Month after month, Europe confirms that it is a disaster area in the car. In April, sales of new cars fell 6.9% year on year, its seventh consecutive monthly decline. After falling 7.5% since the beginning of the year will likely decline in 2012 for the fifth consecutive year.

The situations are however mixed. Among major markets, only Germany (+2.9%) and Britain (+3.3%) rose last month. In France, the decline in registrations was limited to 1.9%. But they collapse in the countries worst hit by the crisis: Italy (- 18%) and Spain (- 21.7%). Greece (- 56.7%) and Portugal (- 41.7%), two opportunities are more limited, the situation is terribly wrong.

The companies have also had mixed fortunes. The brands are particularly general practitioners to the penalty. Renault sales, which lack novelties – the Clio 4 is scheduled for fall – and have tumbled 15.1% last month. PSA is, however, remained stable (+0.2%) thanks to the success of the DS series, the premium line of Citroën. Four months of concern both for PSA, Renault, whose sales fell by 13.6% and 21.3% in Europe. These two manufacturers remain very dependent on the Old Continent, which represented nearly 60% of their volumes last year.

Factories idle

To reduce inventory, they reduce the rate in French factories. The production of passenger and commercial PSA dropped 2.3% in the first quarter in the Hexagon, while Renault has shrunk by 12 online pay day loans.6%. Consequently, several sites are affected PSA for months by partial unemployment. In May, they set factories in Mulhouse, Sochaux and Rennes, as well as that of Vesoul, in the Doubs, penalized by the freezing of the activity of manufacturing spare parts for an Iranian partner. For its part, Renault has scheduled working days lost in Maubeuge this month.

Another side effect, the difficulties of PSA could penalize the joint venture it owns with BMW in the hybrid technologies, said Wednesday the boss of the German manufacturer, Norbert Reithofer.

Opel, whose sales fell 16.9% in Europe last month, is also in trouble. In the first quarter, its parent company, American General Motors, lost $ 256 million on the Old Continent, leaded by the underutilization of its plants, as his ally PSA, which it owns 7%.

Also impacted the volumes of Fiat, Toyota and Nissan were down 11.5%, 14.4% and 20%. The Volkswagen group outperformed the market, through its Skoda and Audi premium brand. On the same niche, BMW and Mercedes are also growing. As for brands like, Korean Kia is also continuing its spectacular offensive, with a jump of 19.1% last month.

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Critics of the measure as its proponents can not but agree with Bernard Thibault: it will be "an event in Europe." Francois Hollande promised that one of his first acts would be to extend, by order, the possibility for some employees to retire at age 60. "This is the first time in many years that a government will come back to this vicious cycle of decline (…) of the retirement age," welcomed the head of the CGT, Monday on RTL. But he also explained why the measure seemed insufficient. The new president has been clear during the campaign: to qualify for this exception to the legal age (increased gradually to 62 by the reform Woerth), it will have paid 41 years. Contributed, and not validated this period. Nuance size. The pension system "offer" because of the quarters to insured under the National Solidarity, in certain situations – maternity leave, parental leave, military service, unemployment, illness or disability long – they do not work, so do not contribute not. Eight quarters are also given to parents for each birth (in fact, almost always mothers).

In practice, it will be necessary before having worked 19 years without interruption, to stop work at 60. An extension of the device 'long career "already open to individuals who began their careers at age 17 or earlier, which would affect about one in four insured approaching the retirement age (150,000 persons per year).

"We are pleased that this improvement is around long careers, both criticized at the time by the CGT and FO," says Jean-Louis Malys, the "Mr. Retreats "of the CFDT. The union had obtained this system in 2003 by François Fillon and Jean-Pierre Raffarin, in return for a longer contribution period. "Francois Hollande, the PS then premiersecrétaire very reluctant, has resumed since the principle of lengthening the contribution period as life expectancy," says Jean-Louis Malys cash advance no faxing. However, he announced his willingness to discuss "special cases", not to penalize the unemployed or housewives. The device 'long career "has two current relaxations: are deemed assessed periods of sickness, maternity, accidents at work (a maximum of 4 quarters) and national service.

