Once again, U.S. investors had their eyes on the Old Continent, where an EU summit was to deliver a plan to end the debt crisis in the eurozone. With four objectives: helping Greece to boost the capacity of the EFSF, recapitalize banks and improve governance. Among the items already announced: the strengthening of the EFSF, the strike force is multiplied by four, an agreement on the recapitalization of European banks and probable assistance of emerging countries, notably China.

This battery is able to prevent contagion of the crisis, while fears now focus on Italy.The country also undertakes to submit a growth plan by 15 November in the letter that the prime minister Silvio Berlusconi to present Wednesday night in Brussels, said the agency Ansa.

Sales of new homes leave

On the macroeconomic front, orders for durable goods in the U.S. fell 0.8% in September, slightly less than what the market expected (-0.9%), according to figures released Wednesday by the Department of Commerce. Sales of new homes, have them, jumped 5.7% in September, the fastest pace in five months, but prices still down report that the housing market is still far from recovery.

As for commodities, oil prices have come down sharply on Wednesday in New York, under the blow of an unexpected rise in U payday loan.S. crude oil inventories. They rose 4.74 million barrels to 337.63 million.Economists on average had expected an increase of 1.3 million barrels. The barrel of "light sweet crude" for December delivery dropped 2.97 dollars to 90.20 dollars on the New York Mercantile Exchange, after gaining nearly six dollars on the first two sessions of the week.

Amazon severely punished

• Amazon (-12.66% to 198.40 dollars): the world leader in Internet sales announced Tuesday a net profit of $ 63 million for the third quarter, against $ 231 million (51 cents per share) a year earlier.

• Lockheed Martin (-3.19% to 76.37 dollars) saw its profit grow 25% in the third quarter to $ 700 million.The group also raised its targets for 2011.

• Ford (-4.55% to 11.87 dollars): The U.S. automaker Ford has released Wednesday a profit for the third quarter down 2% but slightly above expectations, together with a turnover up 14%. The Group posted a profit of $ 1.65 billion. Based on the number of shares and excluding exceptional items, it amounted to 46 cents a share, where analysts had forecast 45 cents.

• Boeing (4.47% to 66.57 dollars) issued on Wednesday a net profit up 31% to $ 1.1 billion for the third quarter, exceeding expectations, but it has revised down its forecast commercial deliveries for the year.

• ConocoPhillips (1.78% to 71.94 dollars) has reported a net profit of $ 2.62 billion in the third quarter, down 14% year on year.Turnover was up 33% to 62.78 billion USD.

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 group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.

However for Barack Obama the "time is running out for agreement on the debt." "If they (elected officials, ie) show me a plan I'm seriously ready to move," said the American president during a conference at the White House.He found that the Republican plan without raising taxes was "not serious" and expressed regret that "elected officials are blocked by their ideology."

Ideas to raise the debt ceiling

"Obviously, time is running out is pourquuoi I told the congressmen that they should submit to me within 24 or 36 hours the ideas they have to raise the debt ceiling," at he said. Barack Obama has decided that this issue should have been resolved long ago, adding that, underlying deficits should be addressed. The owners of private jets and millionaires, could pay more taxes to participate in solving the debt problem, he added savings account payday advance.

He also dismissed the idea of ​​a reduction of $ 2.4 trillion federal budget unless it is accompanied by an increase in taxes."By immersing myself in the numbers, I have not seen a credible plan that would allow us to find 2400 billion dollars without affecting the average American," said Bush. "The idea that we do this without asking the wealthiest among us, or without removing tax loopholes for companies, does not seem serious."

Threat rating agencies

Since mid-May, the U.S. federal debt has reached the maximum allowed, an issue that the Treasury does not get around forever and that requires raising the legal limit by a vote of Congress.The Republican majority in the House of Representatives blocked for now, we want to tackle the deficit, having grown an opposite attitude for years until 2009.

The U.S. president comes as two credit rating agencies have suggested that they could degrade the debt rating of the United States currently in AAA (the best) if no ACORD between Republicans and Democrats was found by the deadline Aug. 2.

(With agencies)

Threshold at 1.3 million euros

This article provides for the abolition of the first tax bracket to the ISF by raising the entry threshold of 800,000 to 1.3 million euros of assets. This measure should allow taxpayers to exempt 300,000, which corresponds, according to the government, owners of a principal residence whose value has soared because of the explosion in property prices in recent years.

