand fell by over 12% on Wall Street Friday after the announcement.

Of surprises anyway?

While the S & P 500 fell 14.3% in the third quarter, 1,700 billion in value gone up in smoke, a period of disappointing results could accentuate this downtrend, analysts said.

Most of them have lowered their expectations of results.According to Thomson Reuters data, earnings for the third quarter are expected up 13.3% over the same period of 2010, against an expected increase to 17% in early July.

In this context, investors will closely monitor the economic indicators to try to learn more about the state of U.S. growth.

The employment figures, released Friday, will be eagerly awaited, as well as the ISM index of purchasing managers in manufacturing (Monday) and services (Wednesday).

Still, some strategists believe to possible surprises on the forehead of the results, as Natalie Trunow, Calvert Investment Management.

"U.S. multinationals do not necessarily derive all their additional benefits (European market), and China, the statistics point to a slowdown but not a hard landing," said she.

Others point out that the drastic austerity measures that large firms have emerged after the 2008 financial crisis will maintain their accounts afloat.

"From our perspective, U.S. companies have learned to make a profit in this context (difficult)," wants to believe Hank Smith, chief investment officer at Haverford Trust.

Wall Street opened with sharp rebound Monday, boosted by the announcement of an agreement in extremis on raising the U.S. debt ceiling.

In early trade, the Dow Jones advanced 1.06% (130.99 points) to 12,274.02 points.The S & P 500, larger, gained 1.13% (14.85 points) to 1307.13 points while the Nasdaq composite market clinching 1.37% (37.80 points) to 2794.10 points.

Barack Obama announced late Sunday night that the Democratic and Republican leaders had reached a compromise, ruling out the risk that the world's largest economy in default of payment.

The agreement, which must be submitted to a vote of both houses of Congress on Monday, came after the U.S. stocks last week recorded its worst weekly performance in 2011, weighed down by fears of a deadlock in negotiations.

"The agreement is obviously useful in view of the government's ability to pay its debts, and this leads to a relief rally," Judge Wayne Kaufman, John Thomas Financial Analyst in New York, which estimates that the market fell excessively lately.

Despite this last-minute agreement, concerns remain about a possible lowering of the sovereign rating of the United States, as well as the debt crisis in Europe, and some analysts warn that the rebound on Wall Street could be short-lived.

Values, Ford and Amazon advanced 4.0% and 1.4% on positive recommendations from the review of Barron's.

TF1 reported Tuesday a sharp improvement in profitability in the first half thanks to cost savings and a return to growth in advertising revenue for its flagship channel in the second quarter, which boosted the price of its action.

In a statement released Tuesday, the television group maintains its forecast, however, considered conservative by analysts, stability of its consolidated sales throughout 2011, suggesting a continued lack of visibility on the evolution of conditions.

In early trading, the action blazes 4.9% to 13.35 euros while the index of pan-European media yields 0.4% at the same time.Since the beginning of the year, the title grew by 3.2% while its main rival M6, which will publish its half-year after the close of trading, 12.6% abandoned.

"The second quarter results were better than expected thanks to higher performance expectations of the TF1 channel," said one market participant, citing in particular the surprise increase in advertising revenue in the first string after a bumpy start to the year.

The advertising revenue of the chain's flagship group has returned to growth in the second quarter with sales up 0.7% after declining 2.6% in the first three months of the year sealed by poor hearing.

The market, which questioned the ability of TF1 to rise the prices of its advertising space in the second quarter in the absence of significant remontrée hearings, expected a decline of about 1%.

Of all the first six months of the year, advertising revenue declined, however, emerged from 0.9% to 764.6 million euros.

OPERATING INCOME surged 79%

The 43%-owned subsidiary of Bouygues also shows a jump of nearly 79% of its operating profit in the first half to 186.5 million euros against 136.5 million on average, expected by the market.

This sharp increase is due to new significant savings on the cost of grid TF1 which stood at 423.6 million, against 482.6 million during the same period last year.

The difference is mainly due to favorable basis of comparison, the channel that broadcast in June 2010 World Cup soccer.The net savings in terms of broadcasting rights, amounts to 49.3 million euros, TF1 said in a statement.

In contrast, sales of other activities of the group remained stable, rising advertising revenues and TMC NT1, the DTT channels redeemed last year was offset by the absence of income related to resale of sports rights.

Overall, the consolidated turnover of the group amounted to 1.3 billion euros, down 0.5% from the first half of 2010.

Net income Group share for its 118.6 million euros in the first half, against 74.2

A conference call for analysts is scheduled for 9:30.Group CEO, Nonce Paolini, could announce on this occasion it will request the free passage of its continuous news channel LCI.

The group Total SA said Tuesday opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.

Only a few French multinationals are using this system, which integrates in taxable income results in France (and therefore the potential deficit) of foreign subsidiaries under their control. This "niche" tax is regularly called into question because it would allow them to pay less tax.

In an interview published on the site of Les Echos, the financial director of the oil company argued that this system has no benefit for the group since its only loss-making French operations are today.

"The BMC can be charged in France for losses incurred abroad.But insofar as we record losses in France, we do not pay corporate taxes in France, "observes Patrick of Chevardière.

"The refining business has been in deficit since 2008, amounting to almost 600 million euros last year.The last time the regime of worldwide profits had a positive impact on our taxes, it was in 2001, "he says.

The ability to waive this system had already been mentioned the last weekend by the CEO of Total, Christophe de Margerie.

The group has repeatedly reminded, however, he brought some 800 million euros in tax revenues to France, notably through the withholding tax on dividends, business tax, property taxes.

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.

The title London Stock Exchange (LSE) was sharply higher in early trade Thursday on the London Stock Exchange after the operator of the latter was canceled at the last minute his proposed merger of $ 3.5 billion with TMX Group.

Around 7:35 GMT, the LSE share jumped from 5.02% to 10.04 pounds, investors felt that the group without TMX, is likely to become prey in the current phase of industry consolidation of stock exchange operators.

The LSE and TMX, the operator of the Toronto Stock Exchange, announced Wednesday the cancellation of their planned merger, which was initiated in February.

In short news broadcast one day before the general meetings were to rule on their merger, both groups said they had realized that the shareholders of TMX would not give them the required majority of two thirds.

Analysts point out that Nasdaq OMX, which has already tried twice to get your hands on the LSE, is the candidate most likely to buy the operator of the London Stock Exchange.

Wall Street opened lower Monday as investors exercise caution after turning on the conditions on the disbursement of aid to Greece and the warning by Moody's of a possible lowering of the sovereign rating of Italy.

A few minutes after the start of trading, the Dow Jones yielded 0.17% (-20.43 points) to 11,983.93 points, the Standard & Poor's 500 index 0.17% to 1269.29 points and the Nasdaq Composite 0 , 15% to 2612.45 points.

The prevailing uncertainty about the evolution of the issue of Greek debt penalizes financial stocks. JPMorgan Chase flexed to 1.47% and Bank of America gave up 1.3%.

Suntech Power fell by his side of 4.19%.The world's largest manufacturer of solar cells said Monday it plans to produce more semiconductor wafers in-house for up to 50% of its total production capacity of cells.