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		<title>Internet: triple play will be taxed at 19.6%</title>
		<link>http://pfagallery.com/internet-triple-play-will-be-taxed-at-19-6/</link>
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		<pubDate>Thu, 09 Sep 2010 05:31:45 +0000</pubDate>
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		<description><![CDATA[ The government remained deaf to criticisms of the profession. Minister Announces Budget Baroin and, in an interview to be published in Les Echos on Thursday that the VAT rate of 19.6% will apply to all offers &#34;triple play&#34; that would combine Internet, television and fixed telephony. This increase included in the draft budget for [...]]]></description>
			<content:encoded><![CDATA[<p> The government remained deaf to criticisms of the profession. Minister Announces Budget Baroin and, in an interview to be published in Les Echos on Thursday that the VAT rate of 19.6% will apply to all offers &quot;triple play&quot; that would combine Internet, television and fixed telephony. This increase included in the draft budget for 2011, presented in late September. </p>
<p> According to the entourage of the Minister of Economy Christine Lagarde, this measure will allow the state to reap &quot;several hundred million euros&quot; for additional revenue. A windfall for the government which has promised to remove ten billion euros of tax loopholes in the budget 2011. </p>
<p> Bercy also wants the single VAT at 19.6% applies to mobile operators.Some of them currently apply a reduced rate on a portion of their crimes, explaining that the laptop can also watch TV programs. </p>
<p> Adhere to Community law </p>
<p> So far, half of the subscribers&#39; bills to &quot;box&quot; is subject to a reduced VAT rate of 5.5%, which allows us to offer rates to 29.99 per month, the lowest in the world. The tax hike was a rumor for now, but that was enough to cause an uproar among Internet access providers. they threaten to pass the increase on to consumers due to an increase of two euros per subscription. &quot;It seems fairly acquired. Overall, the Internet 30 euros is threatened, &quot;warned Yves Le Mouël, Director General of the Federation of French telecoms. </p>
<p> Bercy for his part said to be under pressure from the European Commission.The latter has already given notice on France to amend its system, believing that the rate of 5.5% is illegal and violates seven articles of the European Directive on VAT. This solution must allow &quot;to respond to problems of incompatibility with Community law,&quot; says Bercy. &quot;The problem we have, and the operators know very well is that we are under threat of sanctions from the European Union, has also said Secretary of State for the Digital Economy, Nathalie Kosciusko-Morizet. &quot;The European Commission is a pretext, had already protested the end of August the CEO of Iliad (Free / Alice), Maxime Lombardini. </p>
<p> In addition, ISPs regret that such action is contemplated at the time when the government wants them to accelerate investment in networks.&quot;If some operators decide to take part in this new burden on them, this will affect investment in broadband,&quot; warns Yves Le Mouël. </p>
<p> Creating pressure </p>
<p> The French Federation of Telecom also considers that the VAT increase on the boxes would lead to questioning by the operators, their participation in the financing of TV and film. &quot;If the reduced rate of VAT is being challenged, that means must be also questioned the funding of Cosipa (Summary of industry support programs) by operators,&quot; said Yves Le Mouël. </p>
<p> Depending on their size, turnover of operators, excluding tax, is tapped between 0.5% and 4.5% to finance the Cosipa.This represented 100 million euros in 2009. </p>
<p> &quot;What we ask is that the base of this funding should be reviewed,&quot; he added. &quot;As consumer film and French production, we were quite willing to participate in its funding, in return for reduced VAT rates. It was something legitimate, logical, it was a win-win balance and that is what is questioned, &quot;he said. </p>
<p> In May, authors and publishers of video on demand have expressed concern about the rise of the TV while the Society of Dramatic Authors and Composers (SACD) was called &quot;stunned by the measure, describing it as&quot; disastrous funding for the creation and cultural diversity. </p>
<p> ALSO READ: </p>
<p> The ESPN retains its reduced VAT </p>
<p> &quot;Baroin: taxing more offers triple play </p>
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		<title>Wine fairs: our advice</title>
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		<pubDate>Sun, 05 Sep 2010 17:32:12 +0000</pubDate>
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		<description><![CDATA[ As every year, real bargains, but also a whole series of nightingales waiting buyer distracted or just looking to be finally removed from stock. First tip: If you are a fan of Bordeaux, Ruez you on maroon 2008! Due to the global crisis, this vintage very good bill has been sold off on the [...]]]></description>
