World and National News

The French insurer Groupama has released disappointing interim results. Its net profit reached 127 million euros, down 23.6% YoY. The group accuses the shock of the storm Xynthia and high volatility on financial markets.

Its combined ratio of activities damage (sum of management fees and cost of claims in the total premium income) deteriorated to 104.5%: insurance costs thus exceed the premiums. This poor performance is explained by the ravages of storms, but also by the increase in automobile accidents.

Groupama maintains its ambition to achieve by 2012 an operating profit of 700 million euros. In the first half of 2010, this result was limited to a modest 179 million euros."Programs to improve the operational performance will continue during the second semester," pleaded John Azema, CEO of the mutual group.

Groupama has been preparing since early 2006 to go public. The operation would be launched following a major acquisition. Acquisition, still awaited. The time of the introduction has not yet come, but the operation remains in the long-term strategy of the mutual insurer, however, provides the CFO Christian Collin.

The cost of electricity will increase. The Department of Ecology and Energy has announced on Tuesday an increase of electricity tariffs by 3.4% on average, applicable from 15 August. Individuals will be affected up to 3%, and small, medium and large enterprises respectively 4%, 4.5% and 5%.

In accordance with normal procedures, the government seized on Tuesday of this project Regulatory Commission of Energy, however, that issue an advisory opinion. Whatever the opinion, the increase in electricity rates should cover 28.5 million individual customers and 4 million companies, representing 94% of French consumers.Last year, the bill had already risen on average by 2.3%.

With this new increase, the government is "to bring the price of electricity from its actual cost, in line with an opinion a few days ago by the International Atomic Energy Agency (IEA) low rates payday advance.

In its report, the IEA was concerned because of the artificially low price of electricity in France. Prices are set ultimately by the government, the agency stressed that they are therefore likely to be "politically motivated" and is well below the rates charged by our European neighbors. Even after this increase, prices should remain at 25-35% lower than the European average, the government argues.A low level that would jeopardize the development of new nuclear capacity French, believes his side the agency.

"A fragile recovery is underway in France," J. International Monetary Fund in a report released Friday. The international institution chaired by Dominique Strauss-Kahn expects a growth of 1.6% in 2011 and 1.8% in 2012 no credit check payday loans. This is well below the government forecast of 2.5% from 2010 to 2013. The IMF had already lowered its forecast for early July 2010 to 1.4%.

The recovery continues across the Atlantic. But two of the twelve regional branches of the Fed said the pace of activity has slowed recently, Chicago and Atlanta, and two others have found a stable economic situation in Cleveland and Kansas City.

The Beige Book released Wednesday evening by the U.S. Federal Reserve and state is a better overall economy than before.Both at the point of manufacturing and services.

Sightseeing, the report underscores the strong momentum in the areas of San Francisco, New York, Minneapolis, Richmond, Kansas City and Atlanta, although the latter regrets a decline in leisure travel in the Gulf of Mexico, an area affected by the noirée tide.

On the consumer front, consumer spending during the early summer have increased overall, particularly in Dallas, but in most areas, this growth has remained low.

In the property and the trend is less successful.While the tax credit to Etats6unis expired last April 30, the Boston, Philadelphia, Atlanta and Kansas City have suffered declines in construction activity, one can read in the Beige Book.

Finally, employment has gradually improved in several areas, like New York, Chicago, Richmond and Atlanta, but has stagnated for example, Boston and Dallas.

On Wall Street, the investor response is negative. The major indexes have bent the publication of the Beige Book (20 hours, Paris time). In the end, the Dow Jones ended up on a decline of 0.38% to 10,497.96 points, the Nasdaq is up 1.04% to 226.56 points and the S & P by 0.69% to 1106.13 points.

Note that this information valuable as its Chairman of the institution, Bernanke said there just a week before Congress the slow recovery, without announcing new measures to support the economy.Please note that Friday, all eyes will be the publication of the first estimate of U.S. GDP for the second quarter of 2010.

