The price of a liter of unleaded 95 euro climbed to 1.5640, while that of 98 unleaded rose to 1.6022 euro. This surge is due to tensions in Iran and the decline of the euro.
The price of gasoline at the pump hit new highs Friday in France, according to data released Tuesday by the Ministry of Sustainable Development, those of diesel playing in contrast to the decline. The price of a liter of unleaded 95 euro climbed to 1.5640, while that of unleaded 98 (whose sales are much lower in SP95) rose to 1.6022 euro, surpassing both levels records they had met in January, according to figures compiled by the Directorate General for Energy and Climate (EDCM).
However, diesel is still trending down, to 1.3960 euro per liter last week against a peak of 1.4240 in mid-January, and well below its spring 2008 record (1.4541 euro ). These are national averages calculated by the DGEC from data provided by service stations.
This surge is linked to two phenomena, geopolitical tensions (Iran, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which increases the cost of black gold imported into France, once its price converted into the single currency. Diesel sales represent about 80% of French consumption of motor fuels, the unleaded 95 just under 15% and unleaded approximately 98% 5.
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.
Former European Commissioner Mario Monti was the favorite Thursday to succeed Silvio Berlusconi as head of the Italian government and try to counter the surge in borrowing costs in the country, another who briefly relieved the European stock exchanges.
The Economist, 68, former European Commissioner and now president of Bocconi University in Milan, is seen for weeks by the markets as the best candidate to lead a government of national unity and implementation of emergency austerity measures needed to redress the accounts of the country.The Paris Bourse was almost in equilibrium, Frankfurt advanced 0.5% and London gave up 0.45%.
Discussions in the PDL
Italian President Giorgio Napolitano has appointed Mario Monti senator for life Wednesday. Investors saw this as a sign that he would ask him to try to form a government from the start of Silvio Berlusconi, expected in the coming days.
And as the cost of borrowing to ten years in Italy continue to grow beyond 7%, a level deemed unsustainable by many, the assumption of a unity government seems to be gaining ground in the PDL.
"The LDP can not simply follow the call to the polls that emanates from the core," said Foreign Minister Franco Frattini in an interview with Corriere della Sera.
To believe an important elected PASOK in power, Prime Minister George Papandreou resigned after agreement on a transitional government will be concluded in Greece, possibly as early as Sunday evening.
Objectives, duration and the choice of the directing personality similar government must be acquired before the start of the power of the current prime minister, said on national television MP Telemachos Hitiris.
"Just wait for the announcement of the (selection) Prime Minister in the cabinet. Everything must be done in the day, otherwise it will be hell tomorrow," he warned.
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.
Societe Generale said Thursday in an email to the press that the goal of equity of 9% at end-June 2012 without resorting to the market, after testing by the European Banking Authority (EBA ).
Earlier in the morning, the French bank whose needs additional capital was estimated at 3.3 billion euros, said it will recapitalize on its own without explicitly rule out an increase of capital.
For avoidance of doubt, SocGen said that it does not seek public money or raise capital in financial markets.
Under the agreement reached on the night of Wednesday to Thursday at the conclusion of a new double top, the European authorities have agreed to recapitalize their banks to the tune of 106 billion euros, 8.8 billion for French banks.
BNP Paribas, whose capital needs were assessed by the EBA to 2.1 billion euros, also rejected any appeal to the market.
Heineken, the world's third largest brewer, reported Wednesday a surprise increase in the volume of beer sold and its sales in the third quarter, supported by the strength of African markets and a rebound in sales in Russia.
Revenues rose 0.6% to 4.65 billion euros against 4.51 billion euros expected on average by eight brokers polled by Reuters.
In August, the brewer warned that weak consumer confidence, combined with a sluggish summer, would affect earnings growth this year.He also maintained its forecast for net profit before exceptional items for 2011, saying it would be roughly consistent with the previous year.
In the third quarter, net income amounted to 525 million euros, an amount virtually unchanged from last year.
The title gained 1.24% to 0800 GMT, having reached in early trade a high of two months with an increase of 4.1%.
Release said this morning that the CNT had reserved 35% of the black gold to France in exchange for his support for the rebellion. A soldier in the camp of Colonel Muammar Gaddafi near the oil refinery in Ras Lanouf, March 12, 2011.
The representative in Paris of the National Transition Council, the governing body of the rebellion Jamahiriya, denied Thursday that the CNT has signed with France a document promising him 35% of Libyan oil, in a statement to AFP.
Hours before the start of a summit dedicated to the democratic reconstruction of Libya in Paris, the French daily Liberation published a letter dated April 3, headed the "Popular Front for the Liberation of Libya" and addressed to the Emir of Qatar in which the CNT said it has signed an "agreement to give 35% of total crude oil in exchange for French support to our total and permanent
I've never heard of this front, "responded Mansour Sayf al-Nasr, special envoy of the CNT in Paris." All documents, all treaties are signed valid CNT ", he argued, rejecting any other document as invalid. The governing body of the Libyan rebels are known, since late February that as the National Transition Council.The only reference to a "Liberation Front" on the Internet refers to the letter of April 3, published by Liberation on Thursday and runs for weeks on the web.
Asked on RTL radio on Thursday, the French foreign minister Alain Juppe said "not aware of such a letter." "The CNT has said very formally in the reconstruction, he addressed preferentially to those who supported him, which seems quite logical and fair," he said, repeating does not have "knowledge of formal agreement. " "We are not alone. The Italians, the Americans are there," he said.