			<content:encoded><![CDATA[<p> As every year, real bargains, but also a whole series of nightingales waiting buyer distracted or just looking to be finally removed from stock. First tip: If you are a fan of Bordeaux, Ruez you on maroon 2008! Due to the global crisis, this vintage very good bill has been sold off on the world market did not want. The French supermarket did not let them pass, which was a very good idea. The 2009 being sold today are so high price they are exclusively reserved to the speculation. </p>
<p> For these burgundy, rush upon the opening, even earlier if possible, because deals are going fast! As prices are ultra competitive, especially this year, the first buyers of Bordeaux, the catering professionals, are in their starting blocks.The shops are often open evenings, are you invite! The best way to go on the shelves the day before and discuss with the department manager. A simple phone call to the store is often very effective. </p>
<p> As the maroon represent more or less half of the supply of wine fairs, each company seeks to differentiate itself from other regions. A special effort was made this year on the Rhone, the second region of France of quality wines. The focus should be the 2007 vintage in Bordeaux poor, but very successful in the Rhone.Find a good Burgundy is always difficult, because the region is small, but some retailers have managed to build a genuine partnership with great producers. </p>
<p> Last but not least, do not go to wine fairs shrinking violet! Prepare well for your move and go straight to the goal, because otherwise you will never find the coveted bottles. In all the signs, the best deals are in cold areas, those that are immune to the first sight.Happy hunting! </p>
</p>
<p> Dates of wine fairs <br /> • Crossroads of September 7 to 18 <br /> • Casino September 7 to 18 <br /> • Giant of 7 to 18 September <br /> • Lavinia on 7 September to 6 October <br /> • Intermarche of 8 to 18 September <br /> • Monoprix from September 8 to 19 <br /> • Franprix from September 9 to 19 <br /> • Auchan September 14 to October 2 <br /> • Leclerc from September 22 <br /> Système U • September 28 to October 10 <br /> • Carrefour Market from September 29 to October 9 </p>
<p> Websites <br /> • Savour Club () August 20 to September 22 </p>
<p> • ChateauOnline 31 August to 4 October </p>
<p> • Wine and Co from September 1 to October 3 </p>
<p> • Vinothek Bordeaux from September 3 to 27 </p>
<p> • From 1855 to September 6 </p>
<p> • Jean Merlaut 15 September to 15 October </p>
</p>
</p></p>
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		<title>Pensions Woerth open to easing</title>
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		<pubDate>Thu, 02 Sep 2010 12:32:02 +0000</pubDate>
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		<description><![CDATA[ &#34;There will be a reasonable evolutionary vision. By this sentence while caution Eric Woerth summarized what would be the attitude of the government on pension reform next week. 
 The text will be considered at the Assembly from Tuesday, when all the unions call a strike and demonstrate. &#34;There will be many people in [...]]]></description>
			<content:encoded><![CDATA[<p> &quot;There will be a reasonable evolutionary vision. By this sentence while caution Eric Woerth summarized what would be the attitude of the government on pension reform next week. </p>
<p> The text will be considered at the Assembly from Tuesday, when all the unions call a strike and demonstrate. &quot;There will be many people in the street&quot; without that &quot;France would not France, already primed by the Minister of Labour, on Thursday, before the Association of business and financial journalists. No way to change &quot;fundamentally&quot; the bill after that day, but the government &quot;will file amendments.</p>
<p> The game continues on balancing the grant &quot;most important&quot; requested by Wednesday François Chérèque (CFDT): 2018 reject the decision to raise from 65 to 67 years the age at which anyone can receive a full pension even without having contributed all his quarters. As it stands, the government draft plans to implement this measure in stages starting in July 2016 (ie, for all those born from July 1951) <a href="http://us-no-fax-payday-loans.com">No fax payday loans</a><!-- . -->. </p>
<p> Possible additional measures on the arduous </p>
<p> &quot;It&#39;s very important that there be two terminals of age,&quot; argues the Minister of Labour, for whom it would be &quot;unfair&quot; that people with long and often deliberately interrupted their careers &#8211; housewives, for example &#8211; able from the same age as the others (60, 62 in 2018) without financial penalty.However, &quot;I do not think everything is locked. Eric Woerth temporizes also possible additional measures to take account of hardship: &quot;You can probably go a little further, it is unresolved. We allow a maximum time. &quot; </p>
<p> ALSO READ </p>
<p> &quot;Pensions: the opening of François Chérèque </p>
<p> &quot;Woerth:&quot; Retirement at age 62, is to hold an age of reason &quot; </p>
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		<title>The football clubs sell more</title>
