"We are willing to offer tax relief to every American $ 250,000 relating to a year or less. For any amount above the rates revert to what they were under President Clinton, "said Barack Obama. "This is not to punish people who are better off, because we can not afford to pay 700 billion dollars," he added."These people are those who are least likely to spend money, which is why economists do not think tax cuts for the wealthy are doing much to the economy."

The President also highlighted his plan to allow companies to fully deduct from their taxes the cost of their investments in 2011. This program would consist of 200 billion dollars in tax relief over two years, most of which would then be reimbursed to the federal state. The U.S. president also confirmed his new plan to $ 50 billion to build or renovate facilities in the United States.

Barack Obama also proposes a plan to boost tax deduction for companies investing in research and experimentation.A device valued at 100 billion dollars over 10 years.

The president assured that he would work with Congress to ensure that these measures are financed by reducing other devices already voted. He also acknowledged that the measures launched two years had not worked "as fast as we had hoped.

Attack against Republicans

Barack Obama wants to show its willingness to revive the economy while the looming midterm elections in November. Highly virulent, the President described his opponents Republicans "fiscally irresponsible".

Barack Obama is personally took it to John Boehner, the Republican leader of the House of Representatives which proposes a tax rate freeze for two years and a reduction of federal spending to reduce their amounts at their 2008 level ."Boehner measures are summarized in tax cuts for millionaires. It proposes no new idea. The same philosophy that led us to today's problems, Barack Obama has launched. "It's always the fear against hope, the past against the future" no fax payday loans.

"You can not have a stronger economy if you raise taxes on the very people whom you expect to invest in the economy and they hire people again," said John Boehner for his part on the ABC.

Marginal effect

"Part of the problem in the U.S. economy lies in the fact that companies do not spend their income and maintain a very conservative approach," Aneta Markowska analysis, economist at Societe Generale CIB.

"Obama wants to ensure that the investment is not sinking like a bellows with the expiration of the first battery of stimulus measures," said Florence Pisani, an economist at Dexia AM. The investment has rebounded strongly in the first and second quarters, jumping by 20 or 25%. But it remains at levels well below those before the crisis, and economists expect it to slow down.

Economists are divided, however, the effectiveness of the measure on the investment. The federation believes that SMEs could, ultimately, help companies "at the margin," reports the Wall Street Journal.The level of capital spending by SMEs are at their lowest for 35 years, business leaders should take advantage of tax breaks to loosen their purse strings, the newspaper said.

Demand problem

Problem, "companies will not invest only to take advantage of the tax measure, they must observe and anticipate an increased demand for it," recalls Florence Pisani. They may well wait until the last moment, that is to say late 2011, to appeal to tax exemptions, so that the uncertainty surrounding growth dissipates, say analysts at Goldman Sachs. Boring for the Obama administration wants to boost the economy immediately.

Still, the measure to 200 billion may never pass the dam of Republicans in Congress.The conservative Senators leave nothing to pass to Obama, a few weeks they have elections to win. They also believe that these two new measures amount to recognize the ineffectiveness of the stimulus plan of 787 billion voted in February 2009.

Obama will just play during the upcoming debate, stressed that his latest measure for companies will not increase public debt of the United States. It only makes immediate tax rebates so far over the lifetime of investments.

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Olivier Blanchard. – One swallow does not a summer make. The simultaneous publication of figures for poor United States (1.6% in the second quarter) and that higher numbers than expected in Europe, especially Germany, have had a big influence on public opinion. But the trends are largely the same. After catching up driven by fiscal stimulus and the restocking of companies, are now the consumption and investment must make the request. And they face numerous obstacles, particularly the weak financial system.Growth will probably remain low, both the U.S. and Europe.

Stronger growth could she encourage Germany to be less rigorous in its public finances?

No, instead, it would probably take advantage of its expansion to consolidate its public accounts quickly, which is also good economic policy response. Although the Germans are the champions of fiscal restraint, consolidation actually provided remains relatively low at this time.We've calculated that the effort envisaged for 2011 is 0.5% of GDP – what we call in technical terms "change of primary balance adjusted for the cycle – while the same figure is 1% for USA.

What countries in the eurozone growth prospects have substantially different poses there not a problem?

Today, we can define three categories of countries in the euro area. Those who are competitive and are driven by external demand, with Germany being a prime example. Those, however, have difficulty in exporting: the case of Greece, Portugal and Spain must restore their competitiveness. And countries like France which lie between the two, with a trade roughly in balance.An exchange rate and monetary policy imply that these differences do not disappear the day the next day

The crisis of sovereign debt in Europe last spring she is behind us and its consequences are they limited to the actual savings?

