World News, Financial News, Breaking US News

It is now 96 billion euros that the bank will reserve the financing of small and medium enterprises (SMEs) and very small enterprises (TPE: companies with less than ten employees). Criticized for inadequate funding of the real economy and suspected tightening the screws on small and very small banks were received Friday morning at the Elysee Palace by Nicolas Sarkozy, François Fillon and Gerard Rameix, the Credit Ombudsman. After their meeting with Economy Minister Christine Lagarde at the beginning of February, they had once again put money on the table to demonstrate their goodwill.

They were committed in February to book a package totaling 38 billion euros "new money medium and long-term" cash advance till payday .They will now add 58 billion euros to authorize appropriations for the short term, for a total increase of 3% of the amount of credits granted, compared to the year 2009.

The year 2009 has indeed been particularly hard to finance small and very small, which have seen the amount of cash loans granted to them fell by 14% over the year. Even as the needs of new money was made more critical by an economic crisis.

ALSO READ:

"The bankers invited to the Elysee

If one were to designate a culprit in the matter of the contract failed to Abu Dhabi, it would not Areva. Here is essentially the message that Anne Lauvergeon, CEO of the giant nuclear delivered Wednesday before the Commission on Sustainable Development of the National Assembly. Better, Anne Lauvergeon refer to the former boss of EDF, Pierre Gadonneix, as responsible for the loss of the mega-contract. While Emiratis wanted an electrician at the head of the consortium which also includes GDF-Suez, Total, Vinci and Alstom, it would pass. "The president of EDF refused. The first time he told me 'no' because it was a project that would not exist, and the second time he told me 'no' because it was not a strategic country. We, we did everything to win this case, "says she. After long hesitation, EDF has finally joined the consortium.Too late for Anne Lauvergon which regretted the "cacophony" of the French team.

Implicitly, the president of Areva has denounced the lack of organization of the entire French nuclear industry, one really responsible for the loss of the contract. It specifically faults EDF want to claim leadership of the sector at the expense of others. "I think very frankly that in this area if we wish the team of France walk, everyone must stick together." The boss of Areva was referring to remarks made by the new CEO of EDF, Henri Proglio, who upon taking office had campaigned for his group to become the leader. Before being called to order by the government. "To each his job.While some may want to do our jobs, we in any case, it is clear we are on our territory and we did not want to do the work of others, "Anne Lauvergon Assen.

Redefining roles

To avoid further mishaps, the owner of Areva said after the mission entrusted to Francois Roussely the Elysee supposed redistribute roles clearly to 2030. "Let the State decide which operators are likely to be working nuclear export. And given the appropriate means to GDF Suez to take on this role. "

She said the reorganization will allow Areva to ensure reliable partners for the sale of the EPR in the world. "For countries novice, it takes a special organization. You have to know is the head electrician and what model is proposed, "says she.Asked about the high cost of ERP, that might actually played a major role in the victory of Korean Lauvergon Anne replied: "Nuclear safety has always been a cost." She said the levels of security and power of the French EPR of 1,600 megawatts (MW) are superior to those of Korean reactor of 1,400 MW.

The president of Areva therefore calls for standardization of international safety standards to prevent the development of "low cost center" that create "a nuclear two-tier". In conclusion, it announces its firm intention to leave his group to attack the Abu Dhabi for the supply of enriched uranium.

ALSO READ:

"EPR: the French sector must learn from failure

"South Korea to attack the global nuclear market

Now that the reform of business tax is completed, the government will tackle, in January, a new project: the revision of rental values. These rental values are "administered" price of a home or business premises, prices of base used to calculate local taxes. Since they have not been revised since 1970, today they are disconnected from reality. Result: an inhabitant of a building of faded 1960s pay for the same area, more housing tax or property tax that a household living in an old building, dilapidated forty years ago but now renovated. An updating of rental values would end these inequities. But the losers – typically, the people of downtown – could see their local taxes rise by 50%!

