In Asia, the Tokyo Stock Exchange fell by over 2% to 8640.42 points, while China's financial markets have now returned and rose slightly.

On the foreign exchange market, the euro regained some strength to climb 0.83% in late morning at 1.3775 dollars."More than a referendum Greek, what are the consequences of such a decision are disturbing, that the will of the populations of other European countries to express their disagreement through a referendum," said Laurent Berrebi, Chief Economist Groupama Asset Management on BFM Business payday loan online.

In addition, the Prime Minister, François Fillon, will hold talks in late morning with the leaders of banks on the implementation of decisions of the last EU summit and the financing of the economy.

Vigilance on banking stocks

On the corporate side, banking stocks should still hold the attention well after the Greek government has cast doubt on the effective starting date of the settlement of the crisis of sovereign debt area. In Paris, BNP Paribas is leading the CAC 40 (3.99%, to 29.70 euros).

This scenario of a sudden release of nuclear energy in twelve months is not the political fiction. It is seriously considered by officials and experts. Asked about this possibility by Le Figaro last week during his visit to Paris, the new Japanese Minister of Economy, Yukio Edano, kicked into touch. And answered: "We have confirmed the safety of reactors stopped before restarting. I can not tell you when. "

Click on the thumbnail to enlarge the graphic.

Currently, only ten of fifty-four reactors are in operation Payday Loan for Bad Credit.Given the economic downturn, electricity consumption is expected to decline 4% this year compared to 2010.

Gas purchases up

To compensate for the cessation of nuclear power plants, Japan has a large fleet of oil-fired power plants, coal and gas but several were damaged by the earthquake. The Japanese also built in recent years of LNG terminals to house liquefied natural gas (LNG) imports. Tokyo has spent the last months of gas contracts with Qatar and Indonesia and in July, its oil demand rose 4% year on year.And purchases of gas to run them at current price, would cost between 15 and 20 billion.

While managing the emergency, the government of new Prime Minister Yoshihiko Noda has promised to set a new energy policy in the summer of 2012 to 2030.

On the issue of Greece, progress, assured the leaders without giving details.The stabilization of the indebted country will pass through international loans and additional losses of creditor banks in the country. Europe the figure to at least 50%. According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21.

Main stumbling block between Paris and Berlin, the transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, finally does more of the options considered by the finance ministers of the single currency. The idea was that the Paris Fund bank can borrow from the European Central Bank. "The two options still on the table to strengthen the EFSF do not involve the ECB," confirmed the German Chancellor.This leaves two options: either the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

In another area, "the work is progressing well on the recapitalization of banks," said Nicolas Sarkozy, again without providing details on the proposed solutions. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. "Banks must find the money markets," stressed Angela Merkel.

Finally, the pressure on Italy is maximum. The two leaders urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps no fax payday advances."I hope that decisions will be taken (…) Italy is a major economic force but it has a very high public debt should be reduced in a credible manner in the years to come," says Angela Merkel . Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic."

"Do not repeat the mistakes of the past"

"We must work differently in the future," said Angela Merkel. German Chancellor said that we should not "repeat the mistakes of the past." The problem of the euro area far exceeds that of Greece, she hammered, emphasizing the need for each country to conduct "a tighter fiscal policy."The President of the European Union, Herman Van Rompuy, confirmed on Sunday that the EU treaty could be modified to improve the functioning of the euro area. "The aim is to deepen our economic union and strengthen our fiscal discipline," he said.

