Top Economics News

EDF Energies Nouvelles and Alstom are the big winners of the first tender for wind turbines off the French coast of the Channel, the second one being planned in the second half to achieve the target set for 2020.

This tender, intended to kick-start the offshore wind sector, should help France catch up it has accumulated in other European countries in terms renewable energy and reduce its dependence on the nuclear-vis.

The Industry Minister, Eric Besson, announced Friday the award of contracts representing a total capacity of 2,000 megawatts, the equivalent of two small nuclear reactors. 

These capabilities are less than a third than originally expected, the field Tréport (Seine-Maritime, Somme) has not been allocated for lack of sufficient competition.

The consortium formed by Alstom and EDF with Danish Dong Energy and won three of the five fields involved: Saint-Nazaire (Loire-Atlantique), Fécamp (Seine-Maritime) and Courseulles-sur-Mer (Calvados), or a volume of about 240 wind turbines.

Spain's Iberdrola and the French group Areva will see their side of the field jointly awarded the Saint-Brieuc (Côtes d'Armor), which should bring 100 turbines.

GDF Suez, which had also formed a consortium with Areva, gets nothing at this stage but will compete in the second tender. 

"This decision will enable France to continue the development of renewable energy that are, next to nuclear power one of the two pillars of our policy e ; nergétique, "said Eric Besson at a press conference.

"A NEW INDUSTRIAL SECTOR"

He confirmed the target of 6,000 megawatts of capacity by 2020, as set by the Grenelle Environment for offshore wind and marine energy. The latter also include turbines, turbines use the energy of ocean currents, for which a separate tender is planned within two years.

The second tender will involve particular area Tréport and that of Noirmoutier, he said.

The selection of candidates announced Friday an investment of seven billion euros and the creation of 10,000 direct manufacturing jobs, argued Eric Besson.

"The foundations of a new industry and export are asked," welcomed his side in a statement the consortium led by EDF Energies Nouvelles, a subsidiary of EDF.

While Alstom plans to invest 100 million euros and generate up to 7.500 jobs with its partners, the challenge will be for the group to impose its new generation of turbine Haliade, inaugurated on March 19 to book (Loire-Atlantique).

Alstom, which confirmed Friday the establishment of four plants in Cherbourg and Saint-Nazaire for its wind Haliade says that orders, amounting to over two billion euros, will occur by field field from 2014.

Areva has now put forward his experience and that could create 4,000 jobs in France, including 1,000 in its single perimeter, while GDF Suez has raised up 'to 6,000 direct and indirect jobs.

Interviewed by three regional newspapers, Nicolas Sarkozy accused of "permanent CFDT" having "betrayed the trust of employees" in Florange. It was already taken last month at the SGC. President and candidate for reelection Nicolas Sarkozy (here Aytre February 21, 2012)

The bridges are cut between Nicolas Sarkozy and some unions. In an interview with three regional dailies – Eastern Republican, Rep. Lorraine and Vosges Matin, the presidential candidate accused of "permanent CFDT" of having "betrayed the trust of employees Florange", an attack that responds to criticism against the SGC in March, accused of trying to "play a political role". In fact, the CFDT and the CGT do not hide their anti-Sarkozyism.

Read also: Why the unions have lost their neutrality in 2012

When asked by the newspapers to "anger rising in Florange," Mr. Sarkozy responded: "Let's not confuse the workers, and worried that I got for 17 million euros investment and staff of the CGT or CFDT, two million of work done on the liquid phase immediately-this-works started, 7 for coke, 8,000,000 to the manufacturing plant of automotive products. " "This investment is for Florange! It is decided. If this work had not been committed, it was certain that the blast did not return," added the incumbent.

"As for the permanent of the CFDT," he added, "they betray the trust of employees. They came to insult me ​​and try to break my campaign headquarters. Do not confuse the employees of Arcelor-Mittal, which I will not let go, and trade unionists who cheat their members by making policy instead of defending the interests of employees ". Mid-March, about 200 steelworkers steelworks Florange had come to Paris with the intention to go before the campaign headquarters of Nicolas Sarkozy as a large police had been deployed. Brief scuffles had broken out then with law enforcement.

