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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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Credit Agricole took over the Cac 40. The title wins more than 6% at the Paris Stock Exchange to 6.60 euros. Investors welcomed the results of the second quarter of the group, better than expected.

In July, Crédit Agricole said that the participation of the bank in terms of aid to Greece and the operations of its subsidiary Emporiki, the country would have an impact of up to 850 million euros on its performance in the second quarter. Finally, the load is lighter than expected: Greece does not cost "only" 640 million euros on quarterly Credit Agricole. A load that is distributed as follows: 202 million euros (146 million after tax) for impairment of securities of the Greek states and 494 million for the goodwill of the Emporiki Bank (2006).However, the debt problem gecque led the market value of Crédit Agricole in a dramatic decline: its stock has lost nearly 35% of its value since the beginning of the year.

These results confirm the long-term goals

As for results, the bank has indeed announced Thursday a net profit after minority interests fell by 10.6% to 339 milion euros in the second quarter versus the same period in 2010. But this is higher than expected by analysts who had forecast a quarterly profit of 193 million euros. BNP Paribas and Societe Generale were published at the beginning of the respective benefits of 2.12 billion euros and 747 million.

According to the CEO of Crédit Agricole Jean-Paul Chifflet, these results confirm a positive underlying trend at the operational level of the bank, in the 2014 strategic plan, presented last March. The group aims to achieve a return on equity of 10% to 12% by 2014. The bank would also surpass the 25 billion euros in net banking that date.

In the medium term, Crédit Agricole has no plans to increase the capital despite the market turmoil in July and August, denied the report, published Wednesday in the Letter of expansion of 1.5 billion euros, dedicated the recapitalization of its subsidiaries in Southern Europe. However, the group recognized that its goal of returning to profit for Emporiki Bank in 2012 would be compromised.

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Solidarity … under certain conditions. Nicolas Sarkozy and Angela Merkel have called on the table a proposal to increase pressure on countries in the euro area would not make enough effort to balance their finances. Structural funds, the grant made by the European Union (EU) regions, would be suspended to encourage States to comply with the "golden rule" budget.

"Payments from the Structural and Cohesion Funds should be suspended in the countries of the euro area that do not comply with the recommendations of the excessive deficit procedure", suggests the president of the French Republic and the German Chancellor in a letter Communication to the European Council President Herman Van Rompuy.

All states of the European Union benefit from the funds created in the 1990s.The three main funds (European Regional Development Fund, European Social Fund and Cohesion Fund) are paid to countries that request it. Any region whose gross domestic product is less than 75% of the EU average receives these subsidies with the aim to help them develop.

Thus, 49 billion are paid each year as part of regional policy for 2007-2013 fast cash loans. In total, 347 billion euros, or 35.7% of the total budget of the European Union, which are allocated to regional aid policy.

20.4 billion for Greece, 21.5 billion for Portugal

To critics of these funds, the aid is ineffective: among the first beneficiaries are precisely the most indebted countries in the euro area.For 2007-2013, Portugal and must receive 21.5 billion euros from structural funds and cohesion, Greece 20.4 billion, Italy and Ireland 28.8 billion 901 million.

By transforming this aid as an instrument of pressure to encourage States to more fiscal discipline, the EU could further depress the areas most in need. But the idea is gaining ground as European leaders explore all the ways out of the euro zone debt crisis.

The idea is not new, and Germany is also one of the strongest promoters. The proposal in that the Franco-German duo at the end of the meeting Tuesday she will succeed in finding support among other member countries? The Dutch Prime Minister Mark Rutte has also expressed Tuesday in favor of these sanctions.

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The Court of Justice of the Republic (CJR) announced Friday it had postponed to August 4 decision to initiate or not an investigation of the role played by Christine Lagarde in the case Tapie.

"One of the members of the commission has indicated that he was later forced to recuse himself," said Gerard Palisse, president of the petitions committee of the Court. "The alternate member of the Court which could have us make up for his part that he himself was unable to do so immediately without prior knowledge of the case. The Committee decided to defer consideration of this matter Thursday, August 4, "he added.

The former French Minister of Economy and current executive director of the International Monetary Fund (IMF), is suspected of "abuse of authority" in the arbitration in July 2008 on the case Tapie, Credit Lyonnais faxless cash advance.The businessman, who felt cheated after the sale of Adidas in 1993 with Credit Lyonnais, had obtained 285 million euros of public funds.

In May, the Attorney General of the Supreme Court, Jean-Louis Nadal, asked the petitions committee of the RGC to investigate the matter. If the Court decides to initiate the investigation, it should be long and Christine Lagarde would not be considered for several years. The new leader denies IMF, meanwhile, abuse of authority in this matter and have provided "clear conscience".

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The battle to win the big contract from the French offshore wind organized. After Areva, which has partnered with the Spanish Iberdrola last week, it was the turn of EDF Energies Nouvelles to partner with a foreign group specializes in offshore wind, according to Les Echos. A subsidiary of EDF should indeed unveil Monday morning a partnership with Danish DONG Energy to meet the tender to be published July 11, the newspaper said. The tandem will try to get hold of the entire order worth a total of 10 billion euros.

