Groupama has appointed investment bank Morgan Stanley to test market interest in Gan Insurance, which has the fourth network of general agents in France quick payday loans. Axa is mentioned among the potential buyers, as the most motivated. EUROCOURTAGE Vie and Groupama Gan could also be assigned, provide financial sources.

At the same time, management is considering a merger with an investor temporarily.The head of communications, Frédérique Granado, also decided to leave the band.

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Saturday, the Prime Minister on the road to Morzine already displayed color. Debt crisis forced the state budget for 2012 will be "one of the most severe since 1945." There is no alternative to debt reduction, and it will be possible by reducing public spending, he said in substance.

"The hour of truth has come, he warned.There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon. But thanks to these efforts, the Prime Minister considers that France "will remain one of the ten countries in the world with the best financial credibility," and therefore the loan conditions are most favorable.

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Can we talk of success? Yes, in terms of revenue for the state. Still, some believe that the French would hide 90 billion euros in the vaults of Swiss banks. Less than 10% of assets have been regularized. This raises the question of a new policy in the fight against fraud. Britain and Germany have signed an innovative agreement with Switzerland, called the "Rubik". From 2013, Swiss banks will levy taxes on the money hidden in their vaults by the Germans or the British, and then repaid to the treasury of their respective countries.

The $ 108 billion euro responds to both a technical and more political trade-offs. Technically, the European Banking Authority (EBA) has made his calculations on the assumption that banks will have eight months to meet the essential requirements of the new regulations – "Basel 3" – which formally enter into force that in 2019.Objective: that all institutions show a capital ratio of at least 9% of their assets. Specifically, compared to its previous simulations, EBA is considered as the most robust to estimate the amount of capital now available to banks and was more rigorous assessment of their risks, especially those of market activities, and above all, she valued at close to their market price sovereign debt they hold.

No details have yet been given official in this regard, but the write-offs adopted by the EBA would range from 8% for Italian bonds and 60% for Greek securities, to Ireland, Portugal and Spain .In contrast, gains were recorded in German and British debts, for example, who have for the time of the "flight to quality" that characterizes the movements of the market since early August. Which "limit the damage" on the final bill, particularly in relation to IMF estimates, which amounted to 200 billion euros needs area banks.

Restoring confidence

In fact, anything and everything has been said – by the EBA, the IMF, the various States or analysts – the "hole" facing the industry in Europe. Therefore difficult to separate numbers. Most, however, they will give confidence, and for this area of ​​the 100 billion seems appropriate. The goal is indeed to remove the doubts of the market about the ability of banks to the shock of the crisis. Take into account the devaluation of the debts of European countries in this regard was indispensable.But the operation "truth" of banks should not create new concerns about the ability of Europe to bail them out.

The general rule is certainly that financial institutions are themselves the solutions by reducing their balance sheet, affecting more profits to strengthen their capital rather than dividends or raising new money market or from large investors. But if these remedies do not pay the entire bill (in France, they should suffice), states, and ultimately the EFSF, will take over. This requires that the effort required to banks or to the extent of the means that Europe is ready to release for them.

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The tax is also debate. Political issue, it will be based on the outcome of presidential elections next year. But whatever the future tenant of the Elysee, the necessary fiscal consolidation will make more bitter potion tax in France and elsewhere. This fall, several large employers, Maurice Levy (Publicis) to head, seized of the matter, declaring themselves willing to pay more, in the wake of U.S. financial guru Warren Buffet.Went to war for the tax to China with Bill Gates, the investors have called "the sage of Omaha" and admits that pay less tax proportionately than his secretary did not meet with success expected in the Middle Kingdom.

Tax loopholes less generous

In some banks, asset management, however, we feel that the climate is changing. Faced with the country's debt, attitudes are changing. "Taxes will go up, most of our customers are aware of, said Philippe Vayssettes, the president of the bank Neuflize OBC. The crisis has raised awareness to wealthy clients need to solve the problem of public finances, and his reactions to the tax increases are less epidermal few years ago.Many say they would pay more taxes, but only if the load is evenly distributed and that addresses the spending. "

France, in recent years sought to rebalance the tax burden on labor and the heritage. And tax loopholes were made less generous. Yet the French are addicted to the means to reduce their taxes. "Everyone is struggling to pay less tax, but push the system too far is destructive of social cohesion," says Mathilde Lemoine, director of economic research and market strategy of HSBC France. Investors rushed last year on investment in rental real estate law Scellier, which allowed them (for investments made in 2010) to obtain a tax reduction equal to 25% of their implementation, a limit of 300,000 euros.This year, the percentage of tax reduction increased to 22% for purchases in buildings BBC (low power) and uncertainty hovered for months about the future of the device. Result, the French have been slow to invest. The ax has fallen at the presentation of the Finance Act 2012: tax reduction Scellier expected to increase to 18% next year. Individuals tempted by a real estate transaction in the nine have a vested interest to act quickly if they want the rate of 22%, although an amendment could, if adopted, to take into account the sales agreement and not just the final act signed before the end of the year.Better yet avoid precipitation because tax savings does not always mean good business.

