World and National News

April 2012: fifty-four nuclear reactors in Japan are at a standstill. Not a nuclear power plant does not produce a kilowatt hour. Whereas before the cataclysmic tsunami of March 11, 2011, they provided 25% of the electricity of the Archipelago.

This scenario of a sudden release of nuclear energy in twelve months is not the political fiction. It is seriously considered by officials and experts. Asked about this possibility by Le Figaro last week during his visit to Paris, the new Japanese Minister of Economy, Yukio Edano, kicked into touch. And answered: "We have confirmed the safety of reactors stopped before restarting. I can not tell you when. "

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Currently, only ten of fifty-four reactors are in operation Payday Loan for Bad Credit.Given the economic downturn, electricity consumption is expected to decline 4% this year compared to 2010.

Gas purchases up

To compensate for the cessation of nuclear power plants, Japan has a large fleet of oil-fired power plants, coal and gas but several were damaged by the earthquake. The Japanese also built in recent years of LNG terminals to house liquefied natural gas (LNG) imports. Tokyo has spent the last months of gas contracts with Qatar and Indonesia and in July, its oil demand rose 4% year on year.And purchases of gas to run them at current price, would cost between 15 and 20 billion.

While managing the emergency, the government of new Prime Minister Yoshihiko Noda has promised to set a new energy policy in the summer of 2012 to 2030.

An order in 2004 and a law in 2008: Both were necessary to bring the PPP (public private partnership) to be baptized in France. But since the formula was an unexpected success.

According to experts gathered at the end of last week on the occasion of international meetings of PPP, 104 such contracts have been signed. The European Investment Bank has calculated that it accounted for 9 to 10 billion euros, or 6 or 7% of public procurement in the Hexagon. "We are the first European country in terms of PPP, said François Bergère, Head of MAPP (Mission Support PPP). In the first half, 60% of registered contracts on the Old Continent were signed in France. "

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Why the rise? Because this arrangement allows the state and local governments increasingly impecunious to build infrastructure by private funds. Specifically, the construction company built largely at the expense of the equipment. In return, she receives a very long time (decades) the rent paid by the public to maintain the structure.Today, we build on this model just about anything you can imagine: prisons, stadiums, swimming pools as well as police stations, TGV lines … and the formula adjusts as well to huge contracts ( more than 7 billion for high-speed rail line Tours-Bordeaux) than smaller deals (ten million for public lighting of a city average).

In the euphoria of the beginning, we mostly retained the advantages of this approach: greater compliance costs and delays faxless cash advance. "In the PPP, 71% of projects are delivered on time and 80% are made in the envelope provided or an additional cost of less than 3%," says Christian Rasoamanana, consultant for the consulting firm PWC has just loop a study on the subject."This allows us to carry out four projects simultaneously (the TGV line between Tours and Bordeaux, that between Le Mans and Rennes, Nîmes-Montpellier bypass GSM and rail), said Jean-Marc Delion, Managing Director of RFF. Without PPP, we would have done that. "

The failure of the hospital south-Ile

But today, this model also raises critical. Thus, the hospital built in south-Ile PPP Eiffage is a failure. The planned opening in May 2011 will take place as early as January 2012. "I believe that there was injury to the State, noted Sunday on Canal +, Xavier Bertrand, Minister of Health. Do we remain in the same terms of the contract? We'll see. "Regarding the TGV lines, some argue that the partnership is too favorable to the public."On Tours-Bordeaux, the dealership made up of Vinci and its partners brought the third of the investment but receive 100% of the revenue generated by the passage of trains," protested Marc Fressoz, author of FGV, failure at high speed.

Others point out that the formula has its limitations. "The PPP will not return TGV lines as Bordeaux-Toulouse without sufficient traffic," said Hervé Mariton, UMP deputy, member of the Finance Committee.

A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." The latter has also expressed confidence the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to failure to pay? ". A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International.

The rising social discontent in Greece

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid. "Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece.Further strikes are planned next week before a general strike on October 19.

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"The G20 mobilized to reassure the financial world

"Europeans are ready to strengthen the Stability Fund

Pascal de Izaguirre, the new head of Nouvelles Frontieres, warned this summer that is socially necessary to revive the group, losing ground. Reportedly, the plan would cover about 400 positions. It should start in early 2012 and early departures would occur next summer.

