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More than a month after the fall of President Zine el-Abidine Ben Ali, two French ministers have visited for the first time in Tunisia on Tuesday. For this visit aimed at restoring confidence between Paris and Tunis, following a succession of blunders diplomacy, Economy Minister Christine Lagarde is accompanied by Laurent Wauquiez, the minister for European affairs. Officially, the European Affairs Minister Michele Alliot-Marie could not go to Tunis to issues agenda. She is currently conducting a two-day trip to Brazil.

"Trust between Tunisia and France has not been broken," assured in front of some journalists Christine Lagarde at the beginning of his visit to Tunisia a few hours low fee payday loans. "The relationship between France and Tunisia has for centuries made a lot of light, a little dark sometimes.We are clearly in a period of light for this country, "she added.

"We do not come to lecture but to listen to their needs," said his part the Minister of European Affairs, Laurent Wauquiez. He raised the possibility of increasing European funding and needed to establish a "Marshall Plan now for Tunisia, European and also global":

The player has to use the default items for export of figaro.fr FB

The Paris Bourse ends in a narrow green, having increased its losses to 14.00, a victim of publications of macroeconomic indicators disappointing overseas. The CAC 40 closed end up 0.02% to 4152.31 points, after a day marked by the publication of company results. The benchmark index in Paris marks a break on Wednesday after hitting its highest since September 2008.

Lack of conviction also on other major European markets. At the London Stock Exchange, the FTSE-100 rose symbolically, from 0.03% to 6087.38 points and the Frankfurt Stock Exchange, the Dax fell back from 0.12% to 7405.51 points.

Since Thursday, the macroeconomic news was mostly American, with the U.S., consumer prices have risen more sharply than expected in January.Larger increase than expected also for the weekly jobless claims, which rose from 385,000 to 410,000, against 400,000 expected by economists.

The composite indicator of economic activity, which anticipates the situation in the United States within six months, has also slowed sharply in January, according to the Conference Board, which bodes however still a continuing growth in addition Atlantic. Over a month, it rose 0.1% against 0.8% in December and 1.1% in November.

The only good surprise, the index of manufacturing activity from the Federal Reserve of Philadelphia (Philly Fed) has largely beaten the consensus in February to $ 35.9 against 19.3 in January, its highest in seven years (January 2004). Economists expected a virtually stable at 20.9.

In France, the number of start-ups fell by 10.2% in January compared to December, with a marked decline in self-creations outside contractors, INSEE said Thursday.

On the currency markets, the euro against the dollar resumed on Thursday, traders digesting mixed indicators in the United States, following cautious comments from U.S. Federal Reserve (Fed). Around 17:30 in Paris, the euro bought 1.3603 dollars against 1.3570 dollars late Wednesday.

On the corporate side, nine companies published on Thursday morning.Reactions to the Paris Bourse were divided: five were up (Capgemini, PPR, TF1, Schneider, Technip) and four declined (Eramet, BNP Paribas, Axa, Pernod Ricard).

TF1 takes advantage of the recovery in advertising market

Capgemini: + 5.71% to 42.13 euros – the largest increase CAC 40

The consulting group Capgemini and Computer Services posted Thursday a net profit in 2010 increased 57% to 280 million euros forecast for 2011 indicating a growth in turnover of between 9 and 10%.

Alcatel-Lucent: + 1.08% to 3.57 euros

Alcatel-Lucent is confident about its prospects in the U.S. this year, based on significant contracts with major operators in the country, Verizon and Sprint Nextel, told Reuters his director of the Americas.

PPR: + 1.90% to 115.35 euros

PPR has reported an annual net profit up 1.4% to 965 million euros, while its turnover in 2010 rose 7.5% to 14.6 billion euros. The distribution group and luxury is confident to achieve this year's financial performance than those of 2010.

