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The one that Sunday was a "very very big niche tax" that deserved a helping hand plane finally spared. Baroin, Budget Minister returned to his whims and confirmed on Wednesday in an interview to Le Parisien / Today in France that the government would not reverse the reduced VAT rates for restaurants given a year ago.

"This measure is maintained" said the mayor of Troyes. "If it must be questioned, the debate will take place during the next presidential election," he added.

10 billion savings

It must be said that the budget minister no longer had much choice. Tuesday morning, his minister, Christine Lagarde, had hammered on RMC and BFM-TV that the reduction in tax loopholes would not affect the VAT at 5.5% of restaurant owners.Baroin will have to find other niches planing to recover 10 billion euros economy expected by 2013. The minister on Wednesday gave few tracks a bit fuzzy.

Besides the movement of the plane 10% on tax loopholes previously announced, it confirms the non-replacement of 100,000 civil service posts (3 billion savings), reduced operating costs (2000000000), the reduction of lifestyle State … Baroin explains that this is the second round of general revision of public policies.The first, launched in late 2007 as it would have to generate 7 billion euros.

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Nearly a thousand investors will be meeting Tuesday night at the Convention Centre in Strasbourg, for the annual meeting of the Afer. And the board of directors of the most popular savings association in France will work hard to answer their questions. For many subscribers have questioned the compensation they can expect after the conviction for abuse of confidence by the Court of Cassation, the founders of the Afer Gérard Athias and Andre Le Saux. The meeting will Does the opportunity to come out on top and turn the page so nicely That is the question facing those who have trusted to rightly Afer to invest their savings, but are tired of business and financial disputes that threaten the life of the association for years.

In the first letter in mid-May, Gerard Bekerman, the president of the Afer, had laid the groundwork.The association would make every effort to try to help savers to recover 92 million that the court had decided to confiscate the former leaders. But to get more (the total damage is estimated at 250 million euros), investors should only engage the battle in court. Collective actions are not allowed in France, considers Afer being unable to lead the fight to them.

Mediation proposed

But a few days ago, in another letter, the president went further Bekerman. It offers a mediation "under the responsibility of an independent and indisputable," which "could lead to a financial proposal" probably by the end of the year. The association will stop there. Each member will have to act individually whether to be better compensated.

These proposals indignant SOS principles Afer.The latter, led by Francis Nocaudie, would love to take Afer leading the fight shoulder and at least the action of members no fax payday loans. It invites Afer to turn against the insurer of the contract, Aviva believes it civilly liable for the actions of former executives of the association, and more solvent than Gerard Andre Le Saux or Mathias. SOS Principles Afer the opportunity to mention the loss of independence of the association vis-à-vis the insurer. In recent weeks, the tone is mounted between Francis Nocaudie and current leaders Afer. The first, after asking the court to postpone the general meeting, expected to require the cancellation. Motive? The poor presentation of the resolutions announced by his association, while those of Afer were well developed.And most importantly, the difficulty for members to give him authority to vote on their behalf. "If the power is valid, it was necessary to mention the zip code of my home, that few members know," he says.

Still in question, the insurer Aviva remains silent. Even if, for the debates which agitate Afer today, a lawyer for life insurance, Mr. Lecoq Vallon not hesitate to resurface an old case appropriately. It is indeed in conflict about a company's old contract, which permitted to invest in stocks during the previous week. An investment to "known price" that proved a boon for investors, and difficult for the insurer. "Many court decisions have sided with the investors who had signed the contract and can not benefit," explains Mr. Nicolas Lecoq Vallon.He estimated that 34 million euros provisioned by Aviva to address disputes are insufficient given the amounts involved in that case.

Good news for residents of 133 communes in the Ile-de-France. The new contract for water distribution unsurprisingly won Thursday by Veolia provides a decrease in the price of water in the order of 6%.

On its website, the union of the waters of Ile-de-France (SEDIF), explained that the tax price per cubic meter fall under the responsibility of end December 2010 from 1.75 to 1.51 euros or 1.41 euros , following the return or not nine municipalities in the SEDIF. A decrease of at least 14% plus taxes, which amounts to 6% taxes, according to Le Parisien on Friday.

The new contract also provides for the creation of a multi-rate habitat option that will allow residents of an apartment building to "benefit from rates close to those living in individual homes. The union figure to 19 cents per cubic meter of savings for consumption of 180 cubic meters.In return, the affected households will pay a quarterly subscription of 5.72 euros on 1 January 2011.

