Sundial of world news

A new situation is emerging in the financing of aircraft purchased by the airlines. This is a consequence of the crisis of public debt in Europe, the requirements of the new banking regulations, known as "Basel 3" and the growing importance of Asia in the economy of air transport. The challenge for French banks? Maintain their global leadership in a profession where they excel with a market share of 31%.

For several months, the pressure rises. French banks are caught between access to dollar funding more difficult and more expensive as well as compliance with the new banking criteria, which leads them to reduce the size of their balance sheets by arbitrating between their trades. Over those that involve the preservation of long-term assets in dollars, typically aircraft.Because the dollar is the currency of reference in aeronautics.

The dollar, currency of

Societe Generale announced in mid-October cut its financing by air. BNP Paribas would seek to exchange air assets against dollar assets denominated in other currencies. Markets are concerned. What would the impact of a withdrawal, even partial, of Airbus, of which 17% of deliveries were financed by French banks in the last 18 months? Indeed, everything is played on delivery. This is when the company spends between 65 and 70% of the price of the aircraft ordered several years ago and for which a timetable has been set following the first installment (5 to 10%) paid at the signing the contract.

Not everything has dragged on last night in Brussels. From 20 hours, the heads of state of the 27 EU countries have approved the launch of a large recapitalization of European banks, encrypted by the industry policeman to 106 billion euros. The principle was in fact acknowledged the last Saturday by finance ministers.

106 billion euros. This figure results from the examination of bank balance sheets after taking into account the loss of value to the end of September of sovereign debt Greek, Irish, Portuguese, Spanish or Italian, but also gains recorded on their German or British counterparts. On this basis, regulators assessed for each bank the way to go to 9% of regulatory capital ratio ("core tier 1" prudential banking jargon). This objective will be achieved on June 30 at the latest.And the addition is particularly heavy for Greek banks, of course (30 billion euros), but also in Spain (26 billion) and Italy (14.8 billion). In France, the bill is estimated at 8.8 billion, Germany at 5.1 billion.

A new showdown promises

This total was largely anticipated by the market and the banks themselves. However, a new showdown between the industry and promises to the authorities. "We ask banks to recapitalize. Not to cut their balance sheets, "argued a senior Wednesday ahead of the summit. Number of facilities provided to achieve because much of the effort flopped the sails, that is to say, by limiting their activities consume the most capital. But Europe is concerned about the impact of these strategies on the distribution of credit, especially in the east where the industry is largely owned by groups of Western Europe.The Council of the Union has insisted on its vigilance on this point. And regulators have developed their doctrine accordingly. End of June 2012, they calculate the ratio of each bank according to its balance sheet at September 30, 2011 …. It is therefore too late to play on the variable of total assets. Only an increase in capital will reach the famous 9%.

Putting aside the benefits

To avoid making capital increases in market conditions given the state of detestable share price values ​​the industry or, worse, to use the state to bail out the banks who can n ' have only one option: to put their profits in reserve, probably in much higher proportions for use. This means that the shareholders of the banks concerned will receive little or no dividend next year.Politicians hide it just, that sacrifice is almost as an objective.

All has not been lost to the banks. The Council of the EU, the European Banking Authority, promised to lay the foundation for coordinated action to help them take on the market. The sovereign debt crisis cut investors' appetite for foreign bank debts. However, they will raise more than € 600 billion next year. The European Central Bank has opened the floodgates of funding up to a year. But it can do much more as the industry needs stable funding, so many years. Government guarantees could be implemented.

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The debt crisis that shook the euro area, the French deep mine. This is for 79% of them, the crisis "the worst" in recent years, according to a poll Ifop for the Journal du Dimanche. Faced with the economic and social situation of France, 53% of respondents said they were "rebels," while 29% are "resigned." A resignation which probably explains why the movement of "outraged" that began in Spain last spring and has spread across Europe and to the United States, failed to France.

