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Since the tsunami of 11 March and the Fukushima nuclear disaster, the Japanese atomic reactors were arrested, one after the other to be auscultated. Today, on the fifty-four boilers that supplied 28% of electricity in the Archipelago, only two work. And they should, they also stop in April to be tested for safety.

The streets of Tokyo shine though all their neon lights, and the life of the megalopolis of 35 million people saw the usual pace of its thousands of trains daily. Certainly, the corridors of Meti, the Ministry of Economy, are left in the dark, for an example. But the great campaign to save energy this summer ended.

This return to almost normal life despite the closure of fifty-two reactors, Japan pays a high price. Imports of oil and gas only for rotating thermal power plants in 2011 jumped by 77% and 18%. For the first time in thirty-one years, Japan had a trade deficit in 2011, 24 billion euros. And began the year with a record monthly deficit of 15 billion euros for the month of January, dug by the price of crude.

In this context, the government and power companies do not hide their desire: to restart nuclear plants faster. Large industrial fear a surge in the cost per kilowatt hour are pushing in this direction. The electrician Tepco, which operated the plant in Fukushima Daiichi and navigates to the brink of bankruptcy, announced an increase in its rates 17% for its major customers.

Restart nuclear facilities, just a year after the nuclear accident which forced 100,000 people to evacuate contaminated area? "For the Japanese, it's almost existential debate," says a French expert on energy, visiting Tokyo. The surveys that follow indicate that the majority of the population wants a nuclear phase-out.

Breach of trust

Reflecting Yuichiro Yonei, student 23 years specializing in energy met at the University of Tsukuba, who lived on March 11 as "a break". The young man, who no longer has confidence in the government's word on disaster management Fukushima, became antinuclear. Many young people who share his position on social networks come to sign the petitions in the tent erected militants since the fall before the Ministry of Economy.

The government Yoshihiko Noda walking on eggshells. It will not go into force. Formally, it does not need the green light of regional governors, elected, but nevertheless takes shelter behind them. To restore confidence, after pointing a report of TEPCO and failures of government, the government is reforming the nuclear safety authority, discredited.

Sixteen reactors only have registered for "stress test". Two of them, Ohi 3 and 4, have been deemed suitable by the International Atomic Energy Agency (IAEA) and could be the first to restart.

The government plans to present in June or July of its energy strategy for the coming years. "We must remove our dependence on nuclear power and build medium to long term a company that will not have to rely on this energy," said the Prime Minister Noda Saturday.

By the summer season of peak power consumption due to the massive use of air conditioning, the Japanese will have to make tough choices: restart their nuclear reactors or pay the current high price; suffer outages new current or reduce their consumption of 10 to 15%.

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It is a repudiation for the Competition Authority. The institution, which had inflicted 385 million euro fine in September 2010 with the main banks operating in France on their pricing of check processing, has seen its decision questioned by the Court of Appeal of Paris. In a ruling Thursday, the latter took the view that in this case, "the grievances of Understanding (…) can not be accepted" and that the banks concerned "should therefore be exonerated ".

The case dates back to the early 2000s, when banks have embarked on the computerization of processing checks. They are then granted to establish interchange fees, naturally passed on to end customers.

Fines must be repaid to banks

Banks have justified the introduction of these fees, which were abolished in 2007, the cost that they accounted for the modernization effort of check processing. One argument considered to be unfounded by corporate treasurers, who saw the impact fees.

In September 2010, the Competition Authority found in favor of the latter, and denounced an agreement on final prices payday loan. A vision not shared by the Court of Appeal of Paris, sought by banks complained, BPCE, Post Bank, BNP-Paribas, the National Confederation of Credit Mutuel, Crédit Agricole, Crédit du Nord, CIC, LCL HSBC France, Societe Generale.

In its reasoning, it considers that the commissions were "directly related to the new system paperless exchange of checks, public interest project neutral in terms of competition law …". It also believes that the Bank Agreement does not constitute "an agreement on final prices."