Arnaud Lagardère, General Partner of Lagardère, has made further sales of shares of media group for a little over 1.7 million, after have recently sold for eight million shares.

According to advice published by the Financial Markets Authority (AMF), new assignments were made on 19 and 20 March for a total of 74,247 titles.

Arnaud Lagardère had already sold 346,653 shares between March 16 and 12, or 0.26% of the capital.

The group had indicated that these transactions were within the framework of the "unwinding of a financing package set up by BNP Paribas in 2004 to mark the settlement of the estate of his father and under the relevant contract. "

Over 80% of private creditors of Athens agreed to participate in the restructuring of the country's debt will be reduced by 107 billion euros. The agreement paves the way for the release of a new international loan which will prevent the default. Three of the four ministers of the Greek far-right party Laos opposing the new austerity measures demanded by the creditors of the countries presented their resignations Friday, February 10

Greece can heave a sigh of relief. The plan to restructure its huge debt raised almost 84% acceptance of all its private creditors, including only 85.8% of bondholders under Greek law.

Result: some 107 billion euros over the 206 billion euros of Greek debt held by banks, insurers, investment funds and pension funds will simply be deleted. A very short term, the agreement removes the risk of default since the country had to repay € 14.4 billion on March 20. It also unlocks additional European assistance than 130 billion euros that will enable it to meet its medium-term future échéanches.

If Greece has avoided a default unchecked, this rate is still insufficient compared to the 90% target that was set by the government, explaining that he had to recommend the activation of collective action clauses attached to the bonds to be exchanged.

They are forcing carriers reluctant to accept the terms of trade and should be ultimately the acceptance rate at 95.7% said the Finance Ministry statement. "The holders of approximately 172 billion euros of bonds by Greek law" have accepted the proposal made by the Hellenic Republic on February 24 to exchange their debt securities against other securities whose face value was reduced 50% said the statement.

"I wish to express my gratitude to all our creditors who supported our ambitious program of reform and adjustment and shared sacrifices of the people in its historic effort" praised the Greek Finance Minister Evangelos Venizelos said in a statement. The exchange of specific securities to be held Monday, March 12 for bonds by Greek law, but an extension until March 23 was granted to holders of non-Greek right to present their response to the proposal. This delay does not allow those who have already joined to the bid to reverse their decision.

The partners of Greece indeed want the private sector do its part in the rescue effort of the country, with a contribution sufficient to provide debt reduction to 120.5% of GDP in 2020, a ratio expected to guarantee the country's return to solvency.

Successful restructuring opens the door to the contrary release 130 billion of loans provided by the euro area in late October. These two components, debt and bailouts, make up the second bailout of the country developed its international partners, after an initial infusion of 110 billion granted in 2010.

Wall Street ended down about 0.5% Wednesday, interrupting a series of four consecutive sessions of gains, after investors have concluded about the Reserve Chairman fe ; Re public that there will be no immediate further monetary easing.

The Dow Jones Industrial 30 yielded 0.41%, or 53.05 points, to 12,952.07. The S & P-500, wider, lost 6.50 points, or 0.47%, to 1365.68. The Nasdaq Composite fell 19.87 points to his side (-0.67%) to 2,966.89.

At his hearing before the Committee on Financial Services of the House of Representatives, Ben Bernanke noted that there had been improvements in the labor market, although it also said he had to accelerate growth in the United States that will reduce an unemployment rate considered unacceptable.

Recognition of a better employment has, ultimately, been interpreted as not going in the direction of an imminent new bond buyback program, possibility Ben Bernanke himself had not ruled out during the press conference which followed the last monetary policy meeting of the Fed's late January. 

"Market participants felt that Ben Bernanke was slightly less accommodating than before – and I stress the word 'slightly'," said Michael Marrale, managing director at RBC Capital Markets.

The statements of Fed chairman supported the dollar and weighed on commodity-related values, with a sector index down by 1.74%.

The decline of Wall Street has been limited by the publication of an index of purchasing managers in the Chicago area much better than expected in February, its highest since April 2011 . 

