The canadian group SNC-Lavalin has just been sold to two French partners: the business man Jean-Luc Schnoebelen and the investment fund Ciclad. Buyers are committed to ensure the sustainability of these activities.
Annecy, Chalon-sur-Saône, Nîmes… all in all, these are 19 airports hexagonal in medium-sized cities that are going to change hands. The canadian group SNC-Lavalin has just been sold, for a price not disclosed, the two French partners: the business man Jean-Luc Schnoebelen and the investment fund Ciclad, gathered together in a common society, Edeis. The buyers also put the hand on the activities of operation and maintenance of the port of Rouen and of the 13 agencies infrastructure management Lavalin in France. This sale is not a surprise: for the past several months, the quebec group, which has a turnover of 7 billion euros, did not hide that he wanted to withdraw from France. At the end of August, he had recognized to study the takeover offer proposed by Ciclad and Jean-Luc Schnoebelen. This duo had already preferences Lavalin, even if a heavy weight CONSTRUCTION and concessions, Eiffage, was also on the ranks.
The issue is not insignificant : Lavalin employs 1100 persons in France, including 400 on the hubs
This summer, the mayor of Brive-la-Gaillarde, Frédéric Soulier, where there is an agency Lavalin, had been alerted by mail to François Hollande on the risks in terms of the job that was run, according to him, this cover by this duo of French entrepreneurs. “According to my information, the investment fund carries no corporate vision for our country and no guarantee as to the sustainability of settlements, regional agencies, SNC-Lavalin,” said Frédéric Soulier in his missive. The issue is not insignificant: Lavalin employs 1100 persons in France, including 400 on the hubs.
This has not prevented Lavalin to sell its French subsidiary to Edeis. “It was the best option on the economic plan for our company and our stakeholders, as well as to ensure the continuation of activities for customers and employees in France and Monaco”, stated Ian Edwards, president, infrastructure, SNC-Lavalin. The buyer is committed to ensure the sustainability of its activities. All of this without any negative impact on employment.
services and more expensive, administrative simplification… what’s new what’s in store for the coming year.
World | • updated | By Service planet, Service in France and Service economy
A revaluation modest minimum wage
The minimum wage increases of 0.93 %, what is the change of 9,67 € gross / hour to 9.76. Specifically, one employed full-time (that is to say, to 35 hours a week) will earn 1 481 euros gross per month (1 153 euros net, to be eleven euros more). The government has decided, once again, raise the minimum wage only according to the ” indexation formula ” provided in the act, without adding a boost. A committee of independent experts recommended that ” moderation ” because the ” conditions of use (…) remains precarious “, and the unemployment rate is ” high “.
smoke : the neutral package required
To reduce the attractiveness of cigarette packages, the package-neutral – that is to say without any indication of brand, logo, or color, and displaying only the images and text of prevention – has been marketed from the month of may in France. At tobacconists, packets that are neutral can co-exist, until the 1st January, 2017, with the packages the normal way, in order to allow the exhaustion of stocks.
as of the new year, this coexistence will be prohibited. This device inscribed in the text of the act health, voted in December 2015 and enacted by January 2016, they still are a minority in Europe ; only a few countries, including the United Kingdom and Ireland having tried the experiment. Australia is the first country to have adopted this type of law.
The salary slip simplified and dematerialized
at the End of 2014, the government had expressed the wish to simplify the payslip. A first step is taken : undertakings with at least 300 people will now have to give their personal the new model of salary (the companies of smaller size are being kept from the 1st January 2018).
The goal is to make this document more readable and more educational. The number of rows will be divided by two, with labels, and who seek to be clearer and a grouping by expense categories. This presentation is designed to do easily understand the amount of the contributions due by the employees and by the patrons, taking into account any exemptions to which they may benefit. It also makes manifest the relief of contributions, such as those granted for salaries lower than or equal to 1.6 times the minimum wage (in the framework of the pact of responsibility). The lines of membership fees will be collected by thematic areas (unemployment insurance, pensions, supplemental health, etc.).
in addition, companies will be able to pass it on to their personal pay slips in electronic form, unless the employee wishes to continue to receive a document in paper.
These changes are based on recommendations made in a report released in July 2015 by Jean-Christophe Sciberras, HR manager of the chemistry group Solvay.
The energy tariffs rise
The price of gas will increase by more than 5 %. Because, first of all, the increase in regulated prices, due to an increase in the costs of supply of Engie (ex-GDF Suez), in the wake of the rise in oil prices. Added to this is the raising of the tax domestic consumption on natural gas – or climate-energy contribution (carbon tax) : it goes from 4.34 euros per megawatt-hour to 5.88 euros, which should lead to an increase of 3.5% of the invoice.
as regards heating oil, the domestic tax on the consumption of energy products will be it, an increase of approximately 27 euros for an order of 1,000 litres), under a provision of the amending finance act for 2015 : in 2017, it will 142,6 € (per 1,000 litres), which is more than double compared to 2014.
The divorce without going in front of the judge
Now, divorce by mutual consent will take place without the intervention of a judge. This concerns 55% of the separations. The law of 18 November on ” the justice of XXIe century “ removes the registration by the judge of family affairs, the divorce agreement when the spouses are in agreement about the breaking of the bonds of marriage and its consequences : child custody, child support, alimony, distribution of patrimony, etc. – He homologuait 99 % of these divorces. On the other hand, each spouse should have his own lawyer to ensure the balance of interests.
once the agreement is negotiated, a period of fifteen days is imposed prior to the signing to allow the withdrawal of one of the spouses. The agreement is then registered with a notary, which gives it binding force. Couples with children will be able to nevertheless request the court if the child so requests. The reform will be rid of the deadlines imposed by the congestion of the courts, but may increase the cost of divorce, because of the mandatory intervention of two lawyers.
The bank charges soar
According to a study carried out by the comparator Meilleurebanque.com for Le Figaro involving 54 institutions, the banks are slashing their prices to restore their profitability. The account maintenance fee will increase by an average of 13 % as of the 1st January, 2017. Other expenses, such as withdrawals in atms of other banks, will be more expensive by 4.5% on average. The price of a card debit will increase from 3.35 %. On the packages of the products, the increase was 2.61 %.
The price of stamps soars
The rates of mail increase of 3.1% in average, according to The Post, ” ensure the sustainability of the universal service in a context of declining mail volumes “. The stamp is a red letter priority will be increased from 0.80 to 0.85 to euro, (+ 6.3 per cent). The green will increase from 0.70 to 0.73 euro (+ 4,3 %). The écopli, him, rose from 68 to 71 cents (+ 4.4 per cent). A recommended cost now 3,95 euros, against 3,77 euro (+ 4,8 %).
additional taxes on insurance contracts
The tax levied on each contract of insurance (auto, home,…) to compensate the victims of terrorism will be raised from 4.30 to 5.90 euros. Home insurance will see the highest increase, of up to 2.50 % on average, according to projections from the research firm Facts & Figures (from + 2,64 % in 2016). Automobile insurance contracts should, on average, to climb 1.5 %, compared with + 0.64 per cent in 2016.
complementary health more expensive
the increase in The price for the individual contracts should be between + 2 % and + 4 % on average, while the collective contracts will increase by between + 3 % and + 5 %. This would be due to the growth of health spending, and the generalization of the complementary to all employees from January 2016.
