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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.

Meanwhile measure the effects of the broad financial reform approved by Congress, the giants of Wall Street continued their slow recovery. Citigroup, which had managed to exit the first quarter of 2010 after losing a total of $ 29 billion between 2008 and 2009, has confirmed his return to profits between March and June The third U.S. lender has reported net earnings of $ 2.7 billion, down 37% over a year. For its part, Bank of America, the first U.S. retail bank, posted net income of $ 3.1 billion, a slight decrease of 4%. The day before, JPMorgan had announced a profit of 4.8 billion, up 76%.

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.

Hostile to a widespread tightening, the G20 has accepted this weekend in Toronto fiscal restraint to the map, depending on the country, and spread over time. The countries have agreed to "reduce by at least half the deficit by 2013, and stabilize or reduce the costs of public debt to GDP by 2016, without specifying binding targets to States.

As a result, financial markets, the atmosphere of uncertainty can be expected.

In Paris, while the CAC 40 has lost about 5% in just three sessions of declines marked – and having earned 10.5% in nine sessions of gains on – the hesitation should be on the agenda this Monday morning.Although at 8:20, the CAC 40 futures contracts predict an opening up of about 0.45%, the trend will remain fragile.

The euro was slightly lower at 1.2362 dollar and gold – the same trend – is still treated in 1256 dollars.

A well-attended American Statistical

On Monday, held a ministerial meeting between OPEC and the European Commission.At the ECB, the figures on M3 money supply and credit to the private sector will be announced at 10:00.

For the U.S., followed the very household income and expenditure for the month of June is available at 14:30 just before the opening of Wall Street.

The statistic most watched this week will be the number of applicants for overseas jobs, which will be released Friday, which should mark a break in the trend with further destruction of jobs expected.

The bank fee: disagreements

Priority of Paris and Berlin, the tax credit has received a cold reception in Toronto at the G20.Despite support from Washington and London, the final communique does not mention the tax lip as a legitimate option for banks to charge up the pieces of the crisis.

Popular Banks Savings Banks According to information Wansquare, BPCE Foncia has decided to withdraw from the sale. The preparation of a new law on directors and the rout of Urbania Group took account of the sale of the land.

Casino Jean-Charles Naouri, CEO of the group, delivered the Figaro its strategy to cope with a sluggish consumer in France, however, offset by continued momentum overseas. The boss has no plans to float Cdiscount and will focus more on small and medium format hypermarkets (6 000-8 000 square meters), rather than the hypermarkets.

Trigano will on Monday publish its turnover for the third quarter of fiscal offset.

The banks have apparently not learned the lessons he's passed. While the crisis has raised among investors need for transparency and simplicity in marketing financial products, Madeleine Guidoni, mediator of the MFA, criticizes them in his 2009 report published on May 28 last, having taken their bad habits: those not well enough informed their clients about their content that sells the Fund or market products that are too complex and not meet the expectations of their customers. What about the first five months of the year 2010? "We see no obvious improvement vis-à-vis the general public," she says. The marketing of financial products was the main (67%) claim of investors in 2009, in mediations.This is why at the end of April, a common pole with the supervisory authority was created "to strengthen the control of the marketing of financial products," stated the AMF said in a statement in May last. Called Insurance Savings Bank-Info Service, will come in three forms: a website, a helpline and a mailing address that will be implemented "in the month of June," says one to the AMF.

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History! No fewer than three giants of French capitalism take their bow this spring. The vintage 2010 general meetings, which are in full swing in recent days, promises to be dominated by the departure of Presidents of Sanofi-Aventis, Total and Saint-Gobain. Jean-Francois Dehecq, Thierry Desmarest and Jean-Louis Beffa, former CEO during the course of their groups, have already sold one after the other the reins of the general direction of their dolphin. By one month, they also give up the presidency, he had kept time to pass the baton smoothly.

For a year, one quarter of the CAC 40 have experienced at their head movements, visible these days as AG. This is often an opportunity for groups to reconstruct the position of CEO, dear to the French tradition. Christophe de Margerie, and Pierre-Andre de Chalendar thus inherit full power Discount Total and Saint-Gobain.France Telecom, meanwhile, saw a rapid transition after the scandal of suicide. St?phane Richard, who took over on March 1, Didier Lombard Branch knows that it will not last: it is proposed as an administrator at the meeting of June 9, to get the Grail as CEO in spring 2011 .

