International News

The carbon tax is passed to the door Tuesday censured by the Constitutional Council. The government promised to submit within three weeks, a new mechanism. Anyway, the series of texts budget voted in recent weeks Finance Act 2010, Act funding Social Security, supplementary budget for 2009 includes several other measures affecting the taxation of households this year. Here are the key.

• Ceiling overall tax loopholes

For income received in 2010, a taxpayer may not reduce their income tax using the tax loopholes (working from home, child care, grants to associations, Scellier …) beyond an amount equal 20 000 plus 8% of its taxable income. Introduced in late 2008, the overall ceiling was far more generous, to 25 000 plus 10% of income.Taxpayers who use the niches Dom-Tom, Scellier, or devices for tourist homes have a respite: they have signed an investment commitment before December 31, 2009, they escaped the drop in overall ceiling .

• Act Scellier

The reduction of income tax, taxpayers enjoyed buying a new home for rent under certain conditions, remains at the same level as in 2009 – representing 25% of the purchase price – for homes purchased in 2010 that they meet or not the standard "building low-power" (BBC). The "greening" starts from 2011 for non-BBC dwellings, the tax cut to 15% next year and 10% in 2012. For homes BBC, it remains at 25% in 2011 and then fell to 20% in 2012.The Scellier disappears at December 31, 2012.

For new housing, the loan rate zero (PTZ) was doubled in 2009 and will continue until June 30, 2009. Photo credits: Pascal SITTLER / REA

While remaining for purchase on Ipsen, Gilbert Dupont decided Monday to withdraw the value of its favorite value list 'Midcap', arguing that "the handsome fellow course of action for a month (+9.4% ), compared with a performance of CAC Mid & Small190 limited to 0.6%, now leaves a potential stock market growth below 15%.

The withdrawal gave the lead in the wing during the specialist medicines, while trying again to exceed 40 euros. Around 15 hours, the action Ispen yielded 2.05%, to 38.75 euros, and signs the worst performance of the DRS on Monday.

However, the broker said it maintains its price target to 44.80 euros. To recall, the pharmaceutical group released late October sales up 7.8% to 256.4 million euros in the third quarter and raised in the same time its annual targets.The operating margin has been adjusted between 17 and 17.5% against 14% previously.

Gilbert Dupont has also highlighted the potential for marketing of LPG-1 class in the United States. The FDA (U.S. Health Authority) request to effect different actors perform a series of further clinical trials. Clinical trials are currently being published.

The Paris Bourse started the week higher, recovering some lost ground over the last two sessions last week (-1.16% to close Thursday and Friday -0.95%). Around 13 hours, the CAC 40 was up 0.95% at 3830.61 points, including increased growth of the beautiful side of U.S. markets. In an exchange volume down (barely 875 million euros at mid-session), the famous rally Year-end "appears to be a good reason for investors to" play "on the rise.

No statistics are expected today, which should contribute to the sluggish trade.On the rest of the week (end of quotes provided 13 hours Thursday and closing of the Exchange Friday), the third estimate of U.S. GDP for the third quarter and the sales figures in the real estate professional in the U.S. will be watched.

Thomson negotiates

This is Thomson, which holds the top of the display values of the SBF 120, displaying a great increase of 7.81% to 0.94 euro. The restructuring of debt of Thomson, which must be approved by two thirds of its creditors, has already been accepted on Monday by two of the three committees of creditors who must decide, said the French group said in a statement.

Other important information on Monday and welcomed by the market: a joint venture of Safran (+3.56%) and General Electric was selected in the manufacture of aircraft engines by China to equip future aircraft have to compete A320.

In the ACC, Total wins 1.93%, to 43.4 euros after winning a license contract in Algeria for gas fields of Ahnet.

According Wansquare, Jacques Lenormand, deputy CEO, responsible for driving strategic financial and Credit Agricole (just 1%), going from the facility in a few weeks.

The group involved in banking, in an interview with the daily Le Soir, Pierre Mariani, the CEO of Dexia (3.18%), higher up the leading index in Paris) says it plans to show a fourth quarter in the green.

The action Natixis, it takes 2.51%, to 3.35 euros. The Exchange welcomes the restructuring of the BFI and Jean-Marc Moriani will leave office.

In an interview with Le Figaro, CEO and founder of Iliad (+0.33%), the parent of Free, Xavier Niel puts the figure at 2.8 billion euros by 2012 for its surplus of operation.

NicOx (-0.97%) lifted about 100 million euros in its capital increase.

Sanofi-Aventis coward 1.04%, to 54.13 euros. The group announced the discontinuation of development of two products, one in the treatment of insomnia and the other in the atrial fibrillation.

CNP Assurances (+0.12%) has exercised the option to sell part of its 11.34% stake in Natixis Global Asset Management.

The U.S. Treasury will have to wait again. The sale price of shares has been fixed by CITIGROUP, to 3.15 dollars. A figure below the $ 3.25 paid by the U.S. government, when fitted with a capital of the group last year and well below the closing price of 3.45 dollars per share Citigroup Wednesday.

Suffice to say that this news is more embarrassing for the U.S. Treasury had planned to sell up to five billion dollars of securities it owns Citigroup and completely out of the capital within six to twelve months.However, in the context of extending the bailout of banks until October 3, 2010, the U.S. Treasury has decided to extend for 45 days after freeze selling 7.7 billion shares it holds stake in Citigroup.

