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The natural disaster that shook Japan on March 11 and caused a serious nuclear accident in history, affecting badly the Japanese utility Tokyo Electric Power (TEPCO). The company reported a net loss record 11 billion euros (1.25 trillion yen) on Friday morning, well above the 9 billion expected by the Japanese press. It is the worst deficit recorded by a Japanese non-financial group. The earthquake and the tsunami have paralyzed much of its central activity based in Fukushima, a city northeast of the country now known worldwide. For more than two months in fact, at least four of six reactors on the site are stopped. Before the event, Tepco expected a net profit of 1 billion euros.

Another important announcement this morning by Tepco: Masataka Shimizu's resignation.It must be said that his handling of the crisis has been sharply criticized in Japan and the rest of the world. Particularly for its lack of transparency in the first moments following the disaster. He will be succeeded by Toshio Nishizawa, the current CEO of the group.

State utilities and banks to contribute

The future already looks difficult for TEPCO. The operator had to call for help from the Japanese government. In a request sent on 10 May at the Japanese government, the third largest producer of electricity in the Archipelago evokes an immediate need 8.7 billion euros. Very quickly, the Japanese government has responded, putting Tepco under its control and disclose its financial rescue plan."The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are compensated properly," he commented.

TEPCO has indeed compensate the 85,000 victims of the nuclear accident payday advance. A bill that could total between 25 and 43 billion euros, according to local press. Thus the state ensures that dip into its funds and requires the efforts of other private electricity companies in the country. Even banks will tighten their belts: they have provided a loan of 1.4 trillion yen (11.7 billion euros) to Tepco are asked to waive a portion of their claims vis-à-vis the operator .

For its part, TEPCO must, of course, participate in a pinch.The group will include transfer of financial assets and properties in order to concentrate its resources on the production and distribution of electricity. In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In exchange, Tepco falls again

This Friday morning in Tokyo, the title has finished Tepco small increase of 0.54% before the results are published in the group. Since, in trade-off meeting at the New York Stock Exchange, the action Tepco listed on Wall Street tumbles 9.6% and is only worth 4.45 dollars. So since March 11, the title collapsed by 83%. Investors, cooled the past two months, do not see Tepco bounce soon.While its nuclear activity has melted, the group had to increase production at its thermal power plants to continue to supply the population. However, this has a cost of hydrocarbons, which could cost another 8.7 billion uros on the current tax year.

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All for it! A great stir launched by Laurent Wauquiez triggers an uproar, followed by a double crop, ministerial and presidential primary. But a few days later, means a whole different story. François Fillon Laurent Wauquiez has criticized the "form", but acknowledged the need to "correct" the RSA. And Roselyne Bachelot, who on Monday denounced the "About counter" in the mouth of his government colleague, merely validating the more moderate course, diagnosis shared by all governmental experts: the RSA does not work .

"This system is not perfect and needs improvement. This is a horribly complex. It must be simpler, "said Minister for Solidarity. The Minister of European Affairs has lanced the boil.The initiative is very cavalier but Sarkozyist in mind: to generate debate on a subject which will now cleaving the heart of the presidential election.

Since the Elysee prepares a balance sheet of five years, the RSA is an embarrassment, even if the plate issued by the Presidency of the Republic for the fourth anniversary of the class number of successful reforms. Should he be praised for showing that the government can boast of a true social balance? You run the risk of exasperating his electorate that is notched on all subjects assistantship. Should we criticize, pointing to its shortcomings?

Crisis forces, the RSA is not increased in intensity. Departments have struggled, together, to put in place. The record is disappointing.And Nicolas Sarkozy, who was given carte blanche to Martin Hirsch, came back the promises of the former High Commissioner of Solidarity.

A "disappointment"

Last Friday, Nicolas Sarkozy himself acknowledged before some guests of the evening that the RSA is a "disappointment" because he "does not fulfill the function" for which it was designed. Several employees Elysian find elsewhere, for several days that the RSA was "a bad system." Even Jean Castex, deputy general secretary in charge of social issues, slid in front of several elected officials as the "RSA does not correct the RMI but amplifies it." He likes to cite the example of supermarkets, which are not hiring more part-time because it makes employees eligible for RSA. "As a result, employers have an incentive to pay only partial activities," said Castex.This means that Wauquiez had some support when he opened a gap on this subject.

