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It's now official, EDF has announced a delay for the EPR Flamanville, in the Channel. Delaying the start date of the reactor is two years "the goal of the first marketable production is now set to 2014," says management.

And the cost of construction is "re-estimated at around five billion euros," confirms the group. So far, the construction of 3rd generation reactor was estimated at four billion euros.

According to Jack Tord, coordinator CGT on the site, this would involve additional time to recruit more staff on site.The staff, already brought to 3,000 employees, "should reach 3500 to the end of the year or early next year," said he.

The management of EDF had implicitly recognized in November 2009 after a delay of one year, distinguishing between the engine start, in 2012, and "production of electricity sold, set up in 2013.

A delay not surprising

Delays in the EPR Flamanville are regularly mentioned in the press. In January, Le Figaro and Les Echos mentioned already "at least two years late" for a cost of 5 billion euros.Thursday, Le Monde and Le Parisien also evoked a start in 2014, against 2012 under the original schedule.

CGT refers to EDF for several months delay of this order, the Paris-based delegates arguing two years late and those of construction Flamanville a year and a half.

Credibility of the EPR

In a report released Tuesday by the Elysee Palace, the former boss of EDF Francois Roussely called to urgently establish a "priority action plan" to "ensure the construction of the nuclear Flamanville 3 in the best conditions cost and time.

Objective, preserve the credibility of the maximum EPR model and "the ability of the French nuclear industry to achieve new power plants were built, after the difficulties encountered on the Olkiluoto site in Finland and that of the third installment of Flamanville.

Construction of the EPR at Olkiluoto in Finland, led by the Areva group, accuses the four years behind its original schedule, with a reactor startup scheduled for late 2012 or early 2013.

Areva has spent 2.7 billion euros of provisions in its accounts for the site, while the cost of the EPR was initially estimated at 3 billion euros.

After their fine up yesterday, the U.S. equity market should be cautious Friday. The index futures are predicting a slightly higher opening of U.S. markets. Future Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively by 0.36% to 1091.60 points and 0.43% to 1960.10 points. On Thursday, the New York Stock Exchange ended sharply higher, boosted by another round of results in good order. At the close, the Dow Jones gained 1.99% to 10,322.30 points and the Nasdaq 2.68% to 2245.89 points. For its part, the S & P has won 2.25% to 1093.67 points.

On the foreign exchange market, the euro off again on the rise against the dollar in the morning, after the publication of a German Ifo barometer jumped in July, but remained confined to below $ 1.30.The euro was at 1.2956 dollars against 1.2886 dollars late on the eve of the day.

On the macroeconomic front, the session looks very calm. No major indicator is expected in the United States. Wall Street should have their eyes on Europe. Operators should indeed play the card of caution before publication in the evening the results of resistance tests 91plus major European banks.

From the values listed, investors will react to another round of results published the day after the close of Wall Street.

The U.S. computer giant Microsoft seems to have turned the page on the economic crisis with a quarterly profit up 48% year on year, better than expected, more than 4.5 billion dollars.Over the year, net income climbed to 18.760 billion, up 29%, and sales to nearly $ 62.5 billion, up 7%.

Always on the side of values, the Internet retailer Amazon has posted Thursday a net profit increase of over 45% in the second quarter but below expectations. In after-hours electronic trade, the share lost more than 13.5%.

The credit card issuer American Express American issued Thursday a net income group share increased by 3 over one year to over $ 1 billion in the second quarter. The group was encouraged by the recovery of expenses of its customers and lower defaults on credit cards.

Note also the flash memory maker SanDisk has announced a quarterly benefit of $ 257.9 million slightly exceeded expectations.The turnover was 1.18 billion over the quarter against 730 million last year. "The U.S. market is recovering quickly (27%) and becomes profitable, but significant uncertainties remain safe with the new law on the distribution of consumer credit" note the experts at Aurel BGC. The group remains very cautious on the outlook for activity in the United States.

