The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros cash advance no fax.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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As in the previous session, and in the wake of Wall Street with the Dow Jones tumbled 3% Tuesday, investors are still concerned about the specter of a global recession.And, after the ads for the less pessimistic the U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". She decided to restart the machine, sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity. But the fact that it favors measures to monetary easing, a depressed market, which sees it as a sign of impotence.

The G20 is mobilized

In addition, doubts about the economic situation in China also weigh in the balance. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday.PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

However, in an attempt to break the deadlock, the first twenty economies in the world rally: they have promised to respond "strong and coordinated international" to the crisis. Central banks are particularly committed to providing "the necessary liquidity" to financial institutions.

On the foreign exchange market, the euro appears in small increase compared to the U.S. dollar: it rose on Friday morning from 0.42% to 1.351 dollar. Oil prices also went up in Asia as investors sensing bargains after the significant losses suffered by the crude in recent days.Within the scope of a tumble of more than $ 5 Thursday, a barrel of "light sweet crude" for delivery in November clinching 53 cents in early electronic trading at 81.04 dollars, a barrel of Brent North Sea crude for November delivery gained 71 cents to 106.20 dollars. "Oil rises due to bargain hunting and redemptions of coverage after several sessions of decline," said Ker Chung Yang, analyst at commodity Phillip Futures in Singapore.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system payday loans in 1 hour. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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The plan, which provides a 20% loss to investors holding voluntary debt Greek, "is not investor friendly," said Standard & Poor's (S & P). "Although no date was given for the launch of this plan, we understand that it will not take place until September at the earliest. When it announced a deterioration in the notes to the rank of "selective default" (SD) should occur, "warns S & P.

In addition, Standard & Poor's believes that if the European Financial Stability Fund (EFSF) acquires large-scale debt securities on the market at prices planed, the country will also be in default selective. Note of Greece will be raised when the buybacks and debt restructuring will be completed.

But S & P remains cautious. After this first failure, the risk that the country face new fault "remains high". The head of the country rating agency launched statements in that Tuesday morning. "We plan to grant Greece a low rating in the speculative grade", that is to say high risk, he warns. The debt would still represent more than 130% of GDP at the end of 2011 and growth prospects, S & P notes, remain uncertain.

The President of the European Central Bank took the defense of Greece, shortly before the announcement of S & P. Speculate on a failure of Greece, he said, "would be the surest way to lose money after the decision last Thursday," giving new aid to the country.

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Yesterday, U.S. markets, which started in the green, finally ended on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P.Conversely, the Asian stock rose in unison this morning, buoyed by the announcement of the Bank of Japan maintained its key interest rate near zero to support the growth of the archipelago.

Markets, however note the acceleration of inflation in China to 5.5% yoy in May, more than expected by analysts. This rate, the highest in almost three years, should still push the country's authorities to tighten the monetary and thus assist in the deceleration of economic activity in China.The monetary tightening measures taken by Beijing to curb inflation have led to a decline in new lending by Chinese banks in May and a monetary growth slowed to a low of 30 months.

Still on macroeconomic, the current account deficit in France widened somewhat in April, to 4.8 billion euros, against 4.1 in March, due to the increase in the balance of trade in goods, according to figures released Tuesday by the Banque de France (BDF). The day was also charged in the U.S.. Retail sales fell 0.2% in May to the U.S. for the first time since June 2010. The increase in producer prices has also slowed, but less than expected, with the slowdown in energy costs, according to figures released by the Labor Department.Finally, the restocking of manufacturing firms and corporations slowed in April, according to figures released by the Commerce Department.

As for currencies, the euro continues to rise against the greenback at 1.4474 dollars around 17.30. For its part, the oil has been affected by the downgrade of the long-term debt of Greece and the publication of inflation figures in China. In morning trading, a barrel of light sweet crude for July delivery lost 24 cents to 97.06 dollars before rebounding to 0.84% ​​hardly rose to 98.12 dollars.

The banking sector insensitive to the degradation of note Greek

Banks are sensitive to the Greek news, do not react negatively to the further deterioration of the country's debt that one step closer to the fault."If a solution can be found that avoids the risk of default, it seems appropriate," said the Governor of the Banque de France Christian Noyer at a press conference free business cards. If you do not find it, if you touch still in debt and that you cause a default or a credit event, you must be prepared to fully finance the Greek economy, "he warned, addressing the Euro zone countries.