Companies are not immune to these distortions."In our barometer for the property tax offices in Boulogne-Billancourt is a city that offers the tax rate the lowest among major cities (except Paris). But it appears 35th on the total cost of fees per square meter, due to higher rental values, "explains Pascal Martinet, director of tax audits of Alma Consulting Group, a consulting firm.

Revision of rental values, however, looks less sensitive to process for companies, because these do not vote. Precisely, the Budget Ministry, Eric Woerth, in charge of this matter, decided to tackle the reform starting with the company. "The dated nature of the bases is more strongly for local business," says his entourage.But the idea is mainly to see what happens revision bases for some 4 million of commercial premises, before launching a big bang about 32 million homes inhabited by the French.

Involve local and parliamentary

Gilles Carrez, the UMP rapporteur of the Committee on Finance of the Assembly, calls for a long time for this method in two stages. In contrast, Jean Arthuis, the centrist chairman of the Committee on Finance of the Senate, was opposed: "If the rental values no longer follow the same rules must be applied to property tax rates for different individuals and companies." At Bercy, we judge that this is not a problem.

Specifically, the Budget Ministry has put in place by January of working groups composed of members of associations of local elected officials, parliamentarians and government officials. "We did not set deadlines for completion.Everything depends on the speed of the consultation. We have no preconceived ideas on how to use ", said the entourage of Eric Woerth. In fact, the options are many. The leasehold basis can be stowed on the market value or remain an administrative prices set by the Treasury. The revision of bases may occur at the same date for all buildings in France or locally, by local, when a sale. Another option: the mayors may have liberty to set the timing of revision.

Finally, the impact of revisions will probably be spread over time to smooth the impact to taxpayers.

"Taxes geometry varies

"Rents: new coverage for owners

Eric Woerth, the budget minister, has reiterated this morning: the cell regularization well close December 31, 2009. So far, this structure set up in April has treated almost a thousand cases of taxpayers wishing to come into line after having concealed their assets abroad. "I am satisfied with this figure. And we expect an acceleration in the last month, "said the minister. Still, the famous list of taxpayers with accounts in Switzerland alone has 3000 names.

The tax begins to have a clear profile of the French who look to the cell. In most cases the money was hidden in Switzerland. Other education, the vast majority of the repentant are people who have simply inherited assets hidden by their parents or grandparents."For these fraudsters liabilities, penalties are lower," said Philippe Parini, head of the Directorate General of Public Finance. In general, they can expect that the total tax bill (tax due, penalties and interest) does not exceed 15% of capital. The very purpose of cell regulation is allowing repentant negotiate the interest and penalties.

At December 31, this advantage disappears. "We do plan to tax audits in large numbers. People on the list of 3000 will not escape. In addition, we will create an account held by French residents abroad, "said Eric Woerth. This file, called "Evafisc" will be powered by the 3,000 names. But not only. Earlier this year, published a decree that will create a real right of communication vis-à-vis banks in France.Clearly, the Treasury will request them to submit all transactions exceeding a certain amount made to certain countries over time. The focus will change each year. "For 2010, we will examine the banks' transactions from 2006 to Switzerland, Singapore and Hong Kong," said Eric Woerth.

The method will she work? It should be a little naive indeed to get his money from France through a bank. "Think again. Some believe going into armored pipes. Marketing of banks is effectively "the minister said.

Surprises in the U.S., with two worrying statistics published in the real estate sector and make future dive on Wall Street. This sector is a particular followed by analysts, real estate is at the root of the crisis and each data is scrutinized.

To begin, starts of new homes fell 10.6% in October compared to September. They settle well to 529,000 annual rate, while analysts had forecast 600,000. Housing starts for September were revised to 592,000 against 590,000 in the first estimate. The key indicator to its lowest level since April, when he hit a record low.

Second blow, the building permit for their share fell 4% last month, to 552,000 units annualized, where analysts expected an increase, to 580,000.Compared to the same period last year, building permits fell by 24.3% and housing starts of 30.7%.