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Change at the top of ERDF, a subsidiary of EDF in charge of distribution. It Michèle Bellon, previously Director General of Dalkia – the joint venture with EDF and Veolia – who will succeed Michael Francony. An appointment will be approved at the supervisory board scheduled Tuesday, March 16. For Henri Proglio, the new chairman of EDF, distribution is a crucial topic. At the point of throwing a bomb in evoking the idea of separating employees common to EDF and GDF Suez in charge of this activity. "The teams ERDF complain of a lack of ambition and the sense of not really being part of the group. They also undergo feedback from customers regarding service quality deemed inadequate. Finally, teams must share sensitive business information with their main competitor, GDF Suez.On arrival, all this is very much ", said Henri Proglio earlier this year (read the Figaro, February 12). In other words, the roadmap looks Michèle Bellon particularly busy.

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The online banks will have to convince the French still reluctant. A BVA survey conducted for the Dutch bank ING Direct, four out of five French are not ready to transfer all or part of their funds in a bank online.

Requires close

The first reason given for their refusal is the need for closeness (89% of responses). Even if they are not all satisfied with their current bank, the French chose an institution primarily because it is easy to reach from home or workplace. Then (74%), fear of having no one to contact if problems or unexpected. Finally, the desire to maintain a customized report with a counselor is paramount for 68% of the 736 respondents with an internet connection … and 73% of them feel just as consultants online banks are unreachable.More surprisingly, the French fear the formalities of transfer of accounts and especially the closing costs from their current institution. But the closure of checking accounts are paying more since 2005!

Fresh lean

Yet the French recognize the qualities of online banks. Some like their fee policy on current operations or the free cards are recognized strengths. 35% of respondents spoke as a major factor in choosing a bank. The hourly range is also appreciated. That leaves working on customer relationship … ING, which currently has 750,000 customers in France, with 500,000 more expected within 6 months.

"See the BVA survey for ING Direct

"Online banking: Boursorama wants to" accelerate "

"It is first on the Internet that we follow his accounts

The NYSE has hesitated. It finally ended in the red on Wednesday. After rebounding said yesterday (1.52%), the Dow Jones lost 0.20% at 10,038 points. The Nasdaq lost 0.14% to 2148 points and the S & P 500 fell 0.22% to 1068 points.

The wait dominates before confirmation of support from the European Union to Greece. Investors await the meeting of European heads of state tomorrow Thursday after which a European financial aid for Greece should be announced. But doubt persists. "In another hour it was announced that EU countries have agreed in principle to a plan of aid to Greece and then they deny this information," says Patrick O ' Hare, the financial website Briefing.com.

The dollar begun to rise again against the European currency: 1 Euro 1.3732 U.S. dollar is exchanged.Raw side, the barrel of "light crude Texan" is 0.63% to 72.99 dollars on the New York Mercantile Exchange (Nymex).

So probably mingles the concern over the remarks of Ben Bernanke. This has not announced any increase in rates but this is considered soltuion. The discount rate will he, as the statement implied the rumor in the markets in recent days.

Regarding statistics, the trade deficit the U.S. has continued to widen in December, rising by 10.4% compared to November, while analysts expected him to be reduced.

Walt Disney released Tuesday

After Hours, Tuesday, Walt Disney (-0.60% to 29.66 dollars) has released stable profits over one year to 844 million, or 44 cents per share.But excluding special items, earnings per share were 47 cents against 39 cents expected by analysts.

Airgas Inc. (-0.29% To 61.17 dollars) has rejected a hostile takeover of Air Products & Chemicals, describing it as "inadequate".

Arcelor Mittal, the world's number one steel, said it earned 118 million dollars over the year 2009. But the current financial year looks difficult. The U.S. market (-7.43% to 36.56 dollars) endorse the title in Paris.

In addition, Micron Technology (-6.72% to 8.48 dollars) announced it would buy Holodings Numonyx, a producer of memory cards, for $ 1.27 billion.

The bank is not affected by ads for Ben Bernanke.JP Morgan Chase (2.37%), Bank of America (2%) and Goldman Sachs (1.36%) support even though the odds.

