Nicolas Sarkozy wants to extend to "large local governments" the principle of non-replacement of retiring in two applied to the public. According to him, modulate state grants would be "very healthy" to encourage savings.

"We will extend" the policy of non-replacement of staff on two "large to local authorities, who have quite the ability to make the same effort as the state," said the president-candidate in an interview broadcast Tuesday on the magazine's website Actors public.

"This is a very important issue: since 2007, local authorities have created 100,000 jobs, while the state removed 160,000", he said no teletrek payday advance.

Nicolas Sarkozy, however, did not specify which communities that would be affected. Communities that employ the most staff are the major cities, regions and departments.

"The larger communities, which represent two thirds of local expenditures, must make the same effort that the state and they have the opportunity to reorganize, to be more efficient in their ways," Nicolas Sarkozy has insisted.

One million dollars per day, or 750,000 euros. Such is the cost of operations by Total to plug the leak on board its platform Elgin, North Sea, said Monday its chief financial officer Patrick de la Chevardière. Added to this bill a loss of $ 1.5 million each day (1.12 million) which corresponds to the cessation of production from fields adjoining the Elgin and Franklin, for a total cost estimated to about 1.9 million euros. These two deposits, located 240 kilometers off the coast of Aberdeen in Scotland, representing 2% of the total hydrocarbon production.

The company was still awaiting the green light Monday from the British authorities to dispatch technicians on the platform, removed a week earlier. Total will begin simultaneously on the one hand, to "kill" the leaking wells at the platform, out of the water, and, secondly, to drill two relief wells instant payday loan lenders. If the first operation, "relatively easy", according to Patrick Chevardière, successful, drilling (at least 100 million euros and six months of work) will be useless.

According to Total, gas, mainly methane, disperses quickly in the air. Only 7m3 of condensate (light oil such as gasoline) are currently prevalent in sea Greenpeace, arrived on Monday with a vessel area, intend to verify these statements.

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In the logic of "rights and duties" which is his, Nicolas Sarkozy promised Monday night to tax tax exiles. The Government has already established last year an exit tax, which taxes unrealized gains of the French going abroad. But the president-candidate wants to go further, proposing that any tax paid to the exiled French tax authorities the difference between the tax paid in their country of residence and that he would have paid in France.

First precision, only capital income – dividends, interest, capital gains – would be affected, if they exceed a certain threshold. With these conditions, expatriates escape, as desired by Nicolas Sarkozy, to higher taxation. Indeed, one part went to work abroad receives a salary, which does not fall within the scope of the measure, and some capital income too low to exceed the threshold. Conversely, the exiles are often more active and live their heritage.

The focus on capital income has another advantage, purely political: to distinguish themselves from the proposal made in 2010 by Jerome Cahuzac, president of the PS Finance Committee in the Assembly, to tax high incomes of French abroad, including labor income. At the time, Baroin, budget minister, had criticized the idea, speaking of "right of blood tax" contrary to the French system.

Compatibility with European law

In fact, our tax law, like all developed countries except the U.S., is built on territoriality, not nationality: French living in Germany a payroll tax beyond the Rhine, a German resident in France and acquitted in the Hexagon. "As a result, the measure proposed by Nicolas Sarkozy assumed to renegotiate our tax treaties with other countries. A complicated task, "says Nicolas Jacquot, partner at Arsene Taxand. In the campaign team, it was answered that it will suffice to review the agreements with the states most favored by the tax exiles. Such as Belgium, Luxembourg or Switzerland. "However, France will have to convince these countries to negotiate, which is nothing obvious," warns Marc Vaslin, partner at Scotto & Associates, a law firm based in Paris, Geneva and Brussels.

Another question: that of incompatibility with European law. European Commissioner Michel Barnier yesterday denied any obstacle. An opinion not shared by the Circle of the tax, which analyzes the candidates' proposals for Le Figaro throughout the campaign: "the measure can be considered an obstacle to freedom of movement and settlement," notes the one of its members, attorney Jean-Yves Mercier. In short, the practical implementation of the tax exiles looks daunting.

If these revenues were estimated at 500 million by Nicolas Sarkozy, some are more skeptical. "The very wealthy households keep their assets in holding companies and pay themselves the minimum income," says Jean-Yves Mercier. The number of exiles is itself unclear. Just do you know that 500 indebted to ISF leave the country every year and from 2000 to 2500 the French enjoy preferential treatment in Switzerland. To verify the application of the measure, the IRS will conduct examinations heavy and therefore costly. The measure will be symbolic in every sense of the term.

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On the eve of the publication of results of Veolia, a board of directors at high risk takes place today Wednesday. Officially it is only to approve the annual accounts of the leading global service to local communities. A particularly difficult task. Veolia Environnement is expected to announce a loss that, according to the most pessimistic forecasts could exceed 400 million euros. CEO Antoine Frerot has, indeed, last summer provisioned 838 million euros in assets and Veolia announced a half-year loss, before launching a new profit warning in October.

Beyond the numbers, it is open warfare between Proglio, former CEO, and Mr. Frérot, his successor and former prisoners, which stimulates our curiosity.  

Rumors last week, on a landing of Antoine Brother and his replacement by former Environment Minister Borloo caused an outcry and controversy that has swollen to the Elysee. The hypothesis Borloo was then quickly dismissed. As for the crucial issue of governance, it should not be treated before the presidential election.