The French are indeed very pessimistic. Only 4% of them believe in a crisis within the next six months. Nearly a majority (46%), however, do not expect improvement until 2014. "This survey highlights the malaise of the French," said Frederic Dabi, director of the division of opinion Ifop."For them, this is a serious crisis which they do not see the exit and on which policies can not be weighed." However, they are preparing for 57% of the "painful and difficult measures." They are also willing to make sacrifices, including cutting costs in their "comfort" and in their holiday budget, the study said.

When asked about the causes of the crisis, 52% of French people point the finger at the role of financial markets. Far behind, the government (26%), banks (15%), EU (10%), the French as a whole (6%), emerging (5%) and businesses (1%) are also considered partially responsible for the current crisis. "Paradoxically, while their commitment to the EU is often tenuous, the French for more Europe," Frederic Dabi analysis.As proof, they say they support the creation of a European Ministry of Economy.

Theme of the presidential election

As European leaders gather in Brussels on Sunday for a coordinated response to the crisis, the French have already an idea of ​​what the state could do 63% of them believe the government should take an interest in banks, either by becoming the majority shareholder of the establishment or nationalization. Despite their concern, 23% of respondents would prefer the state to intervene simply abstain. Maybe they think that the French economy can only suffer, as the government prepares to revise downwards its growth forecast for 2012 still set at 1.75%."Part of the public continues to believe that when dealing with Greece, it does not deal with French," says Pierre Giacometti, advisor opinion of the President of the Republic, in the columns of world.

Yet a few months before the presidential election, the crisis in the euro area will be the theme of the campaign. Nicolas Sarkozy will speak on the subject on television next Thursday, the day after the second EU summit is to say, once firm decisions have been taken. A key event with the French, while the popularity of the president is at half mast. "Even if the credits of some courage, nothing will be counted as long as there is a lack of visibility on the crisis," Pierre Giacometti analysis in Le Monde.

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"GRAPHICS – The crisis of the euro, or the history of contagion

The benchmark index of rents (IRL) continues its momentum. Indexed to inflation, the index increased by 1.90% yoy in the third quarter 2011, according to INSEE, its largest increase since the first quarter of 2009.

Following the same curve as the price index, the benchmark rents had fallen sharply during the crisis, before recovering from the first quarter of 2010. However, according to figures released Wednesday by INSEE, inflation emerged up 2.2% year on year in September, despite a slowdown during the past month.

Consequence of this increase in the IRL, the owners can raise rents to their tenants under lease, 1.90% maximum per year. This ceiling is not to be confused with the increase that may require the owner at the end of the lease, and which itself is not subject to this limit.

Rising rents slows

They are also in the process of marking time, like the sale price. The latest observation Clamor, the rents charged to new tenants were up 0.9% over the first eight months of the year, against 1.4% a year earlier. In 34% of cities in France, this trend is even negative. This is for example the case in Paris (-0.1%), Bordeaux (-0.9%) or Toulouse (-0.4%).

In other cities of the Hexagon, however, rents remain strong on the upside. This is the case in Lyon (+1.2%), Nantes (+1.7%), Lille (1.9%) or Le Havre (+2%). For the full year, Clamor expects an average increase of 1.5% to 1.8% against 2.5% in 2010.

The Observatory notes wide disparities between the cities but also between the quality of rented accommodation.Owners who make improvements before entering into a new lease rent on average well 9.3% more than the previous occupant. However, when the property is rented without work, its rental value decreases by an average of 5.4%.

