Online Press Release Distribution

The atmosphere should remain tight to the Paris Stock Exchange on Thursday. The bargain hunting could push the index up, as suggested by the small rise in futures on the CAC 40 (0.1%). But caution remains the watchword. As shown in the CAC 40 new fall yesterday, the Investors are not able to overcome their fears about the situation in the eurozone. Debt problems in the region have worsened when Germany struggled to convince investors to buy its bonds. The country has raised just over half of the 6 billion euros of 10-year bonds offered to investors during a broadcast on Wednesday. This failure is a "red flag" according to Ewald Nowotny, Governor of the European Central Bank

Largest economy and engine of the region, Germany was far remained immune to the contagion of debt crisis.But diplomats said the meeting could only lead to a breakthrough on a reform of the European treaties.

The mixed oil, the euro under pressure

As for currencies, the euro, which fell sharply against the dollar in recent days, attempts a rebound. The euro is worth 1.3363 dollars (0.10%) in morning trading. The trend is more mixed in the oil markets: a barrel of light sweet crude (WTI) for delivery in January drops 24 cents to 95.93 dollars on the New York Mercantile Exchange, while the price of Brent North Sea assessed for the same term of 27 cents on the Intercontinental Exchange in London at 107.29 dollars.

The side of the calendar, the day will be quieter because of the close of U.S. markets. Operators are waiting mainly German Ifo index.

François Fillon has clearly shown this Saturday at Morzine: there is no alternative to reducing the debt, and it will be possible by reducing public spending. While the last-offs for the new austerity plan went this weekend at the Elysee Palace before his presentation Monday, Prime Minister set the tone: the debt crisis forced the state budget for 2012 will be "the most rigorous in the post-war one hour payday loan."

"The hour of truth has come, he warned. There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon.

They clearly anticipated the fall of George Papandreou after the declarations of the party leader of the opposition of Greece, Antonis Samaras (he called Greek Prime Minister to resign and form a transitional government).

The creation of a transitional government is not likely to create uncertainty in the markets?

It depends on how the rating agencies will analyze the delay between the creation of the transitional government and the establishment of early elections. For now, financial markets seem ready to allow time for Greece to install a new government. However, the risk of default is not eliminated. Financial markets continue to navigate to the end of the year.

Financial markets have now turned their eyes towards Italy.

Household consumption, the traditional driver of French growth, declined in September. It fell 0.5% last month, according to figures from INSEE published on Friday, after rising 0.2% in August. Despite this poor performance, the third quarter remains positive consumption rose 0.2% after a particularly bleak picture of the second quarter this indicator fell by 1.9%.

In September, it is the purchase of textile-leather and energy costs which have lowered consumption. These expenditures have dropped respectively by 4.7% and 4% last month, a much greater decline than in previous months. According to INSEE, the position of energy suffered from the decline in spending on petroleum products. During the quarter, energy consumption is still rising sharply (+3 guaranteed cash advance.3%), after falling 2.1% in the second quarter.

On a positive note, the consumption of durable goods, which partly reflects consumer confidence in the future, has rebounded. After falling 0.3% in August, it rose 1.9% last month. The quarter proved generally positive 0.4%, after falling 6.2% in the second quarter. A good number worn by purchasing automobiles (2.8% in September) and household equipment (1.3% in September from 2.7% in August). "During the quarter, automotive expenses are stable after falling 11% in the second quarter, and those in housing equipment rose 0.4%," notes INSEE.

ALSO READ:

"Consumption: the French increasingly frustrated

"The automobile production in Europe slows

"The board felt that I had to give operational direction of the group." Already chairman of Gecina, the fourth European property company, Bernard Michel became chief executive after the surprise eviction of Christopher Clamageran there are two weeks. And it is not very clear about the reasons that caused the dismissal.

The only certainty is not the time for development Gecina whose portfolio is highly diversified (office, residential, logistics, nursing homes, hotels …). "In a crisis situation where access to bank financing may become complicated, our priority is to reduce from 43 to 40% of our debt compared to the value of our real estate assets," said Bernard Michel.