The association UFC – Que Choisir has just published a study on 3G mobile phone plans denouncing "the false promises of unlimited Internet. According to this study, 41% of consumers are not satisfied with the 3G connection on their mobile phone.

The association of consumer advocacy focuses on two points. First, it denounces the bridle in all mobile networks operators and found that the rate (or velocity) is deficient in all mobile operators. "59% of the reported rates do not exceed one megabit per second when the 3G theoretically allows a throughput of 7.2 megabits" said Edouard Barreiro, director of studies at the association of consumer protection.

Second, the study notes that the nature of the packages called "unlimited internet" is often questioned by users.Indeed, how can it be considered an access to the Internet access to a network crippled (no VOIP or P2P for example) and sometimes (eg in some packages of Orange) excludes even download emails?

In this context, concludes UFC-Que Choisir, it is not surprising that 41% of users are dissatisfied with their 3G connection payday loan lenders. And the association calls on governments a regulatory framework in three points. Firstly, the operators use the term "Internet" to refer only to universal access to all content. Secondly, they cease to call 'unlimited' offers subject to a quota of data exchanged.Finally, the operators are required to provide their customers with a clear and accurate information on the characteristics of service (speed, coverage, network saturation, etc..).

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"Re-enchantment of the hypermarket." Of the seven projects announced just last year by Lars Olofsson, Executive Director of Carrefour, the biggest boost to sales in hypermarkets, particularly the larger ones, whose attendance continues to decline in France.

Tests are carried out recently in a handful of stores in Belgium, Spain and Chambourcy, near Paris. But in Rhone-Alps that focuses the bulk of the efforts of the distributor réattirer customers and make them spend. The group also planned to hold its investor days, 15 and 16 September in Lyon.Between two presentations on the progress of plan savings of 3.1 billion euros, brokers and analysts will be invited to a tour of hypermarkets completely "re-enchanted.

According to our information, the most spectacular project will be unveiled in Ecully, in the upmarket suburb of Lyon. Work will start in the coming days and be completed in late August. The different radii, starting with those on the non-food (textiles, hi-fi …) will be reorganized in the form of blocks, or shops open on a driveway. A radical break with the organization of gondolas "spike", perpendicular to the rays.

Expensive and spectacular

Another radical change, hyper might be organized around a single street, which would allow customers to wander at will … without missing a spoke."A spiral path, which would impose a smooth path to clients as Ikea," says one close to the matter. A precision belied by Carrefour.

Rather expensive, spectacular concept, designed by the design office Malherbe, should be reserved for the most hyper among the high-end 231 of the brand in France. Also, changes may not be as radical, but they should nevertheless be numerous, as in Venissieux.

There remains the issue of the less profitable stores in the chain. Here the group test by the end of an adaptation of his Brazilian concept Atacadao involving hypermarket and hard discount, with few services and references 7000 sold to declining prices based on volumes purchased.Eventually, nearly a dozen stores could be converted, and renamed Hypercash.

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Air France wants to travel light. The company expects 4390 departures without layoffs by March 2013, a reduction of 16% of its workforce compared to March 2008, according, based on a document of the Central Works Company.

No social plan, but hiring jellies, retirement and not replaced quits 1765 people. In total, the Company should have 2436 employees under the 2010-2011 fiscal year (which ends in late March 2011), 834 the following year, and 1121 in 2012-2013.

Between the beginning of the crisis in 2008 and 2013, it will be 9312 jobs will be eliminated, according to La Tribune. Hardest hit will be the ground staff, including 3,200 voluntary redundancies. The anticipated staffing needs for 2013 by the company found to be superior to the number of voluntary redundancies planned.The pilot should then be so redundant and ground staff and cabin light should be hitting understaffed.

