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A power line between France and Spain

Thursday, February 16th, 2012

 

The cold snap ending just in France has demonstrated how exports and imports of electricity are vital. To meet their current demand, the 65 million French broke records historical consumption last week to more than 100,000 megawatts (MW), of which 8000 MW have been imported.

This is to increase trade in electricity as RTE, the French network, and its Spanish counterpart REE beginning to drill its days of a new tunnel linking France and Spain.

The launch of this project marks the latest episode in a series over several decades. The last line at high voltage (EHV) trans-Pyrenean date thirty years ago. Expected since the 1980s, this binding (THT) was designed to be air. The prospect of the sides of the Pyrenees bristle with towers and cables mobilized a strong opposition that eventually succeed. The project was frozen.

The man who strove to break the deadlock is none other than "Super Mario", the current Prime Minister of Italy Mario Monti, former European Commissioner, says Yves Decoeur, the CEO of INELFE, a joint venture between RTE and REE . Stakeholders have agreed to bury the line THT than 320,000 volts. A green solution which almost tenfold the cost of the line, 80 million euros to 700 million euros.

The European Union, within the dual framework of its program of infrastructure to streamline the energy market and its recovery envelope decided after the 2008 financial crisis, has financed the construction of up to 225 million euros . Added to this a loan of 350 million euros from the European Investment Bank. "In exceptional circumstances, exceptional financing," had justified the commissioner Mario Monti, remembers Yves Decoeur.

World record

Of the 65 miles of new service between Perpignan and Figueres, will be drilled 8.5 kilometers beneath the mountain by two tunnel boring machines, monsters of three hundred meters long each. The rest of the line will be buried 1.5 meters underground through a single trench.

With a capacity of carrying 2000 MW, slightly more than the power of two nuclear reactors at Fessenheim, the line "Baixas-Santa Llogaia" will "break the world record currently held by a line buried in a 400 MW DC United States United, "said Yves Decoeur. The tunneling and burial of 65 km along the line must be completed by mid-2013.

In recent years, the volumes of electricity traded between the two neighboring Pyrenean rose, but crisis requires, they fell in 2010. The balance of trade with Spain was positive for France last year whereas it was negative in 2010. France has bought 3.1 terawatt hours (TWh) and sold 4.5 TWh. RTE said that the volumes and balances vary considerably from one month to another, including depending on the availability of dams in Spain.

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Thursday, November 3rd, 2011

● Restoring growth

● Reform the international monetary system

● Fighting against the volatility of agricultural commodities

● Regulate Financial Markets

● Financing for Development Assistance

● Reforming global governance

Boost growth

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Good third quarter for Danone, carried by the child nutrition

Tuesday, October 18th, 2011

Danone does not disappoint analysts. The group released on Tuesday a turnover in the third quarter, excluding the impact of changes in exchange rates and consolidation scope, up 5.9% to 4.80 billion euros, in line with market forecasts . As reported, the increase was 10.5%. "The effects of exchange reflected the unfavorable impact of changes in certain currencies, including the U.S. dollar, the peso, and the Russian ruble. The change in scope of consolidation mainly due to the integration of the Russian company Unimilk, "the company said in a statement.

All industries show an increase in sales: fresh dairy products (+3.5%) in water (7.9%) through medical nutrition (9.8%). But it is the child nutrition that takes up the results (10.5%).For the latter pole, "the strong growth in value of 5% reflects both the favorable mix of growth, and also increases in the prices since the beginning of the year in most markets" , the group said.

For the first nine months of the year, the group recorded an increase of its turnover by 7.7% on a comparable basis to 14.5 billion euros. All of which leads to the Group CEO, Franck Riboud, that "Danone is doing well: Asia, Latin America and the Africa-Middle East continue to grow strongly. We work to strengthen our leading position in Russia and the United States and our performance in Western Europe remains strong. "

Confident in the long term

Equally optimistic, the Chief Financial Officer Pierre-Andre Terisse said during a conference call that the dynamics of the fourth quarter should be "fairly close" to that of the third.He therefore reiterated its 2011 objectives, namely an increase in sales on a comparable 6% to 8% and an increase in its operating margin by about 0.2 percentage points, still like. This growth will come from all its activities, but particularly integration synergies of Unimilk, said that Danone still expects to grow its free cash flow consistent with the goal of two billion euros for 2012.

"This is the construction of our engines of growth that continues to make me confident: confident for 2011, we will deliver as expected a strong and profitable growth, despite the sharp rise in commodity prices since the beginning of year; also confident for 2012, "enthuses Franck Riboud.

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G20: Paris seeks to prevent patterns of tension

Saturday, October 15th, 2011

A sequence at high risk for economic diplomacy opened on Friday in Paris with a G20 Finance Ministers, which ends in mid-afternoon today. The summit precedes the meeting of European heads of state, October 23 in Brussels, to enable Europe to get united at the top twenty richest countries in the world, at Cannes, 3 and 4 November. The road is marked. But after the race progress is uncertain. The subjects of accumulated tensions between developed countries, amid Sino-US tensions around the issue of exchange rates.

