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Sesame exemption from capital gains realized on the sale of real estate other than principal residence is dropped from fifteen to thirty years in prison for acts signed by the notary from 1 February 2012. Given the time – about three months – required between signing the sale agreement and the final act, the owners have until early November 2011 to find a buyer and receive the current system that allows the application of a 10% reduction, from the sixth year of detention, leading to de facto full exemption in fifteen years.

After this deadline, if the reduction from still scene from the sixth year of detention, he falls to 2% per year until the seventeenth year of detention, then goes to 4% per year until the twenty-fourth year and 8% per year until the thirtieth year Low fee payday loans.In summary, 80% of the capital gain is taxable after fifteen years of detention, fateful moment of the advent of the exemption, under the current system.

The game of allowances is relatively complicated, you can use our simulator real estate gains that calculates the tax due before and after tax reform, based on purchase price and the selling price of the property.

"Simulator real estate gains

The tax rate is maintained at 19% for sales occurring in 2011 for the record, it was 16% for those signed in 2010 which should be added 13.5% social whose overall rate was increased 1.2% for goods sold from the 1st October 2011. Finally, the note amounts to 32.5%!

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Faced with medical deserts, the government has waived any measure requiring private practitioners to work in under-dense area – including those that had voted early in the five-year term. The risk is too great to discourage a little more vocatyions, including general practitioners, he believes. Faced with medical deserts, the government has waived any measure requiring private practitioners to go to work in under-dense area, including the measures he had to vote early in the five-year term. The risk is high, he believes, to discourage vocations, including GPs. He is now working to promote the latest incentives.

Secretary of State for Health, Nora Berra, now goes to the Faculty of Medicine of Dijon in order to praise the "contract of public service," Bachelot innovation of the law of 2009.Principle: a medical student can receive, since its second year, an allowance of 1200 euros gross per month until the end of his studies. In exchange, he agrees to settle in an area lacking doctors (country or suburbs, in most cases) and to exercise for an equivalent duration.

For 2010-2011 academic year of entry into force of the device, 400 contracts were budgeted. In the end, 148 were signed. "It's a good score, given that the measure was introduced later, just before summer 2010. The momentum is there, "said Nora Berra. Volunteers are, to two-thirds of students at the beginning of course – rather than external or internal, who are already receiving compensation from the hospital. "Do not have to worry about financing their studies they can focus on their career, says the secretary of state.And often to realize that working in these areas respond to their aspirations: quality of life, group exercise, part-time in which many women aspire, and the idea of ​​being a real doctor. "Another advantage, even if not the primary objective of the scheme: "It will encourage young people from poor families to engage in a long course, so expensive."

Communication to strengthen

The success of this contract is very uneven, however: 93% of available contracts were sold in Burgundy, in Picardy 79%, 67% Limousin and central, but 10% in Britain and none in Languedoc-Roussillon. For Nora Berra, these differences are due to ignorance of the device: some regional health agencies have promoted less than others.Communication will be strengthened.

Another obstacle has been lifted: the signatories now have the certainty of being affected in their area of ​​study, and no longer will run the risk – rather theoretical – have imposed an installation at the other end of the France, except to express themselves this wish. In 2011-2012, 400 new contracts will be offered, and all subsequent years. The cost to the state peak at 29 million euros per year in 2015.

The horizon of the global economy darkens. The European Central Bank (ECB) has lowered on Thursday its growth forecasts for 2011 and 2012, warning that the level of uncertainty is extremely high. The guardian of the euro expected to grow 1.6% in 2011 and 1.3% in 2012 in the euro area, against 1.9% and 1.7% previously forecast.

"Uncertainty" was in this context, the key word of the monthly press conference of ECB President Jean-Claude Trichet: "There is a huge level of uncertainty in the world." The risk is now the forecasts rather than the ECB may be too optimistic, he implied. And, because of the negative effects of the crisis in financial markets observed this summer and the debt crisis in the euro zone in particular.

After a good start to the year, growth "will be very moderate later this year," warned the president of the ECB. Consumption may be lacking. "Unlike recent months, the ECB no longer considered as the confidence of consumers and entrepreneurs will support domestic demand," says Ken Wattret, chief euro zone economist at BNP Paribas. In the early morning, the Bank of France has published growth prospects for the Hexagon journals also down for the third quarter (0.1% versus 0.2% previously).

