Friday, September 30, 2016

Three years after launching its multiplex, Luc Besson leaves the cinema room – The Echoes

We cannot be able to see a film by Luc Besson produced by Luc Besson, in a room Luc Besson. His company, EuropaCorp, one of the first studios to independent film in Europe, announced on Friday that it has entered into exclusive negotiations with the operator of cinema-Gaumont-Pathé to transfer its business from multiplexes, the signing of the judgment of this attempt at diversification.

He sells his site of Aéroville in Tremblay-en-France (paris region) opened since the end of 2013, and the project of multiplex in The Joliette in Marseilles, which was to be built next year and against which, she says, all remedies are purged. Source market, the transaction would be twenty million euros for the two sites.

” It is an evolution, not a revolution. Having two theatres was not sufficient for this to be an actual business of multiplexes. It would have had to have a lot more to this invest. However, we prefer to focus on our core business : film production major, including the English language, ” said chez Europacorp, which is also, at the same time, its activity of distribution.

” additional financial flexibility “

This announcement, which comes a day after the entry into the capital of the chinese Fundamental Films is not surprising really observers. “The activity multiplexes wasted a lot of capital and it was a job complicated in a sector dominated by giants. It was wasting time to the management, says Pavel Govciyan, an analyst at Natixis. The company has preferred to focus on the business more profitable, which she knows better.”

” It was especially Christopher Lambert (who passed away this year, editor’s NOTE) which was the project of multiplex. Luc Besson probably wants more focus. It gives the company additional financial flexibility, ” adds Alexander Koller, an analyst At Gilbert Dupont.

A turnover of € 7.5 million

EuropaCorp had been introduced in the operating theatres at the end of 2013 by opening its multiplex in Aéroville, which offered seats from 10 euros for the basic service, € 25 for a seat extra-wide, with champagne and smoked salmon at Petrossian.

at the time, the objective for the group was to diversify its revenues in this activity less risky in financial terms than the production and distribution, to serve as a shock absorber to smooth out the revenue. The company did not hesitate to invest 12 million euros in this project, which provided initially for the operation of seven multiplexes by 2020. But since then, the situation has changed. “With the rise in load in the series, the group gives more visibility. It therefore has less need for a complementary activity to smooth its revenues “, emphasizes Pavel Govciyan.

The activity multiplexes has generated a turnover of € 7.5 million, or 5% of the income under the non-calendar fiscal year 2015-2016 (ending in march). In a market where UGC, Pathé Gaumont and MK2 are already well established, it remained in deficit. The group hoped that this business would become profitable during the current fiscal year, with a rate of 800,000 ticket sales per year, after 770.000 for the year then ended. He has finally decided to cut it short.

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Visale: the security deposit, which will relieve renters under 30 years of age – Challenges.fr

The rent deposit Visale, funded by Action Housing, now benefits to all young people under 30 years of age, they are “young employees, non-employees, the unemployed or students, with the exception of non-equity related tax to their parents. This deposit is free for the tenant and the lessor, for a term of three years, which entered into force in February, may, starting this Friday, benefit to 300,000 young people per year, or one-third of all young people entering annually in the park, private rental, specifies the ministry of Housing.

Reassure owners

Until then, only employees under the age of 30 years (regardless of work contract), and over 30 years in the precarious contract (fixed-term contracts or probationary period of a permanent, interim, contract of apprenticeship or contract help, for a duration of at least one month) could benefit from this security deposit. Free of charge for the lessor and the lessee guarantees to the lessors of the private park and the payment of unpaid rent during the first three years of the lease.

“less than 30 years old are facing a high vulnerability both on the labour market and in access to housing, where they are often considered a priori to be bad payers, whereas this is not the case in reality,” highlights Emmanuelle Cosse, the minister of Housing said in a statement.

extension device

This extension of the deposit Visale to young people less than thirty years is “a great step forward for them”, which is the result of the priority presidential “given to the youth,” she said. Visale is funded by Action Housing, the former 1% Housing, which manages the funds derived from the Participation of employers to the construction effort (Ccap), a contribution to the financing of the principal residence of the employee, paid by employers with 20 or more employees.

The organism that has 900.000 social housing and intermediate houses more than 70,000 households per year.

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The word of eco. The French automotive industry : between renaissance and new challenges – Franceinfo

The Z. E., a concept car car non-polluting,  préfeelée by Renault at  Mondial de l'automobile in Paris on 2 October  2008.
The Z. E., a concept car of non-polluting car, which was presented by Renault at Mondial de l’automobile in Paris on 2 October 2008. (MAXPPP)

After years marked by a deep crisis, the symbol of which will be the closure of the PSA plant of Aulnay-sous-Bois in 2013, the French automotive industry did eventually recover.

The proof is in the figures : first, the French are given to buy cars. Result : the registrations are on the rise : more than 6% since the beginning of the year. With regard to the production, after the air hole of the years 2008/2013, here, too, the volumes are increasing and could even pass the 2 million mark of vehicles produced in the territory. And if the French factories produce more, it is in part the result of the competitiveness agreements signed by PSA as at Renault.

Renault has started a new round of negotiations for new agreements after those signed in 2013. The employees had agreed to spend 32 to 35 hours of work per week, without increase of salary, but in return the brand had committed to increase production in France.

The competitiveness agreements have helped to keep factories in France, but not to create jobs. The automotive industry today, it is 200,000 posts. The 75,000-less than before the start of the crisis in 2008. Moreover, according to the CGT, at Renault, group staff numbers have shrunk from 8,000 posts in 3 years.

the scandal of The software-fixing of Volkswagen on pollutant emissions has cast doubt on the whole of the builders. Moreover, an investigation of the repression of the frauds is in progress. If at the end of these investigations, falsifications are proven, the government has already warned that it will prosecute the marks that would have cheated.

In France, so this is the model of the “everything diesel” risk of costs. It has even begun. Today, diesel cars represent more than 52 % of the registrations. It was nearly 64 % in 2014. And this movement may intensify as the european standards on emissions will be tightened, which will in fact, result in investment is very significant for the manufacturers.

Carlos Ghosn, boss of Renault says very clearly : “this will add to the cost of the car”. Therefore, we can understand better the insistence of marks to highlight the progress of electric cars. Their market remains, however, is more than trivial : the electric, it is only 1% of car sales in France.

see alsorelated Topics

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Ubisoft has won a first battle against Vivendi – The Echoes

Yves Guillemot can blow. When he closes the general assembly meeting of the shareholders of Ubisoft a little after 16: 30 on Thursday, the boss of the video game publisher is relieved. Nothing unforeseen has come to disturb its progress, and Vivendi has not moved an ear. The group led by Vincent Bolloré, represented by François Bisiaux, its director of corporate and securities law, has not submitted, nor resolution to obtain one or more seats on the board of directors, nor even sketched out the slightest gesture during the session of questions and answers. And in the end, the majority of resolutions keys have been adopted. It is a victory for the clan Guillemot.

We are very happy with the result. Our shareholders have clearly supported. The company will continue to be able to grow while keeping its agility and independence “, commented Yves Guillemot, at the output of the AG. The series is not yet finished. Vivendi remains the main shareholder of Ubisoft with 22 % of the capital, and its shadow will continue to hover in the next few months on the publisher and its management. “We are lucid. We know well that all does not end today, explains Alain Martinez, chief financial officer of the publisher. in But one has won a battle, and we will do everything to win the following “.

All is not rosy for Ubisoft. If Yves Guillemot saw his mandate as director is renewed on Thursday – a result which is accompanied by cheers and applause in the room, and if two new members as independent have been appointed, as envisioned by the management, the resolutions to allocate free shares to employees have been retoquées, with the indirect support of Vivendi, who abstained for every vote. “It is unfortunate. The share plans are a means in the video game to attract the best talent and to be able to reward as it should be. All the big publishers do. This shows that Vivendi is not aware of the sector “, says Yves Guillemot. The CEO indicates, however, that the group will draw its own shares, to bring on new talent.