Baidu (+9.27% to 475.35 euros) reported a fourth-quarter earnings up 48% to 62.7 million. The competitor Google (-0.08% to 535.95 dollars) in China publishes a profit of $ 1.8 per share.

Dell (+1.99% to 13.52 dollars) has been "upgraded" by Bank of America-Merrill Lynch to buy from neutral.

The Japanese automaker saw decidedly dark days. It's Honda's turn on Wednesday recalled more than 400,000 vehicles, after the Toyota case (1.39% to 75.64 dollars).

And Omnicum, a direct competitor of Havas, which was pleasantly surprised by France, issued a profit decline of 87 to 73 cents per share. The title is almost stable (1.42% to 35.75 dollars).

After the Japanese manufacturer Toyota is Ford's turn to report problems with brakes on hybrid cars. Without explicitly mention a reminder of cars, the manufacturer said that the owners of certain 2010 models of the Fusion Hybrid and Milan Hybrid mail to receive a letter advising them to go to their dealer for a free upgrade of the computer system manager braking.

The manufacturer said that the problem occurs when switching between the two braking the vehicle, and that drivers always have an effective braking despite posting misleading.

At Ford, the software problem equip 18,000 cars, but only a small fraction of that total "will suffer a problem, according to a consumer association.

Review of the week, still not good on Wall Street. The flagship index of the U.S. coast, the Dow Jones has sold more than 1.3% over the last five sessions. On the month, it lost 3.5%, its largest monthly decline since February 2009. And from the peak of the year (January 19) at 10,725 points, it dropped 6.1% …

Note that the volatility index rose more than 4.3% on the session. This shows the nervousness of investors.

But Friday had sounded like a new breath of oxygen. The U.S. indices had opened up, certainly not stupendous, but reassuring. Investors initially reacted to the GDP growth of 5.7% in the fourth quarter of 2009. Note however that the whole of 2009, GDP fell by 2.4%.In addition, a new series of good quarterly results have agreed.

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Still missing, the index fell

Then the breath was cut. The indices have regained some equilibrium after 20 hours (Paris time), then slid into the technological rouge.Les weigh heavily on the trend. So that finally the Nasdaq plunged 1.45% at 2147.3 points. The Dow Jones dropped 0.52% to 10,067.33 points, under 10,100 points. And the S & P 500 dropped 0.98% to 1073.9 points.

Yet, at 15.45, the figures of industrial activity in the Chicago area for January were pleasantly surprising: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The Dow Jones had already ended on a Thursday this very negative (-1.13% to 10,120 points), leaded by the disappointing statistics. Applications weekly unemployment benefits fell during the week ended January 23 (to 470,000) but less than expected. Similarly, orders for durable goods in December increased more slowly than expected (+0.3%).

Yesterday evening, Ben Bernanke has been extended for four years at the helm of the Fed. The markets saw his appointment as a continuity of monetary policy characterized by very low rates.On the same level, China has also sent positive signals to the market today. The Chinese central bank reiterated that it would maintain a "moderately flexible monetary control.

Microsoft guest star

Even the good performance of Wal-Mart (1.52% to 53.4 million) and The Home Depot (+2.5% to $ 28), failed to halt the downtrend.

It is largely explained by the decline in technology stocks. The index closed at losing more than 1%. Apple heavyweight, with a decline of 3.6% to 192.12 dollars, under pressure since he revealed his "Ipad.

The computer giant Microsoft has published the results of its second quarter lagged 2009/2010 after Exchange Thursday, with a turnaround in net income of 60%, to 6.66 billion dollars.The stock has lost 3.36% to 28.18 dollars.

Amazon also announced after market close a net profit in 2009 up 40% to 902 million. The fourth-quarter earnings soared 71% to 384 million. Turnover was 24.51 billion dollars, or 28% more than in 2008. In exchange, the share increased to $ 132 before subsiding, then fall from 0.49% to 125.41 dollars.

