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The restructuring announced by giant ThyssenKrupp has obviously taken over the political authorities in Germany. Christian Wulff, German Federal President, showed his annoyance by canceling his visit was to perform Sunday at the site of the new steel giant group in Brazil.

This production unit, located next to Rio de Janeiro is very important for ThyssenKrupp. It cost more than EUR 5 billion, making it the largest investment in its history. In addition, the visit must be conducted by Heinrich Hiesinger, the chairman of ThyssenKrupp. The refusal of Christian Wulff is a setback for the German group.

It is true that the political authorities, which are historically very close to the leaders of the steelmaker, may be concerned by the magnitude of the restructuring announced on Friday morning.ThyssenKrupp will sell or restructure almost a quarter of its turnover, more than 10 billion euros of business. 35,000 jobs are concerned, a little over 177,000 for the whole group.

Diversified industrial group

It's not about job cuts outright, but transfers or outsourcing. Nevertheless, all these activities are not profitable and negative consequences on employment in the future are possible. In addition, ThyssenKrupp executives have said for months that they wanted to improve their credit ratings by agencies. A will rarely compatible with social concerns guaranteed online payday loans.

The announced restructuring will not profoundly change the profile of ThyssenKrupp, which appears more like a diversified industrial group than as a pure steelmaker. In this activity, it occupies today as the twentieth largest in the world.But it is also present in the elevators, with a position of world number three, shipbuilding, automotive and construction of turnkey plants.

The new group's strategy is not to focus solely on the business of steelmaker. The announced measures do in fact only two activities: steel industry and automotive equipment. In this division, three companies, which together 2.2 billion euros in billings, will be transferred while two others, also posting 2.2 billion euros of turnover, will be met, before being eventually sold or find a partner.

The most important movement, however, concerns the branch "stainless steel", that ThyssenKrupp will transform into an independent company. This activity is the leading European, with a turnover of 5.9 billion euros.During the year ended last Sept. 30, it lost 57 million euros. Of the 35,000 people affected by restructuring the steel industry alone employs 11,000 employees. This activity is likely to be observed carefully by German politicians, because the area is known to concentrate in the coming months.

The Governing Council of the European Central Bank moves Thursday in Helsinki, according to a well-established ritual of holding its twice yearly conclave off the walls. A deliberate manner to meet the "true European". If market economists are virtually unanimous in excluding any change in interest rates on Thursday they expect the president of the ECB provides specific guidance, at its monthly press conference on the strategy it intends to .

He speaks of "extreme vigilance" on inflation, "would signal a rate hike in June," Jonathan Loynes believes, the chief economist of Capital Economics. Jean-Claude Trichet had used the term encoded on March 3. The markets had immediately concluded that the ECB would raise the following month's rate remained unchanged at 1% since May 2009.The promise was actually held on April 7, despite the disasters that had struck the meantime Japan.

A new security crackdown in June is not the assumption of the majority of experts. They recall that during the two previous phases of monetary tightening experienced since its inception in January 1999, the ECB waited three months before continuing its march forward. However, there is no doubt that central bankers in Frankfurt will launch a second strike in the summer, probably in July. "If Trichet had expressed its" extreme vigilance "on March 3, he had risen to 2.3% while its inflation projections for 2011. But the consumer price already showing an increase of 2.8% over the last twelve months and now we are heading towards a figure of 3% over the year.The ECB will have no mood to continue the cylce of rising interest rates, analysis Bruno Cavalier, an economist at Oddo Securities.

Besides the issue of interest rates, Jean-Claude Trichet, speaking on behalf of 23 members of the Governing Council will be asked about the pursuit of so-called "unconventional" monetary policy and purchases of securities State set up in pain May 9, 2010. "President Trichet will continue to indicate without any doubt that the program continues. But since there were no purchases during the past four weeks, it is clear that the ECB is increasingly reluctant to maintain such measures in place when it hardens its conventional political " according to Capital Economics.

The ECB president is sure to renew his opposition to any restructuring of the Greek debt, including the ECB holds a substantial share."Of the 75 billion euro government securities bought, more than half of the paper focuses on Greek, whose market price is currently trading at 57% of their face value (of the 10-year bonds), calculates Bruno Cavalier. This shows the potential magnitude of losses to the ECB about these operations, although its purchases have been made at prices already discounted.