Two rates of 0.25% and 0.5%

Section 1 provides further reduce the progressivity of the ISF. The schedule now has six units which techniques are applied six rates ranging from 0.55% to 1.80%.If the text is finally adopted by the Assembly and the Senate, it restr only two tax brackets: 0.25% for those whose assets do not exceed 3 million euros and 0.5% where the estate is greater.

This Friday, the resumption of debate, an amendment allowing a small reduction in ISF extra part dependent children has been strongly denounced by the left. In detail, the amendment of the rapporteur Gilles Carrez UMP plans to "increase the amount of reduction for each dependent from 150 euros to 300 euros, including adult children who are studying. "Interesting," said Budget Minister Francois Baroin, who relied on the "wisdom" of the Assembly. "You have no shame.It's outrageous, "launched the PS deputy Christian Eckert, denouncing" 150 euros reduction for people whose assets exceed $ 1.5 million, even though the school year allowance is granted conditionally for income below 23,000 Euros.

On June 14 the Senate

The reduction of the ISF is the corollary of the abolition of the tax shield, a key measure of quinquénat adopted in 2007 which provided for the tax cap to 50% of revenues.The fate of the latter, under section 13 of the supplementary budget will be sealed within hours or days ahead, examining the text to run until Tuesday, June 14, the date set for the formal vote and Transmission of the Senate.

(With agencies)

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The proposed solution is the demand in good and due form the High Council of Audiovisual (CSA) changes of the Convention on LCI pay channel free channel. What embarrasses the regulator, because the operation is not without risk and "give rise to litigation," promises an expert of the file.

TF1 pleads for the public interest and diversity of information in television. But critics denounce them, "a substantial modification if it completely changes the LCI media landscape." And everybody will go before the State Council.Government side, we observe with interest the maneuver. The State has to settle the sensitive issue of bonus channels, the passage of free LCI could be a good way to calm the war between TF1, M6 and Canal + since it unveiled its draft Canal20 free channel. In exchange for the rescue of LCI, TF1 calm his opposition to the arrival of new competitors.

Finding new advertising revenue

Canal + has been very clear. This is not about to pay 15 million euros per year for LCI is only CanalSat. Bertrand Meheut, CEO of Canal + 'the info is now free. " Canal + in fact no longer wants to put money on the table to distribute news channel competing with its own channel i-Tele. According to observers, Canal + could just pay 2 million euros per year. This will leave a hole in the finances of LCI.Especially as Numericable is preparing, in turn, reduce by half the fee of 5 million. Consequently, LCI, which is already losing 5.8 million euros for a turnover of 42.7 million must find the money. The news channel is currently negotiating distribution for all IPTV operators but this is not enough to offset the loss of the amount of Canal +.

If LCI chooses to stay free, we must find twenty million of additional advertising revenue to balance its accounts. But the market is crowded by BFM TV which has a total turnover of 34.5 million euros and i-Tele.

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LE FIGARO – How do you do?

Liliane Bettencourt – Not bad at all. I am fit and some days a little less than others, like everyone else. Obviously, as I get to the hospital, where I spend a few days after a small fall, I confess I'm in better shape the next few days. But I'll get back soon. And I can not wait to go home, my dogs and I miss my home. What I also regret is that this small waterfall prevents me from going to the General Assembly of L'Oreal. I hesitated a lot.Can you imagine that this will be one of my very few defections from the listing of the group? But after all considerations, I will stay here or at home. I'm not a girl who can toddle on crutches. But I will follow this closely.

You have to attend the couture collections and participate in demonstrations. Do you still go out and see friends?

Yes and with great interest. Like restaurants, museums, travel, see friends. I like to "move". I went from allegro piano: the pattern must be a little more piano because when I do too much, I soon enough.

The past months have been marked by a very difficult conflict within your family, especially with your daughter before you reconcile. What are your present relationship?

We have very different characters but it is not without interest, and we often see. We found.I welcome this.

You could also find your grandchildren.

I had never lost. They are both beautiful and good boys become adults that I see with great pleasure.

The JDD announced Sunday that your daughter had received 300 million euros in capital reduction. This is the result of your dealings?

Tethys management concerns only our family and Françoise is my daughter. But I can tell you that no loan has been made by Tethys under the management of Tethys or pay money to Françoise.

The Bordeaux court decided a few weeks ago to drop the charges for "abuse of weakness" François-Marie Banier cons. How did you react?

It was a great joy for me, release, although I am never myself felt very trapped. He had to struggle to make peace.I'm happy to live in peace.

Have you established a new organization for managing your assets? Who is responsible?

Pascal Wilhelm. He's a very, very serious, organized and meticulous, in whom I have great confidence. This is my lawyer and my protector in the legal sense of the word. He informs me because I like to be informed and this allows us to exchange our views.