Europe is facing economically to "serious challenges", said Herman Van Rompuy, at the opening of the EU summit this morning. He felt that the decisions to be taken by EU leaders to deal with were "perhaps the most important" they've ever had to face the financial crisis. Greek Prime Minister George Papandreou, had also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

For its part, the Belgian Prime Minister Yves Leterme had tried hard not announce anything at all on Sunday, in light of market pressure. "It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

(With agencies)

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In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington. In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions.But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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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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A league of companies

Advanced beyond the sports of "cherry blossom", the nickname of the national team, the country of the Rising Sun has mainly a very special championship, which does not leave indifferent rugby players from Europe, sort of Nations (New Zealand, Australia, South Africa), and the Pacific Islands (Samoa, Fiji, Tonga). Third national sport, and this for over 100 years in the archipelago, the discipline has developed to organized a national championship, the Top League. With a special feature: the clubs come from the companies.

"These clubs are like works councils in Europe, shows Miguel Fernandez, agent of several French players. The rugby players are employees of the multinational corporations, which finance between 85 and 90% of the teams. " Hence the original names of clubs such as Coca-Cola West Red Sparks, Toshiba Brave Lupus and Yamaha Jubilo.Toyota even has two teams playing in the Top League (14 teams), the elite rugby in Japan.

Consequently, this "championship companies" gives more flexibility for clubs to recruit players from outside, when the National Rugby League wage bill caps the French clubs to 8.7 million. For the time being, no French player in the league evolves Japanese, but many of the major European leagues rugby and South Pacific have been tempted. Most recently, the former third line of the French stage, James Haskell, free from any contract with the club from the capital, announced that it would conduct a season with the Ricoh Black Rams Japanese before starting a new lease in 2012 with Wasps English payday lenders. In his previous contract in Paris, the player's annual salary was estimated at 300,000 euros.Likely that his Japanese club for a season or at least aligned with that level or beyond.

Players of the hemisphere are the most numerous

For a star player in the Top 14 French, whose gross annual salary up to 400,000 euros, the Japanese archipelago can also represent an attractive option at retirement. Around the world rugby, the phenomenon is growing: in 2008, two members of the hinge legendary Australian wallabies, Stephen Larkham and George Gregan signed in Japan. The first, to 34, with the Ricoh Black Rams, and the second 35 years with Suntory Goliath.

The choice of the country of the Rising Sun did not, however, only by default. "On average, Japanese wages are 20 to 30% higher than those in Europe, explains Miguel Fernandez, where the French Top 14 offers a gross average monthly gross earnings between 10,000 and 12,000 euros."Examples of multiply exile for five or six years. Twice in the middle of his career, Troy Flavell of New Zealand, currently operating Bayonne, selected the Top League (Toyota Club between 2004 and 2006 and Mitsubishi Dynaboars between 2008 and 2010).

Even the coaches are getting into, as the country "looking for experienced technicians to increase his level of play," said Miguel Fernandez. Jean-Pierre Elissalde, a former French scrum-half, led for a year the selection of Japan. For his part, Christian Gajan, current director of the Bayonne rugby took over in the mid 2000's Coca Cola West Red Sparks. Finally, and since 2006, the current XV of Japan is under the leadership of the All-Blacks legend John Kirwan.

Still, the financial firepower of a club is sometimes not enough to convince European players into exile at the end of the world.Therefore, the countries most represented in the Top League are those of the southern hemisphere, for reasons obvious geographical proximity. In the national party in New Zealand, they are even a dozen players from New Zealand, Samoa, Fiji or Tonga to defend the Japanese colors.

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"Our results are very good," he stressed. The turnover of the RATP rose 10% over last year to 2.5 billion euros and net profit doubled to 231 million euros. This increase is partly due to two major operations: the more capital gains in the creation of Transdev and Veolia-overhaul of Systra, whose positive impact on earnings is 45 million.Excluding special items, net income amounted to 156 million euros.

"Triple A" for the RATP

The company president judge, however, the fragile economic environment: "We are cautious about approaching the end of the year. As the correlation between traffic and employment in Ile-de-France is clear. And we found a decline in June, "The public company, whose investments this year should reach 1.5 billion euros, reviewed the financial crisis of the summer with special attention fast cash without a hassle. "We have an ongoing need to market to borrow, because of the enormous weight of our investments," says Pierre Mongin, which welcomed the "Triple A" renewed his company by rating agencies for its access to credit.During the first half, the RATP has invested 545 million euros, 216 million in renewal and renovation of rolling stock.

