Experts estimate that 50 billion would be earned in three years due to reduced spending, and another 25 billion euros through a reduction of tax and social niches where the Government seeks a saving of 10 billion.

In addition to reforming the tax loopholes, the committee recommends the establishment of exceptional measures, to achieve 10 billion in savings.The experts say, including the freezing of the index point for staff and expanding the principle of non-replacement of staff on two retiring to local and social security. Furthermore, control of expenditure in public service should enable savings to 40 billion.

Consolidation of the tax system in order

In addition, the committee "does not advocate new taxes or raising rates, but a broader base of social and tax," said one member to Les Echos. Renowned economists aimed at reducing tax loopholes and particularly those adverse to the environment or dependent status.

Half-word, the committee recommended the end of the tax shield: the collective effort that is taking shape, "the Committee would like the contribution of the most favored is not diminished by the tax shield," Les Echos said, citing a Participants at the meeting.

And if growth is less than 2% on average, economists have advocated the introduction of targeted tax increases. An overhaul of the tax system together with a lower labor cost is considered in the medium term.

• A social network for music. Apple sells fashionable social networks. But in his way. His new office dedicated to music, Ping has been described by Steve Jobs as the "encounter between Facebook, Twitter and iTunes" No fax needed payday loans.The result is surprising, because Ping is not available online, but integrated into iTunes 10 on Mac, PC, iPhone and iPod.

Once inside Ping, functions and navigation, however well recall those of a social network. People came to create a profile, add friends, create a circle of contacts, follow the news of celebrities and post messages and comments. Ping, if so authorized, also gets the title of songs purchased on iTunes by his friends to create personalized rankings Sellers. The goal for Apple is still selling more pieces.

The old Apple TV (gray) and the new, smaller. Photo credits: REUTERS

The deal comes in a turbulent period for the U.S. giant. Like its rival Visa, Mastercard has lost almost 20% of its stock value in the second quarter. It just has to catch up. Investors have punished those titles because they fear that the reform of Wall Street, passed by Congress in June, weighs heavily in their accounts.

Congress wants to limit the fees charged by banks on transactions paid by card.Logically, the banks will seek to pass this shortfall by renegotiating their contracts with Visa and Mastercard. Committees should be limited next year. While regulators have not set the new legal amount, uncertainty will persist for Visa and Mastercard.

For the first time, players of Champagne, accustomed to hear only a few days before the first shots of secateurs, have chosen to define rules in the middle of summer. "We wanted to send a sign of serenity," said Ghislain de Montgolfier, the president of Champagne houses.It was harder last year. "At that time, negotiations had resulted in a stormy painful compromise, after which the harvest made possible the production of only 277 million bottles, or 30% less than 2008.

The Champagne was going through a major crisis and was with a stock of 1.2 billion bottles on the arms, well above the sector's needs. The crisis was finally serious than feared months: after falling by 5% in 2008, sales declined 9% in volume last year … and 16.6% in value.

Since then, sales leave. In the first five months of the year, they rose 20% in volume. "The market was very well presented in recent months, and the tendency of June confirms May's figures," says Le Figaro Ghislain de Montgolfier cheap credit report.Sales rose 9% in France, 25% in the European Union, and even 69% in the rest of the world.

However, compared to a year, higher volumes is still only 2.7%. The end of the year represents the bulk of the activity. For all of 2010, the Interprofessional Committee for Wine of Champagne (CIVC) said that sales will reach 315 million bottles, representing an increase of 8% compared to 2009. Some players even think that sales will recover their level two years ago.