BNP Paribas (2.33% to 52.61 euros), Societe Generale (+2% to 39.79 euros), Natixis (1.99% to 3.535 euros), Axa (+2.75% at 15, 14 euros) and Credit Agricole (1.45% to 10.155 euros) move anyway.

Areva: -2.68% to 24.355 euros

After Germany announced last May its output of nuclear power by 2022, Italy on Tuesday dismissed the relaunch of its program.The title, which displays the largest decrease of the SBF 120, thus suffers the growing distrust of the Europeans vis-à-vis nuclear power.

Axway Software: + 26.76% to 23.59 euros Sopra: -5.12% to 61.55 euros

This Tuesday was the first day of trading of the company, the shareholders of Sopra giving the green light last Wednesday, the proposed demerger and listing of the software division of group counseling and services.

Capgemini: + 3.07% to 38.57 euros (largest increase in the ACC)

The group announced on Tuesday that in "exclusive negotiations" to acquire the operator Prosody.

Neopost: + 2.44% to 59.67 euros

The group said growth in its expected sales of between 3 and 5% excluding currency effects in 2011, instead of the range of 2 to 4% previously expected.The manufacturer of franking machines for mail said it has completed the acquisition of GBC-Fordigraph.

Suez Environment: -0.14% to 14.075 euros (largest decline of ACC)

The group, through its subsidiary Degremont, has won a contract for the extension of the treatment plant and wastewater recycling in Qatar Doha West, for a total of 35 million euros, "he said Tuesday in a statement.

Air France-KLM: + 0.42% to 10.635 euros

Secretary of State for International Trade Pierre Lellouche said Tuesday he convened the AFP Chief of Air France-KLM Pierre-Henri Gourgeon to seek clarification on his next order of hundreds of long- haul Airbus or Boeing.

L'Oreal: + 1.62% to 86.09 euros

Liliane Bettencourt should be placed under curatorship enhanced seen his health, according to doctors appointed by a judge of guardianships that have not examined directly, however, announced Tuesday a source familiar with the matter, confirming information site lemonde.fr .

"QUIZ Estimate the Cac 40 in late June

This return was made in the green at the same time as the rise in oil prices. The latter, who had also opened lower at 96.96 dollars, recovered after a sharp color correction yesterday, the falling dollar has helped offset concerns about the request. On the New York Mercantile Exchange, crude for June delivery gained 76 cents, or 0.77%, to finish at 98.97 dollars a barrel, having fluctuated between 95.25 and 100.49 dollars.Brent for the same period has gained 41 cents to 112.98 dollars a barrel, after having moved between 110.15 and 114.56 dollars.

Greece worries

The caution remained, however, put: "The concerns about Europe and the debt crisis with the International Monetary Fund warning of a risk of contagion from the situation in Greece, the indicators of China earlier this week, The warning from the International Energy Agency on oil demand, it all comes out at once and shower market, "said Phil Flynn of PFG Best Research.

The fiscal situation in Greece still disturbs the meeting.Thousands of Greeks have shown Wednesday, the day of general strike against austerity measures and privatizations decided by the government that seeks new international aid to avoid a debt restructuring of the country.

In the wake of these events, the euro fell sharply against the greenback, falling below $ 1.42 Wednesday. But about 20 hours, the single currency rises. The euro bought 1.4266 dollars at that time against 1.4193 dollars late Wednesday.

The jobless claims fall

On the macroeconomic front, retail sales rose slightly less than expected in April in the U.S. (+0.5% against 0.6%), posting their smallest increase in nine months as rising prices Food and fuel accounts for household spending.The producer prices have increased them by 0.8% in April according to figures released Thursday by the Labor Department, more than expected by analysts who had forecast 0.5%.

New jobless claims fell to 434,000 during the first week of May, according to figures released Thursday by the Labor Department, down nearly equal to the unexpected increase in the previous week.

Finally, business inventories rose more than expected in March, while sales posted their largest gain in a year, suggesting that first-quarter GDP will be revised upward, said Thursday the Commerce Department.Inventories rose 1.0% to 1.476 billion dollars, its highest level since November 2008, while economists polled by Reuters had waited an increase of 0.8%.

The energy sector rose

The oil companies, heavy odds, penalized yesterday by falling prices, have contributed to their rise Thursday in the image of Chevron (+0.52% to 102.79 dollars).