For inflation, the ECB has not touched its projections. It still expects 2.6% price increase in 2011 and 1.7% in 2012. As the guarantor of price stability in the euro zone estimated a few months ago that inflation was under pressure, it recognized that today the risks were "balanced."A code word meaning that it did not expect an acceleration in prices in coming months. It therefore left unchanged its interest rates, it increases instruments when it believes that inflation is accelerating payday loans lenders.

Despite the alarmist tone about the economic environment, "we do not think that the ECB will lower interest rates anytime soon," said Cedric Thellier, economist at Natixis. "We expect a rather long status quo accompanying amorphous growth and low inflation."

The rush of blood against the United States of Trichet

Questioned by a reporter relaying German criticism against the alleged lack of independence of the ECB under the European Treaties, Jean-Claude Trichet has lost some of his cool. "We're doing our job, which is not easy," he said."Our mission is to ensure price stability, what we have done so impeccable. I'd love to hear praise for the work today! "He exclaimed.

Some German observers, very attached to monetary orthodoxy, condemned the purchase of bonds by the ECB. "If we had to implement this program, because states have not acted properly. He did not exercise sufficient oversight they should have. Remember, in 2004 and 2005, some governments-France, Germany and Italy, not to name-calling for the relaxation of their obligations "deficit, he accused. "We have always asked the contrary full compliance criteria deficit.But we have not preached in the desert. "

In this context, Jean-Claude Trichet reiterated, on behalf of the ECB, the extreme urgency for the States to implement measures to restore the balance of public finances. "Governments must be prepared to cut spending if targets are not met," he said. He also called for the deregulation of regulated professions.

The most obvious common point between 2008 and 2011 is obviously the rout of bank shares. Monday, for example, Crédit Agricole was at a record low.

Other signals, less visible but more alarming, are pressed to bright red in recent weeks. They relate to the refinancing of banks, that is to say their ability to borrow from the market – every day, every week, every semester or ten years – according to their needs and the life of their assets. The price of these loans exploded in Europe, he returned, on average, three months, its levels of spring 2009. Money is also more rare: the U.S. money market funds, major providers of short-term liquidity, have stopped their relationships with banks in Italy and Spain, and very significantly reduced their lending in Germany and France.Finally, deposits with Central Bank (ECB) swell again (more than 150 billion euros on Friday night), indicating that financial institutions prefer to entrust their surplus rather than lend it to others.

The symptoms are largely the same as in 2008. Yet the nature of the crisis is different. Three years ago, she found its roots in the defeat of the U.S. mortgage market, the famous subprime. Today is the public debt which is the mainspring of mistrust.

Doubts about the ability of European states to repay their loans undermine the banks. Because, on the Old Continent, 8% of banking assets – 3,000 billion – are sovereign debt, the banks are in Europe, part of the monetary system.Second, markets are finding that European political institutions are so far failed to implement a concerted and lasting solution. And if the Greek plan is not working, financial institutions should make provisions massive.

In 2008, financial stocks on the stock market knew a massacre led by the bad news from the front and U payday loan lenders.S. real estate mortgage. Today, they live to the rhythm of political Europe. The rout of bank shares yesterday was fueled by the regional election defeat Angela Merkel on Sunday, the delay of Italy on its austerity plan, and tensions emerged between Athens and the IMF.

Controversy with the IMF

Under these conditions, the remedies to the crisis can not be the same as those implemented three years ago.At the time, states had largely replaced the market to provide capital to banks and liquidity on a daily basis that they lacked. Today, Treasuries no longer have necessarily the means. The needs of banks are not necessarily the same. In terms of capital first. The controversy continues to rage on the appeal of Christine Lagarde to recapitalize, if necessary by force and public funds, European banks. These have yet raised $ 414 billion of capital since 2008 (against 314 billion U.S.), recalled Monday the International Institute of Finance. "A forced recapitalization would signal that policy makers do not believe the success of their measures," complained the head of Deutsche Bank, Josef Ackermann.

Regarding liquidity, strong strains may not lead necessarily to a global asphyxia as in 2008.The valves of the central banks are now more wide open than they were at the time. And meanwhile, the banks have loosened their funding constraints in the short term. In Europe, they have raised $ 544 billion of debt this year, for up to 90% of their needs for the entire year. A situation that does not allow to exclude an "accident" in a particular bank. And leaves intact the concerns for 2012.