To achieve this, Gecina is set to sell for € 500 million of residential real estate with net returns (4.1%) are lower than in the office (6%).The group wants to sell in bulk ten to fifteen buildings in the Paris region.

Develop in health

Meanwhile, the company will continue to sell land to cut 200 to 300 million residential real estate each year, a strategy followed since 2009. And the group promised to sell for a billion of assets this year had already sold 647 million end of September.

Also for reasons of economy, Gecina will stop launching new operations in the office. Otherwise, the strategy remains unchanged: to continue to grow in health (nursing homes, clinics) and the residence halls and eventually withdraw from hotel operations and logistics.

For now, at least, the crisis does not read in the results of Gecina: in the third quarter, its sales grew by 2.9% (476.5 million euros) and the excess Gross operating income of 3.8% (383 million).

After closing in the red last week, the Nikkei is displayed up on Monday. At 6:30 on Monday, the benchmark index of the Tokyo Stock Exchange gained 1.45% to 8874.93 points, hoping the implementation of strong measures in Europe and the United States to stem the debt crisis.

Other Asian stock markets followed the upward trend in the Nikkei. The Hang Seng Index in Hong Kong gained 1.54% to 18,786.40 points, the Kospi index in Seoul 1.18% to 3948.62 points, the S & P / ASX 200 Index 1.63% to 4274.30 Sydney points The FTSE Straits Times of Singapore 0.83% to 2766.97 points. Only 30 of Bombay BSE Sensex lost 0.15% to 17,056.30 points.

The global optimism of investors in Asia follows the G20 finance ministers held this weekend in Paris. Europeans have in effect promised to respond "comprehensive and lasting peace" for the euro area.The central bankers have therefore agreed to support and rebalance the global economy in a context of heightened tensions, and lead coordinated policies in the short and long term. With the line of sight: "strengthening growth" of the Old World and the "fiscal consolidation", reads the communiqué. Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin.

A savings plan expected in the U.S.

On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan low fee pay day loans. Last Friday, the country's budget deficit stood at 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury.In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, to more than 1.299 trillion dollars, making it the second biggest deficit of the history of the United States.

In China, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week. And after the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year.

Oil is up

On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.

Further decline of Olympus

As for values, Olympus plunges 23.86% in Tokyo to 1557 yen after the dismissal of its chief executive last week.

In Sydney, Rio Tinto rose to its share of 2.42% to 69.95 Australian dollars. On Monday, the mining group, announced the sale of approximately eight billion dollars in assets in aluminum, four years after the giant bought Alcan for 38 billion.

On May 15 the "outraged" Spaniards camped in the square of Puerta del Sol in Madrid. Borrowing their name to the pamphlet by Stephen Hessel, they said they were inspired by the Arab Spring to shout their rebellion against the explosion of unemployment and austerity policies implemented by the government … Since then, the challenge has been extended in the rest of Europe but also overseas. Five months after the birth of the movement in Spain, in 82 countries is that these "outraged" will show this Saturday, October 15. Zurich to New York, to Rome, Tijuana, Hong Kong and Johannesburg, calls have been launched in 951 cities worldwide.

Their message to politicians and financial elites, as can be read on the site 15october, is: "The powers that be working for the benefit of some ignoring both the will of the majority that the price human and environmental we pay. This intolerable situation has to stop. "On the site of the movement Occupy Wall Street, the tone is the same:" The thing we all have in common is that we are the 99% who will not tolerate any longer the greed and the corruption of the remaining 1%. "In Italy, the program is summarized as follows: "Occupation of public places by millions of people who do not want to pay the enormous economic and social crisis in the place of those who have caused: political power industrial, economic and financial" .

No central authority

This day of action is to cross an important milestone in the movement, which now acquires an international dimension. "It was needed to make weight against the power of financial markets that operate on a global scale," says Sophie Banasiak, "indignant" Paris.

