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"The port reform has transformed the relations with the unions

Is more than a breath of fresh air. Thursday's announcement by the second owner worldwide, the group Mediterranean Shipping Company (MSC), a new investment of 160 million euros in the Port of Le Havre is proof that the future of shipping lights is not so dark.

MSC will indeed develop over 1400 meters long, four positions for its container, whose capacity could increase from 14,000 to 16,000 containers per ship. Giants of the seas as MSC, previously installed alongside Bougainville, in the inner harbor of Le Havre was not able to accommodate.

Titanic work

"The equipment we deliver to MSC required a public investment of about 320 million euros.The shipowner in turn will invest 160 million in coatings, rails, gates, new technologies … "lists Hervé Cornede, commercial director of the Grand Port Maritime du Havre (GPMH). The work already started should be spread until the end of 2012. Once completed, they will allow the owner-Italian Helvetic reach an annual capacity of 1.4 million containers.

Port 2000, the new port of Le Havre dedicated to container, was inaugurated in March 2006 after four years of titanic work for an investment of 1.3 billion euros. In total 4200 meters of docks were created. And Port 2000 full show soon, since it has more than 700 feet of docks available.

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France, she missed electricity this winter? Nine months after the German decision to phase out nuclear reactors eight of seventeen will be stopped before the end of the year, the question of feeding the Hexagon concern to the government. Yesterday, on the occasion of the presentation of the report of the electricity transmission network (RTE) on the transition of winter, the industry minister, Eric Besson, has expressed its "vigilance".

Governments based on the calculations of the EDF subsidiary responsible for networks and very high tension. In the first nine months of the year, French exports of electricity to Germany increased by 11% over 2010, while imports fell by 50%.With all these elements, RTE suggests a risk of disruption "moderate fast cash loans."

Regarding the availability of the generation French, it is mixed: most important for the period January, at least in contrast to the months of November and December, due to the revised schedule of the facility.

Wednesday, Eric Besson welcomed RTE can count on an average of 1400 MW: Further expansion of wind power, new combined cycle gas came expand the portfolio of means of production.

Remains the black spot in Britain, has long been known. The region, which produces only 8% of the electricity it consumes, is particularly fragile. Certainly, infrastructure building projects exist, but they are slow to be realized.

The Paris Bourse after opening down slightly, sailing around the equilibrium after a session that saw the CAC 40 fly over 2%. In the morning, the CAC 40 in advance symbolically from 0.14% to 3235 points in early trade. Investors do not follow the mood on Wall Street yesterday and Asian markets this morning. The latter found confidence to the rhythm of advertisements European leaders on a plan to end the crisis. They particularly appreciate the position of the European Commission yesterday called for an urgent recapitalization of the banks deal with the debt crisis. Remarks relayed by the Minister of Budget Précresse Valerie, who, like Berlin, says it is "a necessity". France is willing to inject even said herself of public money to support its banks if necessary.

This commitment reflects a shift in the euro area on the Greek case.The taboo of failure is no longer excluded. The Chairman of the Commission José Manuel Barroso, called for "decisive action on Greece" while German Finance Minister Wolfgang Schäuble said yesterday that the overall level of indebtedness of Greece should be reduced s' it reaches an unbearable level, "to provide better opportunities" in the country. The discount will have to accept that private investors in the second aid package to Greece adopted in July would be 39% if we used the current market prices to assess the risk profile of the country, instead of 21% estimated at the time, said yesterday an official of the Institute of International Finance (IIF).

New vote in Slovakia, the euro rises

Concerning the Relief Fund in the euro area (EFSF), which must be expanded to support the plan to end the crisis, Slovakia has promised another vote tonight or tomorrow.It should be positive this time because four opposition parties agreed to support the government in place, Maturity of early elections. These data give back to the euro insurance. The European currency found the threshold of $ 1.38 in morning trading.

Oil, however, is small decline: a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline. The operators claim to be concerned before the publication of figures on weekly petroleum reserves in the United States no fax pay day loans. Another indicator to the American agenda: the weekly jobless claims, trade balance and budget.

Values ​​to follow

Total (-0.98% to 36.20 euros)

The oil company has discovered gas and oil off the coast of Norway, announced this morning the Norwegian Petroleum Directorate. According to preliminary estimates, this discovery is to be between 19 million and 101 million barrels. To dig the well that led to this discovery, Total was allied with Norway's Statoil, authorities said.