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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The timing could not be worse for Levi's. The king of denim, which had just launched its new global campaign "Levi's Legacy" earlier this week, was forced to turn back to the UK market. The spot, shot in Berlin before the events in London, reveals, in fact, scenes of young people in clashes with security forces. Demonstrations, riots, smoke: the images are too echoed the news, depending on the brand:

Called "Go Forth" (On the Move in French), signed by the advertising agency Wieden + Kennedy American, calls young people to take their destiny. The message is reinforced by the recitation of a poem by Charles Bukowski, The Laughing Heart, to the very explicit (your life is your life / do not be discouraged by a tender moist / Be on the lookout)."Because of what's happening in the UK, we have temporarily postponed the release in cinemas and on Facebook in the country," said a spokesperson for the brand with the Daily Mail. He added that "Go Forth to embody the energy and events of our time. She does not speak of a political movement or a specific theme, but rather evokes optimism, positivism and the entrepreneurial spirit. "

The spot has also been removed from the official Facebook page for the brand. "We have all witnessed the recent events that took place in London and other cities in England. It is difficult to see a glimmer of hope amid the violence. But looking good, you will see it paperless payday loans. Not one of the riots and chaos. But through its citizens who take the broom to clean up their cities. It is through their pioneering spirit that make change possible, "says Levi's on Facebook.

Stunt involuntary RIM

Although the jeans manufacturer is trying to detach events, riots in London have a real spotlight on its new advertising campaign. A promotion that seems to also affect involuntary RIM, the maker of BlackBerry. His courier BBM, which equips its phones, known for providing a guarantee of confidentiality of trade, is on everyone's lips. Indeed, it would play an important role in organizing the riots. The British press also devotes a large part in deciphering the events.

But this stunt could serve the image of RIM on the UK market.Already some voices calling for the closure of the service in England, prompting the direction of the Canadian manufacturer to announce, without further detail, cooperation "with local telecom operators, the police and government" of the country if so requested.

This collaboration could involve the closure of the service. The risk is important for the Canadian manufacturer that could alienate her young local clientele. According to a study released last week Ofcom, the BlackBerry is currently the favorite of the English smartphones of 16-24 years (37%) to the iPhone (25%).

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After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

In the UK, the British Trade Vince Cable held Saturday "completely predictable" degradation of the United States. "This is a completely predictable consequence of the mess created by Congress (…) but they (MPs) have now heard, and the situation of the United States is strong enough," he said.

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score."Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires. Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets."At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said. In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday. Another indicator of the relief the markets: oil, which accounts for the opening of Wall Street about 2.7% to 98.28 dollars.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Market reassured for a time only

Thus, if the news was appreciated at the time, markets have not been won by either euphoria and await confirmation of the plan by one vote. Yet some Republicans have expressed strong opposition to the agreement. Already around noon on Monday, the dollar back down a little, one euro was trading against 1.4437 dollars (0.23%).Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar. On European stock markets, the increases were massed in mid-day. Then on Wall Street, the Dow has advanced little in early trade to 15.30, about 0.7%. Not enough to make up for the fall of 4.4% registered in the past week.

Then, around 3:45 p.m., the European and American markets have nose dive.It is not there a sudden distrust towards the agreement on U.S. debt, but a strong reaction of markets to the publication of the U.S. ISM index, which measures the strength of manufacturing activity across the Atlantic and came out in sharp decline.

Many uncertainties remain

A disappointing statistic that echoes the poor performance of U.S. economic growth in the second quarter, and falling very badly, while the federal government announces measures of fiscal restraint. The markets also show careful because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections.Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped.

However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded. In this case, markets may again sink into depression.

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Concerns still dominates trade in the Paris Stock Exchange on Wednesday. The CAC 40 was down 0.65% to 3763.42 points in mid-session. Elsewhere in Europe markets evolve piecemeal. In London, the FTSE-100 index advances 0.87% at 5915.80 points while in Frankfurt the Dax was down 0.24% to 7331.9 points.

Yesterday, the CAC 40 index closed below 3800 points, troubled by debt problems in the United States. One week before the deadline, Congress remains divided despite the new call for compromise of President Barack Obama urged the Republicans to act to prevent default after August 2, including the economic consequences could be severe.

