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Capgemini continues its acquisitions in Western countries. After the buyback and Avantias Artesys in France and BI Consulting Group in the United States, the group specializes in IT services and outsourcing is in exclusive negotiations with the investment fund Apax Partners to acquire Operator transactional flow multichannel Prosody, according to a joint statement the two companies on Tuesday.

The operation, which could be finalized by the end of July, valuing the company at around 382 million euros, this amount also includes the acquisition price of Internet-EN LevelIP in France and Italy. Present in France, Spain and Belgium, the company achieved a turnover of 172.3 million euros and an operating margin of 15.3% published.Also specializes in cloud computing (cloud computing) and mobile services, Prosody is currently 97% owned by the fund Apax Partners and the management team guaranteed online personal loans.

Offer services that can complement Prosody Capgemini, particularly in the field of new IT services to its clients financial and public sectors, but also telecom and retail. And for the hosting of websites, the customer portfolio of Capgemini and market knowledge will enable it to continue its international development.

The acquisition, funded from net cash from Capgemini, would be accretive to the group's operating margin. The statement said it would also be accretive to earnings per share excluding operational synergies of at least 3% in 2011 and 4% in 2012.

At 9 pm, at the Paris Bourse, the title of Capgemini gained 2.07% to 38.19 euros. This is the largest increase in the CAC 40 to open Tuesday.

Maurice Lévy, chief executive of Publicis Groupe, has a comfortable time to find his successor as head of world number three communication. Thus decided on Tuesday its shareholders in general meeting, with the blessing of the President of the Supervisory Board, Elisabeth Badinter, the first shareholder with 10.5% of the capital and 17.2% of voting rights. The age limit for board members was increased to 75 years against 70 years ago.The mandate of Maurice Levy, 69, was stopped late 2011.

In a statement, Publicis Groupe justify this choice, beyond the managerial issues, indicating that Maurice Levy "can continue to guide the group in the revolution that shook the world of communication, including the rise of digital and Emerging Markets. "

He joined Publicis in 29 years, CEO since 1975 and CEO since 1987, Maurice Levy is undisputed artisan of the internationalization of the advertising group and registration, before its competitors in the digital age. The successive acquisitions of the two largest interactive agencies in the world, Razorfish and Digitas in 2006 in 2009, have accelerated the molting of Publicis, which now claims leadership in digital communications (28.2% of Group revenue in the first quarter 2011)."We're way ahead of our competitors," Maurice Levy repeats. His group has also recently illustrated by holding the end of May in Paris, the first eG8, visit the worldwide web of tenors.

Jean-Yves Naouri prospective

The offensive Publicis very proactive in digital has enabled the group to outperform its peers in 2010, with organic growth of 8 No teletrack payday loans.3% – when the world's leading WPP posted 5.3% and number two, Omnicom, 6, 4% – a record profit of 526 million euros (+30.5%) and a turnover of 5.4 billion (+19.8%). The group's financial position (106 million euros in cash and a positive end-2010 debt reasonable) allows him, moreover, continued serenely its strategy of targeted acquisitions in the digital sector and emerging countries, including Brazil and China .Last month, the group acquired the Rosetta for a U.S. $ 575 million.

Asked yesterday about future developments, Maurice Levy has ruled out a bid to redeem his group Synovate, the market research subsidiary of Britain's Aegis and Publicis said was however very soon announce the result of "some projects" under discussion in China that will provide "fairly significant changes." Publicis wants to make its second largest market after the United States. On his estate, which he did not directly question yesterday, Maurice Levy has already given indications. In late March, he appointed Jean-Yves Naouri, his closest associate and CEO of Publicis Group, the Executive Chairman of Publicis Worldwide, the leading advertising agency network of the group next to Leo Burnett and Saatchi & Saatchi.Maurice Levy few years to confirm it or not, his status as heir apparent.

The CAC 40 has widened its losses throughout the session. After starting the day on a drop of 0.86% to 3930.59 points, the benchmark index in Paris ended on a loss of 1.89% to 3889.87 points, now under the 3900 points, having already escaped to the 4000 points on Wednesday.