Carrefour plunged 4.16% to 17.17 euros

The group launched Thursday a new warning on its results in 2011, relying now on a decline in operating income between 15% and 20%, 15% instead of the planned end of August.

Lafarge (2.28% to 29.62 euros)

The French cement company announced an asset swap with the U.S. Martin Marietta, which he will sell the aggregates quarries and concrete plants ready and asphalt, in exchange for aggregate quarries and distribution sites .

Casino (1.98% to 62.71 euros)

The retailer saw its organic growth slowed in the third quarter with declining sales of its hypermarkets in France, but the group has confirmed its objectives for 2011 include the strengthening of its market share in the Hexagon and improving margins at Franprix-Leader Price.

Areva (0.72% 22.49 euros)

The consortium of the French group and Germany's Siemens called the Finnish operator Teollisuuden Voima (TVO) to engage in the path of cooperation with the approach the final stages of construction of the EPR reactor Olkiluoto 3 (OL3). The French nuclear group has also been licensed by the U.S. authorities allowing it to construct and operate an enrichment plant in Idaho.Finally, the boss of the group, Luc Oursel, raised the possibility "to smooth or to shift some investments to reduce risk and improve (the) financial situation"

ArcelorMittal (-0.38% to 14.47 euros)

The group decided to shut down two blast furnaces located near Liège in particular because of the deteriorating global economic situation, the financial daily reported on Wednesday Belgian L'Echo, information later confirmed by the unions.

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How to make a hitch to his dog kibble? Appeal to teachers, as do the manufacturers for ages in their advertisements, not enough. It is also pet the pooches in the grain. Nestle, the world leader in animal nutrition with Purina (Friskies, Fido, Felix …), is launching this week at the Austrian television advertising directed at the first of the canine race! A 23-second spot that touts its brand Beneful. The brand hopes to honor "the unique relationship between dogs and their masters."

The matter was taken very seriously by Nestlé. The group uses its team of specialists in animal behavior, based in Missouri. They have identified the sounds that dogs, whose hearing is two times finer than that of humans, are particularly susceptible.Beneful spot, which features a dog bowl in front of her and his mistress, and has a grinding noise similar to that of a dog toy, a barely audible hiss of humans and a fairly high-pitched signal. Dogs are supposed to react differently to advertising based on their "individual experience" and the games they are used with their master, provides Nestlé. Last year, Nestlé Purina was pioneered in Germany with scented billboards that opened the appetite of dogs for a walk.

On one stone? Intense negotiations are under way for at least a solution, at least in part, to two simultaneous problems: the failure credit faced by French local authorities, and the fragility of the balance sheet of oversized French-Belgian bank Dexia.

Concordant sources, in fact, Dexia, the Deposit Bank and postal workers, under the watchful eye of the state, to create a new bank, public, local communities. Friday, none of the parties did not wish to make comments.

The new entity will take over long held by Crédit Local de France (CLF), ancestor of Dexia, with mayors, councils and other French regions.Its creation would be an opportunity to ease the minds of elected officials, heated by the explosion of interest on certain loans "toxic", including underwritten by Dexia before 2008. The new state-owned bank could put forward a much more wise.

Above all, his arrival on the market would open the tap of credit to local communities. In a financial crisis, Dexia and its competitors, such as savings banks, Societe Generale and foreign banks have largely abandoned this market in recent months.

The Postal Bank and the Caisse des Depots would hold society together, Dexia that may remain a shareholder.They should also take control of all or part of the loan portfolio of existing communities with Dexia French (70 billion euros) and Dexia Municipal Agency: such operators shall ensure, by means of mortgage bonds, the refinancing of the commitment of Dexia. A new ownership would bring also the financial strength necessary to maintain its "AAA" rating.

Pirouette history

For Dexia, the operation could be an opportunity to significantly reduce its balance sheet totaling more than 500 billion euros personal business card. It has already been reduced by 15% year on year, thanks to the divestment of assets made in the first half. But despite this recent treatment, the group remains fragile, especially in the current distrust of markets against financial groups in Europe.

"The idea is on the table.Its terms are far from being arrested, "said a source familiar with the matter. The role of Dexia, the volume of the transferred assets, their quality – particularly with regard to loans that are the subject of disputes with communities who have subscribed – all of which are still on the table. Many criteria which depend then the financial terms of the transaction.

