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A territorial policy of social housing, that is to say building in priority areas in deficit, such is the ambition on Wednesday by Secretary of State for Housing. Two days after the publication of an alarming report of the Fondation Abb? Pierre on poor housing, Benoist Appearing presented the draft state for 2010, namely to contribute up to 4.7 billion euros to finance 140,000 housing, half in Ile-de-France, Rh?ne-Alpes and Provence-Alpes-C?te d'Azur, the zones "tense". The program is ambitious, even by the balance of 2009 when 120,000 housing units were built "three times more than in 2000, the ministry said.

4 billion tax form

But if the Social Union for Housing which manages public housing can not approve a policy that it "calls for two years, is on the question of financing the rub.The state budget provides for the payment of 624 million euros to public housing agencies as aid to the stone. The rest of the state aid-more than 4 billion-will take the form of tax incentives (VAT, property tax, preferential interest rates). "The $ 624 million is less than 660 million euros achieved in 2009, and far from the 800 million budgeted in 2008," laments Pierre Quercy, general delegate of the Social Union for Housing which manages public housing best payday advance . "We're going to build a priority in areas of shortage, and therefore more expensive, but with less money," says the delegate general who believes a more realistic assessment of the number of homes built to last 100,000.

At the Department, any accusation of declining level of aid is denied."The effort of the State is not limited to 624 million euros of aid to the stone, take into account the full support of 4.7 billion euros, which will build 140,000 homes social, said the firm Benoist Appeared. Construction or purchase. As announced Tuesday the secretary of state, public housing agencies will be able to acquire any vacant units to turn them into housing. Another idea supported by the Social Union for Housing, but according to Pierre Quercy will face the same problems of funding. "We estimate that 350 million euros of state aid would be needed to buy 10,000 housing units in the tense areas," said the delegate general. What largely begin the budget.

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The French have always been more crickets and ants that the crisis has reinforced their distrust of credit. Statistics released yesterday by the FSA, the association of financial companies show a net decline of credit extended by institutions.

Credits distributed to households fell from 13.3% in 2009, which represents the largest drop recorded in 45 years time tracking statistics. In 2008, the decline was 2.8%. Last year, special schools and have provided 38 billion euros of new funds, against 43.8 billion a year earlier.

The downturn that began in autumn 2008 was accelerated until spring 2009 (-12.4% in the first quarter and -18.7% in the second) before slowing down from the was (-16% and -5.5% in the fourth quarter).

These are personal loans which have fallen the most, specialized institutions have distributed 22.8% lower than a year earlier. The revolving loan decreased by 11.2%.

The auto loans are better off: they are down only 4% over the year and jumped over the last two months of the year. The scrapping bonus has pushed the French to change their car which is reflected in the credits: they increased from 15.7% last quarter. Finally, funding of home appliances (consumer electronics and furniture) were melted from 13.3% in 2009.

These figures may be explained by a smaller French appetite for credit, but also by increasing the rate of refusal of certain institutions (Cetelem number one industry in this case) and by increased competition from traditional banking networks.Banks operate more than before because the customer relationship by offering consumer loans. Member firms of the FSA are in fact nearly 60% of consumer credit and almost all renewable credits.

The French game publisher Ubisoft video Wednesday revised downward its financial targets for its fiscal year 2009/2010 lagged, partly because of disappointing sales of some games and the postponement of several launches.

The number three European industry now expects sales for the third quarter of 495 million euros against 540 expected before, and 860 million euros for the full year, against 1.04 billion expected before.

Furthermore, the group, who expected a positive result of at least 70 million euros over the year, now provides a loss of about 50 million. Its business casual "(games for the family) loses a year to the next almost 160 million euros, a drop of almost 50%."Despite successes like Assassin's Creed 2, which is expected to reach 9 million units through March, or Just Dance, our very successful Christmas on the Wii, Ubisoft has not met its financial goals," says CEO Yves Guillemot , quoted in a statement.

Ubisoft announced it will refocus on its core franchises and games consoles Xbox 360 and PlayStation 3. It promises to last two outings a catalog of "very substantial", which should enable it, on the period 2010-2011, "to gain market share and improve (its) profitability."