On Thursday, during an extraordinary works council, which lasted all day, Pascal de Izaguirre had planned to give details of the plan. He did not last. "The topic of the day was the proposed merger and any socially impossible before, says Le Figaro Jorge Partida, secretary of the EC and member of the FOR trade union, a majority. Pascal de Izaguirre wanted to give a figure for job cuts. At our request, he did not mention it.It was not on the agenda, we told him to observe the melting process. "

The plan is part of a drastic turnaround strategy Nouvelles Frontieres, which should acknowledge this year the heaviest operating loss in its history. To restore the finances of the company, Pascal de Izaguirre upsets ever habits by bringing together under one roof all brands (New Frontiers, Marmara, Tourinter and adventurer), without removing either. By doing this, this former Air France, arrived first at the head of Corsairfly before returning in May orders for the whole group, wants to end the spirit of competition that may exist between Marmara and New Frontiers, and save money.

'Strategic mistakes

The new entity will be called TUI Travel France and centered around a renewed organization, lighter and cross."The project" Convergence "is by no means a project of standardization or standardization of offerings," insists Pascal de Izaguirre.

By grouping the teams, Pascal de Izaguirre wants to impose more rigorous management, and revive the "spirit of conquest", which had the reputation of New Frontiers. "This plan is the fourth since the early 2000s and the takeover by the German group Preussag, held at the time by Jacques Maillot, said Jean Serrat, a former captain in Corsairfly and former secretary of the EC until 2006. The previous plans were not enough to boost sales momentum because there were strategic errors (in the diversification of products, distribution …). For the first time, brings together teams of Marmara and New Frontiers.This is finally going in the direction of a cost rationalization was inevitable. "

Pascal de Izaguirre wants to go fast. The implementation of the new operational structure of the company is scheduled for early 2012. He has no choice. In recent years, New Frontiers has lost market share that will be difficult to regain. Increasingly, too, is necessary in Internet travel sales, with the arrival of new competitors, starting with Google, which promises to shake up the industry with a brand new search engine for airline tickets.

Also new, the consumer, always on the lookout for bargains, it also has a growing tendency to move from one tour operator.

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The CAC 40 is expected to be difficult to bounce back on Monday. The benchmark index of the Paris Stock Exchange ended the day on Friday of a severe fall of 3.6%, below 3200 points. A cons-performance due to poor U.S. employment figures. The first global economy has fueled fears of a global slowdown by announcing that it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September).Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors.Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week. The decision to resurface concerns about the health of the area and the problems of sovereign debt."We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

Values ​​to follow

EDF

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Societe Generale

The U.S. federal agency oversight of mortgage filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

Safran, Natixis

Safran's aerospace equipment will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Saft

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

Despite the efforts of the Swiss National Bank (SNB), the Swiss franc continues at a rate of 1.13 per euro. With a 13% increase since January, surging currency weighs on business competitiveness. In June, exports fell 8.2% and growth forecasts were revised downwards: the State Secretariat for Economic Affairs (Seco) now expects GDP growth of 2.1% in 2011 and 1.5% in 2012.

These figures are higher than those of neighboring countries of Switzerland. But the SNB, under pressure, has nevertheless agreed to increase the liquidity of the franc in order to limit the damage. Criticized by the press for its inaction, the Minister of Economy, Johann Schneider-Ammann, announced last Thursday that it would inject 2 billion francs in the economy, particularly in the tourism sector particularly hard hit.It will also strengthen the law on cartels and improve competition in the Swiss market.

These measures also aim to improve the climate for consumption, which suffers from the strength of the franc. According to Seco, consumer confidence has lost 27 points since January. Estimated Customs Geneva unveiled yesterday by the Radio Suisse Romande, the Swiss are 20% more than in 2010 to fill their carts in France. To build customer loyalty, thus increasing the Swiss supermarket promotions: "Up to 20% discount on 500 articles!" Announces the Migros. The group's logo is orange to lower prices of products manufactured abroad, like Ferrero chocolates or freeze Studio Line (L'Oreal). With its direct competitor, the Coop, the watchword is the same.

