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"The nuclear renaissance is confirmed", says Anne Lauvergeon, president of Areva, commenting on his group's interim results, and highlighting a turnover up 6.4% to 4.16 billion euros and a backlog increased 2.7% to 44.1 billion euros.

The group also reported a net profit of 843 million euros between January and June 2010. But excluding the gain realized from the sale of its subsidiary Alstom Transmission & Distribution and Schneider, who has reported EUR 1.3 billion to Areva, the accounts are in the red.Last year, during the first half, earnings reached 161 million euros.

Operating profit, excluding capital gains, it is clearly in the red at -485 000 000 euros, cons -170 000 000 euros in the first half of 2009.

Impairments chain

The world's largest producer of uranium indicates that it found "a depreciation of 300 million euros on some of its mining assets, because new data looking at futures prices of uranium.

There is also a provision of 400 million euros in late June increased to cover additional costs due to further delays, construction of the EPR at Olkiluoto in Finland.

It was the eighth consecutive allowance increased by Areva on this site.In total, Areva has recorded 2.6 billion euros of provisions for OL3 after the 367 million recorded in the first half cash advance loan. This third generation reactor will cost a total of 5.7 billion euros, while the original price was 3 billion euros.

The site has actually taken four years behind its original schedule, due to a series of technical difficulties. Scheduled to start in April 2009, the EPR should not enter service until late 2012 or early 2013.

An agreement with EDF

This publication comes as the Elysée has just demanded that the builder of reactors and EDF sign a strategic partnership agreement covering all areas of their mutual interest in nuclear energy.

The possibility of the rise in the capital of EDF in Areva will be examined in the context of this agreement.Areva also has proceed before the end of 2010 a capital increase of up to 15% to finance the necessary investments for its development.

Net debt stood at Areva 5.152 billion euros at end June 2010 against 6.193 billion at end 2009, for equity of 8.7 billion.

As part of its financing plan, Areva has also planned to divest its holdings from 25.6% in Eramet and 10.9% in STMicroelectronics, which must remain under public ownership.

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Now you are not supposed to compromising with your needs just lack of few funds as payday loans are available to you.

EDF Energies Nouvelles has announced the results Wednesday that should let the markets perplexed. The EDF subsidiary, specializing in green energy, publishes indeed a group net profit down 7.7% to 38.6 million euros. Operating income rose 15.2% to 168.9 million euros, but remains well below the consensus was 186.58 million euros.

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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For Christine Lagarde at the Ministry of Finance, Dominique Strauss-Kahn as IMF, Jean-Claude Trichet at the ECB (European Central Bank), confidence is at an appointment. The results of stress tests, tests of resistance of 91 European banks (including four French *) in an economic environment deteriorated, which will be announced Friday, will be good. Rumors even show a successful Franco-Belgian Dexia and the Belgian KBC, however fragile, in this review.

A view shared by Michael Emmanuel Thuy Munis and Hassim, respectively partner and manager of the consulting firm NPT Consultants specializes in the banking and insurance.

Lefigaro.fr / jdf.com – French banks (NBP Paribas, Societe Generale, Credit Agricole and Natixis) Will they pass the exam?

Without a doubt! These stress tests are a bit like the Bachelor: almost everyone will have it in Europe, which makes him lose credibility. In fact, the findings of these tests of resistance will not argue not much. What to watch, what are the assumptions.

Which are these assumptions?

Assumptions on growth, unemployment, inflation and real estate are set by the Bank of France. There are two scenarios: one optimistic and one pessimistic. For example, last year, the first was zero growth and the second a recession of 2.5%.

From a standpoint of the bank as a company, the exercise was to downgrade by one notch rating default probability given to each level of the portfolio of the bank.

For example, if a risk of default is currently 2, the bank simulates a situation where the risk is rated 4. All branches of the portfolio and are staggered. On seeing the situation deteriorate and in its asset portfolio, the bank must protect themselves against-some of these risks and increase its mass of capital and liquidity to cope with any difficulties. This is also the challenge of the recommendations of Basel III, currently in talks.

These assumptions pose any real conditions of a major economic crisis?

The assumptions and asked did not reflect the reality of a major shock No fax cash loans. They lay the groundwork for a gradual and slow recovery, but do not take into account the possibility of a relapse into recession, for example (the famous "double-dip").

Neither of the possible restructuring of the debt of a country of weight outside the EU. As Russia. While in Europe, as was the case with Greece, for example, member states have shown they would join forces in order not to leave one of his bankruptcy, what will happen if Russia had to reschedule its debt? We can not know, but the situation would be catastrophic.