Extensive consultation

The other unions are more virulent. "It is essential to discuss the modalities of implementation," Bernard Thibault requires. Otherwise, "this could be one of the first clashes with the government," threatened Jean-Claude Mailly (FO) last week. The obstacle is financial: the measure, in its limited version, should have cost up to 5 billion per year (funded by increased contributions) to the single basic plan. Perhaps these unions show they less indecisive when it comes to transpose to supplementary Agirc-Arrco, they co-manage with the employers. The cost is estimated at about 50% of that weighing on the basic plan.

Anyway, this step will be temporary, before consulting widely on the whole pension system. Age, duration of assessment, funding, harmonization of rules between plans, hardship …: everything can be discussed, promised the new head of state. But again, the financial strain will weigh. The Board of Retirement Guidance indicated that he would end 2012 new projections. And its president, Raphaël Hadas-Lebel, has already warned the crisis will result in a degradation of the accounts.

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Five months after the sinking of Concordia, Costa Cruises ship owner wants to turn the page by launching a new ship, the Fascinosa, luxurious building 290 meters long, up to and seventeen bridges capable of carrying 3800 passengers. Some 510 million euros have been invested to build the fleet of the fifteenth unit in Fincantieri shipyards in Marghera group, deep in the Venice lagoon. His baptism, Saturday, resulting in a ceremony dominated by the desire to forget a tragedy that, as the CEO of Costa Crociere – the Italian name of the company – Pierluigi Foschi, "would never have happened and did again ".

Foschi, who forsake the end of July the operational management group, at age 65, to remain president, attributed the sinking "only to human error," that is reckless navigation of captain Francesco Schettino, still under house arrest pending trial. "Our company is cooperating fully with the law, provides the CEO with Le Figaro. The survey should be completed in October-November. But now, Costa has significantly strengthened the security systems on its vessels. "

Seven measures were adopted, the training of crew in lifeboat drills, now imposed on all passengers before departure. A satellite tracking will allow the monitoring center of Genoa at any time to know the exact position of each ship and to correct any unexpected change of course.

Bookings up

Regarding compensation for 4205 persons on board the Concordia, the CEO says the problem of the crew is set. "Two thirds of the 3,216 passengers took up the offer of the company (14,000 euros per passenger). Remains third with which legal disputes are open in various countries. The impact of such compensation will be minimal on the accounts of the company. They will be supported by our insurers. "Compensation for relatives of 32 victims is the subject of a separate chapter.

The drama was not a result of extended commercial for Costa. "After an initial drop, cruise bookings have resumed at a rate greater than 2011. Of course, we had to cut prices because of the crisis too. Twenty million passengers go on a cruise every year. Accidents are the exception, "insists CEO.

The wreck remains. The 2,200 tons of fuel were pumped in 31 days without any pollution. Last week, Costa Cruises has signed a contract with a consortium of Italian-American, and Titan Salvage Micoperi, to redress the huge carcass beached at the island of Giglio and tan up a shipyard in Livorno. "We are given twelve months to do this but we hope to do before winter. Never do such a rescue was attempted in the world. It is a daunting challenge … ", says CEO.

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Thousands of people started marching Tuesday across France to say no to them according to the austerity imposed by the European Union and call for a genuine policy of growth to five days before the second round of presidential elections.

Nearly 290 processions are announced by the CGT, one in the afternoon in Paris, where walkers will have been preceded by a National Front demonstration and where they will parade during a political rally organized by the outgoing president.