You were criticized some confusion in your accounts, especially for certain assets located abroad. Has it been put in order?

Yes.

Have you formalized your situation with the tax authorities?

Pascal Wilhelm is in regular contact with tax authorities and regulations that must be addressed pay day loans.

Have you recovered Island Arros?

We drive to recover. Unfortunately, I am not gone for a year.The island of Arros access is difficult and I must be in perfect health to return. Therefore, we will reflect on the future of Arros and it will not make me turn the eye if I have to separate.

In a few days and will be the general meeting of L'Oreal, which will be proposed at the renewal of your mandate as director. What will your role in the future, in society?

I wish to continue my tenure as director because I am the daughter of the founder of L'Oreal, that I am the spirit and the first shareholder. I want to mark the independence of L'Oreal, which is why I attach so much importance to my role as administrator.

On this occasion, Jean-Paul Agon became CEO of L'Oreal. What do you think and what do you expect of him?

All because I know him. He knows the house for a long time and we know and love its uniqueness.It is able to take people and is a man of strength and determination. This was a trait of my father.

How do you see the future of L'Oreal? How do you respond to rumors about a possible acquisition by Nestle, which is on your side the other major shareholder of the group?

This is a company with which I am very attached forever. It's like a child that is raised, there is always something to say. Research and innovation are essential for L'Oreal and I hope it continues to grow and invest, especially in France. L'Oreal must keep a strong structure. I am always opposed to part of L'Oreal. I do not think Nestle has positions contrary to the interests and independence of L'Oreal.I have spoken with the president of Nestle, Peter Brabeck, who I've known a long time and I appreciate very much.

What are your plans for your foundation?

I'm still very attached to the foundation. It is an institution that I loved and still love and that is important for France, scholars, craftsmen and all of the projects we support. I invested heavily in medical research and the fight against AIDS. The foundation will have a new boss, a personality whose name will be announced soon.

A rumor says that you have plans for your collection of works of art …

You are well informed. Indeed, I am preparing a book on the collection started by my father and I also hope that my collection is visible to all, so I think about different projects.I am encouraged by the reactions of those who could see: they are all very happy. It is the purpose of art and beauty that fill you with joy.

According to Forbes, you're the second richest woman in the world. What does that inspire?

This does not inspire me at all, it gives me opportunities, requirements for myself and especially responsibilities to others. It's a bit harder than what we believe to be the guardian of such a great family legacy but that's normal and it's exciting. Thank you for coming to me.

If a new downgrade of its debt were to be decided, the country would be in fact classified as borrowers may not honor their debts. Ireland would therefore its sovereign bonds classified as "junk bonds" – or junk bonds, and would have the greatest difficulty in borrowing on the markets.And a restructuring of its debt would be necessary.

The bailouts are linked together, the challenges remain

This decision was taken by the rating agency because of the deteriorating economic outlook of the island. Paralyzed by a financial crisis, Ireland has been trying for two years to improve its economic situation. She suggested early April fifth bailout of its banking system, in great difficulties, which must be recapitalized to the tune of 24 billion euros.

An austerity plan aimed at reducing the public deficit to 3% of Irish GDP in 2015 from 9 no fax payday loans.6% in 2010 was also adopted by the country before the elections of 25 February, to keep its promises to the IMF International and the European Union that have provided aid to 85 billion euros.

A new recession

Despite these efforts, economists forecast remains bleak.Last week the central bank of Ireland has revised down its growth expectations for this year: Ireland's GDP should grow by 0.9% it in 2011, 0.1 percentage point less than its initial forecast formulated in January. It also lowered its expectation for 2012 s Croisances from 2.3% to 2.2%.

She also gave the term "recession" on the current year, after the Irish GDP has declined for three consecutive years, falling by 1% in 2010 from 3.5% in 2008 and 7.6% in 2009.The IMF has also produced a report on the state of the Irish economy and its prospects, which should be published that day.

Corruption, the housing bubble and lax financial regulation that boosted the country's growth until the outbreak of the financial crisis in 2007, could continue to encumber the Irish economy for several years.

