World News, Financial News, Breaking US News

A common corporate tax between France and Germany to celebrate the fiftieth anniversary of the Elysée Treaty next year. It is hollow, formed by the dream Paris and Berlin. The German Finance Minister Wolfgang Schäuble and his French counterpart Baroin Monday presented a Green Paper setting out "the points of convergence on corporate taxation" between the two banks of the Rhine.

Reflection launched on 16 August 2011 and summarized by Nicolas Sarkozy: "Germany has a rate of corporation tax but a lower tax base broader" than France. In other words, German companies pay less tax but are more likely to pay. "Our idea is to broaden the tax base on French companies and thus to reduce rates," said the head of state.

The Green Paper points which quickly scans the fiscal convergence seems impractical for a long interest in those where the approximation is possible.

This is essentially the corporate tax. In Germany, the SI is set at 15.5% plus a contribution called "solidarity" of 5.5% and a "tax purposes" which varies according to the municipalities. On average, however, a German company pays a SI of 29.5% approximately. The rate was lowered by ten points over 2008. In France, the general scheme includes a corporate tax of 33.33%, with additional contributions of up to 3.3% for very large enterprises, while SMEs with a turnover of less than 7 , 6 million IS a pay cut to 15%. In total, if we add various other taxes – remnants of business tax – taxes paid by French companies of a certain size are 12 to 15 percentage points higher than for German.

According to the two ministries of Finance, "in order to maintain the competitiveness of German and French companies, the effort of convergence of corporate tax rates should mainly consist of lowering the standard rate of IS French, offset by a widening of his plate. " The effort, it is clearly stated in black and white, will be mainly to make the side of France: "Germany does not aspire to no change in the rate of corporation tax," we read in the Green Paper. Germany might instead be inspired by the French regime for the taxation of transactions between subsidiaries.

Technical work now completed, the two capitals will now launch a consultation, "particularly in the Parliaments and businesses." The goal is to "allow implementation of legislative measures convergence by 2013."

ALSO READ:

"Angela Merkel declared its support for Nicolas Sarkozy

Avoid the brake of the form. The Minister of Industry and Energy, Eric Besson to file on Monday an order to simplify the procedures for access to social tariffs for electricity and gas, announced Europe 1.

These rates are for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). To request the application of these rates, you must obtain and complete an administrative form. Exercise inherently complicated for the target populations, not used to write. Worse, most of the time, people who could benefit do not even know they exist!

Effective in 15 days

The decree, in preparation since last year is expected to overcome these obstacles by automating access to these rates.Now, energy suppliers will receive a file directly from the CMU and will identify the affected customers. They will inform them they automatically assign the preferential tariff within 15 days guaranteed pay day loans. The new procedure should apply from the publication of the decree. EDF has already announced that its computer systems were ready.

The social tariff saves on the electricity bill of around 90 euros per year and 142 euros for the gas bill. A helping hand needed for 13% of households suffering from fuel poverty is to say that spends more than 10% of their budgets to cover their energy needs. Some 600,000 households currently receive social tariffs. The decree could raise the total to 1.5 million.

ALSO READ:

"The energy prices fall disproportionately on smaller

"Electricity: lower rates for smaller

"Telecommunications: a social tariff for mobile

"Numericable breaks the price of the Internet 4 euros per month

"Mobile Internet …: Assembly vote

"EDF acknowledges that private households in the social tariff

Future of Standard & Poor's 500 and Nasdaq 100 reported a slightly higher opening of U.S. stock markets. The New York Stock Exchange finished down Friday evening after lowering the rating agency Fitch notes from Spain and Italy.

The volumes are likely to be particularly low on Wall Street today because of Columbus Day (which commemorates the discovery of America by Christopher Columbus), holiday in the United States although the U.S. stock markets are open. Only the bond markets will be closed today

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis and Europe, however, should boost the morale of investors.Nicolas Sarkozy and Angela Merkel, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders. About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds.Again, the "details" will be specified later, they promised, even suggesting an EU summit scheduled for October 17 and 18 and a Eurogroup.

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion. The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch guaranteed high risk personal loans.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel.Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative so there are chances that companies do at least as well as the consensus", say experts Cantor Fitzgerald.

On the macroeconomic front there is no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, according to the Sunday Telegraph, the investment bank Goldman Sachs could make additional cuts.

For its part, the global distribution of Wal-Mart announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling.

At the same rumors about Yahoo! continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 2.59% advance to 2924.50 points. London ahead of 2.30% and 2.39% in Frankfurt. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled. "We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound.Europe should follow the trend, despite the announcement of the degradation of the Italian note by Moody's. In Paris on Tuesday after completing a sharp drop of 2.61%, the CAC 40 is trying to bounce back. Asia is more mixed, however, shows Wednesday morning, the Nikkei declining more than 1% to less than half an hour of closing.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector free instant credit score. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector.

