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"The revival of the European economy is broken." The verdict of the European Commission, which presented on Thursday its autumn forecasts for 2011-2013, is categorical. According to Brussels, all signals of the economy are red. "The sharp drop in confidence hinders investment and consumption, while the slowdown in global growth reduces export and fiscal consolidation to operate emergency weigh on domestic demand." Accordingly, the Institution provides a low growth for the EU in 2012, about 0.6% against 1.9% forecast last spring. In the euro area, GDP is expected to show a slight increase of 0.5%.

The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …Olli Rehn, European Commissioner for Economic Affairs has indeed warned that Europe could "experience a new recession." He urged governments to restore confidence in "fiscal sustainability and the financial system" by accelerating the reforms. For the European Commission, the restoration of that confidence is well underway. "The measures adopted in recent months should help to remove uncertainty regarding sovereign debt and the financial crisis in mid-2012, and this should gradually unlock investment and consumption," says his report.

In France, Brussels forecasts should take a cold. François Fillon on Monday presented a new plan of austerity measures designed to bring 65 billion euros by 2016.

Findus is about to change hands. Three years after buying the French leader in frozen, its owner, Lion Capital, calls into sales. The investment fund, which has got hold of last year's Frozen Picard, is given two months to complete the transaction. He has hired investment bank Rothschild on this issue. Two candidates were nominated.

After writing last week in the management, staff representatives will be received Monday morning in Noisy-Le-Grand, at the headquarters of Findus France as part of a central works council (CEC) extraordinary. A representative from the shareholder will also be present. The sale of Findus would have to be formalized.

At Boulogne-sur-Mer, where the factory is located in the French group, employees are in shock. In late July, announced with great fanfare Findus have "saved" in extremis its plant relocation.Lion Capital had then committed $ 11 million in three years and create fifty jobs. This allowed to increase by 25% the production capacity of the plant, which manufactures the famous Croustibat breaded fish sticks.

Sales growth of 8% in 2011

At a time when the group is about to change hands, its French subsidiary has never paid as well. In early September, its chief executive, Matthew flaps, which took over in 2005 and recovered the activity, anticipated sales growth of 8% in 2011. Findus France, which is given five years to grow 50% this year should exceed the threshold of 200 million euros. The group, which launched eleven new products in September, also plans to invest the radius mellitus.

He also removed the last year of palm oil revenues apples hazelnuts and other breaded fish.The dynamism of the business, coupled with the withdrawal of Nestlé (Maggi) radius frozen, Findus allowed to steal first place in the Hexagon. The radius of the frozen ready meals, it is nonetheless the third, behind Maggi and Mary (LDC).

In France, Spain, Britain and Scandinavia, Findus is not his first change of ownership. In 2000, Nestlé had sold the specialist frozen Swedish EQT fund while retaining a portion of the business, now sold under the brand Maggi Frozen. Six years later, Findus was found in the bosom of another fund, Capvest. Lion Capital is offered it in 2008 by paying 1.2 billion euros. This allowed him to bench other funds, Permira and BC Partners, which could again review the case.

Reportedly, the government will create a new tax for manufacturers subject to the quotas of CO2. This tax will apply only one year in 2012. It will be between 0.08% and 0.12% of the turnover duty of the companies concerned. "Small polluters", those who received quotas for less than 60,000 tons of CO2 annually, will be exempt. Bercy is estimated that this tax will yield € 223 million. It will be paid by 400 companies. In fact, the electricians (mainly EDF) and large boilers are the main contributors: they will provide one third of tax revenues. Other very involved industries: food processing, chemicals, metallurgy and automobile industries.

The purpose of this tax, which will be part of the draft budget law (PLF) for 2012: to allow Paris to meet a European requirement short term personal loans.Around 1100 French facilities are subject to quotas of carbon. Each year, new plants, boiler plants and enter the system. Now the state no longer had to allocate quotas to new entrants. It must be purchased from the Commission or on the market, and then distribute them free to businesses. By creating this new tax, the state funds this additional cost.

