Personal Finance News & Advice

The luxury group PPR has formalized the appointment Wednesday of Hedi Slimane as creative director of fashion house Yves Saint Laurent, Stefano Pilati where it will replace, standing ovation Monday when presenting his latest collection of scratched e YSL.

Hedi Slimane and found the house in which he led the men's fashion from 1997 to 2000, before knowing the glory at Dior.

The designer will now assume responsibility for the overall artistic YSL brand and all its collections, PPR said in a statement.

Along with these new features, Hedi Slimane continues his photographic career.

Stefano Pilati was artistic director of Yves Saint Laurent since 2004.

Like all luxury brands, YSL has signed a particularly brilliant year 2011. Its sales have taken off from 31% to 353.7 million euros and operating profit quadrupled to 41 million euros.

As with many other brands, profitability was driven by the success of its leather goods, more profitable than the loan-to-wear.

Contracts held for less than 8 years will be subject to the schedule of income tax, which varies from 5.5% to 14%, 30% or 41% currently as tax brackets, even 45% and 75 % if the PS introduced two additional rate. Only new contracts will be affected. The PS candidate for president, Francois Hollande, said Monday night on TF1's intention to tax at 75% rvenus greater than one million euros per year.

Francois Hollande has no plans to change the terms of taxation of life insurance contracts held for more than eight years, said Thursday told AFP Michel Sapin, in charge of the presidential project of the socialist candidate for president . "Francois Hollande is keen to apply the principle of fair taxation is that capital income should be taxed as labor income," said Michel Sapin.  

"But this principle must be adapted to the specificity of each individual investment and savings tools. Regarding life insurance, it seems legitimate when that savings tool is used for short term – less than 8 years – that the principle is implemented in full, "he said. In other words, that the interests of these investments are subject to the schedule of income tax, which varies from 5.5% to 14%, 30% or 41% depending on the current tax brackets, even 45% and 75% if the PS introduced two additional rate. This would only affect new contracts, said Michel Sapin.

Currently, investors have every incentive to keep their life insurance contract for at least 8 years holding period from which the taxation of this investment is softer at 7.5%. Withdraw before four years of detention is accompanied by a tax of 35%, which drops to 15% between 4 and 8 years. "Beyond 8 years, this is a long-term savings, which is useful in many French and helpful in financing the French economy, and given this fact, Francois Hollande is not proposing changing taxation methods, "said Michel Sapin.

That is to say that beyond eight years of detention, interest will continue to be taxed at 7.5% for all taxable persons and that the abatement (4,600 euros per person) will be retained . These statements contradict those made Tuesday by Michel Sapin in a newspaper article on the internet latribune.fr. The member of the Indre indicated there while "life insurance is subject to the scale of income tax" without differentiating between short and long term. "We do not expect to maintain reductions exempting the result of these investments", he had continued

. These words, synonymous with hardening of the taxation of life insurance, had been badly received by the insurers, who saw an attack on this placement adopted by 17 million French households. The socialist candidate also wants "the share of saving life dedicated to business financing is increased," said Michel Sapin. "The purpose of Francois Hollande is that the proportion be increased in order to mobilize more savings in support of this re-industrialization and for development of SMEs and SMIs," and that "in connection with the professionals life insurance, "he said.

Wall Street opened higher Monday after the vote of austerity measures by the Greek Parliament, investors wanting to believe that this new step will move towards a resolution of the debt crisis in Greece.

In early trade, the Dow Jones gained 0.48% (61.76 points) to 12,862.99 points. The Standard & Poor's, which was accused last week its first weekly decline in six weeks, is 0.64% (8.65 points) to 1,351.29 points while the Nasdaq composite advance 0.81% (23.57 points) to 2,927.45.

"There was a little apprehensive but the fact is that (the Greek plan) was approved and it has clarified many things to contracts involving the risk that Greece represents for them, "Justice Peter Kenny, managing director of Knight Capital.

Side values, as Apple has climbed above $ 500 at the opening (1.65%), reaching a new record. 

The group has stepped up to the apple its offensive Monday against Samsung Electronics in the patent war between them, by attacking the Nexus range of smartphones equipped with the latest version of Android, the operating system from Google.

The Chairman of the Consob Giuseppe Vegas reaffirmed Wednesday that as of Thursday, the ban on naked short sales would be extended to all classes of shares.

At the beginning of November, Constable Italian Stock Exchange announced a ban on naked short sales of all equity markets regulated to reduce market volatility, a decision to take effect from 1 December at midnight.

In an interview published Wednesday by the newspaper La Repubblica, Giuseppe Vegas has also discussed the requirements of the European Banking Authority (EBA) relating to the recovery bond and that he would ask the Bank of Italy to raise the issue at European level

The new EU regulation that requires banks to value sovereign debt in their accounts at market value may cause a new credit crunch that could cripple the economy of Italy, said the president of the Italian stock market authority .

"In Italy, there are fears on banks. The money does not circulate. The main risk is the development of a credit crisis."

"In this scenario, the risk that a bank collapse is secondary.