The Competition Authority may lodge an appeal. When asked, a spokesman said the institution consider what action would give the matter. Fines paid to the Treasury must be repaid to the banks.  

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The Spanish Minister of Economy, Luis de Guindos, began talks with the country's banks to reduce the number of foreclosures, which increase with the crisis. It should bring forward proposals to try to avoid eviction of defaulters.

The Conservative government of Mariano Rajoy seized and a sensitive social issue, of concern to all Spaniards and which took up the movement of Indignados. In 2010, 100,000 families were expropriated by Spanish banks for unpaid bills, a number four times higher than in 2007.

This worsening situation is as much a crisis as the structure of the real estate market. In Spain, 83% of the population own their homes, a record in the European Union. Despite a change in attitude since the bursting of the housing bubble, the rental market is still very small.

At the height of the housing boom, banks have extended credit indiscriminately to 100% or more of the property value, and floating rate over periods of up to 40 years.

Bombs

As the seizures, the bankers became the first Realtors in the country. These properties are difficult to sell in a sluggish market, now constitute a time bomb in bank balance sheets payday loans for self employed.

The Bank of Spain on Friday issued the rate of bad loans of Spanish banks. At 7.87% in December 2011, the highest figure since 1994, more than double the rate that prevailed there are still three years. These credits, some of which will never be repaid, mainly concern the real estate sector and amounted to 135.7 billion euros.

Between bad loans and a stock of unsold real estate and land, assets considered "problematic" – as to the uncertain value – totaled 176 billion euros in June 2011.

Financial reform prepared by the Executive aims to clean up the banking sector, the main source of market fears. The aim is to promote the absorption of small structures deficit by leading banks and compel credit institutions to strengthen their reserves of 52 billion euros.

The law was passed Thursday by a large majority of MPs. A sacred union rarely given the urgency of the crisis.

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The logs are exploding in the capital. With the cold polar current and higher hydrocarbons, chimneys begin to crackle louder. "The sales gallop since it's cold. We are running out of wood, a salesman explains the BP station on Avenue Paul Doumer (XVI). We sell the net logs from June to July, a quarter of a liter, 9.80 euros, with small kindlest handy for 4 euros. "A price high enough to not enjoy the warmth of the flames that occasionally and friendly . This is also the main motivation of the Paris market although this is changing. "We have no request to provide central Paris," said Sylvain Leonard, head of the wood logs Ile de France at the NFB (National Forest), through the joint venture Molinario NFB.  

European regulations

And contrary to popular belief, people in the capital can still make a fire in their fireplace. But on two conditions: "Do not bother neighbors and make two chimney swept every year: at the beginning of the start of the chimney and in the middle of the heating season," says Sylvain Leonard. While many consumers of central Paris have an approach of wood as approval, however in the Ile-de-France the consumer profile is different. Demand is steady and growing. "In the Ile-de-France, residential area, the consumption of wood logs grew by 30% over 12 months now with 30,000 cubic meters of wood delivered each year pay day loans. It starts to make a large volume, "says Sylvain Leonard. Main reason: consumption corresponds to an alternative energy source and complementary to traditional energy. "With the increase of oil, the wood is half the price of fuel oil and 30% cheaper than gas, says Sylvain Leonard. It's a bit more binding power of a wood boiler as this is an additional power source. "

Furthermore, with the next European regulations, it will become increasingly difficult to make fire by "open fire", that is to say, in a classic fireplace without insert. To limit the emission of particles, Brussels has banned the fireplace in large cities like Paris. "The interest of the pellet stove that adapt well to urban life becomes even more important, says Cyril Esnault, founder of the website Allobois.com. And can be plugged into any Internet magnet firewood. The Parisians are a third of our timber buyers, "says the manager. An energy source back to prehistory, which nevertheless still a bright future in the twenty-first century.

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The government of George Papandreou won the confidence of the Greek Parliament in the night from Friday to Saturday with only three votes in advance (153 votes out of 300). A reprieve for the Prime Minister called for the formation of a coalition cabinet, in a speech before the crucial vote for the ratification of the Europe Agreement Debt of Greece and the future of the country. According to Papandreou, the early elections – that the Conservative opposition was calling for – was a disastrous decision, likely to endanger the payment of the sixth tranche of aid from the European rescue plan.