The inter-union (CFDT, CGT, FSU, UNSA and Solidaires) promises that there will be no political message on the banners of the first parades in May, but the CGT, unlike other organizations, called for " beat Nicolas Sarkozy. "

In Marseille, about 20,000 people, according to unions, protested for a parade more social than political. "This gives it a special flavor, but we do not mean our demands immediate demands in the pocket," said the delegate county of the CGT, Mireille Chessa. The banner head behind which all the unions, with the exception of FO, marched, summed up this attitude. "Against the austerity policies, workers united for social progress" could be read. Fralib employees, who for nearly two years to oppose the closure of the last site in France to make the teas The Elephant, opened the procession.

In Bordeaux, more than twelve thousand people walked the streets of the city. A response far greater than a year ago, according to organizers. "We believe the participation of 15,000 people," welcomed on behalf of the Inter Cathy Sargenton, spokesman for the CGT Gironde. She said only 3,000 people were mobilized during the May 1, 2011.  

Between 10,000 and 40,000 demonstrators, police or the organizers, marched through the streets of Toulouse, where slogans against the outgoing president did not fail. The banner head, badged CGT, CFDT, UNSA and FSU, was as traditional themes such as defense of trade unionism in wages, employment or public service, but most political slogans have also fused. Unions have strongly mobilized in Rennes. CGT announced the presence of 10,000 people when she had recorded that in 1250 the last year. The prefecture has reported a provisional figure of 6,000 protesters. Where the band head of the Inter-CGT, CFDT, FSU, UNSA and Solidarity stood by social demands on employment, pensions, purchasing power and the struggle "against all discrimination," the The atmosphere was much behind policy.

Holland in Nevers to honor Beregovoy

About 1500 people marched in 4500 in Strasbourg and Mulhouse, according to a statement made on site by Reuters, a significant interest in Alsace, while the region is in middle of spring break and the CFDT was not involved, as organization, in the event high quality business cards.

In Strasbourg, where employees of the Caddy truck manufacturer, in receivership, opened the parade, only a few slogans directly recalled the presidential election, as "If you're against Sarkozy, clap your hands", sung by the Orchestra of the CGT.  

In Paris, delegations from the Socialist Party and the Left Front should remain in the rear of the parade as not to hinder the trade unionists and Francois Hollande has chosen to honor Nevers (Nièvre) to Pierre Beregovoy, the Prime Minister Francois Mitterrand, who s 'committed suicide there are exactly nineteen years.

Union leaders see as a "provocation" of Nicolas Sarkozy's decision to hold its own gathering on the job after reporting since the beginning of the campaign "these intermediate bodies" that are the unions.

"On 1 May for the workers and anyone else," said Francois Chereque on Tuesday BFMTV. The secretary general of the CFDT, which does not give instructions to vote, said the speech of Nicolas Sarkozy on the job has become "unbearable." "Every time there was a takeover in the history of politics on this holiday (May 1, Ed), was derived in a context of undemocratic," he said Monday in an interview published by Liberation.

Thibault argues for a social Europe

The secretary general of the CGT, Bernard Thibault, has instead confirmed he called to vote for Francois Hollande. "The CGT called to fight the current president," he said on Europe 1. "I am surprised that some are surprised that a union of employees can have an opinion about the issues of a presidential election."

"It's from the social balance sheet, economic and president of his intentions – among his first, he wants to, as the employers claimed, a reform of the definition of termination for economic reasons," that this position has was taken, he said.  

The SGC requires a minimum wage to 1,700 euros per month and expects Francois Hollande, who has promised a big meeting with the social partners if elected on May 6 before deciding, he goes in that direction very quickly. Bernard Thibault believes that the austerity measures introduced in the European Union led the latter to the disaster and calls for a social Europe.

To better themselves as "unifier" Nicolas Sarkozy faced with a "who wants to divide", the Socialist candidate Francois Hollande has sent a letter to leaders of the five confederations. He reiterated his promise to do major players in the next five years if they win.

Good news never comes alone, after Beijing's decision to let its currency fluctuate more widely, Japan could make $ 60 billion over the International Monetary Fund. This project, still unofficial, was unveiled Sunday in Tokyo by Kyodo News, quoting an anonymous government source.