The movement was similar to other European markets. The Dax index featuring the Frankfurt Stock Exchange, which opened down 0.85% at 7155.86 points, finally loses 1.99% to 7074.12 points. The FTSE-100 index of London Stock Exchange, which started on a decline of 1.06% to 5965.02 points, its share for widening its losses to -1.36% at 5847.92 points.

The mood has changed beyond recognition from the beginning of the week. Greece seemed to approach Wednesday in an agreement with Europe and the IMF for further financial assistance, which could avoid insolvency.But the announcement a few hours later by a new Moody's downgrade of the Greek debt was added to the already heavy concerns facing Athens. Judging probable restructuring of the country's sovereign debt, Moody's downgraded three notches the rating of the country, pushing further into the speculative grade. For its part, Spain has managed to raise 3.953 billion euros of bonds 3 and 4 years on the market but, despite strong demand, the rates reflected on the rise.

In this context, risk-taking are not numerous. The activity is minimal anyway since France, Ascension Thursday is a holiday. It has traded about 2.5 billion euros on the CAC on Thursday.

Then the trend has deteriorated further as new economic indicators fell ill this afternoon in the United States.

– Across the Atlantic, the weekly jobless claims fell less than expected in the United States during the week to May 28, at 422 000 428 000 cons (revised) the previous week. And U.S. inventories of crude oil rose against all odds last week.

– However, the U.S. nonfarm productivity rose more than expected in the first quarter, while unit labor costs rose slightly more than expected, according to the second estimate published Thursday by the Labor Department.

Note that the currency market, the euro remains strong against the greenback at 1.4475 dollar.

No values ​​in the green on the Cac 40

As for values, no news.Note, however:

The banking sector

High risk debt Greek, French banks react poorly to the degradation of the country note by Moody's: Societe Generale (-0.80% to 40.20 euros), Credit Agricole (-0,1,66 to 10% , 35 euros), BNP Paribas (-2.58% to 52.41 euros) and Natixis fall (0.96% to 3.605 euros).

AXA (-2.59% to 14.66 euros) also declined.The day before the title had been the star of the Cac 40 gained 1.45%, boosted yesterday by the announcement of its new strategic plan and the sale of its Canadian subsidiary.

Alcatel Lucent: -3.92% to 3.84 euros, STMicroelectronics: -2.53% to 7.50 euros (two of the largest decreases of ACC)

Both values ​​are directly or indirectly penalized by the difficulties of Nokia and the risk of cancer linked to mobile phones raised by the World Health Organization.

EADS (-3.34% to 21.39 euros) suffers from a rise of the euro.

Total: -2.37% to 38.64 euros

The group is penalized by lower oil prices is the main contributor to the decline in the index.

EADS: -2.06% to 21.67 euros

The group is leaded by the strong rebound of the euro.

Lafarge: -2.77% to 45.80 euros, Saint-Gobain: -2.03% to 44.70 euros

Morgan Stanley cut its price target from 53 to 51 euros and reiterated its view weighting online and prefers HeideldbergCement and Saint-Gobain that Deutsche Bank, which remains on the purchase, the price target is 48 to 53 euros.

TF1: -0.88% to 12.43 euros

The group said Wednesday it had received offers "constructive" of several Internet service providers to distribute its pay-TV from 2012.

Trading in Gecimed remain suspended until the opening of the buyout offer followed by a withdrawal bond, its parent company Gecina (-1.10% to 98.90 euros). This opening will be later than June 8, after payment of dividend.

In late March, France had 687,900 autoentrepreneurs, according to statistics released yesterday by ACOSS, the umbrella organization Ursaaf nationally. Established in 2009, this scheme, which offers many benefits to tax and social entrepreneurs, creates less enthusiasm now: it came into full swing. Thus, in the first quarter of 2011, the number of accessions was 67,864. Even if, as recalled by ACOSS, this figure is provisional, the inflection is sharp compared to 2010 and its average of 80,000 accessions per quarter (excluding the first quarter, which saw a boom).

Radiation have also increased: 15,165 in first quarter 2011, against 10,000 a year earlier. "The flow of radiation 2010 is around 22.3% of the stock of late 2009," said the statement from ACOSS.

What are the radiation regime of autoentreprenor? For 93% to a cessation of activity. In 7% of cases, the contractor leaves the system while continuing its business under another statute (most often because it exceeded the thresholds of turnover regime autoentreprenor) payday advance online.

