Financial, Business, Personal Finance News

Peak power: Var and Alpes-Maritimes on red alert

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.

This is what the UMP Hervé Mariton. The Liberal member for the Drôme also wish not to replace two out of three employees retiring. Manifestation officials Paris in January 2009.

The former UMP minister Hervé Mariton calls Tuesday to increase the working time of officials "without additional compensation" and not to replace, for three years, two out of three employees who retire, two against one now. The Liberal member for the Drôme this Tuesday night on behalf of his political club Reform and Modernity, 24 proposals to be the presidential debate of 2012.

One suggestion is to increase the working time of employees without additional compensation.The increase in working hours would be modulated depending on the grade: an extra hour per week for officials in grade C (lower level), two hours in class B and three hours in Category A.

Hervé Mariton also wants to go beyond the rule of non-replacement of an official two retiring, established in 2007 by the government. It offers up to two of the three officers for three years. He also wants to convert some officials to "priority tasks" and launch a RGPP (General Review of Public Policy) "local".

Among his other proposals, Hervé Mariton wants to "prohibit" any public aid to enterprises, "except for research," "decentralize" employment center and introduce "a quarter of alternation," "mandatory and paid" at the end of class first.

Italian rates soared again to 7.2%

Interest rates on debt italiennent again flirt with record highs. The rate stood at ten this morning at 7.24%, close to the recent record of 9 November when it reached 7.48%.

The bond rate to ten years in Italy continued its flight Friday morning, dangerously approaching its record high, while Rome was able to borrow 10 billion euros in the markets but at astronomical rates. Around 11:45, the yield stood at 7.247% Italian, against 7.081% at the close Thursday. He had reached Nov. 9 the highest since the creation of the euro area to 7.483%.

A borrowing rate of 7% is considered unsustainable in the long term by experts for a country to be able to honor its debt. "The award has not gone well, which puts further pressure on Rome and its new government," said Cyril Regnat, bond strategist at Natixis.

Gervais Pellissier DG appointed delegate of France Telecom-Orange

France Telecom announced Wednesday the appointment of Gervais Pellissier for the position of Chief Operating Officer and the appointment of three new deputy directors-general.

The appointments take effect on 1 November 2011.

Gervais Pellissier will retain his position as executive director in charge of finance and information systems group, is it said in a statement.

In addition, Group CEO, Stéphane Richard decided to appoint, with effect from 1 November 2011, Delphine Ernotte Cunca, Executive Director of Orange France, Pierre Louette, Executive Director in charge of the General Secretariat, Division France and Operators purchases and Bruno Mettling, Executive Director in charge of human resources.

Jean-Philippe Vanot, France Telecom has therefore now four deputies.

The action France Telecom closed Wednesday at 13.11 euros (0.69%). She lost 15.93% since the beginning of the year.

Tokyo has revised downwards the country's economic outlook

The Japanese government said Monday it for the first time in six months, revised downward its assessment of the economic situation, saying the slowdown in global growth weighed on the pace of recovery in output and exports.

The study involved monthly in Tokyo ten days after the Bank of Japan (BoJ) left its monetary policy unchanged, based on the assumption of a recovery at a moderate pace of the Japanese economy.

On this occasion, the central bank had, however, highlighted the growing risks weighing on the country's economic activity, the European debt crisis and the depressed global growth.

"The Japanese economy is still expanding while the decelerating pace of recovery against a backdrop of persistent difficulties related to the earthquake (11 March)," the government in its study.

The third world economy plunged into recession following the natural disaster occurred at the end of winter.

But production and exports have registered a marked increase in recent months, companies have made great efforts to replace the various production lines and delivery and to reopen factories.

The government has revised down its expectations in terms of exports, industrial production and household spending for the first time since April.

"Even if transport equipment support exports, electronic products and machinery equipment weaken, reflecting the slowdown in the global economy," said Shigeru Sugihara, head of macroeconomic analysis to the General Secretariat of government.

The report is, as always, writes that the government expects the Bank of Japan that support the economy "by appropriate monetary policy actions and decisive, and in close cooperation with the government."

According to sources familiar with the matter, the Japanese central bank is likely to revise downward its growth forecasts in a semi-annual report to be published by the end of the month.

