The top news headlines

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.

In short, if you want cheap car insurance for your new driver, don't just buy any car and then look for deals. You need to be deliberate in your selection of vehicle.

CEO and American colossus original Welsh, Howard Stringer, missed the turnaround as promised by Sony. For the fourth consecutive year, the electronics group of Tokyo will be in the red. A loss of 90 billion yen (841 million) is expected for the fiscal year ended March 31, instead of a profit.

The various decisions of closures, massive layoffs and alliance with Samsung in flat panel LCD TVs have been failures. Certainly, the fate of the Japanese groups persists. Penalized first by the great earthquake that froze production in the archipelago, they now face a strong yen, measures to save energy drastic floods in Japan and Thailand.Production of television sets will also be halved, falling to 20 million units per year instead of 40 million Payday advance.

For seven years, the business of television is losing. It will be in the red for the eighth consecutive year. And should head out of water in 2014. In this context, the new challenge that has been made in mobile phones seem to be a bit risky. Sony has decided to resume participation in its joint venture with Ericsson joint smartphones.

Of course, the sun never sets on the group. But it is the issue of replacing Howard Stringer, CEO of Sony since 2005, that arises. His predecessors have missed the shift to digital music. Left him spun the televisions and internet tablets. A market where it will arrive late.

His successor will probably be a Japanese.

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. As announced by the Financial Times on Wednesday, the bank's objective of a structural reduction of 50 billion euros of its debt between June 2011 and December 2012.

Without going into details, the statement, issued while the CEO of Credit Agricole, Jean-Paul Chifflet, speaking to investors in a Paris hotel, said that three branches are involved. The first, the investment banking and investment will suffer a reduction in its funding requirements from 15 to 18 billion euros, which will involve the phasing out of "certain activities after a portfolio review "and" the closure of non-strategic locations abroad. "

For specialized financial services, reducing financing needs will be 9-11000000000 including "the sale of the loan portfolio." Finally, to retail banking in France and abroad, the effort reduction is most important, between 21 and 23 billion euros.

Target capital confirmed

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East.

With these assignments, Crédit Agricole plans to reduce its refinancing program medium to long term from 2012 to 12,000,000,000 euros markets in 2012 against 22 billion in 2011 poor credit personal loans.The institution also confirmed a target of 9% equity in 2013.

Limited exposure to the peripheral countries

Crédit Agricole profits from these ads to minimize its exposure to euro-zone countries in trouble, she calls "limited and manageable." This is 0.7% of total assets in Greece, Ireland, Portugal, Spain and Italy. The countries receiving international aid (Greece, Ireland, Portugal) weigh only 0.07% of the balance sheet, according to the bank. Regarding Emporiki, its Greek subsidiary, Credit Agricole said conducting "enhanced measures" on the diversification of the refinancing and the cost of risk.

This exposure to the debt crisis in the eurozone has earned the bank a deterioration in his note by Moody's ten days ago, as its rival Societe Generale. At the Paris Bourse, to 15 hours, the Crédit Agricole sells 1% to 5.13 euros in a market down by 0.47%.

ALSO READ:

"French banks are under close surveillance

"Societe Generale announces new savings plan

"Rescue of the euro: Paris ready to go further

"Week crucial for Greece

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.

ALSO READ:

"Canal + TV enters the plain by buying Direct 8

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

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors do not risk the last trading day of the week. At midday, the benchmark index in Paris was changing still in the red (-0.77%) ironing below 3100 points to 3094.99 points. The CAC 40 accentuated its losses after the publication of the second estimate of U.S. GDP in the second quarter with a loss of 2.60% to 3037.81 points to 15 hours.

Second-quarter U.S. gross domestic product grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first growth estimate published in late spring July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In a move similar to the London Stock Exchange, the FTSE-100 lost 1.37% to 5064.08 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady widening losses (-2.96 %) to 5419.09 points.

Meanwhile the Fed

Markets are now waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. On Thursday, weekly jobless claims rose. Causing a sharp decline in U.S. stock markets.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the lack of major macroeconomic news does not help to give a clear trend to markets. This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.11% to 53.07 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September cash advance payday loan.

This decision only briefly managed to reassure investors. If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need.After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 0.91% to 21.75 euros, BNP Paribas declined more moderately from 0.60% to 34.15 euros, Credit Agricole down 1.31% to 6.42 euros while Natixis closed the show the worst performance (-3.38% to 2.74 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange. Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, reduced its losses (-1.54% to 19.18 euros), after having dropped to 2.05%.The title, however, fell more than 35% over the last month. A little stronger, Renault drops 0.57% to 26.05 euros.

Total: -0.72% to 32.50 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.95%, to 165 euros) will publish their interim results after market close.