At the opening this Friday, the Dow Jones revolves around the balance, 0.15% after clinching a few minutes of trading. The Standard & Poor's 500 does not move at 1361 points while the Nasdaq fold from 0.06% to 2871 points.

Household consumption to menu

After finishing up the day, Wall Street reacted little to the various macroeconomic indicators on the agenda Friday. Household consumption has caught up. According to the U.S. Commerce Department, spending rose 0.6%, the ninth consecutive month of increase, after rising 0.9% in February (revised from 0.7%).

Inflation accelerated for the fourth straight month the U.S., according to the price index associated with household consumption expenditure (PCE), released Friday in Washington.It reached 1.8% yoy, while she was still only 1.0% in November

At 15h45, should be released Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan.

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron (-0.84% ​​to 107.90 U.S. dollars) has published better than expected results in the first quarter. Net income group share was up 36% year on year to 6.2 billion dollars in the first quarter no fax payday loans.

The manufacturers of construction equipment Caterpillar (2.37% to 115.33 dollars) has issued an earnings per share up 411% at 1.84 dollar. The turnover at 12.949 billion dollars, increased by 57%. The group revised its forecast for 2011 up.It expects sales of between 52 and 54 billion dollars against 50 billion previously.

Goodyear (9.92% to 17.81 dollars) on Friday issued a first quarter earnings four times higher than Wall Street expectations, thanks to strong demand.

Merck (+0.14% to 35.82 dollars) announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (-2.06% to 26.16 dollars) is very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion for the third quarter shifted its fiscal year.A performance that does not stop him being left behind parApple (0.79% to 349.50 dollars). Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

History may repeat itself. While coal seems to belong to our industrial past, this energy source could again be used to power our electricity needs. Philippe Joubert, president of Alstom Power believes that the development of this fuel, better used and combined with CO2 capture technologies could contribute more to cover the energy needs of the planet and especially in Asia.

lefigaro.fr – You have created a joint venture with Shanghai Electric in the areas of boilers for coal-fired power plants, creating the market leader. Bet you on development of coal power plants?

Philippe Joubert – Coal-fired energy efficiency and environmental recognition are booming, particularly in Asia.However, I have a vision for long-term market and I believe that all technology is integral to the balance of the world. Nuclear, solar, hydropower, coal plants … there is no quick fix. All technologies are needed to produce electricity.

The coal could they not benefit from the current debate raised by the accident at the plant in Fukushima? Several countries, like Germany, have expressed their willingness to abandon nuclear …

Today we actually build many coal plants and gas. An evolution of the global energy mix is ​​thus expected. However, we favor a diversification of energy sources.

And we must relativize the importance of nuclear energy market.This energy source is ultimately less than 10% of all energy produced in the world and is contested in countries where this energy is not a majority in the energy mix. For example, the German market represents less than 21 gigawatts of nuclear energy cons 392 gigawatts for the global market. For example, countries dependent on nuclear power, as the U.S. and France respectively produce about 100 gigawatts and 70 gigawatts.

Coal will remain there a piece of the global energy mix?

Over 40% of the electricity produced in the world based on coal fast cash advance. Asia currently consumes almost 80% of world coal production. But the real issue today is how the emerging cover their soaring energy needs, where those of the United States or Europe have low growth.Development of coal power plants seems to agenda.

Coal plants are very emitting CO2. Can we thus generate electricity without CO2?

We can produce electricity from coal without emitting CO2. But the latest plants can significantly reduce these emissions. In parallel, we develop carbon capture and storage of CO2 (CCS). This is to recover the CO2 and storing it underground (in underground cavities emptied during gas extraction, ed.) The cost of electricity through a coal power plant equipped with this device is however still much higher than a conventional plant. But we are at the beginning of this new technology.

Mined since the eleventh century, coal still has reservations

Coal is the fuel of superlatives.Mined since the eleventh century, it is one of the oldest energy sources. And even today it remains the most widely used fossil fuel in the world: it can produce more than 40% of worldwide electricity. Many countries, primarily the emerging countries, still use it as a primary energy source like South Africa, China, Australia or Poland. Moreover, world coal reserves are found in many countries, no less than 70. The main reserves are in the United States, Russia, China and India. They are estimated at over 984 billion tons. Thus, if consumption is maintained in the state, known coal reserves could last for nearly two centuries, so an oil shortage looming for 2050.