Among those who left for autoentrepreneuriat cessation of activity in 2010, two thirds had made no sales. This is one of the peculiarities of this scheme: it is very easy to join, even with a little project successful. Result, about 40% of autoentrepreneurs are really active and record revenues.

8300 euros turnover per year

The turnover generated by autoentrepreneurs reached 785 million euros in the first quarter of 2011.Either a priori – subject to confirmation by the final statistics – a trend similar to that of 2010 ($ 3.1 billion in sales reported throughout the year). In 2010, autoentrepreneurs assets have achieved an average turnover of Euro 8285. The commerce and construction bring together the largest cohorts autoentrepreneurs. But many also in IT, consulting, education, science and art.

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"New record of business creation

On Wednesday morning, the downward pressure on the euro regain the upper hand against the greenback, the single currency will trade around 1.4030 dollars against 1.4118 on Tuesday evening. In addition to a movement of profit taking after a rebound from the previous day – business confidence in Germany was well back, reassuring investors – "fears about the debt crisis of eurozone worsen ' says Saxo Bank in its daily note. Evidence of these serious concerns, "the rate two years Greeks have strained to reach record levels 25.736%." It must be said that the question of a possible restructuring of the Greek debt continues to generate controversy.Warnings against this possibility continue to multiply like the statements of members of the European Central Bank (ECB), European finance ministers, or even that of Christian Noyer, governor of the Bank of France saying it would be a "horror scenario".

Thus, the euro is on the verge of crossing the bar down $ 1.40. On Monday, the euro fell briefly below before rebounding. The currency suffered threats from rating agencies like Standard & Poor's that put a negative outlook on the rating of Italy, or that Fitch downgraded three notches note of the long-term debt of Greece, and monitor indicated that of Belgium. In addition, in Spain, the protests continued and the elections that went wrong for the Socialist Party in place, have fueled concerns about contagion cases Greek, Irish and Portuguese."As long as the debt crisis concerns only these three countries in the euro area, which weigh about 6% to 7% of its GDP, it is relatively manageable, felt Bruno Cavalier, chief economist at Oddo Securities. If it extends to Italy and Spain, it will be any more ".

Earlier this month, the euro had risen to nearly $ 1.50. Thus in twenty days, the currency has depreciated it by 6%. What, finally, is a pretty good news for European exporters in general and French in particular. These companies are suffering because of the level of the euro currency deemed "too strong", including Nicolas Sarkozy, faced with foreign currency (dollar, yuan, etc..) Pushed down by the local monetary authorities.

The euro, however, could see its downtrend settle or even reversed as speculation about a future rate hikes by the ECB resurface.However, a tightening in June seems excluded, as was suggested by President Jean-Claude Trichet recently.

• The Swiss franc receives record against the euro

Decline of the euro requires the Swiss franc appreciates mechanically. The Swiss currency rose to 1.2323 Swiss francs per euro on Wednesday morning, a record. Earlier this month, the exchange rate was worth around 1.30 (when the rate euro / Swiss franc drops, the Swiss franc rises), an appreciation of 5.7%. A year ago, it was more than 1.41 (+13% yoy) and three years ago, the euro was trading at 1.65 Swiss francs (+25%).

"The Swiss franc remains the strong currency on the market for foreign exchange, to the despair of many companies and sectors" Swiss exporters, estimated in a note to analysts at Pictet.For the latter, the franc could rise "soon" the bar of 1.20 francs per euro in a volatile economic environment. "The strength of the franc could weigh on economic recovery," said the State Secretariat for Economic Affairs (Seco) said in a statement.

• Belarus devalued its ruble by 36%

Another milestone this week, Belarus, facing a major financial crisis, decided to devalue the ruble by 36% to align the various courses in force in the country, according to a statement from the Central Bank on Monday. From May 24, the official exchange rate is fixed to 4930 Belarusian rubles to the dollar and 6914.82 rubles per euro, down from 3,155 Belarusian rubles a dollar before and cons of 4 516.38 rubles per euro.The dollar has appreciated by 56% as compared to the Belarusian ruble.

Belarus, a country in Eastern Europe led by Alexander Lukashenko in power for nearly 17 years, is sealed by an abysmal trade deficit, and sees its foreign currency reserves will reduce to a trickle.