A true plebiscite

The AG has been the occasion for the direction Ubisoft receive a genuine plebiscite on the part of employees and many shareholders. While the meeting usually attracts ever more than 80 people, they were more than 400 to attend this Thursday, a good part of the employees. At the entrance of the auditorium of a hotel booked for the occasion, bracelets, badges and t-shirts to support the management were distributed by certain employee shareholders. “ I l there has been a craze to the part of the employees. I am very proud of it, and also very moved “, says Yves Guillemot.

The support of the shareholders present was manifested during the whole of the AG. Each statement of the management on the importance of being independent, repeated like a mantra, was accompanied by applause and cheers of the room. In the Face of the assembly, the CEO of Ubisoft has recalled its doctrine in terms of governance. “there is no problem to have a shareholder Vivendi in the capital. But the board, [board, ED], this is not an option. Because we are competitors on many aspects. “” In the gaming industry, all the big are independent “, he recalled.

The party is far from over. Vivendi has certainly not moved this time, but it remains in a favorable position. In a statement released Thursday evening, he said that his actions, listed in the nominative ” in the perspective of a long-term partnership “, will benefit from a double voting right from 2017.

R. G. with N. Ri., Les Echos

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The New York stock Exchange ended higher by nearly 1% – The Figaro


The New York stock Exchange has finished up nearly 1% on Friday, thanks in particular to the good performance of a financial sector relieved about the state of health of Deutsche Bank, after weeks of concern about the first German bank.

The Dow Jones has gained 0,91%, 164,63 points, 18.308,08. The S&P-500, wider, took 17,09 points, or 0,79%, 2.168,21. The Nasdaq Composite has advanced its side of 42,85 points (+0,81%) 5.312,00.

On the whole of the week, the Dow gained 0.25 percent, the S&P 500 up 0.16% and the Nasdaq 0.12 per cent, the three indices with chained to their third weekly advance on. Since the beginning of the year, the Dow shows a gain of more than 5% and the other two an increase of more than 6%.

The S&P combining the financial values has gained 1.42 percent, registering the largest increase in the sector after a news report saying that Deutsche Bank was close to a compromise with the us authorities-backed securities real-estate loans, with the key to a fine of nearly three less than what had been initially announced.
After having plunged nearly 9% in early trading in Europe, to a record low of 9,898 euros, as Deutsche Bank has ended in increase of 6.39 per cent in Frankfurt at 11,57€. The title Deutsche Bank listed in New York has earned nearly 14.1%.

on Thursday, Wall Street had lost 1% due to the decline 1.49% of the compartment’s financial in reaction to a news report from Bloomberg reporting that hedge funds using the brokerage services that Deutsche Bank had transferred a portion of their assets in derivatives to other institutions to ensure that you have the compensation.

On the whole of the week, this index financial decline of 0.32. On the other hand, the grouping values oil displays an bond weekly 4.64% – and an increase of 1.30% on the single session Friday, boosted by the announcement, Wednesday, of the agreement of the members of the Opec on a slight reduction of their production.

The index oil sign and her best performance week since the week of April 22.

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Why the hypothesis of a bankruptcy of Deutsche Bank is rather doubtful – The Express

It has almost become a habit. Deutsche Bank has -indirectly – caused a mini infarct on Wall Street on Thursday, when Bloomberg News and the AFP have announced that a dozen hedge funds have withdrawn their money from the German establishment. Its share price has fallen by 6.67%, leading all other banks in its downward spiral in the stock market. Before going up to the announcement of a relief, probably of the fine payable by the establishment for its involvement in the subprime mortgage crisis.

But even as prices peaked at over € 100 in 2007, it peaked today at 12 euros. Last February, the CEO of the Deutsche Bank, John Cryan, had felt compelled to personally intervene to defend the “robustness” of its establishment, reported The World. Same player shoot again in the beginning of the week: the giant German was required to certify that he had no need of a public rescue.

The concern however persists among investors. Deutsche Bank, caught up in a financial turmoil unprecedented, risk-she filed for bankruptcy? And can it lead to the european banking system and the world to his suite, the picture of Lehman Brothers, responsible for the global crisis of 2008?

The Deutsche Bank, which cut like ten years ago

In theory, yes. Since the crisis, the financial stability Board (Financial stability board) publishes an annual list of the 30 banks with the most systemic in the world. To be clear, the institutions that are likely to cause a global collapse of the system. Among them, Deutsche Bank. However, according to the international monetary Fund (IMF), the links of the German with most world’s biggest banks are even is the main risk factor for the financial system as a whole.

It must be said that the former flagship of the German is faced with many difficulties. “Deutsche Bank has changed very little over the past ten years. It is cut to evolve in an environment of strong growth and high profitability, analysis Alexandre Baradez, chief analyst at IG France. However, the growth remains low and interest rates are desperately low”. Has the image of other european banks, Deutsche Bank, therefore, must cope with a low profitability and margins eroded, reminded The World in February. Without being able to provide anything other than a “strategic plan confused,” laments David Benamou, chief investment officer at Axiom.

Arrived at the head of the bank in 2015, John has embarked on a restructuring plan late, but the information provided to shareholders will remain limited. Not to mention that the bleeding continues. In the fourth quarter of last year, Deutsche Bank has lost € 2.1 billion. And the worst thing is that the losses have focused particularly on its core business: investment bank.

Return(s) s-stick

In parallel, the bank is reaping the poisoned fruits of this which has gradually become her main activity and in which the new boss is trying to get rid, as was Les Echos in February. “Deutsche Bank has phased out of the retail bank to become a huge investment bank. Sub-prime to the manipulation of the Libor rate, it has soaked in all the cases” confirms Jezebel Couppey-Soubeyran, professor at the University Paris 1.

And now sees a requirement to pay for its abuse. In the context of the subprime crisis, the u.s. department of Justice has requested $ 14 billion -12,5 billion euros – in the first German bank. The term of the agreement between the two parties, the final sum should be closer to $ 5.4 billion -4,8 billion euros. An amount already earmarked by the bank to resolve its litigation.

A bankruptcy is “highly unlikely”

Because the list of his troubles is likely to lie. “Russia is currently investigating a case of money laundering assumed in its Russian subsidiary,” says David Benamou. It could also cost him $ 2.5 billion”. The money set aside to pay the invoice could quickly be insufficient. “The bank will have to increase its ratio of regulatory capital of 10.8% to 12.8% by 2018,” continues the analysis of Axiom.

Deutsche Bank, therefore, seeks money. Mission impossible? Analysts are not so sure. “The bank has several levers, slice David Banamou. By disposing of its stake in chinese bank Hua Xia Bank, it can expect to collect between 2 and 3 billion. And with Postbank, between 6 and 7 billion. Add to this the fact that the bank is suffering from a crisis of profitability and not of solvency, and it is understandable that the hypothesis of a bankruptcy remains highly unlikely”.

“Angela Merkel is reported to have said that it will not help the Deutsche Bank, in the event of a crisis,” adds Alexandre Baradez. We approach a phase of elections. The policies are very reluctant to the idea of rescue of the banks. The risk, it is fuelling populism. But one can hardly imagine that in cases of extreme emergency, the Germany drops the Deutsche Bank!” What probably rule out a possible scenario for black Lehman Brothers.

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The action Deutsche Bank pulls himself together – The Figaro

The action Deutsche Bank got its act together Friday afternoon, after his run on the morning in which the first German bank has resulted in the whole of the european banking sector.
13H44 GMT, the title of Deutsche Bank limited its fall to 0.36% 10,84€. Yet at the beginning of the session of the Frankfurt stock Exchange, it had dropped not far from 8%, from the same below the bar of 10 euros, for the first time.

in Spite of this timid recovery, the German bank has seen its share falls by more than 40% since the beginning of the year and the sessions of the last few days have been particularly difficult.
In the first cause, the threat of a record fine of $ 14 billion in the United States, claimed by the american courts to put an end to a dispute dating back to the crisis of “subprime”.
The prospect of such a financial burden on the institution, already struggling with profitability at half-mast and a very long list of other legal disputes, has sparked a whirlwind of rumors, scaring more investors.

on Wednesday, the German Finance ministry has had to strongly deny the preparation of a plan for public rescue. But Friday, a new coup de grisou has found its origin in the disaffection of a number of investment funds, having chosen to withdraw their money from Deutsche Bank.

