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The entrance to the rugby in the professional world is not always without its pitfalls, far away … Proof of this is the last statement from Steve Tew, the CEO of the Federation of New Zealand rugby. Wednesday, the leader has put his foot in it by suggesting that his selection would be deprived of the next World Cup in 2015 in England. A heresy in the land of rugby!

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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The CAC 40 is gives a little bit of air. Having lost 0.92% Wednesday, the stock market has gleaned a few points on Thursday, rising 1.07% to 3027.65 points. Investors have been somewhat reassured by the adoption unambiguously by the German parliament building of the European financial stability, designed to assist countries in the euro area in need. During the election, 523 deputies in the assembly which has 620 members voted "yes." And German Chancellor Angela Merkel was finally able to count on the support of his majority, 15 out of 350 MPs who defected.To discuss the plan to end the crisis, President Nicolas Sarkozy at the Elysee will tomorrow afternoon Greek Prime Minister George Papandreou.

Elsewhere in Europe, financial markets have ended in no particular order: the Dax in Frankfurt Stock Exchange gained 1.10% to 5639.58 points while the London FTSE lost 0.40% to 5196.84 points.

U.S. GDP revised upward

At this good news were added two macroeconomic indicators on encouraging U.S. economic health in America no fax payday loans. The weekly jobless claims fell in the week to September 24, at 391,000 against 428,000 the previous week. In addition, the gross domestic product (GDP) was U.S. revised upward for the second quarter, up 1.3% of gross domestic product.

In this context, the industry finally has clearly supported the Paris stock exchange.The three main French banks and post three of the four largest increases in the CAC 40. Societe Generale rose 5.82% to 21.08 euros, BNP Paribas has acquired 5.01% to 31.14 euros and Credit Agricole rose 4.37% to 5.40 euros. The insurer Axa also benefits from this renewed optimism, the title winner 2.85% to 10.28 euros.

EADS, which has won more than 4% over the last two sessions, continued to grow after that Airbus has won its bid on the Danish Satair, gaining 96.7% of the company. The stock rose 1.50% to 21.59 euros. For its part, EDF announced an order for 44 steam generators for nuclear power plants of 1300 megawatts and French gains 1.40% to 22.13 euros.

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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With the individual

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 case of the fraudulent trader at UBS will ultimately cost his position to the Director General of the Swiss bank. The institution announced in a statement Saturday that the departure of Oswald Grübel. "Today, the UBS Board of Directors has accepted the decision of Oswald Grübel, Group Chief Executive, to retire from office. The Board asked Sergio Ermotti to assume this interim position. This appointment is effective immediately, "said UBS.

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

The tension was still palpable on Friday on financial markets. The fear of a relapse of the global economy continues to weigh on investor sentiment. After the debacle of Thursday, the CAC 40 has attempted a rebound shy at the beginning. He then procrastinated for most of the session to finally close on a rise of 1.02% to 2810.11 points

In five days, the index of the Paris Stock Exchange dropped 7.3% since the beginning of the year, it now shows a loss of more than 26%.

The atmosphere was febrile also on other major European markets, which have moped for most of the day. London has finally gained 0.50%, and Frankfurt, 0.63%.Wall Street also tried to regain his senses.

Throughout the week the markets were concerned about the inability of monetary policy makers and reassure them.

Finance ministers and central bankers of the G20 countries, gathered since Thursday in Washington, pledged to "make a strong and coordinated international response" to the crisis. For their part, major central banks around the world have pledged to continue "to support recovery" and promised to ensure that "banks have adequate capital." In vain.Immersed in doubt, investors offload the risky assets.

Jean-Pierre Jouyet, the president of the AMF, the policeman of the Paris Stock Exchange has agreed that the situation remains "very worrying" and expressed concern of a "risk of systemic crisis" able to dive the entire financial world into chaos.

Banks have also had a meeting even under high tension. They are finally rising again after about a member of the Board of Governors of the ECB that the institution "could reintroduce refinancing operations a year for banks," according to Patrick Jacq, economist at BNP Paribas . Societe Generale has increased from 8.76% to 9.78% BNP Paribas and Credit Agricole of 4.78%. Over the whole week, the titles of major French banks, however, blame the loss of more than 10%.The heaviest fall of the CAC 40 of the last five trading days, however, returned to Vallourec, cyclical value par excellence that shows a loss of 17.5% for the week. No value no CAC 40 ended the week in the green. In the SBF 120 JCDecaux climbs over 10% for the week. The title is valued by analysts to the strength of its prospects and the recurrence of its results.

Concerns about the health of the U.S. economy once again weigh on the markets in Paris. In the wake of Wall Street the day before and Asian stock markets this morning, the CAC 40 lost more than 5%, falling well below the psychological threshold of 2800 points to 2791 points, having already fallen by 1.6% in the previous session. Same trend in other European stock exchanges: the London FTSE-100 lost 4.82% to 5150.06 points, the FTSE Mib in Milan, 3.73% to 13,593 points, the Dax in Frankfurt at 4.39% 5195 points, and the Ibex 35 in Madrid, 4.54% to 7837 points.

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It's a real bolt from the French audiovisual landscape. Wednesday morning the Competition Authority has just withdrawn the authorization in 2006 to Canal + to buy its rival TPS. Result, Canal + and its parent Vivendi will re-notify their proposed acquisition of TPS before the competition authority in a one-month periods. In addition, the authority sanctioning Canal + up to 30 million euros.

The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.

Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"

Gendarme Competition

All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The Competition Authority had imposed severe conditions, but Canal +, no one has apparently ignored it.

With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.

In a brief statement, the Canal + Group announced this morning that he took "note of the decision of the Competition Authority to date. He noted the highly unusual and disproportionate in relation to alleged breaches identified and appropriate action will commit. "

For the audiovisual group chaired by Bertrand Meheut, "it is naturally not possible to challenge a merger that's almost five years. The Competition Authority sees clearly in this decision means to force the group CHANNELS + to enter into new commitments, applicable beyond the end of those foreseen in the 2006 authorization, "said he.

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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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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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