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		<pubDate>Wed, 01 Sep 2010 10:08:06 +0000</pubDate>
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		<description><![CDATA[ More than a month after the fiasco of the France team in South Africa, the French professional football is definitely getting worse. While professional football league (LFP) expected at worst to a deficit of 150 million euros, the National Monitoring Directorate Management (DNCG) has recently established its report on the finances of French professional [...]]]></description>
			<content:encoded><![CDATA[<p> More than a month after the fiasco of the France team in South Africa, the French professional football is definitely getting worse. While professional football league (LFP) expected at worst to a deficit of 150 million euros, the National Monitoring Directorate Management (DNCG) has recently established its report on the finances of French professional clubs. And the finding is instructive: their accumulated loss stood at 180 million euros for the 2009-2010 season, including 140 million for the Ligue 1 clubs. Record. The precedent dating from the 2002-2003 season with a deficit of 167 million. </p>
<p> And yet, the French professional clubs we were accustomed to much better in recent years. &quot;This deficit is due more to a sharp decline in revenue related to shipments by a sharp increase in spending that we had already seen last year,&quot; said Vincent warmShe expert sports Ineum Consulting.Today, the situation is simple, both for small than for large clubs: he must sell players first and then build his team. This is far from easy. Why? </p>
<p> Spanish and English clubs are more buyers </p>
<p> Their main &quot;clients&quot;, English and Spanish clubs, bear the brunt of the economic crisis and could not like each year to buy the best French players. And unlike like the French clubs do not hesitate to buy great players, the calculation is done quickly. &quot;This deficit is a matter of timing. French football is constantly lagging behind the economic cycle.The French clubs have spent much of last year through the renegotiation of TV contracts in 2006, and the establishment of the right to collective image (which exempts a portion of payroll taxes to pay athletes, can not exceed 30% of the total, Ed), whose clubs n (were really benefit in 2009, &quot;said Vincent warmShe. </p>
<p> Although we are far from 800 million euros of debt the English club Chelsea in January erased by its Russian owner Roman Abramovich. But the fact that this ad is not necessarily good news when we know that UEFA is planning to launch its draft financial fair play in UEFA&#39;s two years at the initiative of &#8230; France. Thus, from the 2012-2013 season, clubs will no longer spend more than they earn.Again, the French clubs are not the worst placed in terms of expenditure, but in terms of income, they are far from being the first &#8230; </p>
<p> If one were to summarize the 2010 summer transfer window, we would call dull. Like any economic activity, football suffers from the crisis. Marseille and Lyon have already purchased a lot last year and Paris and Bordeaux have had a sporting season 2009-2010 more than complicated. Thus, the OM has bought Andre-Pierre Gignac and Loic Remy because they sold Mamadou Niang (at Turkish club Fenerbahce) and lent Hatem Ben Arfa (at English club Newcastle). </p>
<p> Aulas has made &quot;a little fun&quot; </p>
<p> What about Lyon? Until the &quot;little pleasure&quot; that became Jean-Michel Aulas, the Lyon president of purchasing Yoann Gourcuff for $ 22 million last Tuesday, the club Lyon had previously spent only 6 million euros with the former Rennes Jimmy Briand.Far from 82 million spent a year earlier. &quot;Unlike the big Italian clubs, English or Spanish, French clubs can not afford a repeat of&quot; such &quot;transfer window several times. The DNCG requires them to control their spending. And when the crisis gets involved &#8230; &quot;Says one expert. </p>
<p> Last year like this year, Lyon as Marseille have sold less and less purchased. But the fact remains the same: they have spent more than sold. The OL has purchased $ 28 million and sold for 3 million in summer 2010 transfer window (82 million against 45.5 million in the transfer window in 2009). For the OM, the losses amount to 13 million euros in the summer 2010 transfer window (about 23 million euros in the transfer window in 2009). For their part, had to sell Gourcuff Bordeaux to balance its accounts and finally Paris Saint Germain all the trouble to sell his &quot;big bucks&quot; to be able to buy a defender. The crisis affects everyone.Relatively speaking &#8230; </p>
<p> .</p>
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		<title>&quot;Retirement at age 62, is to hold an age of reason&quot;</title>
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		<pubDate>Tue, 31 Aug 2010 07:20:11 +0000</pubDate>
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		<description><![CDATA[ What are the main principles of pension reform that will defend from 7 September to the National Assembly? 
