International Business News

Wolfgang Schäuble, German Finance Minister, said that Greece could not come back next year on the capital market and will need a decade to have a competitive economy.

In an interview published Saturday by the economic weekly "WirtschaftsWoche", the great financier think it is "clear that Greece will not be able to return to the capital market in 2012, as we thought in 2010."

Against the backdrop of European fears of a possible failure of Athens to its sovereign debt, the chief economist of the German insurer Allianz, Michael Heise, told German radio that restructuring ("haircut") important Debt holders of Greek government bonds would only increase the risk of contagion in the euro area.

"I do not think the time has come for a similar debt restructuring," he said in response to Greek media reports – denied by Athens Friday – a scenario for overcoming the crisis and would be a default ordered at a discount of 50% for holders of sovereign debt.

To the economist, similar scenario would create new problems and increase the risk of contagion to other countries in the euro area, which would create "a very, very serious."

U.S. President plans to eliminate many tax loopholes that benefit high-income.

Barack Obama spoke for the first time Monday of tax increases to finance his plan. They would focus on eliminating the tax exonératons enjoyed by businesses and the wealthiest Americans. They would include the elimination of tax loopholes for oil and gas companies, owners of business aircraft and households with annual incomes exceeding $ 250,000.

Obama, candidate for re-election in November 2012, and Republicans have already clashed in December 2010 on the issue of tax breaks inherited from the era of George W. Bush. After a hard-won compromise, these measures were extended until the end of 2012.The announcement on taxation provoked an immediate reaction from the majority leader in the House, Eric Cantor: "I really hope that the president is not proposing that we pay for his proposals with a massive increase in taxes at the end of 2012 to create jobs that we rely on to reduce unemployment, "he warned.

"It is fair to say that this increase in taxes on job creators is the What kind of proposal rejected both parties in the past," said meanwhile Brendan Buck, spokesman for the president the House of Representatives John Boehner, leader of Republicans in Congress.

The job plan proposed Thursday by President Barack Obama is betting the recovery of consumption and public investment, at a time when the U.S. desperately needs growth drivers."Ultimately, our recovery is not caused by Washington, but our businesses and workers. But we can help," Obama said in Congress.

Growth in need of help. Fell to levels starving this year (0.7% annual rate in the first half), it is very far from being able to reduce unemployment, stuck at 9.1%. The presidential plan of $ 447 billion is allocated according to the encryption of the White House, from 57% of tax cuts and 43% of expenditure. Obama wants to invest just over $ 100 billion in the rehabilitation or construction of transport infrastructure and telecommunications, schools and homes or business premises vacant.

He also hopes to put more money into the pockets of employers and employees by giving up more than $ 250 billion in tax revenue. Hope this will help private consumption.The rest must supply targeted measures to job seekers or maintenance of public employment. Such a plan "would give a significant boost to GDP and employment in the short term," analysts have estimated the Macroeconomic Advisers, whose monthly estimates of GDP are used for dating recessions and expansions in the United States. For 2012, Macroeconomic Advisers estimated 1.3 percentage point contribution to growth, and 1.3 million jobs for the job.

Mark Zandi of Moody's Analytics, expects 2 percentage points and 1.9 million jobs. He sees "a commendable effort" of the president, but remember the risk that the plan be cut by Congress, which elected Republicans reject new spending. "There are compelling reasons why the Obama administration and Congress should provide more budgetary support to the economy," argued economist.For Goldman Sachs, instead of removing 1.1 percentage point of growth without the plan, fiscal policy in 2012 would add 0.4 percentage points with the plan.

"The private forecasters said in their initial assessment, it would make a very substantial contribution to growth at a time when we need it, and it would help to put hundreds of thousands or more Americans to work," welcomed the Treasury secretary, Timothy Geithner.

"We believe the prudent and responsible thing to do now is to do more for the short-term growth," he added, in an interview on Bloomberg TV channel from Marseille.

Economists noted that Obama had not discussed the financing of these measures at this point. "The president proposes to reduce social security contributions and the financing of social protection.Yet it remains the greatest threat to long-term solvency of the United States, "said Jason Schenker, Luxury Economics. To offset the cost of those measures, Obama announced for September 19" plan deficit reduction more ambitious "than the present. No details are known at this time. To M. Schenker, it shows" that the chances of a positive effect on the labor market and the economy are limited " .

Roselyne Bachelot argues that this reform is not canceled, despite the proximity of the presidential election. A retirement home in Paris in July 2006.

Roselyne Bachelot, Minister of Solidarity and Social Cohesion, said that reforming the financing of dependence "is not canceled, the deadline," in an interview published Friday by Liberation.