Now, everyone understands that the assistantship in general, and the RSA in particular, should enter the debate of the presidential election. Whether it is local aid, of individual housing, the earned income tax or unemployment benefits – by far the most generous in Europe, particularly for executives – these benefits will be evaluated. First, during the debate held on this subject by the UMP June 8 Then during the mission's findings Marc-Philippe Daubresse on RSA.

"We have two solutions. Or we're like 80% of the countries that surround us, that is to say nothing, because generalized social benefits are the only true French specificity. Or do we tip of a support system to a delivery system, that is to say, aid in exchange counterparties.Only the second solution seems feasible, there is little confided to Le Figaro a close adviser to the Head of State. The Elysee, who thinks of course the debate of 2012, reflecting on different tracks. For example, the idea of ​​a "welfare reduced based economic growth," says this adviser.

But another near the head of state calls on him "a fierce fight against abuse", without questioning the entire system, on behalf of national cohesion.

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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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The reform of the ISF should apply to tax payable this year. This will help to 300,000 households with assets of between 800,000 and 1.3 million euros to escape the levy. Yet, June 15, usual time of payment of the ISF, the reform will not yet adopted by Parliament. To make the system applicable this year, the authorities have planned to postpone the date to September 15, 2011.

This vagueness will not push the subject to the first installment of the ISF to consider the tax exemption before being fixed and especially worried about the foundations of public benefit, which collect large donations through this channel. "The situation, its suddenness and its uncertainty, is frankly disturbing," says Francis Charhon, president of the French Center Foundation, which fears a fall collection.For assets exceeding EUR 1.3 million, donations to charities are tax-exemption form yet the most interesting, with a deduction of 75% and a ceiling remained at 50 000 payday advance. To simplify and personalize the process, the Fondation de France has even created a website to choose the project to be funded.

Funds that invest in unlisted companies, the FIP and the FCIC, provides, them, an ISF reduction of 18,000 euros maximum (50% of the amount invested in unlisted). Reform or not, they should still be successful. "Last year, they were competed by holding companies. However, they have virtually disappeared, "said Christian Foil, president of Finaréa. Like other managers FIP and FCIC, the company recently launched funds that will alleviate the ISF 2011 … in June or September.

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Robert Zoellick sounded the alarm. "If food prices were not the direct cause of the crisis in the Middle East and North Africa, they have been an aggravating factor," said the president of the World Bank to finance ministers of the G20. Bank, the first institution of development assistance, including Global Food Price Index is an authority considers that prices have jumped 36% in one year. This surge affects most commodities, except rice, and drove 44 million people fall below the "extreme poverty".

The World Bank shares the objective of the French presidency of the G20 to fight against price volatility. As Robert Zoellick explained to Le Figaro, one of the first steps would be "a code of conduct on arms embargoes on the export of food products."It is indeed a constant temptation for producers, when faced with an accident of nature – like Russia, where grain fields have been ravaged by fires last summer – that restrict their sales. Causing a price rise. "At least it should be that embargoes do not apply to humanitarian organizations," Zoellick suggests.

Another avenue to explore "the creation of small stocks of food as humanitarian in areas where there are problems of infrastructure and delivery." Similarly, "it would be useful to have better information on stocks of products." Perhaps most iconoclastic, the former international trade negotiator for the Bush administration calls "that poor countries can use the techniques of risk management, to better cope with price fluctuations."These measures can of course substitute "to efforts to increase agricultural production, for which we are investing $ 7 billion per year," he recalls.

Giving assistance to Côte d'Ivoire

Robert Zoellick acknowledged that he must look beyond the growth rate, which sometimes give an overly flattering in developing countries: "It is a lesson of revolutions in North Africa and the Arab world fast cash. It is not enough to have a good economic policy which brings growth and inflation. If prosperity is not shared and if one fails to mobilize the energies, we will face the risk of revolt. "In Tunisia, it was discovered" a lot of frustrations with bureaucratic barriers to create a professional activity .Bouazizi Mohammed, who was not licensed to sell fruit and thus preferred to die, is emblematic. "