Ultimately, if we exclude the Cr?dit Agricole – true to his rule called "four eyes" – and who will succeed Jean-Marie Sander Rene Carron as head of the group, the Germano-Canadian Christopher Viehbacher (Sanofi-Aventis ) is the only general managers to remain under supervision despite the departure of its president. Serge Weinberg takes effect in the torch left by Jean-Francois Dehecq, the founder of the pharmaceutical company.A matter of nationality? Last year, the board of Societe Generale had waived, under political pressure, to entrust the presidency to Britain's Tony Wyand after the resignation of Daniel Bouton. Rather than having a candidate imposed by the Elysee, the bank was then promoted its managing director Frederic Oud?a the rank of CEO and Tony Wyand placed at his side as vice president.

Vice President referent

If he returns to court, the model of the French boss is omnipotent and more often mitigated by the presence of a guardian "Jiminy Cricket" by his side. At Veolia, already, after the departure of Henri Proglio, his successor Anthony fawn followed closely since last fall by his vice-president, Louis Schweitzer. Axa similar pattern. Henri de Castries, chairman of the board so far, has certainly been converted CEO last week.But at the same time, Norbert Dentressangle, the owner of eponymous transport group, has been appointed as vice-chair, "referring independent director.

Jacques de Chateauvieux, who had succeeded to the presidency of the Executive to Claude Bebear, Axa's founder, had found himself as the structure to the Executive and Supervisory Board was not justified.

As at Societe Generale, had to adjust the statutes to give substance to this vice presidency, that does not exist in French law. Thursday, shareholders of Vinci will last for Yves-Thibault de Silguy at the podium as President. The great servant of the State, which had been called to the rescue in 2006 following the hectic departure of Antoine Zacharias, sits down on the vice-presidency. Xavier Huillard, the group general manager of concessions, makes him the scepter of CEO.A development designed to end the tensions that prevailed in Vinci.

Not easy, indeed, to live day to day relationship between a "chairman" and "CEO" in a foreign country that tradition. "France and the United States are the only countries where these functions remain separate," recalls Loic Dessaint, in Proxinvest, a consulting firm in corporate governance. In light of these latest twists, it appears increasingly that the wave of the separation of powers, meeting in the mid-2000s, showed more concern for some employers to ensure a smooth transition with a real cultural revolution. We had already seen, in 2009, Carlos Ghosn CEO of Renault erected at the term of office of Louis Schweitzer. The method remains valid.Essilor, Xavier Fontanet was withdrawn and the presidency since January 1, transmitting the general direction Hubert Sagnieres. Even the intended movement of 1 July for the specialist Veritas Geophysical GSC.

Finally, it may be tempting to take the highway in reverse, it can be expensive. Jean-Francois Roverato, CEO of Eiffage, who had time left for the operational reins back then paid dearly for this year. Its board of directors granted a renewal of his mandate for one year …

After the Athens Stock Exchange, the Portuguese market in turn undergoes the wrath of investors. On Wednesday, the Lisbon Stock Exchange appears in sharp decline. Around 11:00, Paris time, the flagship index of the Portuguese market, the PSI 20, plaice and 5.77% at 6740.38 points. This drop comes sanction decision by Standard & Poor's yesterday, degrade debt rating Portuguese, from A + to A-.

The rating agency also downgraded the debt rating Greek, she now sees as speculative ("junk bunds). As listed in the category BB + BBB + cons before, government debt is regarded as far more risky than that of Portugal, due to repayment capacity considered more tenuous. Yet the Greek market oscillates around equilibrium Wednesday morning.The main index of the Athens Stock Exchange, the FTSE / 20 Athex back slightly after gaining 0.76% to 828.63 points.According to a financial analyst in Paris, several factors explain this calm in Athens.

Psychological and mechanical effects

Investors see some first as the next allocation of aid to Greece, which should cover $ 45 billion or 55 billion, the International Monetary Fund considering to extend its contribution of 10 billion dollars, according The Financial Times.

Furthermore, "prohibiting short selling in the Greek market this morning can also cause a mechanical increase in the index, investors who are forced to buy back their positions," says financial analyst, who notes that " the Greek market has largely underperformed the European markets for several weeks. "

He also whispers in the trading rooms that some operators is positioning itself to try to take advantage of the situation.Thus, "banks can now arbitrage, borrowing from the European Central Bank (ECB) at very low rates, around 0.5%, and buying bonds Greek very profitable." The rate of Greek bonds to ten years continues to rise: it exceeded 11.076% on Wednesday morning. Until then, long yields a euro-zone countries had never exceeded the threshold of 10%.

