Because when things affecting families, the file is always a bit more complicated. Saffron, which has shown since the July interest in the Zodiac Aerospace supplier, faces several shareholder and indecisive. And in a certain direction: when the merger proposal was made to Zodiac, its supervisory board, chaired by Olivier Zarrouati decided dryly "unanimously that there was no need to implement this proposal.

Saffron démord however.If the group led by Jean-Paul Herteman always excludes any hostile takeover Zodiac Aerospace, it should go in the coming days the decision to launch or not a bid, according to La Tribune on Monday. Saffron remains convinced of the relevance of such a rapprochement.

The stock market also seems to be convinced, as evidenced by the soaring shares in early July Zodiac: +25% in two weeks. The government, which holds 30% of the Zodiac, too, vote for it.Already, because Saffron has a good experience in mergers and acquisitions, but because this new entity would achieve industrial and technological progress and better respond to major clients such as Airbus and Boeing, who want to work with limited number of suppliers.

A Family Affair

The best way to Saffron convaicre recalcitrant shareholders Zodiac lies ultimately in the financial conditions of the proposal. It takes a high price, especially to put in his camp Domange family, which owns more than 10.5% of the capital. According to La Tribune e, the Peugeot family, she would agree.

The Tribune understands that Safran would be able to offer a significant premium of 30-40% compared to the current share price, which is 43.4 euros. The amount per share would be increased from 56.5 to 60 euros. Let her best historical levels.Saffron is also trying to explain to those shareholders that the merger could be accomplished through stock swaps to maintain the fiscal pact that exists at the Zodiac, which they are attached, as it allows for more than 6 million euros in savings in taxes on capital.

As soon as the bell rang at the Paris Stock Exchange on Monday morning, trading Zodiac Aerospace has been suspended for several minutes before the title is displayed up 13.65% to 49.28 euros, while the SBF 120 index rose 0.38%. A sign that the markets believe in this marriage.

Saffron is willing and able

The figures put forward by the business daily are considered credible by observers."The price mentioned by The Tribune is a surprise to anyone," Judge Pierre and Boucheny, Kepler Capital Markets.

Saffron could finance "no problem" such an offer, even cash, for a price that would reach "four billion euros, including debt redemption," said another analyst.

Saffron, merged in 2005 the engine manufacturer Snecma and Sagem, has also acquired other projects. He could well wrap the forthcoming resumption of the French public group SNPE in the propulsion of rockets and missiles.

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Lawrence STORCH. – The reality is that during the summer months 20% of French are on vacation. Their responsiveness to programs is not the same and we tailor our offering to this seasonality. But we have not lowered our guard during the summer. We have proposed programs that the public was pleased to see again as The Visitors and Research Section and the new season of Secret Story for 36% audience share on Women procurement officials. In addition we have continued to test new programs and whether "Welcome to my tribe" has not found its audience, instead "The 12 strokes of noon" and "First Love" are real achievements.

You have launched "MasterChef" August 19. There are more back?

The back is a formalism that now of less interest to the public.The Internet has profoundly changed the media programs. Information flow from the first "pilot" and spread through social networks. The concept of chronology has totally changed. Now we're on the air programs when they are ready. Thus we present two to three new releases per month, including in August. This corresponds to the expectations of the public. It is also the trend in the U.S. where the chains have broken the traditional rendezvous of February and November. Regarding "MasterChef" August 19 was a great opportunity. The first captivated the female audience. I have no doubt that the program will ramp up and settle on the semester.

The hearings TF1 Can halt their decline?

Today, we are in a transition period which complicates analysis for broadcasters and producers.We must make the balance right between what is mechanical, ie related to the increase of DTT, and what is the editorial or artistic touches and quality programs, we are the guarantors. I look forward to the whole of France switches to all digital in late 2011 and that competition takes place on stabilized bases. Remember that the only channel TF1 is able to muster more than 10 million viewers for its programs and that prime time has increased in the first semester!

Last year you Pariya on nostalgia. What are the major future trends?

Undeniably, the key words are close, emotion and humor. It is very clear that television lifts his foot on violence.For example, the American series, which tended to be hypersegmentées are now a wider audience, with female heroines, which corresponds to the TF1. We already had a taste with The Mentalist. Finally, reality TV, as a mode of writing, is in the process of infusing all types such as magazines, fiction and entertainment. And unlike reality TV programs will evolve. To attract the public, they will offer a strong and ongoing challenges.

What are the strengths of TF1 in the grid the next few months?

French fiction has found its stride on TF1 with two major events on Monday and Thursday, respectively devoted to comedy and lighter procedural series, such as Doc Martin Thierry Lhermitte, The Ripoux anonymous and Pascal Laurent Gamelon Légitimus or Brassed Off.We also develop detective series very square with male heroes. We work with producers to try to accelerate production of the series to arrive in seasons of 16 episodes, where we are now delivered instead of six. Furthermore, TF1 has created a frame of solid games with "The twelve strokes of noon" and "Wheel of Fortune" or "The fair price. To renew our offer to address the shortage of international formats, we have launched many drivers original creations. It is the same for varieties. I do not doubt that there is an original format in the future. Finally, our prime time entertainment will learn from soirees. We resend the live performances of the biggest headliners such as Florence Foresti and Franck Dubosc. We offer the shows made exclusively by artists for TF1.We begin with Laurent Gerra and have a project with Muriel Robin

TF1 has TMC. Do you foresee cooperation between the two?

