My Opinions

Michel Madelain, CEO of Moody's Investor Services.

False, false arch-is and sources familiar with the situation in France qualify the statements of the German weekly Der Spiegel on the sale of warships to Greece. No, France does not "give" the frigates to Greece, writes the weekly in its issue this week. The information given by the newspaper are also inaccurate. The call for tenders launched by the Greek government was about six FREMM multimission, not "two to four" as the newspaper. Furthermore, if the tender has been won by France, the contract was never signed because of the financial crisis.

The newspaper asserted that France had offered to Greece to keep the Frigate for five years without pay, then pay only $ 200 million per piece instead of 300 million. But the price of a frigate in fact reached 500 million euros.If Greece could not pay his debt at that time, France had recovered from ships.

A letter of protest from ThyssenKrupp

When bidding, ThyssenKrupp, a competitor to the market, namely the Department of the shipyards, has even sent a letter to the Chancellor to complain about French methods cash advance in one hour. And above all, to denounce the financial allowing Greece to acquire these warships: "While the German arsenals do not receive any order, DCNS Greek and arsenals are funded by German money and artificially kept alive "ThyssenKrupp said in the letter quoted by Spiegel. The steel company has even asked the Chancellor to discuss this matter with Nicolas Sarkozy at the EU summit this weekend.ThyssenKrupp declined to comment officially on this subject.

Such an arrangement between France and Greece is almost impossible because it would retoqué by Brussels. Some take the pretext of military procurement by Greece to defend the interests of German taxpayers. These increasingly reluctant to pay for Greece. The majority of Germans is now, 54% favor a return to the deutsche mark according to a survey published by the magazine Stern. France is also in the crosshairs of German newspapers for some time: after the interview the boss kills the French BNP Paribas by the Handelsblatt newspaper now betting on a downgrade of France.

The war of positions that settled for months at the head of Air France KLM, in view of the succession of the CEO Pierre-Henri Gourgeon, should find its outcome brutal Monday.

Reportedly, the board will meet to start RECORDED Pierre-Henri Gourgeon. In office since 2009, the executive director of the group pays two things. On the one hand, his conflict with the chairman of Air France-KLM, Jean-Cyril Spinetta, and on the other hand, the disappointing results of the company. "He did not totally unworthy, but a change in governance was necessary at the time of uncertainty hovering over the company and the industry," says a close case. No comment was made Sunday at the headquarters.

Overhaul of the governance

The departure of Pierre-Henri Gourgeon will be accompanied by an overhaul of governance.Jean-Cyril Spinetta back in service by chairing executive of Air France-KLM. The owner of the historic French airline, the architect of his marriage with his Dutch counterpart, never far away from its management. In addition, Juniac Alexander, former chief of staff Christine Lagarde, will be named him CEO of Air France. A key post in the new organization which eventually opens the way for the management of all Air France-KLM.

After months of controversy within the Board and the Company, the Nominating Committee consists of four directors (Jean-Francois Dehecq, Patricia Barbizet, Jean-Marc Espalioux and Cornelis van Lede) has finally agreed on the name 'Alexander Juniac, under the watchful eye of the state, which owns 15.7% of the group.Ironically, the former right hand man was the candidate pushed by Pierre-Henri Gourgeon, opposite Jean-Cyril Spinetta, who advocated an internal solution. Indeed, this lively debate which had laid bare the tensions between the two leaders of the company.

The new organization, which will be confirmed Monday, also intended to bring Air France-KLM in a position to face its difficulties. The latest quarterly (April to June 2011) revealed an operating loss of 147 million euros. Back into the red after one brief year of profits. Since then, the situation was still tense, so that the group launched in early September a new savings plan. No figures have been officially announced, but it evokes a range of 700 to 800 million euros.The specific measures should be adopted at the end of this month.

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In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices easy pay day loans. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

The CAC 40 is close to balance on Monday, gaining 0.22% in the morning at 3102.8 points. After a weekend in the green, the Paris Bourse, however, should be on guard Monday. As in Asia this morning, markets should take the time to analyze the ads the weekend about the future of the single currency and the fate of European banks. On the first issue, Nicolas Sarkozy and Angela Merkel, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor.The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders.

About the difficulties the European banking sector, Angela Merkel and Nicolas Sarkozy said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds. Again, the "details" will be specified later, they promised, even suggesting an EU summit scheduled for October 17 and 18 and a Eurogroup.

