The growth figure of France for the first quarter, published this morning, was highly anticipated: it sets the tone of the beginning of the quinquennium the new president. And with sluggish growth in the first three months of the year (after a small increase of 0.1% the last three months of 2011, revised downwards), the least we can say is that the situation will not help Francois Hollande to the implementation of its program. None of the drivers of growth and gives no sign of strength: consumer expenditures of households are "sluggish" (0.2% in the first quarter, after +0.1% the previous one), while investment companies folds (-1.4%), INSEE said. And if imports return to growth, they do not offset the slowdown in exports sufficiently to prevent the trade weighs on growth. As for the production of goods and services, it turns "idle". In total, the growth overhang at the end of March – that is to say, the theoretical progression of GDP if the activity remained stable until the end of the year – amounted to 0.2%.

This stagnation of activity is not a surprise: the National Institute of Statistics had anticipated in March, when it published its quarterly notes on "the fever subsides, recovery will be slow." But the institute did not know then is that this turn of events in Greece could slow it down even further … If the time is not yet at risk of contagion to the Hexagon, "he Avoid the chaotic moments that disturb everyone, Greece is 2% of EU GDP, but this may be part of the little things that become large if not managed properly, "said an official of Bercy.

Dealing with an uncertain

Still, Francois Hollande will have to deal with an uncertain environment low fee cash advance. While the European Commission approved last week forecast growth of 0.5% this year, she expressed doubts about the ability of the new government to reach the figure of 1.7% growth in 2013. However, Francois Hollande believes in his ability to bounce activity. His lieutenant, Michel Sapin, cites as evidence the industrial policy announced by the candidate – more favorable, he said, growth – and European initiatives to materialize before he sees the end of next year, thanks an agreement between France and Germany.

In fact, the new team has no choice if she wants to meet his campaign promises and not be forced to reconsider all of its forecasts. Less growth because it means more unemployment, more deficit and more debt.

To balance its budget equation and honor commitments of public finances – down to 3% of GDP next year – François Hollande planned 29 billion in additional revenue by the end of 2013. But the task is of great magnitude. INSEE has confirmed that the government deficit in France at the end of 2011 stood at 103.1 billion euros, or 5.2% of GDP (decreased by 33.9 billion euros compared to 2010) , "because both the revenue buoyancy and expenditure restraint." It must come down to 4.5% this year. Public debt, it has reached 86% of GDP in 2011. Francois Hollande can not afford any off the road.

Especially since only a few hours meeting with Angela Merkel, Germany has put pressure on France: in the first quarter the economy across the Rhine has seen its GDP grow by 0.5%, bringing its growth on a rolling year to 1.7%. Numbers well above economists' forecasts.

Nothing works for Nokia and its new boss Stephen Elop. A week after reducing its forecasts for mobile phones in the first half of this fiscal year, the Finnish group said the extent of damage. The group, which is losing its world of telephony in favor of South Korea's Samsung, has declined by 29% of its turnover in the first quarter, to 7.35 billion euros. Nokia says it has shipped 82 million mobile phones in the first quarter, with a decline in sales in this activity by 40%.

The result remains in the red, as in the last quarter of 2011. But the operating loss increased to EUR 1.3 billion. Now the two core businesses of Nokia show losses. In mobile phones, the operating loss represents 3% of sales against 10% more profit for the same period of 2011 free credit score. In equipment for telecommunications networks, Nokia Siemens Networks' book including the mobile network of Free, the operating loss reached 5% of revenues.

Especially in the short term, the outlook remains bleak. The loss in mobile phones should be of similar magnitude in the second trimestre.Les sales of Nokia mobile also collapse in North America and Chine.La only glimmer of hope rests on smartphones equipped with a Operating from Microsoft, including the aircraft from the Lumia provided the U.S. with T-Mobile and AT & T.

February was without much panache to the French national dailies. Sales of five of the eight titles of general information and sports have registered a decrease, France paid for a mailing of 1.6 million copies in total daily average, according to OJD, the supervisory body the press.