However, there is no central body to coordinate the different actions. "If the collective Democracia Real Ya played a leading role in the initial mobilization in Spain, he does not prevail, either in the capital of the country or world, Heloise said Nez, a sociologist at the University Paris 13.Many groups are working together, but none have hegemony over the movement horizontal and egalitarian aims. There is no visible head and outraged caregivers to regularly change the voice. "

"If someone asks you 'who is behind it', they reply: 'I'" retorted on those who seek the organizers. The spread of a city or country to another must be spontaneous, for emulation. A process greatly facilitated by social networks, where multiple keywords are emerging, such as "yeswecamp", "# yosoy15O", "# event15oct" or "# Globalrevolution" … "I do not even know exactly who launched the idea of ​​the October 15, recognizes Spyros, OccupyLSX supporter of the movement in London.We have seen that call for Saturday and it was inspired by the movement Occupy wall street to do the same thing here. "

Specific demands of each country

If dissatisfied with the world found common denominators, claims and complaints are divided again according to national issues. In Spain, Real Democracia Ya accent has been on the reform of the electoral law to end the two-party system as well as stopping the evictions of indebted owners. In Anglo-Saxon countries, it is mainly finance, pointed as responsible for the crisis, which is targeted. Witness the names of the movements that develop, "Occupy Wall Street" and "Occupy London Stock Exchange (OccupyLSX)." In Israel, the mobilization is the expensive housing while in Italy, the outraged refuse to pay "a debt they have incurred."But all these central issues do not prevent each protester to express other concerns. In Spain some point impunity surrounding crimes of Francoism and the United States is denounced police brutality or the death penalty …

Above all, each city retains its autonomy: information flows globally, but "decisions, they, are taken at meetings in every city, Banasiak said Sophie. Each city chooses its own way of decision. In Paris and Madrid for example, is the consensus. The international dimension does not change the fact that the essence of the movement is local: it is in the physical encounter and dialogue in the streets. "

ALSO READ:

"IN PICTURES – These celebrities who endorse the anti-Wall Street

On track, continuous effort. This is essentially the OECD verdict on Ireland, engaged for three years in a drastic recovery program of its public finances. After a decade of strong growth on an annual rate of 7%, which has risen to fourth in the OECD in terms of GDP per capita, the former Celtic Tiger has suffered a banking crisis and an unprecedented three years of recession. The deficit exploded in 2010 to over 32% of GDP if we include the expensive bank recapitalization and debt exceeded 100% of the national wealth.Distrust of markets has forced the authorities to use the end of 2010 with the IMF, the EU and the ECB.

In his study, presented Friday, experts from the Muette emphasize the competitive advantages of Ireland on Portugal and Greece, the other two countries under international supervision, "export sector a more developed and more high-tech"-the Exports account for 100% of GDP against 31% in Portugal and 21% in Greece, "a workforce more skilled, more favorable conditions for businesses, a more efficient tax system based in particular on corporate taxes low and stable and well-regulated markets and more flexible, both for products that work."

The conservation plan will represent 2.2% in 2012

Despite the recession, Ireland continued to attract significant foreign direct investment and the country, supported by the engine of exports and improving cost competitiveness, has returned this year with growth, while Portugal and Greece will experience another year of recession cash advance no faxing.

On the fiscal side, Dublin's goal is to bring the deficit below 3% of GDP in 2015. Before the intervention of the Troika, the authorities had imposed a cure equivalent to 9% of GDP. The economic plan of 2012 is still 2.2%.

If these efforts "are starting to bear fruit" requires further consolidation, the report of the organization of the Muette, in the perspective of a "global growth lower than expected."The OECD recommends including "broaden the tax base" and "focus more on consolidating spending cuts" -60% recovery, "by improving the efficiency of the public sector, reform of social protection and lower infrastructure projects. " Another priority should be the fight against unemployment from 4.6% in 2007 to 14.2% in the second quarter of 2011.

Among other tracks, it is necessary to improve employment services, training programs adapted to market needs, encourage job search, extend some cuts in employers' contributions … Finally, Dublin to pursue the restructuring of the banking sector and further improve competitiveness to promote exports.