All European markets tremble

Greece and Portugal are not the only country to see them off the gap between the rate of return on their bond and a risk free loan for the same period. Spreads of Iceland, Spain and also France's rise. In other words, investors' doubts about the creditworthiness of these borrowers are continuing to strengthen.

This lack of trust leads the major indices falling everywhere in Europe.Around 11:30 am Spanish IGBM fell by 3.41% to 1047.61 points. The German Dax drops 1.97% to 6038.22 points. In London, the FT100 was down 1.05% to 5544.91 points. In Paris, finally, the Cac 40 2.28% yield and password below 3800 points to 3757.10 points.

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LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where anyone outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy, it was the time of Enrico Cuccia, the issue has always been to return to power at Generali No teletrack payday loan. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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After limited Wednesday its losses due to degradation of the note of Portugal by U.S. rating agency Fitch, the CAC 40 remains virtually unchanged, with the Opening index in Paris gained 0.05% to 3951 points. Thursday and Friday, will take effect in the European Council in Brussels. Support measures to Greece are expected, involving the IMF and covering several tens of billions of euros.The stock exchanges in London and Frankfurt also opened small increase respectively from 0.07% to 5682 points and 0.08% at 6043 points.

The program also published a series of U.S. data – weeks claimed Thursday to 13 hours, and a third estimate of GDP for the fourth quarter of 2009 Friday at 13.30 – and the presentation from 9 hours by Jean-Claude Trichet's annual report the European Central Bank before the European Parliament.

The bank in a disorganized

As for values, the series of publications is nearing completion. Thursday, Hermes has released a turnover up 8.5% to 1.9 billion euros, while earnings fell slightly (-0.5%) to 290.2 million euros.Shortly after opening, shares Hermes show a net decline of 2.52% to 102.50 euros.

Pending more information on the measures to be taken at the Brussels summit, banking stocks move in a disorganized: Cr?dit Agricole and BNP Paribas rose respectively from 0.90% to 12.94 euros and 0, 33% to 58.03 euros. In contrast, Societe Generale and Dexia retreating respectively from 0.27% to 46.38 euros and 0.22% to 4.47 euros.

Renault rose 0.61% to 34.01 euros, negotiations on cooperation between the French automotive group Daimler and German are close to reaching an agreement, the Financial Times online payday loans !!!???!! !???!!!.

The Italian A2A accelerates the process of selling its stake in Edison to EDF (-0.09% to 38.55 euros), a transaction that would allow the French group to take control of Italy's number two electricity, at we learned from sources close to the matter.

TF1 head of DTH

Germany, France, the United Kingdom and Spain are planning to protest together with the U.S. President Barack Obama against the forced removal of EADS (+0.76% to 15.28 euros) in the invitation to Tender tanker aircraft for the U.S. Air Force said Thursday the daily newspaper Les Echos.

TF1 got the green light by the High Council of Audiovisual (CSA) to buy chains and TMC NT1 group but AB's subsidiary Bouygues will make certain commitments.A decision welcomed by financial markets as the TF1 shares climbed 4.93% to 13.63 euros, the largest increase in DTH.

KKR announced Wednesday the sale of a stake of 4.4% in Legrand through a process of "book building" accelerated. It will own 20.6% of the capital and 27.5% of the voting rights of French group at the end of the assignment. Wendel for his part said not to join the operation and maintain its 24.9% stake in Legrand (-4.11% to 23.59 euros). KKR shares changing rapidly declining from 2.14% to 6.41 euros.

Camaieu (stable to 158 euros) announced Wednesday the results in sharp drop in 2009 but said he observed an improvement trend in the last semester.

Veolia (+1.25% at 25.96 euros) announced in a statement that the new boss of EDF, Henri Proglio, leaving the presidency of the board of directors. His replacement has yet not been identified.

This is the first known strike British Airways for 13 years. Its cabin began Saturday a strike should significantly disrupt air travel in the United Kingdom during the next three days, after the failure on the eve of negotiations between the company and the union Unite. Approximately 1100 of 1950 BA flights planned over the three days will be canceled. British Airways hopes anyway, filling its planes at best, Saturday and Sunday carried 49,000 passengers on 75,000 for a regular weekend of March, up 65%.