Other measures under the contract, an amount of 2.5 million euros devoted to households in difficulty should be established. 1% of revenue from water sales will be allocated according to the statement from Veolia. Tariff escalation in the volume of water consumed should also be introduced.

A highly concentrated market

According to André Santini, President of SEDIF and deputy mayor of Issy-les-Moulineaux, is "the price" that made the difference in the manager's choice of water in the Ile-de-France for the next twelve years. For this mega-contract that represents a combined turnover of around 3 billion euros, the offer of Suez Environment has been ruled out from the month of May in favor of Veolia Environment.Leading distributor of water in France, with 24.6 million users, Veolia is already holder of the Paris agreement since 1923 and is now committed until 2022.

Lack of competition in the market for water distribution in France is regularly singled out by the Competition Council. Some cities are returned to management in public ownership (without going through a private company), as Paris at the beginning of the year. Yet, according SEDIF is "the direct competition between candidates" who has achieved this "significant decline" in prices.

However, the issue of price allow the investor indifferent. At the Paris Stock Exchange shortly after 9:30 am, the title Veolia Environnement rose 0.46% to 20.955 euros on a market up 0.44%.

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The spill "will push us to rethink our energy and environmental policy," said Barack Obama last June 14 during his fourth visit to the polluted beaches of the Gulf of Mexico. "We remain the largest importers of oil, or we can make the investments that we would become the world's leading exporter of renewable energy." This sentence, Bush had decided long before the "September 11 ecological. It is dated March 19, 2009. For when he took office, the successor of George W. Bush's climate and the "transition energy" one of its priorities.Obama was then referred to the creation of 5 million jobs through green energy and 150 billion dollars invested in ten years to stimulate private effort.

The deal is simple: the U.S. and 2% of the world population, consume nearly 22% of the world's oil. They are well produced 7.1 million barrels per day last year (8.5% of world production), but must import about 60% of their needs.

A carbon market

Since the beginning of his mandate, Barack Obama defends climate energy bill, stalled in Congress. Precisely for Obama rally Republican senators, one month before the spill, had conceded the oil lobby to lift the ban on oil drilling in Atlantic and Pacific instant payday loan. Before declaring a new disaster in six-month moratorium.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to find a new compromise on the law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

After a slow start, the Solidarity labor income (RSA) is it taking off for good? Quasi steady in March (+0.1%), the number of beneficiaries has increased again in April to 1.777 million homes recipients, an increase of 1.06% over the month. Now, 1,149,000 households enjoy the "RSA base" (0.5%), the equivalent of ex-RMI and single parent allowance (IPY). And above all, 627,271 receive the "RSA activity" in addition to their earnings. Either a "strong increase" to the "RSA activity" (+2.7% in April, 14,270 additional beneficiaries), which currently affects over 1.3 million people in total.

In March, the caseload had dropped by 12,000, a first since its inception in June 2009.In eleven months, the number of beneficiaries of the "RSA activity" has increased by 51.5% although it remains far from the goal originally posted by Martin Hirsch third of the "target population" in benefits really now, against 90% target by the "father" of RSA.

Same trend in May

Question cost, RSA will cost 649millions euros in April to the community (543millions for "RSA base" and 106millions for "RSA activity") and more than 6.62 billion since its inception, including 15% for "RSA activity, funded by a 1.1% tax on capital income.

The rise of "RSA activity" is "a sign of an upturn in activity or the beginning of the crisis, hopefully it to the government. People are starting to take odd jobs: the very low-paid full-time or part-time.This trend would be "confirmed or accentuated a bit" according préchiffres May.

For the current Minister for Active Solidarity – which has never believed in original intent of scalability of the "RSA activity" – there are two other explanations. "Many people have been slow to apply for RSA business because they did not know they were entitled, because they would not feel stigmatized because it was complicated," says Marc-Philippe Daubresse that present in early July a plan to simplify the RSA. The departments have also been slow to organize the information flow and are currently optimizing their practices. "

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The credit rating of BP continues to tumble with the rating agencies. Moody's downgraded the rating on Friday, the oil company three notches, from A2 to Aa2, "to reflect the worsening of the expected impact of the oil spill in the Gulf of Mexico."

The agency explains reflect the strong upward revision of the volume of oil spills every day in the Gulf of Mexico, the persistent failure to seal the well and the staggering costs associated with damage from the disaster."The oil spill will have a lasting negative impact on cash flow generation of the company and its financial position for a number of years," the agency said in a note.

