The Industry Minister, Eric Besson, promised that the potential beneficiaries of social tariffs for electricity consumption of course apply from 1 January even if the measure of automatic access is still not back in force.
While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet the measure was to take effect January 1. This had been announced in the fall of Eric Besson, Minister of Energy. Faced with this bug, it has reiterated on Friday that the device, once it enters into force, will be properly applied "to the gas bills and electricity consumption corresponding to January 1, 2012." In other words retroactively.
This delay, which is expected to continue for several more weeks, is due to the fact that the "last formal consultations" between government and industry should always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of Paris …
These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). Entered into force in 2005 for electricity and gas in 2008, social tariffs were previously allocated upon application to rights-holders (the limit is 7800 euros in annual revenue to about a single person and 11,700 for childless couple, ed), but by lack of information or administrative complexity, many do not demand.
Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.
"The decree is under consideration by the Council of State, he should be able to give its opinion in the coming weeks, when he will have the last formal consultations that are normally involved in early (February editor's note) . The decree will be published in the coming days, "the ministry said.
In connection communication, the President of the Syndicat Intercommunal the outskirts of Paris for the Electricity and Communication Networks (Sipperec) Catherine Peyge said there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, meaning they spend more than 10% of their budget on their energy bills, says she said. "What do public authorities to publish the decree and to end the anomaly whereby a tariff, decided in 2000, implemented in 2005, still can not protect the families who need? Meanwhile the prices of electricity rose by 6% in two years, and the bill could jump by 30% by 2016 ", criticized Ms. Peyge.
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The French car market fell by 20.7% in January, falling to its lowest level for 14 years, the disappearance of the last scrappage sluggish economy and the sign for the sector a difficult first half. According to figures released Wednesday by the Committee of French Automobile Manufacturers (CCFA), registrations in the Hexagon emerged last month at 147,143 units, almost 39,000 less that 'in January 2011. "This is a lowest since 1998. The bad controls are not in December registrations in January (…) The first half would be difficult," said Francois Roudier Wednesday , spokesman for the CCFA. Sales of light trucks fared better, but nevertheless signed the first decline for several months with a 2.5% decline in gross (-7% on CJO) to ; 32,707 units. "This is one more indicator of the economic context, an additional amber light came on," said Flavien Neuvy, Director of the Cetelem of the car. "The trend is bad for sales to individuals, but the climate gradient will also weigh on sales to companies," he added. Around 24:30, the values are still car oriented upward, catching up after several sessions of declines. The European index sector is 2.6%, 2.1% Volkswagen, PSA and Renault 2.9% 3.4%. VERY GOOD MONTH FOR VOLKSWAGEN AND NISSAN The CCFA said that the builders who have benefited from the scrappage scheme have had their registrations plummeted. In addition, the prospect of the release of new models during the years attracted the attention of future customers, it adds. Car sales of PSA Peugeot Citroen last month fell 27.4%, while those of the Renault group tumbled 32.7% (-36.9% for the diamond brand and -10.5% for the low cost brand Dacia). In a statement, Renault blamed the decline in the ongoing renewal of its range, including the arrival of the Clio 4 in the fall. The Group nevertheless confirmed its target of a French market share close to 26.1% in 2011. Next PSA, Peugeot has also continued to be affected by pending the arrival of the 208, scheduled for spring. Other general, the Fiat brand saw its sales in France dropped by 40.9%. In contrast, German Volkswagen still has shot out of the game: Group registrations increased by 18.2%, and the only VW to 26.8% with a wide offensive in terms of products and prices. Nissan's partner Renault, meanwhile saw its sales under its own brand to increase by 19%, which allowed him to exceed the month Opel (GM group) by volume. Sign that sales may remain low for at least several months, PSA Peugeot Citroen announced Tuesday that production would be stopped a week at Mulhouse and Sochaux early March to "adapt the stocks at the request commercial ". Both sites, however, produce some best-sellers like the Peugeot 308 and 3008 and the Citroën C4 and DS4. PSA and Renault have said in recent weeks to expect a difficult environment in 2012. They expect a decline of at least 3% of the European market this year and down 5 to 8% of the French market.
