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Caisse des Depots (CDC) has designated Monday's Deputy Director General Antoine Gosset-Grainville for the interim Augustin de Romanet until the e presidential election.

The mandate of Augustin de Romanet, CEO of the public institution since 2007, expires on March 7. President Nicolas Sarkozy had warned earlier this year that he would take no appointment as head of public institutions play a vital role in economic and social policy of the government before the presidential election of April-May

"Augustin de Romanet today informed its Executive Committee and staff of the Deposit of its decision to designate Antoine Gosset-Grainville, Deputy Director General of the Deposit, as director and acting in the absence or incapacity of the CEO, "says the CDC said in a statement. 

Appointed general manager of the Deposit by Jacques Chirac two months before he left the Elysee, Augustine had said in early January Romanet be candidate to succeed himself. Under its mandate, with the financial crisis, the Deposit has intervened on many fronts, including participation in the rescue and the dismantling of Dexia or bailout of insurer Groupama.

The name of the secretary general of the Elysee, Xavier Musca, circulated as a possible contender for the post of CEO of the CDC.

Augustin de Romanet denied on Sunday evening as a candidate or being approached in the event of a replacement for Mr. Frérot at the head of Veolia Environnement.

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The levy of tax on the payroll, reform often cited in France, no advantage, the Council believes the tax burden. Explanations. The fight against tax evasion has allowed the state to recover 16 billion euros in 2010

The levy of tax at source (on payslip) exists in many countries (Germany, Spain, USA, UK, etc..). In France it's a bit of Arles: often mentioned, defended by many supporters, the reform has never been implemented and taxpayers continue to pay tax on income in a timely manner and shifted by a years. Francois Hollande envisioned as an outcome of its fiscal revolution, before abandoning it.  

The levy of income tax at source has three advantages in theory: the employee has a better vision of what he actually earns (net income after tax), it lowers collection costs for administration tax (third-party payers, most companies are much less likely than individuals) and it improves the collection of taxes (making more complex optimization and tax evasion).

But it also has disadvantages. In addition to the difficulty in managing the transition year – in particular limiting behavior of tax evasion – the levy would involve considerable cost to the companies in charge of collecting taxes, the Council believes the tax burden (CPO , attached to the Court of Auditors) in a report released today. This cost could reach 2 billion euros per year. The risk that the bosses decide wages or layoffs, based on tax rates for their employees should not be underestimated, particularly in SMEs, says the CPO. Besides the companies would have to tax data, so confidential, on their employees.

Bridge the gap between perception and the taxation of income

"The balance between the advantages and disadvantages does not justify such a shift in the current state," said Didier Migaud, First President of the Court of Auditors, in an interview with Les Echos on Thursday. He said some of the arguments for withholding have "aged". The "relationship between the tax authorities and taxpayers have been modernized," argues Didier Migaud. The CPO. First, because nearly half of the taxes levied in France are now instantly (CSG, taxes on capital income, etc..).  

Secondly because the reporting of income (pre-filled since 2006) and the tax payment (monthly payments, direct debit) are now much more automatic. The idea that the withholding tax would simplify life for taxpayers is obsolete. The tax collection is, itself, become much more efficient: the recovery rate is 99% or as much as in countries that levy the tax at source, as the CPO.

However, the CPO grade, this measure can be considered, but as part of a comprehensive tax reform and deep income taxation. That is to say, provided it is carried in advance to a simplification of massive income tax (abolition of tax loopholes, end the family income, etc..). And meanwhile, the CPO suggested deleting the one-year lag between perception and the taxation of income, especially for 40% of taxpayers who see their revenues decline one year and must wait until next year to see their tax decline.

The pan-European Stoxx 600 index is expected to grow about 4% from its current level and the end of next year, a growth limited by fears about the financial situation of Europe and the United States, according to a Reuters poll published Thursday.

The quarterly survey of more than 40 analysts and fund managers over the past week shows that the index comprising the 600 major European cap should come out to 250 points at the end of December 2012, against 240.08 points at the close on Wednesday and 265 , 25 points late July summer before his fall (-15% in August and September).

"The factors (rebound, Ed) largely concern the ability of the industrial states to bring order into their finances, whether it's debt management or the needed balance between spending and revenues "said Christian Jimenez, president of Blue Diamond Management.

"So the emergence of a new method for solving the debt crisis which should allow the return of confidence.