I am in charge of programs TF1. Each channel has its own editorial team. Moreover, we can not move any type of programs from one channel to another, because this would lead to blur the identity of the channels. The group has made commitments in this regard. Our strategy will not weaken or a string to support the other, or to convert a string to catch-up TV service improved. It is necessary that each antenna has its own identity and it is as strong as possible.

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The group prefers to focus on sales amounting to 545 million euros, up 28.1%. A performance that the group owes its branch production, the most important, which recorded a sales growth of 30% to 219.4 million euros.

"Despite unfavorable wind conditions in the U.S. and very unfavorable to the United Kingdom, wind generation has benefited from full year impact of activations in 2009, notably in France and the United States, new facilities built in first half of 2010 in Europe and very good wind conditions in Portugal, "the company said payday advance. EDF EN has increased its wind power capacity of 156.1 megawatts (MW) gross in the first half and its capacity of 61.3 megawatts photovoltaic peak (MWp) gross.

For the future, EDF Energies Nouvelles has confirmed its forecast for EBITDA of between 430 and 450 million euros "and its goal of late 2012 installed capacity of 4200 MW net with 500 MWp of solar."

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More importantly, the private sector alone has created 83,000 jobs. Is much better than the 33,000 net new jobs in the month of May However, analysts expected a figure close to 112,000. "We're going in the right direction but we do not go fast enough for many Americans. We are not moving fast enough for me either, "responded the president Barack Obama.

The increase in the number of private sector jobs due to "modest increases in various industries."The leisure industry in particular has created 28,000 jobs before the summer. Business services hired 21,000 people. Note, the industry continued to create jobs (9,000). The construction sector has meanwhile also destroys jobs (22 cash till payday.000), hit by a decline in new construction.

"Beyond these figures rather in line with expectations, the disappointment is the hours worked and wages," noted economists Exane-BNP Paribas. "Hours worked weekly find their level in April (34.1) and hourly wages shrink by 0.1% over the month." In bad omen for consumer spending.

On the other hand, the unemployment rate, calculated on a different basis, for its part fell 9.7% in May to 9.5% in JuneThe Labor Department said the decline by reducing the workforce and the growing number of discouraged workers who no longer work. "We still expect a gradual recovery in the labor market with unemployment rates remain high in 2010 before improving slightly in 2011," says Julian Thomas, an economist at Natixis.

"In general, the Labor Department report suggests weak growth, but not fallen into recession, say economists for their part of Societe Generale.

The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (with Flamanville in the Channel and two other Chinese), forcing the group to a new provision which would involve a negative operating result for the first half 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.

S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.

The rating agency does have a stable outlook on the debt rating of Areva, convinced that the group should be able to implement successfully the remainder of the disposal plan and its plan to increase capital , strengthening its balance sheet.

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The operation of rating agencies

Specifically, the agreement provides that if a contract awarded, MIH supports the manufacturing facilities and the provision of essential equipment.For his part, Spanish will be responsible to install, the grouping of devices and materials that their test. The offer of MIH is based on a pressurized water reactor of 1,700 megawatts (MW), whose rights have been designed for the Japanese market, and adapted to European standards and regulations.

MIH is not his first partnership with a European group. The Japanese already collaborating with the French Areva in a joint venture called TDD, which is developing a medium-power reactor for countries wishing to launch their first nuclear power.

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Beijing is the first city of the Middle Kingdom to announce detailed measures to tackle speculation, China Daily notes.The cities of Shenzhen (Guangdong Province) and Shanghai would also work on a plan to regulate sales of homes in the wake of measures announced by the government since the beginning of the year.

Under the economic stimulus package introduced in late 2008, priority was given to the promotion of real estate lending. Result, prices in the industry have taken a very strong upward trend, especially in large cities, Natixis said in a note. So much so that some observers suggest the hypothesis of a housing bubble.

Goldman Sachs has managed to earn 3.7 billion dollars in betting, starting in 2007, the collapse of the mortgage-market. In doing so, the giant Wall Street acted against the interest of some of its customers, which it sold securities that he knew "toxic". This is the conclusion, after months of investigation, the Permanent Subcommittee on Investigations of the U.S. Senate.

Tuesday, during public hearings stretched on Capitol Hill, Lloyd Blankfein, the head of the giant Wall Street, has categorically denied these allegations."We do not speculate massively downward in the housing market and we certainly do not bet against our clients," he was forbidden under the spotlight, saying that even on the mortgage-market, Goldman Sachs has lost about $ 1.2 billion in 2007-2008.

"Nobody in the management of Goldman Sachs has never asked me to bet on a decline in the subprime market," added before skeptical senators, Joshua Birnbaum, the former head of structured products of the bank, also on the bench defendants.