Moody's believes that the creation of a fund by BP of estimates of 20 billion dollars to compensate victims of the disaster is "a moderately positive development": the pressure of U.S. government could indeed become more flexible but the substance is in no If an expenditure ceiling of BP.

The agency states that all notes of the group remains under surveillance.

The three rating agencies have become so degraded the note of the oil company is the largest British company listed on the London Stock Exchange.Last week, Fitch downgraded BP six notches, to BBB (cons AA), Thursday, Standard & Poor's downgraded two notches, from A to AA-.

Nevertheless, BP wins the title at 2.45% 368.50 pence shortly before 15:30 at the London Stock Exchange. In New York, where the group is also listed, the share was up 3.12% to 32.70 dollars.

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China has emerged unscathed from the slump that has upset the global financial system. "Last year, Chinese banks have been the arm of an expansionary monetary policy", said Yang Zaiping, executive vice president of the Association of Banks of China, during an interview with China Central Television (CCTV) last February.

In 2009, Chinese banks have indeed given some 9.6 trillion yuan (1.150 billion euros) in loans. A staggering amount, to the extent of the recovery plan of 4,000 billion yuan (430 billion euros) set up by Beijing in late 2008. The grants funds have exploded from 30% in China in 2009 and projected to grow further by about 18% in 2010, according to the World Bank. In the first five months of the year, loans have jumped 7.6%, reports the institution in its latest report on China on Friday.And despite the many measures adopted by the central government in recent months to limit the risk of bubble and soaring property prices.

The regulatory tightening is not the business of foreign banks operating in China. These institutions expect that the legislation, already significant concern in recent years, a rigid further, the survey shows "Foreign Banks in China" * PricewaterhouseCoopers, published recently.

Since the opening of the Chinese banking market, 11 December 2006, following China's accession to the World Trade Organization (WTO) in 2001, foreign banks have rushed into the breach. "The market share of foreign institutions is still limited to 2% today, after a slight decline in 2009," said Herve Demoy associated financial sector specialist with PricewaterhouseCoopers in France.

A share market still weak

And half of banks surveyed by the consulting firm believes that this market share will not increase in 2010. Access to the Chinese market is an obstacle course for foreign banks. Three paths are possible. First track, making participation in a local bank. "The regulations limit the non-Chinese banks at 20% equity stake, which limits the chances of key positions within schools," notes David Bernard, associate director of retail banking outside France's Societe Generale Group .

By buying in 2004 a 19.9% interest in Bank of Communications, the fifth largest commercial bank in China, one year after acquiring 8% stake in Bank of Shanghai regional bank, the HSBC Group has quickly made the bet external growth in China.The formation of a joint venture with a Chinese partner is a second possibility for foreign banks, but it is restricted to a specialized field, such as asset management or private sale.

A third solution is to create a subsidiary to 100% Chinese cheap payday advance. "To open an agency and develop a network, you must obtain multiple licenses for geographic location or product offering," according to David Bernard, who estimated five years the time required for a foreign bank, once obtained the license for its network covers all of its products and services. Especially since the rules limit the pace of network expansion of foreign banks to open a new parent agency by city and year or so a year to two agencies in a city where the bank is already established .Despite these obstacles, Societe Generale has decided to develop its own network in the Chinese territory, following the failed acquisition of Guangdong Development Bank (GDB) against Citigroup in 2006.

Chinese banks gaining momentum

The regulatory environment is not the only challenge facing foreign banks in China. Competition with Chinese banks has increased, following the implementation of the huge recovery plan, says PricewaterhouseCoopers."With the importance of their networks and their growing expertise, particularly in the development of innovative products, Chinese banks are now better equipped to cope with foreign competition," said Herve Demoy.

However, some foreign banking players fear a backlash for their Chinese competitors, which have multiplied the granting of credits or risk having to cope with non-performing loans to term. On the other hand, Chinese banks are not exactly the same target customers as their foreign counterparts.

"International banks are working with foreign companies that have operations in China," according to David Bernard. But not only. A new type of clientele grows. "Chinese companies are parties to conquer the world and foreign banks are focusing on those slots," says the head of Societe Generale.They support projects and Chinese actors in Africa, where Chinese banks are not present.

If the conquest of Mecca is difficult Chinese, foreign banks remain optimistic. "Most of them expect an increase of 10% to 20% of their activities in 2010," says PricewaterhouseCoopers. Their ability to adapt to playing in China will be the key to their success.