The bank was quick to indicate that such movements were common and that at the same time, she had saved money from other big investors. And in a letter to employees released Friday, his boss John has blasted “certain forces in the market, who want to undermine the confidence in us.”

The boss of Commerzbank Martin Zielke, appeared Friday morning would be a reason. For the coming period, “we’re going to have to live with volatility certain”, he warned at a press conference.

- the Eruption of a volcano

“When I think of the banks at night I can not sleep…”, is amused to comment on Clemens Bundschuh, analyst of the bank LBBW. “The multiple attempts to calm the situation as the government, financial authorities and of Deutsche Bank itself has almost the opposite effect among investors,” says the analyst.
An opinion shared by Alexandre Baradez, analyst at IG France. The posture of a status quo adopted by the bank and the German government tend to “maintain concerns over the banks”, he said, while the announcement of the retirement fund “has put a little fire to the powder”.

indeed, the concerns surrounding Deutsche Bank have contaminated the whole of the european banking sector, always kept an eye worried since the violent financial crisis of 2008-2009.
The fellow of Deutsche Bank, Commerzbank, has also made the costs. Her action plunged in the middle of the afternoon still of 3.72% to 5,59 euros, much more now than Deutsche Bank.

The second German bank announced on Thursday a broad restructuring plan, with approximately 9.600 posts deleted and no dividend until further notice. In the wake of Deutsche Bank, the other values in the european banking reduced a little their losses of the beginning of the day, so that in the morning, they lost, often more than 3%.

Around 13: 30 GMT on the Paris Bourse, Société Générale lost 1.10% to 30,48€. In London, Barclays conceded 1,61% 164,60 pence and Lloyds 2,02% 54,37 pence, when in Madrid, Santander dropped 2.20% to 3.86 euros and BBVA to 1.66% to 5,26€. In Milan, Unicredit reduced its losses to 1.08% at 2,014 euros and Mediobanca to 1.22%, to 5.58 euros.

also In Switzerland, UBS ironed even in the green, with a rise of 0.15% to 13,05 swiss francs and Credit Suisse restricted its fall to a small% and 0.16% to a total of 12.58 swiss francs. “The financial sector is the branch the most sensitive and the most fragile, the uncertainties can quickly have unintended side-effects,” says Robert Halver, analyst of the bank Baader. According to him: “the flap of a butterfly’s wing can cause the eruption of a volcano.”

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The RSA value increased 2% since September 1 – Europe1

The Income of active solidarity (RSA) has increased by 2% as of 1 September, as planned in the framework of the government plan of fight against poverty, according to a decree published in the official Journal on Friday.

An allocation of 535,17 euros. The monthly fee of the RSA (minimum income for persons without resources) thus passes “to a beneficiary, to 535,17 euros from the allowances due in respect of the month of September 2016,” according to this decree. It is the fourth extraordinary increase of the RSA since 2013, the government had decided, in the framework of the multi-year plan of fight against poverty, increase this benefit by 10% over five years, in addition to inflation.

A gain of purchasing power of more than 425 euros for the year. “It represents a gain of more than 110 euros per year for a single person and 227 euros per year for a couple with two children”, stressed in a statement that the minister of social Affairs, Marisol Touraine, welcoming “actions to better protect the French people” and to make the system “clearer and fairer”. Compared to the amount of the RSA in 2013, revaluations successive represent in 2016, a gain in purchasing power of more than 425 euros for the year for a single person and almost € 875 for a couple with two children, according to the minister.

More than 2.5 million households without resources receive the benefit of the RSA. It is open, under certain conditions, to persons aged at least 25 years and people aged 18 to 24 years of age if they are single parents or have a certain period of professional activity. In the field of health, the national plan to combat poverty has also led to 560,000 additional people to benefit from universal health coverage complementary (CMU-C) and 480,000 to receive aid for the acquisition of complementary health (ACS), said the minister in his press release.

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The price of oil is going to increase ? – The Progress

The surprise came from Algiers on the night of Wednesday : the Opec countries would agree to limit their production of oil, in order to bump up the price. But the effect of surprise, and the blur that remains on the terms of the agreement, make the experts wonder again about its real scope.

The concession of Arabia

The production would be limited between 32,5 and 33 million barrels per day, compared 33,47 in August. The agreement was made possible by the rapprochement of saudi Arabia and Iran, the two powers who are vying for the Middle East, and who are waging a war indirectly in Syria and Yemen. Saudi Arabia would have conceded a slight reduction in production, leaving his rival to regain market share, and Iran would have agreed not to increase its production as much as he had announced.

Why these changes ? It is too early to identify all the logic. The most obvious is that the prolonged depression of prices, and hence oil revenues, will eventually weigh the same on the very rich Arabia. Not to mention the Opec countries less favored, like Algeria.

What will happen to Russia ?

The result was not long in coming : the price of a barrel of brent rose in two days to a little more than $ 46 to about 49 dollars yesterday in the late afternoon.

But nothing says that the effect will be sustainable. Because the agreement still needs to be clarified by the summit half-yearly Opec, on the 30th of November in Vienna. It also must keep, to resist the temptation of such or such a member country to sell more to earn more. Finally, the Opec accounting for only 40 % of the world production, observe the reaction of the other producing countries – Russia, but also from the United States.

62 % of taxes on diesel

What effect, finally, on the price at the pump ? Overall, they are down from three years of age : the litre of diesel was 1.45 € August 17, 2012, and 1.11 € on the 23rd of September. This 25% drop is much lower than that for the price of a barrel of crude, which has in the meantime been divided by two.

How do you explain the difference ? By taxes, to meet the oil. On the litre of diesel to 1.11 € taken as an example by the Ufip (see below), the TICPE (tax domestic consumption of energy products) to 0,511 euro, more 0,102 euro VAT this tax, and the VAT on the product itself to 0,082 euro – 0,695 euro of taxes (62 % of the final price). And the increase in the price of the raw material would cover only 29 % of the component price, the difference going to the distribution.

F. B.

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Thursday, September 29, 2016

Training: The government is working on a tax on high-wage and short-term contracts – 20minutes.fr

The minister of Labour Myriam El Khomri, on the 28th of September 2016 to the national Assembly. – CHAMUSSY/SIPA

JOB The cabinet of the minister of Labour is studying the possibility of extending the plan from 500,000 training until 2017, in déplafonnant certain contributions unemployment…

Take the money somewhere to feed elsewhere. The ministry of Labour is considering déplafonner the unemployment contribution of high wages and taxing the short-term, in particular in order to finance an extension of the plan to 500,000 formations in 2017. The cabinet of the minister of Labour Myriam El Khomri “has studied the possibility of déplafonner contributions” unemployment insurance, ” says The Parisian.

today, the basis of assessment of contributions unemployment is capped at 12.872 € per month and the allowances to 7.277 euros gross, maximum compensation, which relates that, on average, 500 people per month (0.02% of the beneficiaries, 0.27% of spending) according to the Unédic.

A project still in the study

would it Be of déplafonner only these contributions, or also to unemployment benefits ? “They ask the question, they think again, this is not refereed,” said the source close to the folder. She added that “the taxation of short-term” was also considered.

>> also read: unemployment Insurance: What do the unions (and why it may stuck on the side of the employers)?

” This surplus of contributions would not necessarily have to fill the hole (the unemployment insurance), since it is financed by borrowing, but in order to stabilize the plan, 500,000 training courses, which will be extended in 2017 “, specified to the AFP a source close to the dossier, adding that ” this is not arbitrated “.

Indignation of the Medef

According to the same source, who also spoke with the cabinet of Manuel Valls, ” the prime minister said that nothing was decided, but that there would be an effort to job seekers as “, ” under the principle of equality of effort “. Questioned by AFP, the ministry of Labour has not confirmed this information.