In addition, these countries are poorly integrated into the global economy. To their detriment, said Zoellick, "Take the case of Egypt, whose population is 80 million people, while South Korea has only 50 million. The Korean export more industrial products in a single week than the Egyptians in a year, says the boss of the World Bank. Similarly, if we compare the Vietnam and Algeria, two former French colonies that have experienced wars, Vietnam was inspired by what happened in neighboring countries to open up to foreign investment and create opportunities for its own contractors.Nothing like Algeria, which has yet oil and gas and enjoys an advantageous geographical location for trade with Europe. "

The World Bank says ready to finally bring relief to Cote d'Ivoire. "This is to establish institutions that hostile groups are found, and create emergency infrastructure for water, transportation, energy, said Robert Zoellick, citing the experience of his institution in this type of situation. Simple things such as garbage collection can show people that life back to normal. Besides financial support, with other partners, we must think about discounts on debts, which reach 1.4 to 1.6 billion dollars. "

Renault could have done this possible controversy. But a few weeks after pleading guilty to wrongfully dismissed three executives accused of espionage and one year after the turmoil created by the case of the Clio – it planned to relocate to Turkey – the manufacturer must again be accountable.

The group decided to entrust the production of two new engines to its sites in Romania and Spain, he said Friday. The H4 (3 cylinders) and H5 (4 cylinders) are respectively made from 2013 on the site Dacia Pitesti, specialist low cost, and Valladolid (2012). The announcement had been made in these two countries, but Renault had kept the trumpet in France.

This decision could affect the French mechanics Douvrin in the North.The plant, owned jointly by PSA Peugeot Citroen and Renault, the engine produces D4, a less powerful 4-cylinder (60 to 80 horses, 90 horses cons for the H4 and H5 for 115 horsepower). The motor assembly D4 employs 450 people, about 3450. The downturn could cost more than 200 jobs, said the CGT. These positions will not be replaced by the manufacture of cylinder heads and camshafts for the new engines, which could employ 40 people, said the union.

In response, the group has indicated its commitment not to make any plans for layoffs or voluntary redundancy as part of its new strategic plan. But unions fear that retirement will not be replaced.

Lower volumes

"It relocates slowly, even if management tries to minimize," sighs Alain Labarre, CGT Douvrin.The group, however, rejects these accusations. "The H4 and H5 are required to take the place of older models that were almost similar already made in Turkey, Spain and Romania," said a spokesman, adding that such engines "are not competitors D4 Douvrin made. This engine, fitted to small cars like the Twingo and the Clio (as will the H4) and low-cost models, will be "produced in parallel in the coming years," because "it can offer rates aggressive. "

In late January, Philippe De Coene, director of the French mechanics, however, said that the arrival of a small 3-cylinder would "intervene in the market" of 4-cylinder engine manufactured in Douai, as mentioned by Liberation. He said the volume of the D4 engine "will tend to decline," even if "we will not stop producing it in 2013 and he did not" concern "for the job.He added that he "fought to get another engine family."

In 2010, Renault has made 29% of its engines in France, against 85% for PSA. Renault says it will carry, however 40% of its investment in France by 2013. Engine side, the group said it will produce R9M, a 130 horsepower diesel for the Megane to Cleon, Seine-Maritime. A factory will also manufacture electric motors in 2013.

While the new European standards will make diesel engines more expensive gasoline engines of new generation have a bright future ahead of them. H4 and H5 models, which will reduce CO2 emissions by 30 to 40 grams per kilometer, would represent 85% of the volume of gasoline engines for Renault in 2015.

In lla closing U.S. equities, the Dow Jones advance of 0.58% at 12,162 points. The Standard & Poor's 500 and Nasdaq 100 rise respectively from 0.62% to 1319 points and 0.53% at 2784 points.

Nasdaq acknowledged Saturday that its computer system was hacked, which had interrupted his particular listing more than an hour Friday, January 28. But the index, dominated by technology, should work normally on Monday. A federal investigation is underway to identify those responsible for such intrusions. Part of the system that runs the exchange was not affected by piracy.

Wall Street continues its momentum and finally positive last week. Four times lower than expected for the month of January, job creation were disappointed last Friday, the U.S., but investors reacted positively to the sharp decline in unemployment.Also in the acquisitions, the manufacturer of biomedical testing equipment for Beckman Coulter (9.95% to 82.65 dollars) on Monday announced an agreement to be bought by the industry group American Danaher (2.19 to 49% , 03 dollars), with $ 6.8 billion in cash, including debt.

