BuSiNeSs NewS

The importance of tax losses and lower values of the members of the situation in light of the innovations introduced by the 2008

With the entry into force of the budget for 2008, the relevant legislation dating back to Legislative Decree 344/2003, the application of IRES, has undergone major changes with regard to depreciation and lower values of listed securities held in the conduct of business, becoming a fundamental distinction between entities that apply IAS / IFRS and entities which continue to apply national accounting standards. Hence the need to make a stock, from the rules subsequent to the aforementioned Decree No. 344/2003.

Framework after the entry into force of Decree No. 344/2003
The distinction between financial instruments constituting financial assets and financial instruments constitute current assets identified in the letters c), d) and e) of paragraph 1 of Article 85 of Tuir, is contained in the following third paragraph, which – before its amendment by ‘Article 1, paragraph 58, letter b) of Law 244/2007 – provided that, for the purposes of income tax, those values were not financial assets if they were not registered as such in the budget.
As a result of regulatory change, the general rule is that the goods referred to in letters c), d) and e) are financial assets if they are entered as such in the budget.
In short, what takes sole relevant for tax purposes is the mere formal criterion of inclusion in the budget as financial assets.

Non-deductibility of tax losses and lower values for shares and financial instruments similar to shares
With the entry into force of IRES in 2004, the general prohibition occurred – under the combined provisions of Articles 110, paragraph 1, letter d), 101, paragraph 2, and 94, paragraph 4, of Tuir – to include losses and lower values with significant tax on investments and financial instruments similar to shares, which represent financial assets or not, was partly offset by the provision – which in conjunction with Article 101, paragraph 2, and 94, paragraph 4, TUIR – the importance of tax losses recorded on bonds and similar securities which are financial assets and values of children enrolled on bonds and similar securities that are not financial assets.
No significant fiscal assumes the fact that taxpayers are subject to international accounting standards or not.

Tax deductibility of capital losses on bonds and other securities included in series or in mass
Under Article 101, paragraph 2, “for the valuation of assets listed in Article 85, paragraph 1, letter e), which are financial assets, the provisions of Article 94, but for the securities traded in Italian regulated markets and foreign capital losses are deductible to an extent not exceeding the difference between the tax value and recognized as determined by the price average for the last six months. ”
In turn, paragraph 4 of Article 94 of Tuir provides that the determination of the minimum value under Article 92, paragraph 5, shall be made in securities not traded on regulated markets, according to Article 9, paragraph 4 C), which provides that the normal value is determined by comparing the normal value of securities with similar characteristics traded on Italian regulated markets or foreign, failing that, under other elements can be determined objectively.
For the purposes of the exact identification of the goods being valued, Article 85, paragraph 1, letter e), refers to bonds and other securities in different series or mass

by the shares of equity, whether or not represented by certificates, the capital of companies and institutions mentioned in Article 73
financial instruments similar to actions under Article 44, issued by companies and institutions mentioned in Article 73.
It is not necessary that the bonds and other securities in series or mass fall between goods whose trade is the direct business activities.

From what has been said it follows that losses on bonds and other securities included in series or in mass become significant tax.
It also refers to Article 110, paragraph 1, letter c) of Tuir on capital gains on assets stated in Article 85, paragraph 1, letter e), which become significant tax. However, for goods which are financial assets, capital gains included not a component of income for the excess capital losses deducted.

Tax deductibility of child entries for bonds and other securities in series or in mass
For the evaluation of bonds and similar securities, which are not financial assets, paragraph 1 of Article 94 refers to the evaluation criteria in Article 92, except as provided in paragraphs.
Paragraph 4 of Article 94 states that the determination of the minimum value, under Article 92, paragraph 5, must be:

for securities traded on regulated markets, according to prices on the last day of the year or in accordance with the arithmetic average of prices recorded last month (does not apply in any case Article 109, paragraph 4, b) second period, repealed with effect from 1 January 2008)
for other securities, in accordance with Article 9, paragraph 4, letter c), which provides that the normal value is determined by comparing the normal value of securities with similar characteristics traded on Italian regulated markets or foreign, failing that, by other elements can be determined objectively.
The lower values entered on bonds and similar securities in series or in mass become significant tax.

