Economic Analysis and Indicators

Prime Minister Pedro Passos Coelho, announces a "special contribution" on wages. "The government is preparing to adopt the extraordinary nature of a special contribution to fiscal adjustment, which will include all income subject to income tax," said the Portuguese Prime Minister Pedro Passos Coelho.

The new Portuguese government decided to take this year a "special contribution" equal to 50% of the 14th month on all income above the minimum wage, said Thursday the Prime Minister Pedro Passos Coelho.

"The government is preparing to adopt the extraordinary nature of a special contribution to fiscal adjustment, which will include all income subject to income tax," he said when opening the parliamentary debate on the government's agenda."This measure, whose technical details are still to conclude, will be presented over the next two weeks. But I can argue that the temporary tax exemption would have a weight equal to 50% of the Christmas bonus" for the wages above the minimum wage, he said.

"The state Public Accounts forces me to ask for more sacrifices from the Portuguese," said Mr Passos Coelho in his first speech to parliament since its victory in parliamentary elections on June 5

In early May, the main Portuguese parties were committed to the European Union and the International Monetary Fund to implement a program requiring discipline and reforms over three years in exchange for a loan of 78 billion euros . The plan must allow international aid to Portugal to reduce its public deficit of 9.1% of GDP in 2010 to 5.9% this year and 3% in 2013.In late March, the budget deficit was still over-year to 8.7% of GDP, according to preliminary data released Wednesday by the National Institute of Statistics.

In the text of the government program submitted Tuesday to Parliament, which will be debated until Friday, the new government promises to be "more ambitious" than the bailout plan for international fiscal consolidation.

The French proposal to restructure the Greek debt includes two options for bond holders in the period between July 2011 and June 2014, according to a draft of which Reuters has read Tuesday.

A first choice provides funding to 30 years for Greece.In this case, participants would invest in new Greek government bonds at least 70% of the principal they would have received in repayment of their securities maturing.

The new titles have a duration of 30 years and includes coverage via a specialized structure (SPV) "with bonds as collateral to zero coupon purchased from one or more states, supranational institutions and European agencies, AAA."

The second option provided by the plan participants invest a minimum of 90% – a rate of 100% is desired – the amount they would receive in new obligations of the Greek state with a maturity of five years and with a 5.5% interest, it is written on the document, dated June 24

The draft specifies that if the plan can be endorsed, the rating agencies will ensure that will not return to a default for bonds issued by the Greek state, present or future.

Ucar group, specializing in car rentals at low prices, announced Monday a proposed initial public offering to accelerate its development.

Ucar, which plans to sell 332,065 existing shares and new at a price between 14.89 and 16.67 euros, this operation will remove 5.2 million based on a median price.

Today, the market for car rentals only affects 6.7% of the French population, said Ucar, who hopes to win new customers with prices tightened.

Founded in 2000, the group, whose quotation is provided on Alternext, currently has a fleet of approximately 7,000 vehicles and a network of 213 outlets.

The offer, which opened Monday, will end July 5 at 17:00.The securities will be traded from July 12.

Ucar, which has 10 million of equity, last year generated a net profit of 0.38 million euros.

In 2010, the cumulative business volume was $ 71.2 million, including EUR 44.1 million to consolidated revenue and 27.1 million for the associated networks.

The prospects of the operation was targeted Friday by the Financial Markets Authority (AMF).

Daimler and Rolls-Royce now hold 94% stake in diesel engine manufacturers Tognum, after raising them last month bid.

Daimler, which owned Tognum until its sale in 2005, said Friday he expected the cash settlement of the transaction in the third quarter, after the green light by competition authorities.

With Tognum, which manufactures engines for ships and military equipment, Daimler and Rolls-Royce and want to enjoy a market segment growing, estimated at more than $ 40 billion per year (28 billion) and offering better margins than the automotive sector.