TF1: + 2.95% to 14 paperless payday loans.81 euros

TF1 double its annual net profit to 229 million euros thanks to the upturn in the advertising market. The group chaired by Nonce Paolini expects a stagnation in sales 2011, after it rose 11% in 2010.

Schneider: + 2.56% to 118 euros

Schneider Electric has published on Thursday a net profit doubled in 2010 to 1.7 billion euros.The group targets a growth of 6 to 9% this year, a margin which improved to reach 15 to 15.5% in 2011.

Lagardère: + 0.98% to 33.40 euros

Canal + France said it had registered Wednesday its core document with the AMF, to an IPO in Paris on 20% of its capital owned by the Lagardere group.

Eramet: -3% to 268.35 euros

The mining group has annual net profit of 328 million euros against a loss of 265 million in 2009 thanks to growth in emerging markets and strong sales growth in the fourth quarter, "he said Thursday.

BNP Paribas missed market expectations in the fourth quarter

Pernod Ricard: -3.78% to 67.96 euros – the largest drop CAC 40

The wine and spirits group Pernod Ricard said Thursday net results in increase in the first half of its fiscal year offset.

Axa: -2.01% to 15.66 euros

The insurer Axa in 2010 recorded a net profit of 2.749 billion euros, down 24%, affected by special items related to divestitures in the United Kingdom, according to a statement released Thursday.

Technip: + 2.11% to 74.44 euros

Technip table for this year on a turnover of about 6.5 to 6.7 billion euros and an operating margin Subsea (subsea infrastructure) above 15%.

BNP Paribas: -0.61% to 58.614 euros

2010 net earnings of the banking group was up by 34% to 7.8 billion euros.However, BNP Paribas has missed market expectations in the fourth quarter, after a depreciation in its accounts unexpectedly on its stake in Axa.The number one European bank in its wake other banks: Credit Agricole, which publishes Thursday – yields 0.98% to 12.09 euros and Natixis – which reports Friday, February 25 – was down 0.50% to 4 , 14 euros.

Societe Generale said Wednesday that profit climbed above expectations of 0.23% to 51.236 euros

Alstom: -0.29% to 42.88 euros

The European Railway Agency in March will make its technical opinion on the circulation of new types of trains through the Channel Tunnel, which will build review the Franco-britaninque responsible for settling the case, said Wednesday Thierry Mariani.

Scor: + 0.19% to 20.94 euros

Scor announced Wednesday the sale of its fixed annuity in the United States to Athene Holding for 55 million dollars (40 million).

Saft: -0.62% to 27.84 euros

Saft has announced an acceleration of its business in 2011 but a slight margin decline due to one of its plant projects in the United States.

Icade: -1.35% to 80.95 euros

Icade intends to continue the service sector of its activities with delivery over the next several years of its pipeline projects valued at 900 million euros.

After market, Eutelsat will publish its first half results.

Asian stock exchanges choose divergent paths that mercredi.La closing unchanged on Wall Street and the European markets down Tuesday prompting investors to the region to exercise caution. All were suspended from the speech of U.S. President Barack Obama on the State of the Union. Barack Obama has talked in very general terms of the fight against unemployment, does not announce any concrete new measures to support short-term employment.

Moreover, the markets were disappointed by the mixed financial results published overseas.

In Japan, it is time for consolidation. The day after a session of strong gains, the Japanese Nikkei lost 0.60% to close at 10,401.90 points. The broader Topix index of all titles of the first table on his side dropped 0.71% to 922.64 points. The rise of the yen weighed on tencande.As for values, Toyota displayed a decrease of 1.73% after announcing the recall of 1.2 million vehicles in Japan, because of the risk of fuel leakage. The massive operation for nearly 16 models (not to mention their different versions) between May 2000 and October 2008.

Korea's growth at above 8 years

In China, the indices move in contrast to positive territory my credit score. The Stock Exchange of Hong Kong is gaining 0.44% at 23,893 points, after opening up 0.30%. For its part, the Shanghai Stock Exchange ahead of 0.60% to 2693 points. The markets, however, show caution due to a restriction of liquidity in the money market before the Lunar New Year celebration next week, dealers said.

