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Level of taxation of mutual

Since 1 October 2011, the second supplementary budget ended the partial exemption of Special Tax on Insurance Agreements (TSCA) for health insurance contracts known as caring and responsible (respect of care pathways by the patient). The latter are now taxed at 7% (it was previously 3%). It is likely that the mutual impact of this increase on their tax rates in 2012.

To wit: with the additional solidarity tax (6.27%), mutual thus undergo a global tax of 13.27%.

The inequality of waiting periods and per diem

For staff, a waiting period of a day was introduced in late 2011. Before the entry into force of this measure, they were receiving per diems from the first day of sick leave.

In parallel, the maximum amount of benefits paid to the employee on sick leave is reduced. The latter increases from € 48.43 to € 41.38 as of 1 January 2012.

Namely: the Government had also considered the idea of ​​applying a fourth day waiting period for private sector employees prior to renoncer guaranteed payday loan.Seuil access to supplementary health and Help ……. … The threshold for access to Aid to the supplementary health and financial assistance to purchase one additional individual health is increased from 1 January 2012. It is now accessible to people whose incomes are below the ceiling plus 35% of Universal Health Coverage (CMU) complementary (against a ceiling plus 26% previously). Depending on the age of the insured, this aid is between 100 and 500 €.

Delisting and lower prices of some drugs

According to the Law of Financing Social Security (LFSS) for 2012, several drugs should see their prices fall. The law also provides for the delisting of a Social Security number of drugs deemed ineffective.

The year 2012 should be that of a major reform of the drug in order to clarify the links between laboratories and health authorities.

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The campaign raised the stakes on the theme of social justice. Wednesday night on France 2, the president candidate for president, has tapped the business leaders. Not all: only "the tiny minority that shocked the French in doing anything," referring to those executives who receive annual compensation packages of up to more than 350 times the minimum wage.

Nicolas Sarkozy wants the remuneration committees that set the incomes of top managers, are "systematically an employee representative." Their proposals will be validated "by the general meeting of shareholders", and not by the board "where typically there are many friends," and published "in legal documents." Of steps in the right direction as they "finally strengthen financial reporting and transparency, including France miss him terribly," how Pierre-Henri Leroy, president of Proxinvest, the consulting firm to shareholders who recently published the ranking of patrons of the CAC 40 highest paid in France in 2010, and calls strongly for years with the introduction of such a shareholder vote.

France is way behind in terms of transparency

"France is lagging behind in all of Europe in this field, he deplores both employers protectionism prevents shareholders to have their say." Our neighbors, the laws have changed, for example, in the Netherlands in 2004, Sweden in 2006, Norway in 2007, or the United States and Germany in 2011. Switzerland and Canada, shareholder voting has been introduced voluntarily, while even in Italy (2012) and Spain (2008), it is recommended in the Code of Governance.

In France, the recommendations are made in the code of governance AFEP-MEDEF. Particular, the annual report must "present a detailed policy for determining the remuneration of corporate officers, including the attribution rules of the variable. It must indicate the criteria on which this variable part is established, how they were applied in relation to what had been planned during the year and if the personal objectives were achieved. " Not only do these recommendations are not followed, "this is particularly the complete blur on pensions and the link between pay and performance is not always based," said Pierre-Henri Leroy, pointing Lars Olofsson, who is about to leave on a background of strategy Carrefour criticized for three years, with a bonus of € 9 million and a pension cap of 500,000 euros per year. But the governance code still says nothing about the shareholder vote.

Equivalent proposals … in 2006

Nicolas Sarkozy's proposals are good. Except that the current President of the Republic had already offered such a design, before he was elected in 2007. In 2006 in Agen, Nicolas Sarkozy wanted these leaders "assume their remuneration to employees, their shareholders," it is "publicly approved (…) by the general meeting of shareholders, and of course, published by name in the annual report. " There is no indication that this time, the UMP candidate will implement these measures.

Anyway, the goal is not to reduce to one board fixing the compensation of executive officers and directors, in order to prevent abuses related to conflicts of interest. At Renault, sorry Pierre-Henri Leroy, "the State is not responsible in his role as director since Carlos Ghosn, CEO, has been able to reach nearly 10 million euros in 2010." …. ….

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L'Oreal gives up stock options to. Its CEO, Jean-Paul Agon, announced this weekend in the columns of the Journal du Dimanche. "In April, I will propose to the Board a complete halt of the system of stock options at L'Oreal, for everyone and this year."