Moreover, the government should announce at the presentation of a PLF government deficit to 81.7 billion euros in 2012. This improvement – the deficit to 95.7 billion in 2011 – is partly the result of the austerity measures taken by the government. The tax burden should also exceed 44% of GDP in 2012, against 42.9% this year. Despite this, the debt will be around 87% of GDP in 2012.

The smart electricity meter – or communicating – also known as counter Linky, will be extended to all of France. The decision will be made official Wednesday by the Minister of Industry, Eric Besson, attended by all stakeholders in this important industry. So far, this counter had been the subject of a test phase, in Lyon and Touraine.

This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

In charge ERDF therefore, which plans to spend 4.3 billion euros to the generalization of the program Linky, to compensate the investment by the productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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With the individual

1. How does the new system?

Gains on sales of a second home, a rental property, a Land, or in case of supply of property to a SCI continue to be taxed at 19% (plus social security contributions, ranging from 12.3% to 13.5% as of October 1, 2011). However, we must now wait 30 years to be fully exempt (as against 15 years now). The capital gain is calculated after the application of a tax that increases with the length of detention. Beyond the fifth year, this amounts to 2% per year between 6 and 17, 4% between 18 and 24, and 8% between 25 and 30. Thus, 80% of the capital gain is taxable after 15 years, and 64% after 20 years. The tightening of the tax on transfers subject to a deed of 1 February 2012 (bill of sale signed by the notary).The measure applies retroactively to contributions to family SCI occurred since August 25, 2011.

2. The main residence is she exempt?

Yes. It might then be tempting to declare it as such a second home to enjoy the exemption of capital gains. Bad idea, because the IRS can easily discover the fraud by verifying if the property was declared as a principal residence for tax. In the eyes of tax authorities, your principal residence is the place where you live as usual for most of the year. If you have a housing function, it is, in principle, your principal residence. Unless your spouse and children reside permanently in another house, which is then regarded as your principal residence. It must also be your principal residence at the time of sale.The administration does not challenge the exemption if the property is not occupied between the sale and the actual transfer when the property is sold within a reasonable time (approximately one year).

3. How can I limit the impact of taxation?

If you own a rental property or second home for less than 30 years, you may find it advantageous to sell it before February 1. Given the period of 2 to 3 months, usually required between the signing of an agreement to sell and that a final deed of sale, you have until November to find a buyer. After February 1, all sales will be subject to the new regime. To reduce the scope, it will still be possible to make donations. These are not considered transfers, they do not tax capital gains.You will have to pay the gift tax if the value sent to each recipient exceeds the rebate applicable to the transaction (€ 159,325 in 2011 to parents and children).

Accuracy: exposure of Axa France Vie on government bonds of Spain and Italy is not 17.26% as indicated in our last column of Sept. 27. The AXA Group's cumulative exposure to bonds issued by Greece, Ireland, Portugal, Spain and Italy was 7% of the general assets of the group at June 30, 2011. The portfolio life insurance would be lower.

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Danone delivers on its promises. Having returned earlier this year with its level of growth before the crisis, the world leader in fresh dairy products remains on course in the second quarter with an increase of 8.8% on a comparable basis. In the first half, its turnover reached 9.7 billion euros (+8.7%) for a net profit of 870 million euros (+3.4%). Allowing Danone to expect a growth of 6% to 8% for the whole of 2011. "All our businesses and geographies have been growing," said Franck Riboud, CEO of the group, half of turnover now comes from emerging countries, including the United States."We are on very strong growth trends, says Pierre-André Terisse, General Manager Finance, which makes us more confident than the rest of the year in a macroeconomic environment that is not simple."

The growth is particularly driven by the dynamic activity of water Danone (Evian, Volvic, Badoit …) which carries a record performance in the second quarter (+18.9%). Good weather in Western Europe and Latin America boosted sales, as well as the increase in demand related to the earthquake in Japan. And, in a general context of price increases related to inflation in the price of plastic payday advance lender.