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The market, worried about developments in the industry have fully incorporated this announcement. At the Paris Bourse, the stock has indeed closed down 1.95% to 10.07 euros in a market almost stable (+0.02%). In five days, the stock has lost 9.12%.Its competitor, Electronic Arts, anticipated loss from 1.94 to $ 2.24 per share (cons – 1.2A $ 2.05 per share on the previous forecast) in its fiscal quarter ending March 30, for a turnover between $ 3.6 billion rather than $ 3.9 billion for its fiscal year.

Ubisoft is also penalized by the decision of the firm Sterne Agee analyst lowered his rating to "neutral" cons "buy" before. For the moment, "there is no reason to confirm a recommendation to buy, analysts say. The analyst firm also shown Aurel disappointed by sales of "Avatar: The Game", "well below" their expectations.They recommend to "sell" in their notes.

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The number one European military shipbuilding organized to address the decline of its activities with the Navy. The group wants to go for growth internationally and into new businesses such as civilian nuclear energy and marine renewable. In an interview with Le Figaro, said Patrick Boissier issues of its strategic plan to 10 years.

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Tax revenues of local governments will increase substantially in 2009. This is announced by the Directorate General of Local Authorities (DGCL), in a note released Wednesday. The DGCL estimated that the four direct taxes tax, residence tax and taxes on land and buildings not built should bring $ 71 billion to local governments. The increase in local taxes would be 8.1%, nearly double the increase of 2008 (+4.4%). This increase is explained by buoyant tax bases (+4.7%) and a significant increase in rates (+3.4%). This increase affects all communities but especially the departments and municipalities. "The departments have their rates increased more than other communities," said the DGCL, considering the increase of revenues to 11.4%, including 6.3% due to higher rates.Conversely, "the development of overall tax revenue from other communities still more effect than the base rate effect".

According to the notes, business tax, hotly debated in the context of discussions on the 2010 budget, expected to yield 31.3 billion euros, the housing tax 16.5 billion, the tax on built property 22 3 billion and that the undeveloped 880 million. Local taxes are 39% of operating revenue of local governments.

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The Swiss group Adecco, the world of agency work, just formalize this Tuesday the acquisition of the MPS U.S. $ 782 million. The operation, financed solely by equity group, should have a positive impact within three years, it said in a statement.

"The acquisition of MPS represents an important step in the strategy to strengthen Adecco in the business to higher margin work placements, which offer attractive growth over the coming years," said general manager Patrick de Maeseneire. The placement of activity currently represents about 25% of the turnover of the group, against only 17% last year, Adecco said.

The American group MPS, specialist investment particularly in the areas of information technology, finance, accounting and law, with 2008 sales of 1.5 billion euros. Its acquisition is expected to generate annual synergies with Adecco to 25 million euros.

The financial results for the third quarter will be published by Adecco November 5.

The Dow Jones gained 0.80% to 9864.94 points with the momentum indicators and corporate earnings better than expected, published in the week. This is its highest closing level since October 6, 2008. The Nasdaq gained 0.72% turn to 2139.28 points.

The U.S. trade deficit declined by 3.6% in August to 30.7 billion dollars against 31.9 billion in July, data adjusted for seasonal variations. This decline is due to higher exports and lower imports. The market was waiting to turn an increase in the deficit to 33 billion.

Traders expect the status quo of U.S. interest rates for a few months after the speech of Ben Bernanke yesterday. This indicated that the Fed would be "ready" to act in time to return to a normal monetary policy."When economic prospects are sufficiently improved, we are ready to tighten monetary policy to eventually bring our balance to a more normal configuration," he said.

The values of the day

In a statement Chevron (1.83%) indicates that its results "should be better in the third quarter than the second. The results of exploration and production are expected to rise sharply, reflecting rising prices for crude oil, as well as some 400 million of gains from asset sales and tax revenue.

The Chinese Tengzhong will redeem 4×4 Hummer brand from General Motors today. The amount would be some 150 million dollars. Sichuan Tengzhong Heavy Industrial Machinery was in talks with GM since JuneIn addition, sales of General Motors in China and its joint ventures are around 1.3 million vehicles in the first nine months of the year.

The Wall Street Journal, the bookstore chain Barnes & Noble (-1.33%) is about to sell its own electronic reader, Kindle competitor to Amazon. Com.