Optimism not shared

"We're out of the hollow, recognizes Ghislain de Montgolfier. Our only problem is to anticipate the year-end sales. Everything will depend on the general level of consumption, particularly in Europe. In case of decline, we might have to suffer. "

In Champagne, everyone does not share the optimism of some."Sales volumes remain below those of 2008, and there will be loss of value, fears Dominique Pierre, CEO of Champagne Nicolas Feuillatte. There are still a lot of sales of champagne, entry-level or on promotion. We can not talk about the crisis. With the economic austerity policies in Western Europe must be realistic. "

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Pending the promulgation by the President

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Frank-Dodd", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the U.S. pay day loans.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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Reacting on RTL, the health minister, Roselyne Bachelot, said Sunday it would propose an increase in tobacco taxes to counter the move by the industry when considering the budget bill. The minister, who denounced a "blow to public health", said she was "absolutely shocked".

Recalling that tobacco was responsible for 60,000 deaths a year, more than half due to cancer of the airways, Roselyne Bachelot said she heard "get cigarettes at a price deterrent.""Do not our mobilization efforts on public health is undermined by the initiative of industry," commented the minister.

"A health scandal"

The public health associations have criticized the approach on their side of tobacco. According to Bertrand Dautzenberg, pulmonologist, president of the French Office for the Prevention of smoking, the decline in the price of tobacco is "a marketing offensive aimed at attracting new smokers, particularly youth and women" instant payday loan.

"Variations on the price of tobacco, which are the only effective lever for reducing consumption, are now in the hands of industrialists," he laments."This is a health scandal since this will automatically translate into increased consumption," adds Yves Martinet, president of the National Committee against Smoking (NCTC), which campaigns for "a new tax policy."

There are currently 29% of daily smokers and occasional 5% among French people aged 18-75 years. According to the French Observatory for Drugs and Drug Addiction (OFDT), the daily smoking for 28% of girls and 30% of boys and 17 years.

"And all indicators are now red," according to Professor Albert Hirsch, vice president of the National League against Cancer.The latest results from the annual survey conducted by the association without tobacco Paris, in partnership with the rector of Paris and the Fund's primary health insurance, and have recently shown a tendency to relapse to smoking among adolescents Paris, while the latter had given up smoking massively in the wake of the cancer plan.

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According to our records, Casino is also covered by this assignment, as distributor caps Gold. However, neither Carrefour or Leclerc or Auchan, which also sell, have received blue paper. Nestle has obviously wanted to spare its main customers in France.

In fact, the Swiss Casino attacks because it sells, in addition to pods Gold, its own brand caps, also compatible with Nespresso machines.Available for less than one month, they were designed by CSC, a company founded by a former boss of Nespresso, which claims to have found a way around the patents by the Swiss group. The best advertising we could do that Nestle would drag us to court, "repeated John Paul Gaillard, head of CSC. The latter will have to wait to see if it will receive such a boost from his former employer.

1700 patents

Nestlé experts (engineers, mechanics, lawyers), which took ten weeks to complete their technical analysis of the capsules, however, have not yet completed its review of those Casino."This assignment is a clever shot pool with three bands, according to a avocat.Casino will prepare his defense for Gold, while avoiding having to contradict itself in any future case."

Nestle has taken the risk of him a (bad) publicity to defend its brand and its margins."We welcome fair competition, the company said, but we will take all appropriate measures to defend our intellectual property rights."

With the Nespresso coffee machines tailored to accept (in theory) that caps his coffee house and sold exclusively in a distribution network owned, Nestle has a nugget that was made last year a number of business by 1.94 billion euros (up 22%) and whose profitability, kept secret, is close to levels recorded in the luxury industry.

The 1700 patent cover both Nespresso pods, machines, and the mechanism that provides the link between the two. The assignment of Sara Lee would focus on these last two points, not the pods themselves. While those of Nespresso, aluminum, are completely sealed, those of Gold, plastic, are already holes.The panel discussion promises to be tricky. Pending the outcome of the proceedings, which could take 12-18 months (unless an agreement was reached earlier), provides Nespresso not have noticed the slowdown in its rate of growth since the arrival of new competitors. Sara Lee and sell between 1.1 and 1.5 million capsules of coffee … ten to twenty times less than Nescafe.