Complex environment

The group's growth also comes from its activities in infant nutrition (+ 9.6% in the second quarter) and medical (8.7%).As for dairy products, including volume growth (-0.2%) suffered from the impact of the integration of Russian Unimilk, they benefit from the growth of its health brands (Activia, Danacol, Densia …). In Russia, its biggest market now in the side of France, Danone bets on the growing sophistication of use.

If Danone anticipate by a "major change in the trend in consumption" in the second half, the environment should remain complex. Faced with the continued volatility of raw materials, the group has already made half of its savings program of 500 million euros. Increased costs (milk powder, plastic …) is finally on the top of the range of 6% to 9% provided by the group, even though it now tends to stabilize.After price increases from 1% to 2% earlier this year, Danone does not resume using the "price leverage" in the second half if the cost of raw materials had to leave.

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The U.S. stock markets ended on a mixed note on Friday. The Dow Jones gained 0.36% to 12,004.36 points and the S & P 500 advanced 0.31% to 1271.30 points, but the Nasdaq was down 0.29% to 2616.48 points and the S & P 500 rose 0 , 89% to 1278.87 points. Thursday, Wall Street has ended in a disorganized, fears shared by more and more vivid on the outcome of the crisis of public finances in Europe and reassuring indicators from the United States who came to end a series of bad news on the macroeconomic level.

Greece still under surveillance

The situation in Greece has once again attracted the attention of investors. Originally scheduled Thursday, the redesign part of the Greek government has intervened in the morning.

On the foreign exchange market, the euro lost ground against the dollar.In the late evening in Paris, the single European currency was worth 1.4302 dollars against 1.4209 dollars on Thursday night.

Oil prices fell again Friday in New York, which lost 1.94 per barrel to 93.01 dollars and dollar fell to its lowest level in nearly four months, the market impact of caring Greek crisis on energy demand.

On the macroeconomic front, consumer confidence down in the U.S., according to the index of U.S. consumer confidence released Friday by the University of Michigan, which has provisionally to 71.8 in June, less than The analysts thought.

The index of leading indicators, which foreshadows the general trend of the U.S. economy for months, was up 0.8% in May to 114.7, after falling 0.4% (revised from 0, 3%) the previous month no faxing payday loan. Economists polled by Reuters had forecast a 0.2% increase.

RIM, in line with expectations

Capital One: -0.33% to 48.84 dollars

The side of values, the U.S. bank Capital One said Thursday after the close of Wall Street that it would buy the Dutch bank insurer ING's U.S. subsidiary of ING Direct online bank for $ 9 billion in cash and shares.Under the agreement, ING Capital One pays $ 6.2 billion in cash, together with some 55.9 million shares of Capital One, estimated at about $ 2.8 billion.

Research in Motion: -21.45% to 27.75 dollars

The Canadian group Research in Motion (RIM), listed on Wall Street, manufacturer of BlackBerry smart phones, said Thursday after market close a net profit of 695 million U.S. dollars, in line with expectations, but sales below market expectations for its first quarter.

Central Pacific Financial: 6.04% to 13.69 dollars

Also note, the U.S. Treasury said Thursday it planned to recover about 36 million in bringing to market some 2.85 million shares of Bank Central Pacific Financial held.

Boeing: 0.22% to 74.17 dollars

Orders for medium-haul aircraft should carve out the lion's share at Paris Air Show, in particular the re-engined Airbus A320, whose commercial success increases the pressure on Boeing for a decision on the future of 737, the 'best-selling commercial airplane in the world.

After falling 23.88% for its second day on the stock market, Pandora Media, which side now below its IPO price, gained 0.75% to 13.36 dollars.

Successful gamble for LinkedIn. The social network dedicated professionals has made a sensational debut on the Stock Exchange on Wall Street Thursday. From the first minutes of listing, the title flew more than 140% to almost 110 dollars. Well above the 45 dollars from his introduction. About 20 hours in Paris, the title continued its surge, climbing 131.31% to 104.11 dollars.

