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Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros payday loans guaranteed no fax. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

Private Dexia has decided to save himself. Almost. A board of directors convened this evening to endorse the plan for ending the crisis that developed hard its CEO, Pierre Mariani. Faced with a massive liquidity crisis (the other institutions did give more credits), the Franco-Belgian bank has no choice but to sell the family jewels while isolating its portfolios and non-performing assets in a " bad bank. " It is a page of history which European banking turns. Because at the end of this work, there should exist no more of this construction Franco-Belgian.

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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"Thousands of French municipalities indebted

This year, the worsening crisis has forced the government to develop as soon as August an austerity plan in order to reassure financial markets. The draft budget law for 2012 includes part of measures announced on August 24 (the other measures contained in the social security budget and supplementary budget passed in early September). In addition, there are additional tax increases. The bill reaches 2.8 billion to taxpayers.

• 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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"A budget increase for the Defense

After unveiling a plan for the use of 447 billion dollars, the U.S. president should propose a new tax plan today to 1.5 trillion dollars over the next decade. The plan also intends to cut the deficit in Washington from 3000 billion over the next ten years, said Sunday night a senior administration official. Barack Obama wants to target primarily the rich and businesses, with half of the funds would come from new tax revenues collected on Americans with annual revenues exceeding one million dollars (730,000 dollars) and large enterprises.

The head of the White House should include advocating for the abandonment, when they expire, tax exemptions granted under the presidency of George W. Bush. The cancellation of these tax cuts would recover $ 800 billion over ten years.Barack Obama also plans to provide flat tax code to eliminate some tax loopholes, such as offering tax exemptions to companies acquiring business jets, the total estimated gain of these measures over ten years is 700 billion.

In his new tax plan, U.S. President should also encourage investment in education, new energy and job creation. Barack Obama is also expected to make a point of honor to defend its program of social security, Medicare, and could threaten to veto any cuts in this area if the plan is rejected tax increases.

The U.S. president faces directly the Republican camp, which just last week, made clear he would oppose any new tax increase by the chairman of the House of Representatives John Boehner.

The Head of State has already incurred the wrath of the opposite camp with a proposed new taxes for the wealthy, able to focus on the proposal by billionaire Warren Buffett that promotes the alignment of the taxation of income over one million dollars over that of the middle class. Yesterday, some Republicans suggested that U.S. President revived the specter of "class struggle".

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The rules were amended by the law Borloo 2005 to protect tenants, including termination of the lease. The initial investment is also more important. Choosing to rent furnished, rather than proposing the empty slot, remains interesting in many respects to the owner. Freedom of contract remains high on the lease and the lessor is entitled to require the tenant much more extensive guarantees for the payment of rents, which are also higher than in the case of an unfurnished apartment cash advance loan no fax. Valerie Valin-Stein, journalist for The Monthly Individual realizes this month dedicated to a folder furnished. It provides some things to consider before launching.

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"The train is France," exclaimed Nicolas Sarkozy on Thursday Auxon where is the new TGV station in Besancon on the new Rhine-Rhone, whose commissioning is scheduled for 11 December. The president, who had taken the TGV exceptionally Thursday, recalled the commitment of his predecessors that allowed France to become thirty years ago a pioneer in the field of high speed. "The train belongs to no, to any faction, the train is France," he judged. Accompanied by the former deputy mayor of Belfort, Jean-Pierre Chevenement, he placed himself above the political divisions in praise of a common heritage. "Investing in the TGV is the future, a future that we will not see necessarily," Sarkozy continued.

Preserving the territorial balance

To reassure the railway, with which the president was to speak in closed session during part of the trip, he exclaimed: "We will invest as ever," welcoming the four sites are launched simultaneously. "Never has our country had known that, and we must continue," he added. In fact, only three sites are actually involved: the Rhine-Rhone, including two of the three branches are not built, the LGV Bretagne-Pays de Loire, whose completion is scheduled for late 2016, and finally the LGV Sud Atlantic Europe, the Tours-Bordeaux section to be completed in 2017 cash till payday advance. However, the circumvention of Nimes and Montpellier has not started.

The president warned of possible critical investment phagocytosed by TGV train.The development of the "must not be at the expense of trains regional balance," he asked. Fear belied by the extent of work planned by 2015 to renovate the existing rail network: 13 billion euros will be spent. As for the trains to balance the territory, created last December to keep a forty unprofitable lines (Coral, Intercity, and Téoz Lunéa), they are partially funded by the activity TGV. Mere announcement of the day, creating a fund to modernize the railway, along the lines of that which was created in 2009 with the ISP to support the automotive industry including OEMs."We're going to work – government, companies and networks – for that French industry continues to gain market share." He added that to remain competitive with competitors from Germany, Spain and even China, the French industry had to restructure. "The state can not ignore the future of networks that fail if they do not have a powerful help of the state to innovate."

Rosneft has finally found a partner to conquer the Russian Arctic shelf. Three months after the failure of an agreement with the British group BP, the oil giant has signed an alliance "strategic" with the American ExxonMobil.

The agreement first announced by Prime Minister Vladimir Putin states that "approximately $ 3.2 billion will be spent in exploration blocks in the Kara Sea in the Arctic and a block in the Black Sea "said the two groups in a joint statement. These two regions "are among the most promising areas offshore and least explored in the world, 'the two partners. The area under the Arctic ice is released almost a hundred days a year, Moscow had absolutely need the contribution of Western technology to carry out its work cash advance payday loan.

Meanwhile, the Russian group wins the opportunity to participate in exploration work conducted by Exxon in North America, particularly in the United States in the fields of offshore Gulf of Mexico and Texas. This alliance could represent direct investment up to 200 to 300 billion dollars.