Mattel (-1.2% to 19.8 dollars) released before market on Friday, a dramatic increase in its earnings in the fourth quarter: 86% to $ 328.4 million. Over the year the Group achieved a profit of $ 528.7 million, up 39% as well, which reduced per share amounted to $ 1.45 against expectations of 1.24 dollars.

The maker of automation and appliances Honeywell issued before market also net income group share declined slightly (-1.3%) to 698 million in the fourth quarter, in line with analysts' expectations. The title has sold 3.04%, to 38.61 dollars.

The oil company Chevron (-1.68%, to $ 72) on Friday issued a 2009 annual profit fall of 56.2% to 10.483 billion dollars, due to falling prices and pressure on margins .

Furthermore, the group of French telecommunications and media company Vivendi sued by shareholders ruined by its near-collapse in 2002, was convicted of misleading communication. Its CEO at the time, Jean-Marie Messier, has instead been milled.

Burning a limit to the deficit in the marble of the law. The suggestion was made by Nicolas Sarkozy in 2007 during the presidential campaign. Then was taken in late 2009, a budget minister Eric Woerth, seduced by the German example. The topic should be discussed Thursday at the Elysee Palace during the conference on deficits. How, specifically, would this be possible?

The Germans themselves have already taken action. They have set a goal rigorous balance of public finances on an entire economic cycle and have entered into their constitution. Clearly, the German deficit will not exceed 0.35% of GDP in 2016.

Pass such a law in France could reassure the markets. They are concerned about the explosion of public debt. Rating agencies have already warned France that it would quickly present a plan resorption deficits.Otherwise, goodbye note prestigious Triple A allowing Paris to borrow very cheaply.

Eric Woerth, in his first statements, believed that coercion should be entered in a text of a range exceeding the classical law. The minister was thinking of an organic law? This type of text is in the legal hierarchy between the statute and the constitution. "I'm not sure that new legislation limiting deficits to this level would change the deal because all the existing provisions," argues Sophie Baziadoly, lecturer in public law at the University of Cergy-Pontoise.

Already copntraintes

Entering the euro zone, France has already pledged not to show a deficit above 3% of GDP bad credit payday loans . A rule regularly flouted.Nationally, the planning law, passed each year, limiting the increase in government spending to inflation. But this is not a legal rule, rather rule management. If it is not respected, there are no penalties.

The organic law will probably not solve these problems. "Like any law, it can be applied … or not, so it's purely symbolic," says Michel Bouvier, Professor at University Paris I Panthéon-Sorbonne and director of the Association for the International Foundation of Public Finance (Fondafip ). "The only serious solution is to fix the balance in the constitution." Follow the German example, in short.

But is it really desirable? This solution "removes responsibility policies and limits their freedom of action in the future," said Michel Bouvier. According to the university should instead strengthen fiscal transparency, streamline the budget.One area where France did not blush. For if it is bad in terms of student debt is one of the best in the world for the transparency of public finances, according to the International Budget Project. Still, this does not seem to be enough today to reassure the markets.

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On the eve of the great Mass Association Annual Retirement Savings Afer, the past resurfaces and new twists are expected. Accused in 1999 of embezzling 128.9 million euros, the former leaders of the savings association Gérard Athias and André Le Saux, were convicted on appeal by the Correctional Court of Paris, two years in jail suspended for breach of trust, and restitution of misappropriated funds between 1986 and 1997. This conviction was finally confirmed on 2 December by the Court of Cassation. This now opens the way for compensation to investors who suffered financial loss.

The SOS Afer Principles, which includes 400 members of the association, has therefore written to the Board of Afer asking him to recover misappropriated funds at the expense of savers."At least 400,000 members are concerned, are entitled to recover all amounts diverted, or about 250 million euros," said SOS Principles Afer.

We'll see tomorrow at the meeting of the association, during which will be unveiled the yield of the contract for 2009, how the current leaders of Afer respond to this request.

INFO FIGARO – As data traffic on mobile explodes, Bolloré Telecom, WiMax champion, believes more than ever the future of broadband Internet wirelessly. Reportedly, the company, a subsidiary of the Bollore Group, has just bought the operator Altitude WiMax licenses of Alsace and Burgundy regions. With this investment, Bolloré Telecom, chaired by Dominique Roux and directed by Marc Taieb, now holds WiMax licenses throughout the country.