The reactive pattern of lines of inquiry explored from 2008-2009. Even then, the idea of ​​the deposits of La Banque Postale deal with Dexia loans (assets of French local authorities are placed in the Treasury) was considered. The arrival of the CDC in the capital of La Banque Postale has facilitated the project. The project has also the flavor of a sacred spin the story to the Fund: Crédit Local de France was born of a branch of the Caisse des Depots, which then end up twenty years after a historic activity.But for the CDC, the issue is complex: it has (with the NOC) 20% of Dexia, it has recapitalized with the Belgian shareholders in 2008 to see the action rolled back in recent months. Perform an operation which finally reduces the bank's balance sheet and liquidity requirements would constitute a significant step forward. This is what its proponents would argue with the board, including representatives from Belgium, possibly as early as next Tuesday.

European solidarity is crumbling a little more each passing day, while Greece and by extension the whole euro area plunged into crisis. The new wake-up call came Thursday from the Netherlands, already among the most reluctant to accept the end of July a second bailout of Greece. Exclusion from the euro area is no longer taboo.

The Dutch Minister of Finance Jan Kees de Jager, called Thursday for sanctions on countries in the euro area that do not fit European requirements for fiscal discipline. "If a country does not wish to meet the requirements, then there is no other option but to leave," said the minister. He added: "If we can not keep to the rules of the game, then you must leave the game" but added that it was only "a last resort."The day before, the Liberal Prime Minister Mark Rutte had already called for the creation of a post of European Commissioner responsible for enforcing the stability pact, demanding the implementation of sanctions as a limitation of funds or a loss of the right vote.

These misgivings, if they meet the concerns of domestic politics, can not find at least resonate with its neighbors. Finland still requires, in exchange for his participation in the aid plan, strict guarantees, while Slovakia has postponed the approval of the December European Financial Stability Fund (EFSF).

Tutelage

The Dutch minister said that the remaining German and Finnish counterparts, met Tuesday in Berlin, welcomed the proposals.The chairman of the Financial Markets Authority (AMF) has poured oil on the fire, speaking in a setting under supervision of Greece, on failure of the bailout and failure of economic commitments. "Yes, if there is no other measure, it must be done," said Jean-Pierre Jouyet, former Secretary of State for European Affairs. At the same time, Athens warned Thursday by the voice of the Minister of Economy, the deficit will be higher than expected because of the recession. The European Commission has tried to defuse the pressure: "No release or removal of the euro area is possible after the Treaty of Lisbon. Participation in the euro area is irrevocable. "

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The acquisition of Direct 8 Direct and Star channels by Vincent Bolloré Groupe Canal + causes a shock wave with unprecedented media players. All appeal to the Higher Audiovisual Council (CSA) and criticize the slowness of the regulator to take a position on the future of digital terrestrial television.

Financial markets have been quicker to react. Indeed, TF1, which has focused its entire strategy on the fierce opposition to a free channel developed by Canal + – Canal 20 – lost 7.2% Friday on the Stock Exchange. Similarly, the title M6 tumbled 6.51%. Conversely Bolloré won 3.37%, analysts hailing the financial bargain. Finally, the titles NRJ (+0.7%) and NextRadioTV (-0.39%) were well maintained, the market focusing on the sale of their television assets.

Next operator, TF1 was walled in silence.M6, however did not fail to remember that in 2005 had played the Cassandra of PAF: "From the launch of DTT," said Nicolas de Tavernost, CEO of M6, "we warned that new entrants to the television would be the first out. And it did not fail to be realized: The group Pathé came out quickly, followed by groups AB and Lagardère, and Bolloré today that even before it has completed the acquisition of Virgin 17 has already sold! ".And the boss of M6 denounces "the enrichment of certain due to bad political decisions."

Let the TNT in the sole hands of incumbents

For Nicolas de Tavernost, it would have been wiser to let the TNT in the sole hands of the historical actors committed to long-term rather than opening the landscape to new players: "This only impoverish the sector" , he notes "The new entrants have pocketed more than € 1 billion – out of Pathé, that of AB for 525 million, 70 million of Lagardère and now to 465 million Bolloré Ed -. Much money is wrong sector and creation! This represents almost a year cost grid of TF1, and a year and a half program M6.I hope in the future, the CSA will take its responsibility and shall cease to grant frequencies to new entrants, "he says.

