International News

It is in six weeks from 1 July that the law on the reorganization of the electricity market is to take effect. In the coming days, the gazettal of orders on prices will end a long series of months.

In this folder to boost competition in the sector, there is more suspense since the government has established conditions for redemption of nuclear electricity from EDF for its rivals: it will be 40 euros per megawatt hour (MWh ) from 1 July and 42 euros from 1 January 2012. A scheme which largely corresponds to the aspirations of EDF: the company, below 42 euros, had discussed the scenario of "looting".In front, the other operators have defended the basis of 35 euros, which are calculated on the current regulated rates.

But now the Regulatory Commission (CRE), Constable of industry practices, offers a different vision, and especially more reasoned, that of government. These, indeed, have given their price scenarios, but without much explanation to the key.

In its decision of May 5 – Le Figaro has procured – the regulator first recall that to make a reasoned opinion on the draft decree, he had to "establish the identification method and cost accounting (…) to reflect the economic conditions of production of nuclear power history. " But this method of calculation, according to the resolution of the CRE leads to a price ranging from 36 to 39 euros per MWh.This estimate is below the repurchase rate set by the government.

Formally, the regulator therefore not permitted under the price of 42 euros per MWh. Certainly, he said that the government wants to anticipate "the investments needed to promoting safety in nuclear power plants," but "these costs are not known to date, and the CRE is not able to appreciate" .

The controller is not alone in discussing the figure of 42 euros. On Monday, the Supreme Council of Energy, which brings together all actors involved in this case, adopted an amendment deeming it inappropriate.This amendment has no impact on law enforcement, but it is indicative of the perception of the situation.

Audits of nuclear

Rather than this threshold of 42 euros, the CRE recommends "that the potential effects on production costs of measures undertaken audits on all French nuclear power are valued only as they materialize in the accounts of EDF and are then fully integrated into the regulated price of access to nuclear power history. "

Is it provided a negative opinion given to the law? In reality, it is rather a surveillance.The controller takes note of any additional expenditure on nuclear power in the wake of the disaster Fukushima, but even if the pass, he prefers to know the exact amounts to be allocated.

Remains to the European Commission, guardian of the reality of opening to competition, to address the issue. "It will certainly ask for accounts in the true sense of the term in government. Similarly, operators will be heard, said one observer. But do not expect a decision very quickly, given the time required. "The start of the new system will be thoroughly examined.

Strong rebound in the Paris Bourse. The Cac 40 wins 1.32% mid-term to 4060.20 points. The previous day he had dropped 1.25% due to the deteriorating financial situation of Greece. The trend remains fragile. Investors will follow the show including six months of the Greece of a $ 1.25 billion.

Greece does not discuss additional assistance, sources said Tuesday Greek and European senior, 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.

On the macroeconomic front, industrial production fell 0.9% in March, according to statistics released Tuesday by the INSEE.Analysts forecast an average 0.4% increase in industrial production.

United States, the import prices in April will be released at 14:30.

On the foreign exchange market, the euro was stable against the dollar on Tuesday. About 11:00 am in Paris, the euro was at 1.4365 dollars against 1.4358 late Monday.

Greece in big trouble, gasoline at record levels

After losing more than 2% Wednesday, financial stocks are at the party on Tuesday. Societe Generale (2.22% to 43.12 euros), Axa (+2.15% at 14.97 euros), Credit Agricole (2.14% to 10.98 euros) and BNP Paribas (+2, 10% to 54.05 euros) had the largest decreases the Cac 40.The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.

BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times. The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.

Accor: + 4.01% to 30.29 euros

CA Cheuvreux has adopted a positive opinion on value."The stock is trading at a discount of 25% compared to that of its European competitors," suggests the analyst, however, maintains its price target to 35.50 euros on the value.

Plastic Omnium: + 7.98% to € 22.60

The Plastic Omnium share is up sharply Tuesday on the Paris Stock Exchange after announcing the acquisition of Rotherma, a leading European manufacturer of underground containers quick payday loans. ROTHERM achieved a turnover of 12 million euros in 2010.