Values to follow Tuesday at the Paris Bourse. </ P> * VALUE FINANCIAL – EU leaders could seal a final agreement on the second level of support Greece in the coming days, Monday and tried to calm an early debate on a proposed loan to Berlin to Greece Trust budget. </ p> The Prime Minister of Greece Lucas Papademos met after the summit in Brussels with EU officials and European Central Bank to discuss the details of the restructuring plan of Greek debt under negotiation with private creditors.</ P> * INSURANCE – Moody's Investors Service said Tuesday it had raised to stable from negative its outlook for the industry and damage to the French insurers maintained its negative outlook on the sector of 'life insurance. </ p> * CROSSROADS announced Monday the departure of its Executive Director responsible for growth markets, Pierre Bouchut, in which analysts had seen a candidate ; rieux to succeed Lars Olofsson. It Georges Plassat was chosen to succeed the CEO of the distribution group. </ P> * Renault, which owns 25% stake in Russian manufacturer AvtoVAZ, could take control via its alliance with Nissan in the first half of this year, said Monday the news agency RIA Novosti, citing About Sergei Chemezov, the chairman of the holding company Russian Technologies. </ p> * RENAULT and PSA PEUGEOT CITROEN – According to the Tribune, quoting unofficial sources, registrations of new cars have plummeted in January as planned in France, as a result of the context economic and very unfavorable comparison of early 2011, when the effect scrappage was still playing full. </ p> According to La Tribune, Renault fell by 45 %, 37% of Peugeot, Citroen Dacia by 31% and 18%. The two French manufacturers have refused to comment on the figures to be published Wednesday. </ P> * EADS – UBS moves from neutral to buy on the title with a target price raised 22 to 31 euros. </ p> * ACCOR – Nomura resumes coverage value with a recommendation to "reduce" and a target price of 19.50 euros. </ p> < p> * Veolia Environment – Morgan Stanley going to underweight-weight line on the title. </ p> * SOITEC, who had said it expected an operating loss "significant" in 2011-2012, has announced that it would be between 40 and 45 million euros. </ p> * EIFFAGE – JP Morgan goes underweight to neutral on the title.</ P> * NORBERT DENTRESSANGLE reported Monday night of "signs of slowing at the end of the year" in the business of its customers, in a macroeconomic context "showing progressive signs of slowing. "</ p> The group achieved in 2011 a consolidated turnover of 3.576 million euros, up 5.6% at constant exchange rates and like basis. The fourth quarter alone, the change in net sales was 4.2%. </ P> * ALTEN judge earlier this year "reassuring, if not encouraging," despite the depressed economic environment that characterized the end of 2011. "The activity in January remained satisfactory, comparable to last year," said Alten. Of 2011, consolidated sales increased by 14.5% at constant currency and constant perimeter, to 1065.7 million. The fourth quarter alone, growth stood at 12.5%. </ P> * DRY ENVIRONMENT, which in 2011 posted an organic growth of 6% of its sales of Business 424.2 million euros reported in 2012 on a build up its business in line with the last six months "in an uncertain macroeconomic environment." </ p> <p > Regarding the issue of participation in the Saur, including the assumption of an output, the chief financial officer Jean Geissler declined to comment, simply stating that mediation was ongoing. </ p> * ARTPRICE.COM expects a jump in sales this year with the launch of its online auction service, said Monday its CEO Thierry Ehrmann, in an interview with Reuters. </ p>
Faurecia announced Friday the successful refinancing for a $ 1.5 billion, the group has launched Monday.
These operations include a bond due in December 2016, for $ 350 million with a coupon of 9.375%, said the automotive supplier in a statement.