"No, no, no, no. By repeating his answer, Nicolas Sarkozy has made to assert emphatically that the fate of Spain was absolutely no concern for him and for all European leaders, meeting in Brussels on Thursday. "No, there is no concern. We fully trust the Spanish authorities. There is no problem, "he said. The French president and wanted to put an end to rumors suggesting that the country of Jose Luis Rodriguez Zapatero will soon get similar assistance to that granted to Greece.

The Spanish head of government has also dismissed the "unfounded rumors" about the fragility of the Spanish financial sector."There is nothing better than transparency to demonstrate creditworthiness, to give confidence," he said.

"This is an analysis that we have 27 to make, which is shared by the IMF, the European Central Bank and the European Commission, Nicolas Sarkozy repeated. "I prefer to make this short answer. Otherwise, I can already foresee the reaction of markets, "has entertained the head of state.

"Defining an Economic Strategy"

The president has focused instead on the organization and objectives of European economic government for which he pleads with Angela Merkel. "It is legitimate that the Heads of State to take decisions in that they have an interministerial allowing them to make decisions in matters of competitiveness," he says, while the Commission President José Manuel Barroso, the European Commission wants to have its say."The Commission has a prominent role but is not she who is in charge of such decisions," decided the President of the Republic.

"The idea of economic government does not only address budget. It will develop a strategy for competitiveness, covering topics such as research, law office, universities, a strong and sustainable growth, "said Nicolas Sarkozy. "We are only at the beginning of the concept. The words 'economic governance' were taboo still four months ago. But the idea is gaining ground, "he was glad.

The tax credit is gaining

In addition to this question, the president addressed a wide consensus about the tax credit. This will be applied in European countries, in order to "contribute towards a fund to ensure that taxpayers and investors that what happened will not happen again," said Nicolas Sarkozy.Regarding the tax on financial transactions or financial markets, "the issue is unresolved. We will make decisions based on the major players in the G20. The idea of a tax will indeed be defended by the European Union at the summit to be held late June in Toronto. "This is a major challenge, but the fee must be applied to the global scale for more efficient," said President of the Republic.

In the field of transparency, the Council also decided that the results of stress tests (stress test) will be issued, bank by bank, in all countries before the end of July. "And in order to avoid new psychodrama.

Strengthened sanctions in the euro area

Concerning the Stability Pact, the European Council decided that it should be strengthened for greater "financial stability"."There will be penalties for those who do not respect the commitments on debt. The fine is not the best solution. With Angela Merkel, we uphold the suspension of voting rights.

Not to mention consenus on this last point, the head of state has simply stated that "several countries have requested that the penalties are the same for all members." Nicolas Sarkozy also said that "sanctions and obligations must be more important for countries in the euro area. The European Council President Herman Van Rompuy should give more detail on this subject in October.

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Societe Generale Securities Services (GSS), a subsidiary specializing in securities trades in Societe Generale, announced in a statement Monday night for a commercial partnership with U.S. Bancorp Fund Services, a subsidiary of U.S. Bancorp U.S. Bank. The objective of this association is to provide investors with a global service fund administration, global custody, lending, securities lending or distribution of funds.

The French bank, which is the number six world titles with the conservation of 3.246 trillion euros in assets under custody, has not been quantified business objectives but it does ensure that the alliance is not motivated by reducing costs. "The goal is not cost synergies but revenue synergies", explained Alain Closier, director of GSS, indicating that this type of alliance has never been tied up in securities trades.

No capital alliance

"This is not a partnership capital, held to clarify Alain Closier low fee payday advance. "There is not any exchange of shares between the two groups. We have no agenda or planned merger between the two institutions, "he added. "We always talk about critical mass, to pool plants to decrease costs," said the officer referring to reconcile and partnerships established by other banks in this business.

Also asked about a possible sale of securities of the SocGen activity or a possible strategic partnership, Alain Closier said that the rumors currently circulating were "unfounded"."There are always rumors fed by different sources, such as competitors, then taken over by consultants looking for business. It is difficult to comment on rumors, especially when they become increasingly accurate and increasingly unfounded ", he further said.