 This reform is reasonable, fair, progressive and effective. It has three main points: a new age of retirement, taking into account the hardship for the first time in France, and a reconciliation between the public [...]]]></description>
			<content:encoded><![CDATA[<p> What are the main principles of pension reform that will defend from 7 September to the National Assembly? </p>
<p> This reform is reasonable, fair, progressive and effective. It has three main points: a new age of retirement, taking into account the hardship for the first time in France, and a reconciliation between the public and private sectors. Increase to 62 the legal age of retirement is to hold an age of reason, drawing conclusions from the fact that we live longer. Simply increasing the contribution period was rather unreasonable: we should bring to 47 the contribution period to balance the system. By raising the bar to 62 years in 2018, we will remove the pension deficit at that date and until 2020.Afterwards he will talk again, this is normal. </p>
<p> Amendments will be tabled during the parliamentary debate to improve the consideration of the strain at work. What do they consist? </p>
<p> France is the first country to do so the link between pensions and arduous. In the current state of reform, an employee with a disability rating of 20% will retain the right to retire at age 60. I have long listened to the unions and specialists in this question. We need to look if you can better respond to situations of &quot;arduous delayed effect &#39;, that is to say, the case of employees who have had a very exhausting life, but are not medically verifiable when they are retiring. We are also looking at improving the prevention, because the first response to the hardship is to avoid being exposed.We must go further on this issue and improve the traceability of exposure to proven situations of difficulty. We are also considering the organization of occupational medicine for it plays a more important role in this field. </p>
<p> You&#39;re not afraid to create a new gas plant? </p>
<p> We will do everything to avoid it as too complex creates injustice. The common law, it will be 62 in 2018. Devices to keep the retirement age to 60 will be fair and operational. About 700,000 people retiring each year, 100,000 will retain the right to leave at 60 when our reform passed through the devices&#39; hardship &#39;and&#39; long careers. </p>
<p> Do you lower the threshold of 20% disability rate for the consideration of the hardship? </p>
<p> I think that this threshold is realistic.</p>
<p> And for polypensionnés, what do you do? </p>
<p> 40% of employees who liquidate their retirement have contributed to several schemes. It is a question more complex than it seems. Some polypensionnés have interest to be because they have such validate more than four quarters per year. We are looking for greater consistency between pension plans, but we want to look at the issue from both sides: the losers of the current system, but also its winners. </p>
<p> When do you intend to publish these amendments? </p>
<p> Nothing is off but probably in the days following the opening of the debate at the meeting. Besides, by then I continue my consultations with Georges Tron. </p>
<p> Bernard Thibault began to worry that the debate on pensions is overshadowed by these cases. Do you see an attack against you? </p>
<p> No.I welcome the attitude of unions who have not howled with the wolves and do not participate in the hunt for the man I&#39;m costs. Bernard Thibault do regret that the controversy overshadowed the debate on the merits of the reform. I think this results from the Socialist Party will do everything to avoid talking about a subject that divides them: the pensions. </p>
<p> Do you fear the mobilization of Sept. 7? </p>
<p> A significant reform, significant mobilization. But the French know that they live longer, it makes sense to share the extra time between work and retirement. </p>
<p> Are you afraid of being targeted by demonstrators on September 7? </p>
<p> That there are banners in my name or my image, I expect, since the opposition instrumentalist my name to caricature the debate on pensions.</p>
<p> Do you remain Minister of Labour after the pension reform or after the redesign? </p>
<p> I will do what the president wants me to do. But I feel very good in this department where I still have many projects to bear. </p>
<p> Which? </p>
<p> Once the pension law passed, we will undertake consultations on the reform of dependence. With Nora Berra we have made great progress on technical solutions but it is still too early to prejudge the financial terms of this reform. I intend, moreover, to resume with Nadine Morano the issue of inequality between men and women who did not sufficiently advanced, despite the many laws passed during the last fifteen years. I will also work on the topic of workplace violence. I have not forgotten the policy of the city.We need to support experiments in a pool of fifty jobs with Fadela Amara. </p>
<p> &quot;Segolene Royal is poorly placed to give me a moral lesson&quot; </p>
<p> Do you fear one day be referred to the Court of Justice of the Republic about the case Bettencourt? </p>
<p> I am very serene. I have nothing to reproach myself in this case, I am guilty of any conflict of interest and have already had occasion to explain in detail each of the charges which I have been . </p>