These announcements came as the IMF and World Bank this week held their spring meetings in Washington, where will all the G20 finance ministers. In addition to nominating the next President of the World Bank, whose Korean-American Jim Yong Kim is the clear favorite, both topics will dominate the meetings, the sovereign debt crisis of the euro area and the downside risks of global economy.

Christine Lagarde welcomed the decision of the Chinese central bank, as "the commitment of China to rebalance its economy towards domestic consumption and allow market forces to play a greater role in determining the exchange rate" . This shift seems all the more desirable that IMF economists are questioning its growth prospects. While the 2012 forecast of the global economy should be slightly revised upwards, reaching growth, according to reports, 3.5% instead of 3.3% proposed in January. But these marginal revisions, which will be released Tuesday, reflect the best U guaranteed personal loan approval.S. results in the first quarter and a lesser decline in Europe. They do not challenge the doubts that have arisen in recent days on the Chinese economy and the impact of the tension in oil prices.

The second major record before the G20 central bankers, who will meet Friday, will focus on strengthening the response capacity of the IMF. Christine Lagarde had ruled earlier this year that he would need an additional $ 500 billion. She just scale back its ambitions. "The needs today may not be quite as significant as we estimated earlier this year," she said Thursday.

The remarks were interpreted as an admission of the difficulties in collecting these funds which take the form of bilateral loans of various members of the IMF. If the eurozone is already committed to provide 150 billion euros (nearly $ 200 billion), Washington remains hostile to the principle and emerging demand in exchange for a strengthening of their role within the IMF. The possible contribution of Japan would be the only element of encouragement after weeks of deadlock.

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When the total wealth of a taxpayer exceeds € 1,300,000, the latter is liable for the solidarity tax on wealth. The basis for calculation of this tax is calculated at roughly the same rules as that of inheritance. But for the life insurance, the comparison stops there.

Indeed, while these contracts are not (or partially) subject to inheritance tax, they are considered in terms of the ISF as any medium of financial savings. Thus, all life insurance contracts should be included in the taxable wealth. The value to be reported is that of the contract on January 1 of the tax year.

Namely: if the taxpayer held assets greater than € 3,000,000, must complete a detailed statement. The contract must be included in Appendix 3-1 of the Declaration of ISF, under "other property".

Reduce taxes on capital

Contracts of life insurance called "non-redeemable," that is to say those agreed in lost funds, are exempt from wealth tax. From this, some insurance companies have built contracts supposed escape partly or wholly, to the imposition. The most common contracts "to loyalty bonuses" and "contracts in euros diversified."

The contract to loyalty bonuses isolates for 8 to 10 years of financial support specifically, the interest generated by capital. These interests are blocked, and are not redeemable for the specified time. They are therefore exempt from wealth tax until they are reintegrated at maturity of the blocking period. But capital has remained on the taxable throughout this period. The contract is therefore only partially exempt from wealth tax and for a limited time paydayloans.

The life insurance contracts in euros has diversified in turn sought a more radical approach. In these contracts, the funds are frozen for 8 to 10 years, making them in principle non-redeemable. But the tax has not kept insurers in this field, and confirmed that these contracts remain taxable to tax on capital for their full value (instruction 7-S 4-10).

The acceptance of the beneficiary

Always to get these contracts from the base of the ISF, some experts have suggested to use the recipient's acceptance. Therefore the beneficiary of a life insurance contract has the option of accepting the earnings before or after the death of the insured.

If he does in his lifetime, the insured is blocked: it can no longer perform the redemption of his contract without the consent of the beneficiary. It seemed therefore possible to exempt these contracts because they were not freely redeemable. But again, the tax authority has raised an objection of inadmissibility (Ministerial response Dollez No. 18648). These contracts are taxable to the ISF.

The taxation of annuity

But in reality, the annuity is taxable to the ISF for its value called "capitalization." This value corresponds to that of capital which is gradually consumed to provide the annuity. It appears every year on the statement sent to the annuitant by the insurance company. It must declare the same as a life insurance contract.