Moreover, the sessions are more mixed. The Korean KOSDAQ climbed 0.23%, boosted by the announcement of higher than expected GDP in the fourth quarter of 2010.They increased by 0.5% over the previous three months. Over the full year, the increase is 6.1%, the highest in eight years.

In Australia, the S & P advance of 0.46%, while the Indian Sensex was down 0.95%.

Oil rises

Crude prices were up Wednesday in electronic trading in Asia, a movement of bargain hunting after declines in previous sessions, analysts said.

In morning trading, a barrel of light sweet crude for March delivery gained 24 cents to 86.43 dollars. Of Brent North Sea with identical maturity took 23 cents to 95.48 dollars.

The schedule is tight: a report from the Audit Office in late February 2011 on the comparison of German and French tax systems, a discussion in Parliament, then the presentation of a text by the Cabinet in late April as just announce the budget minister Baroin. The bill will ultimately be reviewed by Parliament in June.

On Tuesday, the budget minister will meet for the first time some twenty parliamentary deputies and senators of the majority, to explore different avenues to reform the taxation of wealth. They include Michel Piron, a supporter of the abolition of the solidarity tax on wealth, Herve Mariton who is critical of the lack of performance of the ISF, but also Yves Censi, or Senator Marie-Helene of Esgaulx wishing to address the estate tax.Budget Minister Baroin will also hold a conference in early March on the same theme.

Predicted demise of the shield and ISF

The guideline has been hammered repeatedly by the president who made this issue one of its priorities for 2011. "I will remove the tax shield, I'll delete the ISF," said Nicolas Sarkozy was in November 2010.

Delicate exercise, both fiscally and politically, the more it will cost the state nothing. Christine Lagarde, economy minister reaffirmed last week, the reform should be done at zero cost, not to weigh on public accounts. " However, a complete removal of the double shield and ISF would cost the state: it spends 700 million euros for the first, second, it reported $ 3.9 billion.So 3.2 billion should be offset by new revenue from Bercy. Even if takes the voices dissonant are heard to say that the total loss will be lower.

LAI alleviated

If removing the tax cap which limits all direct taxes to 50% of income of the taxpayer, appears gained for electoral reasons, the ISF could instead be retained, but undergo transformations. Last November, the budget minister has raised the possibility of raising the ceiling for tax on capital. "You have more than half of people subject to the ISF, which are only due to the changing world of real estate. If you change the edge and you spend 790,000 euros (Editor's note: threshold current TFR) to 1.2 or 1.3 million for the ticket, you remove 250,000 to 300,000 subject to the ISF, he said.This measure would in effect remove the first installment of the tax.

Another track, always linked to the main residence, is evoked: the exemption of the property within the limit from 400,000 to 500,000 euros, and a continuation of taxation beyond that value no fax needed payday loans. The proposal made by the UMP Gilles Carrez states that taxed goods will continue to benefit from the 30% reduction in force since 2007.

Tax the capital gains

To offset the possible reduction in the base of the ISF, a new tax on real estate are considered. "What we retired to a place, you must have it back to another", explained recently Baroin on France Inter.

Nicolas Sarkozy last week said he was "logical" to tax unearned income than to tax the ownership of assets.The government therefore would reflect a tax affecting capital gains realized on the sale of a principal residence. Currently, the French with a marked increase in value when selling their principal residence are not taxed on that gain. The taxation of capital gains on investments such as stocks, life insurance or the book A is also under consideration. "We say end of February which tracks we depart," said this morning the Minister of Budget.

Movement of the plane larger than expected

Baroin also announced that the movement of the plane on tax loopholes will be greater than expected next year. After an initial reduction of 9.5 billion euros this year, so they will be cut by 3 billion in 2012 to meet commitments to reduce deficits, while the budget adopted in December called for a reduction of2, 1 billion euros.In late September, the government had announced with a plane extra 3 billion per year in 2013 and 2014."We have I think three years of fiscal crisis to manage, we have three years of saving, master," said Budget Minister.