<p> Why then the Attorney General of the Court of Appeal considered there this solution? </p>
<p> I have not read that he was considering! He simply, if I understand correctly, responded to a letter which was sent. It examines the issues that are submitted before a decision is his role. I did not comment.However, I can only wonder at the letter sent by Corinne Lepage, who is a political process. I see that right now many are looking to be taking me as a scapegoat. But it&#39;s still a shame to receive lessons in morality from someone like her! What was her husband when she was Minister of the Environment? Do not he headed a law firm, specifically in the environment? </p>
<p> You speak of &quot;stoning political&quot; about you. Who are you targeting? </p>
<p> When I hear Ségolène Royal to denounce France 2 20 hours of the &quot;billionaires of the UMP,&quot; I say we&#39;re living in delirium. The &quot;billionaires UMP&quot; as she says, have given a maximum of 7,500 euros, transparently, under control of the commission of the campaign accounts, in strict compliance with the rules of financing of political life.And at the same time, Ms. Royal is funded by Pierre Bergé. She was sentenced by the court for the conditions under which it has paid two former collaborators, is poorly placed to give me a moral lesson. I have nothing to reproach myself, and I am sure that the judicial process, whatever the judge, will prove it. </p>
<p> Aim to highlight you still not back so weakened that? </p>
<p> It seeks to weaken me! But I do not feel at all weakened. Throughout the summer there has been a little game of trying to prove so-called affairs on my municipal campaign, the sale of land at Compiegne &#8230; Every time, everything has deflated half a day. An accumulation of rumors and slander is not a truth. What sites are seeking to do business commercial on my back does not make me guilty.</p>
<p> Your absence from the meeting Brégançon around the head of state, last week, is it not a denial? </p>
<p> The meeting focused on fiscal deficits and budget preparation. I just remember that I am no longer Minister of Budget. Therefore my presence was not normal. </p>
<p> A new request for a hearing she will soon be presented to the Cabinet? </p>
<p> I have no idea. Again, all this, they are rumors spread by some newspapers or sites. I believe in freedom of the press, but I do not believe in freedom to slander. </p>
<p> ALSO READ: </p>
<p> &quot;SPECIAL CASE &#8211; The challenges of pension reform </p>
<p> &quot;Woerth ready to receive the unions </p>
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		<title>Sanofi &#8211; Genzyme: showdown on the price</title>
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		<pubDate>Tue, 24 Aug 2010 09:17:17 +0000</pubDate>
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		<description><![CDATA[ Radio Silence. Since the leaks to the press last July that Sanofi-Aventis has made an initial offer of $ 69 per share or 18.4 billion dollars, the pharmaceutical company and the American biotechnology company, Genzyme, have decided to no longer communicate on the subject. On the occasion of the publication of the results of [...]]]></description>
			<content:encoded><![CDATA[<p> Radio Silence. Since the leaks to the press last July that Sanofi-Aventis has made an initial offer of $ 69 per share or 18.4 billion dollars, the pharmaceutical company and the American biotechnology company, Genzyme, have decided to no longer communicate on the subject. On the occasion of the publication of the results of the group in late July, the CEO of Sanofi-Aventis, Chris Viehbacher, confirmed to Le Figaro that the group will continue its acquisition policy. &quot;We will continue to make acquisitions. We work on small and medium-sized operations. Small can be up to 5 billion dollars. The averages may reach twenty billion dollars. However, we do not want mega-mergers. &quot;. </p>
<p> Between $ 75 and $ 80 </p>
<p> A silence that analysts interpret as the beginning of discussions between the two parties.And, according to The Wall Street Journal, these negotiations have started badly. While Sanofi encamp on his positions, namely an initial offer of 69 dollars per share, the leaders of Genzyme seller would not be below 80 dollars. &quot;I do not see Sanofi pay more than $ 80. However, the shareholders present capital of Genzyme &#8211; Relational and Carl Icahn &#8211; will not accept offers of less than 75 dollars, &quot;said Hervé Manign, specializing in mergers and acquisitions. If Sanofi-Aventis declined to specify the amount of the envelope before it, the analysts amounting around 20 billion euros. The group comes easily to renegotiate a credit line of $ 7 billion to 2015. </p>
<p> &quot;Sanofi is not obliged to do this operation&quot; </p>
<p> If both parties wish that the discussions continue, they must s&#39;entendrent on the initial offer.&quot;Genzyme is a very tempting prey for Sanofi, because it would allow him to catch up on organic products, which have the advantage of being more difficult to generics, said Herve Mangin. But Sanofi is not obliged to do this. On the one hand, an acquisition too expensive tarnish the good investments made by Chris Viehbacher since his arrival at the head of the group. On the other hand, it would force the group to increase its capital, which would reduce the value of the transaction. </p>