The group's cash flow continues to improve, with an increase of 27% to 431 million euros. This indicator is important because, as pointed out by Pierre Mongin, the group is the only public transport operator to carry a structural debt of over 5 billion euros, unlike its competitors Kéolis (SNCF) and Transdev Veolia: "We are the only ones to be managers of infrastructure and transport operators. "

To expand its business, the RATP is competing in a dozen bids in province and ran for the international projects tramway in Casablanca, Algiers and Washington."We will also put into service in late October early November the Algiers metro," says the president of the RATP, 56% of revenue is now generated outside France.

These figures are higher than those of neighboring countries of Switzerland. But the SNB, under pressure, has nevertheless agreed to increase the liquidity of the franc in order to limit the damage. Criticized by the press for its inaction, the Minister of Economy, Johann Schneider-Ammann, announced last Thursday that it would inject 2 billion francs in the economy, particularly in the tourism sector particularly hard hit.It will also strengthen the law on cartels and improve competition in the Swiss market.

These measures also aim to improve the climate for consumption, which suffers from the strength of the franc. According to Seco, consumer confidence has lost 27 points since January. Estimated Customs Geneva unveiled yesterday by the Radio Suisse Romande, the Swiss are 20% more than in 2010 to fill their carts in France. To build customer loyalty, thus increasing the Swiss supermarket promotions: "Up to 20% discount on 500 articles!" Announces the Migros. The group's logo is orange to lower prices of products manufactured abroad, like Ferrero chocolates or freeze Studio Line (L'Oreal). With its direct competitor, the Coop, the watchword is the same.

Some suppliers lower their prices

These marketing efforts are no coincidence.The decline of the euro has put a spotlight on the high cost of living in Geneva or Zurich. At the time of checkout, consumers are not fooled. They are willing to pay more for fruit and vegetable quality local, but blame the distributors not to reflect the decline of the euro on imported goods no fax payday loan. "Of course, we have higher wages than the French, says Ursula, a young grandmother who is shopping the shelves of Migros. But they exaggerate! While I often do my shopping in Evian, where everything is half price. "

Labelling Helvetian, prices are high. Per kilo, the Spanish ham is 43 euros and tomatoes (medium quality) to 3.30 euros per kilo, which is double the rates charged in the Hexagon. In bookstores, a recent book sells for the equivalent of 35 euros, against 21 euros in France.

"Foreign manufacturers have a simplistic argument.They say that the Swiss have money, so they can push up prices, says Mathieu Fleury, Secretary General of the Federation Romande consumers. In addition, the market is dominated by Helvetian a duopoly that has stifled competition by preventing settling including Carrefour. Result: The Confederation is an island of high prices. "For him, no way to align prices with those Swiss French, as the land of William Tell, payroll taxes are more important. But "the difference must be made on objective criteria."

As a cons-attack, retailers have returned the ball to their brokers, importers. The Coop was the most virulent: August 14, it removed 95 items from its shelves in that the marks concerned did not want to stress price."The boycott has already borne fruit: several international suppliers has granted reductions that allow us, from this weekend to launch the new price cuts on 700 items," says Urs Meier, spokesman for the Coop. This firm has finally convinced the brand Uncle Ben's, the rice was boycotted, to lower its prices by 10%.

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Business investment continued to support the activity, but less than at the beginning of the year: they slow down to 0 no fax pay day loan.9% after 1.2% previously. In total, business demand and household crippling growth, observed INSEE.

Foreign trade, for once helped save the furniture. But only because imports fell (-0.9%) than exports, remained stable (0%). "Therefore, the trade balance contributed positively to GDP growth (0.3 -0.5 point after point)," notes INSEE.

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

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