The CEO of EDF, must always

Anyway, nobody can guarantee that the impetuous Proglio will not return when the board held at noon. The CEO of EDF has declared war on his former protégé since it has challenged its management at the helm of Veolia. He could distance himself from the strategy of cost reduction and contraction of the debt through the sale of billions of euros of assets, starting with the branch transport Transdev one hour payday loan. Unless this advice is especially an opportunity for administrators to try to stop a war they have hardly appreciated as it gives a poor image "of the governance of French companies," said a close group.

Antoine Frérot big plays. Hitherto largely under the thumb of his mentor, he might seek to impose and carry out the restoration group. Unless, like imagine trying to do a close case, the two men do not come close again.

A return to the harmony of the past, however, seems difficult to contemplate. Especially since the issue of governance is far from over. Five of the seven directors, all chosen by Proglio, must be renewed soon to the Board of Veolia. Augustin de Romanet, who leaves March 7 the Deposit, will resign tonight's mandate. On 15 March a new board will decide on the expiration of the term of Baudouin Prot (BNP Paribas), Jean Azema (former head of Groupama), Louis Schweitzer and Pierre-Andre de Chalendar (Saint Gobain). Antoine Frérot attempt he then to bring relatives to the board to loosen the grip?

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In September 2008, the President shall declare 38 times the word "crisis". At the time, into recession is symbolized by the collapse of the subprime bubble and the collapse of Lehman Brothers. In November 2011, the difficulties have not disappeared, but the excessive debt of the States of the euro area, combined with rising interest rates, is at issue. What, among other things, plunge Europe into a "brief period of recession," as the OECD noted in its latest report.

"The idea of ​​the all-powerful market that is always right, it's over," Nicolas Sarkozy had struck in 2008. The President would then "re-found capitalism on ethics." Today, markets, wary, put pressure on European government claiming the lowest interest rates high payday loans with no fax.And when Standard & Poor's error sends a message stating that it lowered the rating of France, no sanction can be taken, despite the threats of the Minister of Economy Baroin.

• Debt: rigor replaced the stimulus

In September 2008, the time is not in a pinch. The word "debt" is also pronounced only once on a 45-minute speech. Prime Minister Francois Fillon may well have said, from 2007, that France is in bankruptcy, Nicolas Sarkozy prefers comfort by speaking of recovery. In fact, France will suffer a crisis less severe than its neighbors: the stimulus package and the "automatic stabilizers" (welfare, RSA) have cushioned the recession. But these instruments have increased the debt.

Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals cash advance.Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to help countries in trouble. Germany refuses. Sign of the tensions still very strong on sovereign debt, the performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8% in session on the secondary market.

Values ​​to follow

Axa (1.67% to 8.85 euros)

Groupama considered too low prices offered at this stage for its subsidiary Gan Assurances and may delay the sale beyond the end of 2011, reports vendrediLes Echos.

A successful international expansion

Casino has succeeded mainly in some countries. The group of Latin America's main platform for international expansion, although the group has some nice success in Asia (Thailand and Vietnam). First, it is Brazil, where Casino owns jointly with its parent company Rallye, 48.1% of CBD Grupo Pao de Açúcar. The success of Casino in the country had also been salivating Carrefour and its shareholders. They had tried to orchestrate a merger that was not the taste of Casino.

A successful real estate subsidiary

Casino can also count on its real estate subsidiary Mercialys. It is worth 2.56 billion euros for a wealth of 2.54 billion euros. In fact Carrefour has assets, much larger, estimated at 15 billion euros. But its real estate subsidiary project fell into the water.

Little excitement in the shareholding

At Casino, ownership has been stable since the merger in 1992 Rallye and Casino. Jean-Charles Naouri has locked the capital since its holdings Rally and Kerrous hold 51.09 and 6.49% of shares. Brother Albert is a quiet and faithful shareholder with 1.7% of the capital. At Carrefour, the float was very important before Bernard Arnault and Colony Capital will invite themselves to capital. They jointly hold nearly 14% of the shares 100% free credit score.

Governance, clear and precise

At Casino, Jean-Charles Naouri decides.At Carrefour, the change of presidents have succeeded without success. Since the departure of Daniel Bernard, nor José-Luis Duran or Lars Olofsson have managed to revive the company. On the contrary, records against Carrefour-performance, particularly in France.

To a satisfactory third quarter Casino

Wednesday, October 12 evening, Casino will publish its revenue for the third quarter. While billings should not proceed at a pace as rapid as in the first half (+18.8%) but growth is expected to remain satisfactory. Unlike Carrefour, Casino relies on strong performances in France.

The stock options

These findings illustrate the past, but investors should now focus on the analysis of the perspectives of both groups. From this point of view, the stock options is tricky.In fact, Carrefour has fallen very low and it is difficult to imagine a new fall of the action. Carrefour has suffered a lot of hedge fund strategy of buying and selling Carrefour Casino uncovered. Most of the fall of Carrefour is behind us. The recovery will take time but it should be occurring at one time or another. Casino has a real advantage for the shareholder, the group pays a regular dividend and generous. Those who want to enjoy a very high efficiency can also turn to rally, the parent company of Casino.

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Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

In exchange, if Apple has lost 1.31% to 279.25 euros on the Frankfurt Stock Exchange, the stock has limited the damage in New York, falling 0.23% to 377.37 dollars after gaining 1% in first exchanges.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others.Associated with the image of the company he co-founded, he was also in stock. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil pay day loans.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions. As the major U.S. money market funds.

Project buried by BNP Paribas

According to the JDD, Societe Generale would have accepted the plan, subject to conditions.CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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