• The yen is benefiting from a trade deficit less worse than expected

The Japanese currency has recovered slightly against the dollar after the announcement that the Japanese trade deficit was less than expected. Japan posted a trade deficit of 12.5% ​​yoy in April – the highest in 31 years – because of the consequences of the earthquake and giant tidal waves on 11 March. The deficit reached 463.7 billion yen ($ 5.6 billion) in April, against a surplus of 729.2 billion yen a year earlier. But it is much lower than the expectations of the markets. They anticipated 700 billion yen.

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A "groundbreaking study and scientific." Alliance, the second union peacekeepers, and the CNRS announced Friday the launch of an extensive survey of the 120,000 police officers on their working conditions, "stress" and "management". The study, entitled "Management and Well-being at work in the police" in a context of "working conditions are considered difficult" to police, said Mathieu Molina, the lead researcher at CNRS , referring to a "dangerous job".

Originally the project: Researchers from CNRS at the University of Toulouse / Capitol 1.They have asked the union so that the "investigation is widely distributed to police, including through its network of 4,000 trade union delegates, said during a press conference Molins Mathieu and Jean-Claude Delage, secretary general the police union.

According to an unpublished study by the National Institute of Health and Medical Research (INSERM), conducted at the request of the Ministry of Interior, the rate of suicide in the police community is 32.4 per 100,000 workers. A figure almost twice that recorded at France Telecom.

"A first in the police"

The police will respond anonymously on the Internet to a series of some 250 questions about their "working conditions", the "stress" or the "feeling of coaching."They will be asked about their environment "sometimes hostile," the "media pressure", the "workload", and the service weapon, but not direct, the "political figure". "If it appears that it" arose from the policy outcome driven by Nicolas Sarkozy when he was interior minister, "is an element terminated by our colleagues, we will know," said Jean-Claude Delage.

In the number of responses expected, Mathieu Molins argued that some 5,000 responses would be a "good sample". The target for the police union is to draw lessons in order to then make "concrete proposals" to the Ministry of Interior. The results of this new survey are expected in January 2012, a few months before the presidential election.This will "also ask candidates," said Secretary General of the police union.

"This is a first for the police," added Jean-Claude Delage. And it concludes: "The police will have to (this) level the opportunity to express themselves confidently (…) and make known their views on the current situation in their services."

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In early spring, a group of experts from the European Union and the International Monetary Fund is once again in Athens. For a week they will examine the preliminary draft budget triennial Greek (2012-2015), which will be unveiled at the end of the month and includes estimates for large departments, linked to continued structural reforms.

The fifth installment of the loan of 110 billion euros granted by the IMF and the EU is not directly involved this time. But the enforcement of austerity measures remains a priority for creditors became suspicious. And for good reason: the Greek government has revised upwards its deficit for 2010.The figures will be formalized by Eurostat on 26 April, but already, George Papaconstantinou, the Greek finance minister, admits he will not but at 9.4% to 10.6% of GDP.

Privatizations

For Yannis Stournari economic think tank IOBE, "from 15 to 10.6% of GDP deficit in one year is a good thing. But the government will soon be at an impasse if not privatize as quickly as some public enterprises, "he warned. The impasse is the debt restructuring, but the EU still denies such a possibility.

Meanwhile, international creditors imposed on Greece a privatization program of 50 billion euros by 2015, "which is entirely possible and desirable," says Yannis Stournari, "but we need the Prime Minister change in philosophy.The Greeks are bled dry by the rigor, and they said they will soon have more taxes and more cuts than revenue payday advance. Only the stimulus will help them relax a little. " Indeed, the announced new austerity measures by the end of the year, in order to save 4.2 billion euros, angered and worried the Greeks. If they show less and less in the streets of the country, many of them strikes multiply the zeal and slow pace of work. Others simply give up.

In 2010, more than 55,000 businesses have gone under the door and the Forecasts for 2011 are not encouraging. To counter the recession, the Greek government decided to facilitate business creation. "Until now, to create his company, he had to go to eight different administrations and wait over a month.Some would even give a small envelope to the employee so that his case should take less time, "says Akis Skertzos, political advisor to Minister of Development. Personally responsible for coordinating this initiative, he is confident of his success: "Now it takes an hour and only one place to start his business. This is not a matter of time, it is also an effective way to fight against corruption and in fact against tax evasion, since the system is connected directly to the Ministry of Finance, "adds it. Greece hopes to move from 149th to 83rd in the standings, which measures countries according to ease procedures for new businesses.