The plastic bag “single-use” is eradicated
In the rays of fruit and vegetables, pockets of very fine non-biodegradable designed to weigh and pack the foodstuffs are prohibited. The shopping bags of supermarket of less than 50 microns thick, had suffered the same fate the 1st July 2016.
This is the culmination of ten years of battle to achieve control of these major polluters of the seas. Now, the law does not allow more than compostable bags by individuals with at least 30 % of plant materials (corn starch, potato starch). This content should gradually increase to reach 60 % in 2025. The bags of new generation must be composted by individuals or be the subject of a separate collection of bio-waste.
Read also : The third-party payment extended before a generalization still in danger
The Brittany, Burgundy, Franche-Comté, Centre-Val de Loire, the Great Is, the Hauts-de-France, New-Aquitaine and the Loire Country will participate in this experiment, provided by the law to work.
According to the same decree-law, Brittany and the Hauts-de-France will also to experiment, also from the 1st January, the possibility to derogate from the terms and conditions of allocation of the apprenticeship tax, as provided for in article 76 of the law work.
at the end of the two experiments, which will end on 31 December 2019, each region should send a status report to the State. The government will then have to submit to Parliament, before the 1st July 2020, a report for each of the experiments, which will specify, if applicable, the terms and conditions of their generalization.
The constitutional Council has rejected the “Google tax” establishing a tax for the foreign multinational companies that practice tax optimization.
Por the withholding at the source, the leading measure of the budget in 2017, it goes. A priori. But it breaks for the Google tax. The constitutional Council, called to decide on some points of the finance bill 2017, has retoqué this device, the purpose of which was to counteract the practices of tax optimization of multinationals, such as Google. Built-in extremis to the budget in 2017 by an amendment to the socialist deputy Yann Galut, the Google tax was inspired by a 25% tax put in place in the Uk for 2015 on the ” profits diverted “.
Why the constitutional Council has-t-he censored a provision that would have reported a fortune estimated between 500 MILLION and 1 billion eur per year to the State ? The Sages argue that the tax administration may not have ” the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies “.
which may Include… ” As always, it is dressed a bit complicated, but in tax matters, it is always complicated “, plays Didier Maus, professor of constitutional law at the university of Aix-Marseille (Bouches-du-Rhône). Who deciphers : “The argument of the constitutional Council is that of equality : the law may not say certain companies will the regime 1 (editor’s NOTE : the tax on corporate classic, to 33 %), others in the regime 2 (the Google tax, with a rate of penalty to be 38 %), and the transition from 1 to 2 will depend on the good or the bad will of the tax administration. Legally, it is unstoppable… “
A bitter pill
Not enough to convince Yann Galut. “I’m angry, because it is a decision that is incomprehensible ! That keeps in the state a scandal tax : the multinationals pay only 3 % corporate tax through complex arrangements when our SMES pay 30 % ! “
The government had initially been very reserved about the Google tax. Recently, Michel Sapin, the minister of Finance, pointed out that it did not ” have been supportive “, considering that the current devices are sufficient. But finally, the amendment — passed unanimously of the members present, had been reworked with the support of Bercy. The catch ? “What has been invalidated had been added at the request of the government… “, says Yann Galut.
The pill seems to be all the more hard to swallow that in December 2014, already, the Wise men had censored an amendment on the reporting obligation of tax optimization schemes to the administration. “The constitutional Council has a conservative approach to the fight against tax evasion ! Or ultra-liberal, I don’t know… “, storm the deputy of Cher.
The decision is a victory for Google as for all the multinational companies transfer part of their profits outside France. The money spinning often to a destination — Ireland — where corporate tax is much milder than in France (12.5 per cent instead of 33 %).
The proponents of the fee Google will have to put the work back on the loom. The other solution is one… of tax harmonization within the european Union. It is not tomorrow the day before, say most experts.
” If we understand. “This is in substance what responded the members of the constitutional Council to parliamentarians, arguing that some provisions on the deduction at source of tax on income were” unintelligible “. For all this, the Sages have sifted through four points of measurement. To be clear, this fiscal revolution, expected to enter into force on January 1, 2018, is not at the shelter, in the year that opens, ” priority issues of constitutionality “. Many other aspects of the text could be the subject of appeal. Michel Sapin, the minister of Finance, he planned this war legal ? “There may be departments in which it will be difficult to occupy the five months that come, it will not be the case here…, î he told recently.
For the levy at source, the leading measure of the budget in 2017, it goes. A priori. But it breaks for the Google tax. The constitutional Council, called to decide on some points of the finance bill 2017, has retoqué this device, the purpose of which was to counteract the practices of tax optimization of multinationals, such as Google. Built-in extremis to the budget in 2017 by an amendment to the socialist deputy Yann Galut, the Google tax was inspired by a 25% tax put in place in the Uk for 2015 on the ” profits diverted “.
Why the constitutional Council has-t-he censored a provision that would have reported a fortune estimated between 500 MILLION and 1 billion eur per year to the State ? The Sages argue that the tax administration may not have ” the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies “.
which may Include… ” As always, it is dressed a bit complicated, but in tax matters, it is always complicated “, plays Didier Maus, professor of constitutional law at the university of Aix-Marseille (Bouches-du-Rhône). Who deciphers : “The argument of the constitutional Council is that of equality : the law can not say, some companies have the plan 1 ( editor’s NOTE : the tax on societies a classical, 33 % ), other plan 2 ( the Google tax, a rate penalty (38 % ), and the transition from 1 to 2 will depend on the good or the bad will of the tax administration. Legally, it is unstoppable… “
A bitter pill
Not enough to convince Yann Galut. “I’m angry, because it is a decision that is incomprehensible ! That keeps in the state a scandal tax : the multinationals pay only 3 % corporate tax through complex arrangements when our SMES pay 30 % ! “
Restriction of the use of fireworks, banning the transport of cans of gasoline that could be used to burn cars: this year, like the previous, the prefectures in Alsace and Moselle have taken measures to avoid that the festivities of the new year’s eve run at the drama.
customs Controls. The bridge of Europe, which marks the border between Strasbourg and its German neighbor Kehl, the police and customs were on the rise Friday, with the controls of cars. Objective : enter the firecrackers purchased in Germany by an Alsatian willing to make a sacrifice to a local tradition well-rooted, the celebration of the twelve strokes of midnight amidst fireworks. “What we fight most importantly, what are the big bangers, type mortar, which are used against the security forces,” explained in a press-the departmental director of public safety (DDSP) in the Bas-Rhin, Jean-François Illy. “The priority is that the 31st December is going well”, he added.
Two dead in 2012. good child, the tradition of firecrackers and fireworks on new year’s eve has already produced in Alsace by several dramatic accidents: two dead, four years ago, a death the following year, and every year serious injuries, including eyes and hands. The balance sheet has prompted the authorities to crack down. This year, the regulation has been somewhat relaxed by the administrative justice may, on application by manufacturers of pyrotechnics. But the use of firecrackers is prohibited in the “great gatherings” of people. Their sale is also prohibited to children under the age of 12 years.