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Nicolas Hulot, who had to declare candidacy for president on Wednesday morning that the economy is disconnected from reality. "I try to ask again and again the question of an economic model compatible with the physical reality of the world," he declared last December. The standard is not abundance but scarcity ", contrary to prevailing economic theories.

Created 20 years ago, Hulot Foundation for Nature and Man published in recent years of economic policy recommendations. The rhetoric to concrete action, these works are now a genuine box idea for an environmentalist candidate.

The instigators. Nicolas Hulot likes to say he knows nothing about economics. This is less true.He has surrounded himself in recent years of senior economists, like Patrick Criqui, an expert in the fight against climate change, or the founders of the consulting firm Carbone 4, Jean-Marc Jancovici and Alain Grandjean, advocates of "development sustainable. " Last December, he sent to Paris for a conference Tim Jackson, a British economist reference advocating a reduction in consumption.

"Desecrate GDP". "An infinite growth in a finite world is hopeless: there must be a fool or an economist to believe it," said Nicolas Hulot last December at a conference, paraphrasing the economist Kenneth Boulding. We must therefore evaluate the progress that otherwise simply by gross domestic product (GDP), which measures the creation of wealth by a country. Hulot Foundation for enthusiastic and alternative economic indicators, such as carbon footprint, or welfare.And welcomes the passage Stiglitz report commissioned by Nicolas Sarkozy on the measurement of social progress.

A large loan to finance "green economy". Education, training and research, "clean technology" energy saving … Hulot Foundation has calculated that France needs to invest 600 billion euros by 2020 in sustainable development. To avoid digging all the public debt, the state must borrow from the European Central Bank "to zero or very low." Economists of the NGO out the measurement in a technical appendix of 20 pages. Nearly 100 billion euros should be invested for example in the construction of 500,000 new homes, advocates the foundation.

Radical reform of taxation. Staunch defender of the carbon tax, Nicolas Hulot has apparently failed to disarm it.Its foundation therefore recommends to "pay more in energy consumption and reduce taxes on labor." Through the establishment of a climate energy "tax on energy consumption enterprises, governments and households," says the foundation in a document dated June 2009. This tax would be offset by a universal allowance climate for smaller households and less polluting.

Clamp finance. Hulot Foundation believes that "limiting the ability of banks to finance operations without social interest" in limiting the borrowing capacity of investors who speculate. It proposes to limit operations to leverage and lead the hunt for tax havens.

The finances of Nicolas Hulot

The presenter of the show Ushuaia is not paid 33,000 euros per year TF1 for the realization of 4 issues per year, as the chained duck. It would double the salary with royalties brand Ushuaia.

As for the Hulot Foundation for Nature and Man, is funded to the tune of 12% by public funds and 65% 'by a score of donors, including L'Oréal, EDF or Veolia.

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No pay rise for the new strong man of L'Oreal. Jean-Paul Agon, CEO of the group, also holds the post of president since Friday but will retain the same salary this year than in 2010. "For 2011, the Council (…) stopped fixed at 2,100,000 euros gross a year earlier, unchanged from 2010," does it say in the management report 2010 of the Board of Directors , submitted to the AMF and made available on March 17.

Jean-Paul Agon has not received in 2010 his entire salary: part depended targets he has not fully met. It has affected 80% of the 2.1 million indicated, is 1.68 million euros. A salary cut in 2010, no increase in 2011: the future CEO of L'Oreal is so far not mistreated by his group. He was awarded $ 6.9 million stock options last year.Since 2006, the officer received a total of 1.25 million stock options. It will retain 50% of them while he remains in office.

As for Sir Lindsay Owen Jones, Jean-Paul Agon was replaced as president on Friday, it will benefit more now that its fees for participation in the boards. As each board member, he will receive as such a lump sum of 30,000 euros plus 5,000 euros per session. It has received 85,000 euros in 2010.