Among GPs, Le Figaro has kept its position as the leading national daily, to 330,725 copies, a slight increase (0.66%), followed by Le Monde, down 5.22%, to 279,455 copies. Sports daily Amaury Group, The Équipechute 8.8%, to 253,766 copies. Desechos sales, now only business daily since the demise of the print edition of The Tribune, have scraped 0.6%. After a strong month in January (5.7%), those of Libérationont declined 2%.  

Louis Dreyfus, chief executive of Le Monde, explains its poor performance against the election campaign, he said "less than the previous carrier," and the establishment of a retirement plan at Printing World which resulted work stoppages, "which made us miss sales in Paris and the provinces." But, conversely, the new format of the weekend's evening paper, enriched with three supplements and renovated a magazine, launched in September, is bearing fruit, with a circulation up 5% year on year , "despite an increase in the sale price low interest rate personal loans."

A new journal for tablets

Maintaining a price of 0.90 euro for weeks in Francea Today, however, allowed the national edition of Le Parisien, also in the Amaury group, earn 6.3%, to 167,890 copies, after a 14.6% jump in January, mainly due to a favorable base effect, the weather in January 2011 having lost many sales quotidien.Aujourd 'hui in Franceest focused by the judgment of the paper edition of France Soirdepuis mid-December 2011. 

For its part, says his Team in February by a slippage rate of migration to digital readership faster than in the general press, by an unfavorable base effect linked to the victory of the France team handball to World Championships in February 2011, and the cancellation of the match France-Ireland Six Nations on 12 February.

"The sports news has been sparse," said Francois Morinière, Group Chief Executive Team, which gives priority to develop its digital sales. His group will launch in May, just before the tournament at Roland Garros, a new 100% digital newspaper for reading on tablet.

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The time was expected. First of the three major presidential candidates invited to decline on Tuesday his plan at a symposium on "the challenges of competitiveness," co-organized by the French private companies (which brings together 100 companies from the Hexagon ), Francois Hollande has held the outlines of his program: a list of measures already known (contract generation, modulation of the corporate income tax according to their size, targeting of state subsidies on exporting companies, strengthening the research tax credit, development of strategic sectors, removal of certain tax loopholes …).

The Socialist candidate has also confirmed its intention to bring the public accounts in balance in 2017, through increased levies on businesses and wealthier households, as well as via a public expenditure control. Confirming that an effort would be de facto called on business, without raising disapproval in the audience, he said he was ready to "deal individually" each boss in the room who would care

.

Francois Hollande also recognizes a problem of labor costs in France in some sectors, particularly in relation to Germany. But he believes that cost almost the same on both sides of the Rhine in the manufacturing industry. Consequently, he criticizes "the so-called social VAT" the President has enacted before the end of the legislature: a measure "unjust, ineffective and inconsistent." He said the social VAT will have only a modest effect on exports as it will particularly benefit sectors not exposed to competition.

"There's a bidding war right now"

Only novelty of the discourse of the socialist candidate: the proposal for implementation of a "national pact of competitiveness" that would combine the State, enterprises, social partners and also, perhaps, the financial system quick cash. All this small world would agree to set "goals of competitiveness," which could exceed the cap of a five-year term. "The State would be to set the vision, through taxation, regulation, avoiding social change all the time and especially in the last week of five-year," said Francois Hollande.

The former head of PS is also expressed in two recent tax measures unveiled by Nicolas Sarkozy. Minimum taxes on corporations that do not pay taxes in France? This provision would penalize, he said, companies that have decided to keep their headquarters in France. It was much more verbose, and verve, on the taxation of tax exiles made Monday night on TF1 by the Head of State.