Before embarking on an operation of tax exemption must make an effort not to be blinded by the tax sirens and see the economic benefit of investment no faxing payday loans. And its output. With these precautions taken, why not kill two birds with one stone? Build wealth, comfort and reduce the income tax it will pay next year. For this, we need to invest before the end of the year. The tax paid in 2012 will focus on the income received this year. So it also charges, expenses and investments made in 2011 that will reduce the tax liability next year.

Individuals familiar with the outline of the 2012 budget, a few caveats about. We must also wait for the vote of the National Assembly and Senate to get the specific details of the measurements.On some points, arrangements are already being considered. The slowdown in growth means fewer tax revenues, will require to find recipes. The tax may be more severe in the coming years and levers to reduce fewer. One more reason to enjoy the levers that exist today.

Avoid the pitfalls of tax exemption

But the string of investments and existing mechanisms, it is often difficult to find your way. The folder you now offers Le Figaro Magazine, with the teams of the Particular (group Figaro), is designed to help you reduce the tax burden without falling into the pitfalls of tax exemption.So we sifted through real estate investments, financial products, including FIP, the FCIC and Sofica and investment overseas and work to achieve in its housing, which can afford to pay less tax next year, whether the income tax or, in some cases (direct investment in SMEs, gifts, etc..), the ISF. And to reduce taxation intelligently, we give you other ways to reduce the tax burden, such as investing in the forest or going into debt. Have a ball. –

Limit spending to curb the increase in taxes

We too often forget: you pay taxes to finance public spending. One way to limit the tax increase is to reduce them. It will do so, and ask what the costs really useful, "said Mathilde Lemoine.In a report last July, the Economic Analysis Council considers necessary and tax reform advocates an overhaul of the system of tax loopholes. To restore confidence in the fairness of our tax system, he advises to "better link the tax to ability to pay."But he warned: "To encourage investment guess you do not make the mistake in the name of the simplification of our tax system, a confiscatory taxation of capital income." Fiscal policy is a delicate, because ultimately, too many taxes kill taxes.

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1 – Choosing to let investment in direct

2 – Diversify investments with the stone paper

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4 – Focus on non-listed companies with the FIP and FCPI

5 – Acquire shares Sofica and finance the film

6 – Investing overseas with the industrial Girardin

7 – To carry out work for Energy

The day before, the CAC 40 sold 1.61% below 3200 points, after about German leaders who are very cautious about a future resolution of the crisis in Europe. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.And, while the central bankers of the euro zone had promised a response "comprehensive and lasting peace" to the crisis at the G20 finance this weekend in Paris.

Fears of a slowdown in Beijing this must be added the fear of a slowing Chinese economy, which appears in 9.1% in the third quarter, against 9.7% and 9.5 % in the first and second quarter. "Economic growth is currently facing a more complicated on both external and internal plans," said the spokesman for the National Bureau of Statistics (NBS), Sheng Laiyun commenting on the growth of China. In fact, Chinese exporters are beginning to suffer from particular sovereign debt crisis in Europe, their largest market, a difficult economic situation in the United States.The Chinese economy is also impacted by rising wages and strong yuan, has appreciated by 7% in a year against the dollar. "The number of factors of instability and uncertainty increases," says Sheng Laiyun.

On the front of currencies, the euro rose 0.28% to 1.377 dollars on Tuesday. Oil is meanwhile down in Asia after the confirmation of a slowdown in Chinese growth in the third quarter against a backdrop of skepticism about a speedy resolution of sovereign debt crisis in the euro area.The barrel of "light sweet crude" for delivery in November, up in the early electronic trading, lost 9 cents to 86 low fee cash advance.29 dollars, around 6:00.

On the macroeconomic front, Germany, the barometer of confidence in financial circles ZEW is expected in 11 hours.

In Britain publish inflation for the month of September will also punliée.