In addition, Goldman Sachs on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2 , 80 Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

ALSO READ:

"Europe stands ready to rescue its banks

The atmosphere is dull on the Bourse de Paris. The CAC 40 has started the last quarter of 2011 in very bad auspices. It lost 1.85% to 2926.83 points in trading volume reduced by about 2.5 billion euros. In the third quarter, the index in Paris had already sold nearly a quarter of its value. Since the beginning of the year, the CAC 40 listed companies have fallen dramatically. Some of them are worth less than their enBourse assets.

The debt crisis in Europe and fears of more and more vivid on the strength of global growth continue to weigh on equity markets. Elsewhere in Europe, London has also fallen by 1.03% and 2.28% in Frankfurt.

Wall Street also continued to brood despite two indicators of good quality. The ISM manufacturing index rose unexpectedly in September and construction spending rebounded in August.Sitting in the Dow retreated, however, and the Nasdaq 0.81% from 0.66%.

Greece shower markets

Greece literally showered the markets by announcing Sunday night that it would lack its budget deficit targets. The news comes particularly ill at a time when the country is in discussions with the Troika of its creditors, which brings together the European Union, the European Central Bank and the International Monetary Fund – and while the finance ministers of the euro area meet Tuesday in Luxembourg and those of the entire European Union, in order to advance the implementation of secondary debt to Greece business cards.

Athens puts out all the stops, however, multiplying the austerity measures to obtain payment by October 8 billion euros in loans promised in the first part of its rescue plan.Without this money, Greece may be in default in the coming weeks.

Banks are feeling the pinch

Brunt of fears in the eurozone, banking stocks always accused the coup, like BNP Paribas (-4.64% to 28.65 euros), Credit Agricole (-3.84% to 5.03 euros) and Society General (-5.15% to 18.97 euros). For its part, Dexia plunged nearly 9%. Moody's threatened to degrade the Franco-Belgian bank. The rating agency is concerned mainly financing conditions of the group in a very difficult market environment, in turmoil for French banks.

Cyclical stocks were affected by their side signs of slowing global economic growth. Technip has lost 6.39%, 2.37% and STMicroelectronics Schneider Electric 2.76%.Even the titles of the car manufacturers have suffered while registrations leveled off in September. Renault finished on down 2.93%, 3.97% of Michelin and Peugeot SA dropped to 2.10%.

Alcatel Lucent (-11.61%) registered the largest decline in the CAC 40, Nomura has damaged the entire industry.

Pay gold more expensive than platinum? Before 2008, impossible for investors to believe this hypothesis. At that time, an ounce of platinum, the metal so rare and more precious than gold, skirting peaks close to 2200 dollars, while the gold turned laboriously around the bar in 1100 dollars. That gold can fill such a gap appeared unlikely. Yet three years later, this is real. Since the beginning of September, gold has repeatedly passed the plate at the meeting.

What happened in three years for such a reversal of steam takes place? The answer lies in the United States. In September 2008, Lehman Brothers went bankrupt and causes his fall in the economy and global finance. Or "platinum, like palladium, is a precious metal that is used to build cars.The automotive sector, linked to economic conditions, decreased high during the crisis. The platinum price has consistently dropped sharply during this period, "said Steve Allard XTB.

The evolution of the gold price since February 2010 (top) and platinum in February 2006 (below). Source: XTB France

After launching its offer in May with mobile calls, text messages and unlimited internet for 24.90 euros monthly subscribers to its box (and 49.90 euro for non-subscribers), Numericable goes further. Reportedly, the operator will now enable call abroad from the mobile unlimited. An option to pay 10 euros per month, which will be available as of September 19 for all.

"This is a world first, exclusive service and unprecedented," enthuses Jerome Yomtov, general secretary of Numericable. "We want to bring all the mobile services already on the box at home, at home or abroad called unlimited," he says. Over 100 countries are included in this offer, including most major destinations throughout Europe, the DOM, the United States, Canada, Asia.It is extended to calls to Morocco and Algeria for Numericable subscribers who have subscribed to the "Maghreb More" on the NCbox.

This new offering "world" not only to make calls to landlines abroad, but also to the Chinese mobile, U.S. and Canada fast payday loan. And supply expected to be enriched in the coming months. "You can call the U.S. since its unlimited mobile to 34.90 euros a month. United States, to call a mobile to mobile unlimited is $ 70. In short, it will be cheaper to call the U.S. from France, than to be there! "Said Jérôme Yomtov.

Numericable says the offer will be profitable.While the cost of communications decline in Europe and the world, he found a business model by negotiating agreements with major international operators such as Verizon, Telefonica, Cable and Wireless, Tata Communications.

One way to cut the grass under the feet of Free which means lower prices but also change the mobile uses. "This is the mobile revolution continues," trumpets for days on Numericable Tweeter … which led to his being sued by Free, which considers the term as its slogan identity. Atmosphere!

ALSO READ:

"Free raised the pressure on the mobile market

"Unlimited calls to less than 25 euros in Numericable

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

ALSO READ:

"Stress tests insufficient to reassure markets

"10% of European insurers fail resistance testing

Pierre-Antoine Dusoulier, the head of Saxo Bank

The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office cheapest personal loan rates. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

Click the preview to enlarge the graphic