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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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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.

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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July 14 was not been idle at Lafarge. French cement giant has indeed completed the assignment, long overdue, a branch of his cast. The transaction involves assets located in Europe and South America. Last year they had recorded 895 million euros in turnover of 115 million EBITDA. The buyer is a Belgian company, Etex, which will thus increase its turnover by almost 50%.

Financially, the French group recorded a sound operation. It will touch 850 million and retain a 20% stake in the new entity will combine the activities casts of both groups. Lafarge will be able to sell this stake to Etex within five years.

Amount of the sales in past

This sale is not a surprise.Despite its position as number three in the plaster, Lafarge no longer considered as a strategic sector for many years. Last year, the industry weighed only 8.8% of total turnover of the group. The assignment does not, however, the entire cast of the activity, but a little less than two-thirds. Bruno Lafont, CEO of Lafarge, would not say the fate of the balance of this activity, located mainly in North America and Asia. A sale seems logical.

Earlier this year, the leaders of Lafarge had announced a goal of reducing the debt of 2 billion euros, 750 million through asset sales. With the only transaction announced yesterday, so they exceed the amount of planned disposals. Last May, Lafarge had already sold its cement and concrete in the southeast United States for 535 million euros.It is true that the financial situation of cement remains tense. In late December, he posted nearly 14 billion euros of net debt. The rating agency Standard & Poor's had also downgraded its rating on Lafarge mid-March.

With operations carried out since the beginning of the year, the group now appears to have the wherewithal to bring the agency to reconsider its position. Investors also seem to be confident, since the title Lafarge had opened up during the meeting of July 14, in a declining market.

Ten years. This is the time after which the last of seventeen nuclear reactors in Germany will stop permanently, said the German Minister of the Environment in the night from Sunday to Monday after a long negotiation between partners the ruling coalition.

Decided after the catastrophe of Fukushima, the choice of the first European economic power of a quick exit from nuclear power will make waves across the Old Continent. In Austria, a country which has suspended its nuclear program in 1978, the Minister of Environment, Nikolaus Berlakovich, logically, is delighted: "This shows that a nuclear phase-out is feasible and possible."

Not surprisingly either, Francois Fillon, who happened Monday at the gates of Germany, Strasbourg, reaffirmed the choice of "relevant" nuclear, "because France has acquired a strong and energy independence.""German households, for example, added the Prime Minister, pay their electricity twice as much."

"The risk of blackout

"This is bad news for Europe's electricity," slice Jean-Marie Chevalier, energy specialist at the University Paris-Dauphine. "As an economist, the shutdown of a machine that produces kilowatt flights safely seems totally irrational," says he. "This political stunt will have an impact on prices with a potential increase of 30% in Germany, provides Stanley Nahon, director in the consulting firm Booz & Company.

"The German nuclear power plants will be replaced by gas-fired power significantly by Russian gas, said his side Lionel Taccoen, author of French nuclear Pari (L'Harmattan).It is not an inflection revolutionary for Germany: the rise of the share of gas in electricity production is already well underway. The price will be a significant increase in emissions of greenhouse gases and a substantial decline in energy independence, "he adds.

Germany will be obliged, at least in the short term, greater use of coal, its primary source for power generation, says Jean-Marie Chevalier.The techniques of "clean coal" exists and that underground storage of CO2, but its current cost would, according to economist, multiplied by two or three the price per kilowatt hour, even though the public is resistant to the idea of burying the CO2.

Pending the development and maturation of renewable energies, Germany will be forced to import French nuclear power, what Laurence Parisot, president of MEDEF, calls "the theory of the stowaway. "The Germans are unable to overcome a deficit of 20% nuclear energy" on such short notice, said Stanley Nahon.In April, after the arrest of the seven oldest reactors in Germany, France exported 1,018 gigawatt hours, or 43% higher than April 2010, says RTE, the transmission grid.

Jean-Marie Chevalier warns: "The risk of blackout – accidental cuts or load shedding voluntary – has risen dramatically." "And not only in Germany," he warns, recalling the failure of a line – Germany in 2006 which caused cuts to Portugal and Spain. "With the threat of drought, it will not be easy to export to France this summer," says economist Dauphine. For winter, where it is France that traditionally imports, "there will be a real problem."

In Germany as in France, a nuclear phase-out is possible, "if you put the price," said Patrick Criqui, an economist at the CNRS.A real political choice.