And missiles that can “be diverted from their initial use”, that is to say, thrown in the direction of someone for the hurt, is reserved for artificers graduates. Finally, the import from Germany of all fireworks, even the smallest, is prohibited.
A decrease of incidents significantly. last year, the emergency services of Strasbourg had found a net decrease in the number of victims of firecrackers during the night of Saint-Sylvestre, and had seen the sign that prevention campaigns seemed to bear fruit.
In terms of urban violence, the prefects of Bas-Rhin and Haut-Rhin were also sought to limit the phenomenon of cars burned on new year’s eve – that several years ago, is no longer the prerogative of only Alsace – prohibiting again this year, the transport of cans of gasoline during the night of the New Year. “What we want to avoid is the transportation of gasoline that could be used for the firing of street furniture or vehicles. The fuel is single-use tanks of vehicles”, has hammered the director of the office of the prefect of the Grand est, Dominique Jane.
For the levy at source, the leading measure of the budget in 2017, it goes. A priori. But it breaks for the Google tax. The constitutional Council, called to decide on some points of the finance bill 2017, has retoqué this device, the purpose of which was to counteract the practices of tax optimization of multinationals, such as Google. Built-in extremis to the budget in 2017 by an amendment to the socialist deputy Yann Galut, the Google tax was inspired by a 25% tax put in place in the Uk for 2015 on the ” profits diverted “.
Why the constitutional Council has-t-he censored a provision that would have reported a fortune estimated between 500 MILLION and 1 billion eur per year to the State ? The Sages argue that the tax administration may not have ” the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies “.
which may Include… ” As always, it is dressed a bit complicated, but in tax matters, it is always complicated “, plays Didier Maus, professor of constitutional law at the university of Aix-Marseille (Bouches-du-Rhône). Who deciphers : “The argument of the constitutional Council is that of equality : the law can not say, some companies have the plan 1 ( editor’s NOTE : the tax on societies a classical, 33 % ), other plan 2 ( the Google tax, a rate penalty (38 % ), and the transition from 1 to 2 will depend on the good or the bad will of the tax administration. Legally, it is unstoppable… “
A bitter pill
Not enough to convince Yann Galut. “I’m angry, because it is a decision that is incomprehensible ! That keeps in the state a scandal tax : the multinationals pay only 3 % corporate tax through complex arrangements when our SMES pay 30 % ! “
NEW YORK – Wall Street may it begin in 2017 on the momentum of the outbreak, who comes to bring the Dow Jones to the edge of the 20,000 points ? After two weeks of quiet for the holidays, the serious things start again, and investors lack certainty.
Since last weekend, the index featured Dow Jones Industrial Average lost 0.86% to 19.762,60 points and the Nasdaq, to dominant technological, 1,46% to 5.383,12 points. The expanded index S&P 500 fell 1.10% to 2.238,83 points.
“As usual at the end of the year, the exchanges have shifted down, (…) as much as the Stock market has mounted a lot this year,” summarized Peter Cardillo, chief economist at First Standard Financial.
The decline in weekly Wall Street, which is done on a four-day week after a bank holiday Monday the day after Christmas, does not take away much to its annual performance: in 2016, the Dow has gained 13,42%, its largest increase since 2013, the Nasdaq 7,50% and the S&P 500 9,54%.
Even if the next week will also be severed from the remainder of its session Monday, this time for the next day of the new year, it may prove to be more significant, as many investors are gradually making their return out of the holiday season.
The immediate future is really uncertain,” admitted Michael James, of Wedbush Securities.
If Wall Street seems shaky to some observers, is that the bulk of its excellent performance has been achieved during the last two months after the election in early November of the republican Donald Trump to the president of the u.s., even as the blur continues to reign over the economic program of the future head of State.
“investors are cautious,” reported Mr. James, believing that this caution took hold particularly in the face of the repeated failure of the Dow Jones to surpass the 20,000 points for the first time in its history.
“They remember what happened at the beginning of the year: the Exchange had finished 2015 in a satisfactory way, then started 2016 catastrophically !”, he explained.
- Hopes and reality -
The indexes had fallen up to mid-February, against a backdrop of collapsing oil prices and worries over the chinese economy at a time when the authorities appeared to be ready to devalue the yuan aggressively.
“The fluctuations of the yuan and the developments in China are emerging as a topic of major interest in 2017″, has warned, in a note to Patrick O’hare of Briefing.
As for the “black gold”, the courses have significantly picked up after the announcement of agreements of reduction in production within the Organization of the petroleum exporting countries (Opec) and other countries, but, here again, uncertainties prevail on the good will of the participants to implement the agreements from the 1st of January.
however, we will have to wait beyond next week to draw the first conclusions, as to the presidency, Trump, who will start on January 20.
For the time being, “that which dominates the minds of investors, ( … ), that is, if some companies will issue warnings on results,” said Mr James.
As the quarter ends that Sunday, the full results will be published only next week, including big names in the banking sector, but some groups could already start to prepare the minds if their numbers are this bad.
“It is the great unknown and we will have to spend the week in order to see more clearly,” said Mr James.
As for the macro-economic statistics, the large piece will also wait a whole week, with the publication on Friday of figures monthly u.s. employment.
For the time being, “investors are in retreat and are waiting to see if the reality of 2017 is on the high hopes of growth to the end of 2016,” concluded Mr. O’hare.
NEW YORK – Wall Street may it begin in 2017 on the momentum of the outbreak, who comes to bring the Dow Jones to the edge of the 20,000 points ? After two weeks of quiet for the holidays, the serious things start again, and investors lack certainty.
Since last weekend, the index featured Dow Jones Industrial Average lost 0.86% to 19.762,60 points and the Nasdaq, to dominant technological, 1,46% to 5.383,12 points. The expanded index S&P 500 fell 1.10% to 2.238,83 points.
“As usual at the end of the year, the exchanges have shifted down, (…) as much as the Stock market has mounted a lot this year,” summarized Peter Cardillo, chief economist at First Standard Financial.
The decline in weekly Wall Street, which is done on a four-day week after a bank holiday Monday the day after Christmas, does not take away much to its annual performance: in 2016, the Dow has gained 13,42%, its largest increase since 2013, the Nasdaq 7,50% and the S&P 500 9,54%.
Even if the next week will also be severed from the remainder of its session Monday, this time for the next day of the new year, it may prove to be more significant, as many investors are gradually making their return out of the holiday season.
The immediate future is really uncertain,” admitted Michael James, of Wedbush Securities.
If Wall Street seems shaky to some observers, is that the bulk of its excellent performance has been achieved during the last two months after the election in early November of the republican Donald Trump to the president of the u.s., even as the blur continues to reign over the economic program of the future head of State.
“investors are cautious,” reported Mr. James, believing that this caution took hold particularly in the face of the repeated failure of the Dow Jones to surpass the 20,000 points for the first time in its history.
