International Business News

France prepares to beat Thursday's record consumption of electricity and gas. Blame the intense cold that strikes the Hexagon. Y there is a risk of blackouts? Cars are blocked due to the snow at Saint-Arnoult-en-Yvelines toll near Paris December 8, 2010 as winter weather and freezing temperatures sub-continuous in France. (FRANCE – Tags: ENVIRONMENT TRANSPORT)

The cold wave that moved to France will intensify in the coming days, but so far, "no major blackouts are to be expected" reassures Herve Mignon, Director of Economy, Planning and transparency in TEN (a subsidiary of EDF). In total this Thursday, 41 counties are in orange alert "cold and snow", until Saturday, 7 am. Level 3 Plan "Extreme Cold" was triggered in Isere, Savoie and in the Oise and the North. "It is seven degrees below seasonal averages of both north and south," said the forecaster Meteo France Dominique Raspaud. A cold that will become even stronger to the end of the week throughout France. For Friday, says Ms. Raspaud to AFP, "is expected within 5 to Marseille in the south-west, at least 6 Bordeaux and La Rochelle, below the minus 10 in Alsace, France-Comté and Rhône Alps "… Even in Britain, a region often spared the extreme temperatures are expected least 1 or less 2 Friday morning in Brest.

Consumption soaring …

The latest forecast of RTE, EDF subsidiary that manages the French high-voltage network, the national electricity consumption would reach 95,500 megawatts (MW) this Thursday at rush hour, at 19h, grazing and the peak total of 15 December 2010 (96,710 MW). After a hard day following the historic summit next Monday could be exceeded, providing RTE for now peaked at 98,700 MW that day. However, an estimate will be refined at the mercy of weather bulletins France. The reason for the runaway? The cold wave which pushes the Hexagon shiver the French to run their electric heaters at full speed. "During cold spells in winter, when there is a degree Celsius less, this corresponds to 2,300 megawatts of additional consumption, the equivalent of twice the consumption of the city of Marseille," recalls Herve Mignon, Director of the economy, foresight and transparency in TEN.  

But … no risk of "blackout" National

"Nationally, there is no risk now, in the sense that the means of production and available national electricity imports from neighboring countries can meet the electricity consumption as expected, "said M.Mignon.

To spend the winter safely, France is indeed important to the Power Utilities. She buys from Germany and Great Britain. Belgium and Denmark can also provide electricity. Spain, if it is untouched by the cold wave, could also provide some of the energy it needs by turning to its own power base.

Increased prevention of certain departments

RTE enabled for the first time this season the device Ecowatt in both "electric peninsulas" that are Brittany and the Côte d'Azur, which were placed in "orange alert". A clear message was sent: "We invite you to moderate your consumption of electricity between 18:00 and 20:00." And for good reason, these areas suffer from a lack of internal capacity of electricity generation, and therefore rely on neighboring regions to meet their energy needs. They are located at the ends of the national grid, it creates risks of bottleneck in their diet. In the Var, 3,000 homes remained without power Thursday morning.

Some useful tips

The right temperature is 19 ° C, no more! A simple thing: go to 20 ° C to 19 ° C in the living rooms of 7% to reduce your energy consumption. In the rooms, ADEME cautions that it is better to keep a temperature between 16 ° C and 17 ° C. In case of absence, he should lower the heating and do not put them up after work. "They will not heat the room faster," said the Environment Agency and energy management. Reduce power consumption between 17h and 20h in winter. few simple actions like turning off appliances on standby, turn down the heat in unoccupied rooms, close the shutters at night, and use appliances after 20h. Companies must also participate in this national effort.

If you seek ease and convenience, it is best to go with an online lender that does not require that you fax in any materials. Faxless payday loans not only save you time and energy when applying for a payday loan, but save you money as well.

Burberry reported Tuesday a 26% increase, as expected, its adjusted earnings in the first half of fiscal 2011-2012, thanks to sustained consumption of tourists around the world, and confirmed its annual forecast.