The refinancing of Faurecia also involves a new syndicated loan of 1,150 million, consisting of two bands A (690 million euros) and B (460 million), respectively of maturity in November 2014 and November 2016.
These two operations will allow us to prepay a loan of 250 million euros made by Peugeot in conjunction with the refinancing of the existing syndicated bank also said Faurecia.
Banks must be better capitalized to avoid an escalation of the crisis that would be caused by a financial collapse, said Sunday the German Finance Minister Wolfgang Schäuble on the ZDF television, adding that banks no longer trust the to each other.
"We need better regulation and better capitalization of banks," he said.
"Everyone will not like this, but it is the best way there is no escalation of the crisis caused by a collapse of the banking system."
"The cause of this crisis is too much debt, but we must fight the danger of contagion. We must simply recognize that banks currently have more trust towards each other, so the market Banking is not working as it should.The best way to combat this is a better recapitalization. "
Slovakia is the latest member of the eurozone to vote strengthening of the European financial stability. Part of the coalition threatened not to accept the text. If no vote, there is no "plan B" according Amadeu Altafaj-Tardio, spokesman for the European Commission. Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs.
The last step seems to be the most difficult to cross to Europe. Slovakia is the 17th and last country in Europe to vote on strengthening the European Financial Stability Fund (EFSF), and part of the coalition threatened not to accept the text. Without the approval of Bratislava, the plan can not enter into force in accordance Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs. Interview.
Slovakia Can Europe block?
We hope there will be a positive vote in Bratislava.But if Slovakia did not accept the text, the plan will remain outstanding. And if the vote is negative, the plan falls apart. The EFSF will then remain in its current state but will not have the means to ensure the protection of the euro, as it is supposed to do in its new form.
Ratification does not seem won …
We're not there yet. The Slovak authorities have committed heavily to vote the text. Besides the Prime Minister Iveta Radicova has resigned on the table in case of refusal of the plan by the coalition. Our message was to the Slovak authorities to say that strengthening the EFSF is in their interest. It may be very useful to the country if the crisis in the euro area spreads.
Can you put pressure on Slovakia?
What do you want, the Commission took power in Bratislava? We can not force the country to ratify the plan.This is the responsibility of all political actors. We can not require Member States is in the nature of the European Union. States have decided to vote the text unanimously in 2010 against the advice of the Commission. If we had done by a qualified majority, we would not be here.
This is not the first time that Slovakia played bad students …
We have already had a fantastic story with this government. Parliamentary elections in 2010, Prime Minister of the country – currently in power – has campaigned on his opposition to help countries better off than him. Then, the arrival of Iveta Radicova as Prime Minister, the party decided in June to stop its bilateral loans to Greece in the forefront of support. The decision was taken after the second installment.It is now the sixth …
Part of the coalition claims to be exempt from participating in EFSF (7 billion euros 440 billion in total). Can we modify the agreement to allow Slovakia to vote on the plan?
The agreement was ratified by 16 member states before it, we can not change it for a country. What would the other parliaments have already voted if the text were changed to the Treaty? They could also claim their scpécifiques measures and find that it is unfair to make concessions to one country. Finland has obtained special guarantees with Greece to vote on the text. But these guarantees were part of the bailout.
Values to follow on Friday at the Paris Bourse.
* AXA. Offers for Axa Privaty Equity, private equity branch of the insurance group, must be filed by early next week, the Financial Times and The Tribune.
The Strategic Investment Fund (ISF) said Thursday he would not consider an acquisition of Axa Private Equity.
* DEXIA. Belgian finance ministers and French planned to meet Monday to discuss the future of Dexia, a bank in the center of intense negotiations on a possible restructuring, write Friday Les Echos. No one was immediately available at Bercy or the Belgian Ministry of Finance to comment on this article.
* SOCIETE GENERALE.UBS lowered its recommendation to buy from neutral and cut its price target to 21 euros against 35 euros.
* SOITEC sought to reassure the market on sales growth plates in the first half of 2011-2012, two days after a warning from Advanced Micro Devices, its main customer, on their own perspectives.