Nearly three-quarters of Japanese companies expect a stagnation of the economy in the coming months, and 12% of them see it fall into recession because of growing concerns about global activity, shows a Reuters poll published on Friday .

The Triple A of France is not threatened by Dexia

The guarantee will be given to the bad bank Dexia should not lead to questioning of the note debt of France by the three U.S. credit rating agencies, Standard and Poor's, Moody's and Fitch. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".

The rating agency Standard & Poor's said Monday that the AAA rating of France, the best possible, was "justified", with a stable outlook, according to Moritz Kraemer, head of European states in an interview with Bloomberg TV.

Triple A is "justified", he said, adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective", said Mr. Kraemer, which is therefore now not the case in France.

Mr. Kraemer was questioned the ability of France to maintain its triple-A given the state of public finances and debt. "However, we continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio," he detailed. He added that "the main challenge lies in public finances," a major problem in the euro zone for him. Mr. Kraemer said that France has already taken steps to control its spending and reduce its deficit and found particularly "solid" pension reform.

These words occur while the representatives of the Belgian, French and Luxembourg have agreed Sunday to provide a guarantee of 90 billion euros to Dexia's funding to facilitate its dismantling.Moody's, one of the competing U.S. S & P, said Monday that the impact of this guarantee on the note of the French state will be "limited".

As for Fitch, she believes that "exposure to Dexia is quite modest relative to GDP (gross domestic product) and does not in itself a significant risk to the note of France," said Maria-Mroueh Malas, Director the division rulers.

The agency also believes that the government's commitment to stabilize the banking sector is beneficial because it removes uncertainty and helps to resolve the crisis in the euro area. "France still enjoys an exceptionally strong financial flexibility and prudent economic management, strengthening its ability to withstand economic shocks," said Fitch.

The Minister of Finance, Baroin ruled Monday that the decommissioning has an impact on the sovereign rating of the Hexagon, the three major rating agencies. "For the rating agencies, we are one of the best worldwide brands and will remain" thanks to structural reforms and the policy of reducing expenditures and compliance with the schedule that the French government has become, at he promised.

Steve Jobs, Apple's legendary boss, has died at age 56

Steve Jobs, co-founder and iconic Apple chief, died Wednesday at age 56 after a long battle against cancer.

His immense contribution to the computer and creativity, which revolutionized the everyday practices of millions of people worldwide, were immediately welcomed in the political class and the world of new technologies but also among Apple customers, often become unconditional followers of products born of his imagination.

"Steve Jobs was among the greatest innovators Americans brave enough to think differently, bold enough to think himself capable of changing the world and talented enough to do so," said President of the United States Barack Obama, saying that the world had "lost a visionary."

From Los Angeles to Sydney, admirers began to pay tribute to Steve Jobs before the Apple Stores'. Before one of these stores in New York, candles, flowers, an apple or an iPod were filed in an impromptu memorial. In San Francisco, some waved their iPads by including one on the screen in black and white portrait of Steve Jobs.

The phenomenon also affects many websites, including Apple, which changed its home page to display a picture of his co-founder, simply titled "Steve Jobs: 1955-2011."

At company headquarters, the flags were taken at half-mast.Employees have left flowers on a bench.

"For those of us who were lucky enough to work with him, it was an insanely great honor," said former rival Bill Gates, former head of Microsoft and other icon of the computer, using the phrase "insanely great" that liked to use Steve Jobs himself.

Outside the residence of Steve Jobs in Palo Alto, neighbors and friends laid flowers and left messages on the sidewalk."Thank you for changing the world," it said in particular.

SOLID COMPANY

Steve Jobs has died in Palo Alto, California, surrounded by his wife and his closest relatives, said Apple, with no other details.

He resigned in late August from his position as CEO of Apple, saying that his health no longer allowed him to take charge.He was then sent to Tim Cooks his right arm over the reins of the company was born, according to legend, in a garage.

For most analysts and investors, Steve Jobs gives a company strong enough to continue growing despite the loss of one who was also its main source of innovation and its charismatic promoter.

Apple, the second market capitalization on Wall Street behind the oil major Exxon Mobil, however, faces many challenges, including the face of competition from Google, whose Android operating system team more and more smartphones.

The Cupertino company is also engaged in a legal showdown with South Korea's Samsung Electronics in terms of intellectual property.