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EUR / USD – Sessions hectic since early April

After the Easter weekend, there has been a depreciation of the euro against the dollar in a climate of distrust of so-called risky currencies. The operators were cooled in their appetite for risk because of their fear on the issue of Greece. The single currency has lost about 220 pips * from a quotation of dollar 1.3500 1.3282 U.S. dollar on Thursday at 10am (lowest of the week).

Then the tension on the markets have weakened.Speech by Jean-Claude Trichet, president of the ECB (European Central Bank) last Thursday, has eased the financial world. He said he pursued the policy of low interest rates up to 1% in the euro area. And it has said that "Greece was able to reduce its deficit" and had already started to employ strong measures.

Nothing better to give a boost to the euro. The last weekend, offering assistance to 30 billion euros – Athens does "not want to use" – the European Union gave a big blow oxygen, allowing the euro to rise around 1 36 dollar on Monday.After two sessions of stagnation (Monday and Tuesday), the exchange rate has increased again, bolstered by renewed investor optimism about the strength of the global recovery due to favorable economic statistics, while comments Fed chairman on a forecast of "moderate growth" have weighed on the greenback.

On Tuesday, the foreign exchange markets have welcomed the issuance by Athens Treasury bills.And on Wednesday, Ben Bernanke (Beige Book) reiterated Wednesday that the rate of the institution should remain close to zero, at which they are set since December 2008, for an extended period, dismissing speculation of an anticipated tightening of Fed monetary policy, which has given new impetus to the euro.

As expected by analysts Realtime Forex Tuesday, which saw the euro test the 1.3541 support for better back, it is mounted to 1.3667 to 18 hours.

CDN / JPY – Same trend

Nippon side, the euro followed the same "trend" * weekly against the yen. The single currency began a decline of more than 400 pips against the yen. On Monday, the euro / yen was quoted at 127.70 to touch a low of 123.40 yen. But from the response Trichet yesterday, the euro strengthened to 125.60 yen to return.

The yen fell for the sixth straight session against the euro, with one course from Wednesday to 127.07 yen against 126.83 yen the day before.

GBP / USD – Sterling held up better than the euro

Across the Channel, the BoE (Bank of England) has also left interest rates unchanged at 0.5%, indicating that this was not the time to make a recovery rate of payday loan lenders.

Monetary side, the pound sterling, however, fared better than the euro against the dollar. Like British macro-economic figures emerged this week (GDP 0.4% and manufacturing output up 1.3%), the pound has evolved into a "range *" between 1.5130 and 1.5320 dollar.

* The cable is able to break this channel by treating up to 1.5473 dollar.

Against the yen, the pound again the delay and found almost the level of 144.21 yen on Monday.

CHF / EUR – Swiss Franc still going strong

On Wednesday, the Swiss franc 1.4362 per euro symbol. This is a very strong for the Swiss franc, which traded in 2009 almost all the time between 1.50 and 1.54.

Since the beginning of the year, the Swiss Frabce climbed more than 5%. This is not the business of the Swiss Central Bank, whose foreign exchange policy is heckled.

The yuan under the spotlight of the world

On Wednesday, Ben Bernanke, who appeared before the Joint Economic Committee of Congress, reiterated that "the United States must continue to press China to bring it to revalue its currency, the yuan."Barack Obama this week's encounter homolgue Chinese President Hu Jintao on China's trade deficit background.

Most economists agree that the currency is undervalued – by 40% according to analysts and has been used to obtain an economy more oriented toward exports to domestic consumption.

On the one hand, in case of revaluation, China would be ready to counter the speculative bubbles that threaten, and inflationary pressures. But then again, remember that a more expensive yuan will be more expensive for the "Western" to fill all Chinese products.And they will have the effect of melt exchange reserves in dollars of the Chinese, which does allow them to buy as many more U.S. Treasury Bonds, and therefore finance the debt of the United States …

* Definitions

• Forex: For Foreign Exchange, or foreign exchange market

• Technical analysis: analyst or chartist. She studied graphic evolution courses. The research in the historical price behavior involved in a situation to predict the evolution of financial securities.