Prelude to this success, LinkedIn had managed to place on Wednesday of 7.84 million shares at $ 45 each, which allowed him to raise $ 352.8 million (248 million euros). Smelling potential, the group had over the day boosted its IPO price of departure.There's another week, it was within a range between 32 and 35 dollars.

According to observers, the success of this initial public offering (IPO) is even more important that the group posted mixed financial performance with net profit after minority interests of $ 3.4 million in 2010, after a loss 4 million dollars last year. Today, this surge in the value to nearly $ 9 billion.

Meanwhile Facebook

This IPO is considered the U.S. as the largest since Google's in 2004. It occurs in a context of market enthusiasm for social networks. Secondary markets, securities linked to this sector are the subject of desire.A recent placement of shares thereby enhances the Twitter micro-blogging site to 7.7 billion dollars (5.5 billion euros), twice more than the recovery underpinned by a previous fundraiser in December . Similarly, an investment fund, which plans to buy a block of 2.5 million shares to company employees, should take the valuation of Facebook up to 65 billion. The introduction of Facebook is also announced for 2012. Other highly anticipated IPOs are like Zynga or Groupon.

Meanwhile, markets are flocking to the first offer is available, namely LinkedIn. The excitement is such that many observers believe that a bubble is being formed in this sector, on how the 1990s. "You have to see what other companies will do. And also what will happen to LinkedIn. There is only one day.You could say this is the beginning of a stage, which will take place over a year or two, "cautions Bill Buhr, however, of Morningstar.

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The U.S. stock market should open up again on Wednesday. Futures on Standard Poor's 500 and Nasdaq 100 advancing 1.12% respectively at 1357.90 points and 1.13% at 2413.50 points.Mardi, the New York Stock Exchange ended sharply higher, led by technology sector after the announcement of the acquisition of Skype by Microsoft.

"Fears over Greece and dull markets are supported by a revival of stock transactions," explained the GI Market analysts making particular reference to the Microsoft buyout of Skype for $ 8.5 billion."This acquisition is important because it enhances the technology sector," said specialists on their side of Cantor Fitzgerald.

On the foreign exchange market, the euro was stable against the dollar Wednesday, struggling to find a clear direction in a cautious market that continues to scrutinize the evolution of the fiscal position of countries identified as fragile in the euro area. About 11:00 am in Paris, the euro bought 1.4412 dollars against 1.4410 dollars late Tuesday.

On the macroeconomic front, investors will monitor including U.S. trade figures for the month of March (1430), then they will learn the traditional weekly oil inventories (16:30).

While waiting for these figures, around 12:00 in Paris, a barrel of Brent was trading at 117.62 dollars in London, yielding 1 percent from the close of Tuesday.And in New York, a barrel of light sweet crude (WTI) for the same period fell by 20 cents to 103.68 dollars.

The side of values, the media group and leisure U.S. Walt Disney reported Tuesday after a close of Wall Street, a decrease of 1% of its net profit in the second quarter of fiscal shifted, to 942 million , well below expectations.

The British oil company BP, which is listed on Wall Street, announced that it received the final green light from the Brazilian authorities for the purchase of ten exploration blocks offshore Brazil to the American Devon Energy, as part of a transaction of 7 billion payday loans.

Google said Tuesday it had set aside $ 500 million in anticipation of the results of an investigation recently launched by the government on the practices of some of its customers in advertising.This provision reduced net income for the first quarter to 1.798 billion dollars against 2.298 billion announced April 14.Advertising has secured 97% of 8.575 billion dollars in turnover during the quarter.

Facebook had left by mistake advertisers have access to profiles, photos, conversations and other private information of its users, said Tuesday the computer security company Symantec.

AIG and the U.S. Treasury Department could launch a capital increase of $ 9 billion in May, while analysts expected an increase of 7 to 25 billion dollars, according to the Wall Street Journal.

The Chinese airline China Southern Airlines has announced that its subsidiary Xiamen Airlines has ordered six Boeing 787, the new jumbo "Dreamliner," a list price of $ 1.1 billion.