In conclusion, the combined effect of the aforementioned Articles 85, 92, 94, 101 and 110 of Tuir, it follows that the criterion for the minimum value of bonds and similar securities which are financial assets differs from the method used to calculate the minimum value bonds and similar securities which are not only financial assets for securities traded on Italian regulated markets or foreign, by changing the reference time period (six months and last month).

Tax deductibility of child values and losses on financial instruments not listed similar actions
According to the letter) of the second paragraph of Article 44 of Tuir, are considered similar actions, securities and financial instruments whose remuneration is made “entirely” from participation in the economic performance of the issuing company or other companies belonging to the same group or the deal in relation to which the securities and financial instruments are issued.
Conversely, the 9th paragraph letter a) of Article 109 of Tuir provides non-deductible from business income of any kind of payment due on securities, financial instruments, however denominated, under Article 44, for share of it which directly or indirectly involve the participation to the economic performance of the issuing company or other companies within the same group or the deal in relation to which the securities were issued.

In light of that regulatory system, the tax regime applicable to securities stems from choices made by taxpayers.
Indeed, it is sufficient that the conditions governing the financial instrument providing for the remuneration is not “totally” from shared economic performance in order to escape from the participation exemption regime governed by Article 87 of Tuir.

The specific tax regime applicable then the forecast will depend on whether or not the conditions of issue, the risk of loss, even partial, the contribution, provided that specifically requested by the letter c) of the second paragraph of Article 44 of Tuir, for assimilation financial instrument to bonds:

for failure prediction of this risk, the financial instrument will be similar to bonds and, therefore, the resulting income will be subject to tax under Article 26, first paragraph, of Presidential Decree 600/1973 and Legislative Decree 239/1996
if estimates of risk, the financial instrument will be similar to atypical securities and the resulting income will be subject to tax under Article 5 of Decree 512/1983, converted into Law 649/1983.
However, if the underwriter of the securities carries on a business, will apply the general principle – enshrined in Article 81 of Tuir – absorption in the business income of all income regardless of its source. The competition will involve the training of business income of the said remuneration, subject to the application of withholding taxes under tax.

That said, check what happens if the company issues a hybrid financial instrument – that is similar actions or similar obligations, and therefore similar to atypical securities – and then bear operating losses, which go to zero intake made.
Since financial instrument “hybrid”, the question arises whether the same constitutes a capital contribution to society, ie a sort of “unusual contribution”, or reciprocal relationship is not participatory.
The consequences arising from the civil side tax classification are relevant.

If you were to configure a non-participating reciprocal relationship, the loss suffered by the company will be translated into pro-rata to the chief underwriter of the security, by reducing the company’s debt to the subscriber and the simultaneous detection of a windfall profits tax.
Conversely, where it constitutes a contribution to society, there is a real double deduction of the same losses: the first time in the company that has suffered a second time and head to the subscriber financial instrument, which undergoes an impairment of the same.

In addition, the fact that the loss of value of hybrid financial instrument may be relevant in the assessment of tax of the same at the end of the fiscal year, in this case the “write-down of hybrid financial instruments” (1).
Traceability of hybrid financial instruments under Article 85, first paragraph, letter e) of Tuir involves the applicability in toto to these financial instruments of the existing tax law obligations and similar securities, discussed above.

How to obtain independent financial advice?
First and ’should be stressed that the independence and’ yes’ a pre-requisite of a true professional performance, but alone does not guarantee its’ jurisdiction it ‘correct.

There are financial advisors who are not independent but are competent and correct, so ‘as there are independent financial advisers who are not sufficiently prepared and have no qualms in calling parcels that have no relation with the effective provision of services. It ‘important to stress this because’ the choice of a professional and ‘a very delicate operation that must be done carefully. Doing so may be extremely disappointed.

To date (after the succession of various laws and pending the implementation of an EU directive that is being enacted) anyone can ‘be defined independent investment advisor. Like any other consultant (image consultant, information technology, marketing, etc.. Etc.. Etc..), The independent investment and ‘a person undertaking the work (under Articles 2229 and following of the Civil Code) and makes provision of an intellectual nature. In legal terms, is said to have an obligation of means and not results. This means that the seller can not ‘be denied the result of his advice.

Even for this, and ‘essential that maximum attention be given to the choice of which professional to analyze your financial assets. The ADUC is pursuing several initiatives to ensure that ‘this figure may play a role in security for users such as doctor or accountant.
We are working also to build a network of independent financial planners throughout Italy that could provide an initial financial assistance given to avoid the pitfalls that the financial system creates continuously.

