The people of eastern Provence-Alpes Cote d'Azur are encouraged to moderate their power consumption between 18 and 20 o'clock tonight. There is "a real break."
The departments of Var and Alpes-Maritimes were placed on red alert Ecowatt for the day Monday, meaning that there is a "real risk of power outage on the east of the Provence-Alpes-Cotes d'Azur, RTE has announced on its website
. While the EDF subsidiary responsible for carrying current provides a new record consumption in France for Monday 19:00, clients are asked to reduce their electricity consumption between 18:00 and 20:00. "Faced with the real risk of power outage on the east of the PACA region, all partners Ecowatt is mobilized," said RTE.
Due to the wave of extreme cold and the importance of electric heating in France, French electricity demand has surged in recent days and flirting with historic levels. RTE provides for the fateful hour of 7:00 p.m., around which electricity demand reaches its peak every day in winter, consumption of 97,900 megawatts (MW), beating the current record of 96,710 MW reached Dec. 15, 2010, according to his tracking software in real time Eco2mix.
Due to a capacity lower than elsewhere in the means of production and power lines, east of PACA and Britain are considered "peninsulas" much more vulnerable to a "blackout" electric. Interviewed on RTL, the boss of EDF Proglio said Monday morning that his group would face "in terms of production capacity," but acknowledged that the distribution system was weakened during record consumption. "I confirm that EDF will be the appointment of the electrical needs of France even in advanced today as" indicating that the electrician had "mobilized all its resources". "This is the distribution network that is involved. (…) The distribution network is made vulnerable in terms of capacity during periods of high peak and we ensure that this weakness does not result in cuts" , he said.
"These include two large areas in France who are in vulnerable situations, it is the West and South-East for reasons related to the fact that these regions, the inhabitants of these regions fairly routinely refuse capacity building routing, "he justified.
As for the Val d'Oise, where some 3,000 homes were without power Sunday night due to a failure of an underground electrical cable, Mr. Proglio assured that "the situation will be restored in the day". The Var and Alpes-Maritimes and the United Kingdom had already been placed in "risk orange" dernière.RTE recommend particular week, also to avoid using appliances, turn off the electricity in unoccupied rooms and equipment in standby mode
. French consumption had grazed his record Thursday night at 96,377 megawatts, while strongly negative temperatures and snow affect France.
The overall business climate in France has again deteriorated in November, as expected, shows the monthly business survey released Wednesday by INSEE.
The composite indicator of business climate in manufacturing industry fell by two points to 95 and remains below the 100 that corresponds to the long-term average of this indicator.
All 23 economists polled by Reuters on average expected a figure of 95, with estimates ranging from 93 to 97.
The indicator of business climate as a whole, including services, construction, wholesale and retail trade, a parallel decline of two points to 93.
"The turning point indicator remains in the negative zone in which he had switched to in September.Sectoral indicators are all turning into a negative zone, "said INSEE in a statement.
The service indicator down two points to 92.
Three days after international issues overshadowed the G20 summit in Cannes, the budgetary situation and policy in Greece and Italy will again be the focus of discussions among finance ministers of the euro area and European Union on Monday and Tuesday in Brussels.
The meetings of the Eurogroup and the Ecofin Council will kick off a new week decisive for the future of the single currency.
The European Central Bank lowered its key rate to 1.25% against 1.5% so far. The new president of the institution Mario Draghi must hold a news conference this afternoon to justify this choice. The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet for the presidency of the European Central Bank.
The European Central Bank (ECB) decided on Thursday to the surprise of lowering its key rate a quarter point to 1.25%, it had noted in the same proportion there is barely five months.
Since the launch of the euro on 1 January 1999, the ECB changed its rates 34 times (18 increases and 16 decreases).
The French Minister of Industry, Eric Besson, ruled Monday "totally premature" to discuss the hypothesis of a partial nationalization of French banks to prevent serious impacts of the debt crisis.
The major French banks have suffered heavily traded in recent weeks of market turbulence, to the point that some observers do not exclude more than they must use the financial support of the state to strengthen their capital base.
"It seems premature and totally beside the point now to raise this event," said Eric Besson on RMC and BFM TV.
Societe Generale announced earlier today a new savings plan, while the rating agency Moody's might, according to several sources, the note will soon deteriorate and those of BNP Paribas and Credit Agricole.
The U.S. federal agency oversight of mortgage filed a complaint Friday against 17 major international financial institutions for a total loss of $ 41 billion in bonds linked to subprime.
The Federal Housing Finance (Federal Housing Finance Agency), which oversees the giants Fannie Mae and Freddie Mac, criticized those institutions which include Bank of America, JP Morgan Chase, Goldman Sachs, Deutsche Bank or Societe Generale, have sold bonds backed by home loans in these transactions by presenting inaccurate one day.
The director of the FHFA, Edward DeMarco, seeks to minimize the losses of Fannie Mae and Freddie Mac, which had to be nationalized under cover of the 2008 crisis.Fannie and Freddie guarantee bonds backed by home loans.