Cisco (-4.78% to 16.93 dollars) unveiled for the fourth quarter 2010/2011 sales of $ 1.67 billion, up 9% and net profits tax of 168 million dollars against 184 million last year. For the current quarter, the software company believes that business prospects are mixed and the current quarter will be "low" according to the leaders.

The publisher of security software and antivirus software, Symantec (5.20% to 20.42 dollars) has announced earnings per share of 38 cents against 36 cents expected by analysts, and a turnover of $ 1.67 billion also exceeded expectations of analysts who had forecast $ 1.6 billion.

Google Internet group (-0.07% to 535.05 U.S. dollars) will launch next month the first computers using its new operating system chrome, representing a total challenge to the business model of Microsoft with its Windows system.These computers manufactured by Acer and Samsung, will have the distinction of having the browser Chrome only software preinstalled.

The U.S. internet group Yahoo! (-0.17% To 17.17 dolars) is still buffeted stock exchange after revealing that a subsidiary of the Chinese payment service online Alibaba Group, where he has a major stake, was passed under the control of boss Jack Ma of Alibaba

The rating agency Standard and Poor's said Wednesday evening that she fell a notch to "BBB" rating of the chemical group Dow Chemical (-0.21% to 38.92 U.S. dollars) with a stable outlook, due to the progress of its results and its prospects for debt reduction.

Also note, the leaders of telecom operators AT & T and T-Mobile (+0.13% to 31.42 dollars) clashed Wednesday night on U.S. lawmakers skeptical of their merger at $ 39 billion, announced in March . "Now four companies control nearly 90% of the national market of mobile telephony," said Democratic Senator Patrick Leahy. He called the competition authorities and Communications to conduct an extensive review of the transaction.

At the London Stock Exchange, the FTSE-100 lost 0.73% to 5952.23 points, about the German Dax 30, it declined from 0.88% to 7115.04 points.

For their part, Asian stock markets evolve without much direction. The Nikkei remains stable and the Chinese financial markets are showing tentative gains.

In the absence of macroeconomic indicators on Monday in France and the United States, the news companies will punctuate the financial markets.

The Minister of Economy and Finance, Christine Lagarde, said Monday morning on LCI that restructure debts European (Greek, Irish and Portuguese) would be "catastrophic."The financial sector shows the largest decreases the Cac 40: 2.98% Credit Agricole cowardly to 10.92 euros, Axa dropped 2.64% to 14.91 euros, Societe Generale yield 2.96% to 43.88 euros, BNP Paribas was down 2.11% to 51 euros and Natixis down 2.30% to 3.87 euros.

Veolia: -2.11% to 21.58 euros

The socialist president of the Urban Community of Montbéliard, Pierre Moscovici, has decided to break the contract between Veolia region until 2022.Prices – between 3 and 3.40 euros per cubic meter – is considered too high.

Total: -1.50% to 41.05 euros

The Secretary General of the Organization of Petroleum exporting countries (OPEC) Abdullah El Badri said that OPEC countries were "concerned" about the high prices, adding that markets were adequately supplied.

Nuclear Power Plants: Proglio quiet game

EDF: -1.68% to 26.68 euros

In an interview with Le Figaro Economie, CEO of EDF, Henri Proglio, assured that the electrical power "are in excellent condition." It states that EDF will have to invest 8 billion euros in 2011 in France alone.An amount "considerable," said he.

France Telecom: -0.51% to 15.56 euros

France Telecom and Deutsche Telekom will share parts of their mobile networks in Poland, Austria and Romania, anticipating savings of 650 million euros by 2015, according to sources familiar with the matter.

Vivendi: -0.71% to 20.14 euros

Vivendi incur a syndicated loan of three billion euros to finance the acquisition of 44% stake in SFR, Vodafone, said Friday banking sources.

Publicis: +0 payday loans no teletrack.11% to EUR 38

Publicis announced the sale of its majority stake in the British agency Freud Communications PR she has held since 2005.The group did not specify the amount of the transaction.

Air France-KLM: -0.95% to 11.45 euros

Pierre-Henri Gourgeon could be renewed this summer at the head of Air France-KLM, but perhaps only for half a term of two years to allow the emergence of a successor, according to Liberation.

Ipsen: -0.13% to EUR 26

The pharmaceutical company Ipsen will pay up to 200 million euros to Swedish Active Biotech under a partnership set up to co-develop and market a new drug for treating prostate cancer, they announced Monday.