ALSO READ:

"For Moody's, Ireland is also risky

"SPECIAL – Crisis: the fear of debt

With the individual

The return started badly for the owners of second homes and rental property holders. Indeed, the regime for the taxation of real estate capital gains has been cured. The holding period beyond which the added value of a building is exempt rose from fifteen to thirty years. This hardening will apply to sales contracts signed on or after 1 February 2012. Exceptionally, contributions to building a family SCI are subject to the new tax since August 25, 2011. Provide building a SCI was nevertheless a good way to purge the existing capital gains without the poor well.But the string must have seemed a little rude to the tax authorities that as a result, anticipated the entry into force of the reform for such operations.

The sale to SCI allows it to delay the hardening of taxation?

There is still a solution if you do not want poor of the property immediately. The law anticipates the entry into force of the reform of real estate capital gains only to contributions made since SCI August 25, 2011, without seeking specific sales.

You can sell before 1 February 2012 your property to SCI which you are a partner, allowing it to retain its heritage.The sale has the effect of purging the capital gain, and if the property is held for more than fifteen years, this gain is fully exempt.

The administration may be invoked by abuse of rights?

Some precautions are necessary, the administration could in fact invoke the abuse of rights. This weapon allows him to dismiss the actions without any purpose other than to avoid or minimize taxes. Fraud is established when the taxpayer and research purposes only tax, and gets that advantage by a biased application of laws or administrative circulars against the objectives of the author low fee payday loans.The penalty is heavy, the taxpayer risk a tax increase of 40% or 80% if the cause of the act or its primary beneficiary.

How to guard against abuse of rights?

To rule out such a threat, "we must be able to prove that the interposition of a company structure responds first to an asset strategy. Better, then, that the owners of the property are not the only members of SCI, "advises Lionel Saint Georges Chaumet, Director General of Finance Aforge. This will be the case for example if your children are part of the SCI. "It is possible to break up and then give the shares, keeping the usufruct parents and children becoming bare owners.Nothing prevents other hand, after a reasonable period of two to three years to sell the shares to a third party to distribute the proceeds of the sale between parents and children, "said Ms. Murielle Gamet, notary Chevreux study. Finally, you can object to tax the proprietary interest in the sale of an SCI if the operation is intended to free up cash to reinvest this money in another property without it being necessary that children participate in the assembly.

Before undertaking the assignment to a SCI, check that, financially, it's worth the effort. The cost of purchase by the SCI (allow, for example, € 14,000 to € 200,000 a well) are added from 1000 to 3000 € fees for writing articles if the company is created for the occasion.

ALSO READ:

"The Individual – Sell a SCI to escape the taxation of capital gains

The session promises to be rough on the Paris market after the degradation of the note of the Italian debt rating by Standard & Poor's. After closing Monday down 3% below 3000 points to 2940 points, the CAC 40 index started the day down 0.75% before returning to a precarious balance (-0.04% 2938.96 points ). And in the wake of the Nikkei, which finished down 1.61%. Elsewhere in Europe, the Dax in Frankfurt Stock Exchange lost 0.67%, London and Milan 0.72% 1.16%.

The fears of a contagion of debt throughout the euro area after exacerbated to "A/A-1" against "A + / A-1 +" in the night of Monday to Tuesday by Standard & Poor's . The rating agency also maintained a negative outlook on the evolution of the Italian economy and fears of political uncertainty.For the record, the Berlusconi government faces a debt of 1.9 trillion euros, or 120% of its annual GDP. An austerity plan has been adopted by Rome last week, providing 59.8 billion euros in savings with the objective of bringing the budget to balance in 2013. But for now, markets are not convinced.

At the same time the crisis in Greece bogged down. The teleconference scheduled Monday between the Greek Finance Minister Evangelos Venizelos and the three leaders of the troika of the creditors of Greece, which gave birth to a mouse. The meeting, which aimed to reassure the ability of Greece to meet its commitments on reducing deficits, and has resulted in "no official announcement." And, after being delayed, as was held in the evening, while the meeting was initially scheduled earlier this afternoon.These evasions have nothing to reassure the markets, waiting for the release of the next tranche of Athens international loan of 8 billion euros by the end of critical October to break the impasse.