From London, the representative of al-CNT Guma Gamaty assured that future contracts on the exploitation of Libyan oil shall be granted "based on merit, not patronage."Libya, the fourth largest producer in Africa (after Nigeria, Angola and Algeria), exported before the insurrection against the regime of Muammar Gaddafi 80% of its black gold to Europe, especially Italy and France.
Libya has the largest oil reserves in Africa, with 44 billion barrels, far ahead of Nigeria (37.2 billion barrels) and Algeria (12.2 billion). These large companies are Italy's Eni, French giant Total and the Anglo-American BP, Shell and ExxonMobil. The country has also almost doubled its exports of natural gas in recent years, 5.4 billion m3 per year in 2005 to over 10 billion m3 of this year, according to OPEC, through a new pipeline to the Italy. Its reserves are estimated at 1,540 billion m3.In early August, the CNT was committed to honor, "he will govern as a temporary", "all financial contracts and petroleum agreements under Gaddafi."
The owners of the Federal Reserve, International Monetary Fund (IMF) and the OECD have increased over the weekend the pressure on political leaders on both sides of the Atlantic, urging them to get out of their torpor to meet the economic challenges.
Meeting in Jackson Hole, Wyoming, the cream of the world economy seems to fear that the slowdown in growth and worsening debt crisis from escalating into a much deeper threat if nothing is done.
By Friday, the Fed chief Ben Bernanke has set the tone, insisting that most of the work to establish a solid foundation supporting growth in the long term was within the White House and Congress.
IMF Executive Director Christine Lagarde warned the next day against the risk of the global economy plunging into recession and called on leaders to "act now", especially for a European bank recapitalization.
"I hope they listen," responded the governor of the Bank of Israel Stanley Fischer.
For Angel Gurria, Secretary General of the Organization for Economic Cooperation and Development (OECD), "Governance is not a very rosy at the moment (…), either in Europe or the U.S. ".
"That's the feeling that emerges from the discussions in the short term, 'We can not even come to an agreement on the time it is, even when there is a huge clock that tells us", has he told Reuters.
DO NOT UNDERMINE GROWTH
United States, the political stalemate has inhibited the proposals to control the country's massive deficit, which led to the edge of default and earned him the loss of its coveted triple-A rating to eyes of the Standard & Poor's.
In Europe, the euro area remains divided on the question of who will pay the debt crisis, exemplified by the divisive debate on the euro bonds or collateral requested by Finland in exchange for his assistance Greece.
Christine Lagarde, whose intervention in Jackson Hole was added at the last minute and reflected his sense of urgency, warned against the too rapid reduction in deficits, which could undermine growth faltering.
She is not alone.
Since the outbreak of the financial crisis, the Fed cut interest rates to near zero and bought 2,300 billion of bonds to support the recovery.Monetary policy has exhausted much of his ammunition, everything depends now on fiscal policy, suggested in Bernanke substance.
"Although the issue of fiscal sustainability needs to be addressed urgently, the heads of budgetary issues should take into account the fragility of the current economic recovery," he argued.
"Warning shot"
According to Glenn Hubbard, dean of Columbia Business School, Bernanke's speech is "a wake-up call for government to say: 'Stop to submit to the Federal Reserve, you have a job to do" .
"The Fed simply said: 'We are monitoring the situation closely but we encourage the government, both parties to get around a table and adopt a plan to strengthen long term fiscal and then maybe a plan stimulus in the short term, "he told the Reuters micro Insider.
These calls from the elite of the world economy could offer unexpected support Barack Obama while his campaign for a second term may begin as ominous a stagnant unemployment rate beyond 9%.
The U.S. president prepares a speech after the Labor Day scheduled Sept. 5, in which he is expected to present proposals to boost employment.
Barack Obama also turned to the tenors of the world economy.
The tenant of the White House and German Chancellor Angela Merkel met Saturday by telephone from the crisis in the euro area and the turmoil in financial markets, vowing to take measures to revive the global economy.
The day before, Barack Obama spoke with Christine Lagarde and the two agreed that the economy needed short-term measures to support new growth.
European side, the question of the soundness of the banking sector returns insistently.
Christine Lagarde and the President of the European Central Bank Jean-Claude Trichet have both stressed the strengthening of bank balance sheets, the executive director of the IMF even calling to make a "substantial recapitalization."
"While policy dialogue is clear, the uncertainty generated by political posturing in Europe and the United States creates serious risks", says Eswar Prasad, a professor at Cornell University.
The cost for a sixth grader is 187 euros, or 7% from a year ago, according Familels France. School children on the day of the new school year Sept. 2, 2010, in Vincennes
The cost of school for a student entering the sixth this year is 187.32 euros, up 6.8% over 2010, far more than inflation, according to the traditional investigation of the association Families de France (FDF) released Wednesday. "It's not good news for families," he told a press conference the President of TOT, Henri Joyeux.
Last year, the increase was only 0.63%, after two sharp declines in 2008 and 2009. This moderation was partly due, according to Families of France, the "core of the season."This offering school supplies at affordable prices was renewed this year between FDF and the retail stores, but this time without the support of the Ministry of Education. Minister Luc Chatel regretted the end of May that the discussions had "failed to reach consensus (…), in a context of rising prices of raw materials used in papermaking."
The FDF survey is carried out for 27 years. Another association, the Confederation of Families (CSF), also supplies its own annual estimate of the cost of school. It will do this year on Aug. 30, according to its deputy general secretary, Brigitte Masure.