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Another gloomy day on the Paris Bourse. The CAC 40, which dived under the 3900 points yesterday, Tuesday is anchored in the red. After starting down sharply from 2.17% to 3793.95 points, the benchmark index in Paris lost its hollow and cowardly 3.43% to 3744 points to 10.30. In London and Milan stock exchanges follow the same path and also drop over 3%. The Frankfurt Stock Exchange widening its losses to almost -5%.

The indices are struggling to find their way to higher while the Japanese nuclear situation has worsened. Another explosion and fire occurred in the central Fukushima Dai-ichi. "The level of radioactivity has grown considerably" and becomes dangerous to health, "said Japanese Prime Minister, Naoto Kan, television, causing a panic on Asian markets.The Tokyo Stock Exchange, meanwhile, has fallen 10.55%.

The Bank of Japan (BoJ) announced it yet injected 3 trillion yen (26 billion yen) in the money market to support the economy, plus the 5000 and 15,000 billion yen already injected respectively in the morning and Monday. But this ad is not enough to ease tensions. Especially since the predictions of the impact of the disaster on Japan's economy grow heavy. Analysts now suggest 120 billion worth of damage and consequences for the country's trading partners.

Gust Indicator

Despite these concerns, investors could keep an eye on macroeconomic statistics of the day.In France, consumer prices are starting to rebound in February, rising by 0.5% in monthly changes, and a year where they show a growth of 1.7%, Insee said.

Then come in Germany, the ZEW index of investor sentiment, and the U.S., prices for import-export of February and the index of activity in the New York Fed in March to 13.30, the index of the property market from March 15 to 19.15 hours, the Fed decision on rates.

On the currency markets, the euro appears to drop in morning trading: a euro is worth 1.3940 (-0.46%).

The mea culpa Renault

Scor: -0.30% to 18.54 euros

The reinsurer announced that in the worst scenario for Japan, the total losses of the group in non-life net protections proportional and non-proportional, would not exceed 185 million euros before taxes.The group does not cover nuclear power plant operators for damages or any liability in Japan.

Overall, companies involved in the situation in Japan are suffering just like EDF (-3.31% to EUR 28), Areva (-6.03% to 29.60 euros), LVMH (-3, 66% to 102.70 euros) and RPP (-3.12% to 102.50 euros).

Renault: -3.56% to 36.81 euros

The manufacturer on Monday presented its apologies to the three frames he had unjustly accused of spying for China as well as measures to restore the image of the group, but Carlos Ghosn has refused the resignation of his number two, Patrick Pelata .

Assystem: -5.37% to 15.50 euros

The group expects to accelerate its growth in 2011 and expects to play a role as a consolidator in Germany, France and the United Kingdom.

Alstom: -4.12% to 36.96 euros (largest decline of ACC)

At 17 hours will be hearing from Patrick Kron before the Committee on Economic Affairs of the National Assembly on the activities of the Alstom group in the field of energy.

After market, Zodiac Aerospace will publish its revenue for the second quarter and first half results. Bollore will report its annual results.

Consumers do not win, but dentists can rejoice. The senators voted Wednesday for the removal of the requirement for practitioners to mention the purchase price of prostheses they provide to their patients. This indication was made mandatory since the implementation of the "hospital, patient, health, territory" (HPST) in March 2010 and aimed to introduce more transparency in the prices charged by dentists.

For the price of hearing varies almost by a factor of two firms, analyzed the organization last February mutuelle.com. Rates that depend on several factors: the quality of the prosthesis, the reputation of the dentist, the neighborhood where he practices, but also the level of medical coverage for the patient."It is almost a rule that the physician inquires about it, so that the topping facto contributes to drive prices up and enjoy in good part to the care provider," noted the Court of Auditors A report published last year.

No effect on import prices

Disparate rates are also particularly high. Citing a 2005 report published in Belgium, the Court of Auditors noted that the price of a prosthesis in France is 2.5 times that of a prosthesis in Germany, itself 25% more expensive that 'in the Netherlands.

Aggravating factor for the French practitioners: the growing share of imported models (about 15% in 2010 according to the French Dental Association) has never passed on the average price charged by dentists.Yet the cost of dentures made in China, Madagascar and North Africa is three times lower (40 euros against 120 euros) than models manufactured in France.

Competition poor '

Accordingly, it is 10% of the French population is forced to give dental care because of cost, says the Institute for Research and Documentation in Health Economics (Irdes). Generally, dental costs alone constitute more than half of medical benefits to which patients give up that ground.