Barack Obama raises his voice

Instead, a new conference of the same type to take place on Tuesday, said the European Commission in a statement. To this must be added the possibility of leaving the euro of Athens as the Greek daily Kathimerini, the Greek government would consider holding a referendum on the continuation of the European currency.To summarize the current concern, Pedro Passos Coelho, Portugal's prime minister, warned in our columns that "if Greece dark, the whole European Union is at risk."

At the European gloom, in addition to lingering fears across the Atlantic, where Barack Obama announced a plan to further reduce the deficit of 3000 billion on Monday, financed half by tax increases for the rich, did not produce any relief. While demonstrating in front of shocked Wall Street against the "greed" of banks, including the U.S. president called the easiest to "pay their share," choosing not to extend beyond the end of 2012 the tax breaks granted to more off by the administration of his predecessor, Republican George W. Bush (800 billion dollars and would be recovered over ten years)."We can not afford these tax rates low for the rich. We can not help us while we are suffering large deficits, "he said.

A meeting of the Fed on rates

On the macroeconomic front, France, received orders worth in the industry in July will be released at noon.

In Germany, the ZEW barometer of confidence the financial community is expected at 11:00.

United States, the housing starts in August will be announced at 14:30. And above all, a meeting of the Monetary Policy Committee of the Fed starts on Tuesday for two days. The U.S. central bank is expected to launch a program to exert downward pressure on interest rates over time. The announcement could calm the markets, especially as the Fed pledged to keep rates low until mid-2013 as a minimum.

On the foreign exchange market, the euro fell against the dollar Tuesday as investors fearing an extension of the debt crisis in the eurozone. In the morning, the euro bought 1.3613 dollars against 1.3692 dollars the night before.

As for oil prices were mixed Tuesday morning in a market still concerned about the debt crisis in Europe after the fall of the note of Italy by Standard and Poor's. In early electronic trading, a barrel of "light sweet crude" for October delivery gave up five cents to 85.65 dollars per barrel of Brent North Sea crude for October delivery gained 48 cents to 109.62 dollars."The downgrade by Standard and Poor's has some worried the markets," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

Values ​​to follow

• Banking

Societe Generale (-2.43% to 17.26 euros), BNP Paribas (-2.20% to 26.06 euros) and Natixis (-0.99% to 2.30 euros) are again under pressure. Standard & Poor's announced that it lowered a notch credit ratings long and short of unsolicited Italy, while maintaining a negative outlook.Despite his exposure to Greek sovereign debt to the tune of 24 billion euro, the Chairman of the Board of Directors of BNP Paribas, Michel Pebereau said on RTL radio Tuesday that it currently has "no need to be recapitalized."

• PPR (-0.63% to 109.90 euros)

The Group confirmed the abandonment of the auction held to sell Redcats, a subsidiary of distance, a failure that demonstrates the negative impact the financial crisis on mergers and acquisitions transactions.

• Bureau Veritas (1.12% to 54.20 euros)

Bureau Veritas, the world of the inspection and certification, announced Tuesday a target growth of 9% to 12% of its turnover per year, reaching the end of 2015 revenues of approximately 5 billion euros.

• Carrefour (+0.12% at 16.03 euros)

The retailer plans to open within a year a luxury supermarket Place de la Madeleine in Paris (8th arrondissement) of 3500 square meters, La Tribune said Tuesday. The group distribution was confirmed to AFP on the eve "the existence of a project in the district of Madeleine," without specifying the content, however.

• Total (-0.47% to 32 euros)

The oil company is seeking buyers for assets it holds on the British part of the North Sea without being involved in the operations, says Bloomberg. The value of these assets could reach 575 million euros.Total plans to invest in contrast to other sites in the North Sea.

• Zodiac Aerospace (3.37% to 56.75 euros)

The group released an annual turnover in growth and reiterated its goal of profitability for the year, thanks to the resumption of the aviation industry.

• ADP (0.04% to 54.89 euros)

The company announced that traffic was up 1.4% in August compared to the same month last year, 6.1%.

• Manitou (-2.05% to 13.89 euros)

The group announced Monday to be ahead of at least six months of its turnaround plan after publishing financial results up sharply in the first half of 2011.