ALSO READ:

"The Fed is willing to act to boost economy

"Wall Street to the penalty, the Beige Book did not reassure

The sun should be looking good these next few days on the coast of the Vendee and Charente-Maritime. In this time of summer vacation, the sea should also be delicious. Nothing like with the weather of February 28 last, when the storm Xynthia that swept the country sowed chaos in this part of the Atlantic coast. In the only common Vendée La Faute-sur-Mer and The Sting-sur-Mer, the most affected by the storm, 29 people died. Nearly five months after tragedy, these two villages devastated recovering gradually. But in this popular tourist region during the summer, Xynthia has left marks that plagued the start of the season.

If the Office of Tourism Osten-sur-Mer laments a decline in attendance of about 10%, traders stand more negative findings."The customer is down 30% to 40%," says Pascale Soussi Restaurant La Terrasse in Sin-sur-Mer. "And it was discussed among traders: It's the same for everyone. At the restaurant La Marina, sixty meals are served daily on the usual hundreds. At the Hotel du Port, Osten-sur-Mer, Sophie Ramon prepare a statement even less favorable in the hotel which was flooded by 82 inches of water in late February and closed more than a month, attendance was halved.

Three campgrounds closed

In case the destruction of several campsites and many second homes have contributed to empty the streets of the town. A La Faute-sur-Mer, the municipal camp was finally closed and that the Blue Waves should not reopen until April 2011.As for camping Municipal The Sting-sur-Mer, it is only half available: caravans and tents can again take up residence in the "upper" since July 1. But the other part, where you could rent mobile homes, chalets and caravans, remains closed for repairs. It represents, in itself, a hundred beds and less.

Overall, La Faute-sur-Mer, about 8000 tourists were least expected, on the 35,000 usually greeted each summer. Added to an unfavorable economic situation by traders, these accommodations are destroyed a significant shortfall.

Ile de Re also shows a small decrease

A few dozen kilometers south of La Faute-sur-Mer on the Ile de Ré, the damage from the storm were less important. "The island is absolutely destroyed!", Recalled the manager of a hotel restaurant.A campsite for a works council remains closed this season and the hotel Odalys does not welcome new visitors that from 31 July.

Le Relais Thalasso, also closed after the storm has finally reopened its doors on July 4. Four months of work have been necessary for the institution to recover from the flooding that devastated forty rooms. "Today, activity resumed normally," said facility director Didier Gireau. Our forecast for the month of August are in the standard, or even good. We have made efforts to forget the flood and that the center image is not tarnished. "

But many merchants and restaurateurs of the Ile de Ré deplore this was a small decline in attendance. Some highlight the consequences of the storm, others are pointing the finger particularly the unfavorable economic environment."The economic situation is worrying," says director of Ile de Re Tourism, Catherine Senand, refusing to incrimer the storm that left "little effects" on the island. She admits that the season has "started slowly, but expects a better August.

A "moderate" impact on departments

For François Riou, assistant executive Tourist Board of the Vendee, the impact of Xynthia remains "very moderate". Only 2% of the Vendee coast has been destroyed by the storm, "a tiny fringe" which does not affect his view, the department's tourism season. Faced with a peak at half this year, local tourism professionals will therefore want reassurances on their prospects."Only two campsites are closed on the 400 account the Vendee," he recalls.

Even finding across the neighboring department: "After the storm, only 3% of the infrastructure of Charente-Maritime have been affected," said Stephane Villain, president of the Tourism Committee of the department. "The summer looks very good," he says. "The reservation rate is substantially identical to that of 2009 which was a very good year." And we promise to visitors that the hospitality will be at appointment: "People have worked hard to accommodate visitors in very good conditions," says Stephane Villain. They may be even better than usual ".

The image of the region involved

The image of the Atlantic is at stake, as evidenced by the television campaign to promote tourism in the Vendee.Circulated in early June, the commercials were intended to "remind the values of hospitality and tourism" of the department, according to François Riou.

The regions affected by Xynthia therefore trying now to convince visitors that they are again ready to welcome them, with their usual charm and tranquility.