A challenging position that Alain Weill, CEO of NextRadioTV BFMTV and claiming to be "a long-term player like NRJ. Neither one nor the other have sold one of our assets. Today the market is recomposed out of all control and outside of government. Because we do not see how the CSA will be able to oppose the acquisition of Direct 8 Direct and Star by Canal +, "Storm Alain Weill," Today I ask the government: I hope that they let me develop my group, or do I accept offers that can not stop me to sell my assets? ". Alain Weill claims to have been in contact during the summer with a potential buyer, a large German operator.For his part Jean-Paul Baudecroux, the president of the NRJ Group regrets "the immobility of the CSA, a year ago, advocated a call for applications for new frequencies. All the evidence that we were right to claim the body and cry a second frequency. It is the mission of CSA to maintain pluralism. "

Presentation of the report of the TNT to the Prime Minister

Michel Boyon, president of CSA presented its report Friday afternoon knew the future of TNT to François Fillon. He will detail Monday as the sector has been waiting several months his positions on the future of TNT. Michel Boyon made recommendations that take into account several scenarios. In particular, the one where Brussels does not validate the legality of the famous lines that were to be granted compensatory … incumbents.He will have to consider a new scenario: one in which Canal + bought Direct 8 Direct and Star.

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"Canal + TV enters the plain by buying Direct 8

"Bolloré:" Neither Canal + does not dominate the Bolloré DTT "

The U.S. stock markets are given a little air on Wednesday. After the U.S. central bank acknowledged that the economy continues to grow, the Dow Jones gained 2.26% to 11,390.98 points, the Nasdaq climbed 2.85% to 2544.29 points and the S & P 500 is 2, 73% to 1197.09 points.

United States: 300 billion dollars for the job?

Thursday, U.S. President, Barack Obama must speak to announce a new stimulus package. Bloomberg and CNN, Bush is expected to announce Thursday the release of 300 billion dollars (about 213 billion euros) for employment.

The euro was up 0.34% to 1.4055 dollars in late morning. The European currency is notably supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro.

Oil prices have, for them, increased sharply, supported by the prolonged interruption of production in the Gulf of Mexico, the sudden force of scholarship and a report from the Fed positive for U.S. growth. On the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery rose 3.32 dollars compared to the previous day, to clinch at 89.34 dollars.

Yahoo: Markets welcome the departure of Carol Bartz

The exchange operator NYSE Euronext (4.03% to 26.10 dollars) recorded in August increased volumes of transactions on the cash market and derivatives, both the U.S. and Europe, a trend that reflecting strong market activity this summer. In the U.S., sales rose 38.9% to 3.2 billion shares daily volume.At one month, the volume increased by 60%.

Yahoo! (6.51% to 13.75 dollars) on Tuesday announced after the close of Wall Street the departure of its CEO, Carol Bartz, thanked months to three years after being chosen to revive a society in decline. The group is now looking for a new boss to find the way of immediate croissance.Dans, Timothy Morse, Chief Financial Officer since July 2009, temporarily taking the reins of the web portal cash advance loans.

All Nippon Airways (7.84% to 6.60 dollars) expects to receive the last of the 55 aircraft ordered 787 Dreamliners from Boeing by 2018, said the president of the largest airline.ANA, which will be the first customer for Boeing to fly the aircraft, will receive the first copy of 787 on Sept. 25 and anticipates delivery of 20 additional Dreamliners by March 2013.

Bank of America (3% to 7.20 dollars), experiencing significant challenges, announced Tuesday a reorganization of its management team with the appointment of two new operational directors, David Darnell and Tom Montag, from the ranks of the bank.

Note also a major shareholder of the Canadian Research in Motion (RIM) (0.03% to 30.98 dollars), the maker of BlackBerry smartphones, listed on Wall Street, on Tuesday called the "transformations" in the major group or its sale to tone the decline in value of its title.

The oil company Chevron (2.79% to 98.28 dollars) announced the discovery of oil during a drill in the Gulf of Mexico, offshore Louisiana (southern U.S.).

Altera (1.46% to 35.37 dollars) announced that it expected a sales growth of 2% -3% in the third quarter, against an increase of 2% to 6% previously due to lower demand.

For his part, Darden Restaurants (-4.24% to 44.22 dollars) expects sales growth of 6.5% to 7.5% over the year and an EPS growth of 12%.In addition, the company wants to make stock repurchases for 400 to 500 million dollars this year against 300-400 million previously announced.