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Following the agreement reached Wednesday between the European Commission, the European Parliament and EU member countries, the price of mobile phone calls while roaming will fall in July. In May, the European Parliament must approve the agreement which provides for a ceiling on the price per minute of voice communication "roaming", that is to say, the ceiling price charged by operators to their customers for calls made between two European countries. The level of declines, which should come into force on 1 July 2013 and 2014, was also decided.

Duty, a call of one minute past from abroad, which costs more than 35 cents, should return to 29 cents in July and 19 cents in just over two years. Especially, the price data downloaded with his camera will be capped at 20 cents in 2014 against 70 cents in 2012. This is the first time an agreement is reached on this point, which will reduce the cost of a smartphone abroad. For this type of device connects to the network, even without the subscriber has the feeling of surfing, to automatically update applications, email and location.

Thus, Neelie Kroes, Vice President of the European Commission is poised to win his struggle against "the group of five" major European operators of the Old Continent, including France Telecom, Deutsche Telekom and Vodafone instant credit report. The latter threatened to ask for "a moratorium" on roaming price cuts, which gives them an important source of profits. The GSMA, which includes mobile operators worldwide, deplores "the objectives of maximum prices go too far." Indeed, price declines are greater than that requested by the Commission.

Moreover, the agreement establishes an increased competition in Europe for roaming calls. After 2014, during a trip abroad a subscriber will be able to pass a temporary contract with another operator than his home country to reduce their bill.

YOUR TESTIMONY – The lower rates will she influence your communication abroad? SMS, calls, emails, social networks? What means of communication do you favor abroad? Tell us about your experience in comments below or temoin@lefigaro.fr.

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Vinci was an equal disappointment. Two weeks ago, the leading European construction and concessions had been anticipated in extremis by ADP to regain 38% of TAV which manages ten airports in Turkey. An operation of over 700 million euros. Tuesday, the group cons-attacked on another front. In partnership with 50/50 with the British operator of BTP St Modwen, he won a huge contract of 2 billion pounds (2.4 billion euros). He trumped consortium formed by Bouygues and Carlyle.

For that price, Vinci and his partner will rebuild New Covent Garden, London halls hosting a market fruit, vegetables and flowers. Like its French cousin who migrated from Paris to Rungis, Covent Garden has left the center of London there are over 30 years to settle south of the Thames, in the district of Nine Elms on 230,000 m². In addition to A to Z redo this building between 2013 and 2018, the group will build 2,800 homes but also office buildings and shops. All this with a financial Original: Vinci will invest 130 million pounds (156 million) to rebuild the New Covent Garden.

In return, it will be awarded to Vinci 8 hectares of land to enable it to develop a very large real estate transaction valued at 2.4 billion euros while.

Strong position in the UK

A credible plan for the neighborhood where he has developed is being completely remodeled for example, the U.S. embassy to move into a new building in 2017 and the construction of two new metro stations is considered easy payday loans.

This new contract demonstrates the strong position of Vinci in Britain. Last year, the group has achieved 5.6% of its turnover, slightly more than 2 billion euros. And the UK is the third country that weighs the heaviest in the group accounts. After France and Germany who preceded him as a short head. "Vinci spent the overdrive in this country since the acquisition of Taylor Woodrow in 2008, a large construction of which then realized a sales volume of 750 million euros," said one financial analyst. Because the group has grown significantly through acquisitions has integrated the subsidiary. Much like it did with Cegelec, Faceo or Tarmac.

The result? In recent months, Vinci has garnered several prestigious contracts in England. Thus, the group have won beginning March 1 public-private partnership to renovate and maintain for 25 years 432 km of roads in the London Borough. Transaction amount: 950 million euros. A month earlier, Vinci was selected to manage for five to ten years the road five English counties. All this for 1.7 billion euros. The French group had also been held last October to build two waste treatment centers in the UK for just over 380 million euros.

