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While the Franco-German couple is going through a serious crisis, exacerbated by the release of a document on PS1 vitriolic Angela Merkel2 François Hollande 3a tense Thursday, a pole to the latter: it offers the Chancellor an "initiative Europe "at four points, which includes, for the first time, a chapter on political union, so dear to Berlin.

"The Germany4 is ready for political union, well, France5 is ready to give content to this political union and she gave two years to get there," said the Head of State. "We are not afraid of the political union," he assured. "But we want content that shows Europe6 can bring benefits to citizens."

This is the first time that Francois Hollande says the following about the political union. Angela Merkel who has been waiting almost a year its response to German proposals can only welcome this step. "In Europe, Angela Merkel is ready to compromise. (…) We will reach an agreement before the German elections, "says the French president. "We must get Europe out of its languor," he insisted. "If Europe does not advance, it falls, it is erased from the map of the world, the imagination of the people," he added.

On the bottom of the political union, however, a difficult discussion. "Europe is not only the reduction of deficits," warned Francois Hollande, without renouncing its promises of "serious budget." His four-point plan presented at the press conference 7inclut two subjects that annoy the Germans: "The common fiscal capacity" and "common bond." Dear Francois Hollande, the two themes are synonymous, the Rhine, unacceptable financial transfers without a real "fiscal union" that would put state finances in the euro area – and their reform agenda – Trust Brussels, thus indirectly Berlin cash till payday.

This is where the shoe pinches. Other points of the plan are more consensual Holland with Germany. Strengthening the governance of the euro area, with "monthly meetings around a President" is accepted by Germany, it is clear that the independence of the European Central Bank is not threatened and if it can contribute to building a better economic policies, so structural reforms. These meetings would be conducted at the level of ministers in charge of economic portfolio (Finance, Labour, Social Affairs, etc..).

a "New Deal" for employment in Europe

In its offensive in four points, the French president also called for a rapid release of funds from the EU budget for the unemployed youth. Some € 6 billion was budgeted for the EU over seven years. It proposes to accelerate the payment under a "New Deal" for use in Europe, negotiations between Paris and Berlin.8 fourth point: the revival of "European Energy Community" on expensive in Paris and Berlin. This is an ambitious project at half years, as large states, including France and Germany, have consistently refused to cede sovereignty on this strategic issue. For François Hollande, who had raised the issue last September at the conference environment, we must "define a strategy together, help each other on the energy transition, and make an effort to promote renewable energy." A subject on which Angela Merkel agrees, especially if it is done on European funds …. On the issue of renewable energy, however, Germany has a length ahead of France: 25% of its electricity production is based, against 12% in France, which is dominated by nuclear energy.

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The pound continues to slip. Tuesday, it fell below 1.4877 dollars, its lowest level against the U.S. dollar since June 2010. The book is depreciated by 8.3% against the dollar this year and 7% against the euro, which makes it the currency of the worst performing developed markets in 2013, after the yen.

It is disappointing that manufacturing production has plunged the British pound. Against all odds, the figure stood down in January. This bad start of 2013 has revived fears of recession entry into the United Kingdom, as growth contracted in the last quarter of 2010 and unless outstanding performance in the service sector beginning of this year, growth could be negative in the first quarter of 2013. The UK could then face its third recession since the Great Depression of 2008!

The prospect is worrying investors, who were anyway not expected industrial production to drop sterling "There is definitely a momentum against the pound, said Derek Halpenny at Tokyo-Mitsubishi UFJ Ltd. in London, and markets seize any excuse. Low statistics in the UK suggest a new quantitative easing, and this is a recipe to reduce the book. "

"Shock Treatment"

Indeed, unlike the United States where improved data suggests that the Federal Reserve may have less need to support the economy, the Bank of England could reinforce its action plan guaranteed pay day loans. Last week, the Bank of England is holding its goal of redemption of 375 billion pounds, but strategists await the next BoE meeting in early April, knowing that some of its members are in favor of a more flexible quantitative, with 25 billion pounds new employees to support the British economy. In fact, many economists believe that the March 20, Chancellor George Osborne could announce within the next budget, new powers of the Bank of England to give him more leeway.

But the Minister of Economy should go further by employers. This week, John Longworth, Director General of the British Chambers of Commerce (IWC) has proposed a "shock treatment." According to him, "If within six months, there is still no prospect of growth, it will consider the option to borrow more money." The solution would be, he says, to reduce some welfare and invest the money in activities that doperaient growth. Areas selected should be those that "forgive markets", that is to say infrastructure.

