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We knew the loopholes in the tax and social in the sights of government. Fran?ois Fillon reiterated Thursday that he did not intend to scale back its ambitions in this area. Before the senators, the Prime Minister has once again stated that the government would propose the "elimination or capping of tax and social niches. Lower taxes for donations to associations, loan interest deductions for a property purchase, VAT at 5.5% for other work and reduced taxation for life insurance contracts now know what to expect !

Bercy's goal to reduce by 2 billion euros per year tax loopholes, and for 3 years. An ambitious goal that requires the Department of Economics at all look under the microscope, one by one. "There are two ways to act: either to consider each of the niches and see the feasibility of its abolition.Or set up a rule on all tax and social niches, "said Thursday the prime minister. In other words, the planing.

In late January, in an interview igaro F, Francois Fillon was e indicated that the government does would create "no more". "Then we must question their effectiveness: some of them are not, or more strategic. We will limit the other in time – to force us to regularly check if they meet their goals – and minimize their ceilings, "he explained.

Decisions mid-May

The government has made a religion on the subject for many months already.For even if the deficit was revised slightly downwards for this year – 8% of GDP instead of the initial estimate of 8.5% – a considerable effort will need to be made to the path of public finances on leave again the right slope, having slipped sharply during the crisis.

Politically, addressing niche has an advantage: it is the best way to increase taxes without seeming to. But the task is not easy technically. Touching the niches that benefit businesses? The government is not keen, not to nibble again their competitiveness, it has worked so hard to restore it elsewhere. Last week, Secretary of State for Employment Laurent Wauquiez, was thus excluded from the touch – even slightly – to employer contributions, because "the relief load is undoubtedly the policy tool of the job more effective. "It finds that, according to the minister, a report issued a few weeks ago by the Inspector of Finance, Jean-Luc Tavernier. According to the report, 21 billion of relief support enjoyed by companies on low wages would save between 600 000 and 800 000 jobs. Unable to touch in times of high unemployment.

Addressing niche enjoyed by individuals? Difficult also, without taking the risk of being accused of sacrificing the wallet of the French. On this issue, the prime minister has also several reports in his drawers for the inspection of Finance. One focuses on tax loopholes related to inactivity. Another niche on the taxation of savings. One thing is certain: the topic will be addressed at the national conference of the deficits projected for mid-May Nicolas Sarkozy has already announced that the decision "important" would be taken.

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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On only two months of the year, the Greeks withdrew from their bank accounts around 4.5% of the total money in the country's banking system, according to the Central Bank of Greece.

The four largest Greek banks – National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank – bemoan the evaporation of about 10 billion euros of bank deposits, and implore the government to help, the Financial Times in its Thursday edition.

George Papaconstantinou, the finance minister said Wednesday that all banks had asked for the remaining 28 billion euros of financial support plan provided by the state banks at the height of the crisis in 2008.

Yields never achieved

These calls for help comes as Greek interest rates hitting record highs this week.Wednesday afternoon, the yield (rate) of the Greek requirement to 10 years reached 7.176%. Greek and yields move away from the benchmark, the German Bund, the gap between the two are digging more than 400 basis points (4 points).

Markets reacted to the ruling of Athens, that the measures proposed by the IMF are too severe. "This is one reason, but there are others, as investors are forced to sell because interest rates are now too high," said Jean-Francois Robin, an analyst at Natixis bad credit payday loans .

Some are forced to unwind their positions in part because of the Basel II regulations."The number of potential investors has reduced and the purchase is," said Ciaran O'Hagan, of Societe Generale.

The National Bank of Greece will be "heavily impacted"

As a market leader in deposits, the National Bank of Greece "could be greatly impacted by the movement of outflows affecting Greece since the early beginning of the year," noted analysts at Natixis in a note published Thursday morning, which degrades the value to "ease" cons "before buying" and lowers its price target from 19 to 15 euros.

According to the broker, bank, however, is "the best equipped to deal with the crisis with a Greek core tier 1 ratio (reserve ratio) by 9.4%, and high exposure to Turkey, whose performance in 2010 should offset the slowdown in Greece.

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If confirmed, this would be the heaviest fine ever imposed by the U.S. National Highway Safety Agency (NHTSA) to a manufacturer. This requires the Japanese Toyota fined 16.375 million dollars (12.191 million euros). A record amount justified, she said, by the slow reaction of the manufacturer's faults found and deliberately concealed its vehicles.

The U.S. government accuses him of hiding Toyota for "at least four months' issues of accelerators is jamming in the down position, and this" contempt of risk "led to drivers. According to the Minister of Transport Ray LaHood, the leaders of Toyota "did not take steps to protect millions of drivers and their families."

Toyota has two weeks to pay the fine or contest it.If he refuses to pay and can not agree with NHTSA, the matter will be referred to a court.

Procedural defects

The NHTSA had opened an investigation last February 16 to see if Toyota had been slow to reveal these problems, finds a first time Toyota has not notified within five days after discovery of problems, as the law The imposed.

According to the U.S. Department of Transportation (DoT), the 70,000 pages of documents presented by Toyota have revealed that the manufacturer "knew his problems pedals are jamming on their own since at least September 29.It was at that date that Toyota "has launched repair procedures with its distributors from 31 European countries and Canada to address issues accelerator stuck, sudden increase and tachometer sudden acceleration of the vehicle, "says the report.

