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After weeks of procrastination, Silvio Berlusconi now seems to want to accelerate the implementation of reforms in Italy. The panic that gripped the markets on Tuesday following the announcement of a referendum in Greece, weakened still further the country's situation. The President of the Council has convened yesterday a special cabinet meeting to approve the emergency plan for submission to the G20.

This meeting was preceded yesterday morning by a preparatory meeting involving key ministers.A tax on wealth was also considered.

For its part, the Bank of Italy said yesterday, after completing a "stress-test" on the public debt (equal to 1.9 trillion euros, or 120% of GDP), it was "sustainable and expected to remain stable or decline slightly over the next two years, although rates on government securities amounted to 8% and that growth is zero. "

"Be responsible"

Silvio Berlusconi pledged Tuesday to Angela Merkel to present the stimulus at the G20. The stakes are high for Italy, when the borrowing rate to ten years the country approaching the "point of no return."

Most of the people assume all individual health insurance plans to be similar. And it is here they do the mistake.

Canal + has crossed the Rubicon and wants to become a major player in free television in France. Thursday, the group led by Bertrand Meheut announced the takeover of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group. Initially, Canal + buys 60% stake in the TV division of Bolloré Media and awards it operational control. In three years, he may redeem the remaining shares. The operation was buckled in 48 hours! "I know and appreciate for a long time the leaders of Vivendi, Jean-René Fourtou and Jean-Bernard Levy, and Bertrand Meheut, CEO of Canal +. I am very pleased to be associated with such a good team, "said Vincent Bollore, Bollore Group CEO.

Gone are the days when the giants were the audiovisual respect the Yalta on TV: TF1 and M6 to the largest piece of the free TV, Canal + in the world of pay-TV and its 11 million subscribers. In France, the two families have substantially the same size: just over 3 billion euros for free TV financed by advertising and about $ 4 billion to pay.

After struggling for years to ensure a near-monopoly on pay TV (up to buy its rival TPS), it will not take long to Bertrand Meheut to tumble into force on the television commercial. Now a subsidiary of Vivendi will have three frequencies of DTT: iTV, Direct 8 Direct and Star. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For Bertrand Meheut, this operation meets the logic of "creating strong audiovisual groups able to defend themselves both on the live broadcast on the non-linear over the Internet. This will increase the value of our programs will experience an exclusive first exhibition in pay and free TV in a second. And pay-TV business is our heart. "

465 million for Bolloré

If this sounds like a declaration of war groups TF1 and M6, the marginalized, at the same time, the few independent French media landscape, and BFMTV NRJ12. With the launch of DTT in 2005, the Higher Audiovisual Council wanted to bring new players in the PAF: Bolloré Group AB, NextRadioTV and NRJ Group. But since the first two have sold their frequencies. Claude Berda NT1 and TMC has given its ally TF1.Bolloré sells Direct 8 Direct and Star in Canal +. The two remaining independent are the big losers. For its part, Bolloré Media made a good deal. Since 2005 he has invested hundreds of millions of euros in Live 8 and 70 million euros for the acquisition of Direct Star. Five years later, it enhances its flagship TV to 465 million euros! The channel Direct 8, mini-general, would be about 350 to 400 million euros Faxless payday loans. Direct Star would be a hundred. "We have successfully completed the first phase by creating Direct 8 from scratch and placing it among the first of TNT. But for the second phase, which will see all the media groups to engage in significant competition on the content, we decided to partner with a large broadcasting group, "said Vincent Bolloré.The myth of an audiovisual largely open to competition turns into a clash between three private-TF1, M6 and Canal + – and a public group, France Televisions. With their financial firepower, the first three will fight a war without thank you for the acquisition of content.