At present, and ‘the consultant should make a lot of questions before you choose one that makes your case. And ‘lunge must inquire about the type of professional service which is’ able to perform and the cost thereof. It ‘also important to ask about his training. Where is the professional who claims to have? In Italy, there are schools that are registered investment advisors or financial planners.

Each investment advisor, like any professional, has its special setting. There ‘who has a better focus’ attention tied to the movements of financial markets in the belief that one can anticipate, and there ‘most lenders’ attention to the design of capital (minimizing risks and costs and maximizing chance ‘to reach the financial targets in any market condition), in the belief that it is completely impossible and harmful groped to anticipate market movements.
The second, and call themselves financial planners are the professionals category to which the writer belongs.
In general, ‘well wary advisers who believe they can know when it’ s time to enter or exit the market or to choose which single title, if only for the additional risk involved follow their advice.
A good financial planner takes care to do a lot of questions about assets and personnel reviews. It ‘must beware the consultants who are not very accurate analysis of the client’s situation before making any suggestions on financial investments. The analysis of the client’s situation must necessarily require at least a couple of hours for most situations

forex broker reviews Select: One of the more complex decisions and loaded with consequences that can be taken. Very often I find myself talking to this topic, with people from different experiences, and so I often find myself faced with different levels of knowledge about the considerations. forex broker reviews
I understand that might be useful to summarize what I have learned so far about the complex world and, in many ways, not known forex brokers reviews.
This first article will discuss certain aspects about how to choose a Forex Broker: an effective type of activities undertaken by the broker.
Indeed, the most important thing that I noticed, that opened my eyes, really understand exactly what he was doing forex broker reviews.
As I’ve stated several times in my article on the commission, I think it is the duty of all traders know the market structure in which you want to operate in order to understand the dynamics.
It seems easy to answer the question “What is a Forex Broker, ‘and the answer is anything but clear.
Forex Trading Broker provides service to the Forex market, but with trading?
Unlike the regulated markets (stocks or futures), in which the broker reviews forex role is to facilitate a meeting between the two parties and allow the transaction in the best condition, usually a Forex Broker and its partners from any transaction.

Herein lies the crux of the matter.

Private traders operating in the Forex, do not have access to some of the institutional market in which they operate. Small traders who work directly with brokers, who act as market makers for their own customers.
In this case a very proud liquidity of Forex, is not an intrinsic feature of the market, but the artificially generated by the operator, who took the commitment to make each transaction with conditions set at the time.
It’s like if it were not swimming in the ocean, you wallow in a small aquarium in the sea.
This is not a consideration to leave in the background.
When in a trade with the loss of the future, the profit? A counterparty, it is often not known.
When trading action with the advantage, who lost? A counterparty, it is often not known.
And when we do trade with forex brokers also Market Maker?
Exact Match: Market Maker Broker gains and losses from our trading .*
We try to think the worst.
Brokers are market makers in bad faith, then, would be very happy as a client of the trader who loses consistently, and therefore, does not cover, to collect profits from the losses they sound.
And here comes the second point: there is a possibility that the broker intentionally going to lose customers?
The answer is YES.
A Broker in bad faith can distort prices, defeated by their clients trade.
This is facilitated by the fact that because the Forex market is not regulated, there is a quote as un’ufficialità futures or equities, there are only quoted on the main market which is taken as a reference.
Broker with ill will provide a trading platform to customers, and thus knew all the time, position, and especially every STOP LOSS orders placed by them.
Suffice it then artificially causing the price increase is packed with art, to blow up the stops of the customer, and then collect, in addition to spread, the profit generated from the losses.

Paranoid delusions?
I would not say.

Always supported my consderazioni with the facts.
One of the best forex platform that is common among children is Metatrader Forex Brokers, intuitive platform, appealing to both beginners always need every time they approach a new Broker.
MetaTrader is a platform created by MetaQuotes, and consists of various modules that provide unique functions and backoffice frontoffice important activities of the Forex Brokers.
Among these modules, as an additional option, there is only an addon designed to be appropriate for certain customers who choose a strategy to stop the hunt, or change the quotation marks, just to carry out fraudulent behavior mentioned earlier.
I discovered the existence of this form, read the posts on this forum and then consideration on this blog.
It is actually used or not, there is no question that interests me, I am only concerned about the existence of potential risks, which I think is very high, given the absence of special rules to protect the end user.
I really do not mean that Forex trading is a fegatura always. Citing read comments, I agree to affirm that “This is not a market, a provider of ITS ..”