* PricewaterhouseCoopers presented its fifth survey on foreign banks in China, which follows four previous studies published since 2005.This survey was based on interviews conducted in January and February 2010 with CEOs and senior Chinese branches of foreign banks from 42 in Beijing, Hong Kong, Shanghai and Shenzhen.

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Closer to home, but faster. Nicolas Sarkozy ruled Tuesday. Corroborating sources, the legal age of retirement will be raised to 62 and not yet another case under discussion these days – 63 years. In contrast, the rate of passage of 60-62 years will be faster than it has long been considered: four months a year, not three. Specifically, persons born in 1950 will be the last to be able to request to receive a pension at age 60. The 1951 generation will have to work up to 60 years and four months, generating 1952 to 60 years and eight months, and so on to 1956 and following generations, for which the fence is set at 62 years.The reform has been completely "place" in 2018.

The Head of State has decided on during a meeting just one hour with Prime Minister François Fillon and Labour Minister, Eric Woerth, in charge of the pension. This choice seems to reflect a message of reform on the horizon is "only" set at 2020, while the government did not exclude at the outset to give purpose to sustain the pension until 2030. But energetic measures will be implemented to ensure that indeed the financial balance before.It will then be possible to consider a further postponement of the age, the hardest doubtless having been made by blowing up the taboo of 60 years.

Tax rate raised to the "easier"

Nicolas Sarkozy has also officiated the form that would take the contribution of the "easier" to reform: a contribution equivalent to 1% additional tax on income for households at the upper end, whose marginal rate is 40 % (about 342,000 tax households affected, reporting more than 69,783 euros per share). The 1% levy will not be entitled to refund under the tax shield if it results in a total tax (income tax + local + tax + social security contributions … TFR) of over 50% of income.In addition, the withholding tax on capital gains from securities sales will be increased, perhaps around 1%.

A source familiar with the matter said last that the rate of salary pension contribution (7.85%) would be raised gradually to all staff to reach gradually the private sector employees (10.55%). In addition, prospective employees may have their pensions calculated on the best 25-year career, instead of six months. These elements were however not confirmed in the late evening.

A bill to be finalized by Friday midnight

These measures, which will be officially unveiled this morning, will now be subject to the unions and employers. The government gave two days to possibly drop a little ground, then he will write the final version of his bill before Friday midnight.The text should indeed be forwarded before the deadline for authorities to be consulted (Councils of the three public, boards of directors of social security funds). Otherwise, the whole of his schedule to be called into question: the text could then be presented to the Cabinet on July 13 and is discussed in committee in the Assembly during the week of July 19, before arriving in the Chamber in September.

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The White House is ready to do battle with BP. Pace in London who tries to minimize the diplomatic chill cast by the ecological disaster in the Gulf of Mexico, Barack Obama is stepping up its action against the British group. The U.S. president, criticized for his handling of the spill, went again on the coast on Monday, where he promised to protect the inhabitants of regions affected by the spill, particularly the fishing industry.

In an interview with the Politico newspaper, Bush even mentions a "September 11th green." The environmental disaster in progress "will push us to rethink our energy and environmental policy," he said.The tragedy that is played off the coast shows that it is time "to transition" to new energy sources, "said Obama, whose administration is trying to push through Congress legislation to reduce emissions of greenhouse gas emissions.

Sequestration of payment of dividend BP

The president must give a formal speech to the nation Tuesday night, broadcast live from the Oval Office. Such a device intervention is rare. It reflects not only the seriousness of the situation but also the new turn of the screw that the U.S. government wants to give his handling of the disaster.

Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.Barack Obama said he hoped an agreement with BP on this fund will be concluded by Wednesday. "We have begun preliminary discussions to develop a device that claims to be justified not only presented tomorrow or next week, but over the coming months, to be treated justly, fairly and quickly," said Barack Obama. On Sunday, the adviser to the White House, David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well."

Discussions in BP

The oil group did not show opposition to the creation of such a fund. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty. But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.

This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. At the London Stock Exchange, the title of the oil finished down 9.30% to 355.45 pence. It is the largest decline in the FTSE, which terminates the session to share up 0.74%. In New York, BP shares are no better. They finished down 9.71% to 31.67 dollars on a market down by 0.2. After sessions particularly volatile oil of the title had already sold nearly 10% last week.Since the beginning of the accident, the market value of BP was reduced by almost 44%.