“They remember what happened at the beginning of the year: the Exchange had finished 2015 in a satisfactory way, then started 2016 catastrophically !”, he explained.
- Hopes and reality -
The indexes had fallen up to mid-February, against a backdrop of collapsing oil prices and worries over the chinese economy at a time when the authorities appeared to be ready to devalue the yuan aggressively.
“The fluctuations of the yuan and the developments in China are emerging as a topic of major interest in 2017″, has warned, in a note to Patrick O’hare of Briefing.
As for the “black gold”, the courses have significantly picked up after the announcement of agreements of reduction in production within the Organization of the petroleum exporting countries (Opec) and other countries, but, here again, uncertainties prevail on the good will of the participants to implement the agreements from the 1st of January.
however, we will have to wait beyond next week to draw the first conclusions, as to the presidency, Trump, who will start on January 20.
For the time being, “that which dominates the minds of investors, ( … ), that is, if some companies will issue warnings on results,” said Mr James.
As the quarter ends that Sunday, the full results will be published only next week, including big names in the banking sector, but some groups could already start to prepare the minds if their numbers are this bad.
“It is the great unknown and we will have to spend the week in order to see more clearly,” said Mr James.
As for the macro-economic statistics, the large piece will also wait a whole week, with the publication on Friday of figures monthly u.s. employment.
For the time being, “investors are in retreat and are waiting to see if the reality of 2017 is on the high hopes of growth to the end of 2016,” concluded Mr. O’hare.
According to the final results, the index featured Dow Jones Industrial Average was down 57,18 points to 19.762,60 points and the Nasdaq, to dominant technological 48,97 points to 5.383,12 points. the expanded index S&P 500 has conceded 10,43 points, or 0,46%, 2.238,83 points.
“major indexes retreated with low volumes for the last day of the year“, commented the analysts of Wells Fargo bank in a note.
As most of the assets, which have grown year-on-year, the New York stock Exchange was the victim Friday of a few profit taking.
“The market drift, simply,” said Peter Cardillo, chief economist of First Standard Financial.
many investors have preferred to stay on the key before an extended weekend, the place new york is closed on Monday in lieu of new year’s day which this year falls on a Sunday.
“What is happening today (Friday) is not indicative of a change in trend,” said Peter Cardillo, recalling that Wall Street had chalked up to “remarkable gains this year.”
About the year 2016, the Dow Jones has advanced to 13,42%, the Nasdaq 7.50% and the S&P 500 to 9,54%. This is the largest increase in the Dow Jones since 2013 after a decline in 2015.
The New York stock Exchange has experienced a second wind after the election of the republican Donald Trump in November in the hope of an acceleration in u.s. economic growth, thanks to its promises of tax cuts, infrastructure spending and reducing regulations on companies, particularly in the sectors of finance and energy.
A part of the movement on Friday can be explained by adjustments of portfolios, the traditional end of the year and could be more pronounced after the sharp rise in markets over the last two months.
Some of the portfolios must maintain a share determined for each class of assets and as the shares have mounted a lot, managers should separate a part of their titles so that they do not have too much weight.
the Only publication noticeable to the agenda on Friday, the economic activity in the region of Chicago was thought less rapidly in December, according to index local ISM published in the beginning of the session.
- Nvidia relapse –
Among the values, the pharmaceutical company Mylan has made 2,06% 38,15 dollars after having announced the launch of a generic version of the treatment of disorders of attention and hyperactivity, Concerta laboratory Johnson & Johnson (-0,24% 115,21 dollars).
The chain-of-goods stores, hunting and fishing, cabela’s has dropped from 5.07% to 58,55 dollars. The group announced that it had been the subject of requests for clarification from the regulator in the u.s. on its merger with its competitor, Bass Pro Shops (not rated).
The manufacturer of semiconductor and Nvidia, whose value has tripled this year and whose seesaw movement has been especially marked this week, he has relapsed and lost 4,21% 106,74 dollars.
In the oil sector, Gulfport Energy has lost 0,78% 21,64 dollars after the announcement of changes within its management.
The bond market rode a little. To 20H40 GMT, the yield on Treasury bonds to 10 years decreased with 2,445%, compared to 2,473% Thursday evening, and that bills to 30 years very slightly to 3,067%, compared to 3,077% previously.
A woman is preparing to consult his Smartphone. Photo illustration. – Pixabay
JOBOn January 1, comes into force a new law, that of the disconnection, as provided by the law known as El Khomri…
A new year begins and with it, a new law makes its appearance : one of the disconnection. From 1 January, your employer is obliged to provide you with the possibility to temporarily disconnect with the digital tools connecting you to your professional activity. More precisely, it should open negotiations on this subject. in 20 Minutes around the issue by five points.
what is the right to disconnect ?
If the law in El Khomri inserted in the labor Code this new law – and this is a world first –, “she does not give him any definition,” says ms. Anne-Laure Périès, partner in the law firm Capstan Avocats. The idea is however clear : the company must now provide its employees the beaches of disconnecting with the digital tools, given that they make more porous the border between the professional world and the personal world. This new law target particular employees for the plan update or telecommuting. But not only, as at present, one in three said using digital tools professionals outside of their work time, according to a study published last October 24 by
the firm Eléas.
what’s(s) obligation(s) is required of my employer ?
first to open a negotiation on this question of the disconnect. It must be held “in the framework of the annual negotiation on the quality of working life and professional equality between women and men,” says Anne-Laure Périès. This negotiation should include the “implementation by the company of devices of regulation of the use of digital tools” (article 55 of the law Work). The negotiation must result in the year. In case of failure, the employer is required to establish a charter on the right to disconnection. In all cases, staff should be trained in this issue – “the managers to be the first to be aware of,” says Anne-Laure Périès.
All companies are affected ?
Only companies with more than 50 employees are required to open a trading and, in the event of failure to draw up a charter. However, the act requires that all employers, including those of VSES and SMES, to establish procedures for disconnection for their frames. If this right is not guaranteed, the framework can expose the package for a day/hour to which it is subjected and, therefore, “require the payment of all overtime hours,” insists Anne-Laure Périès. For this lawyer, the business, whatever its size, has the same interest in thinking about the issue of the right to disconnect for all its employees.
>> also read : Is religious in the enterprise : But the fact, that the law says Work?
But specifically, what is it that is changing ?
of course, the labour Code already provides for rest and leave. The case law has repeatedly pointed out : a worker is not required to respond to a solicitation professional outside of his / her working time. In addition, the employer has the obligation to ensure the safety of the employee and prevent his or her health. The introduction of this new right to the log is it therefore nothing ? Anne-Laure Périès do not think : “If this evolution is certainly more symbolic than pragmatic, it recognises the right to disconnect in the law and requires putting the subject on the table.” And most of all, provide practical solutions. “Companies already have systems in place, such as Areva, which prohibits sending e-mail outside of normal work hours, unless an exception or emergency, the Volkswagen, which blocks the servers in the evening and on the weekend, or even Daimler, which erases the e-mails received during the holidays, preventing the sender… Without going t hat far, the company can provide for the display of a pop-up window that will ask the sender if he is really sure you want to send e-mail in view of the lateness of the hour, for example “, says Anne-Laure Périès. The lawyer insisted : “beyond these devices, the company also needs to think about the work load, absence management, etc., This is all the work that needs to be questioned “.