But the documents show that "Toyota knew that consumers in the United States suffered the same problems as those in Europe and Canada.Yet, September 29, the band announced the recall of 3.8 million vehicles in the U.S. claiming only the possibility that the accelerator pedal gets stuck in the floor mat and ignoring the problems of blocking pedals 'themselves in the lowest position online cash advance.

It was not until January 21 that the manufacturer recalls 2.3 million vehicles in the U.S., reported first involuntary acceleration unconnected mats but the pedals are blocking themselves . In the end, Toyota has recalled more than 6 million vehicles in the U.S. on 9 million recalled in the world.Either the largest recall ever recorded by an automaker.

Organizational Change

In a statement, Toyota has defended: "We have already taken a significant number of measures to improve our communication with regulators and clients on security issues and strengthened our commitment to quality." This includes "the appointment of a new director of quality in North America and a greater role dedicated to regional leaders in the decision making process related to quality," says the manufacturer.

But the DOT has not said its last word. He announced as still investigating to determine if the manufacturer had "committed other offenses meriting further sanctions."

Reminders continue

Meanwhile, Toyota continues its recall campaign.The Japanese announced Tuesday its intention to recall 12,984 vehicles sold in South Korea because of mats may impede the accelerator pedal.

The three models involved are the Lexus ES350, Camry and Camry Hybrid. Motorists concerned will receive free repairs from April 19.

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After three days of Easter break and while European markets are closed on Monday, the NYSE should begin the week in green. The recovery of new posts in the United States, announced Friday as the market was closed, has something to restore confidence among investors. In March, the United States have created 162 000 jobs. This is the best performance in nearly three years. It is partly due to the hiring of 48 000 federal agents responsible for conducting the population census planned this year. But overall, the trend shows that employment in the private sector restarts. In industry, in services such as retail and even construction companies have started to recruit. "America still has work to do to restore jobs, but it's the best news in this regard for two years, welcomed the president Barack Obama.In fact, the unemployment rate remains high in the United States to 9.7% in March and February.

Investors scrutinize closely this afternoon two other important indicators: Promises of home sales in February in the U.S. and especially the index (ISM) activity in the service in March faxless cash advances. Experts expect a continued recovery in this sector (which accounts for 80% of jobs-with the exception of agriculture, the country) for the third consecutive month.If these statistics confirm the strength of recovery in the U.S. economy, the Dow Jones, which closed Thursday at 10 927.07 points could cross the threshold of 11 000 points.

Despite the absence of European investors, still Easter weekend, futures on indices of NYSE were well oriented two hours before the opening of U.S. markets. Futures on the Dow Jones traded at 10 890 up 30 points and those on the Nasdaq at 1 960 points (8 points).

Side values, Apple will be closely watched at the market opening. The Americans were indeed rushed during the weekend on the iPad, the new multifunction tablet from Apple. More than 300 000 copies have been sold as of Saturday, the first day of worldwide commercialization of this new high-tech product.

Sixty employees of the automotive Sodimatex, whose owner decided to close, are cut off since this afternoon at their factory Crepy-en-Valois, in the Oise and threaten to set fire to a tank gas, it was learned from the police, confirming a report Parisien.fr site.

A mobile police squad has been deployed around the plant. After being evicted on Thursday morning a roundabout they occupied, the employees were cut to 15 hours in their factory.

"They say they want to burn a tank of gas. They want socially is increased, said the prefecture. They demanded that negotiations be reopened with management.The state plays its role of mediator. "

The tank, four to five meters long, located outside the factory is surrounded by pallets "ready to be lit," according to employees.

The prefecture has reported working at a negotiating meeting "if possible as early as Thursday evening. "We do not know how it will end. People are focused, "said Eric Lemoine, of the CFDT plant. "People are starting to crack," he said.

A premium extra-legal of 21,000 euros per employee

The closure of the plant, which employs 92 employees, was announced April 10, 2009. Since then, negotiations between the social management and the employees have failed, despite mediation by the state. Employee representatives were received by early February at the Elysee by an advisor to the head of state, says Lemoine. "It would give us news. We're still waiting, "he said.The employees claim Sodimatex including extra-legal premium of 21,000 euros per employee.

They demonstrated Thursday morning on the outskirts of the plant, blocking access to a large industrial area and the logistics platform Crepy-en-Valois. According to the prefecture, they refused a round table to say their demands and kept blocking.

"The police intervened.They have restored traffic conditions allowing businesses to operate, "according to the prefecture, who said that the direction of Sodimatex" did not require intervention of the authorities. "

The mobile police intervened using tear gas, which was perceived by employees as "a real attack, told AFP Alain Lebrun, general secretary of the departmental union CGT de l'Oise.

"Employees demand that management come to the negotiating table, but not empty handed," he said.

He said the group Trier, owner of Sodimatex, received 55 million euros from the state under the plan to help automotive suppliers. "Today, we want to let employees go with the legal minimum," he denounced.Xavier Mathieu, the leader of the CGT employees of the factory Continental Clairoix (Oise), came to give his support Thursday night "to brothers of struggle."

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