It seems unlikely that the government reverse its fiscal policy immediately. Conservative Prime Minister David Cameron has explained that if Downing Street came back on drastic cuts in place, the country would plunge into the abyss.

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Carried away by his enthusiasm, Arnaud Montebourg, the ebullient Minister of Recovery productive disrupted mechanically well-oiled communications Renault (which the State holds 15%). The minister, who spoke by phone Thursday with Carlos Ghosn, CEO of …

 

Considered the possibility Friday is now confirmed. The direction of Virgin Megastore said Tuesday morning that it will file the results tomorrow before the Commercial Court of Paris. The announcement was made before several elected council, met for the second time to examine "the draft declaration of insolvency" of the company in financial difficulty.

Union representatives said they refused to give an opinion, but said that management believes they had a negative opinion, which enables it to override. "The Chair (Virgin, Christine Mondollot) will go to court business," said Jean-Luc know Breyne elected CGT EC AFP. An administrator will then be appointed, which will focus on the fate of some 1,000 employees of the brand, which has 26 stores.  

Trade unions believe that Virgin has not the means to finance a social plan and call for its majority shareholder (74%), the investment fund Butler Capital Partners. Laurent Paqueret, a representative of the fund, was present at EC Tuesday morning to answer employees' questions. But, according to Guy Olharan (CGT), they "encountered an end of inadmissibility" on his part. "Butler refuses to take responsibility for financing the social aspect of everything that will unfortunately follow," he lamented on behalf of the elected EC.

"All possibilities discussed"

In the entourage of funds, it is argued that "Virgin of cash and assets, it may assign to finance socially." The brand has already recovered 20 million since 2008 by selling leases several stores, including those at Bordeaux Merignac and the Louvre. As it is expected to get its flagship store on the Champs-Élysées.

"The shareholders have invested $ 15 million in four years," said Butler also close, pointing out that such shareholder has reorganized the logistics and also opened stores (Saint Lazare in Paris, Rouen, Toulouse, for example).

The fund, which has successfully recovered Groupe Flo and France Mushrooms, defends himself by arguing that the distributor of cultural products was already in trouble in 2008, when he put his hand on it. He hoped to make a professional electronic games market has since returned, suffering from competition from the Internet. Revenue has not declined steadily from 371 million euros in 2008 to 313 million in 2011. Similarly, operating income remained negative since 2006.  

With the beginning of the process of filing for bankruptcy, the company will have a breath of fresh air because its debts are frozen. "All options will be considered," a close advance of funds. The most likely scenario, however, seems outright end of the sign, with a further assignment of leases of stores.

According to our information, patterns of partial recovery by competitors or partnerships with other distributors or brands have indeed been studied without success. The arrival of Virgin stores in Système U has been considered, but the project was not successful. Virgin was able, however, to implement a few corners in shops on BP motorway service areas last summer, but it was not enough to get the boat afloat.  

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Called the "unexpected Journal" on RTL, Alain Afflelou, head of the eponymous group of glasses and hearing aids is justified on Thursday announced his departure for London. While tax exile Gérard Depardieu for Néchin looks like a national tragedy, the leader has denied any tax incentive in its approach to cross the Channel. "My father taught me that we must go where the work is and not wait for the work to come to us (…), he explained. My English shareholder since June, Lion Capital, asked me to go and develop Northern Europe where we are completely absent, "he added, stressing the importance of finding new sources of growth to compensate for its traditional markets, now weakened (France, Morocco, Belgium, Switzerland, Spain, Portugal …)

The leader of 1200 outlets hopes materialize contacts "fairly advanced" with foreign channels and strengthen its distribution network. To cut the grass under the feet of any detractors, he also points out that his departure 20 years ago, in Switzerland, in the same spirit as his exile in London, had resulted in "the creation of many jobs and taxes paid in France. "

"Taxation confiscatory"

On his arrival in London, he will have the status of "non-domiciled", which will certainly meet in Britain tax labor income, but do not exempt in France the wealth tax on real property and income of French origin flexcheck cash advance. "I'm not trying to juggle. I always paid my taxes in France, even when I was in Switzerland. I will pay in England that I have to pay, and in France that I have to pay. In any case I will not leave my nationality for not paying taxes "based Alain Afflelou, stating that his London exile will not last more than three years.