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Having long raged about the punctures of the State Budget, Action Housing, the former 1% housing, just go on the offensive. Reportedly, the joint body attacked last Friday before the Paris Administrative Court of the State's decision to withdraw 3.7 billion euros between 2009 and 2011. These funds are used to finance the Anah (National Housing) and ANRU (National Renewal). "We made an informal appeal with the government against the decree fixing the puncture but we never received a reply, said Jean-Pierre Guillon, Chairman of the Supervisory Board of Action Housing. We decided to attack the government for abuse of power. "

If Action Housing is the case in court today is with an idea behind the head.Last July, the government has said that he would collect 3.25 billion euros over the period 2012-2014 no fax payday advances. To sweeten the pill, the Secretary of State for Housing, Benoist Appeared, has committed to implement clever financial engineering to boost the cash flow of Action Housing. "But we have no documents indicating that commitment forward Jean-Pierre Guillon. If the minister changed, the following may not feel bound by that promise. "More generally, Action Housing, which collects 0.45% of payroll companies, believes that this aspiration will prevent it from fulfilling its mission . For example, he does not see how it could fund 45,000 homes for young people as he had promised a few months ago.

With this lawsuit, it seeks to pressure the state to be released in the coming weeks the decree laying down the drain of 3.25 billion between 2012 and 2014.

How to help her children buy a home? Faced with soaring prices of the stone, more and more parents are wondering. For young people without a little help family, buy a property is often difficult. But the stone is more than ever the key to any well-constructed assets.

A DONATION as a financing

With the recent reform of the taxation of wealth, each parent can give full tax-free, but every ten years now, up to € 159,325 (reduction in force in 2011) to each child or € 318,650 for a couple . And if the child is an adult, he took advantage of an additional allowance of 31 € .865 (per parent under 80 years), allowing it in the end, even in the capital, to acquire a lovely pied-a -land …A strategy that offers the advantage of not "inflate" its own property portfolio, since it is your child immediately becomes sole owner of the property. Thus, it can allow parents to avoid the wealth tax if the value of their taxable net wealth falls short of 1.3 million euros, or to play down if it does not exceed 3 million euros.

This approach has its drawbacks, however. "A coming of age, the child who has de facto full ownership, may sell at any time, even if the parents object," says Brillat Michel, director of engineering heritage of the EU Financial France. To "block any attempt inappropriate," Louis Aussedat, notary Althémis Network, advises the inclusion in the deed of gift, and in the deed of purchase, a prohibition to alienate.This provision makes the sale to the agreement of parents.

Know that it is still quite possible to do this for the benefit of a minor, but we must in this case the approval of the guardianship court. And while the child is under 18, the slot is part of global real estate portfolio of his parents, with possible consequences in terms of ISF.

To a lesser extent, if you own a home savings plan, you can send your borrowing rights to your child, provided that it is itself the holder of such a plan (open for at least 3 years) no faxing pay day loans.Finally, give money in advance and not a property which you would already own, you can be exempt from land registration fee (0.715%).

SEND ACHETERET in a SCI

Here is the real estate company (SCI) who acquires the home and not you and / or your children directly, thus, again, to fund and pass more easily again. Parents are partners and own the shares of the SCI. A major advantage of this legal structure is its flexibility. A condition of relying on a notary or a lawyer to draft the statutes (beginning approximately € 2,000), all management schemes, or nearly so, may indeed be calmly considered: full or bare ownership only given to children, in whole or in part, etc..Parents may reserve the role of manager to get their hands on the decisions and procedures to meet the requirements (general meeting …). "In this configuration, the children, even adults, can not sell without your consent," said Gilles Etienne, Partner at Cyrus Council. The SCI can also borrow, even if minor children are involved. Only requirement: well set, with the help of a professional, their responsibilities vis-à-vis the debt and obtain the consent of the judge. Finally, the very existence of an ICS is not limited in time and value, as the designation of heritage that can be managed, is not fixed.

Scellier Act: rent-to-child

Parents who buy a home with the benefit of the tax reduction under the law Scellier can rent the apartment to their children.A three conditions: it must be the principal residence of the latter, that it is detached from the tax home of the parents (it is then placed on its side), finally, that actually pays the rent. ALSO READ: "Placement: the French have confidence in real estate

The tax increase mutual health has not finished making waves. The plan of the government plans to increase from 3.5% to 7% tax on contracts and supportive health officials said, 95% of the market for complementary health, has been much debated since it was finally adopted by parliament on 8 September.