Malta takes a very dim view of the opening of the French market paris online and does everything to slow the process. This is the poker from the first to pay the price. Indeed, the opening to competition of the French market of online poker is postponed for one month, until late June because of an obstruction of Malta under EU rules, said the Agency France Presse (AFP) the entourage of the Department of Budget and confirming information site Challenges.fr

"We can not publish the implementation decree (for poker online) before June 28 It postponed a month because we are forced Malta, "says one with services Françoise Baroin.

A French law "relating to the introduction of competition and industry regulation of gambling and online gambling" was promulgated on May 13, followed by a dozen decrees.This legislation relates to sports paris, the paris horse and poker.

The Regulatory Authority online games (Arjel) should issue next Tuesday fifteen licenses to operators of online games, especially in order to start the paris during the FIFA World Cup (June 11-July 11 ).

Problem European procedure

The government had sent there over a year to the European Commission's draft legislation on online gaming, then notified Brussels implementing decrees, said the Budget Ministry. "Member States (EU) had three months to make their comments and Malta has chosen to do May 27", ie the last moment. France is obliged to meet in Brussels and Malta before issuing his decree. Paris now has one month to respond.

Malta, already established on the market for online games, contests a provision of the French law requiring players to register with an approved operator. This is contrary to the EU principle of free movement of persons and property.

"There is no problem on the merits. It is simply a procedural problem in Europe, as it has been commented at Bercy, stating that the grant Arjel as planned on Tuesday for its amenities paris sports, horse and poker. For the latter, many traders will await publication of the decree in late June. Still, the situation is embarrassing for the operators. Bwin, Unibet and Unibet already offer online poker. And waiting for regulatory approval to regularize their situation.

"Dust volcanic paralysis airport dangerous for the economy." The Confederation of Small and Medium Enterprises (CGPME) became concerned Monday that could have consequences for European sky empty of planes. Dramatization? CGPME quick to point out a little further in his text that only SMEs "whose activity is immediately dependent on air transport" are currently affected.

If paralysis continues, the slow recovery of the economy will she threatened? "If this situation persists, all French SMEs encounter difficulties," worries CGPME. Everything depends on the duration of the flight ban imposed much of European airspace. "The problem is simple: the shock will be there temporarily or not?" Says Philippe Waechter, head of economic research at Natixis."For now, all this is annoying but does not call into question the economic recovery."

"A crisis of this type can be analyzed as attacks or an outbreak, however, significant events that have little overall economic impacts," said Nicolas Bouzou for its part, an economist at Aster. Especially since the paralysis of European airspace should not have a huge impact on trade between Europe and the rest of the world, according to the Economist: "80% of goods moved by boat. And the businessmen will still meet in videoconferencing payday loan instant. "

Attacks and pandemic

The situation is somewhat reminiscent of the paralysis attacks of Sept. 11, which at the time, had greatly affected the airline."This event has changed the behavior vis-?-vis the air, but the current environment is extremely different," relativize Philippe Waechter. "Today, if the ban is lifted, all restarts as before." September 11 has also not necessarily have any impact on the economy, beyond transport. "It is very difficult to detect traces of attacks on the World Trade Center on economic growth," said Nicolas Bouzou.

More recently, influenza H1N1 has raised fears the worst. Especially because of the flight ban could be decided to limit the spread of the virus. The worst-case scenarios developed while anticipating a decline in U.S. GDP by 1.5% year over year. Impact due to paralysis of all types of transport, the cancellation of sporting and cultural events and absenteeism rates of about 30 to 40% in companies.In comparison, the ash cloud would block more than 150,000 French nationals abroad. For a limited time.

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lefigaro.fr / jdf.com: carbon tax rejected, disagreements at the Copenhagen summit. These events would not they have a negative impact on Socially Responsible Investment (SRI)?

Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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