Contacted by the news agency, the Medef, which must be received Thursday in the evening by Myriam El Khomri, has denounced an ” attack on the autonomy of the social partners “. According to the employers ‘organisation,” déplafonner the unemployment contribution would be to massively increase the cost of the work to certain employees, including the highest wages, even as they do not have the benefit of reductions in charges and expenses incurred in the framework of the pact of responsibility.” For the Medef, “this penalization increased jobs and the most qualified would be an error of major economic and a drama for the attractiveness” of the country.

key Words :

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Oil : Opec starts to close the tap – Release

Tuesday, September 27, in Algiers, most observers were convinced. Scheduled for the next day, the meeting in the city of the 14 member countries of Opec and Russia, the current world’s largest producer of crude oil, would be a meeting for nothing. And when everyone (ministers of oil involved) will take over the road to his capital, the course of the black gold will stay where they are for months, that is to say, to below $ 50 a barrel… Is light-years from June 2014, when the barrel was trading at 114 dollars. Financial analysts, traders and other speculators imagined a meeting played in advance, with the centre of the blockage and the impossibility of giving the two great enemies sworn members of the Opec : Saudi Arabia and Iran. Wednesday evening, at the end of a meeting of six hours, the surprise is total. Opec has reached an agreement on a decrease of its production is destined to bounce off the course of the black gold.

of course, on paper, the deal announced Wednesday evening may seem of little importance. After weeks of negotiations, the oil production cartel will soon be reduced to a level of 32.5 to 33 million barrels per day, compared to 33,47 million in August, according to data from the international energy Agency. Three times nothing… at least in appearance. But if small seems, this reduction of the supply of oil marks a turning point that could prove to be historic.

first, There is the more important limitation since that decided during the 2008 crisis. A reduction that occurs with as many members of the cartel oil suffer economically low prices. Their economies are stagnant or are declining and they are facing budget problems, and rising social tensions. But is mostly a improbable “agreement” between the two countries, although diplomatic relations are broken off : Saudi Arabia and Iran, two great powers in the Middle East that confront each other historically for regional hegemony and that arise each as an advocate of the two great currents of islam, the sunni islam for Riyadh and the shi’a to Tehran, and are in competition on the oil market.

nuclear Program

The Algiers agreement was found when Riyadh, rival regional of Tehran and leading member of the Opec, has agreed that Iran be spared of any restriction of production. Tehran is seeking to regain its earlier levels to international sanctions related to its nuclear program. A previous attempt by Opec to reduce production overall was cut short in April, Tehran had refused to participate in the efforts proposed.

The concrete decisions on the objectives of production of each of the members still need to be determined during the summit’s semi-annual Opec, which produces about 40% of the global crude consumed each day (approximately 90 million barrels per day). This will be the 30th November. In the meantime, the financial markets surprised by this decision, seems to play the card of a progressive tightening of oil supply made in Opec. On most of the financial centres where it is listed, the barrel of black gold has appreciated by nearly $ 4 on Wednesday… The economists speak of inflation expectations. To be clear, this change of direction on the part of Opec would not be the first time a tightening of his valve.

also read: The drivers have the wind in their pumps

Convinced of this strategy, the financial markets could therefore soon be put to buy, more than usual, of the barrels on the futures market for delivery in three, six or nine months at a price fixed in advance, therefore in the course of today. In this “game” of the forward purchase, if the prices increase by then (the delivery of the barrels) then it is just profit for the investors of today, who are pushing up the price of the barrel. These are, in fact, (as of today) a buyer in the long term (tomorrow) who agrees to buy a barrel of oil, but at a price that is on the market in 3, 6 or 9 months.

Oil shale

The outcome of the Algiers meeting should please the United States which, no doubt, see it as the beginning of the end of a war not declared, triggered by the end of 2014 by the Saudi Arabia, the heavyweight in Opec. It was at the time of creating a barrier to the competitiveness of oil shale, which the United States had become the world’s leading producer. A non-conventional oil (three times more expensive than the Saudi), but with which the United States has achieved energy independence. By opening the valves of oil, Riyadh has strongly contributed, from 2014 to 2016, to increase the price of a barrel of black gold 114 to us $ 46 on average. A fall of prices which has continued to undermine the competitiveness of the oils in non-conventional americans, whose wells are not profitable, on average, above 60 dollars.

The Algiers agreement should also delight number of central bankers. Stunned by the threat of deflation, the FED in the United States, or the ECB in Europe have opened the taps of monetary liquidity in the only hope to restart the consumer, via the credit… But to no avail so far. A rise in the price per barrel might give a bit of fever in the general index of prices (inflation) and away from the spectre of deflation. Provided that Opec take the course of a reduction of supply of crude oil. In the meantime, the markets seem to want to believe it. In the meantime… ”

Vittorio De Filippis

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CICE : we are still looking for what happened to the loot… – Obs

We suspected a little, but it’s official : the YEAR has been a poor reform. It has without doubt saved the small bankruptcy, which would be the least we can expect an injection in the accounts of the companies of $ 18 billion per year. But on the job, the “E” of CICE (tax Credit for competitiveness and employment), the result is weak.

Micro-effect on employment

The follow-up Committee, which presented on Thursday morning the report in the “France” Strategy, has studied the results of several works that he has prepared on the subject.

  • A team of Liepp at Sciences-Po Paris (Laboratory for interdisciplinary evaluation of public policies), driven by Clément Carbonnier, does not see any jobs created. You read that right : zero. [Read the report of the Liepp, PDF]
  • The laboratory Tepp-CNRS, Université Marne-la-Vallée (Labour, employment and public policies), directed by Yannick L’horty, found a slight impact he estimates that between 45.000 and is 115 000 jobs created, more than 80,000 on average. Suffice to say not much, if we report those jobs to the 20-billion-dumped per year (250.000 euros per job). [Read the report of TEPP, PDF]

Careful, the monitoring Committee has favoured the results of the least pessimistic, with one caveat, to take account of the other, considering it as “likely” a direct effect of the order of “50,000 to 100,000 jobs created or saved” over the period 2013-2014. He explains that his choice optimistic “takes into account the fact that this observed effect should be increased by the employment of enterprises at risk of bankruptcy, which would have been saved” (an impact which has not been measured, because they have access to the data on business failures of the Bank of France…). He points out finally the inevitable “uncertainties” in his assessment, so to say that there is a part of wet finger.

But even if this range is reasonable, it remains in a low level very disappointing : 200,000 to 400,000 euros per job created and per year.

by the way, for the picture to be complete, it would be necessary to calculate the economic impact of the financing of the CICE, that has not yet tried to do the follow-up Committee. This funding is especially spent by an increase in VAT, which inevitably has had a negative effect on consumption and on the health of the business. May be would it, then, that this funding has destroyed more jobs that the SIEC has created…

Effect blurred on wages

If the money of the SIEC is not party to the employment, where is it ? What has been the impact on the economy this YEAR, a key measure of the plan of competitiveness of the government, whose inspiration was Emmanuel Macron, then economic adviser to François Hollande ? The diving of the different research laboratories in the accounting of the companies really does not answer this question. Nothing went towards investment. Nothing to innovation, Research & Development. And according to the Liepp, nothing on exports (to the chagrin of the second “C” – CICE – competitiveness).

The money of the CICE a-t-he at least led to a rise in wages ? It is not even certain : the experts consulted do not agree on the subject.

The team of the Liepp is well known a positive effect on remuneration. But a study of the Dares, involving only the wages (excluding bonuses), finds no significant impact of the CICE. “This suggests that the SIEC has mainly affected the premiums…” infers Clément Carbonnier. The owners of companies, sitters, preferring to avoid increase wages in a sustainable manner.

As to the Tepp, he finds a slightly adverse impact on wages. It may be due to the creation of 80,000 jobs mentioned (pay less than the average). What is clear, in any case, it is that the gas plant SIEC has not benefited the purchasing power of employees.