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What's better than Christmas Day to make decisions watched by the markets without them in panic now? The People's Bank of China (PBOC), China's central bank has raised interest rates modestly interest on loans and deposits of a sentence issued on December 25 on its website. They go respectively to 5.81% and 2.75%, or 0.25% more than their previous level. After an initial surprise increase in mid-October, or a gradual appreciation of the yuan over 2.5% since June, the markets were expecting a use interest rates to curb effectively the new bete noire of the central authorities: inflation.

Change of course

In November, the index of consumer prices rose 5.1%, a scale not seen in almost two and a half years.Driven by real estate and food prices soaring this give cold sweats to the central government, fearing above all the social consequences. A recent study by the Academy of Social Sciences of China, published in early December, showed that 85% of Chinese households can not afford to own. On the street markets, rising prices became the only topic of conversation and the Chinese Internet relays readily these concerns. Recently, a blogger, hosted by the leading Chinese portal Sina, amused himself by drawing up a comparative table of prices of vegetables and meat in Hangzhou, one of the richest cities of China in two hours drive from Shanghai, with those of Boston check cash advance.Finally, some foods are more expensive in the affluent Chinese city on the East Coast.

Facing the dull discontent of the masses, the power distills his actions slowly and remember that everything is under control. Sunday, Premier Wen Jiabao, wanted reassurance. "I think we can keep prices at reasonable levels through our efforts. As head of government, I have responsibility but I have confidence, "he replied to one of the listeners. To effectively curb rising prices, China is mainly the influx of cash that flood its economy since the beginning of the recovery plan launched in late 2008 to avert the crisis. Chinese banks have already exceeded government targets by paying 857 billion euros between January and November, when the bar 863 billion was set for the whole year.What trade surplus added up each month.

In early December, the central government had officially announced a shift from a monetary policy "relatively soft" to a political "conservative." Clearly, Beijing reported tightening. The battery of measures already adopted is only the beginning. Besides a wider appreciation of the yuan, analysts expect rising interest rates that could reach a total of 1% before the summer.

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Just ended the drama of the capital increase that a new front opens in Areva: the succession of Anne Lauvergeon to head the group French world leader in nuclear power. The state has to initiate the process, while the mandate of the current President of the Executive – in charge for ten years – expires next June.

The nomination committee of the board stopped on some names. That of chief strategy officer of EADS Marwan Lahoud, also the former head of Thales Denis Ranque. And especially that of the current right arm at Bercy the Economy Minister, Christine Lagarde, Alexandre de Juniac.The latter filed a case to the Committee on Standards in Public – the body that must give its consent to officials and members of cabinet ministers who choose to leave the public service to fill positions in private – "out of respect principles and procedures, "he says.

If he says nothing, this X-NAS 48-year-old father of 3 children, has in mind the controversy caused by the passage of the Elysee Perol head of Caisse Savings Bank popular while the ethics commission had not been seized.

Members of the Committee will meet Tuesday to assess the feasibility of moving to executive assistant to the chief executive of Areva.While some may accuse Alexander of Juniac have contributed to the treatment of the thorny issue of the recapitalization of the nuclear group, it could be argued that decisions were taken at the Elysee and a policy board meets regularly to nuclear make strategic decisions in this area no fax cash advance.

His predecessor at Bercy, Stephane Richard, had been reunited with France Telecom without incident. To ensure a smooth transition, it is also possible that the successor to Anne Lauvergeon between an executive position before taking the reins of the company's schedule.

General Assembly

Meanwhile, the next important date for Areva is December 23, when the general meeting of shareholders must approve the capital increase of the company.Last Saturday, the supervisory board voted positively on this issue: Kuwait will provide 600 million euros, the government will contribute 300 million euros. Moreover, investment certificates Areva currently outstanding (representing 4% of capital) should be converted into shares during the first half of 2011. On Monday, the group said the subscription period for holders of those certificates would run from January 3 to 14.