It is under these facts that the Court of Auditors argued last year that the quotation offered to patients include the purchase price of the prosthesis. "Improving transparency would help to remedy a lack of competition today," thought the institution.

"Intensive lobbying"

The senators, however, have decided otherwise Wednesday. Gilbert Barbier, behind the amendment removing this requirement, explains: "The text was virtually unenforceable. If you want to calculate the cost of a prosthesis, we must delve a lot of ancillary costs, "he explains. Furthermore, why impose this requirement only to dentists, not the garage for example? "He asks. "Dentists have had the feeling of being stigmatized. Let us keep right, "came Wednesday in support of meeting the Minister of Health Xavier Bertrand.

Another argument advanced by Senators: prices of acts called "conservatives" (scaling, treatment of caries, decay …) would be undervalued by social security. "For ten years they have not been adjusted.This explains that dentists sometimes compensate by increasing their margin on prostheses, "suggests Gilbert Barbier. Yet, according to the ECA, some of these rates were revalued by 30% in 2006. Meanwhile, prices of prostheses continued to grow at an annual rate of more than 3% …

For UFC-Que Choisir, the situation is clear. "The intensive lobbying professionals was correct in the interest of patients," said Cedric Musso Thursday, director of institutional relations within the association, in the columns of "Paris-Today in France. "The dentists are not commercial professions. As health professionals, they do not make a profit on hardware sales. "

Xynthia is not a name as the Vendee and Charente-Maritime are nearly forgotten. The storm that hit the French Atlantic coast on the night of 27 to 28 February 2010, has killed 47 people, including 29 in the only common Vendée La Faute-sur-mer and Osten-sur-mer .

The banks appear to have decisively turned their backs on the crisis. After Societe Generale and BNP Paribas, Natixis is now the group to post record profits for the year 2010. As expected, a subsidiary of Banque Populaire, Caisse d'Epargne (BPCE) recorded a profit of 1.7 billion euros, up sharply from last year. Natixis had published in 2009 a net loss of $ 1.4 billion. In the fourth quarter alone, profits of the bank owned almost 72% BPCE amount to 442 million euros, down 48% but above the 305 million euros expected by analysts.

Another pleasant surprise, the income of the bank are also above estimates. With revenues of 6.5 billion euros for its entire fiscal 2010, Natixis exceeded its own target of six billion euros of net banking income (the equivalent of sales for banks).

At the Paris Bourse, the figures are very well received: the action takes off from 6% to 4.37 euros.

Loss of illiquid assets less

The group's results were driven by favorable portfolio of illiquid assets (hard sell), mainly U.S. products that have become undesirable since the financial crisis. Then they generated a pretax loss of 2.863 billion euros in 2009, they were amputated as the result of 182 million last year. Through various assignments, the portfolio no longer weighed only 7.4 billion at end 2010 (weighted assets) against 29.7 billion at end June 2009.

Another positive outcome of 2010: the control of overheads. They grew more slowly than 4%, the net banking income up 10%.The group has managed to achieve cost synergies, as part of its strategic plan, called New Deal, to the tune of 142 million euros no fax payday loans. In addition, Natixis has also seen an improvement in the cost of risk, down 78% excluding portfolio of illiquid assets.

50% of net income redistributed

And although the bank account to benefit its shareholders of its good health. The direction that it pay a dividend of EUR 0.23 per share, or 50% of net income. This distribution will be accompanied by a payment option in action. A measure to strengthen the equity of the bank in the context of new prudential rules of the Basel Committee.

The bank also shows there is reassuring and a capital ratio under tough new rules of Basel III greater than 8% from 2013.She also reiterated they do not need a capital increase to meet new regulatory requirements.

BPCE poster 3.6 billion profits

Its parent BPCE also unveiled the results of good quality with a net profit of 3.6 billion euros for 2010, multiplied by seven over 2009. The property underlines the good performance of the bank financing and investment, savings and financial services specialist.

With this return, BPCE expressed its intention to fully repay the state before the end of the first quarter, a balance of 2.2 billion euros, said Chief Executive Perol.Initially, the group had set a target to repay the entire loan from the state $ 7.1 billion in late 2012.

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