<p> A month ago, Sanofi-Aventis published in the second quarter sales up 4.6% to 7.8 billion euros, but down 1.2% at constant exchange rates. Net income from operations rose 7.6% to 2.5 billion (+4.5% at constant exchange rates).If the activity is driven by emerging markets (+19.4% organic growth for the half year), sales in Europe and the United States will continue to decline with further loss of patents, but after 2013 the group remains confident with the launch of new products. Sanofi-Aventis development Jevtana particularly in the treatment of prostate cancer has just been approved in the United States, and iniparib (BS1201) in the treatment of breast cancer. </p>
<p> ALSO READ: </p>
<p> A month of August very busy at mergers and acquisitions </p>
<p> &quot;Sanofi-Aventis confirmed its appetite for Genzyme </p>
<p> &quot;The return of stock market battles </p>
<p> &quot;Genzyme would be sold this winter </p>
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		<title>Euro and Yen headlining</title>
		<link>http://pfagallery.com/euro-and-yen-headlining/</link>
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		<pubDate>Wed, 04 Aug 2010 12:02:20 +0000</pubDate>
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		<description><![CDATA[ On Monday, the euro has exceeded a threshold important to the dollar. Crossing $ 1.32 per euro, the European currency has confirmed that his movement assessment started in June was solid. According to technical analysis, once reached this milestone, &#34;there should be a rally towards $ 1.34.&#34; 
 The explanations are manifold, since by [...]]]></description>
			<content:encoded><![CDATA[<p> On Monday, the euro has exceeded a threshold important to the dollar. Crossing $ 1.32 per euro, the European currency has confirmed that his movement assessment started in June was solid. According to technical analysis, once reached this milestone, &quot;there should be a rally towards $ 1.34.&quot; </p>
<p> The explanations are manifold, since by definition, when the exchange rate Euro / Dollar rises, it may come from a strong euro, but also a weaker dollar. In this case, currently, the two factors at play. </p>
<p> The euro rises </p>
<p> First, the rise of the euro reflects a growing confidence in Europe.If the euro has fallen more than 20% in less than six months, overwhelmed by the problems of sovereign debt, Greek, Portuguese, Spanish, Irish, etc.. Have even questioned the existence of the euro, European currency recovers while the EU has proven, with the IMF, she was desperate to save a member of the bankruptcy, and it would be tough on states to put in stringent budgetary policies. </p>
<p> The renewed confidence is also bolstered in recent weeks by a series of rather positive economic statistics in Europe. Especially in Germany. </p>
<p> The dollar drops </p>
<p> On the other hand, the dollar decline. First, the inverse relationship between changes in U.S. equity markets and the greenback continues to hold. But Wall Street has recovered well in July (7.18% on the month for the Dow Jones) and the month of August has begun.In reality, investors are becoming more appetite for risk and sell the dollar in favor of assets or currencies more risky. </p>
<p> On the other hand, the economic statistics on U.S. rather disappointed and shed doubt on the strength of the recovery across the Atlantic. Good reasons to abandon the dollar. </p>
<p> The yen is at its highest in fifteen years </p>
<p> The weaker dollar also largely explains the surge in the yen, which reached a higher Wednesday since April 1985. What open competitive Japanese companies, including the key word for success is export. </p>
<p> For three months, the dollar has lost 9.48% against the yen. A worrying trend: according to calculations by the OECD, a 10% appreciation of the yen would cut growth by 0.2 percentage points in the first year and 0.4 the second and third year.&quot;The impact is not significant when the forecast is 2-3% growth per annum over the next two years,&quot; relativized in a note Takuji Okubo, senior economist at Societe Generale IPC. </p>
<p> According to Raymond Van der Putten, Japan specialist at BNP Paribas, &quot;the yen&#39;s appreciation is mainly due to poor growth expectations in the United States.&quot; </p>
<p> IN BRIEF &#8211; Australian dollar and sterling </p>
<p> The doubling of the surplus balance of trade of Australia and its implications for sustained economic growth, has rekindled hopes of a future market for new rate hike by the Australian central bank, providing support this morning the Australian dollar. </p>
<p> In the United Kingdom, the earnings published by the UK banks have supported the pound sterling, which reached a high of six months against the U.S. dollar.</p>
<p> ALSO READ: </p>
<p> &quot;The rising yen is the least of worries for Tokyo </p>
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		<title>Prudence the NYSE</title>
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		<pubDate>Mon, 26 Jul 2010 23:19:06 +0000</pubDate>
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		<description><![CDATA[ The U.S. stock market should be reluctant to take on the leadership on Monday. The index futures are predicting a slight decline in opening of U.S. markets. The index futures Standard &#38; Poor&#39;s 500 and Nasdaq 100 fell back in effect respectively by 0.13% to 1099.50 points from 0.04% to 1873.10 points. 