Convinced otherwise, armed with emails and internal documents seized in the bank, the debonair Senator Carl Levin, glasses pavement at the end of his nose, led a determined assault Tuesday. But the chairman of the committee was confronted with a wall.He vainly tried to tell the past and present officials of Goldman Sachs called before him (including one French employee), how could they believe in the quality of debt issued by mortgage lenders whose reputation was terrible. Receivables classified as "business of shit" in an email exchange between two bank officials. "How many of these" affairs of shit "did you sell to your customers? asked, exasperated, Senator Levin fast cash advance. You've sold hundreds of millions. "

Bankers Daniel Sparks and Michael Swenson, impassive without being arrogant, but obviously confident of the merits of their point of view, seemed not to understand or what they asked or what they were charged.They also questioned the methods of calculating profits of Goldman Sachs selected by the committee.

Battle of Senate proceedings

According to Senator Levin, the investment bank has yet actually decided in late 2006 to a major cleanup of its accumulated risk on securities backed by the real estate markets whose collapse loomed. By discipline, to limit its risks and if possible in the hope of profiting from the trend, the bank had sold to investors and deliberately chosen for their credulity his titles too "toxic"."We have not been systematically and significantly" net short position "on derivatives of residential mortgages in 2007 and 2008," replied Lloyd Blankfein.

Meanwhile in the Senate floor, Democratic leaders and Republicans arguing over procedural votes before engaging in substantive debate on the reform of Wall Street. The Conservatives want by all means restrict the scope of Democrat Bill before it is submitted to a plenary debate in the room. A compromise is always likely, because both parties want to correct the excesses that precipitated the financial crisis.But the Republican minority wants to take his time, while Democrats want to take this case Goldman Sachs to prohibit such banks that have access to the discount window the Fed to speculate on their own account.

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The differential between the Bund and the Greek loan ten years, the German borrowing considered the benchmark in the European bond market, reached 391 basis points, a highest since late January. A level also close to 396 points reached at the height of the crisis.In other words, Greece must now pay twice as much as Germany to borrow on the markets.

In this tense atmosphere, the euro sank to its lowest level since March 26, to $ 1.33 against $ 1.35 last week. The tension on the Greek rate has rubbed off on the rest of European rates. Thus, the obligation comparable Treasury (OAT) French grew at 3.472% against 3.391%. The rate of Gilt UK has also tended to 4.004% 3.917% Thursday cons. The 10-year German Bund rose to 3.145% 3.080% cons Thursday night.

"It was a very bad day for Greek bonds," said Greek Finance Minister George Papaconstantinou.The latter also wished to refute the rumors again: "There was never any action on our part to change the terms of the recent European agreement on the mechanism of support," he said cheap pay day loans .

A difficult month of May

This renewed tension on the market does not bode well for the country that has yet to find 20 billion euros by the end of May to repay debt is estimated at 300 billion euros, or 113% of GDP. Macroeconomic statistics are not reassuring either. According to the European Commission, the economy needs to contract by 2.5% against 2% initially estimated.The deficit also revised upward, to reach 13% of the GDP against 12.7% of the initial estimate used as the basis for projections of the annual budget.

Asian investors, including Chinese and Japanese funds, show little enthusiasm for the idea of buying Greek bonds. George Papaconstantinou, which announced its intention to borrow dollars, must travel to the United States after April 20 to find new potential buyers.

In this context, IMF teams have to land Wednesday at Athens, at the request of the Government, to advise the country. The IMF should include a focus on fiscal discipline and the fight against tax fraud.A visit also intended to reassure markets that are questioning the viability of the proposed plan by the Greek government.

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"SPECIAL CASE – Greece, a challenge for Europe

Most recently, the deputy governor of the central bank of China, Zhu Min, criticized hollow inaction of EU leaders in the Greek case. "I do not think that Greece will go to bankruptcy because it is relatively small," he said in Hong Kong Thursday morning. "But we see no decisive action that would send a signal to the market saying:" We can solve this crisis, we can stop it. " The market remains very volatile. "

And prevent the problem is not confined to Greece."Greece is a case, but this is only the tip of the iceberg," he said. "The main concern today is obviously Spain and Italy." One way to remind Heads of State and Government meeting at the European Council that it is time to extinguish the fire fast cash without a hassle . The rating agency Fitch has in turn worsened the note of Portugal on Wednesday, highlighting the structural weakness of the country.

The fear of a "great shock"

The United States also expressed concern earlier this week when European inaction. For the first time a director of the Fed, the U.S. central bank, has publicly worried about a contagion of the crisis in the Greek American economy.He said such fear at worst "a big shock in financial markets" could occur "as a general movement of withdrawal [investors] the debt market states. A particularly alarming prospect as the United States have more need than ever to issue debt.

"These statements sound like a call for decision making at European level" analysis Natacha Valla, chief economist at Goldman Sachs. Ultimately, "this crisis, caused by a small country like Greece, is amplified by a bad reason: the failure of European authorities to take a decision."

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"SPECIAL – Greece, a challenge for Europe