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.

With the exception of Tokyo was closed Monday for a holiday, the Asian stock markets have also rebounded to gain, climbing 1.45% Shanghai and Hong Kong of 1.41%.

On the macroeconomic front, it remains in real estate in the United States, since the figures for housing starts for the month of June will be published at approximately 14.30. In France, INSEE reveal clues to 12 hours worth of orders received in the industry for the month of May

The news will be charged at the micro level, notably with the publication of turnover. Program are: Alstom and Hermes pre-market, Accor, Lafuma and Radiall after-hours trade. In the U.S., Johnson & Johnson, PepsiCo and Goldman Sachs will release their second quarter results pre-market, Yahoo! (Second quarter) and Apple (third quarter) after market.

On the currency markets, the euro flirted with the $ 1.30 mark, he has not met since May. Around 10.45am, the single currency was worth 1.2984 dollars (0.33%)."A strong euro coupled with a fragile economic recovery in the U.S. is double bad news for European export companies. Until then, the situation was reversed, "said Franklin Pichard.

The bank will resume, the computer values mixed

While bank stocks are picking up well in the early exchanges – Dexia (0.84%), BNP Paribas (0.73%), Credit Agricole (0.95%) and Societe Generale (+0.15% ), computer companies emerge mixed after disappointing results from IBM. Cap Gemini lost 1.02% to 35.42 euros, but Steria wins 1.18% to 20.56 euros.

Alstom: -1.07% to 36.46 euros

Alstom recorded a fall of 38% of its orders in the first quarter of fiscal year 2010/2011 shifted, while its revenues fell 5%.The group expects a "gradual recovery in demand.

Hermes: 0.24% to 57.29 euros

Hermes has doubled its forecast for sales growth this year and expects a rise of between 10% and 12%. The group's turnover surged by 22.8% in first half of 2010 to 1.0747 billion euros.

Edenred: 5% to 13.68 euros

Edenred announced an increase of 4.7% of its turnover in the second quarter, growth of Latin American operations have helped offset a more difficult economic environment in Europe. Trends should remain "similar" in Latin America, and Europe, in the second half.

Soitec: 1.46% to 8.21 euros

Soitec posted a turnover 2010-2011 in the first quarter increased 56.5%.The group expects a sequential sales growth exceeding 20% in first half on the basis of one euro to $ 1.27, with a return to balanced operating income, including its new photovoltaic business Concentrix.

Guyenne et Gascogne: 0.99% to 79.77 euros

Guyenne et Gascogne saw its consolidated revenues to grow by 5.1% to 278 million euros in the first half of 2010, the distribution of fuel. This figure confirms the sluggish consumer spending.

Compagnie des Alpes: 0.24% to 20.60 euros

Compagnie des Alpes has announced its successful capital increase of EUR 100 million with preferential subscription rights and creation of 5.88 million new shares. The total demand amounts to approximately 143.9 million euros, the company said in a statement.The new shares will be listed on the market July 21.

HF Company: -1.62% to 13.87 euros

HF Company has reported a turnover of 72 million euros in the first half, up 1.1% as reported and 3% on a constant basis, in a crisis of consumption.The company produces equipment for residential systems (digital television, broadband internet, etc..) Expects accelerated growth in the second half.

Audika: -14.05% 22.75 euros

Audika posted revenues down 4% to 27.9 million euros in the second quarter with a slowdown in sales of hearing correction since mid-May, as the environment is again unfavorable for consumption seniors.

Laurent Perrier: -1.20% to 66.51 euros

Laurent Perrier announced Tuesday an increase of 17.3% of its turnover, 36.8 million euros in the first quarter of fiscal year 2010-2011. The group enjoys very strong Champagne exports to the United Kingdom, the United States, Germany and Asia.

If the performance of these three giants of Wall Street have exceeded the expectations of financial analysts, they are far from convincing.The banks, in effect, save their profits fall in provisions for doubtful debts, which remain however very high levels. At Citigroup, they have a charge of $ 6.7 billion, the lowest in almost three years. For Bank of America, the drain $ 8.1 billion against $ 9.8 billion in the first quarter and still $ 16.4 billion a year ago credit reports free.

Less capital raising

More than three years after the start of the crisis in the housing, the improvement of conditions in the shy USA relieves borrowers. But business remains sluggish, as evidenced by the decrease in revenues of large banks: – 33% for Citigroup – 18% for Bank of America – 7% for JPMorgan. The great challenge for these players is to reach boost their sales."It will be several more quarters to see a sustainable activity," warns Brian Moynihan, the CEO of Bank of America.

Last year, the Wall Street banks had managed to offset the gloom with an exceptional year in the investment bank, with capital raising records. Alas, this windfall is gone and instead the second quarter under the sign of the crisis of European sovereign countries was characterized by high volatility and lower risk appetite. This scenario weighs on commissions and revenue from emissions trading.

The merger between Iberia and British Airways which will see shareholders of British Airways take 55% of the new group should be completed by the end of the year.It is subject to approval by shareholders of both companies, who need to vote at general meetings scheduled for November.

The two companies will consolidate into a new holding company, which will be named Consolidated Airlines International Group SA, or International Airlines Group for short, and will be listed in London and Madrid.However, the two companies continue to operate independently and continue to operate under their existing brands.