Household spending and consumer credit

"In the U.S., key economic data this week will be published Friday-state in that regard analysts Aurel BGC-with the trade balance for December and the preliminary estimate of consumer confidence by the University Michigan paydayloans. Wednesday, Bernanke will speak before the House Budget Committee.On the merits, his speech should be close to one he gave last week. "

62 Publication of results of companies in the S & P 500

The agenda of business publications, to the least busy this week, should have more impact on the market: 62 values in the Standard & Poor's 500 indeed reveal their quarterly results. Already since the beginning of the season's fourth quarter, 75% of companies beat the consensus in terms of turnover.

Carried by the prices of raw materials, metals and petroleum experts have closed up. The Alcoa aluminum companies is 1.05%, Chevron and Exxon earns 0.57% 0.78% advance.

Hasbro also climbed from 1.81% to 45.63 dollars after reporting a quarterly profit decline due to limited demand for its fighter figurines, games and puzzles during the key holiday season year-end.

From Monday, Cognizant, FMC, Hasbro, Loews, Lorillard and Pioneer Natural Resources will open, among other things, this ball weekly.

By Tuesday, Walt Disney, Mc Afee, Sara Lee and sacrifice in the exercise, before Akamai Technologies, Cisco, Coca Cola and Whole Foods on Wednesday. By Thursday, it was the turn of C ephalon, Goodyear Tire & Rubber Co., Kraft Foods, PepsiCo or Sprint Nextel (Thursday).

The euro broke the $ 1.38 Tuesday evening and continues beyond Wednesday. This level has not been seen since last November. There are less than a month, the European currency was trading under $ 1.30. So she took off nearly 7%, a very substantial increase for a currency.

Why such a surge of the euro? As always, the foreign exchange market evolves fontion many factors, but the spotlight is turned on for a few days the European Central Bank (ECB). President Jean-Claude Trichet left again suggesting that the ECB would tighten monetary policy – that is to say to increase interest rates – to fight against inflation in Europe. In January, the increase in consumer prices was 2.4%, faster than the 2% target set in the European Union.

The ECB should act before the Fed

On Thursday, the ECB will hold a press conference during which it should act to maintain a rate of 1% (as is the case since May 2009). But any change of tone, or word in the speech of Jean-Claude Trichet will be interpreted as a next turn of the screw, which could well take place before that of the U.S. Federal Reserve, the U.S. central bank. "Rates should rise by 25 basis points (0.25 points) to the third or fourth quarter of 2011," predicts Vincent Juvyns, senior strategist at ING IM.

The Fed, she adopts a rather cautious, showing his support for signs of weakness in the economic recovery of the world's largest economy.Numbers of high importance expected on Wednesday afternoon, will be the best guess strategy overseas: will be unveiled and the employment figures in the private sector which should give some indication of the very important report on official monthly Employment and unemployment whose publication is scheduled for Friday. "It would have the numbers of private employment are drastically better than expected so they give a boost to the dollar," Commerzbank analysts warn.

Thus, the mood in the markets are prompting investors to take more risks, which plays in favor of the euro and away from the dollar.

The euro could move to $ 1.45

If one only looks at technical analysis, that is to say, the study by the graphs, the euro is on an upward trend that should propel it to $ 1.43 in short time.ING IM, the euro / dollar should in any case easily cross the $ 1.40 and perhaps reach $ 1.45 after the first quarter.

The next two months are very important for Europe, while major decisions on the European Fund for financial assistance in terms of amount and duration, will be taken, as well as the establishment of Eurobonds (bonds European). "Europe, in my opinion, has no interest in not swell and not to enlarge the European emergency fund, knowing that banks are still convalescing euroépennes and very exposed to the debts of the peripheral countries like Greece, Ireland , Portugal, "says Vincent Juvyns.If this were the case, the impact on the euro would be positive again.

"But from the second quarter, the euro should resume its downtrend, and gradually decreased to the level of fair value say, approximately $ 1.25 towards the end of the year," the head of table at ING IM. Indeed, the good economic indicators released in recent days within the European Union support the euro, while American news, less good, weighing on the dollar. But these waves of publications can still change their mood.

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LE FIGARO. – In what context did you start the audit on flight safety in your company?