In 2006, the company had already won 12 regional licenses for 78 million euros after an extensive bidding. Then in June 2008, she had acquired from TDF's WiMAX licenses in 8 regions.With the two licenses that it just bought at Altitude, Bollore Telecom won the Grand Slam: he is now the only operator with Free, to have national coverage.

In 2006, the telecom regulator (Arcep) was awarded two WiMax licenses by region. Besides Bolloré Télécom, SFR also holds WiMax licenses in two major regions: the Island of France and Paca, Altitude is always a dozen, and several regional councils as they are in Burgundy, Corsica, Brittany and Poitou Charente.

The deployment of Wimax has been delayed, as is often the case with new technologies in telecommunications. But many traders remain convinced of its usefulness. First to cover areas where we can not put fiber optics. WiMax can provide broadband signal wirelessly to institutions (stations, airports, marinas, universities …).It already provides mobile functionality can be later mobility. This technology will also certainly be additional frequency bands classic mobile (3G, 4G …) which, given the explosion of data traffic, arriving almost a saturation in some cities. Finally, the technology of the wireless Internet is extremely useful in developing countries: while they have no or little wired network, WiMax is affirmed to be the best way to bring Internet.

Donor associations to support innovation through investment, are multiple ways to reduce taxes. It exists in all twenty-eight provisions for entitlement to tax reduction and five, along with a tax credit. Some of them, especially heavy, can hardly be implemented before the end of the year. However, for latecomers, here's ten tracks explore before December 31 to reduce your next tax (1).

1 – Make donations to associations

It is very easy to reduce taxation by being generous. Donations to associations or organizations for aid to individuals qualify for tax reductions: 75% of payments made to organizations that assist people in difficulty (capped at 510 euros). For other donations, public organizations, for example, 66% of payments will be deductible up to 20% of taxable income.On the income statement, it suffices to mention the donations in the box UD (asssocaitions providing housing or meals) and the UF box for all other institutions.

2 – Prepare your retirement

Think of his old age is also a way to reduce the tax bill. The tax incentive savings plan retirement populaire (PERP) allows employees to accumulate savings for their retirement. Money deposited in this area may indeed be deducted from total income in respect to a ceiling that appears on the last tax assessment. For example, an employee whose marginal tax bracket is 30%, which is investing 100 euros on the PERP, save 30 euro tax. At the time of retirement, the savings will be restored as an annuity.

"About the PERP

3 – Helping innovative companies

By participating in a common fund for investment in innovation (FCIC) or an Investment Fund proximity (FIP), you can reduce your taxes. Your shares are eligible for a tax reduction of 25% of the amount subscribed, capped at € 12,000 (single) or 24,000 euros (couple). Most major banking networks selling such products. Units must be kept for at least 5 years.

4 – Investing in French cinema

And why not support culture? The capital of Sofica (Society for the financing of film) qualifies for a tax reduction of 40% or 48% if certain conditions are met. The basis for calculating the reduction is limited in the double limit of 25% of total net income and 18,000 euros.It should move towards a service asset management of a bank or a specialized firm, the product remains quite rare and confidential. Securities purchased must be conversation 5 years.

5 – Investing in forestry

Soaring prices facing the forest for 3 years makes it a very interesting investment. Especially since the sales or purchases of shares of forestry groups qualify for a tax reduction of 25% calculated on an annual ceiling of 5,700 euros (single) or EUR 11,400 (couple). Units must be held 8 years.You can also invest directly in land acquisition in natural woods and forests and barren land to be afforested (within 3 years), to establish a management unit of at least 5 hectares in a single taking.

Subsequently, and subject to achieve a management unit of at least 10 hectares in one piece, you can receive a tax cut for forest 25% of annual expenditure capped at 6,250 euros (single person ) or € 12,500 (couple). Warning, you must agree to retain the land for 15 years and to apply a management plan approved by the Regional Center Property Forest.

