No firm is appointed headhunters, and the board of Carrefour has left Lars Olofsson to the end of the year to prove itself.With a slogan to ensure that the group takes its objectives, several times revised downward, to carry on a 2011 operating profit down 20% from last year … For administrators, it is out of the question to make a new Carrefour profit warning and even less to allow the CEO to change again its executive committee. Furthermore, it is planned to start of the year stock of stores converted to the concept Planet, presented by Lars Olofsson as the solution for "re-enchant" the Carrefour hypermarkets. The decision will be made whether to continue the deployment of Planet.

Courted for months

In fact, without prejudice to all these results, the process of identifying the ideal candidate is already done. The best profile in the opinion of all experts (and only for the worst) is that of Georges Plassat.

The market is also hampered by the failure of negotiations in the "super committee" responsible for the debt of the United States payday advance. The twelve members of the joint committee, composed of six Republicans and six Democrats were responsible for the deficit of 1200 billion and had until midnight Wednesday to share their findings.

The Tokyo Stock Exchange and ended the session down sharply from 1.70% to 8835.52 points. The broader Topix index has in turn yielded 1.25% to 754.50 points. In Japan, the export sector still suffers from a weak yen against the dollar only after direct intervention from the Japanese government on the foreign exchange market to weaken the outbreak of the currency.On Tuesday, the dollar stood at just above 78 yen and the euro around 108 yen, well below their value on Monday. "We are engaged in a war of nerves" with speculators, said Japanese Finance Minister Jun Azumi at a press conference.

Toyota lost 1.82%, Mitsubishi and Nissan Motor 1.90%. The automotive sector has not benefited from the announcement of an increase of 28 pay day loans.3% of new vehicle sales in October. TDK has, however increased by 3.67%, even after the publication of a net profit, down to $ 56.6 million in the third quarter. Toshiba has gained 1.43% despite announcing a 19% drop in quarterly profits. Other value of the day in Tokyo: Panasonic, which has lost 5.07%.The rating agency Moody's said it may lower the rating of long-term debt of the Japanese electronics giant, because of the poor profitability of its TV and semiconductor and high costs of Restructuring.

Oil down

Moreover, time is also reduced. The Stock Exchange of Hong Kong and Shanghai respectively, losing 1.97% and 0.11%. The Korean Kospi is in equilibrium, an increase of 0.03%, the S & P lost 1.52% Australian and Indian Sensex drops 0.80%. In Sydney, the mining sector was battered in the wake of the raw materials: BHP Billiton lost 2.72% and 2.98% Rio Tinto. Same thing in Hong Kong where Aluminum Corp. 4.38% loose.

Oil prices were down after the announcement of the bankruptcy of U.S. broker MF Global Fund and new fears about the debt crisis in the euro area.

Pierre Mariani has promised that he would take "responsibility to the end", while taking care to separate the action of the fall of Dexia. The bankruptcy of the institution was caused by the "strategic errors of the previous management," he said.The latter had acquired all of the huge bond portfolio of Dexia, the source of his difficulties refinancing. She even continued to invest until the summer of 2008. Jean-Luc Dehaene has evoked the astonishment of Pierre Mariani when he arrived at Dexia, discovering that he took the lead, not a bank but "a hedge fund." Both men stressed the work done. Pierre Mariani does not regret having accelerated the process of asset sales earlier this year. He said that if states had to refinance the portfolio of Dexia at the time of the rescue of 2008, they would not have had to mobilize 90 billion euros, but 300 billion.

On-balance sheet Dexia has not withstood the pressure of the crisis in the euro area, pleads management.Pierre Mariani said that all banks had received government recommendations, requiring them to maintain their exposure to debt of peripheral European countries in order not to further destabilize the country. "The group may have been naive in following these recommendations," he conceded. In the short term, the surveillance of Moody's and "repeated rumors during the last week have increased the pressure on the financing of the group."

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Pierre Mariani, who arrived in October 2008 to save Dexia strangled by a need for short-term funding of 265 billion euros of assets impossible to meet, had done everything to reduce the group's balance sheet. In three years, he was able to reduce the need for 96 billion.Las! With sovereign debt crisis, which has again closed the valve finance is still far too. And states can no longer play the firefighters.

Thus, Pierre Mariani resolved to opt for an orderly liquidation scenario. Instead of sales, the Franco-Belgian group prefers to speak of "backing of (its) business franchises." Retail banking in Belgium, the Turkish subsidiary Denizbank, asset management and private banking: all subsidiaries of Dexia will seek and lessee in the coming days. According to one familiar with the matter, some sales process is well underway. Britain's Standard Chartered, in particular, did not hold in recent months to report its interest in the coveted Denizbank.