Concern persists

In this context of waiting, investors should remain cautious.Especially as other disturbing news on the euro area fell: Fitch has degraded the notes of Spain and Italy and Belgium threat. Decisions that have already sealed the mood on Wall Street Friday, despite good employment figures.

In terms of statistics, the Bank of France reiterated its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey. Moreover, the French industrial production registered a further rise of 0.5% in August compared to July after jumping 1.8% (revised) the previous month, said Monday the National Institute of Statistics ( INSEE). German exports rose more than expected in August, bringing the trade surplus to its highest level since March.The trade surplus adjusted for seasonal variations reached 13.8 billion euros against 10.6 billion euros (revised) in July.

On the currency side, the euro is rising against the greenback at 1.3477 dollar. Oil is also up: a barrel of "light sweet crude" for delivery in November gained 93 cents to 83.91 dollars in Asia, and a barrel of Brent North Sea crude for November delivery was appreciating by 53 cents to 106.41 dollars.

Values ​​to follow

• Dexia (rating suspended)

The Belgian state will take control of all of Dexia Bank Belgium, the Belgian entity of the Dexia Group will be dismantled, for a total of 4 billion euros, the Belgian government said this morning at a conference Press.Belgium will also ensure funding for the future "bad bank" that remain after the dismantling of the Dexia group of up to 60.5%, amounting to 54 billion euros. Trading in Dexia has been suspended since last Thursday.Euronext could not say when the listing would take the title.

• Renault (0.53% to 25.80 euros)

The automaker is expected to announce on Friday a reorganization of the group which will extend the power of its CEO, Carlos Ghosn, Tribune reported Monday.

• Air France-KLM (2.9% to 5.30 euros)

The airline said passenger traffic up 9.3% in September and cargo traffic down 3.4% in September.

• Veolia (0.99% to 10.82 euros)

The service group sold its restructuring investment company Eolfi Asset Management, specializing in the management of funds investing in solar and wind energy, according to La Tribune.

• Dassault Aviation (0.30% to 674 euros)

The aircraft manufacturer (group owner Figaro) yesterday announced a resumption of aircraft orders, which have doubled year on year to 2.065 billion euros.

• Technip (1.20% to 60.71 euros)

The subsidiary Duco has been awarded by Shell Offshore two contracts for field development and Cardamom West Boreas, the Gulf of Mexico.

• Maurel et Prom (1.34% to 12.89 euros)

The group announced that statigraphique wells (drilled with a light fitting) Sab Strat-1A demonstrated the presence of oil on the driver's Sabanero in Colombia.

• Total (0.38% to 35.48 euros)

The inter-union employees of the refinery in Berre l'Etang-(Bouches-du-Rhône) of LyondellBasell, within the scope of a proposed closure, said Saturday at a general meeting is restarted until the end of December, found a corresponding of AFP.

• Artprice (-0.53% to 30.30 euros)

In an interview with Boursica, Thierry Ehrmann, the president of the Lyon-based company, said the groups' relatively young and wealthy "want to capture the potential of the art market in Asia and would think to do with the support of Artprice, for commercial gain or capital.

With the arrival this summer of Qatari investors, Paris Saint-Germain has taken a new dimension to financial, sports and media. The French basketball hopes all things considered, do the same with the return of French players playing in the NBA (American basketball championship). Captain of a team runner-France the last European Championship, Tony Parker "PT" rise, by itself, a popular craze and the media. Thursday, after holding a press conference to announce his arrival in Villeurbanne, "TP" is chained interviews with journalists, specialists, general economic and before finishing the day on the set of 20 hours of TF1. The private channel was made to blow an audience of 6.3 million viewers, "in line with its average of the last month," according to TF1.If the number is not unusual, the presence of Tony Parker on a "20 hours" shows how the return creates interest.

The trademarks "TP" and "Asvel" associate

The club has also Villeurbanne prepared a communication plan for the arrival of "TP". "We have to associate the name" Tony Parker "with that of the Asvel on match tickets and through the sale of products ever created before," said Julien Lepron, marketing director of Asvel. The club has also provided marketing operations at the first game of Tony Parker, Oct. 14 against Paris, his first club … "Two thousand spectators who arrive early at the Astroballe (name of the speaker Villeurbanne ), will receive a jersey "replica" of Tony Parker, "said Julien Lepron, marketing director of Asvel.For this unprecedented meeting, Villeurbanne, whose average attendance last season was about 5,000 spectators (for a 5500-seat hall), aims to play a sold as the next three.

