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"The idea that the austerity measures could cause stagnation is incorrect", said on Thursday Jean-Claude Trichet. In an interview with Repubblica, the president of the European Central Bank (ECB) is opposed to all those who, like Barack Obama, say that plans to reduce public deficits adopted in Berlin, London or Paris, will kill the recovery in the egg.

The U.S. president has sent a letter last week to warn his European counterparts against a premature withdrawal of stimulus policies. It will look this weekend at the G20 summit in Toronto, to convince its partners to soften their plans rigorously.

Wolfgang Schauble, the German finance minister, told him Thursday morning in an article signed for the Financial Times. "Germany knows its responsibility towards global growth," he told the British business daily."Our contribution will be through a role as an anchor of stablity and not digging the debt."

Unlike Bush, Trichet argued that "under present circumstances, policies inspiring confidence will strengthen and not hinder the economic recovery because trust is a key factor today." In this regard, we welcome the German example, "he added. Berlin has presented an austerity plan of 80 billion euros over four years. Italy, following his example, is on the right path, according to the president of the ECB.

The ECB estimates that the eurozone is "within an environment (…) unusually high uncertainty" as stated by Jean-Claude Trichet during his last press conference, June 10"The degree of uncertainty and the level of growth is not writing, it also depends on us." And so, in part, plans rigor that should reassure markets.

However, the billionaire investor George Soros has spoken out against the plans of rigor at a conference on the euro in Berlin, Wednesday evening. They provoke a cycle of deflation (falling prices and slow growth) which will endanger the European project, by the American. A threat that does not believe Jean-Claude Trichet: "I do not think that such risks could materialize, inflation is well anchored."

The European Central Bank has revised down growth for 2011 in early June, as many economists believe that consumption will be greatly diminished because of plans to reduce deficits.The ECB now expects growth in a range very wide ranging from 0.2% to 2.2%, against 0.5% to 2.5% previously estimated.

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Eurazeo adds another string to his bow. The investment company, majority shareholder or reference Accor, ANF, Apcoa, B & B Hotels, Elis, Europcar or Rexel, addresses the SME segment. It plans to invest 500 million euros on this segment by 2015, with two or three operations per year.

These investments will be made on equity through a new structure, Eurazeo Growth. In the medium term, the portfolio of SMEs Eurazeo could represent between 10% and 25% of the total assets of the investment company.At the end of 2009, it operated approximately 3 billion euros of assets.

Patrick Sayer, chief executive of Eurazeo, said in March, when presenting the annual results in loss, the team was preparing to intensify its efforts on niche growth companies.

"By creating Eurazeo growth, we apply our expertise to SMEs developed for large groups," said Patrick Sayer. We are ensuring our network of knowledge and skills, enabling them to better structure their growth.The team Eurazeo has essentially not changed for eight to ten years and has acquired a real expertise in project development, in entirely different. "

First operation in the photovoltaic

During the period flagship private equity from 2005 to 2007, Eurazeo had won many targets (Apcoa, Europcar …) in the face of industry. More recently, Accor is the case marked minds quick pay day loan. Associated with the American Colony Capital, Eurazeo obtained the separation of the two businesses of the group.

By targeting SMEs, therefore changing Eurazeo registry. He came to hunt on the ground already very competitive mid-cap funds. "We have the unique ability to support SMEs in the long term growth by investing in several times and helping to raise debt, warrants Patrick Sayer.Our goal is to change their size. In sum, Eurazeo growth is one-stop shop for SME growth. "

The first operation, in a society photovoltaic Fonroche, has just been completed. An initial investment of 25 million this year will be completed next year by an injection of same amount.

"Before deciding to invest in Fonroche, we met several photovoltaic companies in France, explains Fabrizio Gaudemar, head Eurazeo Growth.Fonroche matched exactly the profile we are looking for, having a presence throughout the downstream portion of the chain (assembly, design, installation, operation, maintenance) and with the ambition to become a genuine producer of renewable electricity in the medium term. The volume of business the company should spend between 2009 and 2010 from 27 to about 200 million euros.