LyondellBasell group wants to close its refinery in Berre, in the Bouches-du-Rhone. If the project is completed, France will have lost three refineries in a year. The number of hexagonal site will be increased from 23 to 10 in the space of 40 years. Employees of the LyondellBasell refinery in Berre, in a social movement in 2010.
The carnage continues for oil refineries. Total after Dunkirk in 2010 and Petroplus to Reichstett (Bas-Rhin) in June, the American petrochemical company LyondellBasell announced Tuesday plans to close its refinery in Berre, in the Bouches-du-Rhone, which it considers unprofitable .
The site employs 370 employees in a petrochemical complex in 1270 employees will lose 120 million euros a year depending on the direction. But the group failed to sell it. No less than "85 entities around the world were approached during the sale process, to no avail.The refinery has in fact been no bid "has he explained. This ensures that only 370 jobs are directly affected refining risk. But unions argue that the loss of jobs could extend to the entire complex.
In response, nearly a thousand employees voted in a general meeting Tuesday the start of a "strike hard" for 48 hours. Wednesday, the entire petrochemical complex was shut down. Between 200 and 300 employees are present for locking, according to unions. The next general meeting is scheduled this Thursday at noon. Those decisions involved a year to the day after the start of great social movement that paralyzed almost all French refineries and caused a fuel shortage.
General meetings in nine out of ten sites
And the risk of a new scale strike is beginning to emerge.The movement of employees of LyondellBasell could spread, even if solidarity is shy at the moment. Employees of nine of the ten French refineries have held general meetings on Wednesday. And could lead to possible actions. But for now, only employees of the Total refinery at Donges, Loire-Atlantique, voted in favor of an immediate movement but symbolic: a decline in production to a minimum flow for 24 hours.
On the side of the Total refinery in Gonfreville l'Orcher, near Le Havre, general meetings were also held. But only a third of the participants voted in favor of a strike and the unions did not consider the results sufficient to initiate an action. A Fos-sur-Mer, in the ExxonMobil refinery, there was no general meeting.
The situation could change Friday.A meeting of employees of the four sites in the area of Berre be held and could lead to possible actions. If the strike is decided, it could spread to other refineries.
France lost 12 refineries in 40 years
The future seems to darken French refineries from year to year. There were 23 in the late 70's, there are no more than 11 still active today. And the closure of the Berre could add to this sad list. Refineries "are in excess production capacity, and do not have sufficient opportunities" because of "demand is very sluggish," said Jean-Louis Schilansky President of the French Union of Petroleum Industries (Ufip). It will even "operating loss of several hundred million euros" in 2011, a trend in "neighbor" of 2009, when they lost 1 billion euros, "he added.According to Les Echos, refining margins, which represent the difference between the price of refined products and their production costs, decreased by 60% between 2008 and 2009. And are now at a "crisis level".
French refineries were in effect in 2010, almost 82 million tonnes of petroleum products like gasoline, diesel or fuel oil. But demand remains well below capacity. Consumption in France in 2010 reached 33.6 million tonnes of diesel and 8.2 million tonnes of gasoline. "Since 2007, there was a drop in consumption in Europe related to energy conservation, and the phenomenon is exacerbated by economic crises," said Constancio Silva, an economist at the French Petroleum Institute-New Energies.
"The divestitures or closures inevitable"
He said the refiners were not able to adapt to changes in demand.They suffered from the rise of the French nuclear fleet. This has indeed led to a decline in demand for heavy fuel oil, which was used previously to operate power plants.
In addition, refiners have invested in the 70 and 80, in units of gasoline production, then the fuel most consumed in France. But they were surprised by the explosion in demand for diesel, accentuated by a favorable tax and lower consumption of diesel engines. The sale of diesel fuel currently represents 75% of fuel sales in France. Motorists consume 33 million tons, but French production capacity amounts to only 20 million. Refineries hexagonal therefore find themselves being forced to export 30% of its production of gasoline, including the United States where, again, demand has slowed.According to the Professional Committee of oil, gasoline sales abroad have in fact fallen by 20%. And Parellel, oil companies are forced to buy diesel fuel abroad, which increases their expenses.