Lagardère: + 1% to 29.26 EUR

Arnaud Lagardère, general partner of Lagardere said at the meeting due to the group maintained its proposed IPO for its 20% stake in Canal +.

Saint-Gobain: + 3.01% to 47.24 euros

The group announced on Tuesday an investment of around 50 million euros in the construction of its second automotive glass plant in China, Qingdao, Shandong Province (east).

While gasoline prices breaking new records almost 1.55 euros on average, earn 1.60% to Total 41.93 euros.

JC Decaux: + 1.47% to 23.49 euros

JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of its turnover but it is more cautious for the current quarter assuming an increase of about 4%.

Saffron: + 2.02% to 26.53 euros, Thales: + 0.34% to 29.80 euros

Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos. In a statement, Safran confirms negotiations with Thales.

Sales and general meetings in the program

Atos Origin: -1.8% to 41.54 euros

The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.

Eurazeo: + 1% at 56.76 euros

The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.

The turnover in the first quarter of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), will be announced after market close.

Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.

François Lenglet, managing editor of business daily.

The Paris Bourse, which closed yesterday up 0.58%, is trying to take another step forward Wednesday. Halfway through, the CAC 40 advances from 0.49% to 4065.18 points. The good humor that has helped U.S. markets finish the day on Tuesday to their highest level in three years boosts the morale of investors. Asian stock exchanges have also sent a positive signal in spite of bad news in Japan, including the threat of degradation of the country's sovereign rating by rating agency Standard & Poor's.

The atmosphere was more mixed in the rest of Europe: Dax index featuring the Frankfurt Stock Exchange ahead of 0.59% to 7399.77 points, but the London Stock Exchange was down 0.16% to 6059, 67 points.

In anticipation of the Fed

At the Paris Bourse, the attention is focused on the battery of statistics expected from both sides of the Atlantic.In the euro area, new industrial orders rose less than expected in February by 0.9%. In one year, the figure is higher by 21.3%.

In France, unemployment figures will be announced after the stock market (18 hours). Moreover, the morale of French households remained stable in April compared to March. The indicator of French consumer confidence remains at 83 points, well below its long-term average set at 100 points, according to the National Institute of Statistics.

Britain has in turn reported a GDP growth of 0.5% in the first quarter (first official estimate).

United States, orders for durable goods and stocks of crude will fall in early afternoon. But it is mainly the outcome of the monetary policy committee meeting of the Central Bank (Fed) will be eagerly awaited.The Fed will announce its decision on interest rates and monetary policy should reaffirm its ultra-accommodative.

As for currencies, the euro rose against the dollar in a market without high volume, cautious monetary policy decision by the Fed. Around 11:00 am in Paris, the European currency was worth 1.4682 dollars against 1.4636 dollars on the previous evening.On oil markets, a barrel of light sweet crude for June delivery lost 19 cents to 112.02 dollars and that of Brent North Sea also June delivery yielded 22 cents to 123.93 dollars.

Values ​​to follow

Nexans: + 0.90% to 73.76 euros

The specialist cables, which in February 2011 was a return to a growth of over 5% of its sales and a continued recovery in its operating margin to 5.5%, achieved on the first three months of year a turnover of 1.754 billion euros (+13%).

STMicroelectronics: -3.74% to 8.10 euros (largest decline of ACC)

The Franco-Italian manufacturer of semiconductors said Tuesday net income group share tripled on a year in the first quarter, but below analysts' expectations, to 170 million.Earnings per share were 19 cents, as investors had forecast 20 cents. Turnover increased by 9%.

Dassault Systemes: + 2.76% to 57.75 euros

The French software developer has registered an increase of 31% of its turnover in the first quarter of 2011 to 409,500,000 euros.

Renault: + 4.72% to 41.30 euros (largest increase in the ACC)

The manufacturer has maintained its goals Tuesday 2011 saw a strong first quarter by sales and despite the prospect of a temporary slowdown in production due to the earthquake that hit Japan in March.The designer, who speaks of "record results", also confirmed its objectives of growth, margin and earnings per share for 2011.

In its wake, Peugeot won 1.58% to 30.82 euros.