>> also read : Stress, fatigue, burn-out: where does our discomfort at work?
And if my employer does nothing, what’s going on ?
The law Working does not stipulate any sanction. But be careful : as we have already said, the professionals will be able to challenge their package date/time if the conditions for the exercise of their right to the disconnection have not been established. Similarly, a ” lack of implementation of an agreement or a charter on the right of disconnection, the employer is exposed to increased risks of litigation. The employee may in particular be used for the recognition of psychosocial risks, burnout, or moral harassment. This new law is reflected in practice by a real obligation of the employer, ” warns ms. Anne-Laure Périès.
>> also read : Law Work: economic dismissals are they about to explode?
The constitutional Council has validated the core part of the law of finance in 2017, while expressing reservations on the forecasts of the budget deficit.
World | • updated | By Bertrand Bissuel
François Hollande and the government of Bernard Cazeneuve, may push a “phew” of relief. The collection at the source, which is one of the most important reforms of the last five years, has not been censored by the constitutional Council. Called to vote on the budget by 2017 – which introduces the new method of calculation and collection of income tax, the high court has dismissed the complaints made by opposition parliamentarians against the device. So far, its decision, rendered Thursday, December 29th, does not mean that this “big bang” tax is posted in its entirety as the Council only examined on the few paragraphs which are disputed by the elected officials of the right. The other provisions, “saved,” by their actions, may very well be harmed later – through, for example, of priority issues of constitutionality (QPC).
Read also : The decline of the tax on the income will occur from the month of January
regarding the withholding at the source, which should enter into force at the beginning of 2018, a number of criticisms had been expressed by the deputies and senators of the opposition. They considered the extent unintelligible, given the complexity of the different sampling rate. An Argument swept by the Council : there is ” a common-law rate “, corresponding to the puncture on the overall income of the household, and ” rate default “, applicable, at the request of the taxpayer, only on his income. Thus, an employee who desires that his tax rate is not known to the employer can ” choose [the] default rate “, argues the Board.
2017, the year of transition
Another accuses the elected officials of the right : the breach of privacy, related to the fact that the administration communicates to the business rates levy. This principle is actually scratched, admits the Council, but such ” the infringement is justified by the general interest “ : in the present case, it is to prevent taxpayers undergo ” a one year lag between the collection of revenues and the payment of the tax “, as is the case at the present time. Moreover, adds the court, an individual may choose ” the default rate, which does not reveal the tax rate of his home, “.
The Board also rejects the idea, supported by the parliamentary opposition, according to which the device would violate the principle of equality. The point is criminalized for 2017 : for this ” year of transition “, the taxpayer will pay a tax on its income in 2016 and in 2018, the puncture will be on its resources of 2018. Consequently emerged the fear that some taxpayers, executives of companies, in particular, derive part of the reform to increase by 2017 their cash flow, which would exempt these taxes. Not at all, argues the Council : the finance bill contains clauses that anti-abuse ” tend to avoid “ that some taxpayers are able to ” to arbitrate in favour of a higher compensation in respect of the year 2017 “.
outside of the withholding at the source, the elected Republicans have challenged the Council on the deceptions that recèlerait, in their eyes, the budget for 2017 : growth assumptions are overstated, expenses, deferred inflows of anticipated revenues… so Many subterfuges in order to improve artificially the financial statements. The Board does not subscribe to such an analysis but, rather unusually, he expresses reservations supported, which abound in the sense of the observations of the Court of accounts. And does he consider, with a nice sense of understatement, that ” the assumptions for 2016 and 2017 may be regarded as optimistic, especially in regards to the deficit to 2017 “. It also notes that the finance bill ahead of actually a year-some tax revenue “, and that the risk of a skid of the ” public spending are more important in 2017 than in previous years “. In addition, there are expenses that ” wi ll only produce their effects on the fiscal balance that from 2018 “, that is to say, after the departure of Mr Hollande on the Elysee… To the extent, counterbalances, you can’t accuse the government of having had ” the intention to distort the broad outlines of the balance of the law “. Similarly, he adds, ” it is not clear from the elements [available] as the resources and expenses of the State for 2017 would be presented in a manner so sincere “.
” historic Reform “
The government is doing so rather well. What have not failed to emphasize, Thursday night, the minister of finance, Michel Sapin, and the secretary of State for the budget Christian Eckert. With a small hint of complacency, they welcome, in a press release, that the budget for 2017 and ” the historic reform of tax at source ” are validated.
But there is a caveat to bring in as several articles of the law have been invalidated by the constitutional Council. Especially the one who introduced the ” Google tax “. The measure in question bore this name because she was trying to fight against the practices of tax optimization used by the american firm, and by other giants of the new technologies sector (Apple, Amazon…), which are designed to exfiltrate the profits, achieved in a country, to another where compulsory levies are low. MESSRS Eckert and Fir, at first, were not in favour of this provision, advocated, in particular, by the deputy Yann Galut (PS, Dear). But an agreement had finally been reached between the executive and its majority.
The Council has censored the “Google tax” because it provided to the tax authorities ” the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies “. the ” This is a decision that is incomprehensible, said Mr. Galut to Libération.fr. in once more, the constitutional Council chooses to censor a text against tax evasion. “
Some provisions of the draft finance law for 2017 were rejected as the “Google tax” on the profits of multinational companies operating in France.
The constitutional Council has ruled out, Thursday, 29 December, the grievances of the members of parliament about the collection of the tax at the source, without giving his rein to the leading measure in budget 2017, and has censored the “Google tax” on the profits of multinational companies operating in France.
Seized by more than sixty senators and sixty members, the Council has decided on sixteen articles of the draft finance law for 2017.
On the deduction at source of tax on income, the major reform of the text of the budget shall enter into force on the 1st January 2018, the advisers spoke on four points of the measure, and were not censored. In detail, they have held that the provisions of the article were ” not unintelligible “, as argued by the parliamentarians.
Read also : Parliament has finally adopted the draft budget 2017
privacy
there is Nothing to prevent the implementation of the measure, but Council members have pointed out that other provisions of tax collection at the source, over which they had not been seized, in the future could be ” the object of priority issues of constitutionality “.
They were also of the view that, ” given the open option to taxpayers allowing them to choose a rate “default“ that does not reveal to their employer the tax rate of the home, the legislature [did] not infringe the right to respect for private life “.
moreover, ” specific measures are provided, in the case of business leaders, to avoid that they can make trade-offs designed to take advantage of the transition year “.
Censorship of the ” Google tax “
Finally, the Commission considers that the companies will only play a ” collection role “, the recovery will continue to be insured by the State, and they will, therefore, not to be indemnified in this respect.
The text, which has generated intense fighting in the Assembly and in committee, has been definitively adopted on December 20, the national Assembly, but the right has already announced that in case of alternation, it would go back on the deduction at source of tax on income.