Aeroports de Paris: -0.24% to 62.17 euros

Aeroports de Paris has reported an 0.8% increase in traffic at airports of Charles de Gaulle and Orly, an increase of 3.9% in the first quarter.

Transgene: +2.49% to 12.75 euros

Transgene announced Monday the signing of a partnership with ChronTech Pharma AB and Inovio Pharmaceuticals to clinically assess a new strategy for therapeutic vaccination against hepatitis C.

Argan: -0.29% to 13.73 euros

Argan has announced that its capital increase with preferential subscription rights (DPS) had been subscribed to the tune of 182.51%, thus allowing the real estate company specializing in logistics real estate to raise 35 million euros .

Eurotunnel: -0.01% to 7.20 euros

The operator of the Channel Tunnel has increased by 24% of its turnover in the first quarter to 179.2 million euros, according to a statement released Monday.

Quarterly publications to follow

Some quarterly sales are also scheduled on Monday., Guyenne et Gascogne (turnover in the first quarter) and Manutan International (turnover of the second quarter), and Edenred, Audika (turnover in the first quarter), Soitec (turnover in the fourth quarter) after market. Le Noble Age Theolia and publish them on their fourth quarter results.

On the currency markets, the euro fell slightly against the dollar at 1.4372 dollar.

Oil prices were trending lower Monday in electronic trading in Asia on profit taking after last week's gains, dealers said. In morning trading, a barrel of light sweet crude for May delivery yielded 70 cents to 108.96 dollars. That of Brent North Sea crude for June delivery retreated 42 cents to $ 123.03.

In Germany, the markets followed the same path, down 0.44% at 7146.56 points for the Dax in Frankfurt. In London, the FTSE losing 0.78% to 5963.80 points. The IPO announcement of Glencore, in the month of May in London and Hong Kong, has hardly been enough on Thursday to revitalize the markets.The introduction of the giant commodities trading could reach $ 12.1 billion.

Operators have followed the footsteps of their counterparts on Wall Street and Asian markets. Time to dissect the business publications across the Atlantic. Japan also remains a concern for markets.The nuclear situation remains tense in the country while the authorities claim that the islands have to find other means to cool the reactor number two of the nuclear Fukushima-Daiichi because of the difficulty of evacuation contaminated water.

Disappointing U.S. jobless claims

Side indicators, markets have kept an eye on economic forecasts, better than expected, the German Government: Berlin expects growth of 2.6% this year against 2.3% during the previous estimate, then 1.8% 2012 and 1.75% per year until 2015.Overseas, the Labor Department has published an index of producer prices rose and weekly jobless claims, which, against all odds, were up: 412 000 385 000 cons last week.

In France, Minister of Economy confirms the decrease to 2.25% of its growth forecast for 2012 against 2.5% previously. Its stability program should be forwarded to Parliament Friday.

On oil markets, investors are plunged into doubt. Oil prices have evolved in a piecemeal in the morning, the market for assessing the impact of high prices on global growth. Around 18 pm, U.S. crude boosts earnings, taking over a dollar and approaching $ 108 a barrel.The courses benefit from the weak dollar and news of a sharp decline in gasoline stocks in the United States.

Side currency, the euro is stable, the prospect of another hike in interest rates in the euro zone offset fears of a forced restructuring of the Greek debt.Around 18 pm, a euro is worth 1.4460 dollars.

Schneider and Tyco: the series

Note side values ​​that banks are among the largest declines the CAC 40: Societe Generale, BNP Paribas, Credit Agricole unleash respectively 2.15%, 1.55% and 2.34%.

Danone: + 1.96% to 47.755 euros

The food group confirmed on Thursday its 2011 goals by announcing an increase of 19.6% of its sales in the first quarter thanks to the synergies of integrating Unimilk in fresh dairy products in Russia.

Schneider Electric: -2.44% to EUR 110

While the group denies any attempt at rapprochement with Tyco International, two sources familiar with the matter confirmed Wednesday that the leadership is seriously concerned by the project.Schneider Electric has approached banks, including French banks on the financing of a possible transaction.

Dexia: -2.74% to 2.76 euros

The Franco-Belgian bank has adopted a list of seven candidates for the resumption of its life insurance subsidiary Turkish Deniz Emeklilik, said Thursday the daily newspaper Les Echos.

Nexans – 0.34% to 66.93 euros

The group announced Thursday that it had been informed by the Competition Bureau of Canada to open an investigation against several cable providers and be part of groups covered by this survey.