I would not say that because countries like Greece and Portugal are facing painful adjustment process. The crisis has led to a general tightening of fiscal policies. For now, the measures taken by European authorities, with assistance from the IMF, have calmed the markets. But troubled countries must both balance their budgets, and responding to problems of competitiveness, which will take years.

The schedule chosen by Europe to reduce the deficit to below 3% of GDP in 2013 is not it too tight?

The essential thing is not so much the year or a specific figure.We need every government has a plan for consolidation in the medium term is consistent and credible, it can take steps to convince markets. Regardless of whether in 2013 or 2014, must present the prospect of stabilizing the debt. Once the markets are reassured medium term, countries have a certain degree of freedom in the short term. Until these medium-term strategies have not been implemented, it will tend to buttress on deadlines, this is not the best approach in my opinion.

Emerging countries can they sustain such rapid growth that their current savings if the G7 would stagnate sustainable?

No short term. If the U.S. economy slows, it will have a mechanical effect on Asia, not huge, but significant nonetheless.But yes the medium term, there may be a decoupling between emerging economies and rich countries. Asian economies and Latin America have the capacity and willingness to increase domestic demand, thereby offsetting a decline in external demand if it were to happen. China is reorienting its growth in this direction.

The rebound laborious United States and Europe or Japan is not it disappointing?

As I have said earlier, this hard bounce is not a surprise. The IMF said last year and a half that the recovery would be slow.Historical experience shows that it is usually the case when a recession was caused by a financial crisis because it takes so much time to repair the damage suffered by consumers and the financial system.

The response of the G20 was best?

He played a key role in coordinating responses to fiscal policy, monetary and financial. This coordination is important. If finance ministers are fully aware of the situation in their country, they, by necessity, a more approximate what is happening elsewhere. The meetings of the G20 meet the needs of coordination become essential because of globalization.The message of the Mutual Assessment Process "G20 Toronto is very clear: strong global growth requires both fiscal consolidation in advanced countries and a reorientation of growth towards domestic demand in emerging countries. And the two are closely linked. If the U.S. example can not increase their exports, they may have a very low growth, which in turn will make it very difficult fiscal consolidation.

The G20 should he not put on the table the question of exchange rates and the undervaluation of certain currencies?

When we speak of "reorientation towards domestic demand, for example in China, it passes through a myriad of measures, one of them, but only one of them is the appreciation of the yuan . This major structural change will happen eventually. Moreover, it has already begun.It would be cons-productive to simply focus on just the exchange rate, it is only one piece of the puzzle.

"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Pending the U.S. unemployment

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, will be published PMI composite and services for the month of August (10:00) and retail sales for the month of July (11:00) faxless payday advance.

The meeting will be much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

Values follow

Investors monitor the value of France Telecom, however. The chief operator, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of TV Orange Cinema Series and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".

Air France plans to create a structure "low cost" for medium-haul routes, especially between Orly and the province to counter the offensive of the British low cost airline EasyJet.

The Slovak government has decided to retire to a consortium led by Bouygues a road construction project of $ 3.3 billion through a public-private partnership announced Thursday, Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) in Casino and other shareholders of the supermarket chain Exito nationalized in January, said Thursday in President Hugo Chavez.

Vinci said on Thursday the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros), enabling it to become number four in the sector United Kingdom.

LVMH: A court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

The formula has experienced a boom with the development of the Internet. The annual catalogs and postal letters gave way to sites updated 24 hours and 24 e-mail exchanges, fast and free worldwide. A real blow "magic wand", according to William Heinzer, co-founder of the site Trocmaison.com, with over 33,000 deals in 132 countries. At its opening in July 2005, he had only 6000.Homelink France, another leading player in the exchange with 13,000 deals in 70 countries, claiming an increase of 46% of its subscribers since January 2007.

France, the first destination for

The concept comes from the United States, where mobility is more common and less attachment to the old stones pushed in France. However, in proportion to population, the French are among the most active exchange sites. "They are adventurous! exclaims Denise Lemoine, in charge of developing Homelink France. France is the second country after the United States in number of subscribers. Even finding on Trocmaison, the French branch of the American HomeExchange: more than 5,700 vacancies are for housing in France.That figure is exceeded only by the United States.

Why such popularity? William Heinzer of Trocmaison, says he is "very surprised" the dynamism of its site, opened a little earlier than other European versions of HomeExchange. "France is the first destination of choice, he says, the French are so overwhelmed with proposals. Ile-de-France and the Riviera are top research but other regions such as Britain take the game as they pinned the growth of the site also relies on "the usual social networks" , which forces users regularly come into contact with strangers, and on word-of-mouth that can convince wary travelers.