As for the possibility of a new wave of shareholders in the coming months, nothing is settled yet. "Many candidates want to join Areva," insisted Tuesday its chief financial officer, Alain-Pierre Raynaud. What is EDF? "Why not. It is not excluded, but frankly, I do not know if this is the best solution, "said Christine Lagarde in Les Echos.

Without surprise, Jean-Paul Delevoye was Tuesday elected president of the Economic, Environmental and Social Committee (EESC), a position which he was sole candidate.

Hours before the official announcement of his election, he President of mutuality French, Jean-Pierre Davant, announced that he would not be a candidate. In a press very hard, he denounced the "political instrumentalization been" this institution supposed to represent the constituent bodies.

"For example, the appointment of qualified persons appointed by the Council of Ministers, was marked by its extreme bias," he writes."A former minister, parliamentarians, municipal officials, the defeated candidates in various elections, employees of national and local elected officials, including President of the Republic (ed Raymond Soubie): there are more choices supporters! Representation of civil society has lost ground to the reclassification of part of politicians. "

Jean-Pierre Davant, who enjoyed only the mutual support and the CFDT has decided to withdraw before the vote, leaving the place free to Jean-Paul Delevoye, the only other candidate to come forward. At a press conference Tuesday morning, the president of MEDEF Laurence Parisot has publicly supported it.

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After a month spent in hospital, the German finance minister, Wolfgang Schäuble, was in Paris on Tuesday to celebrate the twentieth anniversary of the reunification of Germany, before an audience of students, scholars and politicians gathered for the Used at the Sorbonne. Negotiator of the treaty of reunification in December 1990, a pillar of the Christian Democrats, German Finance Minister Angela Merkel has used his visit to Paris to discuss the highly topical, especially the debt crisis in the euro area.

Ardent advocate of financial orthodoxy, and strong supporter of strong medicine to cure the ills of Euroland, Wolfgang Schäuble has detailed his vision of the mechanism for resolving crises, decided last week by the European Council.The bloc have agreed on principles, but have left two months to reveal its details, which does not fail to worry the markets.

Unsurprisingly, Wolfgang Schäuble defended a vision of strict European rescue mechanism. In addition to financial penalties, it is favorable to the deprivation of voting rights in the European Council for countries that do not meet the fiscal discipline imposed by their peers. The term "orderly bankruptcy" when he was in favor recently, is more pronounced.But the minister openly calls for "a tool for sovereign debt restructuring involving the private sector."

If he recalls that "disorderly debt rescheduling should be avoided", he believes that "States that are experiencing financial difficulties can not be expected that the Community aid without conditions."

After 2013, the European rescue will no longer be synonymous with full insurance, as is currently the case with the Fiscal Stabilization Fund paperless payday loans. "The private sector must be a central element of the mechanism," he assures.Holders of bonds receive a risk premium, but in case of crisis, they actually have to bear this risk, the household at the same time the taxpayer. "Stop the speculators

Leaves to increase the volatility of markets, which fear capital losses for holders of government bonds on the occasion of future bailouts, Wolfgang Schäuble emphasized: "Monetary union was never designed as a model enrichment for financial speculators. This is not a system of distribution from rich to poorer countries as part of a union transfers. "The German version of the next amendment to the treaty is put. It will be negotiated by the next European Council on 17 December.Attached to the clause "no bail out" (principle of non-bailout) that will go down in the Treaty, Berlin wants to add a mechanism for restructuring, which will not allow free private bond holders, including banks and insurance.

Wolfgang Schäuble has also benefited from his presence in Paris to defend the excellence of German economic model, based on exports and competitiveness, but criticized in France because it neglects the wages and consumption. "Germany has imposed structural reforms that have contributed to the competitiveness of the European Union," he said. A polite way of saying that Germany, with its renewed growth will not abandon his model, the displeasure of his neighbors.