Thousands of members of Unite, the first British trade union, launched the movement to midnight Friday, hours after a failed final attempt to reconcile the co-general secretary Tony Woodley of Unite and the Director General Company Willie Walsh.The conflict includes the company's decision to abolish the post of cabin crew on fifteen on the long-haul flights, and wage claims of employees. Unite has rejected a deal of 4 years, he said, returning to freeze wages until 2014.

At Heathrow, the world's first airport for international traffic, over 60% of long-haul but only 30% of short-and medium-haul should be provided on three days. At Gatwick, London's other airport, the traffic would be normal for the long haul, and operate at 50% for short and medium haul. Picket lines were in place Saturday morning in many UK airports.

The movement would resume next Saturday

Unite represents 12,000 members of cabin crew for British Airways instant payday loan .According to the union, early indications seemed to show that the movement was widely followed, although the direction of BA had threatened the strikers they remove a number of benefits gained.

British Airways seems better prepared than during the conflict in January 2007, when the strike had been canceled at the last minute. She claims to have found a thousand volunteers from among its cabin crew to fly up Monday and have it properly trained. Sixty other companies have agreed to take on their flights by British Airways customers. The move, which comes just a few weeks of parliamentary elections expected May 6, will last until Monday included initially.But he could resume next Saturday for four days, if no solution is found in the meantime.

After negotiations failed, the British Prime Minister Gordon Brown has missed a strike that is' in nobody's interest "and will" cause unacceptable inconvenience to passengers. " He called it "should be lifted immediately" and that union and management "to meet without delay." Co-Secretary Tony Woodley of Unite said he was disappointed that no agreement had been reached. For his part, Willie Walsh has appeared in a video posted on the site of his company and on YouTube, to say "deeply sorry" and call this day "terrible for the company." This move is embarrassing for the Labor government, Unite is the largest financial contributor of Labor.

If one were to designate a culprit in the matter of the contract failed to Abu Dhabi, it would not Areva. Here is essentially the message that Anne Lauvergeon, CEO of the giant nuclear delivered Wednesday before the Commission on Sustainable Development of the National Assembly. Better, Anne Lauvergeon refer to the former boss of EDF, Pierre Gadonneix, as responsible for the loss of the mega-contract. While Emiratis wanted an electrician at the head of the consortium which also includes GDF-Suez, Total, Vinci and Alstom, it would pass. "The president of EDF refused. The first time he told me 'no' because it was a project that would not exist, and the second time he told me 'no' because it was not a strategic country. We, we did everything to win this case, "says she. After long hesitation, EDF has finally joined the consortium.Too late for Anne Lauvergon which regretted the "cacophony" of the French team.

Implicitly, the president of Areva has denounced the lack of organization of the entire French nuclear industry, one really responsible for the loss of the contract. It specifically faults EDF want to claim leadership of the sector at the expense of others. "I think very frankly that in this area if we wish the team of France walk, everyone must stick together." The boss of Areva was referring to remarks made by the new CEO of EDF, Henri Proglio, who upon taking office had campaigned for his group to become the leader. Before being called to order by the government. "To each his job.While some may want to do our jobs, we in any case, it is clear we are on our territory and we did not want to do the work of others, "Anne Lauvergon Assen.

Redefining roles

To avoid further mishaps, the owner of Areva said after the mission entrusted to Francois Roussely the Elysee supposed redistribute roles clearly to 2030. "Let the State decide which operators are likely to be working nuclear export. And given the appropriate means to GDF Suez to take on this role. "

She said the reorganization will allow Areva to ensure reliable partners for the sale of the EPR in the world. "For countries novice, it takes a special organization. You have to know is the head electrician and what model is proposed, "says she.Asked about the high cost of ERP, that might actually played a major role in the victory of Korean Lauvergon Anne replied: "Nuclear safety has always been a cost." She said the levels of security and power of the French EPR of 1,600 megawatts (MW) are superior to those of Korean reactor of 1,400 MW.

The president of Areva therefore calls for standardization of international safety standards to prevent the development of "low cost center" that create "a nuclear two-tier". In conclusion, it announces its firm intention to leave his group to attack the Abu Dhabi for the supply of enriched uranium.

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