The penalty was expected, but it still sounds like a shock. In the night from Friday to Saturday, the rating agency Standard and Poor's lowered the rating on the debt of the United States, and deprived of their "AAA" for the first time in their history. S & P said in a statement it had lowered the rating a notch, the best possible, to bring it to 'AA +'. It also downgraded the outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it is to be lowered again. The United States were rated "AAA" by S & P since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

The U.S. public debt to more than 100% of GDP

The first power of the world is, well, so sure before.The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now paperless payday loans. But while the financial world is upside down, the risk that markets continue to dive is high. The announcement of S & P comes in effect when the markets were closed for the weekend, closing on both sides of the Atlantic one week black.

For now, only Japan has responded. Second World holder of U.S. debt, Tokyo assured that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. But China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."

Two days ago, the U.S. debt has passed a symbolic milestone.Because it exceeded the threshold of 100% of GDP, just after raising the debt ceiling by Congress. The United States saw their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances. According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan. It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

ALSO READ:

"Why the threat of recession resurfaced

"The world as seen by the rating agencies

"The U.S. debt above 100% of GDP

The king of the foreign exchange market is losing its supremacy.The dollar, already eroded by the successive plans and massive injections of liquidity into the markets by the Fed to support the economy of the first power of the world crumbles at full speed: everyone sulking the greenback, while the scenario of a failure to pay the United States, powered by the impasse between Democrats and Republicans on increasing the amount of the debt of the federal state could be realized.

If the financial world does not seem to want to believe in a U.S. bankruptcy – the consequences for the global economy would be "very, very, very serious," according to Christine Lagarde at the IMF – is growing concern as the rating agencies, Moody's and Standard and Poor's head, threatening more and more seriously degrade the note of the long-term debt of the United States, currently at AAA – the highest rating possible."This fear that the U.S. lowered rating is increasingly based," said Andrea Tueni, market analyst at Saxo Bank. Combined with poor economic data, especially on the face of real estate and employment falling for several weeks across the Atlantic, such news would further loosen the dollar "as investors are less likely to buy bonds U.S. long-term because they are less safe and more expensive, "said the specialist.

The euro could rate to about $ 1.50 without the Greek case

Faced with a dollar that loses value, the other major currencies, they, climbing mechanically. This rise is not seen on the exchange rate euro / dollar as the euro, too, was abused by his sovereign debt issues."The Greek case far from over, the German finance minister has even admitted today that Europe will still have to meet to resolve the European crisis. This weighs on the euro, "argues Andrea Tueni.

So on Wednesday, the euro it suffers more the situation in Europe as the dollar is disadvantaged by the issue of U.S. debt, the euro yield 1% against the dollar at 1.4369 dollar. But yesterday, the euro was trading more than 1.45 dollars, registering an increase of almost 1%. "Right now, the problem Greek counterbalancing about the American problem, so that the euro / dollar remains relatively stable. Without the Greek case, the euro could move above $ 1.45 even reach $ 1.47, "predicts analyst.

The Swiss franc at record high

But for the other major currencies, the effect of the dollar's decline is palpable.Especially for currency called "safe haven" to which those investors are turning in uncertainty and fear when the market gains. As the yen or Swiss francs. Indeed, Japan is concerned that the yen is so strong: for a dollar, you are under 78 yen. Unheard of. In Switzerland, the situation is unprecedented: the Swiss franc is the highest in its history against the dollar, which fell to 0.7996 Swiss francs on Wednesday.

Such inflation of the currencies directly threatens the economies concerned, particularly exporters. In Switzerland, the economic research he expected slower economic growth in Switzerland over the coming months, corroborating the analysis of the ETH Zurich. The prospect of Swiss GDP growth for 2011 was reduced by the Ministry of Economy to 1.5% against 1.9% expected earlier.What revive the theme of the currency war.

Countries react to contain the surge of their currency

A new central bank intervention Swiss and Japanese is possible. How? By buying dollars to turn back the greenback, and therefore, lower than their money. This is precisely what would have done on Wednesday India's central bank, the agency Dow Jones, which is to prevent the rise of the rupee, at its highest in 35 months against the dollar. Other Asian Institutions designated having exercised the same operation in recent days.

Brazil's real has not been as strong since 1999 (at 1.53 reals to the dollar), when the country began to make its currency fluctuate. Since the beginning of the year, the Brazilian currency has appreciated by 8.08% vis-à-vis the dollar.In 2010, the real had appreciated 4.6% against the dollar and 32.7% in 2009 after falling 23.17% in 2008, the year of the global financial crisis. This outbreak is explained partly by the decline of the dollar, but especially the effects of "carry trade" that make the real rising: investors are the difference in interest rates between the United States from 0 to 0.25%, and Brazil, more than 12%. On Wednesday, the Brazilian government announced the strengthening of control and taxes – up to 25% – on the derivatives market. "I think that this measure will be less profitable speculation, and I hope it will bring down the real," said Guido Mantega, Brazilian Minister of Finance.