What are the political success of these stress tests?

There is a little over a year, the U.S. findings were providing stress testing of 19 banks very good (only two have failed), which had been boosted confidence in the U.S. banking system after the blow of Lehman Brothers, which filed for bankruptcy in September 2008.And after that 10% of U.S. institutions bancires put the key under the door!

European markets also need to be reassured, and policies have any interest.Ultimately, these stress tests are different goal in mind that European governments are behind their banks.

French banks can they go bankrupt?

In France, BNP Paribas, Societe Generale and Credit Agricole, which spans international, will never be dropped by the French state, because the consequences of a failure of one of these institutions are unimaginable, especially in terms of employment.

If they had to go through another very difficult phase, the state will play its role of lender of last resort, even though the price of a huge debt.

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* BNP Paribas, Societe Generale, Credit Agricole and Natixis.

Jerome Kerviel has expressly acknowledged on Wednesday before the Paris Criminal Court, have committed crimes (embezzlement, forgery and uttering, hacking into a computer system) against him and makes it run five years in prison. While it seeks to introduce a nuance that relates to his defense – "the bank knew everything."Still, after a long and detailed questioning of the court, the president Dominique Pauthe and his two assessors, perfectly complementing the former trader at Société Générale could not dodge the onslaught of the Crown.

The prosecutor, Jean-Michel Aldebert, head of the financial section of the floor, asked him: "Have you created fictitious transactions to mask losses or gains?"

Jerome Kerviel: "Yes, Eliot [note: the computer system available to all].

-Have you provided false explanations to your hierarchy?

Non-credible explanation, yes.

Have you crafted fake e-mails?

Yes. "

But the magistrate, silhouette dry, sharp profile of a bird of prey, hushed tone, did not finish.He comes back three days during which, in early 2008, the montages of the trader-delusional about 50 billion euros pledged not covered market that will drive 4.9 billion of losses-have been uncovered: "During the week weekend of January 18 to 20, you do nothing to help the Societe Generale. Why?.

Jérôme Kerviel: "On Saturday the 19th, I was asked only about 1.9 billion that had won in 2007. I was impressed, intimidated, stressed by the officials that I had never seen …

-You sound like a person telling police custody on drugs! You had positions totaling 50 billion, why do not you say?

"It was not the topic this time bad credit payday advance. I answered the questions on the 1.4 billion point.

A few minutes earlier, the accused had replied on the same theme to questions, subtly, by Judge Virginia Tilmont. Especially this one: "Did you feel that challenge the system?"

Jerome Kerviel: "Absolutely not. In trading rooms is a little stash of national sport [note: some of its activities]. Everyone does, I perhaps more than others, but I tried to bring the most money in the bank. " A good little soldier, somehow, even if his methods were not always orthodox.

The boom is fully stretched to their consideration that Mr. Metzner. The lawyer for Mr. Kerviel comes out of his sleeve-mail dated Dec. 17, 2007, from the time his client has 1.4 billion euros and is preparing to invest 50 in the disastrous conditions that known.This email is signed by a certain Raymond Bunge supervisor Claire Dumas, who represents the SocGen this trial. It reads: "Good soldier must learn to disobey more out of the box".

Mr. Metzner Jerome Kerviel: "It reminds you what you asked?

The accused, not surprisingly, all smiles: "Yes."

So what if, as noted by Ms. Dumas, that assessment involved an employee of the department, which had no time to play with the funds lost money from his employer. What matters, after the wrong time spent by Jerome Kerviel, is having the last word. Jean Veil was understood that launches the formula fetish Mr. Metzner: "We agree. And for the first time, the bank puts the laugh on his side. In CHIP is a trick for the defense.

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The computer maker Dell said Thursday after the close on Wall Street have spent a sum of $ 100 million to settle charges related to an investigation by the Securities & Exchange Commission (SEC), the regulatory authority of U.S. markets , about his relationship with Intel and its accounting practices.

The legal provision pushed Dell to revise downwards its forecast for first quarter 2011. Net income for the company is reduced by $ 100 million to 341 million dollars. In turn, earnings per share decreased by 5 cents to $ 0.17 Easy Pay day loans.The result before exceptional items is not affected.

The SEC investigation into accounting practices and financial Dell and its business relationship with Intel, accused of anti-competitive practices, the computer maker said in a statement. Dell said it is in discussions with the SEC to settle amicably the investigation, adding that this did not imply recognition or denial of suspicion.