However, if the Franco-Belgian group has some beautiful assets, some remain unmarketable.Difficult indeed to generate interest for Italian or Spanish Crediop Sabadell open doubt about the state of public finances in Italy and Spain. Initially, according to our information, Pierre Mariani had planned to build packages of assets, including both of the jewels and lame ducks, so as not to keep the latter in his pouch. But this option proved too complicated to implement. However, it is urgent if we are to preserve the clients who are starting to worry greatly poor credit personal loans.

Political issue

This sense of urgency felt this weekend in Paris. After weeks of tension, the Deposit, the Postal Bank and Dexia reached an agreement after final dealings these days under the blue helmet René Ricol.The portfolio of loans to French local authorities and will be taken over by an entity owned by Caisse des Depots et La Banque Postale.

The operation has, as revealed Le Figaro (our editions of September 24), an interest factor: out of stock of Dexia about 80 billion euros of assets, primarily loans to French local authorities to transfer them to the new entity. For the Franco-Belgian bank, it will be much less to refinance. Dexia Municipal Agency, the company that issues mortgage bonds on behalf of Dexia, also switch into the orbit of the CDC and the Postal Bank in order to maintain the AAA rating necessary for its operations.

With this scheme, Dexia will be able to blow some time, time to complete the rest of his program.The creation of the "bad bank", in particular, may be difficult, given its political and financial stakes. French and Belgian States, indeed, should be asked to give their guarantee for installation of such defeasance. In other words, adding safeguards in a situation where all states are seeking to reduce their debt instead is far from a challenge.

On Monday evening, the Minister of Economy, Baroin, met his Belgian counterpart Didier Reynders, in conjunction with the meeting of finance ministers from the euro area. The French and Belgian governments "do the right thing" to support their banks, said Didier Reynders.

The financial restructuring of Dexia, finally, could have serious consequences for Belgium and its banking system.Some Belgian shareholders of Dexia, as the Holding Communal, would have difficulty recovering from an operation on the truth value of their assets. Relations between France and the United will play at the moment.

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Bluff or not, this threat reveals the uneasiness of the Federation kiwi affected financially by the organization of the current World Cup. Certainly, the event is almost historic land of the long white cloud. But the financial benefits expected from this great mass of world rugby is limited. In the end, New Zealand will lose even money (about 39 million New Zealand dollars, or 22.33 million euros).The New Zealand government will pay part of the losses, but the federation itself will also put their hands in the pocket to the tune of two thirds of the money lost.

Shortfall of 7.5 million euros

However, these losses are organizing a one-time difficulties. Because the real malaise lies elsewhere. Steve Tew, it's participation in the competition itself that is the problem. Every 4 years, federations qualified in the northern hemisphere and the south need to change their schedule (suppression test matches, shortening the Tri Nations tournament …). What cause a shortfall in terms of result and television advertising revenue and ticket sales. This year's Tri-Nations tournament, in which compete each year in New Zealand, Australia and South Africa, for example, was reduced from nine to six games due to World Cup.In Europe, the fall tours were also canceled.

In a World trade rules of the International Rugby Board (IRB) also prohibit the presence of the sponsors of the national federations. This accentuates the downward pressure on commercial benefits. In the end, the Federation of New Zealand (NZRU) said the shortfall related to participation in a 13 million New Zealand dollars (7.5 million). Great on a budget of around 55 million euros. A price she can afford all four years, according to Steve Tew.

If they win the All-Blacks, the players would receive such a bonus of 55,000 euros, depending on the site sportune.fr. Barely more than the French players to touch the earth just move in New Zealand (45,000 euros).If they win the XV of France, the French would also reward of 180,000 euros extra.

Australia to support

In his threat to boycott, leaders of New Zealand have received support from their neighbor Australia. For its part, the Australian Federation (ARU) said the losses associated with participation in the World Cup to 16 million Australian dollars (about 11.5 million euros). All federations combined, the overall shortfall would reach between 35 and 40 million pounds (40 to 16 million euros). "As noted by Steve Tew, the current economic model is unacceptable and can not be encouraged," said the general manager of the ARU, John O'Neill.We ask the IRB to resolve the problem quickly, because as a national federation, the ARU can not afford to have huge losses every four years. "

For many, the threat of New Zealand is not serious, its national team can not really do without the visibility provided by the participation in the World Cup. But the argument did fly, the IRB had promised the opening of discussions after the World Cup to avoid a radical decision.

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• Outstanding on high incomes. The project of the Government expects that this new 3% tax will apply to much of the income exceeding EUR 500,000 per year for a single person and € 1 million for a couple. But MPs want to lower these thresholds. And Valerie Pécresse reiterated today that it was open to discussion.The government would accept an entry threshold to 250,000 euros to 500,000 euros a person for a couple. The income taken into account when calculating the contribution is the income tax reference. Income that includes not only wages but also the interest, dividends, capital gains. Moreover, only taxpayers whose average income over three years will exceed the thresholds will be taxed at the new tax. This is to prevent a dealer who sells one years his business is taxed. The contribution will apply for the first time on the income of the year 2011 and will stop when the public deficit back below 3%, ie in 2013, in theory.