"We remain mindful of the uncertainties and ready to respond to them," said in a statement, however, the British manufacturer of waterproof leather goods founded 155 years ago.

It posted a profit before tax and exceptional items of 162 million pounds (190 million euros) over the six months to September 30, 2011, against an average estimate of analysts polled by Reuters of 159 million.

Last month, the group announced quarterly sales exceeded expectations, saying not yet have found the slowdown in demand despite uncertainty about the evolution of global growth.

Burberry has confirmed its ambition to increase its network of outlets around 15% in the second half, including the opening of eight to ten stores in places like China and Latin America, and that a new "flagship" in Paris.

The values ​​of luxury far seem to defy the crisis, but the uncertainties in this highly cyclical, the question remains whether the growth in Asia will escape the crisis.

The European Commission will Wednesday unveil new rules for new rules to limit the power of rating agencies. The suspension of a rating and the attack to justice agencies include planned. Moody's in New York.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of the European regulatory agances. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if it is under European aid program. This decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was abandoned now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea has been criticized not only by the agencies but also by some of their clients.

Ubisoft has reduced its loss of more than half in the first half, picking a few benefits of the shift to online games and confirms return to operating profitability in the green in 2011-2012.

Highly anticipated by financial analysts on its increasing strength in online games and its focus on higher quality games, the French publisher said it had generated 30 million euros in revenue through "online" in the first half , an increase of 85% for a segment usually very profitable group which was until recently absent.

"We are on track (…

Paris fell 3.16% Monday, 2.77% London, Frankfurt and Milan 3.23% from 3.82%. Bank stocks were again the victims of market concerns about the future of the euro area. European shares closed sharply down Monday, October 31, 2011.

The Paris Bourse has lived a black day Monday, October 31, losing 3.16% in a market dominated by profit taking and taken over by doubts about the future of the euro area, despite the European anti-crisis plan. The CAC 40 dropped 105.79 points to 3242.84 in trading volume of 3.35 billion euros. Bank stocks fell by 8 to 10%.

Featured dax index of the Frankfurt Stock Exchange ended down 3.23% to 6141.34 points.German banks have drunk the cup: Commerzbank dropped 8.47% to 1.78 euro and Deutsche Bank, which has suffered from over exposure to the bankruptcy of U.S. broker MF Global, 8.60% to 30.35 euros .

The FTSE-100 index of London Stock Exchange main values ​​lost 158.02 points, or 2.77% from Friday's close at 5544.22 points. The total star of the Milan Stock Exchange, the FTSE Mib, fell 3.82% to 16,017 points. Among banks, Intesa Sanpaolo dropped 7.39% to 1.291 euros, Banca Monte dei Paschi di Siena 6.16% to 0.3383 euro and 5.67% to 0.848 UniCredit euro.

U.S. GDP grew by 2.5% in the third quarter, annualized. This level was accelerated by the rise in household consumption and private investment. Barack Obama at the press conference on July 15, 2011 on U.S. debt

GDP figures published Thursday in the United States show a marked improvement in U.S. growth and suggest a strengthening of the recovery, indispensable prelude to a decrease of mass unemployment affecting the country. The first estimate of Commerce, the U.S. domestic product grew in the third quarter from 2.5% annualized over the second. The number of government reflects a significant improvement over the spring which saw growth rise to 1.3% after falling 0.4% recorded in the first quarter.

The period July to September is the best quarter of the U.S. economy since the summer of 2010. The ministry said the growth was driven by the acceleration of private consumption and private investment excluding housing, which combined made up 3.3 point rise in GDP. The main obstacle to the improvement of gross domestic product was slowing, very strong, the increase in business inventories, which lost 1.1 points of growth.

Peter Newland, economist at Barclays Capital, the sharp change in stocks of summer is "a sign that companies have responded quickly to the weakness of domestic demand in the first half, and it is unlikely that [the slowdown in output stored] is repeated in the fourth quarter. "

After the state budget, MPs are looking at the Social Security budget for 2012. Objective: To reduce the deficit by more than four billion euros. Some proposed measures to achieve this will give rise to heated debates. The Palais Bourbon.

