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.
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Investors continue to play it safe Friday in anticipation of monthly U.S. employment. The European stock markets opened slightly down in the wake of the fence undecided on Wall Street, the CAC 40, FTSE 100 and the DAX lost between 0, 1% and 0.3%.
The Tokyo Stock Exchange ended down after three sessions of consecutive increases.
In the Greek case, the European Central Bank (ECB) is studying how to contribute to the bailout of Greece in Athens and could make profits earned on Greek bonds it holds, by circumventing the prohibition of direct financing of the States.
Values, Volvo earns 1.8%. The Swedish manufacturer of heavy trucks has yet reported an operating profit below expectations for the fourth quarter of 2011.
LVMH lost 1.5%, a victim of profit taking after the publication of its 2011 results.
The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.
European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.
No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.
French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.
"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.
The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.
Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.
"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.
The two leaders also said they urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps.
"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said Angela Merkel.
Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic," said Nicolas Sarkozy.
Inflation in Britain has reached its highest level for three years in September, according to official figures released Tuesday.
The National Statistics Office (NSO) said that consumer prices increased by 0.6% a month to month and 5.2% a year, their largest increase since September 2008 after 4.5% in August.
Analysts expected a 0.4% inflation a month to month and 4.9% year on year.
The ONS said the price increases by four of the six major utilities companies were included in the figures for September and that those of the two remaining ones would be in October.
The post electricity, gas and expenses jumped 18.3% year on year in September, said the ONS, while transport costs increased by 12.8%. The food prices have increased by 6% each.
The Bank of England (BoE) expects inflation of 5% this year, well above its 2% target, but the recent deterioration in economic outlook augurs a return in the medium-term objective the BoE, which is 2% annual rate.
EDF said on Wednesday an order for 44 steam generators for the renovation program of French nuclear power plants with a capacity of 1,300 Megawatts.
Areva and the U.S. company Westinghouse are assigned respectively the supply of 32 and 12 generators with a total of over 1.5 billion euros, EDF said in a statement.
For its part, Areva, which will receive $ 1.1 billion of that total, 16 states that the steam generators will be made available to the electrician in July 2016, eight in January 2017 and eight in January 2018.
This control of steam generators to the reactors with a capacity of 1300 MW is part of the program of gradual replacement of large components on power.
Each steam generator, weighing 438 tonnes, has an internal circuit consisting of 122 km of tubes for making steam, which then produce electricity via a large turbine.
All the tubes of steam generators will be manufactured in France at Montbard (Côte d'Or).
It should allow Greece to erase half of its debt and at the same time provide additional support to banks that have funded, say Tuesday in a forum of political advisors French and German.
Decisions taken on 21 July to control the debt crisis of the Greek are not sufficient, the judge in the Financial Times Deutschland a group comprising a committee of "wise men" German business, an adviser to the French government and an official of the Economic Review International Monetary Fund (IMF).
"Creditors should give about half of the nominal value of their Greek bonds," they write."So it would be possible for Greece to reduce its debt to a sustainable level by yourself."
The leaders of the euro area agreed on July 21 with a discount of 21% on Greek bonds by an exchange of indebtedness in Athens more time to repay loans. But many players still consider it inevitable failure wider Athens on its debt.
The authors of the platform of the Financial Times Deutschland ask it possible for banks to exchange securities against Greek bonds issued by the European Financial Stability (EFSF), to ensure a smooth restructuring process.
"In addition, banks holding large amounts of Greek sovereign bonds need special support," we read in the gallery."This is especially true for Greek banks."
Greek bank stocks Monday fell more than 6% to a low of 19 after news reports indicating a discount greater than expected on the debt of Athens, despite the denial of the Greek government.
Greek Prime Minister George Papandreou on Tuesday traveled to Berlin to meet German Chancellor Angela Merkel and discuss the progress of Athens in the implementation of fiscal reforms required in return for international aid.
Greek MPs should approve the meantime in the day an unpopular property tax, a new austerity measures intended to pave the way for the return of the inspectors of the "troika" – IMF, EU and European Central Bank – responsible for assessing whether Athens will receive the next tranche of aid decided in May 2010 and thus avoid bankruptcy.
The government today introduced the project financing of social security for 2012. The deficit of the general expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012.
Valérie Pécresse said on Thursday, September 22 France 2 that the deficit of social security would be reduced to "14 billion" in 2012, adding that "for the health sector, the deficit will be less than 6 billion euros". The budget minister in the day to present the project financing of social security for 2012 (PLFSS). She said that the deficit of the health insurance was $ 12 billion in 2010. She assured that the deficit of social security would "fall in two years by 40%."
On pensions, "expenses are contained" through the "efforts of the French" and the pension reform of 2010, she said.Regarding the health insurance, the government decided to "delisted" certain drugs, but "very little, only the drugs useless." A list will be established by the Authority for Health and the Ministry of Health. This should bring 40 million euros. It is also envisaged that "over 600 million savings on drug prices." "We will ask the laboratory to lower drug prices," said the minister.
According to information obtained by AFP, the deficit all branches (sickness, old age, family, work injury / illness) is expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012. The deficit of sickness, most importantly, will fall below 10 billion in 2011.The government intends to pass it under the 6 billion next year, according to a source familiar with the matter. The latest available figures, given in June by the Commission of Audit of the Social Security (CCSS), reported a "hole" in the social security of $ 19.5 billion for 2011.
In a wider area, adding the deficit in the Old Age Solidarity Fund, which funds the minimum pension, the deficit would reach a total of just over 22 billion in 2011 and around 18 billion in 2012. In early September, in its annual report on Social Security, the Court of Auditors, taking the broadest scope (general, diet and other small FSV) was alerted to a deficit of close to 30 billion (29.8) .
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.
Inflation in the euro area is expected to remain significantly above 2% in the coming months, said Monday the president of the European Central Bank, Jean-Claude Trichet.
"Everyone understands, especially in the present situation, it is crucial that the ECB maintains its inflation expectations well anchored. It is crucial to overall confidence," said Jean-Claude Trichet before the commission Economic and Monetary Affairs of the European Parliament.