EADS: -0.07% to 21.42 euros

ILFC announced finalize an order for Airbus aircraft family A320neo, available from 2015.The final agreement is initially on a total of 100 aircraft, split between A320neo and A321neo.

Publicis: -0.82% to 37.10 euros

The group announced the acquisition of advertising agency GP7, based in Sao Paulo specializing in the tourism sector, continuing its development in Brazil.

Unibail-Rodamco: 0.10% to 155 euros

The group reported a growth of 3.3% of its turnover in the first quarter 2011 to 426.6 million euros, and announced it had sold assets during the first three months of the year for a total net 422.5 million euros.

Seb: + 3% at 75.55 euros

The group reported a net revenue growth in the first quarter despite a sluggish macroeconomic environment, and saw its operating margin reached a record level for this time of year.

Sopra: -0.23% to 79.30 euros

The group announced an increase of over 10% of its turnover in the first quarter, driven by growth in all its activities, and confirmed the timing of the proposed demerger of its software division of Axway.

After market, PPR, Klépierre NextRadioTV, Ipsos, Ingenico and Gameloft will publish their turnover for the first quarter.

The Cac 40 should begin the session and week, up on Monday morning. Asian markets are facing this morning as Wall Street Friday, which closed on an increase of 0.43% after the release of employment figures better than expected in the United States.

This week, the industry is in the spotlight, during the first week of national industry. The report on the financing of green growth, produced by the Economic Council for Sustainable Development (CESD) is to be delivered this morning. The International Energy Agency will provide an update on smart grids. No macroeconomic statistics is expected Monday.Parisian investors should therefore focus on the many acquisitions announced this weekend, and this morning before the market opens.

Six acquisitions announced in 48 hours

Rhodia announced Monday it had signed an agreement yesterday with the Belgian Solvay has made a friendly takeover offer on its entire capital, to 31.60 euros per share.

Vivendi announced yesterday that it bought the 44% held by German Vodafone SFR to 7.95 billion euros. It possesses the entire share capital of the telephone operator.The operation should allow to "increase the dividend for 2012, said Jean-Bernard Levy, CEO of Vivendi.

Sanofi-Aventis holds 84.6% shares of Genzyme, following its takeover offer on U.S. biotech.

Ingenico announced Monday the acquisition activity in the United States from its U.S. rival Hypercom for $ 54 million. The specialist in payment terminals and wants to strengthen its position in the United States.

The price of nuclear electricity generated by EDF and sold to competitors at wholesale prices would be set at 40 euros per megawatt, according to Les Echos, which states that this rate is still subject to validation of the Elysee. EDF demanded 42 euros per MWh.

PagesJaunes bought the site from ads Avendrealouer.fr, which was previously held by PriceMinister.The transaction, whose amount was not disclosed, will enable it to dethrone Seloger.com head of the French market.

The Moroccan telecoms operator Meditel, which France Telecom holds 40% stake, recorded a 126% jump in net profit last year thanks to the expansion of its clientele, said Friday the official news agency MAP .

Side publications Monday, Delachaux should submit its accounts to 8.30. The annual results of Aegis is also expected. Argan the land must submit its turnover in the first quarter of 2011.

The International Monetary Seminar, which opens Thursday morning in Nanjing to the Chinese seems in some embarrassment. President Nicolas Sarkozy inaugurated in the presence of the Deputy Prime Minister Wang Qingshan, the Minister of Economy Christine Lagarde, finance ministers and central bank governors of the G20 countries.

While the Elysee this meeting as "an important symbol," "a unique event," which "enshrines the weight of China in the global economy", Beijing sees an "informal seminar, and academic "according to Jiang Yu, spokesperson of Chinese Ministry of Foreign Affairs. The official news agency Xinhua pretended to discover, there ten days, the presence of the French head of state by saying he would meet with Chinese officials, without specifying which ones.As for the Chinese embassy in Paris, who knew where the meeting was held in Nanjing, it stated that the seminar was "entirely organized by France" and that the Chinese were content to "make available the infrastructure is everything. "

In fact, Nicolas Sarkozy, who arrives Wednesday afternoon in Beijing, will meet Chinese President Hu Jintao at the Great Hall of the People, for bilateral talks followed by a dinner on the G20 and international diplomatic issues, including Libya and Japan, where the French president is scheduled to visit Friday.