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"The president has listened and heard, welcomed the centrist MP Charles de Courson, only the presidential arbitration announced on Tuesday night. "From the beginning, I campaigned for a development of the ISF. The proposed reform is balanced, "said Philippe Marini, UMP rapporteur of the budget in the Senate. "A deletion of the ISF could be envisaged that at the beginning of the legislature, not the end. This reform addresses the problem of households that had entered the TFR because of the housing boom.And thanks to the revamped schedule, the ISF is not confiscatory for the rich, "adds Gilles Carrez, the UMP rapporteur of the budget to the National Assembly. "It simplifies, it does not increase the deficit, it does not pay the middle classes, it goes in the sense of justice and avoids tax levies that accelerate tax exiles, still greet the centrist Méhaignerie Pierre, President UMP of the Social Affairs Committee of the Assembly. For his part, Senator Jean Arthuis centrist would have preferred that the government would go to the suppression of the ISF, a scenario that the Minister of Economy Christine Lagarde was pushing behind the scenes.

"DIY"

PS Chairman of the Committee on Finance of the Assembly, Jerome Cahuzac, refers, of course, reform of bricolage.But he welcomes the elimination of the tax shield – hard to do otherwise, left the advertising since the beginning of the quinquennium – and even lower rates of ISF. His colleague, Bertrand Delanoe, Mayor of Paris, however, a critical reform "aimed at alleviating the high tax the richest of the French."

To achieve this near-consensus, he took himself to give up a few symbols. And postpone the script for a big night for tax purposes. The initial ambition to abolish the wealth tax, French regarded as an aberration, has been abandoned in favor of a simple design us fast cash. Budget Minister Francois Baroin, is not foreign, who bore in mind the political damage from the removal by Jacques Chirac in 1986, the tax on large fortunes. One year after the presidential election, Nicolas Sarkozy has chosen not to throw oil on the fire.With, admittedly, an argument found everything: in the context of public finance, it was unthinkable to deny completely the 4 billion cash EWB.

Legislation to unravel the law "Tepa"

This reform also sounds the death knell of the tax shield. Introduced by Dominique de Villepin, Nicolas Sarkozy strengthened after his election in 2007 on behalf of "moral" grounds (the state can monopolize more than half the income of an individual), the maintenance of this scheme has become politically untenable with the crisis. Because it was not understood by public opinion, he leads by example hit the IRS to sign a check to Liliane Bettencourt. And because he was the wealthy free from any tax increase, more and more inevitable with deficits.We remember the contortions of government to meet the 1% top rate of income tax when the pension reform.

This reform finally fine again Tepa law, which greatly relieved the inheritance tax, 97% of French people no longer pay today. To finance the relief of the ISF, the balance will go into effect in the other direction, with higher rates applying to very large inheritances.

Stocktaking not without some glee by the Socialist Michel Sapin and Pierre-Alain Mute: "After removing the deductibility of mortgage interest, that of the tax shield and relief from inheritance, there remains the tax package that the tax exemption of overtime. On this last point, Nicolas Sarkozy made clear there was no question of going back.

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For the occasion, Mickey Mouse was wearing a festive costume of China, a tangzhuang, a red silk jacket and yellow. The ceremony was indeed a "tribute to the culture and people of China," as the group said in a statement. A soloist sang in Mandarin, traditional Chinese music and a choir of fifty children of Shanghai completed the ceremony.The tone of the new park was thus given: "both Disney authentically and distinctively Chinese" in the words of Bob Iger.

"Our park in Shanghai will be a family vacation destination that will combine world-class features classic Disney and Disney stories told with the unique beauty of China," promised Bob Iger, who speaks of a "day very, very important in the history of Walt Disney. "

Do better than Hong Kong

Park, the sixth of the group after those in California, Florida, Tokyo, Paris and Hong Kong, will cover 3.9 square kilometers in Pudong, Shanghai in the east. Like other parks, it will include several themes.A large castle stands in the middle of the park, surrounded by a large green area to "reinforce the themes of sustainability and nature payday loans no teletrack."

Walt Disney's objective is to attract 7.3 million visitors each year in this new park, two million more than received in 2010 in Hong Kong Park, which is in deficit. Shanghai should do better because it will be more easily accessible from mainland China must obtain a pass to visit the former British colony.

Walt Disney specifically targets the 330 million people who live three hours by train or car from Shanghai.

3 billion euros invested

This new "Kingdom of Wonders" is the result of ten years of negotiations between the American and the Chinese government.More than 2,000 homes and nearly 300 businesses have had to move to allow work to begin.

24.5 billion yuan, 2.6 billion euros will be invested to build the park scheduled to open in five years. Other 4.5 billion yuan (about 480 million euros) will be spent on "perks" of the park such as hotels, shops, restaurants and recreational areas.

The park will be owned by Disney and 43% to 57% by the public company created for the occasion, Shanghai Shendi Group. The funding will be proportionate to the Units. The two partners will also create a joint venture 70% owned by Disney, which will manage the park.

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