Thursday, the Board has censored another key measure,article introducing a ” Google tax “, which was aimed at strengthening the taxation of profits diverted by multinationals on their activity performed in France.
The councilors have rejected this provision on the ground that the tax authority may not have ” the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies “. The government had expressed reservations on the amendment introduced by Yann Galut (PS).
Read also : “The Google tax, a simple announcement effect ? “
In the long series of novelties introduced by the act Work, here are the chords of “preservation or development of employment” (APDE). The decree specifying the conditions of application of these agreements has been published Thursday in the official Journal. The measure will come into force on 30 December.
READ more >> What changes in 2017 for the company and the employee
The collective agreement passes in front of the work contract
These new arrangements introduced by the act Work should enable firms to modulate temporarily their organization in case of need of ‘ preservation or development of employment.” A broad term that can cover many changes. It is a much more wide agreements for job retention (AME). These allow them to adjust working time and wages, but of which they are but you must be able to prove economic hardship. The companies have a little overlooked these agreements.
READ more >> Law Work : five strong actions that will soon arrive in the company
The agreement of the preservation or development of employment” (APDE) goes so much further. As confirmed by the decree, he “primera the contract of employment” including in matters of pay and hours of work.
However, it can not have the effect of “reducing the monthly remuneration of the employee,” recalls the decree. The new amount of compensation may not be “less than the average over the three months preceding the signing of the agreement”. The employee will have one month to give its decision to sign or not the agreement. The lack of response “agree”.
employees who refuse these agreements will be dismissed
In case of refusal of the employee, the latter may be dismissed for “specific reason” and not for “personal reasons” as originally set out in the bill.
In this case, the company will have to inform them during the interview prior to the dismissal, individually and in writing, of the ‘ path of guidance,” to which he is entitled. This course, which shall last for 12 months, will be entrusted to the Pôle emploi and will give right to a specific allocation.
During this period, the former employee will be able to work, but within a period not exceeding in the aggregate six months. The payment of the allowance would be suspended.
Finally, the ex-employee ceases to benefit from this device if it refuses to “an action for the rehabilitation and training or do not show up, or when he refused on two occasions an offer of reasonable employment”.
These are comments which will not fail to be exploited by the opposition. The constitutional Council has put in question, Thursday, the too great optimism of the draft finance law for 2017 the government. Without going so far as to press on the button of the atomic weapon (i.e. invalidation) that would have constituted a judgment of insincerity overall budget. The forecasts made available to ” do not allow to conclude that these assumptions are fraught with an intention to distort the broad outlines of the balance of the law of finance “, wrote the wise in their press release.
But their comments, unusually critical, cast doubt on the realism of the budgetary trajectory. Thus ” the assumptions for 2016 and 2017 may be regarded as optimistic, especially in regards to the deficit to 2017 “, they pointed out, before noting that a supplementary budget may be necessary.
This is not the first time that the forecasts of the executive are in question. The High Council of public finances was held in September, the deficit target for 2017 (2.7 % of GDP) unlikely. The european Commission had been more conciliatory, stating that this deficit would increase despite all of this under the bar of 3 % (to 2.9 %). Not enough, however, to silence critics of the right, who refused to even vote on this budget in the Senate. François Fillon puts forward the legacy of François Hollande to justify a forecast of a deficit of between 3.5% and 4 % in 2017 in his presidential programme.
beyond this very sensitive issue politically, the constitutional Council has validated the essence of the project of finance law for 2017, and the collective budget for 2016. First, it rejected the grievances of the members of the opposition on the levy to the source. This is not, for all that he has given a blank cheque complete this reform, the flagship of the executive : the Council has not as well validated as the four points of the text (those that were contested), leaving the door open to further action if this legislative change is very complex just to create new grievances. To be clear, reform is underway, but it will still be possible to challenge it in the coming months if new problems were to emerge.
Arm wrestling
Another decision is notable, the constitutional Council has censored the article establishing a ” Google tax “. This provision was the subject of a tussle between the majority and the government, who never wanted hardly, considering it to be of no effect. It was to strengthen the taxation of “profits diverted” made by multinationals on their activities in France. The wise have torpedoed the measure on the grounds that the tax would have been based on the controls conducted by the tax administration, which would have been a way of ” choosing the taxpayers, “ made impossible by the Constitution.
Other action censored : the fine is not capped for those not denouncing it not a participation in a circuit of VAT fraud. Same fate for a new tax that was aimed specifically at the legal professions (notaries, court clerks, bailiffs, etc).
The ” Google tax “, it is censored. This provision, which would have applied only to companies erected by the tax authorities, sought to create a “new tax 38,33 % on profits diverted” to foreign countries.
The government can blow. Its budget 2017 has passed almost without a hitch on the review of the constitutional Council. First, it was considered sincere by the Sages, while the elected members of the right disagreed with this point. However, it is the lip that the Sages have dubbed the last finance act of the quinquennium. “If the assumptions for 2016 and 2017 may be regarded as optimistic, especially in regards to the deficit for 2017, the forecast and the available evidence do not, however, to conclude that these assumptions are fraught with an intention to distort the broad outlines of the balance of the law of finance,” says the Council.
The constitutional Council considers that there is “contrary to respect for the private life of the taxpayer”. But he considers that “such infringement is justified by the general interest”
There is an article, a particularly heavy one, the law of finance by 2017 on which the decision of the guarantor of the Constitution was expected: the collection at the source. The last tax reform of the mandate of François Hollande has not been affected by the Wise. The transmission of the sampling rate taxpayers to their employer posed a problem, after the elect of right, challenging the reform. The constitutional Council considers that there is “contrary to respect for the private life of the taxpayer”. But he considers that “such infringement is justified by the general interest which attaches to the implementation of the levy at the source to avoid that taxpayers suffer a one year lag between the collection of revenues and the payment of the tax.” The Sages add that the employee can choose a “neutral rate” if he doesn’t want his tax rate to be communicated to his employer. The Board notes, however, that it is expressed that “on ly on the grievances laid out by the senators and deputies, authors of the appeal”. The other points will be the subject of priority issues of constitutionality”. As for the act working, the case is not closed.
The censorship the most important of the “Google tax”, being pushed by the socialist deputy Yann Galut and against which a long struggle of the ministry of Finance. This provision, which would have applied only to companies erected by the tax authorities, sought to create a “new tax 38,33 % on profits diverted to foreign countries through transfer pricing abuse. This accounting technique is to make up the bulk of the profits of a French subsidiary to its parent company, installed in a high-tax countries more favourable. However, down by the constitutional Council, the legislature “could not have (…) leave to the tax administration the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies”. The new measures to curb tax optimization in terms of ISF, via a holding company, have been approved by the Board.
The device has met a big success – the 1.1 million employers have asked benefit, but its impact on jobs created remains difficult to measure, according to a study by the Insee.
The bonus to hiring paid since mid-January, to small and medium-sized enterprises (SMES), she helped to create jobs ? It is possible, but nothing allows us to say with certainty. Here it is, in substance, the conclusion mi-figue mi raisin, which leads to the Insee, in a study published on Thursday 29 December. It casts a shadow over the government’s communication, very laudative about this measure.