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Telecommuting to the rescue of employees with children. The latest barometer of the Observatory of parenthood published this Friday, parents, employees expect more flexibility from their business to help reconcile work and family life. One third of them even 35% of managers would like in particular that their employer encourages telecommuting. It is the measure within the daily organization they would most like to see implemented before the observance of simple rules such as the lack of meetings late at night, or the creation of family leave.

Companies seem to have gotten the message. They are more likely to offer their employees the opportunity to work from home. Microsoft, Oracle, Renault, EDF or Alcatel-Lucent, have recently concluded agreements encouraging the practice.Even the public service there is, indeed long overdue. Before signing an agreement last January, Secretary of State for Public Georges Tron still lamented that only 1% of state employees working remotely.

20% of employees teleworking in Northern Europe

More generally, 16% of parents surveyed employees say they can already regularly work from home, against just 10% two years ago, he stresses the barometer. In Paris, this proportion rises to 26%. The latest figures published on the subject by the Center for Strategic Analysis revealed a rate of employees teleworking slightly lower at 7% in 2009. In this game, France is lagging behind: in northern Europe, this proportion rises to 20%.

Because employees are not the only ones to win.A study by the National Agency for the Improvement of Working Conditions (NAALC) in March highlighted the many benefits of telecommuting for the employer. According to Denis Berard, in charge of the NAALC, the productivity of employees off from 20% to 30% in this configuration. Less fatigue related to transport, more motivation due to increased autonomy, boost the efficiency of employees. One way, however, reduce property costs and build up a reputation for ecological and social cheaply, said Anact.

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After closing in the green yesterday, the U.S. indexes remained in positive territory all day Tuesday. At closing, the Dow Jones gained 0.60% to 12,760.36 points, the Nasdaq climbed 1.01% to 2871.89 points and the S & P is 0.81% at 1357.16 points.

Greece plays appeasement

The record still Greek focusing attention. The country has tried to ease tensions in global markets by saying he did not discuss additional assistance, denying a news report that suggested a new plan of 60 billion euros.This information has boosted European values ​​that are returned to the rise in the morning before finally on a rebound.

Moreover, higher rates of which the Greek government bond markets, above the prohibitive rate of 15% omen for the time being unable to return to Athens on the market in 2012 as the Greek government and international institutions had originally planned. To borrow from 1.625 billion euros in six months, Greece has the pay rate on Tuesday a 4.88%, up slightly compared to that which it had obtained in the last issue similar bonds on March 8 to 4.75%. The issue has however been more than three times oversubscribed.

On the foreign exchange market, the euro rebounded against the dollar at 1.4403 dollars against 1.4358 late Monday.Oil prices also ended higher at 103.88 dollars, up from $ 1.33 yesterday on the New York Mercantile Exchange (Nymex).

Chinese exports are at record highs

Side indicators, rising import prices slowed in April with the moderation of price increases in oil and food, according to figures released Tuesday by the Labor Department. Prices have generally increased 2.2% last month. This is their seventh consecutive month of increases. They had risen 2.6% in March. However, economists expecting a sharper slowdown with a projected increase of only 1.8%.

In China, Chinese exports in April reached a record $ 155.7 billion, enabling the world's leading exporter of a trade surplus of 11.4 billion dollars, Customs announced Tuesday.A new leaving good prospects for global demand but also tighten the monetary policy of the country.

Microsoft sanctioned

The mergers and acquisitions continue in the technology sector fast payday loan. The software giant Microsoft (-0.62% to 25.67 dollars) announced before the opening of the NYSE acquisition of Skype for $ 8.5 billion, including debt, confirming a report published a little earlier in the Wall Street Journal.It takes all to Google and Facebook.

For its part, Google (0.93% to 542.66 dollars) will launch a new online music service Tuesday, modeled on that of Amazon, reports the Wall Street Journal citing people familiar with the matter.

Still according to the Wall Street Journal, the U.S. oil giant ExxonMobil (+0.20% to 83.35 dollars) is in talks with Indonesian PT Pertamina, which could buy him for $ 3.5 billion share of 25% in an exploration project in Angola.

The computer group Hewlett-Packard (1.37% to 41.58 dollars) announced Monday after the close of Wall Street, a new architecture designed for networking and Internet requirements, impinging directly on Cisco products.