General Motors said Tuesday it would invest two billion dollars in 17 of its U.S. sites.GM says these investments will create or safeguard over 4,000 jobs.

Also note, these Chinese companies will start this Wednesday at the New York Stock Exchange. the first website Chinese dating, Jiayuan. Com, hopes to raise nearly $ 78 million. Meanwhile, China Zenix Auto, which is defined as "the largest manufacturer of wheels for commercial vehicles" in China, will debut on the New York Stock Exchange (NYSE) on Wednesday. The offer is expected to total $ 135 million.

The U.S. stock market should open up again on Tuesday. Futures on Standard & Poor's 500 and Nasdaq 100 advanced in effect respectively from 0.65% to 1336.90 points from 1.05% to 2380 points. Last night, Wall Street has ended the highest for nearly three years, driven primarily by technology stocks after a new burst of better than expected results in the area. The Dow Jones rose 1.52% at 12,454 points, the Nasdaq is up 2.10% to 2803 points and the Standard & Poor's from 1.35% to 1330 points. A note on Friday, Wall Street will keep its doors closed as most European markets.

This morning the Asian market also finished in the green. The Nikkei rose 0.82% especially at 9685 points. The OECD has released its updated forecast on the Japanese economy after the earthquake that devastated parts of the archipelago.The organization believes that after an increase of sound, gross domestic product by 3.9% in 2010, Japan will only show 0.8% growth this year and 2.3% in 2012.

The dollar still s'affablit

On the foreign exchange market, the euro climbed against the dollar ever, ranking above the threshold of $ 1.46 for the first time since December 2009. Around 11:30 in Paris, the euro bought 1.4647 dollars against 1.4521 dollars late Wednesday. The greenback lost ground against all major currencies amid renewed optimism in financial markets.

Also note the jump in oil prices, reflecting a fall in stocks of petroleum products in the United States and a sharp weakening of the dollar. In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars.That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars.

On Wall Street, investors will be watching in particular the traditional weekly claims for unemployment benefits until 14:30, then to 16 hours, the composite indicator of economic activity will be unveiled in March, and the index of activity in the region Philadelphia in April, traditionally a leading indicator of economic conditions in the United States.

Apple in its sights

The side of values, the technology industry should still keep the show on Thursday. Apple has posted a net profit almost doubled (+95% to 5.99 billion euros) and well above expectations for the second quarter of fiscal offset, worn by the continued success of iPhones.The sales increased for its 83%.

In the oil sector, the services group Schlumberger has seen its net profit jumped 40% in the first quarter to 944 million, without return to its previous quarter and meet market expectations because of bad weather and tensions in the Middle East.

The chip maker Qualcomm for mobile ad a profit of 999 million dollars in the first quarter, also well above analysts' expectations. The turnover of 3.9 billion also exceeded expectations.

The British oil company BP, which is listed on Wall Street announced Thursday that it filed a complaint with the U.S. against the American company Halliburton, accusing him of having contributed to the oil spill in the Gulf of Mexico, more prosecutions launched against Transocean and Cameron International.According to various analysts BP would claim $ 40 billion in specialist offshore oil drilling

Large U.S. banks have significantly improved their performance, but mainly due to reversals, as shown by figures published yesterday by American Express and Wells Fargo. The financial services group announced a 33% increase in profits to 1.2 billion. Turnover was up 7% to $ 7 billion. For its part, the U.S. bank Wells Fargo reported earnings "record" for the first quarter, up 51% over a year and better than expected thanks to a drop in provisions for credit losses.In contrast, the turnover reached 20.3 billion, down 6% year on year, due to a decline in revenue "from the mortgage and interest rates."

Also after the close-food chain Yum! Brands (Pizza Hut, KFC, Taco Bell) announced an increase of 10% of its profit to 264 million. The group benefits from the strong growth of the Chinese economy but the U.S. market remains difficult.

Also note, the Director General of the transatlantic exchange operator NYSE Euronext, Duncan Niederauer, has defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan a takeover by Nasdaq and the ICE documentation he said decommissioning.