If the money is not really gone on the job and not really more on wages, it has landed somewhere. To profits, for example. It is clear that the margins of the companies are restated in France. The gross operating surplus is increased from 30 to 32% of the added value, in a few years. The companies took the opportunity to deleverage, or distribute more dividends. According to Henderson Global Investors, the payment of dividends in France rose from 31.9 billion dollars in 2013 to $ 40 billion in 2016…

Oh, by the way, the law on the SIEC prohibited to fund with the SIEC, the “increase of the share of profits distributed”… But this provision seems to have remained a dead letter. The subject has not even been studied by different laboratories everything for the follow-up Committee of “France Strategy”. The study of the allocation of the increase in margins induced by the CICE will be later explained Jean Pisani-Ferry.

What happened ?

Remains a question : what has happened so that we would arrive at such a pitiful result ? “Either the companies have not considered the CICE as a reduction of expenses, or they are remained sitters, the more likely both”, says Sarah Guillou, who headed the team of the OFCE working on exports. His colleagues, Clément Carbonnier, and Yannick L’horty opinent : at least one point of agreement among economists who have worked on the folder.

La major part of the manna in the SIEC has gone to the cash flow of enterprises. There may also have been a diffusion effect by the price to others : “sub-contractors beneficiaries of the SIEC have been able to grant price reductions to customers non-beneficiaries : large enterprises have been able to recover some of the money”, the judge and the economist Philippe Askenazy, a member of the monitoring Committee. In 2013, we had spotted the phenomenon, then dubbed the effect “racket”.

gas works

These results, as meagre as hardly legible, include the complexity of the gas plant, imagined in 2012. Rather than simply reduce the social security contributions, the government has preferred to pass through a tax credit, representing 6% of salaries less than 2.5 times the French minimum wage, and paid, at best, a year later (except to ask for an advance to the public investment Bank, which is possible).

Why this complicated system ? Because the government has sought to accelerate the announcement – it was the idea of “shock” – while delaying the payment of the cheque and, therefore, the impact on the public accounts. Hoping that the “shock” could result in behavior that is more aggressive companies in terms of investment and employment.

It is the reverse that has happened. Alexander, boss of a SME, paris, the producer of digital content, remembers :

“at the time, the message was very garbled. They have removed the relief Sarkozy overtime, which has increased our expenses, while promising the tax credit weird… They preferred to wait.”

Many economists had predicted at the outset a waste of public money. “The perfect example of what not to do”, to be contrasted and Thomas Piketty in his chronicle of the “Liberation” of 19 November 2012. The unions, for their part, had regretted that there was no consideration required in terms of jobs. Others were amazed that this aid, intended to help the competitiveness, and hence exports, is directed toward all groups, including to The Post office and Carrefour. As of 2014, it was clear that the SIEC does not work. François Hollande had made a reason, announcing in November the end of the device and its replacement by lower expenses from 2017.

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The unfulfilled promises of the tax credit for competitiveness and employment – The World

The measurement is far from having enabled them to create “300,000 jobs” raised initially by the government, according to France’s Strategy.

World | • updated | By

The  minister of economy and finance, Michel Sapin,  François Hollande, march 11, 2015.

The tax benefit granted by François Hollande to the companies he had the expected effects ? A report from France Strategy, an organization attached to the prime minister, provides some of the answers to this question on one of the main economic measures of the presidential mandate, the tax credit for competitiveness and employment (CICE). This device, implemented in 2013, is a credit of contributions on wages below 2.5 times the minimum wage (smic), of 4 % in the first year, and 6 per cent. Here is what we know of its effectiveness.

1. For employment, results below the promises

Foster new jobs, lowering business costs, it was one of the first goals set at the YEAR of its establishment. Michel Sapin, minister of labour, emphasised the creation of ” 300 000 jobs in the next two years “ on BFM TV and RMC November 28, 2012.

In practice, the monitoring committee of the YEAR of France Strategy considers ” likely “ that the measure has helped create or save ” 50 000 to 100 000 jobs “ on the years 2013 and 2014. Attention, it is only an estimate : one of the two studies conducted by the organization concludes that the creation or saving of 45 000 to 115 000 jobs, the other to the absence of impact. France Strategy judge the first more accurate, because it has taken into account a larger number of factors.

in any case It seems that the reality is, in the case of employment, well below the initial expectations of the government. Interviewed by The World on Wednesday 28 September, Michel Sapin, has said that” it’s clear that the companies have started to re-create jobs that, from 2015. The expected effects of the CICE on investment and exports do not materialise only in the longer term “.

With a high estimate of 100 000 jobs saved or created nearly 30 billion euros in budget over the period 2013-2014 (in cruising speed, the annual budget will be € 20 billion per year), the performance of the YEAR may seem paltry (300 000 euros per job). This, however, would be reductive, since the companies were able to use the envelope for other reasons.

2. The investment has not (yet ?) advantage

the Second goal of the YEAR : to foster investment. Again, the effects are slow to be felt, according to France Strategy :

” At the end of the second year, no observable effect on investment, the R & D and exports. There is general agreement that no effect of the CICE on the investment, R & D and exports is visible on the horizon of short-term (2013-2014) on which are conducted the assessments. “

The committee of the SIEC has held this result to ” rugged “, but states that it is not surprising. He adds that he will have to wait for the years 2015 and later to judge the effectiveness of the measure.

3. A “positive effect” on the margins of the companies

The CICE had a positive effect on the short term finances of the companies that have benefited from it, write the experts, who note a ” significant improvement in margins “. To what extent ? Hard to say, according to the monitoring committee. The evaluation work have, nevertheless, struggled to make up the difference between the evolution of the margin rate of businesses according to whether they have benefited or not from the device.

France, Strategy in advance that this situation could be explained by the fact that ” the significant effects of the YEAR have passed starting in 2013, and 2014 by price adjustments, that is, between companies, if this impact mainly concerns the prices of intermediate consumption, which is for the benefit of the household, if the price of the goods and services they consume have been lowered. “A phenomenon all the more complicated to observe that the beneficiary companies do not have to justify their use of aid.

4. No real boost to the wages

As for employment, the two groups that have evaluated the impact of the CICE disagree on its consequences on wages. The first (the one that concludes that positive effects on employment) said that the remuneration were not extended. The second (the one who has not seen creations or backups jobs), there was no evidence of a beneficial effect on the wages ” head “, but see one on the hourly wages. At the end of 2015, the BOARD felt that the YEAR had led to a pay rise of 1.1% in the target companies.

Some feared that the SIEC could have a perverse effect by blocking salaries to 2.5 times the minimum wage. In fact, beyond that, the remuneration is not eligible for the tax credit. According to France Strategy, this has not been the case.

It will have to wait several more years to see if the SIEC is actually poorly effective or only slow at startup. For the time being, most of the estimates seem to effects on employment, much lower than the 300 000 positions mentioned initially.

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The government is ready to increase taxes on the high salaries and the CDD? – The Express

Funny timing for such an announcement. While Myriam El Khomri met Pierre Gattaz this evening, the government would be ready to launch what will certainly be seen as a new banana skin by the boss of the bosses.

The ministry of Labour would consider the effect of déplafonner the unemployment contribution of high wages and taxing the short-term, particularly to fund an extension of the plan to 500,000 formations in 2017, says AFP, citing a source close to the folder. According to the latter, who has recently met with the minister of Labour Myriam El Khomri, his office “has investigated the possibility of déplafonner contributions” for unemployment insurance, as stated in Le Parisien in its edition of 29 September.

This is definitely going to spice up the discussion between the minister of Labour and the boss of the bosses, whose history is not good. As much as the day before, Wednesday, September 28, the employers ‘ organisations had denounced a draft decree of the ministry of Labour which include apprentices and trainees in the actual companies. The department has not been slow to communicate about the withdrawal of this measure in the text.

An effort also asked job seekers

The pass of arms of the 29 September thus relates to the unemployment contribution. Today, the base is capped at 12.872 € per month and the allowances to 7.277 euros gross, maximum compensation, which relates that, on average, 500 people per month (0.02% of the beneficiaries, 0.27% of spending) according to the Unédic.

would it Be of déplafonner only these contributions, or unemployment benefits? “They ask the question, they think again, this is not refereed,” said the source, adding that a “taxing short-term contracts” was also considered. A decision, already mentioned by Manuel Valls (and then abandoned) in the debates on the act Work, which had aroused the ire of the patrons. problem: it is a red line that the Medef refused to cross and that is in part the cause of the failure of negotiations on the unemployment insurance.