General Motors (0.61% to 31.58 dollars) announced Tuesday it would invest two billion dollars in 17 plants in the United States, which should allow it to create or maintain 4,000 jobs.

Also note Activision Blizzard (+0.69% to 11.61 dollars) has reported earnings per share in the first quarter of $ 0.13 against $ 0.08 and an expected turnover of 755 million against $ 663 million expected. For the full year, the videogame company expects a turnover of 3.95 billion dollars against 3.9 billion previously.

Fluor Corp. (+0.50% to 72.58 dollars) has announced new contracts in the first quarter of 2011 amounting to $ 3 billion in Australia with BHP Billiton to develop the mine Jimblebar.

Also note, the specialist Freescale Semiconductor, Motorola's split in 2004, provides for an IPO.The company would raise more than $ 1 billion. The company has retained an indicative price range of 22 to 24 dollars per share according to a document filed with the SEC. The funds raised will be used to repay debt. The day before, the Internet social network LinkedIn has published the documents for its IPO.

After two difficult years, the market for used cars has finally erased the impact of economic recession and scrapping. With over 510,000 registered vehicles in March, he returned to a level he had not met since April 2008. This is twice the new home market, as 257,000 new cars were registered in the period.

The recovery appears sustainable. 38% of members of the National Occupational automobile (CNPA), which includes dealers and professionals the opportunity to anticipate an increase in their turnover in their activity during the second quarter of 2011 no fax payday loan. There were only 14% to be optimistic about a year ago. These professionals do indeed represent only 40% of the market, 60% being made between individuals, but they give a good idea of ​​its evolution.

For Pierre Moscovici, the cup was full. President SP the agglomeration of Montbéliard took the historic decision to break along the way the contract which bound him to the management company Veolia Water until 2022. At issue: the price deemed too high by the company to its private citizens.

Montbeliard region is indeed one of the cities of eastern France where the price of water is more expensive, between 3 and 3.40 euros per cubic meter. According to a local resident, quoted by Le Parisien, the contract was signed 20 years ago with Veolia, assured users a price of water identical to that of the nearby town of Besançon, which had maintained a public management.But today, "the gap is approximately 1 euro per cubic meter between the two cities."

In the urban community of Montbéliard, management again become so public in the 29 municipalities involved from 2015 and since 1 April, a 10% decline in the price of water came into force. This decision is good news for the people it will be implemented by a drop of 23 cents per cubic meter, or between 24 and 25 euro saving per year.

A contract of 23 million flies

This decision is described as historic because for the first time a contract is terminated before completion. Other cities have taken over the management of water but so far they had waited for the expiry of the contract associated with the private company concerned not to renew it.For example, this had been done Bertrand Delanoë in Paris in 2008.

Others have opted for the renegotiation of water tariffs. Cities like Lyon, Libourne or Bergerac have obtained discounts of between 16% and 30%. Some cities, like Bordeaux, are also opting for increased investment in infrastructure in return for a higher price per cubic meter.

For Veolia, the choice that was made without discussion, is highly contested. "This is a unilateral decision and extremely damaging. It has nothing to reproach us. We have a lot invested in this community, "Marc Renaume indignant, deputy director of Veolia Water, in Le Parisien. The loss of this contract has a bitter taste for Veolia, which paid nearly $ 23 million for a contract that was to last 30 years.The group, which believes that Pierre Moscovici is "in the context of a political stance with a willingness to take risks, does not rule out" the path of litigation. "

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Markets are extremely fragile. The Cac 40, which attempted to regain the path to higher opening on Wednesday (0.53% to 3800.83 points) quickly changed his tune. While at midterm the CAC 40 fell by 0.72% to 3753.56 points, the index closed sharply down from 2.23% to 3696.56 points.

Other European markets are also struggling: the Dax in Frankfurt Stock Exchange which had opened higher yields of 0.73% 2.01% to 6513.84 points and the London Stock Exchange which started on a slight gain 0.10% declined from 1.70% to 5598.23 points.

The Cac 40 was unscrewed when the EU Energy Commissioner found that the situation in Japan "out of control." "I do not rule out the worst in the hours and days to come," he said Tuesday.In addition, the Environment Minister Nathalie Kosciusko-Morizet dreaded "nuclear catastrophe from the central Fukushima" in arriving Wednesday afternoon at the hearing of the nuclear industry in the National Assembly. The trust is indeed far from being restored while the nuclear situation in Japan remains very critical.