The case cringe to the intervention group of the Gendarmerie Nationale (GIGN). Reportedly, Air France, which has three models of new Airbus A380s and nine on order, has not equipped its aircraft of an option may favor intervention gendarmerie forces in the event of a terrorist attack and intervention on the tarmac of the airport.

This system, called "Cabin Video Monitoring System (MSVC), appears in the catalog of options from Airbus. It is a network of fifteen cameras placed in the cabin and cockpit. The images are not accessible to ground when the aircraft is in flight. However, in case of hostage taking and intervention GIGN, the troops can connect external cameras on the camera, see inside the cab and estimate the forces involved and their location on board.The new tool facilitates the preparation of the attack. "We developed this option at the request of the GIGN which sought information on what happens on board," said an executive of Airbus interviewed by Le Figaro. Some discretion is in order from the manufacturer about customers who bought this security system. Four more airlines operate the A380 in the world: Singapore Airlines, Emirates, Qantas and Lufthansa. Several of them would have to equip their aircraft system MSVC.

"Respect for private life"

GIGN at home to Airbus, it is indicated that the national carrier could not purchase the option with respect to an outcry from trade unions to aircrews. They did not want staff to be filmed without his knowledge. This information is not confirmed by Air France or by its unions."This safety feature is linked to an option of personnel management in the cab of the vast apparatus, said one part of Airbus. With these cameras, it is possible to know where staff on the plane. The security system is a derivative of the first option cheapest personal loan rates. "So it is impossible for the manufacturer to install the cameras if the client has not previously ordered the option of Personnel Management.

The Civil Aviation Organization (ICAO) has mandated a system called "CDSS" (Cockpit Door Surveillance System) team today Air France aircraft and those of its competitors. It consists of a video surveillance system for access to the cockpit. But the authority has not made mandatory the MSVC.A member of GIGN noted that "this option facilitates a transaction and it is ironic that foreign companies that buy MSVC developed through cooperation Airbus GIGN. Asked by Le Figaro, Air France said it did not adopt this system "out of respect for privacy and confidentiality of passengers, as well as respect for the work crews." The company also recalls that she "has other means to ensure its passengers and its crew the highest flight safety." "Air France did not buy the material but does not present a deficit of security, confirmed a spokesman for the GIGN.The company meets all ICAO standards and is well equipped to face the terrorist threat. "

If the debate seems settled for now at Air France about MSVC, the question may nevertheless stand as the equipment will now be offered by Airbus on all new generation aircraft. Boeing did not propose at this day as a safety feature. For drivers, the case is heard. "We do not want these cameras that could give rise to records and be used in case of accident, said a member of the Technical Commission of the National Union of Airline Pilots (SNPL). Justice is often an illegitimate use of the images obtained through the investigation of air safety. "

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Thirty minutes. This is the time it took to Switzerland to request a freeze on assets of 11 individuals Mubarak and Egypt immediately after the regime fell, Friday, Feb. 11. With "immediate effect", was held to clarify the Ministry of Foreign Affairs. In that game, the Swiss Confederation was the fastest. One way for it to improve its image, then drag it a tax haven.

But half an hour, it was already too long. Hosni Mubarak would have prepared the disappearance of its funds for almost three weeks, according to sources in the Anglo-Saxon intelligence cited by the British newspaper The Telegraph. Half an hour is also a time that will seem silly in the end if legal proceedings are initiated: they may take years.Where appropriate, "it will indeed Egyptian state to prove the fraudulent origin of the funds, not to ex-Egyptian leaders to demonstrate their good faith," said Thomas Chappot, NGO Berne Declaration.

Switzerland has yet voted in an emergency last year a new law supposed to facilitate the return of illicit assets looted States. Bern wants to avoid any repetition of the scandal Moboutou: Swiss justice had restored the fortunes of the bloody dictator of Zaire to his heirs. Alas, the new law, applied since February 2, should not apply to Egypt or Tunisia. It targets only those States considered delinquent.