READ more >> Taxation of fixed-term contracts: three questions to understand what will change (or not)

“This surplus of contributions would not necessarily have to fill the hole (the unemployment insurance), since it is financed by borrowing, but in order to stabilize the plan, 500,000 of which will be extended in 2017″, specified to the AFP a source close to the folder, adding that “this is not arbitrated”.

Still, according to this same informant, who also met with the cabinet of Manuel Valls, “the prime minister said that nothing was decided, but that there would be an effort to job seekers as”, “under the principle of equality of effort”, Myriam El Khomri claimed his side “it would not touch the job seekers”.

“A mistake of major economic”

Contacted by AFP, the Medef, which must be received Thursday in the evening by Myriam El Khomri, has denounced an “attack on the autonomy of the social partners”, and criticised the government’s lack of “upstream policy dialogue with the social partners”.

According to the employers ‘ organisation, “déplafonner the unemployment contribution would be to massively increase the cost of the work to certain employees, including the highest wages, even as they do not have the benefit of reductions in charges and expenses incurred in the framework of the pact of responsibility.”

For the employers ‘ organisation, “this penalization increased jobs and the most qualified would be an error of major economic and a drama for the attractiveness” of the country, “even as the Brexit opens instead new opportunities that we should seize”. What are the “reflections of technocratic, which do not take into account the reality of the labour market”, he vilified in a press release.

new consultation

The announcement could be made before the end of the year,” after “consultation to the ministry with the social partners”, said the famous source, according to which the government will not do anything if it was not “a majority of trade union organizations to agree” with the (draft) decree. “They take when the same precautions, the law Work over there”, she ironisé.

“One feels very well that they are in the preparatory phase of elections, with the desire to find subjects that would have the approval of the trade union organisations”, commented another recent caller to the minister.

Questioned by AFP, the ministry of Labour has not confirmed this information.

The government, which receives from the beginning of September the trade union and employer organizations, would like to see them reopened this fall, the negotiations on unemployment insurance, which had failed in June after the refusal of the Medef to modulate employers ‘ contributions, even on contracts shorter. Since then, the main employers ‘ organisation has not changed position, and the unions refuse to negotiate in these conditions.

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Opec: an agreement “historic” found to the general surprise – Boursorama

Opec Meeting, on 28 September 2016 in Algiers ( AFP / Riyadh Kramdi )

Opec Meeting, on the 28th September 2016 in Algiers ( AFP / Riyadh Kramdi )

At the end of a meeting of nearly six hours and several weeks of talks, Opec announced that it had decided to bring its production to a level of 32.5 to 33 million barrels per day, compared 33,47 mbd in August, according to the international Energy Agency (IEA).

This is the largest reduction in production from that decided after the fall of the current during the 2008 crisis.

“It was a very long meeting, but historic,” said the minister qatari Energy and the chairman of the meeting, Mohamed Saleh Al-Sada, during a press conference.

Although the market is showing “positive signs”, with in particular a decline of inventory and a demand resistant, “we need to accelerate the rebalancing of the market”, he added.

- Russia -

The modalities of implementation of this agreement will be discussed at the summit of the Opec in Vienna, on November 30.

A high-level committee will be put in place to determine the levels of production that can be applied to each of the countries.

It will also engage in dialogue with non-member countries, mainly Russia, the world’s second largest producer of crude oil, to participate in the efforts of rebalancing.

Moscow has already said it was in favour of a freeze of its production to the record level of September.

“today, Opec has just taken a historic decision”, was welcomed by the algerian minister of Energy, Noureddine Boutarfa. “Opec returns to its monitoring function of the market. It is a function it had lost for several years.”

participants at an informal meeting of Opec,  on the 28th September 2016 in Algiers

participants of an informal meeting of Opec, the 28th September 2016 in Algiers ( AFP / STRINGER )

“This is a decision unanimously, and without reservation, that has been taken,” he added, specifying that the informal meeting had been transformed into extraordinary session to enable a decision to be made.

the Face of the boom of the oil shale in the united states, the cartel of 14 countries had abandoned its role of regulator of the market to adopt a strategy of defending market share, by opening the bottom valves at the expense of price.

The targeted production level by the Opec is also roughly the number of barrels that were pumped last march, the cartel’s oil (32,47 mbd), according to the figures of the IEA.

The reduction, however, remains below the increase in production observed over one year within the Organization: in August, the cartel pumped 930.000 barrels over a year.

nevertheless, this news immediately makes it fly, the price of crude oil of 5%, whereas the markets had been expecting the opposite of what the Algiers meeting leads to a disagreement.

Yet, say analysts, such an agreement does not change the fundamentals of the market.

“Even if an agreement was reached, it would be inadequate to sustain prices beyond a temporary increase due to a positive feeling”, writes the economic analysis group Capital Economics in a note published before the agreement.

The analysts of BMO Capital Markets noted that the production quotas established by Opec has not always been respected by its members.

- Concession for saudi -

analysts believed an agreement even more unlikely that on the eve of the meeting, saudi Arabia and Iran, the major rival in the Middle East, had said to doubt the possibility of finding a ground of agreement.

Their rivalry had already killed a previous attempt of gel concerted in April, in Doha.

But minister of qatar has assured that the meeting was held in “a very positive atmosphere, reflecting the strong consistency of the Opec”.

iran’s minister of Oil, Bijan Namdar Zanganeh, said he is “very happy”.

He had repeated that Tehran was to restore production levels seen prior to the international sanctions related to its nuclear programme, or about 4 million barrels per day (mbd), or even a little more, compared to 3.6 mbd today.

saudi Arabia, the largest producer of Opec, conditioned in a first time any reduction of its production to a similar extent to that of its peers.

But It did eventually soften its position, affected economically as the other by the descent of the streams, which have lost more than half their value.

The powerful saudi minister of Energy, Khaled al-Faleh, had said on Tuesday evening that his country would consent to Iran, but also Libya and Nigeria, should be allowed to “produce the maximum levels that make sense.”

These last two countries, weakened by internal conflicts, to pump currently far below their capacity and did not want to renounce exports generating foreign currency.

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Oil: the agreement of OPEC wakes up the values of oil – The Echoes

Since the time, it is no longer believed. However, the members of Opec are finally able to reach agreement on the principle of a drop of 750,000 barrels per day of oil production . A surprise to both the agreement between Iran and saudi Arabia seemed to be difficult, if not impossible, to achieve. The objective is to support oil prices in a context of global economic growth which remains weak. Two days ago, the world trade Organization (WTO) has been particularly pessimistic on Tuesday about the dynamism of global trade , warning that the growth of commerce on the planet in 2016 should be “ the more slowly since the financial crisis “. The WTO does not anticipate more than a growth of 1.7% in world trade compared with 2.8% previously. A risk for the record price of oil, that comes to attenuate the agreement reached in Algiers. The announcement has pushed the barrel of Brent of 5,92 % Wednesday night barrel that stabilizes this Thursday morning around 48,40 dollars.

The Total share increased by nearly 5%

This agreement, considered it still unlikely the day before, promotes the continuation of the rebound values of the oil are severely affected in 2015. The Stoxx Europe 600 Oil & Gas bouncing from 4.5%, bringing its gain since the beginning of the year to 8,20%. The oil giants are facing in Europe : the Norwegian Statoil takes 5,27%, Royal Dutch Shell 5,17%, Total of 4.95%, ENI 4,21% and BP was 4.15%. The values for oil services, especially to breathe. Vallourec bounces 9,36 %, Saipem 6.53%, CGG between 8.88 % and Technip of 6,66%. The sector groups have been hard hit by the sharp reduction in investment from energy groups. Recently, the brazilian Petrobras announced that it would cut 25% of its investments planned between 2017 and 2021.