Republicans and Democrats offer two different plans.On the one hand, the Republican chairman of the House of Representatives, John Boehner, insisted on Tuesday his plan, a "reasonable approach" he said to avoid default. On the other, the head of the Democratic majority in the Senate, Harry Reid, defended his rival project. "The Senate plan is the only real compromise that we have in Congress today, and it's best chance to avoid an economic crisis in a week," he said.

Christine Lagarde, the new director of the International Monetary Fund (IMF) has also called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

The dollar is still worth

Since then, global markets are nervous. In Asia this morning, the issue of U.S. debt was back the Nikkei.Wall Street closed down yesterday for the second straight session. "While remaining confident, we also understand that there is some anxiety as we push things until the last minute," lamented the spokesman of the Presidency, Jay Carney.

On the currency side, the dollar is still abused. The euro, however, gives some ground in late morning at 1.4495 dollars against 1.4509 late Tuesday. Oil is not his direction, the barrel of "light sweet crude" for delivery in August the amount of 34 cents to 99.25 dollars and that of Brent North Sea crude for September delivery taking 17 cents to 118.45 dollars.

In this gloomy atmosphere, operators keep an eye on the indicators of the day. United States, orders for durable goods and the weekly crude inventories will attract the attention early in the afternoon.The Fed's Beige Book will also be an important appointment (20 hours in Paris). The unemployment figures for June in France fall after-hours trading (6:00 p.m.).

Values ​​to follow

PSA: -7.86% to 27.18 euros (largest decrease in the ACC)

Net income in the first half rose 18.5% to 806 million euros and sales of 9.7% to 31.1 billion euros.The negative impact of the earthquake in Japan and the rising cost of raw materials led him to a little more cautious for the full year.

Nexans: -7.62% to 60.76 euros

The group reported a loss in the first half of 151 million euros, and announced a provision of 200 million euros for the European survey.

Atos: + 5% to 39.15 euros

The French IT services company said Wednesday net profit in the first half of 2011 up 66% year on year to 100 million euros, and welcomed the 11% growth in its operating margin in a statement no fax payday advances.

AreclorMittal: + 2.64% to 22.70 euros (largest increase in the ACC)

The world of steel recorded a 10% drop in net profit in the second quarter, but has been as expected a further improvement in profitability, according to a statement released Wednesday.

LVMH: + 1.08% to 131.40 euros

The group saw sales increase by 13% in first half operating performance and increase by 22%, driven by demand for luxury goods that do not weaken despite the uncertainties surrounding the global growth.

Vinci: + 1.51% to 41.22 euros

The group announced Tuesday a record order book and robust business in the first half, making it possible to confirm its growth target of more than 5% of sales in 2011.

Euler Hermes: + 1.72% to 61.02 euros

The credit insurer said Tuesday it hoped to reach at least 320 million euros in net income in 2011, an increase of almost 10% compared to 2010 despite continued pressure on prices and the lack visibility of the markets.

M6: + 0.06% to 15.76 euros

The group is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

Saffron: + 0.12% to 28.74 euros

The group finally completed the acquisition of specialist U.S. facial recognition software L-1 Identity Solutions after hiring a former head of a major U.S. intelligence to overcome any concern related to safety.

Sopra: -0.27% to 56.35 euros

The group confirmed on Tuesday its forecast for organic growth in sales in 2011 and anticipates an improvement in operating margin in the first half.

Spir communiction: -3.20% to 38.14 euros

The group engaged in a difficult transformation plan, announced Tuesday he was still a net operating profit in 2011 despite a drop in this indicator during the first half of the year.

Icade confirms its objectives

Next Radio TV: -0.66% to 13.50 euros

The group reported Tuesday a sharp increase in its financial results for the first half, boosted by the increase in hearings RMC and BFM TV background current density.

Icade: -0.97% to 82.51 euros

The group confirmed its targets for 2011 and Tuesday 2012 after reporting strong growth in its interim results, bolstered by improved margins from its Development division and reducing its cost structure.

Compagnie des Alpes: + 0.09% to 22.20 euros

The group reported Tuesday a decline in sales on a comparable basis as part of its third quarter, related to a decline in activities of skiing due to an unfavorable timing of the Easter holidays and a deterioration in the snow.

After market, Valeo, Thales, Ipsos and FDR will publish their first-half results. Air France-KLM, Vallourec, Areva, Altran, Mr Bricolage, Rexel, Gecina Nexity and reveal their results and revenues for the second quarter.