• Tax on soft drinks. This tax, applicable from 1 January, will involve drinks containing added sugars such as sodas, fruit juices with added sugar and flavored waters.Drinks "light" will be spared. The tax will be 1 cent per can of 33 cl

• Plane niches. The tax loopholes planed last year will be again 10%. A tax reduction of 22% will go to 20% for example, a 20% to 18% … etc. Among the niches that are most used planed, there are advantages or overseas tax credit for environmental equipment housing. This plane will be applicable for the taxation of income in 2012 for expenses paid from 1 January 2012. Like last year, niches related to employment, including the employment of an employee at home will be spared Business Card Holders.

• Niche Scellier and other devices for real estate. The Scellier reduces their income tax by investing in housing that is then leased under certain conditions.The tax reduction Scellier suffer, in addition to the plane, a turn of the screw. It will fall to 14% of the investment as of 1 January 2012, against 22% this year. It will be for housing low power consumption and housing accompanied by a renewed energy label demanding. The benefit granted to individuals who invest in a tourist residence for elderly and disabled and for students from 18% to 12% in 2012.

• Tax on rooms good. This new tax will only apply to homes under 13 square meters. It will apply where the rent per square foot exceed a certain threshold (40 euros per square meter in Paris). Its rates range from 10% to 40%.

• Eco-interest loan.The zero-interest loans dedicated to work improving the ecological quality of housing will be combined with the tax credit for the same type of work for taxpayers whose income tax reference does not exceed 30,000 euros per year. The tax credit will also be revamped.

• Tax credit for elderly and disabled. The tax credit of 25% on expenses related to improving habitat for elderly and disabled is extended until 2014.

• Carbon Tax new version for manufacturers. Undertakings subject to CO2 quotas in 2012 will pay a fee between 0.08% and 0.12% of their turnover. Will be exempt small emitters (quotas for less than 60,000 tonnes of CO2 per year). Electricians (mainly EDF) alone will pay one third of this tax.

• Other measures for businesses.Telecom operators will finance up to 2 million expenditure to avoid the jamming of TV DTT frequencies mobile fourth generation. The reduction of one third of the benefits enjoyed by overseas companies is removed.

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Paris City Hall has decided to restore order in the holiday rental. Relying on Article L. 631-7 of the Code of Construction and Housing, which requires owners to seek permission when destined for a furnished apartment for rent tourist short (weekend or week), the municipality has just sent many donors a letter urging them to regularize their situation. The recalcitrant likely a daily penalty of 1000 euros per square meter and a heavy fine. These coercive measures refer only to those donors multi-owner or renting through a real estate company (SCI). Specifically, it is still possible to rent in Paris, especially informally, his principal residence a few weeks a year where we do not occupy, or to offer a furnished apartment in months or years.While for the moment, only the mayor of Paris seems to enforce Article L. 631-7, the latter is, in theory, applicable in all municipalities of Hauts-de-Seine, Seine-Saint-Denis and Val-de-Marne, and in all cities of over 200,000 inhabitants . As for the apartments in the rest of France, they can still be done freely.

1. What are the advantages of furnished?

Rent furnished can request at district and area equivalent, a higher rent than unfurnished apartment, in the range of 5 to 10% in Paris, and from 15 to 20% in the provinces. Over short periods, for weekly rentals or monthly, the differential is even greater.Then, the furnished is legally more flexible to implement, even if the law of 2005 imposes Borloo a lease for a minimum period where the property is the residence of the tenant, and restricted the ability to give notice need a personal loan with bad credit. You can still freely set the amount of the deposit, earn a guaranteed unpaid rent and security deposit of one third, or ask for advance payment of rent. Last trump, rents from a furnished rental is taxed to the regime of industrial and commercial profits (BIC). This allows, among others, to depreciate the property and furniture on rental income of the same nature or, under certain conditions, the overall income.

2. All markets they lend themselves to rent furnished?

No, furnished only targets certain categories of tenants, including students, tourists and executives on a mission.Nonexistent in rural areas and suburbs of large cities, this market is very dynamic, however, in the inner cities and regional cities in all the boroughs of Paris. There is also a real demand in the inner suburbs of Paris, close to the common defense.

3. What precautions to take before launching?

The accommodation must be adequately furnished and include linens and table, lighting, tableware and household appliances. All to be in excellent condition to meet the expectations of a demanding clientele. Better to opt for quality equipment that could stand the test of many tenants. In addition, prior to the furnished, make sure your building regulations do not prohibit it.Finally, if you plan to embark on large-scale tourist rental, be sure to ask an administrative authorization.

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The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

Oswald Grübel, CEO of UBS. Photo Credit: Steffen Schmidt / ASSOCIATED PRESS

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