Members look from this Tuesday the draft budget law for 2012 Social Security (PLFSS). The 2012 budget for a deficit Safely down 25% from 2011, to 13.9 billion euros. The improvement is mainly on account of the austerity plan announced in late August 11 billion by François Fillon.This plan includes an increase in payroll taxes on capital income, a rise in prices of tobacco and alcohol, and especially the doubling (from 3.5 to 7%) Tax on Contracts for Health "solidarity and accountable "for complementary health.

The measure, passed in September during the 2011 supplementary budget and expected to bring $ 1.1 billion in 2012, is widely criticized. It should indeed lead to higher rates of 4.7% on average in 2012, according to the French Mutuality who also warned of a "major risk" to access to care of the population. To appease critics, including relayed by the Socialist deputies, the government passed last week in committee an amendment raising the income ceiling to qualify for assistance from the state to acquire a complementary health.Currently, only 532,000 people benefit from "health check" as two million are potentially eligible.

Another tax has already been much talked about: the tax on sodas. The terms of this new beverage tax added sugar formed during the debate on the draft 2012 budget law a bone of contention between MPs and the government. The first wish to also apply to beverages with sweeteners in order to double the revenue, while the latter can be influenced by lobbying from Coca-Cola refused to tax all sodas, on behalf of the fight against obesity. Finally, the Assembly voted two taxes: one on the sugar added to soft drinks (two cents per can) and on drinks containing artificial sweeteners.Manufacturers of sweeteners and the National Union of soft drinks were outraged.

Right and left opposed to lower sickness benefits

Among the steps that are to vote, that reforming the calculation of compensation for the disease is probably the most criticized by the left but also from the right. The government has decided by decree, applicable from 1 January 2012, the per diem currently 50% of gross salary would increase to 60% of net wages. A key, 220 million of additional revenue for health insurance. Seven million French are concerned, first 30% of employees without a contract contingency.This measure would reduce from 40 euros per month for an employee paid at minimum wage and 85 euros for a frame.

There is no doubt that MPs from all sides – including the UMP president of the Committee on Social Affairs, Pierre Mehaignerie, and the General Rapporteur of the Social Security budget, the UMP-Yves Bur, who unsuccessfully opposed the measure in committee, will return to the load session. Especially since they have already voted, in committee, a compensation: submit to payroll benefits of breach of employment contract if they exceed twice the maximum Social Security, or 73,000 euros.

For another battle: the project promoted by the budget minister, Valérie Pécresse, to submit to the CSG compensation for parental leave.MEPs decided in committee and unanimously not to retain the provision that the expected return is 140 million. But the government could push through. Finally, an amendment tabled today by the UMP deputy Philippe Meunierne, co-signed by 67 deputies, should also lead to heated clashes between the majority and the opposition. This is the book Solidarity allowance for the elderly (minimum age) only to "French, European and foreign nationals who fought for France".

This allocation – 742.27 euros per month for a single person and 1181.77 euros per month for a couple-cost 612 million euros a year. In the statement of reasons for the amendment, argued that Philip Meunierne of 70,930 recipients, 22,803 are foreign nationals outside the European Economic Area.The deputy of the Rhône amounts to "more than 200 million" euros savings resulting from the adoption of the amendment.

The rating agency Fitch has placed on negative watch Thursday's long-term ratings of BNP Paribas (AA-) and Credit Agricole (AA-) as part of its periodic evaluation of European institutions.

The credit rating of long-term Credit Mutuel (AA-) was also placed on negative watch, but that of the Societe Generale (A +) was confirmed.

The notes of sustainability ("Viability rating") of BNP Paribas (AA-), Credit Agricole (AA-) and Societe Generale (A +) are also placed on negative watch.

Fitch said that the negative phase of monitoring should be short, and that if cuts in long-term notes were determined, they could not exceed one notch, the minimum level of major French banks are "A +".