The American expert group purchases online Groupon, who announced in June its intention to go public, "reassess the timing" of this operation and has canceled a tour dedicated to the promotion of its future trading, reports the Wall Street Tuesday Journal.

New blow for Societe Generale. While the second French bank is particularly turbulent stock market since the beginning of the summer, with a share price halved in three months, she has to face new suspicions. After the unfounded rumors about the supposed risks of bankruptcy, after questioning by U.S. authorities in a fraud complaint on subprime, Societe Generale now sees its relationship with the Gaddafi regime scrutinized. The new Libyan authorities are looking into effect on the investment made by the French bank with the Libyan sovereign fund, the Libyan Investment Authority, reports the Wall Street Journal. Some of these funds would have landed in the hands of people close to the government in place, the paper said.Societe Generale would have paid a certain amount to a Panamanian company, Leinad to help manage and advise an investment fund of one billion dollars in 2008. If the exact mission of Leinad is not yet clear, its role has at least been criticized by members of the Libyan sovereign fund, before the start of the Libyan revolt, the newspaper said cash till payday advance.

For now, the bank declined to comment on its relations with the sovereign fund Leinad or Libya, says the Wall Street Journal. Societe Generale however, that it has "worked occasionally with financial intermediaries in countries where it is not directly present."And these consultants are "fully selected and monitored in accordance with our procedures and ethics with the law and in full transparency with the customer," said the group, some have "acted in full accordance with the laws and regulations the sovereign ".

Throughout the reign of Colonel Gaddafi, it was indeed common for large groups pay foreign intermediaries, advisors and consultants to do business with Libya.

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"The banks back into the market turmoil

"Subprime: Société Générale continued

The shower is severe. In the portfolios of French investors, very few mutual funds have been spared by the crisis of the summer. But there are still some miracle, such as those invested exclusively in bonds. With lower interest rates on German and French titles, they have recorded gains that offset their potential losses on bonds of peripheral states.

Some balanced funds, designed to protect stock market turmoil of the capital of their subscribers, also grown out of summer crash, as they kept their promises. Carmignac Patrimoine, the most famous of them, for example, ends in August slightly higher.He won more than 1% over the last three months, and displays from the beginning of a loss of 1.38%.

Funds that keep their promises

Before the summer, the management company, worried about economic growth, would be prudent, played the German government bonds and U.S. gold mining, focused on the stock exchange on defensive stocks and fled from the European financial. Paris paying as much this summer. "Earlier this year, already, we were very cautious and this has penalized our performance. But our concerns proved justified, "said Didier Saint-Georges, a member of the Investment Committee.

This fund is not the only one who done well in the gameOthers are also this month in the green, like Invesco Balanced Risk Allocation, which earns more than 1%.

Good surprises are, however, to investors, far fewer on the side of mutual funds dedicated only to "actions". Even the most reputable funds have simply succeeded in limiting the decline to less than 20% in August, the image of Agressor of Finance of the Exchequer (16% on a month -12.90% since the beginning of the year), Ulysses de Tocqueville Finance (18% of one month, -17% since the beginning of the year), or Work at Mandarin Mandarine Gestion (-14% last month ), according to Morningstar.

The banks'

Scores honorable, because the mutual funds shares plunge less bright, they, by 25%. And very few funds have done better, except for example Neuflize Opportunities France, which lost "only" 12% in August.Managers had preferred Neuflize Private Assets before the summer increase liquidity, cover part of the equity portfolio and stood, too, away from financial stocks.

"Since the beginning of the year, banks have lost a third of their stock value. The differences in performance between the mutual funds 'share' in Europe are essentially determined by the position given in the securities portfolios, "said Bernard Aybran, director of the multi at Invesco. The funds dedicated to small and mid caps were also often more resistant, precisely because they have few banks in their investment universe.

Subscribers who have agreed to diversify their portfolios outside of Europe have suffered a little less. "Emerging markets have not declined over the summer that the European stock markets," notes Bernard Aybran.U.S. stocks end up well also. At one month, the CAC 40 fell nearly 12% and U.S. S & P 500 half!

If underwriters are well aware of the risks they take by investing in equities, they are however less sensitive to those they face in buying bonds. However, they lost an average of 6.5% in one month on high-yield bond mutual funds, which invest in corporate bonds of lower quality. Popular earlier this year, praised for their efficiency, these securities have also plunged on the stock market during the crisis.

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"The Dark Side of the crash

"Investment Company: A disappointing first half