The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. By 2020, the government is a target of 6000 MW of offshore wind, or 1200 units to be built.

In detail, EDF EN and DONG Energy would create a joint venture majority owned by EDF Energies Nouvelles. This new entity will offer a special place in the Danish group in the race to the contract and will allow EDF EN to join a specialist offshore wind. In fact, DONG Energy already operates eleven offshore wind farms in Europe. The Danish group have been very courted, especially by GDF Suez.

In contrast, the subsidiary of EDF is still not present in the field of wind energy at sea, but EDF EN goes into working order. Having established a partnership with Alstom to supply him the offshore wind, he offered the services of three groups who worked on the project.

DONG Energy and EDF EN, associated with Alstom, is positioned on the five areas covered by the tender in competition with Areva / Iberdrola on two areas and three areas with GDF-Suez, Areva Vinci.Other contenders could also decline by 11 July.

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From 1 January 2012, the right to share from 1.1% to 2.5%. Thus decided on Wednesday the deputies and senators met in joint committee (CMP) to find a definitive agreement on tax reform heritage.

This measure is not trivial. For divorcing couples and share their property must pay this right to share, whatever their matrimonial regime. This tax is also due by the heirs, at the distribution of the estate, and at an inter vivos gift (for donations reinstated earlier this occasion).

With this increase, the state will recover about 300 million euros, mainly at the expense of 130,000 new annual divorced. So, a couple who owns property, net of debt, must pay 300,000 euros to 7500 euros right to share next year.If he had divorced this year, his bill would have been only 3300 euros. Problem: the reform of the ISF was supposed to be financed by the wealthy … "I can not find normal tax increase during a difficult time of life," said Benoit Renaud, president of the Superior Council of Notaries. This increase in risk-sharing law to push further the heirs to remain undivided and discourage donations sharing. At the risk of creating conflicts in the future. Finally, it is not impossible that many divorced choosing to sell their property and to divide "sneak" the money, without an act of sharing history to evade taxes.

In addition, the CMP identified in 20% to 25% inheritance of life, are transmitted to beyond 902,838 euros per unit, after deduction of 152,500 euros. And validated the smoothing mechanism for donations.The government increased from six to ten years the time between donations, or between a gift and an estate eligible for tax relief. To mitigate the shock of the transition from six to ten years, MPs and senators, have developed a system for smoothing. The Senate was selected CMP. Specifically, the deduction on the value of the donation will be 10% for a donation of six years old, 20% for a donation of seven years old, 30% for a donation from eight years and 40% for a donation dating back nine years.

The agreement on the tax measures found in the CMP must still be approved by the Assembly and the Senate in session July 5. However, this validation should not be a problem.

Emerging markets have gained a few percentages of voting rights since the reform as demanded by the IMF management. Their weight increased by 38.4% and 42.3% of the vote. But it is always the U.S. and the Europeans leading international institution in spite of the voting down 46% to 43.4%. These figures are determined theoretically based on State participation in financing the institution.

Countries are grouped by school, themselves represented by a director elected to the Board of Governors, the supreme decision making body of the IMF. Except for the most powerful of them. The United States, France, or Germany, but also Saudi Arabia or China, have a seat assigned to them.This system of representation for the pooled least major countries said that Spain, which supports the candidacy of Christine Lagarde, will vote for his opponent, Agustin Carstens. Indeed, his voice is attached to those countries in South America.

If the weight of each country into account, "the IMF tends to emphasize the consensus in the designation of candidates," said Jerome Sgard, research director at the Center for International Studies and Research (CERI). Large countries like Brazil and China, have not indicated their preference between Lagarde and Carstens. "This type of organizations do not publicize their internal conflicts", slipped the researcher.

In fact, the future boss of the IMF "is not elected," according to Jerome Sgard in an analysis published in Le Figaro."He is chosen, namely the international political establishment which gives it a personal mandate." In this race there, Christine Lagarde seems to have some advance on his Mexican challenger. Performance to be confirmed by June 30, when the "selection process" will be closed.

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"How does the IMF

Satisfecit of some and disappointment of others. If the club of wealthy G8 welcomes the progress made in official development assistance (ODA), NGOs denounce a shell game with numbers. Put on the table at the summit in Genoa in 2001, aid to Africa has been quantified in Glenaglee in 2005, which, according to the first report on accountability presented Thursday at Deauville, are almost required. Of the 50 billion promised, it only needs 1.27 billion in current dollars. Note that the G8 contributes 70% this aid, the rest of the Development Assistance Committee of OECD. "This gap represents only 2% of the initial target," the report said.While Oxfam criticizes "a whitewash" which does not account for inflation since constant dollars compared with current dollars.

In fact, according to OECD estimates, the donor has paid only 31 billion dollars, or a lack of $ 19 billion. "The promises are far from being held for Africa," said Maureen Jorand, CCFD Earth solidarity. Of the 25 billion announced, only 11 were paid. The NGOs also criticized the meager results for food security, following the commitments made at the summit of L'Aquila in July 2009 after the riots, to spend 22 billion by 2012. "To date, only 22% was actually disbursed," says Maureen Jorand.