In the case of Societe Generale and BNP, Fitch notes that the business model of universal banking world they have chosen seems "particularly sensitive to increased challenges which face the financial markets."

"These challenges result from a myriad of changes in the regulatory and economic developments, especially in the euro area," said Fitch.

Also as part of its review of banks, Fitch has also downgraded the Swiss bank UBS to "A +" to "A".

Those of Barclays, Credit Suisse, Deutsche Bank are also placed on negative watch, just as the U.S., the Bank of America, Morgan Stanley and Goldman Sachs.

The Slovak government resigned and the main opposition party agreed Wednesday to support a strengthening of the European Financial Stability Fund (EFSF) on the occasion of a new parliamentary vote by Friday.

The leaders of three of the four parties in the coalition government met with the leader of Smer, following the rejection by members of the EFSF reform and the resignation of the government of Iveta Radicova, which was liable the vote.

Of the 17 Member States of the euro area, only Slovakia has not yet ratified the plan that strengthens the powers of the EFSF to fight against the debt crisis.The green light 17 is required for its entry into force.

The Smer, which supports the EFSF in principle, abstained from the vote, causing the development of minority government. A new vote in Parliament to be held by no later than Friday, said the leaders of the majority party, the Slovak Democratic and Christian Union (SDKU), and Smer, Robert Fico and Mikulas Dzurinda.

"We decided that during the parliamentary session (Thursday), we will work on a proposal to shorten the election period to conduct an election on March 10.Immediately after, tomorrow or Friday, we will discuss proposals related to EFSF, "said Mikulas Dzunrinda, who was foreign minister of the government resigned, at a press conference.

"With this agreement, and the laws associated EFSF may be approved either tomorrow night or Friday morning at the latest," said Robert Fico.The vote, he added, "will take place immediately after the adoption of the constitutional law on holding early elections in March 2012."

The Smer remain in opposition until the deadline of March.

The increase in lending capacity of EFSF to 440 billion represents a contribution of 7.7 billion euros in Slovakia.

"RAPID ADOPTION"

The day after the rejection of the text, the presidents of the European Union and the European Commission, Herman Van Rompuy and José Manuel Barroso, urged Slovakia to approve as soon as possible the expansion of the EFSF.

"We call on all parties in the Slovak Parliament to overcome the short-term political considerations and use the next opportunity to quickly adopt a new agreement," they wrote in a joint statement.

"We remain confident that the Slovak authorities and the Parliament are well aware of the centrality of having a stronger European support fund to preserve the financial stability of the euro area.And this in the interest of all countries have adopted the euro, including the Slovak people. "

Under pressure from its European partners, President Ivan Gasparovic, who must nominate the next prime minister, cut short a visit to Asia and is expected to return to his country Thursday.

Iveta Radicova asked Mikulas Dzurinda, the head of SDKU, to initiate discussions also involving two smaller parties in the governing coalition.

The Freedom and Solidarity Party (SAS), the fourth component of the coalition that refuses EFSF, will not take part in the new round to break the deadlock.

The Sas had refused to ratify the European level, in accordance with the position of its leader, Richard Sulik, who estimates that less wealthy countries in the euro area do not have to incur expenses for the rich as Greece .

The Bank of France reiterated Monday 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.

She had halved its forecast last month.

The business climate indicator in industry has remained stable in September at 97 while the service sector shrank from one point to 96.

In September, "industrial activity has remained stable, the contraction in the automotive and manufacturing equipment was offset by the increase observed in the food industry and some sectors of production of consumer goods" , says the Bank of France.

She added that the forecasts of business leaders expect a stable business. "

The utilization of production capacity improved slightly, to 79.3% against 78.8% in August. However, it remains below its historical average of 82.

In services, says the Bank of France, sales rebounded in September, "particularly in transportation, computer services and to a lesser extent temporary employment." The outlook for the coming months, however, foreshadow a slowdown in activity.