After this enlightenment “” Therefore go and find a solution that can reduce this risk.
And I found it, and very simple, almost to the “Maximum Catalan ‘(People of the Night):

Only working in institutional markets.

Yes, because it also allows for “small” traders, with certain limits.
I mentioned earlier that the Forex is an OTC market, and therefore without the physical location of the center, as if, in the extreme analysis, Forex does not physically exist.
This is not a market that has a geographic location defintia as the MTA, which idem, CME, and so forth.
Forex is a set of circuits that are interconnected between banks in which banks and large institutions need to operate in the currency markets, they find themselves.
This “inter bank” is specifically called “Market” or the American market “ECN (Electronic Communication Networks).
And the great thing is that you can (with difficulty) to access the circuit without training institution, avoiding the Broker Market Maker.
You can then swim, not in an aquarium, at least on the lake or inland sea.
Market profits is that they are granting access and providing infrastructure is MARKETR MAKER store, and are therefore not interested in operating results that will have an individual actor.
European Markets European examples SwissFx maintained by Dukascopy, the circuit operated by LondonFx, including hotspots, while the American market can mention Currenex or EFX.
In Europe, a fact that looks unusual, there is no organized market. Of course, we have great food, best art cities, but how to finance …..
And also there is another “catch” access to these markets are subject to the minimum amount of equity, where the account is not opened. For example, to access SwissFx need at least 50 000 euros.
In addition, access to these platforms usually provide a platform that is truly “basic” (order placing no-frills, basic graphics or even none), because it assumes that users already have their own IT infrastructure.

The gross advertising revenue duty of television stood at 3.82 billion euros in the first half, up 17% over the same period a year earlier, announced Monday, July 5th The firm specializes Yacast.

The gross revenue is calculated before the trade negotiations between the chains and advertisers. The six terrestrial channels have made a historic turnover up 13.4%, and DTT + 36.6%. Sponsorships are also up sharply, with a turnover of 332.8 million euros in the first half, up 31% compared to 2009.
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On the same subject
The facts Advertising: Internet and TV are played in the crisis
Nicolas Sarkozy consider the facts to maintain advertising before 20h on France Televisions
Facts Cope wants to keep advertising on France Televisions 20 hours before
Facts The sale of advertising in France Televisions postponed indefinitely
Facts France Televisions would yield economic benefits with three years ahead

The private channel TF1 reported in the first half of a turnover of 1.56 billion (+15%) and M6 a turnover of 704.9 million (+7%). Canal + has increased only 1% to 83.6 million, but Yacast explains this poor performance by an “already excellent 2009 vintage” (+27% in the first half of 2009 compared to 2008).

France 2 stores jumped 44% to 160.7 million euros, France 3 + 8% to 79.9 million and France 5 + 22% to 15.2 million. Side TNT, the top 3 is occupied by W9 (Group M6), TMC (TF1) and NRJ 12 (NRJ Group) with respectively 166 million, 142 million and 96 million.

Refunds for 2009 have exceeded 800 to 900 million euros voted objectives. City Care are under control, but hospital costs were higher than expected

In a crisis, while revenues were collapsing, the Medicare expenditures were they expected would be under control. This is actually not the case. In 2009, according to our information, rebates have exceeded 800 to 900 million euro package passed by the Parliament. In October, the government provided a limited overrun of 350 million euros. This has allowed the former budget minister Eric Woerth, and Roselyne Bachelot (Health), welcomed many times a goal “almost required” for the first time almost since the inception of Finance Laws Social Security in 1996.

The reality is less flattering. The overrun for ambulatory care (excluding hospital) is roughly in line with what was expected in the fall (350 million), despite the epidemic of influenza. But hospital costs, they, skidding more than 600 million. This is explained by the introduction of a new pricing of medical procedures, much more detailed, and whose impact was difficult to assess a priori. The flu epidemic would be excluded hospitals and clinics, which have supported serious cases of respiratory failure. Finally, the excess would be close to 1 billion, but it is down 150 million euros through credit insurance that were not consumed by the homes.
Key Moment

Expenses reimbursed by health insurance rose by about 3.8% last year, instead of the 3.3% forecast. A slightly higher increase than in 2008 (+3.5%) but less than in 2005 or 2007 (4%). This slippage, it is relative, comes at a key moment: the group chaired by Raoul Briet in the fight against the deficit should just propose measures to better meet the spending target. The example of 2009 shows that the current procedure (an alert committee provides relief in case of risk of slippage of greater than 0.75%) is insufficient. The increased spending also shows that the promise of the executive to reduce the rate to less than 3% per year will be very difficult to maintain.