For its part, the official broadcaster of the basketball championship, Sport + (Canal + group) decided to schedule the meeting of Villeurbanne and Paris, while it was not originally planned. Three of five of the first meetings will also be broadcast Asvel including the clash between Nancy and Villeurbanne, the champion title in France which also hosts a French NBA, Nicolas Batum. "As the campaign for subscriptions is not yet closed, we have already recorded more than 1550 subscriptions against 1296 last year, said Jean-Charles Brégeon, general secretary of the basketball club Nancy no fax pay day loan.In terms of sponsorship, we expect revenue of 2 million euros against 1.7 million last year. "

Canal + prefer handball basketball

Still, all broadcasters, clubs and leagues are willing to realize that these returns will not solve the lack of visibility of French basketball. "The return of French NBA should not be the umpteenth buzz around the sport," said Julien Lepron. A discourse that looks suspiciously like the one held in 2000 after France won a silver medal at the Sydney Olympics. Eleven years later, the French basketball has lost ground and seems to have been overtaken by the handball. So much so that the Canal + group intends to make handball "his third team sport on its channels" according to Cyril Linette, Director of Sport Canal +."These words are hard to hear, says a leader of a big French club, who would like the league is looking at the return of basketball on the public channels. But it shows that competition is fierce between sports and we need to make the product "basketball" more attractive ". Didier Domat, a lawyer with Taylor Wessing, which manages the contracts of Tony Parker among others, the solution lies in building new facilities in France. "There is a lack of modern facilities for basketball in France, he says. The current facilities are not consistent with the economic issues inherent in the sport. The clubs are struggling to attract investors because they know they will not earn money by investing in basketball. It is difficult to have an entrepreneurial approach. "

In less than a year of London Olympics

Especially the basketball clubs in France have means significantly lower than their European competitors. "To hope to win the Euroleague (equivalent of the Champions League in basketball), a club must have a budget of 15 to 18 million euros and 10-12000000 if hoping to be included, says Julien Lepron. " The budget for the champion title in France, Nancy, is around 5 million … "The French basketball was exceeded by the demands of professionalism, recognizes Lepron Julien. Leaders must capitalize on the return of the Blues in France. And even more so in less than a year ago the Olympics. " Asvel side, it is hoped that Tony Parker will bring their project to large room.

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The European Central Bank keeps its cool. Faced with signs of recession in the eurozone and while a leading European bank, Dexia, is faltering, the ECB has decided not to ease monetary policy. It has left its main interest rate unchanged at 1.50%. The president of the monetary institution, Jean-Claude Trichet, must explain this decision on Thursday afternoon.

The market demanded a rate cut. "It took into account a lower rate of 0.5", observe the economists Societe Generale. Waiting judged "crazy" by the Luxembourg member of the Governing Council of the ECB, Yves Mersch.

The case for a rate cut was not, however, rule out of hand. Some analysts point to a worrying season looming disaster on the front of the activity in the eurozone."The risks to growth, was talking about last month the President of the European Central Bank Jean-Claude Trichet, materialize," are economists at BNP Paribas CIB. Furthermore, "economic forecasts of the ECB team behind sluggish growth at year end," they add.

Semi-surprise

The inaction of the ECB, however, is only half surprised. Jean-Claude Trichet, whose every word, in its public statements, is weighed, has not hinted in September that the ECB cut rates. Moreover, "the guardian of the euro zone will wait to act to have more evidence that inflation and growth will slow," noted economist of Nomura. Inflation in the euro zone peaked at 3% in September, a point above the objective of the ECB.

Observers expect more on a rate cut later this year."Jean-Claude Trichet is expected to set the stage Thursday in a future rate cut in the next three months," analysts at Nomura advance.

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Tax soda should further fuel the coffers than expected. The new tax announced by Prime Minister Francois Fillon, as part of the austerity plan will help fill the gap of France to the tune of 370 million euros, according to information on Europe 1. Revenues exceeding 120 million originally envisaged which, according to industry increases the price of the can of a euro cent on average.