Add to this a sharp competition for advertising. Canal + now has a board weighing 400 million. Bertrand Meheut is trying to calm things down by stating that "this partnership does not change the industrial landscape, since we are in the continuity of existing channels. We are small in this market for free TV. " He recalled that "TF1 and M6 are, conversely, present in the pay television."It is unclear whether this is enough to calm things down, because, at the same time, the president of Canal Plus says it does not want to "abandon its free channel Canal 20" under channel offset. In this case, Canal +, which exceeds the number of authorized frequencies (maximum seven), should sell two. "It will sell certain frequencies paying," he says. The chain may be referred planet, present on the DTT.

This comes on the eve of the presentation of the report of Michel Boyon, president of CSA, the future of DTT. It is now a fait accompli. The media landscape is recomposed without him. If Canal + bought Direct 8 Direct and Star, the future of DTT is widely drawn. The TF1 group is in a strong position to demand not only the transfer of its news channel LCI of DTT (where it is marginalized) to DTT.But Nonce Paolini, CEO of TF1, claim compensation as a string, which should be TV Breizh. For its part, the M6, if he will not be weakened, will support its claims. He also wants to transform its pay DTT channel Paris Première chain free. And he also wants compensatory chain among its two projects WikiTV M6 family.

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– Manage the post-Fukushima

The renaissance that nuclear power seemed to promise, in the world, there are a few more months, will she be? Areva had put in a position to be a key player in the expansion of civil atom, only controlled and profitable alternative to fossil fuels and "clean" in CO2 emissions which is more. The French group and hired some 12,000 people each year to keep pace expected of its business.

Since 11 March, the situation has changed dramatically: Germany, Switzerland and now Italy, have decided to end their civil nuclear program. India, with firm orders for new reactors was expected before the summer, will surely prolong his reflection. Anne Lauvergeon refused to believe in a "nuclear winter".For her as for other supporters of the atom, the policy decisions taken today as the heat of the moment can be questioned tomorrow.

For now, the international development of Areva is at stake in the coming months, all the nuclear installations in Europe will be reviewed. Although the terms of these "stress tests" are still being defined, Areva will necessarily be at the forefront. Like Anne Lauvergeon, his successor will have to become a diplomat of nuclear power, both to reassure his interlocutors on the safety of this activity and convince them to pursue an effective dialogue with the French group.

– Restore the finances of the company

For a long time, critics of Anne Lauvergeon stigmatize poor operational management of the company and its finances in jeopardy.In 2010, the company has also accused an operating loss of 423 million euros and the rating agency has become mediocre. The group also suffers from having camped on his credo of "vertical integration", to the point of purchase, too expensive, its own uranium mines, which now require large investments. Finally, the action Areva is listed in this form since May 30, has lost nearly 15% payday loan companies.

– Pacifier relationship with EDF

Relations have never been easy between the two companies, they have become abominable between Anne and Henri Proglio Lauvergeon, CEO of the utility since the fall of 2009. Regularly called to order by the state, their shareholders to both, the two companies to work together STRIPS sentenced last fall to formalize a strategic partnership.

All aspects of collaboration are concerned, the supply of uranium to the reprocessing of spent fuel, to building new reactors. But the various working groups have not yet yielded any conclusions. Again, the management of Areva will be watched around the corner. Luc Oursel will be on a narrow track of restoring harmonious relations with EDF, without appearing the vassal.

Seen from the Elysee, the issue is crucial because it is to harmonize relationships within the French nuclear industry to win export contracts. Without compromising the ability of Areva to sell only his skills to other electricians global EDF's competitors.

– To service the Finnish EPR

It's really cursed the site for Areva. The new generation of reactor Olkiluoto 3 should have been operational in 2009. It will not be before 2012.His bill, expected around 3.5 billion euros, has appreciated by 3 billion euros, lead accounts Areva. The company – which has staked his credibility by taking on the project management of this project – no longer has the right to make mistakes. The EPR is the cornerstone of its international development. And it is that Luc Oursel return the task to make a successful export, arguing its assets in terms of safety.

At the same time, the new leader of the nuclear group will tackle the launch of the TDD, a new medium-power reactor that. Through this case is the ability of the company to expand its portfolio of facilities that will be tested.