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It is a relief for the 70 people who spent 7 years of their life to the project. The Solar Impulse, the first aircraft powered entirely by solar energy, took off this Wednesday at about 10:28 (8:28 GMT) from the military base of Payerne, in western Switzerland. After about a hundred meters, the plane took off and landed without difficulty as easily, after half past one flight.

The plane, still in prototype stage, used the 12,000 photovoltaic cells covering its wings only source of energy. As expected, the four solar-powered electric motors of an output of 10 hp each. The panels can charge the lithium-polymer that is 400 kg device. The aircraft, which looks identical to a dragonfly, has surprised observers by its silence.

Liftoff …

… And landing

After the jump, the flight

The first flight was operated by the German rider Markus Scherdel. Long delayed by adverse weather conditions, it occurs after an initial "jump" of a few meters in December 2009. "Not one aircraft of this type has flown in the past, welcomed the Swiss explorer and creator of the prototype, Bertrand Piccard. The take off was "a huge question mark," he recalled. Andre Borschberg, co-founder of the project, added that "the first question was whether we had enough power to lift off and then if we could land this plane" online payday advance. According to Bertrand Piccard, the first success "gave us the confidence needed for the next flight and the next missions.

The Solar Impulse will come into effect as of the first successful step in a long series of tests. The team plans further tests to calibrate the machine and then build a second copy. "We will continue the test flights for improving the design of the second aircraft," said Andre Borschberg. The construction of the second unit to start next year.

Soon round the world

The designers of the Solar Impusle are aiming to launch their second aircraft in the adventure of the world tour. The journey will be in five phases by 2013, rather than 2012 as previously announced.

The ecological objective remains unchanged: "This project primarily to show what we can do in renewable energy," he assured Bertrand Piccard, who asserts that "our future depends on our ability to adapt quickly to these renewables.Solar Impulse is to demonstrate what we already can do today to use these energies.

Next step in the schedule of organizers: a journey of 36 hours non-stop before the summer from Payerne to test the device's ability to operate day and night.

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The crisis is good for the atmosphere! Figures released Thursday by the European Commission confirmed. In 2009, 12 569 industrial facilities belonging to the EU subject to a quota system for carbon dioxide (CO2) emissions have seen their greenhouse gas emissions fall by 11%.

Main reason for this improved environmental performance: the recession. Manufacturers must report annually their copy in Brussels on March 31, that provide estimates of their emissions of CO2 duly verified. Crisis forces, thousands of factories have emitted less tons of CO2 that the annual ceiling that has been allocated for the period 2008-2012.In other words, "there is a huge surplus of allowances," says Emmanuel Fages, an analyst at market CO2 Orbeo, a subsidiary of Societe Generale.

When the allocation of quotas by country and by industry, by 2008, some sectors have been able to negotiate generous limits, said Emmanuel Fages. This lobbying coupled with the crisis allowed them to return today holders of "carbon credits" worth tens of millions of euros, they may at their discretion to sell on the market. Thus, preliminary analysis of 12 569 lines of picture released Thursday in Brussels, European steelmakers (including mining) are left with 93 million tonnes of CO2 "in his pocket." In the spot market price on the spot exchange BlueNext Paris (12.65 euros a tonne on Thursday), this represents 1.17 billion euros of Treasury.The cement for their part have 53 million surplus allowances (670 million) cash fast now. As electricians, they have instead passed their overall ceiling of 100 million tonnes of carbon they will buy on the market.

In France, among the 1 118 facilities (power plants, boilers) subject to quotas, ArcelorMittal, with its two plants Gandrange and Mediterranean, has a surplus of 2.9 million tonnes, 36.9 million treasure euros at market prices. Ten plants of Lafarge cement totaled 1.3 million tons, 16.9 million euros.

In the automotive sector, emissions of four plants Peugeot-Citroen reflect the depressed activity. PSA has a credit of 138 000 tonnes.Even Disneyland in Marne-la-Vallee, low emitter of greenhouse gases but nevertheless subject to quotas liberates carbon credit of 3 650 tonnes. The raw data do not explain the case of crisis or the effect of efforts to produce heat and electricity more green.