On borrowed time since the disputed proposal to hold a referendum on the agreement, laboriously adopted at the European summit at dawn on October 27, Papandreou has started to prepare for his release, saying in his speech he was ready to leave office ."My position is the last thing I care about. Even matter if I am not re-elected. (…) I never conceived of politics as a profession, "he said.

The head of government has indeed lost the little credibility he had left with the political elite and the Greek people. Even within his party, PASOK (Socialist), leadership is increasingly contested. The barons of the government are the finance minister, Evangelos Venizelos, Minister of Education, Anna Diamantopoulou, the Health Minister, Andreas Loverdos, lambasted the escape of his responsibilities as representing the call to the people, as unexpected as moved. The abandonment of the idea, which had angered the countries in the euro area was confirmed Friday in Athens.

The success of Uniqlo store in Paris, opened in 2009 near the Opera, gave wings to the patrons of the Japanese brand. "We want to open 10 to 20 stores in Paris as soon as possible," Le Figaro reveals Nobuo Doma, chief Europe and the United States of Fast Retailing, the Japanese group owner of Uniqlo, but also Comptoir des Cotonniers and Princesse Tam Tam . Uniqlo opened yesterday XXL version of his store of Defense, opened in 2007, whose size has increased from 200 to 2,000 square meters payday loans for self employed.

Among the addresses targeted next by the brand, working with the developer Unibail to deploy in France, are "the Champs-Elysées, the Rue de Rivoli, the Rue de Rennes and the Forum des Halles," said Nobuo Doma. Once these projects, Uniqlo will other cities "like Lyon."

Light beverages will be taxed eventually. MEPs adopted on Friday the principle of a tax on soft drinks doubled and extended to beverages with artificial sweeteners. Two cents per can, this should bring 240 million euros instead of 120 million euros initially planned, at the announcement of the measure by François Fillon on August 24. If the government were in favor of doubling the tax to finance a reduction in the cost of agricultural labor, he was strongly opposed to its extension to drink with sweeteners.

Even today, the budget minister, Valérie Pécresse, had urged members to "not lose its coherence" to the measurement and not to "confuse" the public health message.In view of the fight against obesity, taxing drinks lights and soft drinks, "this is not the same thing," had earlier noted the Minister of Health Xavier Bertrand. But MPs were finally ignored the opposition and intense lobbying against the measure of industry.

Tax benefit of reduced fuel oil

In addition to the tax on sodas, parliamentarians got down to the vote of other anti-deficit. Several amendments adopted Thursday night or the night of Thursday to Friday eliminate or reduce existing tax benefits.

This applies to the tax benefit of heating oil used for professional use (in agriculture or construction), that members have reduced Thursday to complete the financing of the lower cost of agricultural labor.The domestic consumption tax applicable on this energy source was increased from 5.66 euros to 7.20 euros per hectolitre. It should bring 80 million euros.

MEPs also voted Thursday night a special tax applicable in 2012 on sales of duty free subject to industrial CO2 quotas. 200 companies overall are expected to be affected by this measure, which should yield about 200 million euros. "It is not an embryonic carbon tax," warned Valérie Pécresse, but "to generate CO2 allowances free to give new entrants."

Measuring more anecdotal in terms of expected revenues (2 million), the reduction of 15% per year of detention applicable to capital gains from the sale of a horse race or sport, has been deleted.The objective of this measure in the Chamber called "anti-Morin" or "anti-Bayrou," referring to the taste of these members for riding, is "to end a plus for horse owners" , explained Thursday the deputy PS Christian Eckert. The reduced VAT rate applied to the horse industry has been maintained, however, because the number of jobs at stake, valued at 6000.