TF1: -4.19% to 12.35 euros

The group announced a contract for sale of 100% of his company's games and online paris Solfive SPS, one of whose shareholders is the CEO of SPS.

Renault: -0.73% to 38.145 euros

The changes at the head of the manufacturer and the difficulties of the Japanese automobile industry have no immediate impact on the activities of automotive group in France, said Wednesday the director of manufacturing.Renault also believes that the Russian market could reach 2.4 million vehicles sold in 2011 against 2.2 million forecast earlier this year in favor of extending the scrapping in the country.

Morgan Stanley appreciates Accor

Accor: + 0.45% to 30.66 euros

Morgan Stanley raised its recommendation on the value to be overweight, weight cons online before, and raised its target price from 32 to 37 euros.

Casino: + 1.18% to 70.91 euros

Credit Suisse raised its recommendation to neutral cons underperformance before, and raised its price target on the basis of 50 to 70 euros

Carrefour: -1.27% to 31.035 euros

Several shareholders of the family Defforey opposes the draft that Carrefour plans to split its subsidiaries Property and Dia, reports La Tribune.Thierry and Sophie Defforey have announced their opposition, just weeks after Defforey Herve, son of the founder of the group, which had expressed early April. Their positions around the table were not disclosed. Sophie Defforey owns two million shares in conjunction with Xavier Kemlin, another individual shareholder, the newspaper said.

Total: -0.98% to 41.64 euros

The oil group announced at the conclusion of a works council the establishment of a voluntary redundancy plan than a hundred people per year until the end of 2017 in the refining industry in France, excluding staff posted , reports La Tribune.

Unibail Rodamco: -0.94% to 152.40 euros

The group announced Wednesday that yielded three malls and hypermarkets in Sweden to a consortium led by Grosvenor Fund Management for 268 million euros.

Bull: + 1.33% to 4.45 euros

The group has been chosen to supply a supercomputer research center at Rokkasho in Japan as part of research into controlled nuclear fusion project ITER-related.

Bourse Direct: + 39.82% to 1.58 euros

The group recorded an increase of 25% of its sales in the first quarter to 8.4 million. The online broker, Boursorama competitor, reported 52,000 accounts at end-March.

Pierre et Vacances Carrefour and publish their turnover in the second and the first quarter after market close. Stallergenes Mercialys and reveal their first quarter results at the same time.

"The complementary industrial activities of Rhodia and Solvay should give the new set of balanced representation in its various market segments (specialty chemicals for consumer products, construction, automotive, energy, water, environment, electronics …)" , the company said in a statement.

A 50% premium

The offer, which values ​​the company at 3.4 billion euros, will be at a price of 31.60 euros with an ex-dividend of 0.5 euros. Excess of 50% to the closing price of Rhodia Friday. It will be entirely self-funded by Solvay company said.Signed on Sunday and having received the approval of both boards, the transaction was facilitated among others by the sale in September 2009 of its subsidiary in the U online payday advance.S. pharmacy Abbott Laboratories for 4.5 billion euros. This offer will now be presented to staff representative bodies of the two groups and submitted to regulatory authorities, the group added.

Solvay said the anticipated annual cost synergies of EUR 250 million within three years. But no major restructuring is planned as part of the reconciliation, the group provides. "This is a friendly offer," stressed the president of Solvay Christian Jourquin during a telephone press conference. Thus, the CEO of Rhodia, Jean-Pierre Clamadieu become a member of the Executive Committee of Solvay and might even succeed as CEO of Christian Jourquin Belgian chemist.

Anyway, this operation completely reshuffles the cards in a sector where the former subsidiary of Total, Arkema (5.9 billion euros in turnover in 2010), now sees his runner in France Rhodia him pass.

Exclusive negotiations

Exclusive negotiations could be opened with one of three contenders in the coming days. For the intentions differ according to the potential buyer. The Chinese group Hermes would remain the capital of fashion. Richemont, would prefer to fully resume the hand.In all cases, the creator – Jean-Paul Gaultier who is seeking a shareholder loan to finance its international expansion, particularly in Asia – should yield a marginal part of the 55% stake it owns.

The valuation of the house Gauthier is discussed: from tens of millions and hundreds of millions of euros. The house would have recorded a total turnover of 22.5 million euros in 2009, a fall of 19% over the previous year.

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