Should we expect massive sales of CO2 by companies tempted to rake in cash, and thus a decline in the price of carbon on the European market? Although official figures for CO2 emissions, one indicator of demand for this very special market, falling only once a year, and analysts expect the industry. "There is therefore no surprise," says Emmanuel Fages. "We do not wait more sales," says the analyst Orbeo.

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Toyota pays dearly for its quality problems in Europe, where it has recalled more than 1.7 million vehicles, nearly 9 million worldwide. Its sales fell 21% in Europe in February, while the market grew by 3.2%. In two months, the decline amounted to 8.1%.

Consequently, the Japanese manufacturer, also a victim of the premium end of the breaks, slowing production on the Old Continent. The Onnaing plant in northern France, which produces the Yaris will undergo fourteen days of partial unemployment by 1 July, a union source. His pace, already reduced to 837 cars per day in February, dropping to 651 vehicles May 10After splitting from over 300 temps in February, the plant will not renew the contracts of the 340 remaining, the source said.

Eight days of production shutdown is also scheduled by mid-April in Britain, according to the Japanese agency Kyodo. Production will be suspended again in August and 750 jobs should be deleted.

To reassure customers

Aware that the crisis of technical faults has tarnished the image of his group, Akio Toyoda, Toyota's CEO, tried this week to reassure employees and customers during an impromptu visit to EU headquarters in Brussels. Having acknowledged that the group had wanted to grow up too quickly at the expense of quality, Akio Toyoda has formalized the establishment of a World Committee on this subject. The goal is to go faster technical problems payday loan no faxing .This committee will be chaired by the CEO and will have five members. Didier Leroy, previously director of sales and marketing in Europe, has been appointed quality manager for this area.

"We must reassure our existing customers on the fact that there were no accidents in Europe, and that repairs are progressing," says Didier Leroy. Approximately 750 000 vehicles were repaired in Europe on more than 1.6 million recalled because of faulty accelerator and nearly 53 000 Prius hybrid with a brake problem.

For now, a survey conducted in late February in the United States, shows that Japanese customers remain loyal to the brand. Only 6.5% of them said they no longer buy Toyota because of technical faults.But "convince other drivers to choose a Toyota is more complicated in the coming months, acknowledged recently Didier Leroy.

Meanwhile, the pressure intensifies court against the group in the United States. The San Diego court must determine whether complaints of Toyota customers can not be grouped into one, rather than separately. Toyota is the subject of 138 complaints in partnership with the United States for vehicle depreciation and 97 complaints relating to death or injury in accidents.

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EU leaders, meeting Thursday and Friday in Brussels, bend at the head of Greece and the world is watching. Sign of the attention paid to the euro area this week, the U.S. central bank, the rating agency Fitch and the central bank were all in their own way, trying to put pressure on European capitals.

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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To review the year ended and provide an outlook of the beginning. It is this traditional exercise – and a little tedious – that was delivered Friday the Minister of Economy Christine Lagarde, surrounded by his secretaries of State, on the occasion of greeting to the press.

The First Minister has taken the form of the president that "the crisis is not a parenthesis" developments which France needs.And said to have taken four resolutions for 2010 around four "r": the "recovery" to accelerate and bring in jobs, the "reforms" to continue the "financial regulation" to expand and the "restoration of public finances" implement to reduce the deficit below 3% in 2013.

Christine Lagarde took the opportunity to recall the devices it intends to implement in the next two months – ahead of regional elections traditionally put a brake on projects.

It particularly stressed the measures to be presented January 20 in Council of Ministers. First the national debt, which will be a supplementary budget, and would fulfill the government's ambition to intensify research efforts to "increase our sustainable growth rate" and the competitiveness of France .On the other hand, the reform of the French system of financial supervision and the creation of the new supervisory authority of banks and insurance companies, via an order. "We want to create a true watchtower without blind spot, able to monitor risks across the financial sector," said Christine Lagarde insisted.