Earlier this week to smooth the Asian stock markets. On Monday, all the financial centers of the region displayed a slight increase in the wake of Wall Street and European stock markets Friday. The latter ended the week up one week after chaotic.

In Japan, the Nikkei gained 0.20% to 9,604 points in mid-session after starting on a decline of 0.50%. The Topix is 0.23% at 863 points. The benchmark index of the Tokyo Stock Exchange has taken the time to digest the defeat on Sunday, the Democratic Party of Japan (DPJ), in power, the Senate elections. The failure of the movement of the Prime Minister Naoto Kan weakens the leader of the center-left and opens a new phase of political uncertainty for the archipelago. Investors fear at this stage a deadlock in parliament could hinder the policy of reducing public debt, estimated at 200% of gross GDP.After their defeat, the DPJ and its ally, a small nationalist party, retain only 110 seats, the majority being fixed at 122 seats. The coalition remains however a majority in the Chamber of Deputies but must negotiate alliances with opposition parties on an ad hoc basis to enforce its laws.

Yen flexes

Despite caution, this defeat has not overwhelmed the markets. "The results of this election are obviously not positive, but at this stage they are probably neutral rating, investors had already considered the possibility that the ruling party does not obtain a majority, explained before the opening Yutaka Miura, analyst at Mizuho Securities.

The news has at least led to a weakening of the yen has benefited from the index. "The Prime Minister Kan will have difficulty in passing laws.It is therefore logical that few foreign investors buy yen, "said Hideaki Inoue, head of foreign exchange market to the bank Mitsubishi UFJ.

In terms of macroeconomic indicators, the Bank of Japan reported on Monday a slight increase,% yoy in June wholesale prices on the domestic market. It is the second consecutive increase in this index, which had previously declined for nearly a year and a half without interruption.

The region in the green

In the wake of Tokyo, the other places in the region rise slowly. In China, Shanghai and Hong Kong respectively gaining 0.81% to 2490 points, and 0.67% at 20,516 points. The National Bureau of Statistics (NBS) announced this morning that housing prices had continued to increase but at a moderate pace in June, further evidence of the impact of government measures to prevent runaway industry.Prices listed in 70 cities rose 11.4% last month, against 12.4% in May

In Korea, the Kosdaq is 0.52%, while the S & P climbed 0.31% Australian and Indian Sensex appears up 0.89%.

Oil gains ground

Crude prices were moving upward Monday in electronic trading in Asia brought by a rebound in financial markets.

In morning trading, a barrel of light sweet crude for August delivery took six cents to 76.15 dollars a barrel, while Brent North Sea with identical maturity, gained 3 cents to 75.45 dollars .

Hospitals, businesses, banks, universities, individuals … thousands of PC users have been victims of an error in Wednesday update their antivirus McAfee. The faulty update file analyzed a valid Windows XP Service Pack 3 (latest update from Microsoft) as a dangerous virus and placed under quarantine, preventing the normal functioning of the software. Consequently, the PC keeps restarting achieved, and entire networks remained off the time to repair.

The computer security company that provides pre-test all updates that address its customers, said the faulty update was passed quality control. The error was eventually detected only through the reassembled customers reporting the problem.McAfee quickly removed the update problem, thus limiting the number of infected computers by saving all the users who had not yet accepted the update of the antivirus. McAfee estimated that only 0.5% of its 125 million customers worldwide have been infected … Commonwealth Bank of Australia, Virgin Mobile, the University of Michigan, or the Upstate University Hospital … still represent enough people that stormed the homepage of the website of the company dedicated to discussions on technical issues becomes inaccessible.

A fix has been implemented on the McAfee website, accessible to all customers. It will replace the defective update with a new, valid one.The steady supply of company's blog by Barry McPherson, vice president in charge of technical assistance and customer service also allows the English-to have more information.

As for the affected computers, the intervention of an expert will probably be necessary. It must indeed get the Windows folder placed in quarantine on another computer to reintroduce the machine jammed. McAfee for now refuses to comment on possible compensation, while many bloggers are taking advantage of the error update to say all the good they think the system McAfee Twitter messages flooding the site murderers micro-blogging. Investors were not quick to show their discontent. Around noon on Thursday before the opening of Wall Street, as the accused McAfee already down more than 2%.