"This reform will, I repeat: it is not canceled, the deadline," the minister stressed, explaining that "the global financial crisis we face prevents us, for now, to implement a massive funding for years to come. "

Ms. Bachelot said "a new point will be made in early 2012," but by then, "policy towards the elderly does not stop. We are mobilized, the government continues to act," says does in this interview.

"Every year we create 7,500 extra places in nursing homes. And this effort will increase in 2012," she promises.

However, questioned the immediate need for one billion euros for the departments in charge of dependency, the minister replies that "we must adapt our systems" and that it is possible to provide "more information" and that "structures of respite, but also the structures of days" to families who request this.

Taxing the sale of cannabis at the same level as tobacco yield over a billion euros to the state, says economist Peter Kopp in an interview to Le Monde. If marijuana were taxed like tobacco, the French state will reap over a billion euros in revenues by Pierre Kopp

If marijuana were taxed like tobacco, the French state will reap over a billion euros in tax revenue, said in an interview to Le Monde dated August 2, economist Pierre Kopp.

"The state continues to spend around 300 million euros a year to challenge about 80,000 people, without having a drastic effect on consumption, which stabilized at a high level," said he.

Legalize the sale and consumption of cannabis could save the $ 300 million and to fund prevention surout."Legalize not lead to an explosion in consumption if the fee fixed by the state for maintaining the current price (about 5.50 euros per gram)," said Peter Kopp also.

More than 50,000 tax audits were conducted last year. 20% resulted in a recovery. View of the Ministry of Economy and Finance at Bercy.

Tax audits reported 16 billion euros to the state in 2010, up slightly from 2009, according to the report of the Directorate General of Public Finance (DGFIP) on Friday. Tax audits had been recovered 14.7 billion in 2009. Last year, more than 10,000 tax audits included an enforcement action – nearly 20% of total operations – to punish the more serious breaches, and nearly 1,000 complaints were filed tax evasion, the report said.

In detail, the tax recovered in 2010 nearly 5.2 billion euros through desk audits, carried out from offices, against 4.8 billion in 2009.The product of "spot checks" made directly to individuals or companies, is also on the rise: these controls in 2010 allowed the recall of 10.4 billion euros in taxes and penalties from 48,000 companies and 3,800 individuals , against 9.9 billion in 2009.

The year 2010 also saw the establishment of national brigade fighting crime tax, involving 13 officers DGFIP, says the report. This system now allows these agents vested with police to "investigate and ascertain, in a strictly defined legal framework, tax evasion complex, made through tax havens or by methods of falsification against which services control was often poor so far, "the report said.

In addition, the DGFIP developed in 2010 its system for sharing information with its counterparts in the world, is he recalled. Thus, 33 international conventions or agreements on exchange of information with a lifting of bank secrecy, according to the model of the OECD model convention, of which 26 were signed was ratified by Parliament in 2010, says the report.

The investment company Wendel said Thursday it had made an offer to acquire Mecatherm, the global leader in equipment for the bakery.

Through its subsidiary Oranje-Nassau Development, Wendel became exclusivity period with funds advised by the Alpha Group to finalize the transaction that values ​​Mecatherm to 170 million euros, nine times EBIT (earnings Operating net of goodwill).

The transaction is expected to close in the third quarter of 2011, the company said in a statement.

Founded in 1964, employs approximately 300 employees Mecatherm in R & D laboratory and three industrial sites in France.

Finance ministers from the eurozone and the European Union on Tuesday afternoon discussing the involvement of the private sector in support of a second plane to Greece, ten days of a crucial EU summit.

These meetings followed several weeks of negotiations on this matter and the details of creating a permanent financial stability, the enhancement of capabilities of temporary mechanism set up last May and on reforming the Stability and Growth Pact growth.

No decision is expected Tuesday and further meetings of the Eurogroup and the Ecofin Council will be held next Monday in Luxembourg to reach a final agreement on 23 and 24 June at the European Council.

"I called this meeting to prepare the next Monday. We will consider several options.This is an informal meeting designed to ensure that we get as close as possible to a conclusion next Monday in Luxembourg, "said the chairman of the Eurogroup Jean-Claude Juncker, on his arrival in Brussels .

The meeting should also be sufficient to make a political round table on the idea of ​​Germany to offer private creditors the opportunity to exchange their Greek bonds cons of current news, whose maturity would be extended to seven years.

DEBATE ON PRIVATE SECTOR

A majority of European countries are against this idea, as well as the European Central Bank, which estimates that it would be an "event" credit which could be incalculable consequences for the single currency area.