In this context, "ultimately, disposals or closures will be inevitable," says the Ufip. Pessimism that refuses to admit the unions. In response to the closure of the Berre, CFDT and CGT federations in the industry, oil chemistry yelled "stop the slaughter." "This announcement is unacceptable. For it is not linked solely to the problems of weak refining margins and the inadequacy of the means of production with the market, the surplus of gasoline and diesel deficit" Have they denounced.
According to them, refinery closures meet market logic and a lack of investment.The FNIC-CGT calls "a multi-year investment" on the basis of the report of the French Institute of Petroleum, which presented June 22, through investment, featured tracks of development for French refineries.
An argument shared by Thomas Porcher, PhD in economics author of "A barrel of oil against 100 lies." He said the lack of investment to change the production structure of French refineries explains their lack of profitability. "Despite the record profits from the price effect of rising oil prices, these investments were ousted in favor of a preference for investments in refineries near the mining areas. This is the case Total in Saudi Arabia with the Jubail refinery example. It can produce low-cost, because of its proximity to the deposits.But it is especially with a modern production system to adapt the ratio diesel / petrol desired. The problem of refining French could no longer be similar "to a lay-sector" including the means of production have become unsuitable as a problem of competitiveness. While the first causes the second "he says.
Axa has hired investment bank Credit Suisse to explore the sale of its private equity division, told Reuters on Friday two sources familiar with the matter.
The British news channel SkyNews had indicated this morning that the French group insurance decided to sell its subsidiary AXA Private Equity, adding that it could be worth one billion pounds (1.15 billion euros ).
"It's like any new process," said one source, noting that the figure of one billion sterling mentioned as selling prices seemed quite high.
Axa and its subsidiary did not wish to make comments.
A spokesman for Axa said Axa Private Equity, an AXA IM managed $ 28 billion in assets.
Axa PE announced in August with the acquisition of HSH Nordbank much of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1, 17 billion) and another from Barclays for 740 million dollars.
In April 2010, AXA Private Equity acquired for $ 1.9 billion of private equity investment in Bank of America, when signing the largest-ever by a single buyer in this market.
Greek Prime Minister George Papandreou would consider the possibility of consulting the Greeks on solutions to overcome the debt crisis, says the Greek press. The abandonment of the euro would be an option. Athens has denied this information. The Temple of Zeus in Athens.
Greek Prime Minister George Papandreou would explore the possibility to consult the public in a referendum on how best to tackle the debt crisis, or remaining in the euro area, either by abandoning the single currency, a Greek daily said Tuesday.The Prime Minister would be based on a favorable outcome for the euro to continue its drastic austerity policies applied at the request of the creditors of the country, the euro area and the International Monetary Fund (IMF), the daily Kathimerini said, Citing "sources" unidentified.
A text of the bill was under development, understands the everyday., No confirmation could be obtained from official sources on Tuesday morning. The Greek Ministry of Finance on Tuesday denied that information. "It makes no sense," said a source at the Ministry of Finance told AFP. Given the scale of protests in Greece last spring, Mr.Papandreou announced June 19 the holding of a referendum in the fall to concentrate on "the great changes that the government aims for the country", including political reforms as the functioning of parliament, the electoral system as well as an overhaul of the judicial system.
According to opinion polls, the Greeks have lost confidence in their political and judicial system, which has never been able to stem the endemic corruption in the country. The information on a proposed referendum on the euro are published at the time the Minister of Finance negotiates fiercely with the troika of the country's creditors seeking the implementation of austerity measures decided in July (fewer staff, reducing public expenditure) before paying the next $ 8 billion euros of the loan in May 2010 to avoid bankruptcy the country.