The operators first tried to follow the positive momentum from Asia this morning, which allowed the Japanese Nikkei to close on a technical leap of 5.68%. Intensive hunting for bargains in the indices increased in a climate a bit calmer after further intervention by the Bank of Japan (BoJ). This has injected 3.5 trillion yen Wednesday (31 billion euros) in the money market, bringing to 26,500 billion yen (234 billion) the total sum provided by the BoJ to the interbank market since Monday.But the trend remains fragile in the wake of widespread declines sessions to all European markets, and to a lesser extent, the U.S. exchanges.

New flurry of indicators in the program

Markets should also keep an eye on indicators of the day, again numerous. In Europe, registrations of new cars rose 0.9% yoy in February, the first bounce after ten consecutive months of declines, according to figures released Wednesday by the European Automobile Manufacturers Association (Acea).

Inflation in the euro area rose to 2.4% in February over a year, Eurostat said Wednesday. It was 2.3% year on year in January from 2.2% in December and 1.9% in November. Rising prices rose 0.4% in February compared to January.

United States, the Labor Department will publish the price index for production at 13.30.At the same time will the housing starts and the balance of current accounts. Finally, at 15:30 will be published weekly petroleum stocks.

On the currency markets, the euro has stabilized at 1.3977 dollar.

Values ​​to follow

As for values, securities directly or indirectly exposed to catastrophe Japanese started to fall again after regaining some colors in early trading. LVMH fell by 3.31% to 100.80 euros and Hermes of 1.13% to 144.05 euros.Only the investment certificate Areva bounced 2.07% to 29.40 euros after its tumble over the last three sessions no fax cash loans.

EDF: -3.13% to 27.66 euros

The electrician French and Italian A2a confirmed Tuesday the six-month extension of their shareholder pact in Edison to take the time to reach agreement on the restructuring of their partnership.

In addition, the group is preparing to send "teams" and "equipment" in Japan to help the company Tokyo Electric Power (TEPCO), which operates the nuclear plant in Fukushima, cope with the consequences of the tsunami, said Wednesday the company's CEO, Henri Proglio on RTL.

L'Oreal: -2.39% to 76.84 euros

The president of Yves Saint Laurent Beauté, a subsidiary of LVMH, told Reuters that his company intends to almost double its turnover in five years to reach the one billion euros, thanks to the lever Asian and climb well the club of top five global brands of cosmetics.

Alstom: -1.31% to 37.31 euros

The CEO of Alstom, Patrick Kron, said he still opposed the entry of Mitsubishi Heavy Industries in the capital of Areva.

Renault: -4.11% to 36.05 euros

The money paid by the manufacturer to pay the false information intended to support the charges of espionage brought against three of its executives has been partially solved in a Swiss bank account opened by one of his security guards, shackled Duck wrote on Wednesday.

Note that the manufacturer has sales up 2.8% in February over a year, according to figures of registrations of the European Union. For his part, Peugeot (2.48% to 27.22 euros) sees his own shrink by 5%.

BNP Paribas: -3.12% to 50.34 euros, Societe Generale: -2.62% to 44.60 euros

The banks are down sharply after Moody's lowered the rating on Tuesday night in Portugal two notches to "A3" with negative outlook, raising fears about sovereign debt of countries known as peripheral euro area.

Bollore is optimistic

Bourbon: -5.22% to 32.06 euros

The group released Wednesday 2010 earnings fell sharply, mainly because of difficult market conditions, but the group estimated that the average utilization rate of its fleet to continue to improve gradually.

Transgene: -5.85% to 11.11 euros

The group referred to tackle 2011 with confidence even though the French biotechnology company has continued to widen its loss in 2010 and some of his projects have been delayed.

Mersen: -3.34% to 33.61 euros

The group said Wednesday expect for 2011 a slight improvement in profitability and renewed growth, albeit slow, its sales from the electronics and solar energy.

Bolloré: 0.46% to 153.05 euros

The group reported a 40% increase in operating profit in 2010 thanks to its growing transport business, logistics and port handling.

Zodiac Aerospace: 0.38% to 47.14 euros

The group raised its revenue forecast for 2010-2011 after a second quarter better than expected thanks to the recovery of the aviation sector.