The British detectives on the trail

European countries have sought for their part expect the demand for new Egyptian authorities to act. These do they have sent on Monday targeted a list of ex-officials of the deposed regime.The ex-Rais and his family are not there. British newspapers reported Sunday, however, that the financial sleuths had already begun investigating the secret funds of Mubarak.

In the case of France, it was only late Tuesday morning that the Egyptian property were formally placed under surveillance. A decision is not binding. Specifically, the body of financial intelligence Tracfin asked financial institutions to pay special attention to the assets of "senior Egyptian officials and politicians, including President Hosni Mubarak."

In theory, banks are always on the alert. So, a source close the file, it said on Monday afternoon, well before the official announcement that the funds were under Egyptian supervision, as well as those of "politically exposed persons" in general Internet Payday loans.Clearly, the former Egyptian leaders do not receive special treatment.

If Gbagbo

Under EU procedures, out of the banks financial investigators warn in case of suspicious movement. NGOs as Sherpa or Berne Convention would have preferred that the states agree to unilaterally block the assets and those of Mubarak Ben Ali. "The Security Council of the UN or even the EU could make such a decision," says Maud Perdriel-Vaissière, the Sherpa Association. "They did well in the case of the former Ivorian President Laurent Gbagbo."

We must not lose sight of the ultimate goal, she said: "Part of the funds acquired illegally by the former leaders must be returned to the States made victims." The previous legal proceedings conducted in Europe do not encourage optimism.In Switzerland, the assets of former Haitian dictator Jean-Claude Duvalier, known as "Baby Doc", have been frozen for a quarter century without having been given back to the State robbed. In France, the case known as "ill-gotten gains" to the old African dictators, is stalled.

"A lot of friends" in the Gulf

The fact is that the assets of Mubarak and Ben Ali are probably not located in Western countries. "I am skeptical about the return of misappropriated funds to Tunisia or Egypt: Most Arab leaders have placed their money in the Gulf, where they have many friends," said Christopher Davidson, a specialist in Arab world and professor at the University of Durham.

For example, the Egyptian property is located in Switzerland would amount, according to the Swiss Central Bank, to 3.6 billion Swiss francs, or 2.7 billion euros.Impossible at present to know who they belong, or even if they are illegal origin. This amount seems very low compared to the fortune that Mubarak is accused of hoarded. Estimates range between 3.5 and 47.8 billion euros. According to economists at the NGO Global Financial Integrity, the Egyptian capital flight represented an illegal outflow of $ 57.2 billion, or 42 billion euros between 2000 and 2009.

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"SPECIAL – Tunisia, Egypt … Revolts in the Arab world

We do not accept a contract of life insurance to invest money for a few months, for sure. Insurance rhyme first with long-term. But life is not always smooth sailing and sometimes it becomes necessary to dip into these savings before time. For additional income or in case of hardship, the savings invested in life insurance is available. How? Two little known options can help you out while preserving the priority of the contract (nothing changes in the taxation of the contract) and the ability to make further payments.

Perform a partial redemption: a smaller tax over time

The withdrawal (or buy) allows you to create regular income. It includes some "savings" and some "interest or capital gains."It is the latter which is only subject to payroll taxes (12.3% since 01/01/2011) and the income tax or a standard deduction amount varies depending on the age of the contract: 35% if less than 4 years and 15% if between 4 and 8 years (*). Past 8 years, interest is not taxed, if less than 4600 € / year for a single person and less than 9200 € / year for a couple filing jointly. Better to book this type of operation to the "old" contracts and verify each year that the exemption limit is not exceeded.

Advance, neither tax nor social security contributions

The advance is a specific need and limited in time payday loans. It's actually a loan made by the insurer on the available savings, which also continues in its full, grow as if nothing had happened.The advance may not exceed 80% of savings invested in a vehicle in euros by example and must be repaid within 3 years of receiving payment (these terms must be included in the general conditions of each contract). Cost or interest rate is the average rate on government bonds plus compensation insurer (+0.50% to 1%). The advance, which is an advantage, is not considered by the IRS as income or capital gains: there is no tax or social charges payable on the amount received … provided that it is actually repaid.Otherwise, it will be reclassified to withdraw, with the tax applicable to them!

(*) There is tax exemption, regardless of the duration of the contract in the event of termination, liquidation, severe disability, etc..

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