6 – Benefit of tax credits for your work

All those who are reluctant to work in their primary residence may be motivated by thinking of the tax credit they will receive.Insulation work, installation of devices to control heating, condensing boiler or heat pump are eligible for tax credits. The work must be performed by a professional who can provide information on the characteristics of the equipment to receive the credit calculated at 25%, 40% or 50% of the amount and nature of expenditure (excluding labor, except for insulation).

Warning: This tax credit is characterized by a multi-year ceiling of 8,000 euros (single) or 16,000 euros (couple) plus € 400 per dependent, ceiling covering all expenses paid in 5 consecutive years between 01/01/2005 and 31/12/2012. This tax credit was extended to expenses paid by the owners for their commitment to housing rent naked as a principal residence for at least 5 years.

»More

7 – Subscribe to capital for SMEs

You have a friend or relative who wants to create or strengthen the equity of a company. Your subscription to the capital you will receive a tax reduction of 25% ceiling on payment of 20,000 euros (single) or EUR 40,000 (couple). If your purchase exceeds those limits, the excess is reported in the same limits on the following 4 years.

8 – Doing work in bare ownership

Your parents have proceeded to share their property and you are bare owner of the house they occupy as usufruct. If you make major repairs in this house, you can deduct from your total income to a maximum of 25,000 euros with the possibility of deferral of excess expenditure over 10 years.If you take out a loan and that you have income from property, interest will be deducted from the said land revenue.

9 – Focus on real estate rental

The devices' depreciation Robien refocused and Borloo "will no longer apply to new houses acquired from 01/01/2010. It is still possible to opt for these devices if the act of purchase is signed before December 31, even if the delivery takes place later (acquired in the future state of completion).

On the device "Scellier, the draft Budget Act 2010 should tighten the conditions for applying a reduced advantage for purchases of homes for rent that would not meet the standard" Building Low Energy Consumption "(BBC ). The rate reduction should be reduced to – 20% for dwellings built or acquired in 2010, and – 15% from 2011.For homes purchased or built in 2009, the rate reduction, 25% will be maintained. For homes respecting the BBC's standard rates, tax cuts remain unchanged, ie 25% in 2010 and 20% in 2011 and 2012. Very interesting for tax exemption, the accumulation of Scellier Robien and should be considered in certain cases. So why give up when you can combine the devices?

10 – Have the reflex Internet if not already

If for 2009 you decide first to declare your return electronically, you will be allocated a tax cut to 20 euros.Having paid your third-looking check does not prevent the reduction provided that you agree with the declaration in line with the deadlines set by the following levies or electronically.

(1) Caution: the tax benefits mentioned (except the bare ownership) are capped at 25,000 euros plus 10% of net taxable income subject to progressive rates.

"Read the special dossier Taxation 2009

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Morel Gervais is co-author of "Taxation, investment and tax cuts" (Ed UK.gif Edition).

After rising prices of cafes and restaurants in November and revealed Tuesday by INSEE, they were not going to Bercy auspiciously. Yet, while recognizing that these figures are not up to the commitments, Herve Novelli has not enjoined Tuesday to go further in the final statement he prepared to lower the VAT in catering. Aware of the difficulties of independent schools, the secretary of state for trade and was merely asking restaurants to moderate their rate increases at inflation for the year 2010.

The prices charged by restaurants and cafes have indeed increased by 0.1% in November, according to Insee, an increase equivalent to that recorded by all consumer prices.A study of services Bercy, 55% of restaurants only have indeed lowered their prices in line with commitments made in consideration of the reduction in VAT. In total, since 1 July 2009, a rate cut by the restaurants alone amounts to 1.41%, while that seen in cafes amounted to 0.95%, INSEE showed. These figures are actually far from the 3% who had committed coffee shops since July.

If the price cuts and hiring remain "midway" of stated goals, Herve Novelli Welcomes however, the wage agreement reached Monday by the social partners in the sector.Described as "historic" for the many benefits it provides to employees – annual premium of 500 euros, two days of additional leave, starting salary grid systematically 1% above the minimum wage … – it remains fragile, the main employers' organization has so far refused to sign.

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