Some suppliers lower their prices

These marketing efforts are no coincidence.The decline of the euro has put a spotlight on the high cost of living in Geneva or Zurich. At the time of checkout, consumers are not fooled. They are willing to pay more for fruit and vegetable quality local, but blame the distributors not to reflect the decline of the euro on imported goods no fax payday loan. "Of course, we have higher wages than the French, says Ursula, a young grandmother who is shopping the shelves of Migros. But they exaggerate! While I often do my shopping in Evian, where everything is half price. "

Labelling Helvetian, prices are high. Per kilo, the Spanish ham is 43 euros and tomatoes (medium quality) to 3.30 euros per kilo, which is double the rates charged in the Hexagon. In bookstores, a recent book sells for the equivalent of 35 euros, against 21 euros in France.

"Foreign manufacturers have a simplistic argument.They say that the Swiss have money, so they can push up prices, says Mathieu Fleury, Secretary General of the Federation Romande consumers. In addition, the market is dominated by Helvetian a duopoly that has stifled competition by preventing settling including Carrefour. Result: The Confederation is an island of high prices. "For him, no way to align prices with those Swiss French, as the land of William Tell, payroll taxes are more important. But "the difference must be made on objective criteria."

As a cons-attack, retailers have returned the ball to their brokers, importers. The Coop was the most virulent: August 14, it removed 95 items from its shelves in that the marks concerned did not want to stress price."The boycott has already borne fruit: several international suppliers has granted reductions that allow us, from this weekend to launch the new price cuts on 700 items," says Urs Meier, spokesman for the Coop. This firm has finally convinced the brand Uncle Ben's, the rice was boycotted, to lower its prices by 10%.

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While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

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"SPECIAL – Europe, States facing bankruptcy

The financial strength seems clear on the business side rather than states. Illustration of the disastrous state of American finances, the new number one smartphone, Apple has nearly $ 76 billion in cash and U.S. 73 billion. This represents what the world's largest economy may still spend before reaching the limit of the debt secured by the U.S. Congress (14.294 billion U.S. dollars).

Apple has just completed a record quarter with increases of 125% in profit and 82% of its revenues.With a market capitalization of $ 362 billion, the group "at the apple" appears as the second wealthiest company in the world stock market behind Exxon Mobil and its 395 billion market capitalization.

While Republicans and Democrats are torn in several weeks on the issue of debt, U.S. companies their bets. "One reason why companies put so much money aside is that they want to shelter financially cope with financial uncertainties in the U.S.," said Laurie Simon Hodrick, professor at Columbia University . He added: "As long as the threat of default by the U.S. government continues, U.S. companies will have to pay any interest that way." The war chest of U.S. companies is estimated at 1.2 trillion dollars.

Do not panic in financial markets. This seems to be the credo now senior U.S. policy makers after a weekend marked by new sterile discussions between elected Republicans and Democrats on the thorny issue of the reversal of U.S. debt. Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt. With a huge debt ceiling set by law (14.294 billion U.S. dollars) was exceeded on 16 May, which could lead the world's largest economy straight into a default on 2 August.

Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to comply with the requirements of President Barack Obama.The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, the Republican leader of the House of Representatives, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue to reduce debt further Atlantic. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.

Do not scare investors

The inability of both sides to agree on tax revenues and budget cuts necessary leads the U.S. on a slippery slope.Besides the risk of degradation by the rating agencies of their sovereign rating, the status quo would cause panic on world financial markets, barely recovered from the fears of the risk of contagion from the crisis of the Greek debt to other countries Europe.

U.S. officials are well aware, those who now wish to reach an agreement by Sunday evening before the opening of Asian markets. Rebuked by President Barack Obama, Congress pledged Saturday to present a plan to reduce the deficit within 48 hours to push the risk of lowering the country's sovereign rating. The fact is that beyond the tax revenues, the issue of budget cuts expected to be a problem. Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over 10 years.

Critical deadlines

Given the failure of talks between the president and elected officials of both Houses, the compromise could eventually go through further discussion within Congress. This Sunday, "the leaders of the Senate and House have agreed to return to Congress to speak to their groups and discuss the way forward. The conversations will continue all day "has said Jay Carney, spokesman for the president. For now, no new summit meeting is scheduled with Barack Obama, but on the other hand John Boehner also called for an early agreement.If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. And less than 10 days from the deadline of August 2, the deadline becomes every day a little more critical.