The device in question has been put in place in the framework of a plan announced earlier this year by president François Hollande. It is to be paid each quarter 500 euros (maximum) over two years (at most) for any person who is employed, on the condition that his salary is less than or equal to 1.3 times the minimum wage.
Read also : further decline in unemployment in November
The aid has met a big success with approximately 1.1 million employers have welcomed the levy, according to the ministry of labour. About 54% of the recruitment on xed-term contracts of at least six months and 36 % of the number of permanent positions in the ” benefited “, according to the study of the Insee, which emphasizes that these ” rate of use “ are calculated on all contracts, including those that may not come in the device (the remuneration being greater than 1.3 times the minimum wage). In other words, the percentages would be higher if the number of premiums was reported only to contracts paid to the height of 1.3 times the minimum wage or less.
boost
anyway, the enthusiasm was real, especially in very small enterprises (VSES) of less than ten people : 77 % of the hires made by them, in the form of xed-term contracts of at least six months, have benefited.
However, the impact of the premium proves to be uncertain. It ” does not seem to have had an effect easily interpretable on the [hiring] CDI “, writes the Insee. In contrast, the number of new CDD of at least six months has increased faster ” in companies with fewer than 250 employees (…) that in the largest [who are not eligible for the scheme] “. Is there a cause and effect relationship ? Hard to say, meets the Insee, because the employers who were entitled to receive this financial boost ” were able to be sensitive to cyclical conditions are favourable “.
Insee has, therefore, attempted to identify a ” specific effect of the award ” focusing ” the companies that are close to the threshold of eligibility “, slightly below and slightly above 250 persons. It was concluded that there were discrepancies between eligible companies and companies that are not eligible, but they ” are too weak to be able to assign them to a specific effect of the award “. The measure, adds the study, ” perhaps ” impact ” on the employment in companies of smaller size, but it is difficult to say without extra assumptions “.
This finding will bolster the supporters of the thesis according to which the device creates a windfall effect, their argument of saying that companies who received the help would have, anyway, added to their numbers, even if the measure had not been taken.
other investigations conducted previously to reach results different from those of the Insee. In August, the Treasury department had issued a note saying that the bonus could, in fine contribute to create 60,000 additional jobs by 2016 (estimate made prior to the announcement of the extension of the device by François Hollande in June). The institute for economic research COE-Rexecode, leads to a result that is hardly far away (50 000 creations of the post). Difficult, in this context, to be a religion.
The constitutional Council has censured Thursday, the article introducing a “Google tax” in the finance bill 2017, which was aimed at strengthening the taxation of profits diverted by multinationals on their activity performed in France. The Wise men have rejected this provision on the ground that the tax administration may not have “the power to choose the taxpayers who should or should not fall within the scope of application of the tax on companies,” according to a press release.
The mp PS Yann Galut had proposed such a device is against the opinion of the government based on the models of british and australian. Its aim is to counter price of transfers between subsidiaries devoid of economic substance, or timelines by which foreign companies avoid to declare a permanent establishment in France (examples of Amazon and the warehouses, platforms of relationship between electronic products or services such as Airbnb, Uber, etc).
In the event of breach demonstrated, the companies would be penalized by a rate five points higher than the rate of corporation tax in force, and in order to rebalanced the taxation on these companies.
The minister of Economy and Finance estimated in early November that this device “is not a good solution”. According to him, it would be “extremely favourable to the undertakings concerned”, since it is similar to the “a way somehow to push the burden of work to calculate what is the actual profit made by the companies in a country, and from there the amount of taxes”.
The collection at the source is not censored, but…
with respect to the withholding at the source, a leading measure of the budget in 2017, the constitutional Council has rejected the complaints of the parliamentarians without giving his rein to this flagship measure of the budget 2017. the Wise have pronounced that on four main points raised by the parliamentarians, and they have not been censored, which does not therefore prevent its implementation for the time being.
In detail, they have held that the provisions of the article were not “unintelligible”, as argued by the parliamentarians. They were also of the view that “given the open option to taxpayers allowing them to choose a rate +default+ who do not reveal to their employer the tax rate of the home, the legislature (had) not infringe the right to respect for private life”.
in addition, “specific measures are provided, in the case of business leaders, to avoid that they can make trade-offs designed to take advantage of the year of transition.” Finally, the Commission considers that the companies will only play a “collection role”, collection will continue to be insured by the State, and they will, therefore, not to be indemnified in this respect.
GRAPHICS – The department of Ecology lists 950.000 requests Wednesday for the famous ” certificate “Crit’Air”, which will be required in Paris from the 16th of January, and also deployed in Grenoble and Lyon. More than three times more than three weeks ago.
The peak of pollution – as the one who disrupts the parisian region this Thursday – are linked at this end of the year. So that the entry into force of the certificate quality of the air, these famous vignettes, automobile pollution control which are aimed at limiting the circulation of the vehicles with the most pollutants, is timely. This device will be mandatory in Paris as of January 16, 2017. It has also been put in place in Grenoble on the 1st of last November, and at Lyons on the 12th of December last.
” Stickers with air pollution in Paris: mode d’emploi
While the eco-pad Crit’Air can be ordered on a dedicated website from 1 July 2016, the French have really started to tumble over in the month of December. The ministry of Ecology accounted for 950.000 applications for this eco-pastille called “Crit’Air”, of which 700,000 from individuals and 250,000 companies, Wednesday, 28 December, according to RTL. That is, three times more than in the beginning of the month. Three weeks earlier, in fact, according to the ministry, 290.000 certificates had been issued, of which 140,000 in Île-de-France and 43,000 in the department of Isère.
Specifically, this certificate, which is symbolized by thumbnails of the color, indicates the level of pollution of vehicles and can classify these into six categories, according to their emissions of pollutants. This classification is based on the european standard – a standard “Euro” – which was in effect at the time of their circulation.
” Pollution: Royal calls for “the revolution in clean transport”
Source: department of Ecology
“All highway vehicles are concerned: two wheels, three wheelers, quadricycles, motor vehicles, utilities, heavy vehicles, including buses and coaches”, one can read on the dedicated website. In Paris, cars and light commercial vehicles registered before January 1, 1997 ( petrol and diesel) as well as the motorized two-wheeler before June 1, 2000, are automatically banned because they do not meet the criteria for obtaining the thumbnail. The prohibition of movement applies, unless otherwise noted, Monday to Friday, from 8 hours to 20 hours.
For all motorists wishing to pass through Paris, the restricted areas of the metropolis of Grenoble or Lyon, the eco-pad should be stuck onto the windshield of the vehicle or the front of the powered two-wheeler. It costs 4,18 euros. This price, which is payable online, covers the costs of manufacturing and shipping. This device will also enable the prefectures, in the case of a peak pollution, enforce traffic restrictions depending on the emission level of the vehicles and not only by alternating the license plates of odd and even.
note that sanctions are foreseen in case of absence of thumbnail Crit’Air: a fine fixed according to the different types of vehicles. 135 euros for heavy goods vehicles and buses (the equivalent of a contravention of the 4th class), and € 68 for cars and other vehicles (violation of the 3rd class). “If the fine is not settled within a period of 45 days it is increased to 180 euros for the 3rd class and € 375 for the 4th class,” warns the administration.