In fact, the tax has not yet been established but it has already been expanded. It could affect not only soft drinks but also all soft drinks and sweeteners, says the radio station. Previously saved, the Diet Coke, Coke Zero or mineral waters and non-alcoholic beer may ultimately be affected.

Bernard Reynes, UMP deputy of the Bouches-du-Rhone, should defend the new amendment in ten days.The new contours of the tax would have been decided by Valérie Pécresse, budget minister, Bruno Le Maire, his colleague from the House Agriculture and Bernard Reynes and Christian Jacob.

Compensates for the lower social security contributions of farmers

And as noted in Le Figaro yesterday, raising the tax would fund future lower social security contributions of farmers who come into force on 1 January 2012 fast payday loan no faxing.

The question is whether manufacturers will digest these ads. In fact, the announcement of the tax had already provoked the ire of Coca-Cola. The American firm had threatened to suspend an investment of 17 million expected next year at its plant in the Bouches-du-Rhone, then retracted, while evoking a "communication error".Only element of consolation for the food groups, the public health argument justifying the creation of a tax 'anti-obesity "has disappeared from legislation, as they wanted.

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"GAME NEWS – Target budget: Drive the finances of the state

She has it all in these turbulent times. The piece that sells for 200 euros on Monday, the Monnaie de Paris is solid gold. A metal sought by individuals particularly since the financial turmoil. The 50,000 copies (999 per thousand of gold) are sold on the website of the Paris Mint www.monnaiedeparis.fr at its headquarters in Paris and in 1000 post offices.

For collectors, it is a copy of most in the series of Euro regions (silver coins with a face containing the names of 27 French regions). "This piece represents a safe investment, since it still be worth at least face value," it says to the Monnaie de Paris. An argument that has more weight than other investments are sad mine.

When she threw parts of the regions 10 euros in cash (one model per region), the Monnaie de Paris had found at his door in the morning thousands of individuals. And the quota available on the Internet had passed in less than a morning on a one-piece per second. Fans will do so many this time? Gold is the ultimate safe haven, but today it is no longer 10, but 200 euros to be paid to pocket a new gold coin. Verdict noon.

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In Francois Hollande who proposes to reduce 50% the share of nuclear in electricity generation in 2025 and Martine Aubry who wants to phase out nuclear power, the association offers a negawatt more radical scenario: a permanent cessation of EDF reactors at 58 2033. Earthquake energy, this proposal is however not the centerpiece of negawatt scenario for 2050, presented on Thursday.

As its name suggests, negawatt, an association of engineers and architects founded in 2001, believes that the best way to meet the energy challenge – reducing climate risk while avoiding nuclear risk – begins with the reduction our energy consumption. Watts saved or negative watts, aka the "negawatts," are even more important as renewable energy in the proposed scenario for 2050 (presented here in 27 pages).In green energy, biomass is expected to outstrip the wind and solar.

The team of around twenty experts led by Thierry Salomon floor for fourteen months to refresh his last scenario published in 2006. The approach of negawatt from a detailed study of the uses of energy (heat, transport, specific electricity including lighting, appliances or computers) which leads to energy needs and not vice versa. It is in the building sector, the first energy consumer, the script draws its largest deposit of "negawatts" 600 terawatt hours (TWh), or a saving equivalent to one and a half times the production of the French nuclear in 2010 (408 TWh).

To put the debate into perspective, Thierry Salomon said that electricity accounts for only 21% of energy consumption, the balance being devoted to warm us and transport us.But it focuses "90% of the debate" because of the role of nuclear in the French bouquet. The gradual decline in electricity consumption through measures of restraint and efficiency, according negawatt can start as early as 2012 to stop the older reactors. And close to 3500 MW per annum in the year 2020, four first-generation reactors.

The bill for this output of nuclear power? NegaWatts has not calculated as it is. However, Yves Marignac, the specialist Atomic Energy Association is sweeping the figure of 750 billion raised last week by Le Figaro. "This is a simple rule of three made not from the cost of phasing out nuclear power in Germany but the German nuclear transition, which includes investments," he said.The projected savings in the scenario negawatt, says Yves Marignac, could easily generate 750 billion euros in the oil bill alone avoided.

What follow this group of specialists will be given to the new report? Thierry Salomon claims not run for any presidential candidate but most have already established contacts with negawatt. Just as the association claims a share of paternity in the measurements of the Grenelle devoted to building, it intends to enforce its ideas from May 6