The publication of the Fed's Beige Book, which says that the U.S. economy grew at a moderate pace in January and mid February, was also ; a factor of support.

The decline Wednesday is also linked to profit taking after the series of increases in recent days. And, throughout the month, the Dow Jones gained 2.5%, the S & P 500 4.1% and Nasdaq 5.4%.

Analysts also note that the volumes were less expanded in comparison to the average of February.

Greece has one last chance to stay in the euro area and must make a "maximum effort" to avoid being brought back several decades, warned Wednesday the central bank Hellenic.

Painting a picture severe the nation's finances, the Bank of Greece said that the failure to achieve its fiscal targets, delays in implementation of reforms and strong economic contraction had questioned his recent claims about the sustainability of the country's debt.

"The country must avoid at all costs further delays or deviations from objectives; every effort is needed to do better than the targets," said the Bank in its interim report on monetary policy.

"The current situation is the most critical period of Greek history of the postwar period. What is at stake is whether the country will remain within the euro area."

The new prime minister, Lucas Papademos, promised to push reforms forward, although he met a mixed support for the main parties and trade union opposition to the new austerity plan which he has committed.

European shares fell sharply Monday in volume again, failure of U.S. lawmakers to agree on reducing the federal deficit and a warning from Moody's about the "triple A" of France with weighed on investor sentiment.

In Paris the CAC 40 yielded 3.41% at 2894.94 points.

Equity markets have appeared hesitant and versatile throughout the session. The European equity markets ended in a disorganized, while at the same time, Wall Street also hesitated between increases and decreases.

Investors have welcomed the drop in bond yields Italian and Spanish through purchases of securities by the European Central Bank in the secondary market.

Traders also mention the idea that the ECB would lend the International Monetary Fund (IMF) to assist countries in the euro area.

But operators remain skeptical, however.

Core values ​​to take on Wall Street Thursday.

* Chevron announced Thursday a 3.8% increase in its quarterly dividend, which will reach 81 cents per share.

* RAYTHEON published adjusted earnings of $ 1.39 per share for the third quarter and a turnover of 6.13 billion, against a consensus Thomson Reuters I / B / E / S of 6.38 billion of dollars.

* Procter & Gamble announced Thursday an increase in sales in the first quarter of fiscal year and an earnings per share in line with analysts' expectations.

With $ 21.9 billion, the revenue exceeds the consensus Thomson Reuters I / B / E / S, which included 21.53 billion dollars.

Earnings per share was announced at $ 1.03, as expected.Turnover was up 14% to $ 1.68 billion (1.66 billion expected, on average).

* BMC SOFTWARE, which develops business software, announced an adjusted earnings per share of 87 cents against 81 cents expected for the second quarter of fiscal year.

Revenues also exceeded expectations, with 556.3 million against $ 540.4 million expected.

* AETNA – The third group American Health Insurance has reported a profit higher than expected for the third quarter due to a small number of claims.

Earnings excluding items rose to $ 1.40 per share.Analysts on average expected $ 1.15.

Net income stood at 490.4 million dollars against 497.6 million a year earlier. The turnover, however, fell 0.7% to 8.48 billion dollars.

* LAZARD – The investment bank saw its net profit fall by 2% in the third quarter versus the same period in 2010 due to lower revenue from business advisory and asset management.

Net income was $ 62.7 million, or 49 cents a share, against $ 64 million (51 cents) a year earlier.

Industrial production in France rose by 0.5% in August after rising 1.8% in July, against 1.5% in the first estimate, show statistics released Monday by INSEE.

Manufacturing output, which is to say, but including non-energy food, rose 0.7% after rising 1.8% the previous month, against 1.4% initially estimated.

Economists polled by Reuters on average expected a 1% drop in industrial production in August.

At three months, "the production is increasing (2.2%) in electrical, electronics, computers and machines and relatively stable in the other positions," said INSEE said in a statement.

Parallel to the industrial sector, construction activity rose 3.2% in August after rising 0.3% the previous month, against 0.1% originally announced.