The banks ended sharply lower on Wall Street. Bank of America lost 8.34% to 7.25 dollars, JP Morgan Chase 4.6% to 34.63 dollars and Goldman Sachs 4.55% to 107.06 dollars.The KBW index of banking sector has lost 4.5%.
The FHFA and other investors say the banks in securitizing mortgages granted to individuals for the purpose of selling them to investors, have not made all the necessary checks and concealed, or not presented correctly, the quality the underlying loans and the borrowers' ability to pay.
Gradually, as borrowers can not meet their deadlines have become more numerous, the value of securities backed by loans dropped, resulting in losses for investors.
The FHFA JP Morgan continues to securities losses totaling more than $ 33 billion.The complaint against Société Générale is more modest: about $ 1.3 billion.
In his complaint against Merrill Lynch, the FHFA says: "The defendant falsely stated that the underlying mortgage loans meet certain guarantees or guidelines, including presentations that have significantly exaggerated the ability of borrowers to repay their mortgage (…)".
FACTORS OF CONCERN
The federal agency in housing finance has already filed a complaint against UBS in July, seeking to recover at least $ 900 million incurred over $ 4.5 billion of debt.
Some fear that the new case Friday formalized rules that interfere with the negotiating are the largest banks with the attorneys general of 50 states on the issue of abuse that took place in mortgage lending.
Banks could indeed be reluctant to enter into this global settlement if they know of other state bodies are also likely to claim their money.
The major U.S. banks are already facing the possibility of having to pay tens of billions of dollars in settlement of disputes relating to their activity in the mortgage and their practices in foreclosure.
Such expenses would further reduce their capital levels and may reduce their ability to lend even as the housing market is at half mast and that the U.S. economy as a whole shows signs of slowing down.
Bank stocks suffer as signs that the Fed could start to sell short-term debt recorded in its books to purchase securities of longer maturity in order to lower long-term returns, as part of stimulus.
This action, known in English as "Operation Twist", could affect the margins of the banks that fund themselves short term and lend long term.
Sign of the concern surrounding the banking sector, the Federal Reserve has asked Bank of America to present the measures it would take if business conditions were deteriorating, reports the Wall Street Journal Friday, citing people familiar with the file.
Losses resulting from the accelerated deterioration of subprime and other mortgages have forced the government to nationalize Fannie Mae and Freddie Mac September 7, 2008. Since then, American taxpayers have spent over $ 140 billion to stay afloat these two pillars of real estate financing.
Total will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to an article to be published Friday in Les Echos.
"Total is preparing to set up a network of about 500 service stations at low prices in the Hexagon in 2012 to compete with supermarkets, several union sources indicate" the business daily reported.
This project must be presented to trade unions at a works council on Sept. 9, according to Les Echos, which said it will not apply to motorway service stations.
European shares ended down Friday, concluding a third straight week against a background of restless fears of a relapse into recession in major developed and sovereign debt crisis.
The CAC 40 index dropped 1.92% to 3016.99 points, but varied between a low of 2947.91 points (-4.2%) and a high of 3078.28 points (0.07% ).
For the week the index lost 6.13%, after falling 5.48% Thursday, bringing its slide to 17.82% since the beginning of the month.
"Above all, the anticipation of 'double dip' recession in the double way early 1980s, which haunted investors.This contraction is somehow accepted and caused by the austerity budget set up by European politicians, "said Eric Galiegue, president of Valquant.
Other major European markets, London has sold 1.01% 2.19% Frankfurt and Milan 2.46%. The European indices EuroStoxx 50 and 300 respectively Eurofirst fell 2.15% and 1.66%.Since the beginning of the month, the EuroStoxx 50 loose 19.15%, 13.32% and the London Stock Exchange German 23.45%.
On Wall Street, the S & P 500 fell by 0.15% and the Dow Jones 0.33% at midday in New York.
"The second quarter growth was well below expectations on many aspects: sluggish domestic demand, external demand risk and a clear concern about the financial variables, crystallized by market volatility," recalls Erick Muller Chief Investment Officer of Fidelity bond range.
The situation remains very FRAGILE
The implied volatility of the Eurostoxx 50 has remained virtually unchanged Friday (0.29%) but jumped 71.29% in three weeks.
"The month of August will bring real improvement on any of these points.The overall situation remains very fragile for the second half and the markets have adjusted the valuation of assets as a result, but suddenly long term, "said Erick Muller.
In this context, cyclical stocks and banks have once again suffered, Renault (-4.69%) showing the greatest decline in the CAC 40 lost 4.27% BNP Paribas in Paris.
Elsewhere in Europe, banks Unicredit and Lloyds fell 4.8% and 5.8%, while car manufacturers Porsche and Fiat gave up 4.45% and 4.3%.Their respective sector indices ended lower by 1.81% and 2.86%, the car even accusing the largest decrease sector.
Since the beginning of the month, European banks have unscrewed from 21.85% and 27.74% of the car.