The highest paid boss in the CAC 40 in 2010 according to the firm Proxinvest, with a total compensation of 10.7 million euros, Jean-Paul Agon believes that "stock options pollute the debate" on executive compensation. He also forfeit himself to half of those that were granted in 2010.

L'Oreal wants to substitute a variable pay system "more transparent and less uncertain." It should take the form of bonus shares after four years of seniority, provided that the company had reached "certain performance criteria." A similar approach has been implemented in other companies, especially at GDF Suez in 2011.

Taxation hardened

Overall, companies increasingly plébiscitent bonus shares, the tax is now more favorable than that of stock options vilified by the public. While the government has tightened the tax on these benefits under the pension reform (the employer's contribution rose from 10% to 14% and the contribution of the wage gain of 2.5% to 8%), that of bonus shares remained unchanged.

As the barometer of the firm Aon Hewitt published last June, the weight of bonus shares is now higher than that of stock options to all levels of responsibility. The weight of stock options increases, however, as you climb in the hierarchy.

30% variable for the big bosses

The bonus shares have the advantage of being more transparent. The granting of stock options allows an employee to buy shares when they want at a price fixed in advance. If the share price rises, it makes a profit, having bought shares in his company at a price below the market price. The bonus shares, by contrast, are assigned once and for all.

If executive compensation CAC 40 remain much lower than prevailing across the Atlantic, eleven French leaders in 2010 earned more than 240 times the minimum wage. The forty patrons of the benchmark index of the Paris Bourse have generally seen their pay jump by 34% between 2009 and 2010. Variable compensation, up 35% over 2009, an average of 30% of the total.

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The ambitions of China's Lenovo are clear: to become world number one personal technology. The first step involves the conquest of the PC market. Then, Lenovo will address the shelves, then to smartphones and televisions, the following step by step roadmap.

"For the ninth consecutive quarter, Lenovo has achieved the highest growth in the global PC market," noted Thursday, François Bornibus, Lenovo Vice President Western Europe, on the occasion of the release of third quarter results its fiscal year (ended March 31). This growth allows it to move closer to HP he ran for the position of world number one. "Over the past quarter, we hold 14% market share, against 16.2% for HP, according to IDC," adds François Bornibus, who believes that Lenovo "take leadership in this sector within two years." Last year, HP has made more than 19% of computer sales worldwide and Lenovo 11%. In one year, Lenovo's sales increased by 37% by volume, of only 2% of HP, in a stable market. This growth was accompanied by Lenovo for an increase of 44% of its turnover to 8.3 billion.

The Chinese took advantage of hesitation in strategic HP PCs and cons of Acer-business performance. Lenovo is carried by the dynamism of its domestic market, it holds more than a third of the PC market in China and other emerging Asian markets. But it is also strengthened by Western Europe and North America, where he continues to benefit from the legacy of IBM (which acquired the PC division in 2005). "Our market share in Europe increased from 4.7% to 8.5% in one year," adds François Bornibus.

The world leader is that Lenovo also requires development in the tablets. The group has already announced the release of several products, with a first wave expected in the month of May "We will also develop hybrid products, like the IdeaPad S2 (one tablet once a keyboard is attached to a laptop)," said Francois Bornibus. The range consists of tablets Android (the operating system of Google), will grow to 8 devices on Windows at the end of the year.

Extended offer

Eventually, the group will expand its offering to smartphones and televisions. For now, Lenovo cut his teeth in mobile telephony and television connected to China. The group will now owns a market share of "double digit" in smartphones, a presence quadrupled in twelve months. It will launch in China in the coming weeks, its first connected TVs. "We take advantage of our brand in China and our highly developed distribution network in order to launch new products," explains François Bornibus. Lenovo account then use the experience gained in its domestic market to export smartphones and SmartTV.

The ambitions of the Chinese are not to the liking of everyone. Acer Lenovo has decided to attack in court after the latter decided to use the services of a consultant rather special: Gianfranco Lanci, Acer's former CEO, who resigned last March. He now heads the division Europe-Middle East Lenovo. Taiwanese rival sees a breach of the non-compete clause and has also turned against his former boss.

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.

Three million voters to the polls Thursday. This is not the third round of the socialist primary elections but in the professional civil service and state hospital. This election is both new and crucial for trade unions. Unpublished, so far as officials voted on different dates, department by department. Under agreements signed in 2008 Bercy between the government and six of the eight federations officials, this group deadlines must solemnize the event and end a kind of permanent election administration

He still suffers to this first edition of exceptions.The officers decentralized government (prefectures) just voted in 2010 after the reorganization of their services; territorial officials will be "aligned" in 2014, which will match the designation of their representatives with election of municipal councils, general and regional officials finally France Telecom will vote Nov. 22 … as well as those of the Department of Justice, after a last minute postponement of the delivery of ballots and professions of faith having made the most complete mess. Also new: the hundreds of thousands of contractors have the right to participate. Finally, the electronic vote is for the million polio Education.