• Pips: Price Interest Point. Unit rating for foreign currency. It designates the last digit used: in the case of the euro, the fourth decimal place.

• Trend: trend.

• Range: range.

• Support: value as the price has very little chance to pass down.

• Resistant: value as the price has very little chance to overtake on the rise.

• EUR: Euro, USD: U.S. Dollar, or U.S. dollar JPY Japan Yen or Japanese yen, GBP: British Pound, CHF: Swiss franc.

A good deal for the Chinese, who will spend 1.8 billion dollars (1.34 billion), four times less than the $ 6.4 billion paid by Ford in 1999. This acquisition, the largest made by a Chinese group in the sector, marks a turning point. She spends the rise of China in the global automotive industry.

Virtually unknown in Europe, Geely began decades ago as a supplier of parts for refrigerators, before becoming the first private carmaker in China.His boss, Li Shufu, an engineer who founded the group in 1986, is 123rd Chinese capital, with one billion dollars. Employing 12 000 people of which 1 600 engineers in China, Geely manages six assembly plants, has 500 dealers and 600 service stations across the country. With approximately 300 000 cars sold last year, Geely number ten is the sector in China.

With its success, Geely intends to leave its borders. According to Volvo, the group also covets the black taxis in London.It is in talks to take control of Manganese Bronze, the company that manufactures the famous 'black cabs' London, which already owns 20%.

Continuing plants inEurope

While Volvo employs 19,650 employees worldwide, the jobs are threatened in Europe? Li Shufu has already notified its intention to build a factory in Beijing which will be manufactured 300000Volvo per year for the Chinese market no teletrack payday loan . But the group also said it intends to continue operating plants in Europe, the main ones being located in Torslanda (Sweden) and Ghent (Belgium).

"I see Volvo as a tiger, on Sunday launched Li Shufu at Volvo headquarters in Sweden, where the Chinese flag was hoisted. The tiger belongs to the forest, it can not be put in a zoo in a small enclosure. We must free the tiger.The heart of the tiger is in Sweden and Belgium, but its power must be projected around the world. I see China as a market where Volvo has shown its ability to release the horses. "

A reluctant time, unions have seemed reassured and have supported the acquisition. "I will not go into details but we got an answer to our questions," said Glenn Magnusson, president of the union LEDARNA. In reality, neither Volvo or its owner, Ford, had a genuine choice.Specializes in sedans and station wagons upscale, Volvo, founded in 1927, saw its sales plunge because of the economic crisis that has benefited small affordable models

As for Ford, the second American manufacturer and the only one not to have resorted to using the federal government during the recession, the agreement with Geely will enable it to reduce its balance sheet and focus its marketing efforts on Ford brand.

By selling Volvo, Ford, however, puts an end to its ambitions in the high end, having sold the luxury brands Aston Martin, Jaguar and Land Rover a few years after their acquisition price.

"The Defense Department has received notification from EADS North America showing its possible desire to contribute to the replenishment of the Air Force and U.S. we would support," said Geoff Morrell.

He added: "If necessary, we may reasonably consider extending the closing date of tender, currently set for mid-May, which" would not be unusual, "he said.

Louis Welsh, head of EADS, stated, however, at a press conference in New York, that such an initiative would require the postponement of the deadline for response to the call for tenders for the currently scheduled for May 12But he says it is "impossible" for his group to submit to the Air Force bid for U.S. tanker aircraft in 60 days, however, leaving the door open to any proposal.

He said EADS had not taken any decision on a possible new bid for the contract, while Boeing is currently the only candidate. He also said that EADS had not sought another partner or been contacted by other groups to raise its offer.

A tender twice canceled

EADS and its U.S. partner Northrop Grumman withdrew from the bidding of the Pentagon, arguing that the terms of that favored Boeing.

The tender to supply 179 tanker aircraft to the U.S. Army, valued at 35 billion dollars, was awarded a first for Boeing in 2003, then again at Airbus (EADS) and its American ally Northrop Grumman in 2008, and each time canceled.