Following the announcement, as Dell was losing 2.5% in trading after-hours trade.

Pernod Ricard is pleased to announce on Thursday morning, up 14% of its turnover in the third quarter of fiscal shifted to 1.54 billion euros. And rise at the same time, prospects for the entire year.

"The title should respond by increasing", predicted the analytes Natixis SecuTire this morning before the opening of the Bourse de Paris, describing the rehabilitation objectives of the company as "clearly good news." Indeed, the Pernod Ricard shares climbed 3.7%, to 65.3 euros in early trade on the CAC 40.

"The strong performance was boosted in part by favorable comparison bases and technical effects. However, this publication shows significant signs of recovery, "entrust strategists.

In home counseling Aurel, who published a note on Thursday on the group, expectations are "substantially" exceeded.The revenue expected by the consensus of 1.4 billion euros. Aurel immediately raised its target price on the value of 52-58 euros (recommendation to "hold"). Wednesday evening, the Pernod Ricard are already mounted by 2.7%, and quoted at around 65 euros. A true performance against the Wednesday meeting.

Current operating profit seen up 3%

According to the explanation of the group, good sales were due to a "strong consumption growth in emerging economies, improved conditions in some key markets like the United States and Russia, and the effects of destocking and shifts of Easter and Chinese New Year.

Pernod Ricard has therefore decided to revise upward its outlook for its fiscal year 2009/2010 with organic growth of around 3% of operating profit, at the top of the previously announced target range of 1% growth in 3%.

Debt restructuring

Last March, the company headed by Pierre Pringuet announced its successful bond issue for $ 1.2 billion. The group's debt of wines and spirits reached 10.3 billion euros at December 31, 2009.

The world number two, whose brands Chivas Regal whiskey and Havana Club rum – among others – make its fame, has set a goal to balance "progressively" 50/50 funding between bank loans and bond debt, d by 2013.The division is currently 25/75.

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From our Washington correspondent

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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Although the group had to give up highlighting the claimed benefits for the health of its flagship products such as Activia and Actimel, Danone stood firm Thursday on the group's strategy of focusing on "health through diet.

"We believe that health is more important to the consumer and that Danone will play a role in this development," said Bernard Hours, Deputy CEO, on the occasion of the General Assembly of shareholders.

A meeting is scheduled for June 1 with the EFSA.According to Franck Riboud, Chairman and CEO of Danone, "everything is a question now of adjustment" with the European Constable know what he can say.

Meanwhile, "not to take risks, we preferred to remove the folders to find themselves confronted with a" no "because it failed to respond to what we were asked," Did he admitted.

For him, Actimel "is a battle, it's serious." "Children are less time away from school," he said.But the question is "how to translate that into something that can be dire.

On the sidelines of the meeting, the group confirmed it will pay a dividend of 1.20 euros per share, including dates of posting and payment are respectively the May 4 and May 7, 2010.

Danone has published April 15 last, a quarterly revenue rose 7% to nearly 4 billion euros.

At the close of the Paris Bourse, the stock has lost 0.67% to 44.77 euros in a market down 1.33%.

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The NYSE is changing the balance Monday shortly after opening in a market that remains ill at ease with prosecution by the U.S. stock market regulator against the bank Goldman Sachs. For its part, the Dow Jones Industrial Average rose 10.21 points to 11,021.87 points and the Nasdaq, dominated by technology, from 0.49 point to 2481.75 points. The broader index Standard & Poor's 500 ceded its 0.01% (0.09 points) to 1192.04 points.

The surprise decision by the Securities and Exchange Commission (SEC) to file a fraud complaint against Goldman Sachs has been a bombshell Friday on Wall Street. The shock wave spread in Asia this morning.

The NYSE has ended sharply lower Friday, led by falling bank shares, after the shock wave created by Goldman Sachs.The Dow Jones lost 1.13% and the Nasdaq 1.37%.

This latest scandal should support, with the American public, the banking reform projects of the Obama Administration. In addition, the Wall Street Journal, the SEC would consider other "fraud" banks like Deutsche Bank, UBS, Merrill Lynch … on securitization transactions.

The attack comes at the worst time in the open ball of publication of quarterly results to Wall Street. This week the results of 11 companies comprising the Dow Jones and 123 companies in the S & P 500 are expected on Wall Street.

Technology stocks are concerned now with IBM, Yahoo and Apple Tuesday, the day after Qualcomm or Microsoft on Thursday.