Unusual activity for some time on the roof of the headquarters of Louis Vuitton Pont-Neuf. Above the heads of workers claw LVMH flagship 60,000 Apis melifera busy, flitting between balconies with ardor and green spaces nearby. Up to 3 miles away. A superhuman job. Consider instead: 4 million trips necessary to produce 10 kg of honey!

These bees towns were nestled there by the beekeeper Nicolas Giant at the request of the king of luxury. Hives in the hive after the bags, fashion jewelry, "LV" has become a honey! Purpose: To educate employees on environmental issues and biodiversity.The protection of bees is crucial, the hive cities produced four times more than the hive fields, where intensive agriculture, pesticides and its Asian hornet Maya threaten these benefactors instant payday loan.

"As sweet as honey", Louis Vuitton, the luxury first company to take this initiative, has made about the theme of its windows. In his first major harvest, she received 75 kg of honey, 500 pots rare, reserved not for sale but to employees and friends of the family. Louis Vuitton scratched nectar, but also labeled Honey La Belle Jardiniere, by reference to the roots of the seat. This was a natural …

At the opening this Friday, the Dow Jones revolves around the balance, 0.15% after clinching a few minutes of trading. The Standard & Poor's 500 does not move at 1361 points while the Nasdaq fold from 0.06% to 2871 points. Economic indicators fell this day emerged mixed.

Household consumption to menu

After finishing up the day, Wall Street reacted little to the various macroeconomic indicators on the agenda Friday. Household consumption has caught up. According to the U.S. Commerce Department, spending rose 0.6%, the ninth consecutive month of increase, after rising 0.9% in February (revised from 0.7%).

Inflation accelerated for the fourth straight month the U.S., according to the price index associated with household consumption expenditure (PCE), released Friday in Washington.It reached 1.8% yoy, while she was still only 1.0% in November

But the growth of economic activity in the Chicago area slowed slightly more than expected, according to the index released Friday Thursday by the trade association ISM, which stood at 67.6 for April.

At 3:55 p.m., the second estimate of the index of consumer confidence in April, awarded by the University of Michigan, will be unveiled.

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron (-0.84% ​​to 107.90 U.S. dollars) has published better than expected results in the first quarter. Net income group share was up 36% year on year to 6.2 billion dollars in the first quarter.

The manufacturers of construction equipment Caterpillar (2.37% to 115.33 dollars) has issued an earnings per share up 411% at 1.84 dollar.The turnover at 12.949 billion dollars, increased by 57%. The group revised its forecast for 2011 up. It expects sales of between 52 and 54 billion dollars against 50 billion previously.

Goodyear (9.92% to 17.81 dollars) on Friday issued a first quarter earnings four times higher than Wall Street expectations, thanks to strong demand.

Blackberry sells more than 15% yesterday after warning on its results.The Canadian group Research In Motion (RIM), maker of multimedia phone BlackBerry, has announced Thursday that its earnings forecasts for the current quarter, published on March 24 last, had to be revised downwards because of disappointing sales.

Merck (+0.14% to 35.82 dollars) announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (-2.06% to 26.16 dollars) is very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion for the third quarter shifted its fiscal year. A performance that does not stop him being left behind parApple (0.79% to 349.50 dollars).Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

And three! According to statistics of job seekers registered at employment center in March, the number of unemployed in group A (did not work that month) declined for the third consecutive month. He even declined significantly: 21,100. Or reflux of 0.8% monthly, the largest since the crisis began bringing to 42,200 the decline in unemployment in a quarter. Another positive sign has to go back to the first quarter of 2008 to find the last virtuous cycle of three consecutive months of decline.

"We return to the situation before the crisis, welcomes Is there Ministry of Labour. Even if we are not immune to turmoil in the months ahead, the trend is a sustained decline on 2011. " A decline that could be much higher than 55,000 by early employment center for the entire year."We will do much better," promises one even rue de Grenelle where we put forward the 500 million new contracts helped decided in March have not yet been offered to the unemployed.