Spain should in turn issue Treasury Bills 12-18 months, and publish the figures for bad debts of its banks for the month of August.

Values ​​to follow on Tuesday:

• Danone

Group sales in the third quarter were in line with analysts' expectations, and with forecasts recently outlined by the Group CEO, Franck Riboud.Sales for the period to 4805 and spring million, an increase over one year of 10.5% as reported and 5.9% excluding currency effects and changes in structure. The group confirms its 2011 and said he was "confident" in 2012.

• Air France-KLM

The company announced Monday the resignation of its CEO Pierre-Henri Gourgeon, President Jean-Cyril Spinetta regaining his seat as CEO of the Franco-Dutch until the establishment of a real Air France-KLM holding company, postponed current 2013 instead of early 2012.

• L'Oréal

With the guardianship of Liliane Bettencourt, the transfer of power between the L'Oreal heiress and her daughter opened a new era may change the balance of governance of the group as its ties to Nestlé.

• Edenred

The group announced a growth of 11.3% of sales in the third quarter thanks to a very strong activity in Latin America, enabling it to confirm its annual targets.

• LVMH

The group reported organic growth of 15% to 16.30 billion euros in sales in the third quarter, as the first nine months of the year. He felt that his performance since the beginning of the year confirms its confidence for 2011.

• Aéroports de Paris

The company will present the latest figures for passenger traffic.

• Accor

The hotel group will present its turnover in the third quarter after market close.

• NextRadioTV

The group presents its revenues in the third quarter.

While U.S. sites already rustle costume ideas "Steve Jobs" to celebrate Halloween at the end of the month, fans use the black sweater to make a new homage to their icon. Over a thousand people were thus included in the "Black Turtleneck Friday."Organized on Facebook, the event encouraged to wear during the day Friday, 14 October 1 black turtleneck sweater in the style of Steve Jobs.

St Croix sweaters out of stock

A registered acclaimed by Steve Jobs did not hesitate to use the windfall: St Croix Collections site TMZ said that sales of his black turtleneck sweaters have "increased by almost 100%" the day after death the co-founder of Apple. According to the leader of Knitcraft, parent company of St. Croix, quoted by the Washington Post, Steve Jobs bought two dozen of these sweaters every year. Today, a victim of its success, the article, which is worth 175 dollars, even out of stock depending on the brand, which states that it accepts commands. The site of St Croix has pushed its home page for the occasion: a tribute to the co-founder of Apple, the brand announced that it pays 20 dollars to the fight against cancer for each sweater purchased.And states that it is even considering erecting a memorial to the former head of the Apple brand.

Steve Jobs was, however, another favorite brand, remained more discreet: Issey Miyake. This is indeed the creator of Japan that the CEO was asked to create a uniform for employees of Apple. In an official biography to be published at the end of the month, Steve Jobs tells that the idea came to him by visiting the Sony factory in Japan. Seduced by this unique garment that bound them employees of the firm, made to the American one hundred black shirts at Issey Miyake. But conflicts with the unanimous rejection of his entourage when he arrives in the United States. Do not worry, Steve Jobs will then adopt for himself the uniform, simple but effective way to make a characteristic gait.Just reward: it is now the single items are presented on the front stalls.

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This is a revolution in shopping habits. "We have completely changed the profile of the truck, said Christophe Rebours, founder of In process design agency that designed the new truck, manufactured by German Wanzl. It was necessary to facilitate purchases and allow customers to better organize their shopping in stores. We bet on the flexibility of use thanks to the bags and different spaces that can accommodate the volume of races. "Notches on the side let slip a broom, for example. Downstairs, the buyer may ask the TV screen or drink without having to break the back by lifting them above the truck … Customers will come with their bags (or those of its competitors Carrefour) or purchase on site ( around 0.60 euro).One in two of the brand are already being used for shopping.

With fixed rear wheels, the new truck that will be offered the choice alongside the old, is more manageable. Lighter, with less metal, it will also make less noise. For young children, being unable to sit inside the truck, they can stick to vertical handles designed for this purpose on each side.

Scanner Procurement

Finally, a shelf was intended to put the shopping list or a loyalty card. "One can imagine eventually having screens or more sophisticated information systems integrated or connected to the trolley smartphone customers," said Philippe Picaud. But new technologies are not absent from the new truck. "Mobi" offers buyers the ability to scan their own bar code their products via technology ScanLib.The buyer, who no longer out of her shopping cart at checkout, the range directly into the closet after returning home. 10% of purchases are ScanLib today at Carrefour.