Meanwhile investors are turning away en masse Greek government securities. At midday, the rates of Greek government bonds to 10 years have reached a record high since the country's entry into the euro area. The yield on government bonds rose to almost 8.3% against a little over 7.85% yesterday. Finance Minister George Papaconstantinou has again tried to reassure, but in vain. The day before Athens had yet succeeded without any difficulty, to put 1.95 billion euros of Treasury bonds to three months at a rate of 3.65%.

Specialist Theolia wind blows. His financial restructuring plan has been approved by its shareholders, "an overwhelming majority," March 19 last.

The group headed by Eric and Peugeot will be able to launch its capital increase of between EUR 45 and EUR 100 million, by August 31, 2010, according to a statement released Monday.

Announcing (end December 2009) the need to raise these funds, investors had reacted very badly on the stock market – securities Theolia have plunged over 15% in session – for fear of being heavily diluted.

But this capital increase is part of the agreement by Theolia with its major creditors to reduce its heavy debt cash advance america.

The group has negotiated to modify the terms of his contract issuance convertible bonds (bonds convertible into new or existing shares) amounting to 253 million euros.

In exchange for a lower conversion price of convertible bonds, and partial reimbursement of their immediate Theolia got its bondholders a reduction and an extension of its outstanding debt until 2015.The restructuring does not require launching a takeover offer.

ALSO READ:

"Theolia convene shareholders and bondholders

"Wind turbines are becoming more vulnerable

The victory was expected, but nonetheless delighted the leaders of Thales Alenia Space. The subsidiary of Thales, 67% owned by him and 33% by Italy's Finmeccanica, has won a lucrative contract for the construction of six European meteorological satellites third generation. The European Space Agency (ESA) made the announcement Friday. The contract amount is not included in the release of Thales, but industry sources estimate it at 1.5 billion euros.

"If the negotiations end with success, management will submit the contract to the committee for industrial policy of ESA for approval and action by member countries participating in the program. What is envisaged for June, "said Agency.The satellites must be in operation from late 2016.

"We are proud to meet the challenge of more ambitious geostationary satellite ever developed in Europe," said CEO of Thales Alenia Space, Reynald Seznec, quoted in the press. Sites of Thales Alenia Space in Cannes and Toulouse, as well as those of OHB in Bremen and Munich will be involved in the project, in "in close cooperation with the German industrialist."

"Forecasts near-real time

These satellites MTG (Meteosat Third Generation) should help predict the weather with greater accuracy. Unlike existing satellite, they will be stabilized in three axes with a set of wheels and will no longer need to turn on themselves, allowing them to operate continuously."The shots will be more frequent," said Donny Aminou, head of MTG instruments to the European Space Agency (ESA) bad credit payday loans . "Plus we have accurate data, the more we improve the accuracy of weather forecasts in near real-time, but in the long term through improved models to better assess what will happen in five or six days, and even make the longer-term data on climatology, "exults the scientist.

The atmosphere can be observed every 10 minutes instead of the current 15, while satellite imagers MTG will provide coverage of Europe every 2.5 minutes. In addition, a lightning detector on board imaging satellites of MTG to see upcoming rainy training.The forecasters can anticipate the time with a margin of error smaller. A rainy period, instead of being announced with a probability of 80%, may for example be 90%.

EADS cringe

Happiness Thales is a natural misfortune of EADS. Astrium, a subsidiary of the European manufacturer dedicated to space systems and services civilians and military, was also in the race. The ESA noted that both bids were "technically good" and lower the amount of the budget imposed. But he explains that he chose the Thales offer because it was cheaper.

This announcement is another setback for the group who had already failed earlier this year another major contract for the European navigation system Galileo satellite, given the small German group OHB. Questioned by AFP, Astrium (EADS) declined to make comment.

ALSO READ:

"Europeana, Galileo, Quaero: the high-tech disappointments of the EU