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The Council of State suspended the execution of the decree of September 29 on the sale prices of natural gas, the institution announced on Monday. Gas prices are definitely a real headache for the government. Enact increases in the order of 4 or 5% per quarter is difficult to six months of a presidential election, particularly in times of crisis. So the government there decided by a ministerial decree of 29 September, to freeze the rates for individuals. This price stability followed that decided on July 1.

Problem: after much negotiation, the State and the suppliers had agreed in December 2010 on a formula, which was to end criticism of the political nature of periodic reassessments of gas tariffs.

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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.

Mutual did not took off. And three-quarters of the French objected to the new tax increase on complementary health from 3.5% to 7% since October 1, according to a Harris Interactive survey for the French Mutuality published last Thursday. Over 85% believe that this will result in lower purchasing power. Mutual claim because they are forced to pass on the increase to their policyholders. "In recent years, the taxation of complementary health" officials "went from 0% to 13.27% since in the new 7% tax added to the CMU of 6.27%, that mutual insurers and health are the only ones to fund.We can not support such increases without raising rates, when, in addition, new regulations require us to strengthen our reserves and our solvency, "said Philippe Mixe, the president of the FNIM, the National Federation of Independent Mutual .

Only the GMF took the opportunity of talking to her, announcing that it would not apply to customers the increase decided by the government. A promise that did not cost too much: it has launched its health contract for just over a year, and still only 30,000 policyholders. "We want to develop healthy techniques and results are good. It is normal that we do enjoy our policyholders, "said Patrice Forget, Chief Operating Officer of the GMF. But the GMF stands alone.Even other newcomers in this market – as Amaguiz, the Internet subsidiary of Groupama, which has just launched its contract health – have incorporated the tax rates.

According to Mercer, the French who have subscribed to one of these individual contracts can expect an average increase of 8% of their bonus next year. An increase that reflects not only the tax but also the increase in health spending at the expense of additional no faxing pay day loans.

Contracts "storey"

Insured employees as part of their business are not better off. "The increase will be at least 7% on average," said Philippe Mixe. An invoice less and less accepted by employers. "From 2007 to 2011, contributions of corporate contracts have increased by 6.80% per year, including taxes," says Eric Demolli at Mercer.Today, faced with employees very attached to these contracts, companies, always keen to control costs, tack. "They seek to spread the increase over time in negotiating with insurers, mutual and pension funds. They play better competition. And they refine the guarantees, for example by eliminating reimbursements to "actual costs" too expensive, "says Eric Demolli.

More and more companies are opting for contracts as "storey" in excess of a basic "minimum" common to all employees, the company funded in whole or in part, employees who wish to be better protected may subscribe for options, they bear the cost alone.In their individual contracts, insurers also offer more health insurance "a la carte", where everyone can dose coverage of individual items (ambulatory care, hospitalization, dental, optical) depending on its needs and its budget. They also imagined, as in the last contract Amaguiz of low-cost, to benefit the insured packages for reimbursement when they increased from the previous year have not been exhausted, optics, for example.

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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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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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"3 billion for local

The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC began the session down 1.49% at 2 883.29 points after having already closed on Monday, down 1.85% to 2926.83 euros. Dexia tumble more than 15% in early trade. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.

Dexia tumble more than 15% in early trade

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece.Europe is planning to review the particupation private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF). Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen.This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1 absolutely free credit score.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday.The board of directors of Dexia announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular. The Franco-Belgian bank should sell its flagship accelerated and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

GDF Suez has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution. The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle has presented a sharp drop in its annual net profit by 48% to 30.4 million but expected a rebound in profitability for the year 2011-2012.The food group is also in talks to buy the vegetables Aucy in Russia.

Coffee breaks should be shorter now for the employees of Goldman Sachs in New York. In recent days, in fact, they have at their disposal coffee cups smaller than normal. The bank, which has embarked on an extensive program of savings $ 1.45 billion in mid-2012, estimates that reducing the size of the cups 35 cl at 29 he will save "thousands of dollars ". In the same vein, the machines "cashless" (to recharge with cash cards can be used to pay vending machines) are becoming increasingly rare in buildings. According to Goldman Sachs, it will pay less armored car to transport the money raised.

Other banks, Wall Street stars, also address their operating costs.The offices are less green and Morgan Stanley, which decided to cut the budget plant. "Every dollar not spent is a dollar that can be used for growth," says her boss wisely James Gorman. Bank of America canceled several expensive meeting, while Barclays will strictly monitor the bill for business phones for its employees.

Bonuses reduced and job cuts

More importantly, the impressive bonus paid out to employees at year end should be reduced. Although for the moment, the cumulative 65.69 billion dollars, set aside for this purpose in the first half by Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America, do not show it yet. In recent await the end of the fourth quarter before taking any decisions about it.

Saving measures will also affect employment high quality business cards.Goldman Sachs cuts and positions could not be about 3% of the workforce (1,000 people), as expected so far, but 5% of the total. Bank of America will eliminate 30,000 positions, JPMorgan Chase 3000.