The same causes leading to the same effect, investors fled to the assets with the least risk, such as gold, which recorded a new record of 1,877 dollars an ounce and earns nearly 14% since late July, or Yields on government bonds rated.
The rate of the 10-year Bund and of the French OAT maturing well remain virtually unchanged in late afternoon around by 2.1% and 2.77%, after falling in the morning at 2.031% and 2.713%.
"Despite the deterioration in the rating of the United States by Standard and Poor's, despite concerns in general about the astronomical amounts of public debt, interest rates on government bonds with very broad market fall," Valquant said in a weekly strategy note.
"This is a sign that investors are in full 'flight to quality', and they seek refuge in government debt," says the company.
Air France-KLM, Europe's largest airline by revenue, reported in July an increase in passenger traffic coupled with higher revenues but a decline in cargo business.
Action Air France lost 5.74% to 6.56 euros by 9:20, amid fears of a relapse of the global economy and extension of the debt crisis in the eurozone.
The Franco-Dutch company rose 6.9% in passenger traffic last month, higher than the 5.4% increase in capacity operated on the month.
The load factor was up for his 1.2 points to 87.3%.
"Unit revenue per available seat kilometer (RASK) excluding currency has improved over the previous year, driven by traffic in business class," said Air France said in a statement.
Networks Americas and Asia, the load factor in both cases exceeded 90%, while traffic has increased by 9.6% and 8.1%.
The European network is itself remained "dynamic" last month (+7.2%) despite the debt crisis.
However, freight transport remains to the death as in previous months.Unrest in Africa and the Middle East, combined with overcapacity in from Asia, have resulted in a decrease of 2.7% in cargo traffic in July.
Capabilities having remained broadly stable, the load factor fell 2.1 points to 64.0%, while unit revenue per tonne kilometer (RATK) excluding currency is down from one year to another .
The International Air Transport Association (Iata) said last week that the tendency to transport passengers remained on an upward trend, but at a rate lower than the 10% rate observed during the rebound following the last economic crisis.
"The slowdown reflects the deterioration in economic growth and rising costs caused by rising fuel prices and the higher taxes in some countries," said IATA.
The association also noted that freight volumes, a barometer of trade, had not shown growth since July or August 2010.
The reluctance of Europeans to the establishment of a second aid package to Greece concern the markets. The financial turmoil won Italy and Spain. The logo of the euro to the European Central Bank in Frankfurt.
Several countries expressed concern Monday, July 11 the risk of the whole euro area gained by the turbulence caused by the debt crisis in the markets, while Italy pitching turn and called for swift action to stabilize the situation. "We have seen tensions in financial markets in different countries (euro area), maybe a little more in Italy than elsewhere, but we are witnessing the tensions across the euro area and so we have find a solution, "said Belgian Finance Minister Didier Reynders, before a meeting with his counterparts of the monetary union in Brussels.
The banking sector has been particularly rough ride Monday on European financial markets, fears of a default of Greece and the risk of contagion to Italy feeding the fears of investors. Anxiety was setting across Europe with an index Stoxx European banking fell by 2.49%. Italian banks were the most affected. The Milan Stock Exchange let go of 4.3%, as the Lisbon Stock Exchange. The Madrid Stock Exchange it was down 3% Monday afternoon.
"We are faced with something that is more systemic" that the only case of Greece and "the stability of the euro area as a whole", he echoed the Spanish Finance Minister, Elena Salgado. His Greek counterpart Evangelos Venizelos has also called on Europeans to end their procrastination on how to deal with a crisis that has lasted over a year and a half."Today we need a strong and clear message in favor of stability, not only in Greece but in the euro area," he said.
The reluctance of Europeans focus on the development of a second aid package promised to Greece, on a scale similar to the first 110 billion euros in loans decided a year ago. They come from differences over the need to help this time the country's private creditors, banks, insurance companies and pension funds, and the modalities of such participation. "We must now find the guidelines for private sector involvement," stressed Mr. Reynders. Germany, the Netherlands and Finland in particular are a requirement to unlock new loans. "A substantial private sector participation is a pre-condition", reiterated Monday the Dutch Minister of Finance Jan Kees de Jager.
Other countries and the Commission and the European Central Bank (ECB) are much more reserved because they fear that fueling the nervousness of the markets and do not feed a contagion to other fragile states. Madrid is one of reluctance. "Spain has always been cautious about this because it may cause instability. Since the beginning we fear that generates instability," said the Minister of Finance. In any event, the Belgian minister has insisted he does not force you to hand to the banks. "I am sure we will come to an agreement today on a voluntary basis" for this contribution, Mr. Reynders said, calling for a French proposal to "rollover" of the bonds: the banks would be invited to renew their loans to Greece where they have already made them mature.
However, this option has the lead in the wing since the rating agency Standard and Poor's warned it would cause a default part of Greece, that Europe wants to avoid. So, even if it does not receive the approval of rating agencies and have a default, the Netherlands and other countries favor to present to a more radical option. "We did not say that this should be mandatory (…) but some rating agencies will consider any substantial interest as not entirely voluntary," said the Dutch Minister.