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Winter has succeeded in the spring. And there will be a long and rigorous. A year after their revolutions, the Southern Mediterranean countries are struggling to revive their economies and attract investors. "Basically, the region is divided between one side Morocco, whose economy increasingly resembles that of an emerging country, or Algeria, which is maintained by its raw energy, and across the country whose economy raises concerns and questions, "says Dov Zerah, CEO of the French Development Agency (AFD).

In Tunisia, Egypt or Jordan, the economic situation is worse than in 2011, threatening the stability of governments in place and risk being cast new popular upheavals. "We must grow by at least 5% to stabilize unemployment in the area and in all likelihood we will be well below 2012," said Amal Chevreau, project manager within IPEMED. "Even in Morocco, the expected initial increase of 6% of GDP have been revised downwards, mainly because of drought."

The panorama offered by Tunisia and Egypt is that of weak growth leading to a fall in tax revenues and widening budget deficits at a time when governments, yet fragile, can not cut public spending so as not to stifle their populations. After falling 1.8% in 2011, the Tunisian economy in 2012 still deals in the red. The current account deficit widened to 7.4% of GDP and the budget deficit well over 4% this year.  

"Holding back investors'

In Egypt, the situation is equally alarming: according to Alexis-Marchay Karklins, head of emerging from Ernst and Young, Egyptian growth to be between 1% and 1.5% this year, leading the deficit budget around 10% of GDP. Worse, foreign exchange reserves of the Central Bank of Egypt fell by more than half within a year from 36 billion in 2010 to 15,000,000,000 in late 2011. Bleeding that led the rating agency Fitch to downgrade the rating of Egypt to "BB-". Cairo is conducting difficult negotiations with the IMF for a loan of about $ 3.2 billion. Also to avoid having recourse to such an extreme, Tunis, meanwhile, quietly knocks on the door of international lenders to obtain loans.

But the real concern is the fall in investment. Uncertainties regarding the political situation of these countries has combined the brutal fiscal crisis through which Europe, which has significantly dried up the flow of capital available. According to figures compiled by Anima Investment Network, which need to be refined in the coming weeks, the number of investment projects fell by nearly 25% in 2011 in the 11 Southern Mediterranean countries. A heterogeneous block masking disparities since in alongside Algeria, Israel and Lebanon, which fell slightly in 2011 after a sharp rise in year 2010, there was a fall of 32% of investments in Tunisia and more than half in Egypt. In 2011, Libya has received only 17 external projects and Syria 14, mainly concentrated on the first part of 2011 before the country from tipping into civil war. In total, the area received about $ 28 billion of investments, amounts equivalent to those of 2009 – year of the international financial crisis.

The partnership of Deauville was not required

"The reluctance of investors is not the most worrying, says Emmanuel Noutary, déléguégénéral Anima Network. The problem is the types of projects which are mainly invested in recent years, and mainly relates to major infrastructure or energy to create less jobs than other sectors. "Typical example, the Gulf countries, realized an average investment of 500 million euros (40 million against an average for investors from other countries), while "the most urgent investments to create jobs related to smaller local projects around the food, education or industry. "

The anxiety is palpable as the next major donors. Symbol of the malaise surrounding the partnership of Deauville in May 2010 had promised to unlock $ 38 billion investment over 10 international financial institutions over the next three years. Less than half of these commitments have been met. Thus, the European Investment Bank (EIB), through its armed wing in the area, the FEMIP should provide 2.6 billion euros. It has not yet released a billion, of which 734 million euros to Morocco (a record for that country) but only 303 million euros to Tunisia.

"The view remains fragile in the short term, however, investors would be wrong to abandon the area," says Alexis Karklins-Marchay at Ernst and Young: "North Africa is the ideal gateway for Europeans in a continent will experience tremendous growth in the coming years. "Enthusiasm for the moment few donors really dare to share.

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