If the CEO of Rosneft Khoudaïnatov Edward points out that the agreement "is the result of years of cooperation with ExxonMobil," it comes just months after the Russian giant has turned the page of a strategic alliance with BP, which provided an exchange of shares weighing 16 billion.

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Fifty-two euros to pay for a Paris-Bordeaux, 10.30 euros for connecting Lyon to Chambery, 87 km. At the time of taking the road to return from holiday, motorists have difficulty digesting the prices of French motorways. They do not understand either why the toll rates rose by an average of 2.24% in February last, while inflation rose only 1.5% in 2010.

These prices are even more crowded than the major networks (ASF, Escota, Cofiroute, APRR, Area, Sanef, AWS …) belonging to the majors in construction (Vinci, Eiffage, Abertis), making profits accumulated very comfortable : 1.5 billion euros, for a total turnover of 9 billion last year.Jean Mesqui, the managing director of ASFA (Association of French Motorway Companies), categorically denies any suspicion of wealth on the backs of motorists, "These results are used primarily to repay the debt incurred by the operators 2005 to redeem these networks to the state 15.4 billion, "says he.

No doubt. But the disparities in prices recorded on motorways for journeys have a way similar to annoy motorists. According to the latest issue of 60 million consumers, a trip from Paris to Nantes so expensive (more than 33 euros) a Paris-Toulouse, 300 km with less. Again, Jean Mesqui disclaims any liability for motorway concession. "These disparities existed in the privatization in 2005, he argues. The state says he does everything for convergence rates.But it will take twenty years. "

Another black tariffs on recent highway. On the A65, which links Bordeaux to Pau, which opened in December 2010, the kilometer is equivalent to 11 cents, against 7 cents on the A1 between Paris and Lille payday loans. Inflation this time due to … Europe. Since 1998, Brussels forbids dealers to finance new highways by their former networks already amortized. So they compensate by setting toll rates higher.

There is still a sore subject: the "expansion", a practice that is to massively increase tolls on the busiest sections and moderate increases on routes less traveled. Starting this year, the administration banned dealers to engage in that game"But she did not return what had been established earlier, said Daniel Discalced, Chairman of the Committee infrastructure and mobility of the association of 40 million motorists. Suddenly, a Paris-Le Mans motorway is much more expensive if we make the journey directly if you come out several times to enter the highway a few miles away. "

The toll is sometimes used to 'green' network

Moreover, the commitments of the "green package" to make more environmentally friendly highways, leaving a more skeptical. For a one-year extension of their concessions, companies that belong to Vinci (ASF, Cofiroute, Escota) and those of Abertis (Sanef, AWS) have agreed to invest one billion to green their networks.But on closer inspection, two thirds of the work initiated in this context concern the implementation of electronic toll.

Barriers that prevent good to stop reducing pollution, but they also allow operators to cut jobs to tolls and sell badges needed to benefit from these facilities. This example confirms that the motorway companies are there to make money. But is it really a surprise and a bad thing for private groups?

The fall of 6.9% of GDP in the second quarter is not for nothing. While the empty streets of Athens with the approach of August 15, the Greeks are reluctant to take a vacation. According to a survey by the Consumers' Association, six out of ten Greeks will not go this year because of the crisis. Specifically, "46% do not go a week, and only 5% will go over two days," Gianna Karatyni analysis of the Consumers' Association. "Morale is not, but the wallet either. Now the Greeks think twice before leaving, especially when the price of ferry tickets, for example to go to Crete for a family of four with a car, is 600 euros, one quarter of household earnings. A luxury, "she says.

Yet the absence of the Greeks is not visible on the beaches of the islands of the Aegean Sea. And for good reason, this summer, tourists from around the world flock by the thousands.Travel agencies estimate that 20% increase in bookings compared to 2010. "The French are fighting the same record," adds Theodore Chartomatsidis, director of the Hellenic Tourism Office in Paris: "Applications abound every day with our services. The numbers prove it. There is, for now, an increase of at least 28% of French tourists in Greece this year, "says he. "That means they could exceed one million visitors, a figure that was the goal for three years. It is therefore encouraging because with few means of promotion, we have shown that there is another Greek than the economic crisis, like the food for example No teletrak payday loan. The French responded immediately, in solidarity, above all, "he adds.

A safer country as Tunisia and Egypt

In the port of Piraeus, boats, coming and going in the islands of the Aegean Sea, are met.Karine, a French tourist, who came with family, preparing to embark for the island of Kalymnos in the Dodecanese. Impressed by the number of travelers, she concluded that ultimately the economy will be beneficial to Greece: "I think people, especially the French, were frightened by the situation in Tunisia or Egypt. Greece remains a safe country, to which is attached without really knowing him. The holidays are enjoyable, even if sometimes small strikes, "said she. Like many tourists, Karine does not hide his desire to acquire a small house overlooking the sea "if prices fall with the crisis," she says. The property prices have not fallen but never mind, for some tourists, there is an incentive to come back next year.

The Greeks do not let themselves down so far.Some invade the beaches near the capital, while others go for short-haul and less expensive way, almost 30% of Greeks went beyond their prejudices to enjoy the beaches and rates of neighboring Albania.

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"An appraisal contains an error of 2000 billion dollars speaks for itself." Lapidary, the only reaction to the loss of "AAA" rating from the U.S. Treasury, the equivalent of the Ministry of Finance, illustrates the strong tensions that occurred Friday between the Obama administration and the rating agency Standard and Poor's, crystallized around a miscalculation of 2000 billion.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency payday loans for bad credit.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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"Standard & Poor's removed the" AAA "rating from the United States