Strategies and tools in view of Basel 2

Setting

The Roadmap has as its first aim to deepen understanding of financial dynamics related to business decisions in a propspettiva business development. In the middle of the course we are the principal methods of planning and financial analysis.

Audience

The course is primarily aimed at entrepreneurs of small and medium enterprises or those in charge of the administration and finance companies more structured.

Content and program

The common thread that runs along-the-day is that of the financial aspects of your business decisions. In other words, the entrepreneur wants to lead through a process that starts from the basic document of a company, the financial statements until the business plan to understand the dynamics of financial flows in terms of management, but more opportunities development.

In particular, it explores the theme of the analysis of financial statements both from a static viewpoint, through the analysis of financial ratios, both from a dynamic point of view, through the study of flows, to better understand the evolution their company and to give evidence and awareness of the financial dimension related to the economic management. It also addresses the budget operating and evaluating the same through the management control in order to optimize financial.

This is followed by planning of attarverso business plan with a focus on financial planning and evaluation and investment planning, analyzing instruments offered by the market and the solutions offered by easy finance.

It focuses on the development of relationships with lenders after the entry into force of the principles and guidelines of the New Capital Accord of the Basel Committee.

The entire journey can not exhaust the subject of corporate finance, focusing on aspects that may affect more entrepreneurs and aims to highlight the opportunities offered by financial markets, and to raise questions about development opportunities of its business

Insurance is a contract whereby the insurance company, against a payment (premium), agrees to pay a lump sum or an annuity upon the occurrence of an event related to human life.

The insurance contract is governed by the Civil Code (Book Four – Part III – Chapter XX – insurance – articles:-from 1882 to 1932). The Civil Code regulates both life assurance that those claims.

Relevant persons in a life insurance
As for life insurance entities contractually relevant are the following: the Contractor, the insured, the beneficiary and the insurance company.

* Contractor is one who enters into the contract and assume the obligations;
* Insured is the owner of the risk, the person on whose life the contract is concluded. May coincide or not with the Contractor;
* Beneficiary is the one that is designed to recover the sum insured upon the occurrence of events under the contract.
* Insurance Company is the company that takes the risk and agrees to pay a lump sum or an annuity upon the occurrence of an event related to human life (survival or the premature death of the insured).

Impignorabilità Immunity and life insurance
Insurance products have advantages and all’impignorabilità all’insequestrabilità sums owed by the insurance company.

The sums payable by the insurer or the Contractor to the Beneficiary may not in fact be subject to enforcement action or pending trial. Not forgetting of course that are safe, compared to premiums paid, the provisions relating to revision of acts prejudicial to creditors (see Articles 1923 and 2901 CC)

Treatment of life insurance policy in case of succession
The life insurance policies offer attractive advantages in the field of inheritance:

* Free choice of beneficiary, rights that can contain one or more specific people intended to collect the sums insured, even outside the estate (while respecting the legitimate shares);
* Exemption of the capital paid in the event of premature death of the insured, as well as dall’IRPEF, even by inheritance taxes.

Transfer, pledge and lien of life insurance policies
The Contractor may assign the contract to third parties, as may give as security or otherwise constrain the sum insured. These acts become effective only when the insurance company, following written notification by the Contractor, it has made record of the original bill or appendix.

* Assignment: E ‘the transfer of rights and duties of the Contractor, provided under the policy to another person who then assumes the role of the Contractor.
* Pledge: The policy can be given as security for other direct obligations of the Contractor or for third parties.
* Constraint: The sum insured may be bound completely or partially in favor of a person or institution in loan guarantees.

Kerry Group Was frais the Company of the Year Award at the Annual Business & Finance Awards. Neville Isdell, Chairman & CEO form of The Coca-Cola Company and Jim O’Hara, General Manager of Intel Ireland Were Also recipients of awards at the gala event Held in O’Reilly Hall, UCD.