The observation of teaching was simple. After fifty years of loyal service, the truck needed a serious facelift. Apart from the introduction of plastic in the last five years, he had hardly changed. "We became aware of the expectations and frustrations of users when we worked two years ago on the reinvention of the supermarket, says Philippe Picaud. The truck was old, it was not the object that clients were proud to use to shop in the 1960s, these new temples of consumption. "

Carrefour bets on the mass production of its new truck to absorb the extra cost of manufacturing (10%).The company has filed a patent to protect his invention. When the group is experiencing difficulties, particularly in France (40% of revenues), the arrival of these new trucks is welcome.

In unsheathed before its competitors, Carrefour offers a small facelift.

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As for the arrival on the market Free Mobile, the fourth operator who promises to cut prices, the MP highlights the importance of "honor its commitments": "I'm not the VRP or the Orange Free , defends it. But it is a matter of principle. I am for freedom of the consumer, but when it's choose freely, he must assume.When his engagement is over, he can, why not look at other offers. "

"This amendment was not included"

"Even if your commitment is complete, you can stay at your service," Edward replies Barreiro, deputy director of studies at the UFC-Que Choisir. "This amendment was not included. We do not force consumers to change operators, but they have the opportunity. " The involvement of customers in 24 months' lock the market, "he laments: for two years, customers are not interested in other offers, even if they are more profitable. They re-enlist even if they want to renew their mobile age."It's a vicious cycle that prevents to choose," complains Edward Barreiro.

"Our position is clearly to punish all practices designed to keep customers captive, had also argued before the Assembly Jean Dionis du Sejour, Deputy New Center, who filed the amendment. The competition, which should work with the arrival of the fourth operator, and finally take-off of mobile virtual network operators, will allow the French to gain purchasing power. "

Free Mobile should, in fact, launched its first early 2012, while in parallel develop MVNOs, these operators without their own network, such as La Poste Mobile, Virgin Mobile, NRJ Mobile Mobile or Carrefour. In this context, the UFC-Que Choisir claims to have seen an increase in the number of "so diverted re-commitments."The consumer association has collected 270 customer testimonials rehired without their consent, such as accepting a trade offer without knowing it meant a re-engagement of two years. "Until January, the operators will try to keep their consumers, said Edouard Barreiro. There is a sense that they are afraid of competition. "

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Global stock markets are indeed won by a renewed optimism since the beginning of the week on the ability of Europeans to enrayerla debt crisis in the area euro.Les Europeans should take measures to stabilize Greece and the banking sector . Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned.

On Wednesday, France also formalize and discipline its budget for reducing government deficits and contain the debt.The presentation of the presentation of the draft budget law for 2012 by the Minister of Economy Baroin and budget minister Valérie Pécresse is expected in 17 hours.

The numbers of zero growth (0.0%) in the second quarter were confirmed by INSEE on Wednesday morning. Other macroeconomic indicators are expected across the Atlantic: orders for durable goods in August, the United States will be published at 14.30 and the weekly crude oil inventories at 16:30.

As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

The bank to follow

Among the values ​​to be followed, the bank should always enjoy the rumors sector support. Tuesday, these values ​​have soared: Société Générale jumped nearly 17%, 14.15% BNP Paribas, Crédit Agricole and Natixis 13.10% 11.26%.

Societe Generale is also seeking to sell its stake in Newedge, a subsidiary jointly owned derivatives with Crédit Agricole, as part of its plan to sell non-strategic assets, according to Reuters.

Green Bank is expected to announce a sale of assets today, reports the Financial Times. Following the example of BNP Paribas and Societe Generale, Credit Agricole and wants to improve its solvency ratios.The amount of the sale, however, was not known by the British newspaper.

The Franco-Belgian bank Dexia examines options to strengthen its balance sheet but excludes any split in the group, said Tuesday its chairman at the end of a board of directors held fueled much speculation.

Neopost announced Tuesday an increase of 2.7% of its turnover in the first half (+5.9% excluding currency effects). The solutions specialist courier has confirmed its forecast 2011 and launched a plan to optimize its structures in the United States and Europe which should generate annual savings of about 7 to 8 million euros in 2013 .

Renault: According to a source familiar with the matter quoted by Reuters, its partner Nissan will invest $ 1.5 billion (1.1 billion) in building a plant in Brazil, likely to produce electric cars .

Alten must also publish its first half results.

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