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets bad credit personal loan lenders. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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"Europeans and concerns of the world at the G20

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Frederic Mitterrand defended the creation of channels on DTT

Thursday, October 13th, 2011

A bill will be filed within two months to repeal the offset channels granted to historical chains. The CSA will launch a call for applications for six new free channels available within a year.

LE FIGARO. – The government has just decided a call for applications for six new TV channels. Is it a political pre-election?

Frédéric Mitterrand. – No doubt that what we have to stop the development of DTT will be analyzed in terms of pre-electoral context. That said, I see nothing shocking in policy decisions even in a pre-election when they are good decisions, that is to say they serve the public good. In this case, which was decided as the French used as the viewers that audiovisual players. Frankly, it's the solution I recommended in the month of MayAt that time we were in debate on the future chains compensatory granted to incumbents but also the adoption of a new technical standard.

You have decided to delay the adoption of this standard. Is not this go against the future?

The principle of a change in broadcast standard is an act, we decided to give us time to let the natural park of televisions renewal. It is a choice primarily for the benefit of consumers. A change in standard would have required too fast the French to invest in new equipment so that the transition to all-digital is hardly complete. This transition takes place remarkably well, so that one should not forget that it is a revolution for the French daily. All could not afford to grant a new effort.We therefore remain faithful to the philosophy of "Digital Television for All" by offering more channels to all the French, for free. Otherwise, we would then come to an undemocratic situation where some French would have been less than other channels while TNT is so far a success. In addition, manufacturers are not yet ready, which means to wait for the new equipment is available. However, the move almost natural MPEG2 to MPEG4, already widespread, himself is assured.And finally, the government has clearly emphasized the importance of HD, which helps, too, to improve the quality of programs to be offered to viewers.

The repeal of compensatory strings can it lead to a request of withdrawal from the incumbents?

The choice of Brussels was an important driver in the decision that we have just taken, so as not to take undue risk to the state and historical chains, which have in recent months for positions fairly fluctuating. These groups have also not incur costs for the creation of compensatory strings.On the merits, I think the decision is beneficial to all the audiovisual sector and to all groups, which can now compete for the acquisition of new frequencies.

The market can absorb six new channels, more importantly if they are generalists?

I do not want me to replace the Higher Audiovisual Council, which will be master of the choice of channels. But one thing is certain, we live today in a sluggish advertising, if not difficult. Also, it seems a priori the channels may be more likely to take their game in terms of the offer as economically.

Some operators entered the market for TNT in 2005 sold their frequency advantage. Is it necessary to regulate such transactions?

These new entrants have made significant investments to launch their channels and are highly valued.My concern is the future of entertainment, whose difficulties are palpable, particularly in terms of fiction. Today it is on the field I want to express myself and exercise my vigilance Communications Minister.

There is a rise of the Canal + group. How do you react?

Canal + Group is an extraordinary sense of the word. He has developed a unique marketing model, but also new writings be it the visual way to turn the sport or even satirical practice journalism. It is also an operator who demonstrates responsiveness and a sense of strategy remarkable, although it can cause a stir. I also note that Canal + finance a quarter of French audiovisual creation.I hope that when the CSA and the Competition Authority will consider the acquisition by Canal + channels of the Bolloré Group (Direct 8 Direct and Star), the investment in programs, and guaranteed to be outstanding, watched with special attention.

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Soon a film based on the life of Steve Jobs

Monday, October 10th, 2011

Sony would be willing to pay one million dollars to acquire the rights to the only authorized biography of Steve Jobs. Conducted by the former editor of Time, Walter Isaacson, it is forthcoming. According to the site deadline.com, which revealed the existence of these negotiations, a source quoted by AP, the Japanese group is preparing to bring to the screen the existence of the co-founder of Apple.

The realization of "biopics" has already earned some success to Sony, as evidenced by The Social Network, chronic early Facebook around the personality of its founder, Mark Zuckerberg, who cardboard box office and won three Oscars.

Commercial success

As for Steve Jobs, his character had so far been brought to the screen only once, as part of an American TV movie focusing on the rivalry between Apple and Microsoft in the 1980s absolutely free credit score.The character of the co-founder of Apple was then played by the actor Noah Wyle, best known for his performance in the series Medical Emergency.

The biography of Steve Jobs also promises to be alone is a huge commercial success. The date of publication of this book of 750 pages, made from forty successive interviews Steve Jobs, has been repeatedly advanced. Initially planned for spring 2012, the release of Steve Jobs-not iSteve: the Book of Jobs, considered as a time will eventually take place on October 24 in the United States, said its U.S. publisher, Simon & Schuster. In France, the book came out at JC Lattes is scheduled for Nov. 2. A first printing of 500,000 copies is already planned.

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France is deploying the smart electricity meter

Sunday, September 25th, 2011

The smart electricity meter – or communicating – also known as counter Linky, will be extended to all of France. The decision will be made official Wednesday by the Minister of Industry, Eric Besson, attended by all stakeholders in this important industry. So far, this counter had been the subject of a test phase, in Lyon and Touraine.