Financial stocks will be under the microscope. Citigroup (7.50% to $ 2.15) announced better than expected quarterly accounts.Goldman (-1.04% to 158.94 dollars) and State Street (1.40% to 47.15 dollars) will release their quarterly results tomorrow and Wells Fargo on Wednesday.

Also expected figures for regional banks like U.S. Bancorp, KeyCorp or institutions specialized in consumer credit, including Capital One or Travelers. Other sectors will also be represented with Telecom (AT & T), health (Johnson & Johnson, Abbott, Amgen ..), industry (EMC) or the OEM oil (Schlumberger) …

For specialists Aurel BGC, the risk of "making profit" is high after the recent rise in the U.S. market.Among the uncertainties on the bank, the risk of disappointment on publications and the absence of major economic indicator that can reassure the markets, caution this week on the markets.

On the foreign exchange market, the euro continued its fall against the dollar, suffering prosecutions by the SEC against Sachs and uncertainties which still surround the situation in Greece. In the morning, the euro was at 1.3448 dollars against 1.3496 dollars late Friday meeting.

New figures from the Council Guidance pensions are only confirm if the government goes to the end of his intentions – to save both the PAYG and straighten the public accounts – it is unclear how the French could avoid working longer. This does not mean that other levers should not be operated. A review of parameters.

Reduce the level of pensions

Nicolas Sarkozy was the first to dismiss the idea in January. Unions do not want anyway, to hear about it. The employers itself displays its reserves, even though Laurence Parisot asked to "boost capital" in addition to the PAYG.If pension levels, in absolute terms, increases over the years – especially for women whose careers are becoming more comprehensive and low wages that benefit from the introduction of minimum social benefits – the replacement rate (pension on final salary) back. This particular effect Balladur reform, which increased the load on the best 25 years instead of 10, and the slow erosion of returns supplemental Agirc-Arrco, which allowed them to avoid deficits until very recently.

All stakeholders agree that going further would risk provoking a crisis of confidence: the active young will eventually refuse to contribute if they are not guaranteed to receive in turn, once retired, are of decent.The CFE-CGC requires such registration in the law of a minimum pension, as a percentage of final salary.

Increase contributions

This is the easy way: one more point here and instantly additional 4 to 5 billion per year for CNAV (basic scheme of private). Companies do not want this additional burden, on behalf of their competitiveness. If it is the employees that support the increase, they lose purchasing power. Some unions are ready, subject to obtaining compensation and guarantees. But their primary focus new resources: FOR, for example, claims to find 20 billion by taxing more stock options, participation, incentives – the risk of killing these devices – or profits not reinvested enterprise.

CGPME and UPA are open to charges "bearing not only on labor income, as the CSG, which is already funding some of the pension. Labour Minister, Eric Woerth, closed the door Monday at any general increase in premiums or the CSG, while claiming to open "a few additional contributions here and there" should involve some capital income payday loan.

From later

It is the only lever capable of creating community wealth, "says Bercy. So far, the route chosen was to extend the contribution period required for a full rate of contribution: currently set at 40.5 years for those born after 1950 will reach age 41 in 2012 (those born after 1952 ). The effects are slow on the effective age of retirement.It has just begun to rise in 2009 (61.6 years for private sector employees). Explanation: because they started working young, or through "bonus" (two years of contributions per child for mothers), three quarters of people reaching age 60 have already contributed enough to achieve the full rate. 52% of private sector employees who have liquidated their retirement last year to 60 years had the same eight quarters longer than necessary to get a full rate. In other words, even lengthening the contribution period of two years, they would probably still 60 years left to "pile"!

That's why raising the legal age – a taboo Supreme unions, except CFE-CGC – relates more to the pension funds in the short and medium term, which was made the contribution period.Skip gradual retirement at age 60 to retire at 61.5 years would reduce from 4.4 billion euro deficit in the general scheme in 2020, had calculated the ROC in 2008. Push too far this track would be "extravagant," felt a week ago, Jean-Christophe Le Duigou (CGT), given the low employment of older workers. For the government and MEDEF, is precisely by delaying age that companies will take the habit of betting on older rather than dispose of it.

The relocation of another terminal is planned, which would probably be very effective but very difficult financially symbolically see the age at which an employee receives a full rate pension, regardless of length of contribution. It is currently 65 years.This is the age of 13% of new retirees last year, and 21% of new retirees (the women likely to have interrupted their careers to raise their children, often need to reach this terminal to take advantage of full rate).

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