Prepare the first exchange

Allow a stranger alone in his house delights rarely at first."The only way to overcome this fear is to talk with someone who has already made an exchange," says William Heinzer. "Communication between people is the basis of all," says Rudolph Nargeot, founding president of the association free website Switchome. Before making the exchange, both parties get to know each other by mail and telephone. "The exchange is the most difficult first," says Denise Lemoine Homelink. "We fear for his business and what you might find on arrival. But then you get a taste.

But be careful of setting even if, according to trade organizations and their regular customers, incidents and cancellations are very rare. The new "exchanges" and should check with their insurance only possible case is covered, especially if they have agreed to exchange cars with their partners.They can also, if desired, isolate some objects to which they are particularly important. Finally, if they are tenants, they can prevent their owner as a courtesy *.

Exchanging his apartment, but also make some steps to make his home attractive, find partners and agree on dates and different modalities. Once this done, prepare the house and realize a "home book", a veritable instruction manual on home appliances and various local places.

"The tourist in disguise"

But according to the regulars, these few drawbacks are outweighed by the benefits of this original formula. There are of course the financial aspect, not negligible. Indulge in Hawaii three weeks or two months in Australia is not within reach of all budgets.So it is pleasant, exchanging his house, to remove from its budget to housing costs and limit the cost of food.

Above all, the home exchange seduced by his state of mind, away from hotels and tourist buses. The "exchange" seek to discover another way of life by being a "tourist in disguise," said Jean-Louis, who has already made three exchanges. "When we're in Canada, we feel Canadian," says Gregory, another heat exchanger, we take out the trash, we go to the supermarket, we talk with neighbors, in short, we are part of the landscape, we are not tourists lambda in a hotel.

A concept that would attract companies

Born into a community of American professors, exchanging apartment has a hard day to return to the professional sphere.Homelink and Trocmaison trying both to establish partnerships with committees to enable employees to subscribe at a reduced rate and exchange homes with each other or with other subscribers of the site.

Explains Trocmaison have created a partnership with Dell Europe. The initiative comes from a customer site, director of group human resources computer in Italy. Dell was not available to confirm this information "It is not so simple to contact the Works, admits William Heinzer. But this is a project among others. "

Homelink side, efforts are not much more successful: we remember vaguely Ikea partnership ended several years ago between the Ikea Family card and exchange organization.This year, Homelink trying a new collaboration with Works of consulting firm Capgemini, which has engaged the services of the organization. However, "it starts slowly, admits Malika Dellal, head of Capgemini CE West. We will continue to encourage employees from using the vacation mode. Confident, she adds: "We will do a job of communication with the return of the best matches, six families this summer.

Some sites home exchange: – Trocmaison – Homelink – Intervac – Switchome

* Read: Exchanging his house: the new spirit of travel, Pascale Senk and Martin Rubio, the Editions of Ecuador

"The case study would be to prohibit the cumulative tax for homes within the last two brackets for the income tax (30% and 40%) families reporting more than 26,030 euros in annual income per share would then be involved, "explains the paper.In this scenario, smaller families would be spared as well.

The "vulnerable population" spared

Baroin said Monday that "vulnerable population" and that family policy would be "saved" by the "movement of the plane" of 10 billion euros will be given to fiscal and social niches in the fight against the deficit public.

The UNEF student union, promised in July 1 start of the academic "offensive and combative" if the government did not come back on its decision to prohibit the accumulation of housing subsidies and tax assistance.

More than 700,000 students currently benefit from the aid, and the half-tax share is a student spends 1.1 billion euros, "he then said.

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The government, aware of the significant risk of slippage, had threatened the special penalty ": a fine on 2% of the outstanding or additional booklets had been provided by the Act of August 4, 2008. At this stage, however, no penalty has been applied, we recognize the Bank of France. To punish, would it still have the ability to distinguish between the intentional fraud and unintentional multidétenteurs No checking account payday advance."The computerization of some later historical networks did not facilitate the long-term management of these booklets, which have long shelf life support equipment," says the report, acknowledging that fiscal controls "remained limited in scope."

A central

Since the reform of the distribution of the Livret A, efforts are being made to remedy this situation. A central recency bank accounts in France, but it is still not an accurate picture of the holders of tax-free books. Each account is opened or a booklet, the banks have the obligation to consult. These planchent services of the State to establish the second half of 2010 an effective due diligence. "The process is complicated to implement, it is done gradually," said a representative of the Observatory of regulated products.Meanwhile, the Ministers of Economy and Budget have written twice to banks to encourage them to ensure the right information to their customers. What encouraged them to regularize their situation.