 On [...]]]></description>
			<content:encoded><![CDATA[<p> The U.S. stock market should be reluctant to take on the leadership on Monday. The index futures are predicting a slight decline in opening of U.S. markets. The index futures Standard &amp; Poor&#39;s 500 and Nasdaq 100 fell back in effect respectively by 0.13% to 1099.50 points from 0.04% to 1873.10 points. </p>
<p> On Friday, the NYSE has ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks. The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%. </p>
<p> On the foreign exchange market, the euro steadied against the dollar. In the morning, it was worth 1.2901 dollars against 1.2906 dollars on Friday. </p>
<p> A busy week on the macroeconomic level.Today investors expect the sales figures for new housing. Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy. </p>
<p> On Tuesday, it is the Standard &amp; Poor&#39;s / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be followed especially when investors are questioning the strength of new U.S. economic recovery <a href="http://pay-day-loans-i.com">No fax pay day loans</a><!-- . -->. </p>
<p> U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of Dow Jones. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont. </p>
<p> To follow today the title of BP traded on Wall Street. The British press refers to a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant. </p>
<p> Always on the side of values, General Electric said Friday its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents.GE also announced a resumption of its share repurchase programs. He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion. &quot;GE hopes to finish the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast&quot; say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold to the holding company Berkshire Hathaway of Warren Buffett in October 2008. </p>
<p> Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year.These six failures will cost about 394 million dollars to its compensation fund the FDIC. </p>
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		<title>IBM is pinning by Brussels</title>
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		<pubDate>Mon, 26 Jul 2010 19:31:12 +0000</pubDate>
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		<description><![CDATA[ The European Commission has announced the opening of two antitrust investigations against the U.S. computer giant IBM, suspected abuse of dominant position in the server market. 
 &#34;The European Commission has decided to open formal antitrust investigations against IBM Corporation in two separate cases of alleged breaches of EU rules on abuse of dominant [...]]]></description>
			<content:encoded><![CDATA[<p> The European Commission has announced the opening of two antitrust investigations against the U.S. computer giant IBM, suspected abuse of dominant position in the server market. </p>
<p> &quot;The European Commission has decided to open formal antitrust investigations against IBM Corporation in two separate cases of alleged breaches of EU rules on abuse of dominant position in the market,&quot; said the EU executive in a statement. </p>
<p> &quot;The two cases,&quot; she added, &quot;are related to behavior of IBM in the market for central servers,&quot; which weighs, equipment and operating systems including about 8.5 billion worldwide, including three billion in the European Economic Area. </p>
<p> The central servers are powerful computers used by many large companies and government institutions in the world to store and process critical information.</p>
<p> The software manufacturers penalized </p>
<p> The first investigation follows complaints filed against IBM by two vendors say emulation technology, the U.S. in Q3 2009 and the French Hercules Turbo this year. According to these two companies, the software giant would link its central server hardware and its own operating system these servers. </p>
<p> IBM, by not allowing customers the freedom to use the systems of their choice on the equipment of their choice, would penalize manufacturers of software to improve performance on computers of other brands. </p>
<p> As to the second inquiry, the Commission stated that it was launched on its own initiative.Its services suspect indeed a &quot;discriminatory conduct&quot; IBM &quot;vis-à-vis its competitors who provide maintenance services of central servers&quot; <a href="http://no-fax-fast-cash-advance.com">fast payday loan no faxing</a><!-- . -->.&quot;By restricting or delaying access to spare parts that IBM is the sole supplier, American society, Brussels is concerned, could foreclose its competitors from the market. </p>
<p> Two investigations &quot;without merit&quot; for IBM </p>
<p> The U.S. computer giant, IBM, Judge &quot;without merit&quot; the two investigations announced Monday by the European Commission for abusing its dominant position in the market for central servers, a market &quot;for it was dead&quot; until recently. </p>
<p> In a statement, IBM claims that &quot;there are few, experts in high technology and IBM&#39;s competitors were pronounced dead at the central server market&quot;, and &quot;many companies abandoned it or developing alternatives&quot; .</p>
<p> Conversely, &quot;IBM has taken a crucial decision: to invest billions of dollars&quot; in this technology &quot;to bring him an unprecedented level of speed, reliability and security for the enterprise market,&quot; the statement added. He continued: &quot;Today, the central server market is a small niche in the highly competitive landscape of servers,&quot; he says. </p>
<p> IBM therefore accuses &quot;some competitors who have not been able to earn their place on the market through investments&quot; to want to do this using regulators. &quot;The accusations against IBM TurboHercules and T3 are driven by some of the biggest competitors of IBM, led by Microsoft, (&#8230;) who want to emulate certain aspects of IBM mainframe servers without having to make substantial investments IBM has done and continues to do, &quot;concludes the group. &quot;They thus violate its intellectual property.&quot; </p>
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		<title>Arthuis: &quot;The shield is a wrong answer to the ISF</title>
		<link>http://pfagallery.com/arthuis-the-shield-is-a-wrong-answer-to-the-isf/</link>
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		<pubDate>Thu, 15 Jul 2010 01:16:18 +0000</pubDate>
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		<description><![CDATA[ Jean Arthuis, chairman of the Senate Finance Committee and chairman of the centrist Alliance, calls for a revision to bottom of the French tax. 