Irish Rugby Received a special award for Outstanding Contribution to Ireland Along With The Brand Quinn, Sisk and families Haughey Who Were Honoured for Their contribution to business in Ireland. The Awards are sponsored by Which Barclays Bank Ireland and KPMG, are Ireland’s first business awards and recognising Have Been The Achievement of Ireland’s Leading business people and companies Since 1975.

Neville Isdell, Chairman and CEO form of The Coca-Cola Company IS tonight recipient of Outstanding Achievement in Business Award, Which Recognise Loved leadership, vision and drive over forty Loved Three years with Coca-Cola, one of the World’s Best Known Brands.

Jim O’Hara, General Manager of Intel Ireland and Vice President of the Technology Manufacturing Group, Intel Corporation, one of the Largest Private Sector Employers in Ireland, Will Receive the award for, Business Person of the Year. Loved Jim IS RespectEd for innovation, creativity and instrumental role in shaping Ireland’s competitive technology industry.
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Declan Kidney, Head Coach of the Irish Rugby Team and John Callaghan, president of the IRFU Will accept the Ireland and Outstanding Contribution to Brand Award, recognising a triumphant year for Irish rugby.

Speaking at the Awards, Ian Hyland, Publisher, Business & Finance commented, “We are Delighted to
Honour Kerry Group, Neville Isdell, Jim O’Hara and Irish Rugby, all of Whom to Be Significant contributors continues to Irish business and Ireland’s reputation Internationally, particularly at this time Challenging. ”

Barclays Bank Ireland is co-sponsoring the Awards for the fifth year. John O’Connor, Managing Director, says Barclays’ sponsorship IS important as it underscores ITS Commitment to Expanding in the Irish market.

“Not withstanding the difficulties Environment There Are Still Opportunities to grow and Irish corporates are making the MOST of this. Our Growing scale in Ireland, o International Reach and strong balance sheet position us well to support Irish business.
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The Business Person of the Year Award IS Aimed at year individual “Who has driven investment and success in His Own business over a 17 year period” while at the Saami time making a significant contribution to Ireland’s Attractiveness Maintaining have a place to do business. We are Delighted to present this award to Jim O Hara, general manager of Intel this year. ”

Terence O’Rourke, Managing Partner, KPMG, co-sponsor of the event commented, “KPMG IS Delighted to co-sponsor the Business & Finance Awards 2009 and reward the dedication and Achievement of the meaningfully contribute” Who containers to Ireland’s business community and competitive spirit. “

Despite difficult economic conditions, BNP Paribas Real Estate has contained a review of its turnover for 2009 – 17%

At 554 million euros in 2009 turnover of BNP Paribas Real Estate has regained its 2006 level, but is down – 17% compared to 2008. Services account for 75% of sales transactions while only 25%. BNP Paribas Real Estate also welcomes its 50% recurring revenue related to services, an important asset in times of fiscal constraint. In 2009, BNP Paribas Real Estate has established a single brand for all its activities and has launched the concept of Customer Solutions. His goal: to offer personalized support on all real estate issues to major international clients. In the segment promoting real estate business, 270,000 sqm of office space were delivered 100,000 square meters were started and 585,000 m² have been or are being HQE label. Also in 2009, 10 billion euros of assets were managed in late December, a third in France. Transaction activity has generated a turnover of 120 million euros and that of Property Management, 75 million euros. In the segment of residential, four jobs have been created: the promotion, the transaction and consulting, sales to institutional investors and finally the use of residential services. Over the year, 1,900 homes were delivered, 1800 were started and 2750 construction will be during 2010. In total, the business generated a turnover of 640 million euros.

2010 should be a development year for the group. In the area of promotion, the activity should be maintained thanks to the sharp rise in residential activity. New funds will be launched with among others BNP Paribas REIM to commercialize new products (and SCPI OPCIs). On the other hand, the integration of Fortis should enable the group to strengthen its activities in Belgium and Luxembourg. Part Transaction Advisory and Valuation will be refocused on France, Germany and the United Kingdom while expanding markets in Belgium and Luxembourg. On the area “green”, the group will develop a service offering “Green Management” for all green investments and early operations THPE. In terms of CSR, BNP Paribas Real Estate wants to make 2010 a year more focused towards diversity and disability.