(With AFP)

The IEA has revised upwards its forecast 15% annual investment needs in energy. More than 1500 billion dollars (1095 billion) will be needed annually for twenty-five years or 38,000 billion by 2025 and 27,700 billion – to meet global energy demand while respecting objectives in the fight against climate change. Fatih Birol, the very influential chief economist of the IEA announced the figure on the occasion of the Ministerial Conference of the twenty-eight Member States of the Agency, which opened Tuesday in Paris for two days.

The hydrocarbons are becoming more expensive to extract, while renewables are still expensive, says the IEA.Shareholders will they go to needs? Fatih Birol is concerned on two points.

For oil (26% of investment needs to be 10,000 billion), "90% of the production growth will come from the Middle East. If within five years, investments in infrastructure are not to go to this region, will be major implications for oil prices that will fly, "warns Dr. Birol.

Second concern: electricity. "Over 1.3 billion people still do not know", said the expert. About 9 billion dollars are invested every year, "for access to electricity for the poor payday advances."But it would take five times as much, $ 45 billion, mostly in Africa and Asia."

"Governments act without speaking"

For Fulvio Conti, CEO of the Italian electricity Enel, now in Paris for the meeting between ministers and industry, these investments will only be possible if the regulation is "clear and stable," compatible with the time scale of the energy industry is extensive. "Unfortunately, the boss lamented Italian governments acting alone, without speaking. There are rules asymmetrical. That is why we, industrial, have raised our voices, "at the ministerial conference of twenty-eight Member States of the IEA.

In contrast, José Sergio Gabrielli de Azevedo, CEO of the Brazilian national oil Petrobras shows an optimism. His company will invest alone $ 224 billion within four years.Brazil relies on the growth of its deposits "présalifères" buried under the Atlantic to increase production to 5 million barrels per day (mbd) in 2020 half of Saudi production against 2 million bpd now. All smiles, the Brazilian incarnation of emerging countries, says the sweeping fears of a recession, "the future is bright."

New blow for the euro area. After Fitch, it was the turn of Standard & Poor's to break down a notch credit rating of Spain, which changes to "AA-". The rating agency also maintains a negative outlook on the country. In other words, a further downgrade of the country can not be excluded.

The agency believes that financial services' growth prospects are uncertain "because of" increasing risks "facing the economy. The agency referred in particular to "the incomplete reform of the labor market will continue to hinder economic recovery." In the view of S & P, Spain could fall into recession next year, with GDP expected down 0.5%.

The fragility of the financial system is also the Achilles heel of the fourth largest economy in the eurozone.S & P is concerned and "a probable further deterioration of asset quality of the Spanish financial system."

The agency also questioned the budgetary targets of the Zapatero government. The Spanish public deficit forecast at 6.2% of GDP for 2011 could be exceeded. As for reducing the deficit to 4.4% of GDP in 2012, it will not be possible without "additional measures".

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A new session promises to be eventful Thursday on Wall Street. Futures on the Dow Jones fell by 2.06% to 10,831 points, those on the Standard & Poor's let go of 2.23% to 1136.10 points and the Nasdaq lost 2.32% to 2208.20 points.

Like European and Asian stock markets, Wall Street should not escape the anxiety of investors pessimistic after the U.S. central bank on the global economy. The central bank has held that the U.S. economic recovery was "slow" and threatened by "high risk".

For this, the Fed announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."One can interpret this decision by the Fed as the will not to launch a" quantitative easing "3 (monetary easing to boost the U.S. economy) in the immediate future, says Arnaud Poutiers, executive vice president of IG Markets short term personal loan. Indeed, "Operation Twist" is intended to influence the long bond rate, but without increasing the size of the Fed's balance sheet, so without creating money ".

On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 (-0.91%).

On the corporate side, Moody's lowered the credit ratings of Bank of America, Wells Fargo and Citigroup. The agency that the state may fly to their rescue.

United Technologies will buy the equipment for Goodrich Aircraft $ 16.5 billion (12.2 billion euros) in cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

FedEx has reported an EPS according to the consensus of $ 1.46 per share in the first quarter, a turnover of 10.52 billion dollars (against the consensus of 10.32 billion dollars).