Yes also for the alliance Iberia / BA / American Airlines

One remaining obstacles to the merger had been raised when Brritish Airways announced it had reached an agreement to cover the deficit of 3.7 billion pounds (4.4 billion euros) of its pension scheme.

The European Commission also approved the alliance as British Airways, Iberia and American Airlines want to build on the model of what makes Air France-KLM and Delta, recently associated with Alitalia."Today's decision will allow airlines to set up the transatlantic alliance to which they aspired for a long while allowing some 2.5 million passengers between London and New York as well as other relevant routes of continue to enjoy a range of frequencies and competitive prices, "commented Commissioner Joaquin Almunia competition.

"The world economy is recovering gradually. The recovery and rebound of the Chinese economy is increasingly confirmed, leading to greater economic stability, "argued the central bank in a statement published in English on its website. "It is therefore advisable to take the reform of RMB exchange rate."

Since summer 2008, the yuan has remained stuck at around 6.83 against the dollar, fluctuating within a very narrow margin vis-à-vis the greenback.A contentious issue between China and its trading partners, most notably the United States, who believe that the yuan is undervalued, allowing Beijing to sell its products for export at very competitive prices.

In a letter to heads of State and Government of the G20 on Friday, President Barack Obama had given the record of the yuan on the table, a reference to it. "I also want to stress that exchange rates determined by the market are essential to global economic vitality," he wrote in his letter.

China has always rejected international pressure. The Deputy Foreign Minister, Cui, had also insisted on Friday that the issue of the yuan would not be up for discussion G20 payday loan companies. "The renminbi is the currency of China.This is not something that the international community needs to discuss, "he told a joint press conference with Zhang Tao, head of international department of the Central Bank.

A move immediately welcomed

Announcing this on Saturday continued reform of the yuan, the central bank has focused on "China's efforts to encourage a global rebalancing. The institution has admitted that the "special policy" introduced by Beijing in the heart of the global financial crisis had perhaps more reason to be in a context of economic recovery, but recalled however that "the stability of the yuan has played a major role in mitigating the impact of the crisis, which has contributed significantly to the recovery in Asia and the world.On the other hand, the central bank has insisted that the gradual return to a flexible exchange rate of the currency does not mean "great changes or major changes, namely a re-evaluation.

The gesture was appreciated nonetheless. Timothy Geithner, U.S. Treasury Secretary, said in a statement that the reform of the yuan could make a "positive contribution" to global growth. "We welcome the decision by China to strengthen the flexibility of its exchange rate," he said. The Director General of the International Monetary Fund (IMF), Dominique Strauss-Kahn also found that Beijing's decision was "very encouraging".

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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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"IMF: Market power threaten growth

The chairman of the Fed, Ben Bernanke was upbeat about the economy of his country Wednesday, despite the difficulties of Europe and the latest figures, disappointing employment in the United States. Ben Bernanke said before the Budget Committee of the House of Representatives that the economy should grow at a rapid pace in 2010 and accelerate slightly in 2011.Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.

On the foreign exchange market, the euro shows a renewed nete against the dollar, worth U.S. $ 1.2098 (0.92%), around 15h40, due to a lull in all markets, on the eve the monthly meeting of the European Central Bank. The European Central Bank (ECB) is today holding its monthly monetary policy meeting.

After the disappointment of last Friday on the employment figures, investors should pay particular attention to weekly figures for unemployment benefits that are to be published today.

Meanwhile operators should welcome the trade surplus of China.China recorded a trade surplus of 19.53 billion in May, against 1.68 billion in April, with exports up 48.5% year on year last month and imports rose 48.3 %, according to official statistics published today.

From the values listed, shares of BP, listed in New York should remain under pressure. The day before, they have continued to drift, plunging more than 15% to their lowest level in 14 years, in the wake of the London listing.

The Internet giant Google has criticized the new rules governing advertising on the multifunctional phone from Apple, the iPhone, saying they could prevent him from receiving income on this unit.

"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.

Elsewhere in the region, the trend is very promising: the Hang Seng in Hong Kong up 1.05%, the Singapore Straits Times of Singapore won 0.3% to 2889 points and the S & P / ASX Sydney s 'gives 0, 71%, to 4652 points.

Sony confident

The Japanese electronics giant Sony has confirmed on Thursday it had ended the fiscal year 2009-2010 on a net deficit reduced to 40.8 billion yen (312 million), reflecting a return to the Green In terms of utilization through reductions in fixed costs.

With the renewed vigor, Sony also said Thursday that he hoped to finish the year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros ).

Nissan Motor Co. is not far from being able to resume an operating margin of between 6% and 7%, said Thursday that Carlos Ghosn, CEO of the Japanese held 43% by Renault. On the occasion of the publication of a return to profit in the fourth quarter 2009-2010, Nissan had Wednesday reported a profit forecast for 2010-2011 considered conservative.

The world provides a stabilization of its production to 40 million carats in the next two years, against 48 million carats in 2008.The predicted shortage should be accelerated by new demand from Asian countries, including China, where these stones are very popular online cash advance.

In twenty years, no site has been discovered that can compete with the mines operated by De Beers in South Africa or that of Alrosa in Russia.

After a difficult 2009 which resulted in losses, the diamond table on profits this year, and until 2014. Some analysts see the move as a preamble to a re-IPO of the group.

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