Pressure on the yuan

"The Chinese will reserve a special welcome to Nicolas Sarkozy, to commemorate the visit of Hu Jintao to Paris and Nice," we are assured at the Elysee.But China, which the press is unleashed strikes against Libya, did not seem to want to advertise around this movement, hard won by France.

Although the seminar does Nanjing officially "no money in particular", and emphasizes the "structural reform of the international monetary system", Beijing knows that its monetary policy will be at the center of discussions. For Westerners, the Chinese currency, the yuan, which traded at 6.56 yuan to the dollar is undervalued by 20% to 30%.

If the Chinese authorities have made the fight against inflation their priority of economic policy, Beijing does not intend to dictate the way forward.A revaluation of the yuan would most frank yet to effectively fight against inflation, Washington insists.

Unlike the U.S., France does not address the issue of the yuan so front, preferring to advocate a stronger role of the Chinese currency in the international monetary system, a step sought by Beijing, which will require ultimately, the yuan's convertibility and liberalization of its exchange rate regime. "The purpose of this seminar is to reach a common diagnosis on the strengths and weaknesses of the current international monetary system and develop possible reforms for the G20," said the French presidency.

The dollar, global reserve currency risk is in the sights of Paris and Beijing.First holder of U.S. debt, China's central bank estimates that the dollar will continue to weaken this year because of "low interest rates and deficits."

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With the earthquake that devastated the island and the threat of nuclear catastrophe, Japan fears a massive repatriation of capital invested abroad by individuals and by businesses that would cause an immediate surge in the yen. That's what happened after the Kobe earthquake in 1995 where the Japanese currency had taken 15% against the U.S. dollar, finding himself at the highest in its history. But the movement seems already well underway.

Intermarché reacts. With its three-year plan in 2011 revelation, presented on Monday morning and backed by a media campaign from 15 March, the group implicitly admits his weaknesses … he intends to treat. The turnover of the group of Musketeers has certainly increased by 4% last year to nearly 35 billion euros, but this increase is largely due to locations abroad and the meager cache up 1.6 % of intermarket French (excluding fuel, at constant perimeter). The network has lost 0.1 points of market share, according to Kantar Worldpanel where U etLeclerc System have won.

Intermarché would imitate its competitors on another point, profitability, the group that developed the Musketeers had somewhat lost sight of in recent years marked by the expansion."Our goal is to win 15% of turnover per square meter in three years," says Gilles Briand, member based in Foix and in charge of marketing at Intermarché.

Led by a new president, Jean-Pierre Meunier, in recent weeks, Intermarché to reverse the trend. Network segmentation, with next to hypermarkets and supermarkets, and of intermarket Contact Express comes to an end: one third of the stores has yet to change sign before the end of the year. This new visual identity will help the group to support its new slogan: "Intermarket, teaches the freshest market." This slogan refers to our strong point, fresh produce. But it also refers to our commitment to innovation, both in terms of products, services sales channels, "says Gilles Briand.Stores "Drive," where consumers can withdraw their orders after their shopping online, are growing strongly (8 outlets to date, 80 expected end 2011). A VIP category was also created for holders of the loyalty card (with a revised promotion system).

The most visible brands

The overhaul of the range of retail brands Intermarché is the most visible innovation for the customer. This range includes 4500 references in 2000 on food and non-food accounts for half of sales volume. It should streamline the offer divided into 90 brands."To make more understandable the range, we'll rationalize it around our thirty most iconic brands, such as Paquito (fruit-based products), Pastures (dairy products) and Labelle (body care)." However, brands Heart Mountain Terrier Clos Chevrel Bergelou or disappear from the shelves.

Moreover, Intermarché will launch a new brand, Route des Saveurs, bringing together of products are "ethnic and regional cuisine, as varied as Chinese spring rolls or cassoulet.

Revelation 2011 is also an overall cost savings. "It should allow us to regain our leadership," says Gilles Briand. The group members have bread on the board, but they are comforted by the good results of the reorganization of the subsidiary Netto discount stores.Its sales jumped by 9.7% in 2010, won the group with 0.1 points of market share, while this segment has been rather neglected last year.