More generally, the agreement signed in Algiers allows you to remove the risk of a relapse brutal in the price of oil in coming months, reducing the pressure on some producers who had been bled white financially, particularly in the shale gas in the United States. The S&P 500 Oil & Gas Exploration and production has soared on Wednesday evening of 6,12% on Wall Street. Among them, Murphy Oil, very sensitive to oil prices, has rebounded to 11,28%, while Chesapeake is in financial difficulty and dropped recently by activist Carl Icahn, has taken 8,35%.

The currency oil relieved

On the other hand, the announcement of a next decrease of oil production by Opec leads to clearances in the aviation sector. Air France lost 2.35 per cent, the largest decrease of the SBF 120, while Luftansha declines of 2.67% and Easyjet 1.55%.

Finally, it is also a deliverance for the currencies of oil-producing countries. The canadian dollar resumed Thursday morning 0,96% against the us dollar, the brazilian real 0,91%, the ruble 0.89 per cent and the mexican peso 0,45%. The currency of Angola bounces also of 1.86% The fall in the price of oil in 2014-2015 was put under pressure those currencies, forcing the central banks of these countries, that is, to let go of their currency (Russia, Brazil, Colombia…), or dump a portion of their foreign exchange reserves to protect their parity exchange rate, before needing to often devalue sharply at the image of Kazakhstan or Nigeria.

Goldman Sachs skeptical in the medium term

now the question is if the oil has the ability to really go up in the short term. For the moment, a barrel of Brent is far from the level of the summer of 2014, while the increase on Wednesday has for the moment reduced to its highest since September 12,… Goldman Sachs believes however that the agreement with the Opec could swell the course of 7 to 10 dollars per barrel in the first half of 2017, with an accuracy, if it is implemented… Because, in the longer term, the bank remains ” skeptical about the quotas that are proposed, if they are ratified “. In the past, the Opec countries, have rarely met their production quotas . In addition, Goldman Sachs also expects a ” to ensure that this proposal of reduction is counter-productive in the medium term with a broad resumption of drilling around the world “. This could negate the objective of reduction in production of oil in the world.

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The duration of validity of cheques restored to a year – 20minutes.fr

Signing of a cheque. Illustration. – Aventis stock Sipa

PAYMENT method The national Assembly was, however, reduced to six months in June…

Change of program. Against the advice of the government, deputies have recovered on Wednesday evening the validity period of a cheque to 12 months, while the draft law Fir II, discussed in a new reading, plans to reduce and six months from July 2017.

>> also read : Law Fir: Why the government wants to reduce the validity of cheques from one year to six months

” The use of the cheque still is, massive “

The deputies have adopted an amendment of Jean-Luc Laurent, which aims to ensure a validity period of 12 months for the cheques and order to the government a report on ” the future of the fiat currency “. “The dematerialization of the means of payment is a subject that is fundamental and serious that can not be the subject of mesurettes cloaked in projects of law successive,” said the mp MRC du Val-de-Marne.

” The use of the cheque still is, massive. This method of payment remains in the hands of people who do not have access to the means of digital payment, or have some suspicion in regard to them “, he pleaded.

Complicated for the elderly and the owners of the guest rooms

Jean-Luc Laurent received the support of members on all benches who have held, as the communist André Chassaigne, that this reduction to six months, “upsets some habits” in the elderly or, as the ecologist Brigitte Allain that this would make the life of owners of rooms of hosts that receive cheques for booking.

By this reduction to six months, the ministry of Finance wanted to encourage ” the use of alternative payment methods to cheques, fast, secure, and accessible (cards, transfers, withdrawals) and to reduce the uncertainty related to the delay of cashing the cheque “, according to the explanation given in the draft law.

>> also read : Farewell cheque and credit card, the future of the payment plays on mobile and selfie

key-Words :

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The Opec will reduce its production – The Figaro

Coup de theatre in Algiers: Opec countries are managed on Wednesday evening to agree to limit their production of black gold to support the price permanently weakened by oversupply.”We have an agreement with to (decrease the production) of 32.5 to 33 million barrels per day,” said the secretary of State of nigeria for the Petroleum, Emmanuel Ibe Kachikwu, the outcome of an informal meeting of members of the Organization of petroleum exporting countries in Algiers. The minister qatari Energy has confirmed this number.
The agreement meant that Opec will reduce its production of 750 000 barrels per day (mbd). This is roughly the number of barrels that were pumped last march, the cartel’s oil (32,47 mbd), according to the statistics of the international Energy Agency (IEA).
To the Wall Street Journal, the Opec has found, in Algiers, an agreement in principle on a freeze of the production, the terms of which will be discussed at the summit of the Opec in Vienna, on the 30th of November next.
The common ground that was found by the Opec is the result of hard negotiations to overcome the rivalries within it, whereas the informal meeting of its members continued (shortly before 19: 00 GMT), nearly five hours after the beginning.
The reduction that would be accepted, however, remains below the increase in production observed over one year within the Organization: in August, the cartel pumped 33,47 mbd, an increase of 930.000 barrels a year, according to the IEA.
Despite this, the news immediately pushed up the price of crude oil, which have ended in the net increase in New York, while markets had been expecting the opposite of what the informal meeting of Algiers leads to a discrepancy report.
The price per barrel of benchmark crude oil (WTI) in the United States has won with 2.38 $ 47,05 dollars on the contract for delivery in November. And, in London, the price of a barrel of Brent North sea for delivery at maturity has also increased from 2.72 $ 48,69 dollars.

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Wednesday, September 28, 2016

The oil countries agree to limit their production – The World

The production is expected to decline to a  level of 32.5 to 33 million barrels per day.

the members of the Organization of petroleum exporting countries (OPEC) reached Wednesday evening, September 28, in Algiers an agreement with ” history “ to limit their production. The secretary of State of nigeria for the petroleum, Emmanuel Ibe Kachikwu, has described a cap at a level of ” $ 32.5 million to 33 million barrels per day “, at the end of an informal meeting. The current production is estimated at 33.2 million barrels per day.

also Read : Oil : the puzzle of the gold-producing countries black

The minister qatari energy, Mohammed Saleh Al-Sada, who chaired the meeting, confirmed this figure. the ” It was a very long meeting in Algiers, but history “, he stated, specifying that the reduction level per country will be defined by the top of the cartel in Vienna, the 30th of November.

oil production

” Strong consistency “

He stressed that the meeting was held in an atmosphere of ” very positive reflecting the strong coherence of OPEC “ in order to support the price of black gold, in free fall for the past two years.

For his part, the minister of energy of algeria Noureddine Boutarfaa explained that this unexpected decision on a decrease of the production was ” unanimously and without reservation “. The day before, saudi Arabia and Iran, the two great regional rivals in the Middle East, had yet displayed divisions.

Russia, the world’s second largest exporter behind saudi Arabia, is present in Algiers but had stated that it would announce its position after the meeting of the fourteen members of OPEC.

oversupply

The news immediately pushed up the price of crude oil, which have ended in the net increase in New York, while markets had been expecting the opposite of what the meeting would lead to a discrepancy report. The price per barrel of benchmark crude oil (WTI) in the United States has won with 2.38 $ 47,05 dollars on the contract for delivery in November. In London, the price of a barrel of Brent North sea for delivery at maturity has also increased from 2.72 $ 48,69 dollars.

Yet, say analysts, such an agreement does not change the fundamentals of the market, plummeted since mid-2014 by oversupply, the result of the boom in the hydrocarbons from shale in the us, and the strategy of OPEC to fully open the taps on to maintain its market share.

Read also : The oil market in quest of the compass

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Oil : OPEC member countries agree to limit their production – The World

The production is expected to decline to a  level of 32.5 to 33 million barrels per day.

the members of the Organization of petroleum exporting countries (OPEC) agreed on Wednesday evening, September 28, in Algiers an agreement with ” history “ to limit their production. The secretary of State of nigeria for the petroleum, Emmanuel Ibe Kachikwu, has described a cap at a level of ” $ 32.5 million to 33 million barrels per day [bpd], at the end of an informal meeting. The current production is estimated at 33.2 million bpd.

also Read : Oil : the puzzle of the gold-producing countries black

The minister qatari energy, Mohammed Saleh Al-Sada, who chaired the meeting, confirmed this figure. the ” It was a very long meeting in Algiers, but history “, he stated, specifying that the reduction level per country will be defined by the top of the cartel in Vienna, the 30th of November.

oil production

” Strong consistency “

Mohammed Saleh Al-Sada pointed out that the meeting was held in an atmosphere of ” very positive reflecting the strong coherence of OPEC “ in order to support the price of black gold, in free fall for the past two years.