Crucial deadline

If the vote is also crucial is that it will not only unions to gauge.Now, only those organizations that received the most votes will negotiate and sign agreements, both local (with the hospital director, the prefect …) and national (with "their" or the Minister of Public Service for subjects common to all directors). In that game, the CFTC or the CFE-CGC will play their survival in many instances of 5700 to renew overnight pay day loans. The "big" unions will also receive a premium on how they are granted. They are mostly human, that is to say agents paid by the state or the hospital, but devoting all or part of their time to unionism (our editions of September 29).

Difficult to anticipate the results.Of Education in Ecology, Interior Economy, workers speak out more on issues and candidates in their own department or at their service, as a national discourse – discourse on which organizations found it difficult to differentiate. Certainly, FP campaigned on the "case of the public service", the CFDT has focused on the working conditions of workers, Bernard Thibault has been calling for more political "use the ballot CGT" to "deliver signs to the government. " But these are all ways to approach the same themes: policy review (RGPP), elimination of 150,000 jobs during the five-year term in the state civil service, late general wage increases, stricter rules on pensions 2010. Many reasons for discontent that should benefit most unions 'hard', as Solidarity, the CGT and the FSU.

But the mobilization failed when the pension reform, and made to flop back against the rigors. The previous elections were successful in the CFDT and UNSA, reformists, who could also benefit from the arrival of the contract in the electorate. And some of the most disgruntled employees could wait for the presidential and legislative elections in 2012 to settle their accounts. Where the other unknown: participation, far closer than two-thirds, will continue she?

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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 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.

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New stage in the European debt crisis, and new tensions between France and Germany. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them appear to divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.

Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks, a senior German official quoted by Reuters. But Berlin would not. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October."There is no difference between France and Germany" on the subject, responded on Friday, the French Ministry of Finance.

As explained in the Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …

Roles reversed

For this new act of the debt crisis, the roles are reversed this time credit report. France has always, until now, prompted Germany to act.But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin. Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.

France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.

Pre-aid to Greece

In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.

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LE FIGARO. – The time has she come to recapitalize European banks, such as the IMF have said?

Michel Barnier. – The Fund is right to insist on the global risk of relapse. However, I disagree with his assessment of capital needs of the banking system. We did not wait for the IMF to do so. Nine banks have failed during these stress tests, sixteen have stood the test of accuracy and also need to be recapitalized. We want this to be done first with private means.

The banks themselves appear reluctant …

The bankers tell us attention, you will penalize growth. This does not impress me, they have short memories.We all know where did the crisis! It is related to insufficient capitalization of some institutions, the failure of oversight and internal governance uncertain – as we have seen at UBS. We must go after the site of regulation: the rules to the service of moral and banks to serve the economy.

In an emergency, the recapitalization can it be done with public funds?

The period ends when we had to bail out banks with taxpayers. But we can not exclude that some banks will need help from the state. The European Commission is preparing and will control. It is especially important to think about public support and social cohesion. As banks have not reached the minimum required capital, they must prohibit the possibility of bonuses.I would go even further on the issue of compensation.

Banks could they be more particular about their lending to indebted countries?

I will propose a regulation in November very strict on credit rating agencies. My main concern is to drastically reduce the often exclusive use that financial institutions are notes agencies in their investment decision. A bank or insurance company should be able to assess the risk itself rather than to defer this responsibility to others. In recent years, such a system would surely have encouraged banks to be more vigilant.

Dominique Strauss-Kahn said that banks should now take note of their losses on Greece. What do you think?

The IMF Managing Director was in Brussels in May 2010 when we set the direction. He participated in the decision.He supported a plan that was not to erase the debt but to impose a push painful to Greeks and to Europe a big effort of solidarity. He also has a short memory.

Some say that the biggest European deficit today is that of solidarity …

The great debate of the presidential is a chance for France. We need to build a real strategy of fiscal consolidation. Then, the future of France through Europe and I know that President Sarkozy affirm. But we must also ask ourselves what Europe we want. France must be prepared to answer the question as its major federal partners including Germany might well ask him quickly.

What should the French priority for Europe?

The next step is a commissioner or a European Minister of Economy and Budgetary Affairs, with real powers.

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