Ranked 204th fortune by the French magazine Challenges, however, the contractor did not mince words about taxation. "The system in France is extremely unfavorable for all people undertaking. From now on, people who are in the bracket income tax at 75% can exceed 90% taxation so yes we can talk about confiscatory taxation. "

According to him, the entrepreneurs in France are also the target of a real "trench warfare": "You have to stop saying that successful people are thieves, thugs, and dishonest people. There is not that artists have the right to be considered: the people who work and do other work, we need, "he said about the recent exile of Gérard Depardieu and the controversy it has generated.

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Three months after the purchase of the castle Gevrey-Chambertin, Burgundy, this is another name prestigious Bordeaux region that will pass under the Chinese flag. Castle Bellefont-Belcier, premier grand cru classé of Saint-Emilion, was sold between 1.5 and 2 million ha. The area covering 13 hectares of vineyards, the amount of the transaction would be between 19.5 and 26 million euros. Which would be the largest accquisition made in recent years in Bordeaux by a Chinese investor. More importantly, this transaction confirms the value of Chinese manufacturers for French SMEs.

The deal, revealed by the magazine's website Earth Wines of South West Group, covers an area of ​​the town of Saint-Laurent des Combes, near Saint-Emilion, and "surrounded by jewels" of the name, as Pavia or Larcisse-Dicasse sources said bad credit payday advance. The home castle Bellefont-Belcier, said staff, less than ten employees, was presented to the new Chinese owner late Friday afternoon, once the transaction is completed. It gave no indication of his plans for the area, and left for China, sources said.

The Chinese have acquired thirty castles for five years, but industry analysts and experts warn that the wine estate buying spree will gradually focus on castles more prestigious, even if the profession still refuses to speak of a "rush", with properties in thirty four years, on account that 8000 Bordeaux.

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When British MPs are angry, they do not mince their words. "Responses pathetic," "unacceptable," "What is your job?". Each turn, the leaders of Starbucks, Amazon and Google have taken a drubbing on Monday at a hearing of the Committee on Public Finance of the House of Commons on tax evasion. British elected officials have seized the folder that is controversial and called these multinationals to their account. They were rather frustrated with the result.

Of 398 million pounds (497 million euros) in sales in Britain last year, Starbucks has not paid a penny of tax on corporate tax to Her Majesty. In France, he has never paid taxes either since his arrival in 2004. With a turnover similar in Britain, Google merely $ 6 million pounds (7.4 million euros) in taxes. Amazon even better for 1.8 million pounds (2.2 million euros) in taxes for 3.3 billion pounds of sales (4.1 billion euros). To listen to these American stars and consumption of the Internet struggling to make ends meet.

This is the thesis of Starbucks. The brand of coffee ensures not made any profits in the UK once in fifteen years of presence. Strange that the giant Seattle continues to lead the philanthropic mission in the country of tea drinkers! Troy Alstead, CFO its U.S. tried to convince MPs of his difficulties, arguing, for example, the heavy rents. "We have concerns profitability, he argues. It works. We are not happy at all. But it has nothing to do with tax evasion. "

For the president of the parliamentary committee, Margaret Hodge, "it does not ring true." She recalled the 6% royalties from cafés English an intermediate structure based in the Netherlands, or loans underwritten by the parent to rate 2 percentage points higher than the market.

"You handle your profits"

Amazon in the profits escape fiscs national as customer orders are notionally placed with its Luxembourg subsidiary, even if the books or records are sent from warehouses in England or France. "Frankly, we think you handle your profits," has dealt the MP Fiona Mactaggart in charge of e-commerce giant, Andrew Cecil. The lack of specific response it triggered the fury of MPs: "You have nothing, this is unacceptable! Who do you take us? "Was one of them belched.

This impatience, like slate presented by the French tax authorities Amazon could give ideas to Berlin, where the exasperation rises too. Germany is regularly irritates "fiscal dumping" practiced by some countries, including Ireland, to attract multinationals. Last week, Berlin was surprised that the company Apple, after announcing record profits of € 28.7 billion for its international activities, is taxed at a rate of 1.9%, which is considered negligible. Patterns of German media groups demanding the intervention of the European Commission to submit these multinational rules of "fair competition".