In detail, France is the third largest contributor behind the United States and the United Kingdom.The French Minister of Cooperation, Henry Raincourt, indicated recently that French ODA rose by 52% since 2004 and is concentrated up to 55% on Africa. With 0.50% of GNI to ODA in 2010, Paris was close to the target bit by Brussels to 0.51%. Again, NGOs are challenging the scope of assistance which includes loans and home to foreign students. Knowing also that budget constraint forces, France has announced a freeze over three years. Hence the importance of innovative financing defended by Nicolas Sarkozy.

Jean-Charles de Castelbajac is in advanced talks with investors to mount a round table to buy the brand that bears his name, in receivership since May 3

The company was declared insolvent after the decision of the Swedish partner to stop investing. Sixth Swedish National Pension Fund, holder of 99% of capital funds associated with the Atlas (1%), became owner of the mark a bit by chance. This financial and specializes in shipbuilding and electronic chips, held a minority stake in the English group Marchpole, which bought Castelbajac in 2004. Yet it went bankrupt in 2009 and was then solved Swedish head of the French fashion label founded in 1978.

His creator, Jean-Charles de Castelbajac, had placed the rights of its brands in the company in 2000.When sold, it had been paid in shares Marchpole. After the bankruptcy, he has lost both its capital and name. After investing more than 10 million euros in two years in the redeployment of the company, Sixth Swedish National Pension Fund has chosen to stop the charges earlier this year.

"Low cost luxury"

In 2009, Castelbajac has suffered an operating deficit of $ 2.4 million on a turnover of 4 million, although sales of shops had yielded a net benefit. The debt owed to the shareholder would be some 4 million euros. The production of future collections can no longer be funded. Ironically, the brand through these financial difficulties, so she knows a new youth.

"The reality is brutal but I say it's providence to return to my company, yesterday gave Jean-Charles de Castelbajac at Figaro.At 62, the artistic director of the brand consultant has more energy than ever and ideas to sell to raise. He talks with several investors, industrialists and financiers, French and Asian, to mount a round table to which it is associated, which would allow him to reclaim his name.

It builds on both the prestigious image of a line of ready-to-wear line and second line JCDC available, sold especially on the Internet, which has exploded in recent years young. Worn by Lady Gaga Katy Perry, the brand new creative breath. "It's low cost luxury," says the designer, who is not afraid of trading. My ambition would be to aim the target of Zara. "The production of these products available would be developed in partnership with manufacturers under license.

The gold will record after record, but the money flies even faster. Since the beginning of the year, its price has jumped 50%, when the yellow metal has appreciated by about 6%. It surpassed the $ 45 an ounce last week and is now very far from its record high, $ 50, set in 1980. Since 2002, when an ounce was worth less than $ 5, its price has been multiplied by ten. At the same time, that gold has only increased fivefold. "Traditionally, an ounce of silver is about 60 times less expensive than an ounce of gold. Now it is about 30 times, "says Catherine Raw, Natural Resources Specialist at BlackRock.

But as this precious metal has therefore to arouse our enthusiasm? The economic recovery has taken its course upward, because it is much more than gold, used by the industry, eg for mobile phones and solar panels."The industrial applications of silver up about half the annual consumption of the metal," said Arnaud du Plessis, managing commodity shares in CAAM.

But mostly, like gold, silver is a financial investment. Past ten years have multiplied around the world (except France) Exchange traded funds, ETFs or ETF, that replicate the price of gold. Investors can bet in a few seconds on the price of silver. No need to hold the metal itself, these funds are keeping in their vaults. "In recent years, silver prices and stocks of these ETFs have kept pace.A significant portion of the increase of money is related to these investments, "said Arnaud du Plessis fast cash online.

Safe haven as gold, silver prices have soared as the debt crisis was undermining confidence in sovereign states, the war of currencies weakened the dollar and inflationary pressures appear. "The dollar is weak, investors lose confidence in the U.S.. They take refuge in gold and silver, "says Christopher Wyke, commodities expert at Schroders. In the turmoil, the gray metal rises even much faster than the yellow because that market, ten times narrower than that of gold, is more speculative. The courses, more volatile, overreact to news.In addition, since the money is much cheaper than the yellow metal (hence its nickname "poor man's gold"), investors may, with the same capital, to buy larger quantities, thus multiplying their profits .

Central banks invest

While most experts are confident about the continuing rise in gold, opinions are more divided about the fate of the money. "He got too fast, too high. He could now move more slowly than the yellow metal. But I do not see it crumble, "Catherine Raw edge.

Professionals still remain positive. "As long as confidence does not return on currencies and bonds, gold, as money, should continue to appreciate," says Alain Corbani, Managing Director of Commodities AM. Especially as central banks, notably in emerging countries, have decided to invest more of their reserves in gold and silver ….And the production of silver mines should not increase significantly for two years.