The reflux of March is all the more important that, unlike in January (19,300), it is not offset by an increase in suspensions and cancellations of registration at employment center. The government does not short the risk that this reduction was accused of "statistical" by unions. The suspension of registration for failure to update and deletion of files employment center in fact increased the thickness of the line in March, when they equaled the decline at the beginning of the year. Depending on the category called reference (which focus on government policies of employment), there are now 2 guaranteed approval cash loans.68 million unemployed in France.A variation reduced to 0.7% yoy, against increases of nearly 10% last year and more than 25% in mid-2009.

Higher for applicants with reduced activity this good news, however, are tinged with gray when viewing the data including job seekers with reduced activities conducted in March. The number enrolled in classes B and C (having worked less than 78 hours or more) rose by 10,400 and 15,400, bringing the total of 4700 + registered unemployed in A, B and C. In one year, the variation of this indicator – which fell only 3 times in two years – is + 3.8% to 4.045 million. If less than 25 years and 25-49 years away are rather better in March, it is different for more than 50 years whose enrollment continues to climb. 4% over one month and 13% in one year.It is certainly far from the annual increases – nearly three times – two years ago but the problem of unemployment remains unsolved fifties.

As is that of long-term unemployed whose number swells inexorably as every month. In March, he still rose 0.4% for enrolled for more than a year employment center where the average length of unemployment now stands at 448 days. Not since June 2001, ten years ago, to find such a level.

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At TEPCO, the operator of the central hilly Fukushima, everyone will have to sacrifice financially to repay victims of the worst nuclear disaster since Chernobyl. The Japanese utility Tokyo Electric Power, said TEPCO announced Monday a general reduction in salaries of its staff to reduce expenses. This is for her to pay their due compensation to the people of the region.

All will not suffer wage cuts of the same magnitude. Widely criticized for their handling of the crisis, the honorary chairman, CEO and other senior leaders TEPCO will see their annual emoluments amputation of 50%. The salaries of middle managers will be reduced by 25% and those of ordinary employees by 20%. TEPCO had already announced it would not pay dividends to its shareholders or for 2010 or 2011.

"We will apply these deductions to earnings because of the impact on our accounts of the amounts payable under the law on compensation for nuclear damage to those who have been victims, and because of the increased costs for rebuild electrical installations, "the company said in a statement. Tepco discount and make an annual saving of 54 billion yen (455 million).

Recruitment canceled

In addition, the company canceled a plan to recruit 1,100 people. These hires, planned for 2012, should allow it to expand abroad. Before his international ambitions are ruined by the disaster, including TEPCO planned to expand its business in construction and operation of nuclear facilities outside Japan.

"We sincerely apologize to the public and our customers for concerns and inconvenience caused by the accident in Fukushima," assured the group. "We will continue to make every effort to manage the current situation and reduce our expenses by focusing on stable supply of electricity and security."

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A Godollo in Hungary, where met yesterday evening and until the European Ministers of Finance, there is no question that in Portugal. On the contrary. Already mentioned by several sources yesterday, the willingness of European central bankers to improve transparency in the markets for raw materials is returned to the forefront of discussions on Saturday. A question then became crucial that the European Commission has recently acknowledged a link between speculation in futures markets in commodities and rising prices in physical markets.

"The manipulation of market rates for raw materials is also relatively easy because these are rather small market, and often held by a small number of players" also explains Jean-Paul Pollin, a member of the Circle of economists to illustrate the abuses and monopolistic positions sometimes encountered in these markets and those of their derivatives.

Therefore, proposals are being studied at 27, to control the most price changes associated with these phenomena. Among them, the establishment of position limits, set by the stock market regulator, and determining the maximum number of option contracts held by an operator on a given value and the same direction (buy or sell).

Prevention of market abuse

The final text of the meeting Godollo is not yet known but according to Reuters, he would insist on the will of ministers gathered near Budapest to establish such type of action to "identify and prevent market abuse, particularly cross-market manipulation Same day payday loans. "

Limit the level of position would then reduce the "market makers", as defined by Christine Lagarde.The French Minister supported by his words, the will of France to make the fight against speculation over raw materials, one of the major challenges of the presidency of the G20 which runs until November 2011. "We need mechanisms to ensure proper regulation," stressed the minister. "The position limits would avoid that market makers do too important positions."