Member States of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the matter.

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

"France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against," said one source.

"(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism).

The Tokyo Stock Exchange ended down 1.27% Tuesday as investors fearing a deterioration in the European debt crisis when approaching a crucial parliamentary vote in Italy.

The Nikkei lost 111.58 points to 8,655.51 and the Topix, larger yielded 12.42 points (1.66%) to 738.03.

Title Olympus plunged 29%, the group acknowledged having made M & A loans to cover losses on investments in stock dating from 1980.

The accumulation of incidents at NYSE Euronext since June annoying and worrying more and more investors, who do not hesitate to use alternative trading platforms to carry out their transactions.

The transatlantic exchange operator in Europe has undergone eight technical issues between June and October, resulting in the suspension of publication of its indices, including the CAC 40 stock market delayed opening, or cancellation of certain transactions.

These technical problems are partly the result of significant changes made in the information systems of NYSE Euronext, and the large volumes of transactions processed (50 to 100 million transactions a day).

"We may take a very large number of precautions in terms of development and testing prior to the start of production of new systems when we change information systems – which are extremely sophisticated – we are increasing the risk of incidents have "Fabrice told Reuters Peress, head of market operations at NYSE Euronext European cash.

However, the panel of European regulators, with which NYSE Euronext talks every month, closely following the problems encountered by the exchange operator should be able to cope, stress analysts.

Consequently, some investors are tempted to work with alternative trading platforms such as MTF (Multilateral Trading Facility).

"Incidents of NYSE Euronext, is detrimental to them because they are not able to quote when you want to place an order, customers will go elsewhere," said Frédéric Jamet, Managing Director at State Street Global Advisors France.

Since the beginning of the year, platforms like Turquoise, Bats and Chi-X have continued to take market share from traditional stock exchange operators in Europe.

The Swiss pharmaceutical group Novartis announced Tuesday the elimination of 2,000 jobs at the group level and a series of measures designed to absorb the price pressure.

These reductions, announced in conjunction with the release of third quarter results will speak mainly in Switzerland and the United States, and will be offset by the creation of 700 jobs in low cost countries and other countries, Novartis said in a statement.

The group also plans to close two locations in Switzerland and Italy. Part of the research will also be transferred from Switzerland to the United States.

For the third quarter, Novartis presented figures in line with market expectations.Revenues totaled 14.8 billion francs (12 billion), up 18% in dollars and 12% at constant exchange rates.

Net income rose to 2.49 billion francs, an increase of 7% a year in dollars and 15% at constant exchange rates.

Analysts polled by Reuters on average expected a turnover of 14.86 billion francs and a net profit of 2.84 billion.

At 9:25, the title yielded 1.64% to 50.95 francs, while the European Health Index fell back 0.4%.

The eviction of Pierre-Henri Gourgeon the CEO of Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in red and a controversial management of the disaster Rio-Paris flight.

The second European airline in terms of sales has also confirmed the appointment of Alexander Juniac, former chief of staff Christine Lagarde, the newly created position of CEO of the national carrier Air France, and so set to resume eventually lead the group.

The arrival of this 48 year old technocrat had been widely anticipated, unlike the departure of Pierre-Henri Gourgeon, whose mandate was renewed for four years ago three months ago.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that. However, it is rather good news for Pierre-Henri Gourgeon has not really good news to analysts, "said one analyst who requested anonymity.

Jean-Cyril Spinetta, who finds his chair as CEO, will be Deputy CEO Leo van Wijk, the current vice-president of the group, while Philippe Calavia remains chief financial officer.They will provide strategic coordination group to the holding of a genuine Air France-KLM, postponed from early 2012 to current 2013.

"The goal is to improve the operational and financial performance of the group in a context marked by economic uncertainty, their impact on European air transport and the situation of Air France face of increased competition from new players "the company said in a statement.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, had retained the presidency alone.

AIR FRANCE-KLM TROLLING

Stock Exchange on Monday welcomed the prospect of change to an increase of the share of Air France-KLM 1.43% to 5.606 euros, giving a market capitalization of 1.7 billion, against the market trend in Paris.But it remains down 59% since the beginning of the year, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and Iberia.

Pierre-Henri Gourgeon and pays the price for its management of the company, which the French state owns 15.7% of the capital, considered too indebted, too slow to react and too wasteful, including labor costs well above those of its competitors.