"There's a bidding war right now," he quips, perhaps in reference to his own project to tax at 75% on incomes above one million euros per year. "Whether the measure is an illusion because ultimately, if it does not apply to artists, athletes and those who put their heritage in the countries concerned, it's about that? Only those who have capital income?, He tried. Or the measurement is much stronger and the question of the overall tax exile and assume it all to negotiate tax treaties with the countries concerned. "

Lapidary conclusion: "I feel that right now there is a candidate who will do anything except renegotiate the treaty has been signed." Francois Hollande has indeed drawn the ire of Nicolas Sarkozy, to want to add a component on the growth of fiscal discipline pact, signed but not ratified by European states. "I leave you with this judgment on how to campaign," decide the favorite in the polls.

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Lefigaro.fr is the first news site in France in January. The study Médiamétrie / NetRatings, it was viewed by over 8.8 million unique visitors a month. A hearing is always the historic site of Figaro to a million users of the follower.

Development, the second place, occupied by Orange in December, was conquered by the Nouvel Observateur. High of 7.7 million unique monthly visitors, the site of the weekly benefits from the integration of "pure player" Rue89, bought in December.

Launched in late January, the site of the Huffington Post has also brought new visitors to the World, which brought together a total of 7.3 million Internet users in January. The web offers daily evening was nevertheless made the steal third place from the site of Le Parisien / Today in France, with nearly 7.5 million unique visitors.

January has generally drawn the hearings of the press line up. Portals and aggregators of articles edited by tech giants have, themselves, not take advantage of the French appetite for news. Orange News was relegated to sixth place in the ranking with 6.7 million unique visitors, Yahoo! News is eighth with 5.4 million visitors, MSN News and Google News are respectively the 11th and 13th.

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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

Beings consanguineous

Wait and bite the bullet. It is the only rational response. The pressure is so strong, however, that the government is trying to sweep these arguments make sense to force the banks to recapitalize. Why not finally, if that would reassure everyone and restored the flow in a system where banks no longer find lenders? Even better if it is a coordinated European action.But then, the market experts themselves have good problem turning in all directions for days: there is no guarantee that this would be enough to calm the speculation.

The crisis of today has nothing to do with that of 2008, when the suspicion was limited to the health of financial institutions. This time, banks are just the scapegoats for a crisis of confidence is most striking over-indebted States. Banks and States are beings inbred. Once recapitalized banks will continue to be viewed askance because of their exhibits sovereign will continue to suffer from higher funding costs because of concerns about their country, continue to be threatened by a rise in questionable provisions as the economy is sinking. It will probably recapitalize banks. But there is only one cartridge.Better not pull too early, when there are still many uncertainties elsewhere.

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Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% ​​to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Over the whole week, the ACC is, however, more than 2%, reversing some of its heavy losses last week.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Ben Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, a barrel of Brent North Sea crude for October delivery was trading at 110.72 dollars on the Intercontinental Exchange (ICE) in London, up 10 cents while the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 25 cents to 85.05 dollars.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously) online payday loan lenders.

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

Baroin for its part related to the Europe Agreement on Greece on Thursday and compromise between Republicans and Democrats: "All that has been implemented for two weeks three weeks, the agreement of the euro area on the issue Greek, the Washington agreement on the question of raising the ceiling of U.S. debt in the right direction. "These agreements" are going in the direction of the reinforcement of global growth, "he said, and they will" reaching consequences for global economy is recovering. "

Earlier in the night, Japan applauded the U.S. agreement. "We welcome the agreement on the U.S. debt and hopefully it will stabilize markets," said Chief Cabinet Secretary, Yukio Edano instant payday loans. The islands observed at the forefront of American debt crisis.It is the second largest holder of U.S. Treasuries, after China.

BlackRock prudent

It is not clear, however, that the announcement of Washington, as expected, calms markets. The largest asset manager worldwide, BlackRock, welcomed the plan cautiously. "The proposed framework for reducing federal spending is a positive step," said the fund in a statement. But "the exact composition and timing of all the spending cuts will determine whether the proposal produces a real and significant reduction of the deficit," he added.

Markets "need to perceive a clear path to deficit reduction to encourage confidence in the U.S. dollar," says BlackRock."This is essential if we are to retain the AAA rating of the United States and encourage long term investment."

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