A disastrous quarter

The time has come for U.S. investment banks to tighten their belt after a disastrous third quarter. The very poor stock market performance of major Wall Street banks over the period, characterized by loss of 16% to 49% over the period, illustrate the phenomenon.

The reason: the pressure around the debt crisis in Europe affects the banking sector on both sides of the Atlantic, the new cases of mergers and acquisitions and bond below the 2008/2009 levels, and economic slowdown in the U.S. and the euro area.Not to mention the always present impacts of the subprime crisis.

Symbol difficulties, Goldman Sachs is expected to announce on 18 October, its worst quarter since going public 12 years ago. The consensus of analysts now speak of an earnings per share of $ 1.35 (against 2.65 dollars a month ago), a loss of profitability of 50% over the year. Some even refer to a quarterly loss that the bank would be its first episode since the Lehman Brothers in 2008.

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"SPECIAL CRISIS: fear of debt

SNCF never ceases to celebrate 30 years of its TGV. After the launch last May of a train specially decorated, a new celebration takes place Saturday night in the Gare de Lyon in Paris. The President of the SNCF Guillaume Pepy, and Nathalie Kosciusko-Morizet, Minister of Ecology and Sustainable Development, will attend a particular video show projected on the facade of the Gare de Lyon which left the first TGV, the September 22, 1981.

A few figures summarize the tremendous success of the first high-speed train developed by Alstom to accommodate all age groups, mobile executives, young, old … In all, nearly two billion passengers have taken in 30 years. 83% of French people have traveled at least once on board the TGV, which now serves 230 stations.

But the station pulled the alarm a few years ago commercial success, the TGV is not an economic powerhouse.The accounts of the industry are deteriorating, the fault, including the tolls the operator must pay to Réseau Ferré de France, the operator of the system for the use of high-speed lines. Today, nearly 30% of high-speed lines in circulation are not profitable. Guillaume Pepy regularly reminded that the company can no longer afford to invest in next-generation trains no fax payday loans.

The future railway landscape

Several projects of new lines are under way: the Rhine-Rhone, just opened, the Tours-Bordeaux, Brittany or the Loire region, not to mention the circumvention of Nimes and Montpellier. But others are virtual as the Paris-Caen. The success of the TGV has indeed given to the regions want to have "their" TGV.But the question of funding problem and use increasingly common in public-private partnership, a financing involving the state and communities in building a private group, is not a panacea.

After the festivities, Focus on the rail, a kind of rail Grenelle oragnisé by the Department, will again bring together industry players at round tables austere. Objective: To shape the future landscape railway … and give the French the prospect of other celebrations in the coming decades.

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»IN PICTURES – What will look like the next train?

The discount is as brutal as sudden. While markets were expecting a deterioration of the Italian debt by Moody's, its rival Standard & Poor's (S & P) has the first shot. On the night of Monday to Tuesday, the U.S. rating agency downgraded a notch credit ratings long and short term attributed to the third European economy A/A-1 against A + / A-1 + before. She also maintains a negative outlook on the evolution of the country's economic activity. Rome was quick to respond, criticizing a decision "dictated" by the media and "distorted by political considerations."

Above all, the rating agency believes to have taken someone a traitor. "There is nothing in this sudden degradation defends Martin Winn, Vice President of the London office of S & P, noting that the Italian debt had already been placed under negative outlook on May 21.A decision which in the eyes of the agency at least, appears as "a very clear indicator," said Norbert Gaillard, an economist and specialist rating agencies. In fact, a negative outlook indicates that degradation can occur at two-year horizon, says Norbert Gaillard yet. Unlike a "supervision order", indicating a probability of discount "stronger in the next three months."

Quagmire of the magazine Italian Greek

The question is whether the markets have built-or not-this "indicator". And there, the doubt remains: "Normally this should be the case," suggests Norbert Gaillard.Adding that markets were also able to consider a positive outcome for Italy, when Moody's, which was placed on negative watch Rome in June, was given "one more month" to determine a deterioration in the adoption of an austerity plan for Rome in mid-July.

However, even if investors are mild at first, the degradation of Standard & Poor's suggests a bleak future on the other side of the Alps. "There are now three notches score difference between Moody's and Standard & Poor's, which is huge," says Norbert Gaillard. He said Moody's may well be tempted to turn degrade the Italian debt, "especially to preserve its credibility." With in this case, "a risk of panic 'markets.

In addition, S & P has not ended with Italy, since the rating agency maintained its negative outlook on the economy Alps.Now, if Moody's was focused on the austerity measures, its competitor seems only need a high debt, a fragile political situation, or a sluggish growth prospects for taking action, counting up Norbert Gaillard. Questioned on this point, Martin Winn mentioned merely "a probability of 33% of a further deterioration in the next two years." As negotiations dragged on over Greece, which still awaits its next tranche of EUR 8 billion, Italy is transformed into a dangerous powder keg for the rest of the euro area.

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No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.