” Ségolène Royal would like a ban of diesel in France
The conglomerate japanese, the u.s. subsidiary Westinghouse Electric, is in danger of more than $ 2 billion of penalties, has an urgent need for money.
World | • updated | By Jean-Michel Bezat
has Already been weakened by the revelations on to an overestimation of the profits of 1.2 billion euros and a restructuring is severe in several areas (PC, semi-conductors, home appliances, medical…), Toshiba is facing a new crisis in the nuclear power this time.
The industrial conglomerate of japan has announced, Tuesday, December 27, that he will probably have to sign up ” several billion dollars “ of write-downs of assets on its nuclear activity u.s. – which will have a very negative effect on its results of 2016-2017.
The announcement led to a fall of 20,42 % of his action to the Tokyo stock Exchange Wednesday, after a decline of 12 % the day before. Threatened by a liquidity crisis in the coming months, the group nippon has once again been degraded by the rating agencies Standard & Poor’s, Moody’s and the japanese R&I, who have been placed under surveillance.
also Read : Toshiba group plunged back into the storm
very expensive equipment
Named in June the CEO of a company in the midst of a crisis, Satoshi Tsunakawa has recognized that its subsidiary Westinghouse Electric had underestimated the risks during the acquisition of the services company CB&I Stone & Webster, active on the construction sites of nuclear power plants (engineering, project management, environment…). the ” We had considered at the time that the benefits of the redemption were considered to outweigh the risks “, he explained during a press conference. After a thorough study of these, Toshiba has realized his mistake. the ” This re-evaluation has been too late, “, ” said the boss.
In fact, Westinghouse, and therefore its parent company Toshiba, might have to pay more than $ 2 billion (1.9 billion euros) in penalties for delays of several years and additional costs of several billion on the building of four reactors of the third generation AP1000 constructed in the States of South Carolina and Georgia.
These equipments are very costly in an environment where the overproduction of shale gas, a cheap resource, increasingly used to generate power, has reduced the price of electricity. The cost of nuclear power has also increased with the strengthening of the safety of nuclear installations after the Fukushima disaster in march 2011.
strong competition
The crisis is so serious that Mr. Tsunakawa does not preclude review of the place of the nuclear activity :
” at the present time, we have taken no decision, but, in the future, it is a possibility. I say this without a concrete plan. “
Toshiba-Westinghouse is in competition with EDF-Areva, russia’s Rosatom, the consortium General Electric-Hitachi and his compatriot Mitsubishi Heavy Industries. Not to mention the chinese CGN and CNNC, more and more enterprising on the market of nuclear power plants and the nuclear fuel cycle.
also Read : The battle of the nuclear plays in Uk
Toshiba is still a diverse group (semiconductors, flash memories, robots, elevators…) and could benefit from the inflation of the dollar against the yen. But he had to lay off 10 percent of its workforce since 2015 and could go as far as to assign a portion of its activity in the flash memory.
” A loss of several billion dollars, although partially offset by better results in other activities, will raise fears over the capital of the group “, prevent Yutaka Ban, and Kentaro Harada, analysts from SMBC Nikko, not excluding ” the risk for short-term cash “. This venerable company, founded at the end of the XIXe century, is going to have to regain the trust of investors made wary by the revelations about the accounting manipulation discoveries in 2015.
Seal costs have not been properly evaluated on the construction of reactors in the United States the nuclear business to Toshiba in ruin a year of effort to erase a disastrous scandal accounting ( AFP/Archives / TORU YAMANAKA )
Seal costs have not been properly evaluated on the construction of reactors in the United States the nuclear business to Toshiba in ruin a year of effort to erase a disastrous scandal accounting ( AFP/Archives / TORU YAMANAKA )
Monday morning, a spokesman for Toshiba cancels suddenly an interview with the boss provided on the same day, without giving the slightest reason.
The next day, everyone understands. The group announces what is for him the worst news of the year: the risk of massive losses, quantified in billions of dollars, related to its nuclear activity in the United States.
in fact, if Toshiba has built the facilities for the production of electricity among its pillars of activity, to the side of the flash memories in particular, the direction has never ceased to wonder about the fate of the party of nuclear power.
a year ago, the previous acting president and CEO, Masashi Muromachi, said to the press “and think of a partnership in the field of nuclear energy in Japan”, sector a rough ride since the accident in Fukushima in march 2011.
The disaster has put a dent in the strategy of Toshiba in the archipelago, where he could not expect orders for new units in the short term.
- 45 new reactors expected -
so far, the group remained optimistic for the stranger, where he is double, under its own brand name, and with Westinghouse, a u.s. company that it has redeemed in several times, up to up to more than 80% of the capital.
Satoshi Tsunakawa, CEO of Toshiba, at a conference dde press in Tokyo, on 27 December 2016 ( AFP / Kazuhiro NOGI )
The current boss, Satoshi Tsunakawa, met in a small committee in June, indicated that the hope for the group “build 45 nuclear reactors in the next 15 years to come (including eight already ordered), because of the need to reduce CO2 emissions and the energy needs of emerging countries.”
Toshiba has been good to have drawn an attractive profile for Westinghouse, he was never able to find a buyer for the minority stake it wanted to sell.
And in the past year, the group has left its wholly put the hand on the CB&I Stone & Webster (S&W) to take complete control of nuclear projects in the United States. From the start, Westinghouse was expected impairments, but these were valued at only $ 870 million dollars.
In question, the costs of construction of the four units in Georgia and South Carolina, projects awarded in 2008 to Westinghouse but which CB&I Stone & Wester (S&W) was also part of a consortium. Then, Westinghouse has entrusted to you in January last a part of the work to a subcontractor, the company Fluor Corporation.
- Restructuring inevitable ? -
Las, as explained in a note the brokerage firm SMBC Nikko, later, as a result of changes due to security measures, more stringent requirements since the Fukushima accident, “Fluor has served on the Westinghouse an increase in the costs of construction of these nuclear reactors. Westinghouse has reported these items to Toshiba at the beginning of December”.
even Before having the evidence of Fluor, Westinghouse was already in open conflict with Chicago Bridge & Iron, the seller of S&W, who he accuses of having minimized the actual expenses of these projects. The case was brought to court by Chicago Bridge & Iron who pleads his good faith.
Toshiba was left dangling in November of the annual results much better than expected ( AFP/Archives / Behrouz MEHRI )
This confusion is a new blow, in the Stock market and in the eyes of the public in the least ruin in three days all the efforts made by Toshiba for a year to forget a resounding scandal accounting irregularities revealed in mid-2015. He had even left dangling in the November annual results much better than expected.
“The group will not escape a restructuring of its nuclear business”, contrasted sharply Thursday, a critical article in the Nikkei.
The patron, whose optimistic tone has disappeared, has also hinted himself on Tuesday during a press conference that could be a review of the strategic place awarded today at the nuclear power: “at the present time, we have not yet made a decision, but in the future it is a possibility.”
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