Last response date, two UMP announced Friday their intention to table an amendment to Bill Financing Social Security (PLFSS) reserves to tax "excessive" for certain health insurance schemes. Their goal: to prevent a sharp rise in contract prices by encouraging individuals to use their mutual financial reserves rather than pass on the increase in the tax on membership fees.

Sébastien Huyghe, MP North, and Valérie Rosso-Debord, Meurthe-et-Moselle, advocated to establish "what could amount to a wealth tax" on the margins of solvency of each other located far beyond the legal limit. "The law requires unions to hold minimum reserves called legal reserves or solvency margins, which now account for 17% of the amount of annual dues. When this level is set aside, it is said that the solvency of the mutual is 100%, "they recall. In their amendments, MEPs are the players that has a line "located beyond 300%", a rate considered sufficient to ensure their development or deal with contingencies.

According Valérie Rosso-Debord, the reserves of each other is "five to six times beyond the level required."These organizations "a way of managing heritage, which is not in the interest of their contributors," lamented the member quoted by Reuters. For his part, Labour Minister, Xavier Bertrand, argued that no insurance company or mutual was in financial difficulties and were "not required to fully pass this increase" on their customers .

"No secret reserves"

These arguments will probably jump Caniard Etienne, the president of the National Federation of French Mutual, which represents 600 health insurance schemes instant credit reports. He said the tax increases will be reflected automatically on membership fees, mutuals have already seen their margins decline in recent years. In this context, it amounts to 3.5% increase "mechanical" contribution for 2012. "It is no secret reserves" into the coffers of these organizations, he assures.A view shared by Gerard Andreck, Chairman of mutual insurance companies (Gema), a trade association. "Maybe there are a number of which are in mutual capacity to absorb this increase, but not the general market," he said after the vote by the parliament of the text .

Yet, according to Le Parisien, the market would not be so tense. Based on the balance sheets and income sector, the paper shows that mutual health organizations are seated on a "gold mine hidden" gigantic. MGEN (Mutual of Education) would be the best endowed. In 2009, its reserves "excessive" reached 1 billion euros, representing a solvency margin of 667%, well above the standards. With reserves of 262 million euros, Malakoff Médéric benefit from a solvency margin of 779%.These financial reserves "would easily (these mutual, Ed) to support the additional tax under the government without making their customers suffer," the paper concludes.

According to a study released Wednesday by UFC-Que Choisir, the French spent 25.4 billion euros in additional contributions to health in 2010, an increase of 16.6% in five years, two times higher than the increase income. And raising taxes will bring to the state 100 million euros in 2011 and $ 1.1 billion in 2012, according to government calculations.

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The Paris Bourse finally returns to the threshold of 3000 points. On Thursday, the CAC 40 closed up on 3.27% to 3045.62 points. Other European markets follow the same path: Milan ended up 3.56%, 2.11% from London, Frankfurt and Madrid from 3.15% to 3.63%. Wall Street was also in the green fence at the time in Europe.

Investors seem reassured by the willingness of European leaders to develop concrete actions to leave the eurozone its difficulties. Among them is the establishment of an agreement in principle to toughen the Stability Pact and fiscal discipline common in the EU, which provides for sanctions for countries that would leave too lax spinning their deficits. Another reassuring element: the willingness of German and French leaders to avoid an out of Greece in the euro area and the Greek government's determination to break the budget impasse.

Brazil and Russia have also said they were considering a support action. While international solidarity is organized to support Europe, Christine Lagarde since Washington recalled the need for world leaders to "common front" to avoid falling into a global recession will spare "person business card."

These statements on the euro area, combined with bargain hunting, did overshadow the release of mixed U.S. indicators (including the employment front) and European (growth on less-than-expected expected in the second half).