For its part, the algerian energy minister, Noureddine Boutarfa explained that the unexpected decision on a decrease of the production was ” unanimously and without reservation “. The day before, saudi Arabia and Iran, the two great regional rivals in the Middle East, however, had already displayed their divisions.

Russia, the world’s second largest exporter behind saudi Arabia, was present at Algiers, but it had stated that it would announce its position after the meeting of the fourteen members of OPEC.

oversupply

The news immediately pushed up the price of crude oil, which have ended in the net increase in New York, while markets had been expecting the opposite of what the meeting would lead to a discrepancy report.

The price per barrel of benchmark crude oil (WTI) in the United States have won with 2.38 $ 47,05 dollars on the contract for delivery in November. In London, the price of a barrel of Brent North sea for delivery at maturity has also increased from 2.72 $ 48,69 dollars.

Yet, say analysts, such an agreement does not change the fundamentals of the market, plummeted since mid-2014 by oversupply, the result of the boom in the hydrocarbons from shale in the us, and the strategy of OPEC to fully open the taps on to maintain its market share.

Read also : The oil market in quest of the compass

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Budget 2017 : “The government did a bit of gonflette, but it assumes” – (Obs)

The minister of Finance Michel Sapin, and the secretary of State for the Budget Christian Eckert presented Wednesday, September 28 the finance bill 2017. Tax cuts, new spending, deficit reduction… the last text budget of the quinquennium has been the target of many criticisms.

Interview de Gilles Carrez, member of “Republicans”, president of the Finance commission at the national Assembly.

Growth, savings, shortfall… Would you rate the draft budget 2017 “serious”, as the minister of Finance Michel Sapin ?

I would reiterate the words of the High Council of public finance that we have received this Wednesday morning : the finance bill may contain uncertainties. The forecast of growth of gross domestic Product (GDP), at 1.5%, is described as “optimistic”. The consensus of economists oscillates instead between 1.2% and 1.3%. And this optimism can be reflected in the revenue projections. Same thing for the payroll. If it is overvalued, revenues from social contributions are also overvalued.

What about cost savings ?

- A number of them have been carried over to the following years. I of course think of the handling on the tax Credit competitiveness employment, which increases from 6% to 7% for companies in the next year, but the consequences for the public finances will occur in 2018. Same thing for the tax reduction for family jobs, or the tax on salaries.

I estimated that there are between 8 to 10 billion euros of planned spending, the impact of which will only take place in 2018. All of this is a mechanical well known before an election. However, it is necessary to pay attention to the terms. I would not say, contrary to what I sometimes hear in the opposition, that this is a budget “sincere”. The government makes quite a bit of gonflette, but it assumes it. He does not hide it.

The draft law provides for the employment, security, education. Do you think that this are not priorities?

- The job is a priority, of course. But the expenditure increases planned by the government focus on jobs helped. We believe that it is necessary to orient them to the learning credit or the reductions in charges on low-skilled jobs.

We share the choice of increased spending in the security and justice. This orientation will be defended during the budget debate this fall and will not be called in question in cases of alternation.

Finally, education is also a priority for us. But it does not necessarily lead to a rise in numbers of teachers. It may also go through a reform aimed to give more responsibility to the head of the institution, to streamline programs, notably in the second degree. We can even make savings by reforming.

The government plans for a billion euros of tax cuts for modest incomes. It is necessary to follow the declines that started after 2014 ?

- The taxes had increased after 2010, and it is necessary to follow this guidance to the downside today. But we believe that there has been a form of injustice in the organization of the tax cuts decided in recent years. They have touched the fiscal households which are at the entrance to the tax rate. Some are non-taxable. Whereas since 2012, those who have endured tax increases, for nearly 12 billion euros, are the middle classes and the middle classes do not.

François Hollande is coherent, since it is estimated there are ten years that it was rich from 4.000 euros in revenue per month. But in the paris region, given the cost of housing and transport, a home with 4,000 euros did not go that far, especially with the decline of the family quotient. So, yes to tax cuts, but on the condition that they also concern those who have experienced increases since 2012.

What drop would you suggest ?

- We would suggest not a general reduction of the tax on the income in the immediate future, but rather targeted measures, such as the increase in the family quotient. We further strengthen the tax reduction for family employment.

And for businesses, should it go further than the government ?

- After increasing taxes, the government has released the pressure in the wake of the report by Gallois, implemented a process of tax cuts called Pact of responsibility, which continues to spread and will reach 40 billion euros. He has fulfilled his commitment and I have a positive outlook on this.

On the other hand, the government was committed to remove the C3S, it was repeated numerous times, and it has dramatically changed the foot. Instead, it was decided to expand the CICE, which allows him to defer the bill from 2017 to 2018. This poses a problem in relation to the word of the State. The economy needs fiscal stability, it is necessary to make commitments and stick to it strictly.

Michel Sapin believes that the promises of tax cuts candidates in the primary to the right are “irresponsible”. Do you think that there is a higher bid, own to the exercise of the primary right ?

You’ll notice that I avoid to use such words about the draft budget of the government. It is necessary to look at more specifically the programs of François Fillon and Alain Juppé. The tax cuts will be secured by cuts in public spending identified. If there is an alternation, decisions will be taken in the summer or in the fall of 2017 to the program. François Fillon proposes 50 billion euros of tax cuts, but he expects to get € 6 billion of social VAT. Alain Juppé offers more moderately about 30 billion euros of tax cuts, but it also provides for a one-point increase of the VAT.

what are the anticipated savings ?

- On the unemployment insurance, the government has programmed $ 1.6 billion euros in savings, but we can go further. We can also look for housing assistance. One of the reforms that generates very large savings, it is that of pensions. You can go up to 65 years. If the accounts of social Security are so flattering to the minister of Health, Marisol Touraine, it is thanks to the 2010 pension reform. Without it, the accounts that would have degraded.

The planned savings in the project budget and in the programmes of the candidates are calculated with respect to the natural increase in public expenditure. In other words, if the expenses increase less than what is natural, it is an economy. But that is what we call “natural” ?

I can not answer you, because we do not know all the assumptions. My view is that we should abandon this method of calculation and reasoning to value absolute. The annual public expenditure are now 1,250 billion euros. A commitment could be : 1.260 billion euros in 2017, 1.270 billion euros in 2018, 1.280 billion euros in 2019, etc, You have to think like the consumer.

In case of alternation, it would return you on the reform of the levy to the source ?

- We consider the reform unnecessary and a source of difficulties, particularly start-up in 2018. Nothing is irreversible in the summer of 2017.

In 2012, in the midst of a crisis, the idea of limiting the debt was shared. Since then, an effort has been made. Where are we today ?

- there has been a slowdown in the pace of increase of public expenditure since 2012. Between 2002 and 2012, it has increased to 32 billion euros per year. Today, it is between 18 and 20 billion euros per year. There have been tax cuts, the deficits have decreased. In 2016, they will be 3.3% of GDP, whereas they were 5% in 2011. This means that one has the right to a little respite ? I don’t think so. Because that would mean borrow.

on The day where the interest rates would go up, the country would be vulnerable. More than two-thirds of French debt is held by non-residents. This is not a question of respect of the european rules, but of sovereignty. When the debt was 60% of GDP and that a portion of the loans were used as investment, there was no criticism. But if it is to finance the unemployment insurance, the debt, there is a problem. Michel Sapin has said : we have no other choice than to reduce our deficit and our debt. We need rigour in the alternation.

interview Wednesday, September 28 by Donald Hebert – OBS

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