With the exception of Tokyo was closed Monday for a holiday, the Asian stock markets have also rebounded to gain, climbing 1.45% Shanghai and Hong Kong of 1.41%.

On the macroeconomic front, it remains in real estate in the United States, since the figures for housing starts for the month of June will be published at approximately 14.30. In France, INSEE reveal clues to 12 hours worth of orders received in the industry for the month of May

The news will be charged at the micro level, notably with the publication of turnover. Program are: Alstom and Hermes pre-market, Accor, Lafuma and Radiall after-hours trade. In the U.S., Johnson & Johnson, PepsiCo and Goldman Sachs will release their second quarter results pre-market, Yahoo! (Second quarter) and Apple (third quarter) after market.

On the currency markets, the euro flirted with the $ 1.30 mark, he has not met since May. Around 10.45am, the single currency was worth 1.2984 dollars (0.33%)."A strong euro coupled with a fragile economic recovery in the U.S. is double bad news for European export companies. Until then, the situation was reversed, "said Franklin Pichard.

The bank will resume, the computer values mixed

While bank stocks are picking up well in the early exchanges – Dexia (0.84%), BNP Paribas (0.73%), Credit Agricole (0.95%) and Societe Generale (+0.15% ), computer companies emerge mixed after disappointing results from IBM. Cap Gemini lost 1.02% to 35.42 euros, but Steria wins 1.18% to 20.56 euros.

Alstom: -1.07% to 36.46 euros

Alstom recorded a fall of 38% of its orders in the first quarter of fiscal year 2010/2011 shifted, while its revenues fell 5%.The group expects a "gradual recovery in demand.

Hermes: 0.24% to 57.29 euros

Hermes has doubled its forecast for sales growth this year and expects a rise of between 10% and 12%. The group's turnover surged by 22.8% in first half of 2010 to 1.0747 billion euros.

Edenred: 5% to 13.68 euros

Edenred announced an increase of 4.7% of its turnover in the second quarter, growth of Latin American operations have helped offset a more difficult economic environment in Europe. Trends should remain "similar" in Latin America, and Europe, in the second half.

Soitec: 1.46% to 8.21 euros

Soitec posted a turnover 2010-2011 in the first quarter increased 56.5%.The group expects a sequential sales growth exceeding 20% in first half on the basis of one euro to $ 1.27, with a return to balanced operating income, including its new photovoltaic business Concentrix.

Guyenne et Gascogne: 0.99% to 79.77 euros

Guyenne et Gascogne saw its consolidated revenues to grow by 5.1% to 278 million euros in the first half of 2010, the distribution of fuel. This figure confirms the sluggish consumer spending.

Compagnie des Alpes: 0.24% to 20.60 euros

Compagnie des Alpes has announced its successful capital increase of EUR 100 million with preferential subscription rights and creation of 5.88 million new shares. The total demand amounts to approximately 143.9 million euros, the company said in a statement.The new shares will be listed on the market July 21.

HF Company: -1.62% to 13.87 euros

HF Company has reported a turnover of 72 million euros in the first half, up 1.1% as reported and 3% on a constant basis, in a crisis of consumption.The company produces equipment for residential systems (digital television, broadband internet, etc..) Expects accelerated growth in the second half.

Audika: -14.05% 22.75 euros

Audika posted revenues down 4% to 27.9 million euros in the second quarter with a slowdown in sales of hearing correction since mid-May, as the environment is again unfavorable for consumption seniors.

Laurent Perrier: -1.20% to 66.51 euros

Laurent Perrier announced Tuesday an increase of 17.3% of its turnover, 36.8 million euros in the first quarter of fiscal year 2010-2011. The group enjoys very strong Champagne exports to the United Kingdom, the United States, Germany and Asia.

In all, nearly two billion euros would be saved by 2012, including one billion on niches "green" these tax benefits related to work "green". Jean-Louis Borloo has raised the deduction available to individuals who install photovoltaic panels on the roof of their home.The shortfall for the State is estimated at 800 million euros. It could therefore be reduced by at least 50% reserved for existing homes.

The list of works "green" that give rise to tax benefits could also be reduced. The tax cuts themselves could also decrease by 10%. As for renovations "non-green", they could lose their advantage of a VAT at 5.5%.

Finally, the government also calls into question his support for biofuels. They enjoy a double benefit: a reduced fee and the requirement for all distributors to offer for sale.

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