In London, Google sent a sort of thumbing his nose at lawmakers admitting choosing to locate in Ireland and Bermuda because of their tax favorable. "It is a complicated system, but we respect the law," Matt Brittin boastful, vice president of Google Europe. "We do not accuse you of being an outlaw, you are accused of being immoral," said Margaret Hodge. An admission of impotence.

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François Hollande Angela Merkel and ripped in the morning an agreement that allows everyone to claim victory, while pushing to the crucial choices later on the issue of the EU summit: centralized monitoring of 6,000 European banks, the keystone of architecture tightened the euro. In practice, the Franco-German compromise delay of several months – and perhaps until the election of a new Bundestag in September 2013 – the effective implementation of this "oversight" adopted in June by the previous peak . Chancellor reaping the fruits of war delayed launched since the beginning. Angela Merkel speaks of a "rising power of supervision over the next year," adding that "it will take time."

Formally, however, the timetable agreed in June by the seventeen countries of the euro is respected. François Hollande described the night in a "good agreement" that "confirms and clarifies what we decided in June." President obtains in particular satisfaction with the deadline he had set at the top: the political and legal framework of the supervision will be established by December 31, even if the Chancellor continues to see a goal "ambitious" guaranteed high risk personal loans. A year later as planned, on 1 January 2014, the ECB should be under the responsibility of all European banks, including German, despite the reluctance of Berlin and the German Bundesbank.

But between these two dates, the slippage is implied. Spain should wait several months to seek direct recapitalization of its banks, promised at the beginning of the summer by the countries of the euro. The prerequisite for this approach is supervision "what works," says Angela Merkel. Lengthen the time that could even bring Madrid to abandon it altogether, if one believes a Spanish diplomat quoted by AFP. The question of a bailout proper form of the Spanish State could then ask more bluntly.

During the summit, the leaders of the euro area welcomed the progress of Greece Samaras and government to "back on track" recovery program. Without commenting on the merits, the seventeen announce that the Eurogroup will "take the necessary measures." Athens urgently awaiting the release of a tranche of 31.5 billion euros.

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The insurance will make proposals to increase fees for doctors who practice social security rates at a final negotiating session Wednesday on excess fees, announced on Saturday its director Frédéric van Roekeghem in an interview with the daily Le Parisien / Today in France. "We are not against a revaluation of the sector 1 (Safely prices). We will make proposals on Wednesday to increase the fees of the doctors, "said Frederic van Roekeghem.

"You can raise rates acts, but also packages (paid to support certain patients, for example). However, given the context and the effects of earnings on objectives (set up by the convention signed in 2011), nothing is expected before 2014-2015, "he says.

Last meeting Wednesday

According to him, "we must also find a device with complementary health so that it does not increase the rest of patients." Unions of doctors, complementary health insurance and began negotiations in late July to oversee the excess fees, become a barrier to access to health care by the government.

A final meeting is scheduled for Wednesday, and in case of failure, the Minister of Health Marisol Touraine threat to legislate. Discussions appear to block the union's request to upgrade rates in sector 1 in exchange for doctors' efforts on sector 2, fee free.

At a previous meeting Thursday, further proposed to support some of these revaluations provided overruns and reduce their financial situation allows.

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Auchan, Carrefour, Walmart and Tesco have finally allowed to open branches in India to deploy hypermarkets and supermarkets. After declining for years against the defenders of the 5 million independent businesses, the Indian government has imposed his choice Friday: foreign distributors can now hold 51% of their subsidiary in India, associated with a local partner.

In November 2011, the government announced such a reform, before backtracking to the virulence of the opposition. "The Indian government could not refuse to accept foreign investment, given the sharp slowdown in GDP growth last year, said Francois Arpels, managing director of investment bank Bryan Garnier. India does not want to be the dunce cap emerging markets. "

Until now, foreign distributors could live as open wholesale stores or franchise agreements signed for hypermarkets. The new law is expected to accelerate the development plans of the global giants of the distribution. The Indian market is estimated at $ 400 billion, and India, with its billion inhabitants, represents a major potential. Auchan, which has signed a franchise agreement with Landmark, could benefit from the new law to change the development model. But Carrefour, which has long awaited the opening of the market, now has other concerns.

India has also allowed foreign airlines to acquire 49% stake in their Indian competitors. This could help bring a breath of fresh air to Kingfisher and Air India in trouble.