Berlin, supported by Finland and the Netherlands, for its part considers that the plan may trigger further degradation of the note in the Greek sovereign debt but it would not be a "defect" in the sense strict.

The European Commission is working on his side to a solution replicating the "Vienna Initiative" which saw the beginning of the crisis, banks and other private creditors voluntarily maintain their exposure to countries in Eastern Europe to the help them through the turbulence.

Several French and German banks have recently indicated support such an initiative if it was supported by a broad base of investors and the Belgian Finance Minister Didier Reynders, sought optimistic Tuesday about the chances of achieving agreement.

"We are close to agreement. But we must find a balance: a real effort on the part of Greece, with the help of the IMF, the eurozone and the European Union and private sector participation . We are moving in that direction, "he said.

According to several sources close to the negotiations, it would be to get a commitment on private creditors a total of 30 billion euros, in addition to 30 billion euros from the privatization program announced in January and 60 billion euros of new loans from the European Union and the International Monetary Fund (IMF).

This new aid plan of 120 billion euros in addition to the 45 billion still to be disbursed under the first plan of support of 110 billion approved last May.

The employment in France has increased its recovery in the first quarter and the balance of agency has eased, the revised statistics show released Thursday by the INSEE.

The sectors mainly merchants have created a total of 58,200 jobs after 48,300 over the last three months of 2010, an increase of 0.4% against 0.3% on the previous quarter, says the National Institute of Statistics.

First estimate, May 13, he had reported 58,800 new posts in non-agricultural market.

Acting Out, merchant displays employment growth twice higher than the fourth quarter, with 52,300 new posts cons about 25,700 from October to December.

In one year, employment in the market increased 1.1%, or 181.700 jobs created. The change was announced in the first estimate of +1.0% (161,400 jobs).

Employment in industry has stabilized in the first quarter with 1,300 posts. "For the first time since the first quarter of 2001 that the industry does not lose jobs in a quarter," INSEE said.The balance of the industrial sector over one year remains negative, with 32,800 jobs lost.

Meanwhile, employment edged up in construction (3,000 or +0.2%) after nine quarters of decline and grew by 0.5% in the tertiary sector (including 53,900 temporary).

Acting outside, 48,800 jobs were created in the tertiary sector (+0.4%) after 32,800 the previous quarter.

For its part, job center, which compiles its own on a different basis from that of the INSEE, reported 64,000 jobs created in the first quarter (156,500 in one year).

The agency plans for the whole year a total of 148,000 new posts in companies affiliated with unemployment insurance.This adjustment would bring down the number of 101,000 job seekers in category A, says job center.

For its part, ACOSS, the central agency of social security institutions, grew by 1.7% of average per capita (SMTP) in the first quarter, up 2.8% year on year.

European values ​​have ended on an uncertain note, investors are hesitating between the numbers of monthly U.S. employment appeared far below expectations and the published items for a rescue of Greece.

The CAC 40 index, which ended on a note stable (+0.02%) to 3,890.68 points, losing 1.53% on the week.

Other major European markets ended slightly higher: London and Frankfurt gained 0.12% 0.49%. The pan-European Euro Stoxx 50 index has meanwhile sold 0.40%.

Nokia ended down 4.92% to 4.48 euros, continuing its slide after profit warning at the beginning of the week.

Fiat, however, won 3.59% to 7.3550 euros.The U.S. Treasury Department announced the sale of its remaining 6% in the Italian carmaker Chrysler, which thus becomes the majority.

General Mills announced Wednesday it had sealed a definitive agreement to take control of French Yoplait, number two worldwide in fresh dairy products, for 810 million euros (1.15 billion dollars).

General Mills, which already markets the brand in the flower in the United States under a licensing agreement dating back to 1977, hired two months ago in exclusive talks with PAI Partners and the dairy cooperative Sodiaal shareholders Yoplait.

The American, sixth world food group, will buy 51% of the operating company and a 50% stake in the entity that holds the Yoplait brand and associated trademarks.Sodiaal retain the balance of both entities.

General Mills said it expects that the agreement, which remains conditional green light from regulators or completed during the quarter which begins in late May

The U.S. and its target group, world number two behind Danone yogurt, will also end an arbitration between them on licensing issues in the United States.

The prospect of this Agreement raised the concern of French authorities, urging the food giant to commit to maintaining the headquarters in France and factories registered owner of Pearl Milk, Yop, Calin, Yoplait Basket Small and tricksters.

Action General Mills was down 0.33% to 39.74 dollars around 1440 GMT, while the S & P 500 advanced 0.39%.