 LE FIGARO. &#8211; Nicolas Sarkozy said Monday he would keep both the tax shield and the ISF. Defend yourself always the opposite? 
 Jean ARTHUIS. &#8211; Yes. I think [...]]]></description>
			<content:encoded><![CDATA[<p> Jean Arthuis, chairman of the Senate Finance Committee and chairman of the centrist Alliance, calls for a revision to bottom of the French tax. </p>
<p> LE FIGARO. &#8211; Nicolas Sarkozy said Monday he would keep both the tax shield and the ISF. Defend yourself always the opposite? </p>
<p> Jean ARTHUIS. &#8211; Yes. I think we should remove the two devices. The shield is a bad answer to a bad tax, the ISF. This shield has too many defects. It is calculated on income tax, not real income. Its beneficiaries are beyond any possible tax increase. This is clearly not fair. </p>
<p> Precisely, the government released the shield fiscal measures to finance the pensions &#8230; </p>
<p> Yes, but suddenly the complexity increases. Daring to break the taboos and radically simplify tax by removing the shield and the ISF.To finance this deletion, I propose to create an additional income tax (IR) to 45% and increase the scale of taxation on capital gains and real estate. I will table an amendment during consideration of the budget 2011, in the fall. </p>
<p> This option does not penalized Does not those with high salaries but little fortune? </p>
<p> No. The rate of 45% is a marginal rate, which would apply that beyond 100,000 euros per share. RI takes into account family responsibilities. And there is a 10% reduction on wages. In fact, it is mostly capital gains on shares or real estate, which enrich. </p>
<p> Should we raise taxes? </p>
<p> France can not escape the tax increases. Because the plan proposed by the Government alone will not reduce the public deficit to 3% of GDP in 2013. The growth assumption of 2.5% is unrealistic and inadequate conservation measures.It lacks about 50 billion euros. Besides reducing costs, I propose that VAT in particular the restoration and renovation for housing increased from 5.5% to a rate between 10% and 12%. To restore our competitiveness and combat unemployment, it would even raise without waiting the standard rate of VAT, currently 19.6%. Funding for Medicare and family policy must no longer weigh on earnings. VAT must take over. </p>
<p> At the risk of penalizing low-income households? </p>
<p> Is there any greater injustice than unemployment? By maintaining too high levies on production, is pushed to the relocation. All taxes are ultimately paid by the consumer. For a company that sees its tax increase raises its price. The additional VAT on imported goods will. </p>
<p> Should we cut more in the niches? </p>
<p> Yes.The tax shelters cost 75 billion euros. They are undermining the social compact, by making the tax illegible, unfair and inefficient. In addition, the pricing becomes artificial. Ultimately, we must consider deleting the niches, and especially stop creating new ones. Without the increase of the reduced rate of VAT, the government will have great difficulty in meeting its commitments, that is to say an economy 10 billion in two years. The overall ceiling should be lowered. </p>
<p> The government is strong enough on public spending? </p>
<p> During the hearings the Committee on Finance, I had the impression that some ministers were not always aware of the savings. However, it will be necessary to act with determination.Hack 66 billion in credit assistance amounts to touch on sensitive issues such as individual housing (PLA) or subsidies Réseau Ferré de France (RFF). I would add that it is not easy to force parastatal structures to decrease by 10% of their operating expenses. These organizations, ranging from museums to Météo-France, served as space flight for public expenditure. </p>
<p> Should we freeze the salaries of civil servants? </p>
<p> Despite job cuts, the state&#39;s payroll increased from 860 million in 2009. This increase is due to wage concessions and changes of the index. Strict moderation is essential. </p>
<p> As a senator from Mayenne, what do you think the value of blocking the funds that the State grants to local communities? This gel can be leveraged to conduct the review of local public policies.Do we really redo roundabouts standards expensive? Especially, the proliferation of standards must end. Premier promised. Despite this, the agricultural modernization law gives the government a right of limitation on the school lunch menu! </p>
<p> France will she one day a zero deficit? </p>
<p> It must. An overburdened state is in the hands of its creditors and threatens the solidarity between generations. This national independence is at stake. </p>
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