Citigroup plans to issue 17 billion worth of shares and will raise 3.5 billion extra in the form of securities convertible into shares in deteriorating solvency ratios. If market demand is strong, Citigroup may increase its emissions to 19.55 billion dollars.

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Around 13 hours, the CAC 40 in advance from 0.72% to 3784 points, after a cumulative loss of 2.34% over the last three sessions. Operators conducting repurchases cheaply despite the announcement by Standard & Poor's. The agency said that Spain risked a deterioration of its sovereign rating to a two-year horizon. It has downgraded the outlook to "negative" cons "stable" before, while maintaining its rating of "AA +" to the long-term debt of the country.

The Wall Street Journal reports that Gordon Brown and Nicolas Sarkozy on Thursday proposed a "global compact long term" of banking regulation. They would support a tax bonuses in banks and greater coordination of economic policies of states.

Values follow

BNP Paribas Assurance acquires 100% of Dexia Epargne Pension. The bank wishes to complete the transaction before the end of first quarter 2010.The transaction amount was not disclosed. The title takes BNP Paribas 0.92%.

Sanofi-Aventis (0.53%) and the American biotechnology company Alopexx Pharmaceuticals have signed a cooperation agreement on a new monoclonal antibody for the prevention and treatment of infectious diseases contracted in hospitals. Moreover, the vaccines division of Sanofi Pasteur, will expand into Latin America program of clinical trials of its vaccine against dengue.

Thomson collapses over 7%. The title returns to below 1 euro to 0.90 euro. The group released its backup plan to reduce its debt by 45% and will be submitted to its creditors on 21 and 22 December. Thomson provides a capital increase of approximately 348 million euros.

According to the Financial Times, RWE and E. ON would have to choose between Areva (0.81%) and Toshiba to build four to six reactors in the United Kingdom.The decision will be rendered within six months. Nuclear projects could reach 20 billion pounds (22 billion euros).

It is expected that Monday morning, important announcements of Government of Dubai, after the panic that swept over the markets last week following the announcement by Dubai World to a deferment of six months minimum payment of a debt of 3.5 billion. The reaction of local exchanges, after four days of closure because of the Eid holiday, was also highly anticipated.

It seems that support the day by the Central Bank of UAE, which has decided to provide creditors with more cash, has not reassured investors. The Exchange has unscrewed from 8.31% in Abu Dhabi and Dubai lost 7.3%. "The security of the Central Bank is limited to banks to avoid a systemic effect.But this does not solve the crisis, "notes Pascal Devaux, economist at BNP Paribas.

Duba?otes authorities have not made this Monday in response to a specific exit strategy. The only communication came through the Ministry of Finance, who said that the emirate would not assume the liabilities of the conglomerate. "It is for creditors to assume their own responsibility in the decision to lend to businesses," said Abdulrahman Al Saleh, director general of the ministry on the television channel Dubai TV. "The creditors believe that Dubai World is part of the state, which is incorrect.The State owns the company, but since its creation, it is determined that the company is not guaranteed by the state, "he added.

Lack of transparency

By disconnecting and Dubai World, a huge conglomerate that has a dozen subsidiaries and displays 59 billion in debt, including 25 billion for real estate division Nakheel, the emirate is likely to worsen the climate of uncertainty and lack of investor confidence. Just as many experts criticized the lack of transparency and communication, particularly on economic issues in the emirate.

The target for Dubai is to prevent contagion to the entire economy of the region. "He actually tries to distinguish the business risk of sovereign risk," says economist of BNP Paribas.This to avoid that risk assessment has a negative impact not only on the sovereign risk of Dubai but also in its larger neighbor Abu Dhabi. For, while suggesting that the rescue medium term can only come from the oil revenues of big brother.

Besides this solution, Dubai has little alternative to overcome the crisis. Either the conglomerate renegotiate its debt with the risk of a higher price if the markets continue to fall. The other option is to sell off its property assets that have lost much value with the crisis. If this seems impossible at this time, Dubai will not be shy of a restructuring.

Finally, one thing is certain: by the agency Moody's, the impact of the crisis "could be disastrous" for the confidence of investors by pushing interest rates upward.What curb heat recovery of an economy still recovering and setting appropriations for the restart.

"In town, ruined speculators cross workers unemployed

Thiery Morin returns to the front of the stage, eight months after his departure thundering Valeo. To recall, the former CEO had a lot of talk, taking his ouster in a check for 3.2 million euros, equivalent to a "golden parachute" when at the same time, the group lost 287 million euros over the full year 2008 and disband as many as 5,000 employees worldwide.

The latter has recently entered the industrial tribunal to get compensation after a judge dismissed it "unconscionable" and "without real and serious cause". He estimated the damage suffered to some 2.5 million euros, according to RTL radio.

This amount would be added and the 3.2 million already received in March by Thierry Morin, snubbing it in the request of shareholders who wanted to see the money returned to the group.

But Thierry Morin did not stop there.The former CEO also claimed a medal of honor labor to recognize the quality of work for eight years as head of Valeo.

The management group, which recorded 209 million euros in losses since last January, has politely turned down his request.