Side values, the banking sector was further illustrated by a sharp rise. Operators have particularly appreciated the decision taken by the central banks of the richest countries to take concerted action to expand the supply of banks in dollars.BNP Paribas is the largest increase in the ACC (13.38% to 30.50 euros). It is followed by Natixis (7.12% to 2.49 euros), Axa (6.49% to 9.89 euros), Credit Agricole (5.89% to 5.52 euros) and Societe Generale ( 5.44% to 18.33 euros). The area was not affected by the announcement of the massive fraud that hit UBS.

Another day value, LVMH, which climbed 3.44% to 115.65 euros after announcing choosing Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

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"Everything is possible, you must be persistent and go!" Is the advice given to Arthur Soultrait, founding president of the textile company Viscount A, to those who dream of starting their own business. "It is a step by step and it is built," continues the authentic viscount, a former student of the Ipag which started in 2005 in the sale of ties, going door to door in the evening after third-year internship overseas.

A new episode of the saga Vicomte A will mark the re-entry. In early September, the firm will launch a new collection: Renette Gastinne by Vicomte A. "It's just our heart, enthused the boss.At vicomte had the chance to resume Gastinne Renette, the brand legendary hunters, to be 200 years next year. "

Viscount A, which has 50 employees and produces 11 million euros in sales, is already present in horse riding, golf, tennis and sailing. "Our image is the chic sport, including the major international equestrian competitions, the finals of the World Cup in Geneva and Polo Club Palm Beach, Gstaad or St. Tropez," says the manager.

European manufacturing

If the beginnings were difficult to tackle the major sector like Lacoste and Ralph Lauren, "because you start with nothing, you will establish your experience, Vicomte A now shows a very clear position, which is authentic to the French said Arthur de Soultrait payday advance online.It is the only face of foreign competitors and we play on it, bringing our colors, our freshness, our desire. I think today we made a difference like that. "

Another way to stand out, making Vicomte A is mainly European with the exception of polo shirts that are made in Peru. "Because it is there that we find the Pima cotton, which is the Rolls of cotton," says the entrepreneur.

However, Arthur de Soultrait considering a future manufacture of these items in France. "It's important for us to return the favor, since France is one of our major markets, we have many dealers. We found a workshop, again with Pima cotton from Peru, we can shape our polos.This allows us to have one made in France, which is completely Vicomte A picture of authenticity. "

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Asian stock markets are in a bad mood on Thursday. Investors in the region are not reassured Wall Street that ended Wednesday in the balance after a volatile session. Fears of an economic slowdown in the world come to the fore.

The Tokyo Stock Exchange sets the tone with an opening in the red, down 0.42% for the Nikkei. The Japanese benchmark index widened its losses in the morning to show a decline of 1.24% to 8944 points at a time of closing. A new mixed indicators on the front disrupted operators: Japan reported in a July trade surplus, four months after the earthquake of March 11, but the surplus has shrunk by more than 90% because of lower exports and a surge in energy costs.The third largest economy last month generated a trading profit of 72.5 billion yen (650 million), confirming a recovery in economic activity, but its exports fell by 3.3%.

Tokyo is hit by a rise in the yen against the dollar, which traded below 77 yen again this morning values ​​exporters are under pressure, in the image of Mazda Motor (-5 fast cash without a hassle.65%), Fuji Heavy Industries (-5 , 16%), Nissan (-2.96%). The electronics sector is hit by the fall of Dell in the U.S. markets. Toshiba lost 4.45% and 2.34% Panasonic.

Hong Kong is the perfect balance while in Shanghai, the stock market unscrews from 0.34%. The Korean Kospi lost 2.95%, the S & P Australian loose 1.40% and the Indian Sensex was down 0.73%.

Oil off again down

Oil prices were down Thursday morning in electronic trading in Asia as investors await key U.S. economic indicators, the first consumer of black gold in the world. On the menu, including: the weekly jobless claims, the index of leading indicators and consumer prices.

In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars. That of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.