Pierre-Henri Gourgeon. – We announced in the summer of 2009 that we were going to ask an external mission to help us advance our security. Our ambition is to make the best of what is happening in each of our competitors and to apply it. The day we will do what is best, what one does today, we can say that we reach our goal: to bring our performance in flight safety at the highest possible level of industry. Let me also clarify that this is not an audit of all: we are in all fields, in terms of safety standards and international standards.Our aim was precisely to put our flat organization and see where we could improve beyond the basic rules applied to everyone.

This mission is it related to the crash of Flight 447?

It is certain that the tragedy of the AF 447 has created a desire for change in management, but also the entire staff. The report's recommendations do not deal yet absolutely no accident that we do now know what causes. This is the first time that experts from outside a company come listen and have access to all of its services. We welcomed eight specialists undisputed international dimension. They have issued 35 recommendations on three key themes: our organization, our culture and individual responsibilities.We will apply the most.

What are the key reforms that will be launched?

Example, we will create a new track on ground support flights with a trade to which we give a new dimension: the art of dispatcher. It is a technical expert to intervene in ongoing operational support of our crews in all phases of flight. This craft will be deployed on all our long and medium haul flights. We will provide these professionals the best tools available on the market. This represents a considerable investment of effort by Air France. This new scheme will be phased into service with us at the end of summer, and all flights of the company will be involved in two to three years.It will enhance the safety of our flights, but also the robustness of our operations and responsiveness in case of contingency.

The international team with a strong Anglo-Saxon has probably noticed the cultural differences in the organization of your company.

The subject of unions, and their number of strikes has been raised by the external mission. In the United Kingdom and Germany, you have a single union of pilots who can discuss security issues with management of the company without election issue guaranteed online payday loans. In France, it is culturally more complicated.To take this into account, we created a joint committee comprising all proposals where the pilots' unions are discussed and where all the security measures in a spirit of professional cooperation.

What will you do to improve the skills of your drivers?

We will introduce a measure that, socially, would never last a few years ago, but has been accepted by our drivers, who are well demonstrated great courage and genuine humility. The Line Operations Safety Audit (LOSA) will conduct a thirty pilots of the company to move into our cockpits until March 2011 and to observe everything that's going to improve our overall safety and operation.Air France is the first major European airline to implement the compliance program, which, beyond the pilot, affects all trades company.

The company management and wider governance are they subject to development?

Yes, we created a committee of safety of flights on the board of directors. This was one of the preliminary recommendations of the external mission. The existence of this new committee to track the highest level of the company all safety indicators. We have also appointed a security officer at the Air France Group. This person will be responsible for monitoring the implementation of our standards of safety within our subsidiaries Britair, Regional and Citijet.In general, we must create more bridges between departments and ensure that safety culture is stronger, even among the ground staff.

Investigations into the AF 447 takes you perhaps take further measures. Are you optimistic that will then start a new campaign's research unit?

We hope that the fuselage will be found, because we absolutely want to know what happened. People working on this campaign are very optimistic, but they were already in the previous season. We must remain cautious. Will we find the black boxes from the plane? Will there be the use? Do we understand what really happened? It is difficult to answer in the affirmative prior to these three questions, but it is our wish. This accident was a real grief for our group.In response, all of us pilots, flight attendants, mechanics, ground staff at all levels, we all want to be the best student and add new pages to the book of aviation safety.

Attention, a French cheese may hide another. Lactalis is no longer the only candidate tricolor redemption of 50% of Yoplait sold by investment fund PAI. According to several sources, Bel withdrew an information pack through the transfer process.

Unlike Lactalis, the owner of The Laughing Cow, Boursin Babybel and has no activity yogurt. But the opportunity to acquire a global brand in the ultra-fresh is worth studying closely. The group, which achieved a turnover of 2.2 billion euros in 2009, discusses in any case with the Strategic Investment Fund for a possible co-investment.

Irony of the case, Lactalis is a shareholder of Bel at 24% but without any power, the remaining capital is held by a family holding company no fax payday loans.For its part, the group led by Emmanuel Besnier has not received the file, after the rejection of its offer to $ 1.4 billion for the entire Yoplait to the chagrin of Sodiaal, who wants to remain a shareholder.

A score of candidates participating in the proceedings at that stage. Including Nestle, but PepsiCo. Tenders nonbonding are expected in early February.

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