Working basis before the G20 in a week

Nevertheless, several steps remain to be taken.Before each national stock Constable imposes such limits under the auspices of ESMA (European Financial Markets Authority), Michel Barnier, Commissioner for Internal Market will include the first proposal in the revision of the Directive on Instruments Markets (MiFID) scheduled for July Each member country must then adopt it, and the European Parliament.

Nevertheless, progress made at European level in the direction of greater transparency in commodity markets, will enable France to have a basic working to convince world powers on this principle, one week before the G20 meeting in Washington April 15.

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A plea for the European social dialogue. The French ministers Laurent Wauquiez (European Affairs) and Xavier Bertrand (Labour and Employment) will send "within 10 days" a letter to Laszlo Andor, European Commissioner for Social Affairs, requesting "that the social partners be fully involved in defining the Union's priorities in the economic and social. " With a copy to Michel Barnier, his counterpart at Market and former French Minister of Agriculture.

"The social partners must be consulted further upstream on the records, under the European semester," explains Laurent Wauquiez, who met Tuesday evening at the Quai d'Orsay representatives of unions and employers' organizations to explain its position ."We have to defend common interests at European level of public services and quality jobs, investment in infrastructure …," he says.

The original of this letter together with Xavier Bertrand, Le Figaro has procured the revolt of European trade unions and employers after the adoption on March 25 by the Heads of State of the Union "pact for euro. According to them, this project developed without consultation "institutionalizes the recommendations concerning them directly. As wage restraint, control of public spending or delaying the age of retirement."The procedures of consultation with social partners would benefit from being retooled, and concede the French ministers in their letter.

Themes targeted

Of the four trails of association "informally" to the study, the Commission may for example interact with the European social partners before making public its communication on the annual review of growth by integrating "their observations and grids analysis to its proposals. " Brussels could still work with them to "a common vision and priorities for structural reforms of the labor market to implement, by targeting a small number of thematic priorities. As "portability of pension rights from one country to another," offers Laurent Wauquiez.

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"There is no concern for supplies." The CEO of Total, Christophe de Margerie, before an audience of patrons of the oil and gas gathered Tuesday in Houston for the conference Cera Week, has hammered its reassuring message. "Saudi has the capacity to address the lack of Libyan production," added the French boss.

While across the Atlantic where gasoline exceeds the psychological threshold of four dollars a gallon in several states, the votes are increasing for the Obama administration draws strategic stocks. Christophe de Margerie replies: "These stocks are made for real shortages. Using them would send a signal to markets of fear. "

Invited to give a broad picture of the oil interests for years to come, the CEO who shows the greatest benefit of the CAC 40, with 10.2 billion euros, was less confident for the medium term."We can worry about our ability to increase production" of oil to meet rising demand, driven by emerging countries. However, investment in exploration and production suffers from the uncertainty room basically said de Margerie. And "the situation in the Maghreb does not make things easier, others" Libya "can occur."

Total up on Russia and Brazil remains cautious

Total particularly focuses on the Russian far north to secure its supply as evidenced by the recent acquisition of 12% of Russian producer Novatek independent for 4 billion. However, Total is not ready for the moment to invest heavily in another region of the world reserves underwater very promising: Brazil. The Brazilian Petrobras does not sufficiently profitable, said de Margerie."Petrobras is understandable if the returns are not as good as U.S. Treasuries that it is not worth going there."

More unexpected from a pattern of "Big Oil" as it means the world of big oil companies, Christophe de Margerie has a clear call to "reduce demand" for oil. Which can come only in developed countries, "a better use of energy." A logical conclusion because in a world of growing uncertainties, Christophe de Margerie said it was hard to bring the world oil production, currently at 86-87 million barrels per day in excess of 95 million barrels per day.