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The CAC 40 has taken a few colors on Tuesday after his fall the previous day. The benchmark index in Paris closed with a gain of 1.21% but stumbling on the threshold of 3700 points to 3694.95 points. Monday he fell Monday to its lowest level this year with a closing down 2.04%. Same movement elsewhere in Europe: in London the FTSE-100 of the main values ​​gained 0.65% to 5789.99 points. For its part, the DAX index of the Frankfurt Stock Exchange climbed 1.11% to 7192.67 points.

Caution remains in order. Investors have not been convinced by the results of stress tests in Europe. They are now waiting for the meeting of Heads of States of the euro zone on Thursday to take stock of sovereign debt problems plaguing Europe. Greece and its possible non-payment should animate all discussions.This morning, Ewald Nowotny, a member of the Governing Council of the ECB, explained that some of the options for resolving the debt crisis involve a brief Greek "selective default" without serious adverse effects.

In addition to that date European markets monitor the evolution of the debate on debt in the U.S.. The Americans are unable either to agree on raising the debt ceiling of the United States, despite calls for unity of President Barack Obama. In this context, the New York Stock Exchange was also closed down yesterday.Asian markets this morning did not give either positive signs.

On Tuesday, investors watched barometer of confidence Zew, the primary measure of the expectations of German financial circles, which again dropped sharply in July, reaching -15.1 points against 9 points in June, according to the Institute of the same name. This is the lowest level since January 2009.

On the currency side, the euro is trying to take against the dollar. Around 11:00 in Paris, the single European currency was worth 1.4204 dollars against 1.4117 dollars late Monday. Oil climbs as well, investors taking advantage of prices driven down by concerns about the debt crisis in the euro area.In morning trading, a barrel of "light sweet crude" for delivery in August took 38 cents to 96.31 dollars and that of Brent North Sea crude for September delivery took 41 cents to 116.46 dollars.

As for values ​​to follow

Purchases cheaply in the banking sector

The banks of the colors found on Tuesday. Investors benefit from the fall of the last day to make purchases with it.Societe Generale (4.39% to 34.24 euros), BNP Paribas (2.91% to 44.90 euros), Credit Agricole (3.11% to 8.42 euros), Natixis (3.31 % to 3.08 euros) and Axa (1.98% to 13.14 euros) are in green.

The Financial Stability Board (FSB) will propose a capital surcharge from 1% to 2.5% for systemic banks ("Sifi") on Monday said Mario Draghi, the chairman of the Board and Governor of the Bank of Italy at a press conference stating that only the common shares will be considered for this overload.Moreover, the euro area has confirmed consider introducing a tax on banks to help Greece.

The technology sector, buoyed by the results of IBM across the Atlantic is also formatted with Alcatel Lucent (5.85% to 3.62 euros, the largest increase CAC 40) and Cap Gemini (3.79% at 37 , 66 euros).

Ubisoft: 8.84% to 5.91 euros

Ubisoft's action is supported by purchases on the cheap after the fall of 15.27% charged the day before because of concerns about profitability. "The title took a slap yesterday why it bounces so strongly, especially as the market trend today is rather a carrier," said a stock dealer based in Paris.

Hermes: + 0.43% to 221.70 euros

The group reported a turnover of 668.4 million euros in the second quarter, up 17.9%.It said it expects a sales growth of 12% to 14% on a constant throughout the year. Its 2011 operating margin should be close to the record of 2010.

Orpéa: + 2.38% to 33.78 euros

The group said Tuesday it raised its target for 2011 sales of 20 million euros to aim now 1.23 billion euros.Turnover was 594.2 million euros in the first half of 2011.

EDF: + 0.62% to 25.99 euros

The president of A2A said it would reopen talks with his French counterpart in the EDF file the reorganization of the Italian Edison.

Edenred: + 3.18% to 21.60 euros

The group announced an increase in its issue volume in the second quarter thanks to its strength in Latin America and improve its performance in Europe, linked to early signs of stabilization of activity in Central Europe.

Air France: + 1.62% to 9.17 euros

The seven unions of hostesses and stewards of the airline announced the filing of a notice of strike from July 29 to August 1 to demand the opening of negotiations on the organization of work.

Note that the share price Anovo was suspended by NYSE Euronext at the request of the group "until further notice."

After market, Accor and Manitou publish their turnover for the second quarter. Biomerieux and Land Walls will report their results over the same period.