The rating agency lowered the rating of the country by one notch to "AA +" to "AA". It could further deteriorate in the future. Outgoing Prime Minister of Belgium Yves Leterme, the ordinary business since April 2010

Belgium was sanctioned Friday by the rating agency Standard and Poor's, because of its debt and therefore the political crisis through which it passes for over 500 days and paralyzing currently discussing the formation of the next budget. The rating agency lowered the rating of the Kingdom by one notch to "AA +" to "AA". It could further deteriorate in the future.

Reacting immediately, the Prime Minister Yves Leterme current affairs said that the decision was "naturally bad news," before launching an appeal to political parties to reach agreement within 48 hours on the budget.The country's leaders also face pressure from the European Commission threatening Belgium with a fine of 700 million euros if a tight budget is not completed by mid-December.

Continuing difficulties in the financial sector

It is this urgency and the lack of credibility of the country has pointed Standard & Poor's lowering the rating of the kingdom. Involved: "difficulties in the financial sector" which may require greater support by the government which would increase the already high debt of the country and especially the context of "political uncertainty" that continues to affect the credibility of Belgium as a borrower.

On the occasion of the International Forum of Culture of Avignon, the company publishes Tera Consultant on Thursday a report claiming that a city that invests 0.7% of GDP per capita in the culture can hope to gain in return for 9% of the same GDP per capita. The Palais des Papes in Avignon

The International Forum for Culture Avignon began Thursday. On this occasion, the society of economic expertise and strategic Tera Consultant, in partnership with consulting firm Kurt Solomon, published a report on the impact of spending on culture of cities, based on criteria such as the migration rate, the number of visitors, the number of cultural sites of all types (including universities) and the share of cultural spending in GDP, studied in 47 cities on 21 countries.

Spending on culture of the cities studied are, on average, 0.7% of GDP per capita.

The discussions between political leaders around the Greek Prime Minister-designate were completed Thursday night with no announcement on the composition of the future government, officials said an official with the outgoing government.

The new coalition government headed by Lucas Papademos must be invested to Friday 12:00 GMT.

Representatives of PASOK (Socialists), New Democracy (conservative) and LAOS (far right) attended the meeting Thursday night. They left the office of prime minister without making any announcement.

"The first meeting of party representatives with Mr.Papademos is over, "he told reporters a government official who requested anonymity.

He added that discussions would continue but it is unclear when the composition of government will be officially announced.

PASOK and New Democracy of the two main countries agreed on a coalition agreement to try to prevent Greece from bankruptcy.

The forecast of zero growth of the French economy in the fourth quarter by the Banque de France confirms a slowdown sustainable activity that weakens the hypothesis government and increases the likelihood of a new austerity plan next year.

The forecast released Wednesday, in line with that issued by INSEE in October, comes two days after the announcement of a second austerity plan in less than three months and a G20 summit haunted by the specter of a recession.

Weak growth, zero or negative, means that tax revenues will be lower than expected and higher spending, the financial statements being greater demand.The French economy grew by 0.9% in the first quarter and was flat in the second.

The Institute of Statistics said in October forecast growth of 0.3% in the third quarter and a stagnation in the fourth, according to the assumptions that should enable it to achieve the government forecast for 2011 (1.75%).

ECONOMY TO START OFF 2012

But the achievements of growth for 2012 would be only 0.2%, six times less than at the end of 2010, and it would be even lower if growth in the third quarter was only 0.1% as the has provided the Bank of France.

The parties of the coalition of Angela Merkel announced Sunday night tax breaks 6 billion euros in 2013 and 2014. The opposition considers these tax cuts are incompatible with the objective of reducing debt. German Chancellor Angela Merkel and Minister of Economy Rainer Bruederle at the energy conference in Berlin on March 22

German opposition parties have rejected Monday plans tax relief presented Sunday by the ruling coalition, they are able to derail the upper house of parliament, the Bundesrat, where they predominate. "I can not imagine a majority for the proposals that form the Bundesrat," said Jürgen Trittin, one of the leaders of the Green Party, "it would be very surprised."

Greek Prime Minister George Papandreou won the vote of confidence from Parliament. It is currently negotiating with the President of the Republic to establish a new coalition government he will lead probably not. Greek Prime Minister George Papandreou (right) won the vote of confidence from Parliament Friday, November 4th by 153 votes out of 298 votes.

Greek Prime Minister George Papandreou won Saturday early morning the confidence of parliament after a week of psychodrama in the euro area, paving the way for the preparation of a coalition government, he will not probably not.George Papandreou, who received 153 votes out of 298 votes cast, was far from certain to survive the ordeal after the crisis that started in his own Socialist Party triggered by his attempt to impose a referendum to validate the European Plan aid to Greece.

"Saturday (noon), I will visit the President of the Republic so that we reach agreement on the composition of a consensus government and even of who will direct it," he said in parliament . Paradoxically, the vote of confidence should allow it to go head up, after the panic created earlier this week on global financial markets with its announcement of the referendum and the anger of the country's creditors who curtly summoned for threatening cut off the country.

"I never saw politics as a profession," said Mr.