Bernard Laporte is at the heart of a new controversy with the real buyer false Canadian French stage. This is not the first setback in business for the former coach of the XV of France. Back on the most sensational cases. Bernard Laporte is associated with the Canadian Foundation FACEM, candidate for the resumption of the French stage, in "Rugby developments." The case of the Casino of Arcachon

In fall 2007, when Bernard Laporte was appointed Secretary of State for Sport in the Fillon government, Team published revelations about court cases that threaten the former coach of France's rugby. First case, the Casino of Arcachon. Since March 2007, a complaint for "favoritism" and "attempted extortion of capital" weighs on the former coach of the XV of France.Frédérique Ruggieri, owner of the casino Gujan-Mestras, near Arcachon claims that the former coach of the XV of France would have suggested, during the summer of 2005, it speed up the process of opening its facility in exchange 50% of the shares of the casino.

Bernard Laporte would have ensured that he could intervene with Nicolas Sarkozy, then interior minister and guardian of the casinos to get administrative permission to open the facility. Different story on the side of the former Secretary of State for Sports. He claims that this was pure "déconnade" and said in an interview to L'Equipe, that it was she who had asked to get a meeting with Nicolas Sarkozy. But, Frédérique Ruggieri does not swerve, she maintained her complaint, and multiplies the approaches to the courts, Court of Appeal and Supreme Court, for the instruction to proceed.Bernard Laporte is still within the scope of the charge of attempted extortion.

The issue of tax offenses

Second case, a tax investigation on the twenty companies which is associated with Bernard Laporte, restaurants, camping sites and casinos. Launched in 2006, this survey led to several raids that led to the discovery of violations in a cascade. The investigators, who have focused their investigations on the food chain Ole Bodega, show a "presumption of misappropriation of assets, concealment of income of institutions, artificially increase costs, double counting, the underground economy." And tax administration have also discovered a system of false invoices. Not to mention the "Accounting may constitute criminal acts, abuse of company assets, forgery of trade."And former coach of the France team is specifically suspected of having made "taking" in the box. What should be added to the suspicions of tax evasion facing the couple Laporte who invested in the tax haven of St. Martin are two times higher than revenues reported in France. What stir the curiosity of more taxes. Meanwhile, Bernard Laporte, "conscience," said that "there is no investigation. There's just one company which is controlled as it happens all the time." The investigation report of the tax administration is still being evaluated at Bercy.

The real estate shenanigans

In early 2009, new legal worries batter Bernard Laporte. Here he is subject of a complaint for breach of confidence about the company-Tourism-Recreation Wellness (LTB) of which he is co-shareholder.This business of residential tourist accommodation uses private investors with their promise a return of 5%. After a year, the company president is landed, the first residence in jeopardy, and the company goes into liquidation a few months later. Private investors demanding 10 million euros invested. The game is sandwiched between the lawyers and complainants of LTB that threaten the founding partners of judicial prodedure heavy and damaging to their image. Moreover, the defrauded investors are quick to attack named Bernard Laporte, hoping to give more resonance to the case. And on the leaders of society, the game is to pay the designated official of the failure of the project. The risks Bernard Laporte, in this case would be limited.

Dutch conglomerate Philips launched Wednesday a warning on its second quarter earnings in two of its three key divisions and announced cost reductions imminent.

In a statement, said the group anticipates a gross operating profit (EBITDA) of € 50 million for its consumer electronics division and 85 million euros for its lighting division, showing in both cases a sharp decline compared to the first quarter and a year earlier.

After this warning, the title Philips opened down 9.6%.Around 7:20 GMT, the action was digging its losses, falling more than 11%.

The group expects a decline in sales of consumer electronics in the order of a few percent for the period from April to June and said that the demerger of its business television, announced in April, should also influence results.

For its lighting, Philips anticipates the second quarter of weak growth, a few percentage points, due to unfavorable market conditions, particularly in Europe.

The group said it will soon announce a plan to reduce costs.

World leader in the lighting and the first European producer of consumer electronics, Philips is also one of the three largest producers of medical equipment.

Only 34% of private sector employees see globalization as an opportunity for companies, according to a TNS Sofres.

Two thirds of employees in France regard globalization as a "threat" for employment and they prefer to address them first in more than 70%, solutions such as training, but 61% also advocate protectionist measures, according a TNS Sofres. When asked about their vision "global" of globalization, private sector employees have a very mixed opinion: 52% see it as "bad", against 48% who felt positive, the young being more numerous (60%) of this opinion, according to the survey conducted for the Advisory Council for Employment (COE), an organization to the Prime Minister.