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The redemption price would be fixed in April, and the report advocating the "right price competitive" known until mid-March. According to the Journal de Dimanche (JDD), the findings of this report, ordered the former director general of INSEE Paul Champsaur, "are ready and recommend the price of 39 euros per megawatt hour (MWh).

The new law on the organization of the electricity market (prefecture), which shall enter into force on 1 July, stipulates that EDF, the incumbent electricity, must yield to its competitors – GDF Suez Direct Energy and other Poweo – up to 25% of the electricity produced in nuclear power plants. The selling price must be set by ministerial order. This new mechanism is expected to boost competition in an industry dominated by ultra-EDF.More than three years after market opening to competition, the French are indeed remained mostly faithful to the regulated tariffs.

Reflect production costs

EDF had voted for a rate set at 42 euros per MWh, Henri Proglio, CEO of the group, believing that selling below this limit would mean the "looting". Alternative suppliers, including GDF Suez, hoping for a price closer to 35 euros per MWh.

To fix the wholesale rate at 39 euros, experts have focused on the impact that the price on your household. The increase for the public, would be at least 35% over five years with the wholesale price of 42 euros asked by EDF business cards design. It would be 30% at 39 euros, a level considered more reasonable by the Champsaur report, according to the JDD, or 5% per annum by 2015.Difficile to go below, however, according to the report."If the government does not overly increase the rates for individuals, it should not set a price too high for manufacturers," said a relative of Paul Champsaur quoted by JDD. Nome law specifies that the award should reflect "economic conditions of production" of nuclear power plants and it will be "consistent" with a specific tariff to business, Tartam (transitory regulated tariff for market adjustment) .

Friday, Energy Minister Eric Besson had told AFP that "nothing was adjudicated" and that dialogue "continue."He said that this price would be fixed "by a decree signed in April, after an arbitration of the President of the Republic and the Prime Minister."

(With AFP)

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Paul Krugman, Nobel Prize in Economics 2008, boasted over the weekend in its notebook line "difference" of France in terms of economic and social choices. D es choice of technology and productivity, but also "retirement and leisure." If the American leases a different model from the United States, he fails to mention that this model does not allow the Hexagon to achieve growth levels comparable to those seen overseas. Last Friday, the U.S. Department of Commerce announced that 2010 had resulted in an increase in GDP of 2.9%. France, it should hardly exceed 1.5%. The recession is still beautiful is well behind us.

For this year – as well as the following – that the debate is more open.The government target of 2% growth in 2011 is it achievable? It is certainly a little higher than forecasts of international institutions in France. "It will be difficult but not impossible," says Marc Touati, economist at financial Assya Company.

"A small but growing stronger '

For one side, the business climate in industry has greatly improved earlier this year, which may suggest a revival of production and investment by businesses. On the other, consumer confidence has deteriorated.What makes it even more uncertain the resilience of consumer spending – which was strongly supported by the scrapping late 2010 and could now face the consequences quick cash.

Economists from Credit Agricole, they suggest that little by little, the features of the stimulus plan "that allowed the French economy out of recession weaken and give way to a lower growth certainly, but also stronger."The Economy Minister, Christine Lagarde, she did not budge, which again, Friday in Davos, reiterated that growth would reach 2% this year though.

As for the idea of having to lower the forecast of 2.5% for 2012 – a hypothesis for the month of April, after the regional, by anonymous sources quoted in Le Monde Bercy – it is scanned with a hand side of the circle by Christine Lagarde, who considers "stupid" to mention now a revision of growth for next year. "It's much too early!"

"Some have an interest in running this kind of rumor," an irritated laying of the Ministry of Economy, which points its neighbors in the Budget Ministry.The latter would prepare the minds: a lower growth than expected, additional savings would be expected to keep the deficit target – it should rise from 6% of GDP at end 2011 to 4.6% in late 2012.

The minister himself, Baroin, does not a mystery: he warned earlier this year that it might be necessary to go "beyond the 3 billion reduction in tax loopholes" contained for the time next year.