The boss of Renault at the Elysee

The side agreed to the performance of Friday was a bit shaken by the news about the Renault group. Invited to speak on the subject, the Minister of Industry, Christian Estrosi, said that the choice of Renault on the possible production of the Clio IV in Turkey, would be made Saturday "at the Elysee, where Nicolas Sarkozy will receive the President's automotive group, Carlos Ghosn.

Christian Estrosi went so far as to say aloud what usually expressed in more muted terms: whatever the weight of the state capital – "we have 15% stake that we have 20% – or the number of directors around the table (there are now two out of eighteen) is the Elysee will determine the strategic choices and industrial enterprise. Despite the shade provided by Christine Lagarde – which was considered "legitimate" than the French state was "consulted and give its opinion" and that "then the appropriate body to take its decision." The board will assess …

The Cac 40 opens this Thursday, for the last time in 2009, an increase of 0.38% to 3950.67 points. While many observers predicted another year of declining market share in Europe, the old continent is not doing too badly. With increases hovering around 20%, German and English indexes have achieved performance close to what the CAC 40 should finally be realized in 2009 at the end of this session shortened. For now, the French index has gained 22.3% since 1 January.

The activity should be reduced, particularly since no statistics are expected today.After closing at 14.30 it will still leave the United States, weekly statistics on employment.

Values follow

The values related to raw materials should be encouraged by new record annual zinc, aluminum and copper in Shanghai.

Geci International has conducted a capital increase reserved to two investors for $ 7.6 million.

This is a case that could sink a lot of ink. In November 2007, Citigroup and the fund Abu Dhabi Investment Authority had signed an agreement stating that the obligations acquired by Citigroup fund would be converted into common shares at prices between 31.83 dollars and 37.24 dollars. And, for a total of 7.5 billion common shares at specified times, in 2010 and 2011. At the time, the action Citigroup worth $ 30. But he found the meantime, she collapsed, falling to 3.57 dollars. For funds, it is not an option to repurchase the securities Citigroup eight times their price. ADIA has decided to bring charges against Citigroup for "fraudulent misrepresentation". It simply requires the cancellation of the agreement or the payment of four billion dollars in damages.For its part, the U.S. banking group said in a statement that "these allegations are absolutely baseless and intends to defend against it vigorously."

Third consecutive decline of Citigroup

Yet, according to Richard Bove, an analyst at Rochdale Securities, "there is only a simple argument, which should lead to an agreement. It is in the interest of Citigroup to pay the $ 4 billion. And this, especially since it has 250 billion dollars in cash. For now, it is neither more nor less than a language of the deaf between ADIA, which considers itself cheated and wants to recover his money, and Citigroup, by repaying the funds would cause a precedent that would encourage other investors to be reimbursed. Stay tuned … Shortly before the close, the title recorded its third consecutive decline for the week (-2.53%).Monday and Tuesday, the stock has lost respectively 6.33% and 3.78%.

After the French and Finnish, is Britain's turn to make reservations on the flight control system of the EPR, the third generation reactor group Areva, supported by EDF. Management of Health and Safety UK, the body responsible for the safety of the nuclear industry in the United Kingdom has warned Friday it could not agree to the concept of the EPR and that the Westinghouse AP1000 reactor, the nuclear subsidiary of Japanese group Toshiba.

The safety authority said it nevertheless continued to believe that the two concepts could be suitable "for building new nuclear plants in the United Kingdom, but the two designers had" much work was carried out to meet our questions (…) security. "

The Areva group immediately responded

"It is quite normal that questions be raised before the final certification and the launching of a new reactor. These exchanges are integral to a transparent process, "responded immediately Areva group, chaired by Anne Lauvergeon, in a statement. The evaluation process should not end before 2011 and the first plant should be started in 2017.

In the News group Areva, the sale of its subsidiary transmission and distribution power T & D. While the choice of buyer is expected very soon, we learn that the CEO of U.S. conglomerate General Electric, Jeffrey Immelt, candidate for redemption, met with two consultants Nicolas Sarkozy to defend his group's bid, the Financial Times.

Areva received November 9 three bids came from the French firm Alstom, Schneider, General Electric and Toshiba of Japan for the redemption of its T & D division, estimated at between 3 and 5 billion euros.