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A "sharp reduction of the tax credit." With these words qu'Enerplan, the trade association of solar energy which represents 250 companies, denounced the passage of 50% to 25% tax credit granted to individuals for the installation of photovoltaic panels.

More than its entry into force overnight on 29 September is the very announcement of the fall in tax assistance has an impact on solar professionals, says managing director Enerplan " The market has completely stopped. Some of our members who sold tens of photovoltaic kits per week are spent in a week, says Richard Loyer.There is a real loss of consumer confidence in the word of professional who does not know if the tax credit is temporary or if the current feed-in tariffs are likely to fall. "The price of 58 cents per kilowatt hour which EDF must purchase the current was maintained for the individual, but the rates accorded to the "collective photovoltaic (businesses, warehouses, buildings) fell in September. Result for this niche, "there is no project", asserts Richard Loyer. He said banks are reluctant to finance installations because of uncertainty about the rules of the game

"Compensating the crisis"

"Programs have been canceled," says Christopher John, co-manager of Kaori, a small research department of three employees in Avignon.In addition, solar roofing projects exceeding 250 kilowatts peak (kWp) is about 2000 square meters have been revised downwards to switch to the particular category, eligible for redemption at the best price, the contractor finds Avignon. Roland Gard, an electricity company General Valencia was launched two years ago in photovoltaics "to offset the crisis," the requests for quotes have fallen.

However, professionals are not hostile in principle to lower the tax credit pay day loans. This is the case of Damien Tessier, sales manager at Enercos young company of twenty employees based in the Ardeche, specializing exclusively in the photovoltaics. "This is the way to learn the tax measure, the media, without consultation," which has shocked."The sector has grown much faster than expected, says the trade, and prices have fallen." Irrespective of any tax assistance, a facility that cost to the individual € 25 000 three years ago is now up to 16 000 €. The industrial solar panel suppliers have reduced their prices, especially following the decline in tariff for solar electricity in Germany, which has raised concern among German factories overcapacity.

With a 25% tax credit and a spending limit remained unchanged from 16,000 € for a couple, "the individual maximizes her investment in eight years." Finally, given the lower costs, a tax credit of 25% in 2010 is more interesting than a tax credit of 50% two years ago.Richard Loyer confirms that the French professionals drop their prices again in 2011.

The bulk movement of the plane on the tax credit has also to be excluded from the market under the "home sellers" and other "less serious people" who rushed into the "bubble photovoltaic, advanced the Ardèche Tessier not worried about his company that return regularly for new projects. The solar sector employs, according to the census of the Union of renewable energy sources (RES) 25,000 people in France, 8,000 in industry and about 15,000 for installation. André Antolini, president of SRE, and favored a gradual withdrawal of state aid, is fully accepted that "public support for the industry is costly" and that ultimately "an industry does not live properly grants.

The first official figures on the 2011 budget, presented on Wednesday morning in the Council of Ministers, have fallen. Features a budget measure that is intended rigorous, the movement of the plane on tax loopholes will rise eventually to 9.4 billion euros in 2011 and 2.1 billion in 2012. The effort will continue in 2013 and 2014, with cuts of 3 billion per year in tax loopholes.

On the other hand, the sampling rate required in 2012 to ascend its 2007 levels. The number of staff will also be reduced by 31,638 positions. A figure lower than that of 2010 (33,749).

The main measures detailed by Le Figaro

Thanks in part to these measures, the budget deficit is expected to "an historic reduction" in 2011 to 92 billion euros, against 152 billion this year, according to the Department of Budget business cards design.The government aims to reduce the deficit to 6% of gross domestic product in 2011 and, ultimately, to 3% of GDP in 2013.

On the other hand, the economic assumptions underlying the estimates of income and expenditure, were confirmed.

More information to come

See also:

The 2011 budget under the banner of deficit reduction