ALSO READ:

"United States: the specter of a global crisis

"Obama talks about compromise, but accused the Republicans of being inflexible

"The rating agencies decrypted

Hiring marking time in the United States and much disappoint. The U.S. economy created only 18,000 jobs in June, according to data released Friday by the Labor Department. Economists on average had forecast 90,000 new jobs.

These statistics are "a call to action," argued the White House in a statement. President Barack Obama has added "there was still a long way to go." In fact, these figures do not lower the unemployment rate. Calculated on a different basis, it rose to 9.2% in June after 9.1% in May "The American economy needs to create between 130,000 and 150,000 jobs per month to stabilize the unemployment rate" in absorbing new job seekers, say the economists at Societe Generale CIB.

"The job growth has slowed so pronounced in the last two months," said the Federal Bureau of Labor Statistics. June confirms indeed the observed drop in May (25,000 jobs created, against 217,000 in April). These figures are disappointing especially economists that the investigation conducted by ADP private employment released Thursday reflected 157,000 jobs created in June.

The public sector cut jobs

The job cuts in the public sector continued to fill the statistics, with the destruction of 39,000 jobs in June. Companies for their part, slowed the pace of hiring (57,000 in June after 73 000 in May and 241,000 in April). Job creation in the industry remained at a low level, those in services have melted in a month from 70,000 to 53,000.

In detail, the durable goods industry remains June 1 of the most resistant with 12,000 jobs created, along with business services (15,000). Highly seasonal, the leisure industry and tourism has recruited 34,000 people in June, after having destroyed 24,000 jobs in May.

"There is no wage pressure on inflation or the report of the Department of Labor in June, we can conclude that the interest rate the Fed, the U.S. central bank will remain low" , Analysis Philippe Waechter, chief economist at Natixis AM. In its June report, the Fed also revised its outlook downward: the unemployment rate should be between 8.6% and 8.9% in the fourth quarter and growth should not exceed 3% year on year.

He is a former President of EDF, which says: "the time of abundant and cheap energy is gone forever," regardless of the source also of production (nuclear, coal, renewable …). This trend is very concrete bed on the customer bill. For the sixth consecutive year, the electricity tariff increase for individuals this July 1. The increase, announced last April by François Fillon, was 2.9%, add up and sees the increase in regulated prices (+1.2%) and social contribution to the utility of the electricity (+1.7%).

Never turned off, the debate on electricity prices could go back with a vengeance. Because it is now the law comes into force Nome (for "new market for electricity"), a text adopted last December to boost competition in France.It provides EDF sells – at a competitive price – a part of its production to its nuclear rival and then market it themselves to their customers. The law, presented as a revolution for the French market for energy, should have an impact on household bills on the rise … (see below).

Consumer associations do not took off against the past and future inflation. And not just the base rate which is spoken more often. They also stigmatize the progression of other line items to the consumer, usually taxes which EDF is primarily a collector.The social contribution to public service electricity (CSPE), to finance the development of renewable energy is particularly concerned.

Constable sector, the Commission for Energy Regulation (CRE), notes that the increase of the CSPE is "a reflection of reality": "between the development of PV, even if it has been streamlined , and the planned offshore wind, the grant of these industries will weigh on consumers sustainably. "

35% cheaper than in Europe

EDF does not underestimate the different foci of controversy. But hammers another reality, "the debates on the amount of rates must not forget that thanks to its nuclear fleet, EDF has an electricity about 35% cheaper than in other European countries," explains Philippe Monloubou the Director of the electrician trade.

Price is not the only subject of debate.The complexity and therefore the lack of transparency perceived by customers, is another. "In a market open to competition, it is desirable to improve the readability of the invoices," encourages the CRE. The extension of the smart meter Linky – now being considered by the government after the experimental phase – could bring more serious. "The electricity bill will not be established on the basis of an estimate but on actual consumption. This will avoid many problems ", says Philippe Monloubou.

Click the preview to enlarge the graphic.

Tenders for the smart grid and waste recovery, today announced the first six institutes of technology and equipment of the first wave of excellence, creation of national fund boot which will have 400 million to invest in young innovative companies … Just in recent days, the operations related to the investment program for the future have not failed! And it lasts for eighteen months …

The program, which must prepare "the France of tomorrow" will be the subject of the press conference of head of state this morning. "Nicolas Sarkozy is that this topic is important and can not talk enough about this initiative should restore the competitiveness of France," said his entourage. Yet René Ricol leads to the rod.Appointed commissioner-general for investment to drive the program, the former ombudsman of credit has one goal in mind: to create wealth and employment in France over time freecreditscore.

In December 2009, Nicolas Sarkozy set the priorities for the future supported by the large loan. Following the recommendations of the report Rocard-Juppe, he announced 35 billion euros of investment and ultimately rejected the idea of ​​a popular loan – a form of financing too costly at a time when the debt of France is under the eye markets. Five priorities were identified: higher education and training, research, industry and SME development and finally digital. Today, all 35 billion euros is in the hands of the public operators (ADEME, OSEO, the CDC …) that are responsible for distributing the money.