This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

In charge ERDF therefore, which plans to spend 4.3 billion euros to the generalization of the program Linky, to compensate the investment by the productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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The Paris Bourse again weighed down by Greece

Monday, September 19th, 2011

The Greek crisis can not stop producing its adverse effects on the markets. Having completed an eventful week in the red Friday, the CAC 40 retreated 2.37% to 2969.30 points in mid-session on Monday, passing well below 3000 points.

Even gloomy atmosphere on other European financial centers: the Frankfurt Dax falling 3.02%, the Madrid Stock Exchange of 2.24%, the FTSE-100 in London fell by 2.08% to 5,295.75 and Milan 2.34%.

Concerns about the hypothesis of a failure of Greece again weigh on investor sentiment, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika", under 18 hours, on the progress of promised reforms.

In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.

It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .

To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end".He also warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year. Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.

Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time.Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.

Macroeconomic side, in Britain, the Financial Times this fall could be a gap of 13 Internet Payday loans.8 billion euros in public finances, or 25% more than expected. Such an amount would extend the austerity policies adopted in Britain.

In the U.S., the NAHB housing index will be released in 16 hours.

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday. The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Values ​​to follow

• Banking and cyclic to the death

Mid-session all CAC 40 stocks are in the red. Societe Generale (-4.85% to 18.04 euros) and BNP Paribas (-2.62% to 27.45 euros) are again in turmoil. Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.

Cyclical stocks, the more dependent the economy, declined also to the image of ArcelorMittal (-5.24% to 12.66 euros) which records the heaviest fall of the CAC 40.

• EADS (-0.29% to 22.03 euros)

Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the Sunday edition of Der Spiegel.

• Technip (-3.02% to 66.21 euros)

The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.

• Sanofi (-1.68% to 47.68 euros)

The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.

• Natixis (-1% to 2.36 euros) and Safran (-3.69% to 25.32 euros)

The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.

• STMicroelectronics (-4.92% to 4.73 euros)

The group has financial capacity to make acquisitions in microprocessors or motion sensors if the opportunity arises, says the CEO of a Wall Street Journal interview published Monday.

• ABC Arbitrage (-1.98% to 6.45 euros)

The company specializes in exploiting price differences between similar financial instruments, recorded a net profit of 16 million euros over the first six months of the year against 15.3 million euros in the first half of 2010.

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Savers: Do not panic, but concern about the risks

Tuesday, September 13th, 2011

"Customers are asking us if they have to worry about. To reassure them, we remind the facts, we communicate on our exposure to Greece … our profitability, "said Jean-François Sammarcelli, Network Manager of Societe Generale France. He said the withdrawals are not more important than usual, as the bank continues to attract savings … but the wealthiest clients shall, as a precaution, to spread their cash across multiple institutions. "Those other banks have the same reaction. We therefore also take this opportunity, "he adds. This is a situation that the banks had already known in 2008.

In every European bank, customers benefit because in case of bankruptcy of a guarantee on their deposits: checking account, savings plans, deposit accounts, or bank books (excluding Livret A, guaranteed by the state).But it is capped at 100,000 euros per person.

In France, it is provided by the Guarantee Fund deposits, which now has … two billion euros. Obviously too small a sum to compensate customers of a major bank. "The fund is one of the best capitalized in Europe. And he may at any time raise additional capital or borrow from banks, "says Thierry Dissaux, CEO of the Guarantee Fund deposits. In practice, its mission is primarily to avoid the worst, by participating in the rescue of troubled institutions before it is too late.

Life insurance affected?

And it is ultimately the more reassuring for the French: none imagine that the state gives up a large bank low fee payday advance. The debate, which opened this weekend on the assumption of a partial nationalization in point.Some investors wonder, them, especially the fate of their contract of life insurance. Although insurers claim to have little Greek bonds, a default of Athens served diminish returns to investors. Yields as affected by the collapse of the Exchange.

Insurers also hold, in proportions much larger government borrowing Italian or Spanish. If concerned about this exposure to sovereign debt, and disappointed by the declining returns of their investment favorite, the French withdrew their money en masse, insurers could be forced to sell their assets at the worst time. "We're not there. Withdrawals from the contracts increases for two years, partly because the holders of life insurance age and draw on their savings to finance their retirement, "said Chistophe Eberle, President Optimind, actuarial consulting firm.But insurers still manage the risk. "In 2008, the drying up of liquidity in the markets had led to withdrawals from the contracts. In our funds in euros, so we decided to keep cash in the interests served by our bond portfolios, to be ready to face any withdrawals, "says Sonia Fendler, General Heritage.

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Expected to increase conservative Wall Street this afternoon

Wednesday, August 31st, 2011

Shortly before the opening of the New York Stock Exchange, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.91%, respectively, to 1215.80 points and 2246.25 points to 0.86%, leaving hope for a beginning of the session up. The Dow Jones was expected to share up 0.79% at 11,583 points.

U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

Indeed, investors should react in particular the results of the ADP survey of employment in the private sector for the month of August, to be unveiled at 2:15 p.m. before, so the opening of Wall Street.The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (1.23% on Tuesday in closing) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, where the green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (-3.21%) is preparing to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal, citing people close the file.

Hewlett-Packard (-0.26%) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

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