"Steve Jobs has introduced many revolutionary changes in the field of information technology and it was a great entrepreneur. His innovative spirit and its remarkable achievements remain forever etched in the minds of people around the world," said Samsung boss, GS Choi.

The famous "keynote"

Steve Jobs's death occurs after the presentation by Tim Cook of the new iPhone 4S in a "keynote" as Steve Jobs featured at each release of a new Apple product. The new device has attracted little enthusiasm, much regretting the lack of major innovation for the product best-selling worldwide.

Steve Jobs's death was announced after the end of virtually all trade with the New York Stock Exchange.The Apple stock ended the session at 378.25 dollars but the title side yielded 3.7% in Frankfurt on Thursday morning.

Tim Cook said that Apple would hold "soon" in-house ceremony in honor of Steve Jobs.

"Intelligence, passion and energy of Steve were the source of countless innovations that have enriched and improved the lives of all of us. The world is infinitely better thanks to Steve," Apple wrote in a statement.

Steve Jobs' wealth is estimated by Forbes magazine to seven billion dollars and it is unclear how it will be distributed.

Moody's lowers rating to three notches Italy

Moody's Investors Service downgraded Tuesday by three notches note of Italy, explaining see an increase risk of financing for euro area countries with high levels of debt.

Moody's reduced the rating of Italian government bonds from Aa2 to A2, a grade lower than that of Estonia.The U.S. agency maintains a negative outlook on this rating, which means that further falls will be a few years.

On 19 September, Standard and Poor's had lowered its rating on Italy as it was previously A/A-1 to A + / A-1 +.

Italy now finds itself firmly at the center of the crisis of debt in the euro area.

"The negative outlook reflects the economic and financial risks in Italy and in the euro area," Moody's said in a statement.

"The uncertain environment of markets and the risk of further deterioration in investor sentiment could limit the country's access to public debt markets."

Financial markets are worried more and more weak growth, a deficit of 120% of gross domestic product and a coalition government in difficulties.

The decision by Moody's is not really a surprise. The agency had said Sept. 17 it would complete its review of Italian finances for a possible downgrade within a month.

Silvio Berlusconi said that the decision was "expected".

"The Italian government is working with maximum commitment to achieve its fiscal objectives," said the head of government.

Moody's believes, however, a defect of Italy is a probability "distant".

Borrowing costs have surged in Italy the past three months.And if they were brought under control, thanks to purchases of Italian bonds on secondary markets by the European Central Bank.

So last month, an Italian ten-year loan had to be based on the promise of a return of 5.86%, the highest level of this type of paper since the launch of the euro there over ten years.

The austerity plan of 60 billion euros from the Italian government to enable it to accelerate by one year to 2013 its goal of a balanced budget.

The deficit of the social security reduced to 14 billion in 2012

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) .

Japan is prepared to act on the foreign exchange market

Japan will act firmly against any speculation on currency markets, said Monday the Minister of Finance Yoshihiko Noda, thus demonstrating the will of Tokyo to fight against the soaring yen.

Yoshihiko Noda, who believes the upward trend of the yen as more and more unilateral, also indicated that Japan was in close contact with other countries on this issue.

"We will monitor the markets even more closely than before to detect any speculative activity.We leave open any measure, and we will act decisively when necessary, "he said.

The phrase was repeated several times during the day by the Minister of Finance himself, but also by the Prime Minister Naoto Kan and Secretary of the Government Yukio Edano.

Friday the yen hit a new historic high of 75.95 against the dollar. Anticipating action by the Japanese authorities, the markets have brought the dollar to rise to 77.23.Shortly before 0800 GMT, the dollar was trading against 76.70 yen.

Signs of strength in Tokyo, however, did not allow the equity markets to hide the fear of a return to the U.S. recession, and the Nikkei closed Monday down to a low of five months .

August 4, Tokyo intervened unilaterally in the currency market, but the operation did not prevent minvestisseurs continue to buy yen a safe haven in times of crisis.

According to Kyodo News, the trade minister said Monday Banri Kaieda coordinated action with the U.S. on currency markets would be preferable.

The names of Banri Kaieda and Yoshihiko Noda are most often cited to replace Naoto Kan when it leaves the head of the government, perhaps by the end of the month.