The group, which now hold their exercises on the calendar year, merely to predict the end of July a positive operating result in 2011, when he had to exceed 28 million before the year 2010 on a comparable basis.

"It is believed that the duo should be able Juniac-Spinetta implement the measures necessary for the restructuring of the company that Gourgeon should have realized for several years," said another analyst.

"Two caveats, however, do this a few months before the presidential election seems a bit difficult in a society as symbolic Air France.Then, the decision appears to have been in a hurry, it will therefore take time before we truly know the new organization of the company. "

Even before the official announcement, the CFDT, which denounced the months of "rumors, calculations and combinations" between the leaders of the group, said he filed a "social watch" kind of notice of strike to get quick answers to questions employees and a clear strategy.

"We need a flight plan coherent economic and social level," he told Reuters Gilles Nicoli, secretary general of the CFDT Air France."It should not be the result of this reorganization is to delay the action plan."

Another delicate matter left to the new tandem: the catastrophe of Rio-Paris flight in June 2009. The third serious accident suffered by Air France in ten years has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and analysts (BEA).

The G20 said Saturday that the next EU summit on October 23 would present a comprehensive plan that can make a "robust response" to the crisis in the euro area.

Gathered in Paris last Friday, finance ministers and central bankers from the G20 also reported progress in the definition of an action plan for coordinated policies to address the current crisis and strengthen global growth.

In a statement, they indicated that this plan will be discussed at the upcoming G20 summit in Cannes in early November, provided by the advanced countries the implementation of policies to promote domestic demand for those who are in surplus and the savings for those with large current account deficits.

Emerging powers in turn adjust their macroeconomic policies "to maintain the growth momentum to face downside risks," those who are in surplus pledging to accelerate "the implementation of structural reforms to rebalance the asked to give more room for domestic consumption. "

They will continue their parallel efforts "to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals."

He came in first, but he can not win without the votes of the champion of de-globalization … It is not in the field of economics that François Hollande will look for the voters of Arnaud Montebourg. But where, then? François Hollande at a rally in Rennes on 27 september 2011.

Article published previously in The Express. Fr

With 17% in the first round, Arnaud Montebourg is a huge problem with François Hollande. Topped, but with only 39% of the vote, it has very little reserve of votes for the second round. Manuel Valls support does not weigh enough to allow him to cross 50%. Worse, it might even seem like a poisoned chalice left facing a party Francois Hollande is imperative that court to win his match against an Martine Aubry to Montebourg that voters are supposed to go more naturally.The countdown has started to find the magic formula that allows to do the splits. In Dutch, and long, it's called the art of synthesis.

"We know that 25% of PS is in favor of an interventionist left, says a close friend of François Hollande. There was simply a transfer of voice Segolene Royal to Arnaud Montebourg and it does not change the economic position of Holland". On the prohibition of dismissals stock, the golden rule or the how to deal with banks, differences between the two candidates, at least in discourse, are indeed very important. And François Hollande, no question of becoming, overnight, a defender of the de-globalization. It's not the economy that will dredge the voters Arnaud Montebourg, but on morality in politics, where Guerin gives him an advantage over Martine Aubry, or Europe.

Some, however, want to believe that the economic positions are not all as far as it seems. As says economist Elie Cohen, a member of the Council of Economic Analysis and writes notes to François Hollande, "when you scratch behind the concept of de-globalization, which defends Montebourg is the need of the reindustrialise countries and to fight against relocation. He often cites the case of South Korea. This can be an interesting ". In the second debate of the primary, Holland had also argued, like the others, for state support to industry. But not financial support, rather the definition of an enabling legislative framework. Without giving details. This is also where the problem lies with François Hollande, who has favored a few guiding ideas without necessarily deepening."On many issues, he will be forced to be more precise, it says in his entourage. François did not shoot down all his cards at once, but he has no choice."

It will include further justified on the contract generation, a cornerstone of its commitment to youth, which was strongly criticized by Martine Aubry. Exemption from the companies that hire young people without being separated from their seniors, the mayor of Lille does not. She prefers the 300,000 jobs of the future, a move that raises the youth employment in 1997 and has scope to include the project within the PS. François Hollande, who do not believe, there is resignation, but wants the book to young people. Guardian of the PS project, Martine Aubry will not fail to criticize the liberties taken by the Netherlands over a series of proposals which it has acceded and which, he recently recalled, "the hire".