When asked to choose between two proposals: globalization as a "threat to employment" or as "an opportunity for companies," employees choose two-thirds (66%) the first view, workers are more likely to notice (73%) as well as more than 40 years (71%). 34% see an opportunity with the opening of markets, managers are more likely to do so (52%). Two thirds (65%) of employees surveyed said that globalization has had no impact on their own jobs. Those affected believe overwhelmingly (78%) it slowed the growth of wages, productivity increased demand from the employer (71%).

As for effective measures against the negative effects of this economic opening, a large majority (80%) feel the need to develop new products under competition from abroad, improve the skills of employees through training (75%) establish a base universal social protection (74%), make investments to reduce production costs (73%), lower labor costs by reducing payroll taxes (71%). But a majority (61%) also offers "protectionism", workers are more likely to recommend them (67%).

"This is a range of solutions to be implemented to fight against the negative effects" of globalization, the AFP said the WCC president, Marie-Claire Carrere-Gee, who is organizing a symposium on this topic Tuesday."Employees have reason to believe that the right answers to the negative effects of globalization is, first of investments for growth" and "make more products that meet global demand." But, she recalls, "they do not, in majority, protection" because "we must stop being naive in international negotiations" and "fight for clearer rules and global regulation "particularly in the social and environmental.

The survey was conducted from April 21 to May 4 the internet from a representative sample of 1200 employees of private companies.

The main European financial centers have closed the session up with the prospects for resolving the crisis in Greece, but are not immune to a seventh consecutive week of decline.

The Paris CAC 40 index ended the session with a gain of 0.83% (31.43 points) to 3823.74 points.For the week, the index gained 0.49%.

In contrast, the European index FTSEurofirst 300, which took 0.21% to 1086.73 points on Friday, finishing the week on a weekly decline of 0.2%, registering its longest period of decline in three and a half years.

The London Stock Exchange finished up 0.28% to 5,714.94 points and Frankfurt gained 0.76% to 7164.05 points.

France and Germany have agreed on principles to guide a new rescue plan for Greece, including a private sector "on a voluntary basis."

Banks devices showed some of the best gains, the Reuters banking peripherals winning 5.8% and the index of European banking sector 1.53%.

The title Banca Popolare di Milano has jumped more than 12% at 1.7580 euro on reports that BNP Paribas (2.13%) had made an offer on the Italian bank.

Zodiac Aerospace noted Thursday its forecast of sales for its 2010-2011 fiscal year, now expects an increase of over 20% thanks to the resumption of the aviation industry.

The bodybuilder, who previously anticipated growth of 15-20% of its revenues – always excluding currency effects and acquisitions news – reaffirmed its goal statement in April, with an operating margin above 13% the year.

The group achieved a turnover of 2.024 billion euros over nine months (September-May), up 30.7%, 16.5% on organic, driven by its pole "Cabin Interiors" representing over half the total.

The action Zodiac, which soared Tuesday on renewed speculation about the character "competition to apply" the group closed down 2.38% to 54.51 euros on Thursday, giving a market capitalization of 3.04 billion. It sold 3% since the beginning of the year after a surge of 93% in 2010.

The Paris Bourse takes the path of decline in early trading Wednesday, weighed down by the lack of agreement on new aid to Greece after a meeting of the Eurogroup and the placing on negative watch three French banks by Moody's because of their exposure to Greek debt.

Around 09:15, the CAC 40, which was offered on Tuesday a technical rebound of 1.5%, declining from 0.46% to 3846.86 points.

BNP Paribas (-1.52%), Societe Generale (-1.38%) and Credit Agricole (-1.43%) have the largest declines the CAC 40 after Moody's decided to put their credit ratings under surveillance for a possible degradation due to their exposure to Greek debt.

Danone (1.23%) is ahead of the few increases in the CAC 40.Nomura is spent on the purchase value.

The lack of agreement on a new aid to Greece at the meeting of finance ministers from the euro zone also affects the European single currency.

The euro fell below $ 1.44 this morning and is trading around 1.4360 dollars against 1.4446 late Tuesday.

Other European markets are also down. London and Frankfurt yield 0.22% 0.38%. Of the European indices, the EuroStoxx 50 lost 0.5% and 0.14% Eurofirst 300.

A barrel of U.S. light crude was down 69 cents to 98.67 dollars.