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The German E.ON and Hydrocop Concessions, a small group of eight French distributors of energy, announced Monday an alliance to win the hydroelectric concessions that France decided to open to competition.

E.ON seeks to expand its presence in renewable energy since Germany has announced its withdrawal from nuclear. The group plans to spend $ 7 billion in this direction over the next five years.

At the request of Brussels, France is preparing his side to open up to competition dominated field by EDF launching tenders for the renewal of concessions of ten hydropower.

The tenders should initially be made on a case by case basis between 2010 and 2013, and the concessions to be granted between 2013 and 2015. But none of the appeals process for applications has not yet started.

"We are late," said a spokesman for the Department of Ecology, adding that the ministry was trying to recruit consultants to finalize the specifications.

The European Union has asked France to open 20% of its hydroelectric plants to competition. The concessions are to be renewed in the Alps, the Pyrenees and central France.

Hydroelectric capacity of France, which reached about 23,500 MW, is now managed by EDF – which operates 85% of facilities in the country – and GDF Suez, which has said it wants to increase its share market sector.

The Competition Commission (Competition Commission) Switzerland announced Friday the opening of an investigation of several international banks suspected of having entered into agreements to influence interbank reference rate and marketing of certain products.

The Competition Commission said in a statement that an institution is denounced by stating that several banks have influenced the benchmark Libor (London Interbank Offered Rate) and Tibor (Tokyo Interbank Offered Rate ) for certain currencies.

Libor is used worldwide as a benchmark to set rates on transactions whose total amount is estimated at 350,000 billion. 

The slightest change in these rates calculated daily based on data from a selected group of banks may have a significant impact on rates charged by banks.

"For these behaviors, traders could obtain a distortion of the reference rate in their favor," said the policeman of the competition in a statement.

The Competition Commission is also suspected that brokers will be concerted on the differences between the buying and selling (spreads) of derivatives products, allowing them to sell financial products to ; disadvantageous terms for their clients. 

Investigations of the Competition Commission with respect to 12 major European institutions, U.S. and Japanese: UBS and Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

INVESTIGATIONS IN EUROPE AND THE United States

U.S. authorities, European and British also seeking banks have underestimated the interbank rates to reduce borrowing costs and try to ease market tensions during the financial crisis.

At the time, Libor rates had increased, but some had found that this increase was insufficient to reflect the actual prices in the interbank market. 

"We are in contact with the U.S. Department of Justice and the European Commission," said Reuters on Friday Olivier Schaller, Deputy Director of the Competition Commission. "Our focus for now on the problems appeared on the Swiss market. We're just beginning our investigation. "

" We take these surveys very seriously and cooperate fully with the authorities, "said a spokesman for UBS and Credit Suisse

. RBS have refused ; s to comment while no one was immediately available in other institutions for a position

……. .. Suspicions had already emerged in 2011 when a European asset manager sued a dozen international banks, accusing them of understanding to manipulate Libor …… Charles Schwab Corp.

… has also instituted proceedings against eleven major banks for the same reasons. 

In July, UBS announced it had granted immunity in a case of suspected manipulations to Libor in exchange for his cooperation with certain authorities.

Manufacturing activity contracted in January in the euro area, for the sixth consecutive month, the burst displayed by Germany was not enough to prevent the depression is prolonged, the figures show the survey by Markit Purchasing Managers with. Although industrial production rose for the first time since July but the level of new orders continued to decline in the region, raising fears that it will take time before the economy the euro area to return to solid growth. In its final version, the index stood at 48.8, slightly better than the flash version (48.7) and in December (46.9). The sub-index of production rose for the first time in July to 50.4, revised from an initial estimate to 50.0, against 47.1 in December. The sector has experienced rebound in Germany, where manufacturing activity in January has returned to growth for the first time in four months. The index rose to 51.0 in January, against 48.4 in December and 50.9 in the first estimate. It has surpassed the 50 which separates growth from contraction. However the activity of the manufacturing sector has deteriorated in France. The PMI rose to 48.5 last month, according to the first estimate (flash) published on January 24. He had registered 48.9 in December.

Bratislava voted in favor of strengthening the European Financial Stability Fund (EFSF) in a second vote. This is the last country to have approved. Slovak Prime Minister Iveta Radicova and President of movement Freedom and Solidarity (SaS) Richard Sulik in negotiations for el parliamentary vote of expanding the EFSF on 10 october 2011.

The Slovak Parliament approved on Thursday the strengthening of the European Financial Stability Fund (EFSF) in a second vote, allowing the entry into force of this instrument. Slovakia, which was the last of the 17 member countries of the euro area to vote, had a first vote Tuesday rejected the strengthening of the EFSF.

Bratislava's contribution is 7.7 billion euros in guarantees from the state.Of the total 147 deputies present, 114 voted in favor of the safety net for countries in financial difficulties, including Greece heavily in debt. Thirty voted against, three abstained. The first vote, negative, Tuesday evening, due to the refusal of a small party in the coalition to approve the building of EFSF, caused the collapse of the coalition and the fall of the government of Prime Minister Iveta Radicova who had of this vote a matter of trust for his cabinet.

After the failure of this first vote, the opposition Social Democratic Party (Smer-SD) reached an agreement with three parties in the coalition government, totaling 119 seats out of 150, to approve, in exchange for early elections strengthening the EFSF in a second vote. Thursday, Parliament gave the green light to the early elections March 10, 2012.

Without a unanimous agreement of the 17 member countries of the euro area in its building, the EFSF might be maintained in its old form, with limited capacity for action to help states avoid bankruptcy. Worried, the EU asked Wednesday to Slovakia to promptly approve the strengthening of EFSF, emphasizing its importance "crucial" for the euro area.

Employees of the refinery in the Bouches-du-Rhône LyondellBasell group voted on Thursday the renewal of the social movement and blocking the entire site. They demand the abandonment of the proposed closure of the refinery, which employs 370 workers. Employees of the LyondellBasell refinery in Berre, in a social movement in 2010.

Employees of the Berre refinery owned by LyondellBasell voted on Thursday extended for 24 hours of their strike and blockade of the entire site. Meeting in mid-day general meeting, several hundred of them voted the renewal of the movement, on a site off since Wednesday. A new AG is scheduled Friday at 12pm. The move follows the announcement of LyondellBasell Tuesday the closure of its refinery in the Bouches-du-Rhone.

It employs 370 employees and is located in a petrochemical complex in which 1,250 people work.Wednesday evening, staff representatives were received by the management of LyondellBasell. But it seems to turn a deaf ear to the demand of withdrawal of the proposed closure of the refinery.

Staff representatives also claim an economic viability study of the entire site, with and without a refinery, because they fear that the complex is not only profitable, said the representative of the Inter-CFE / CGC, CFDT, CFTC , CGT and FOR, Patrick Sciurca. They ask, finally setting up "real social measures" if, if, the closure of the refinery were to be confirmed.

Neighboring refineries could be affected by the movement

LyondellBasell announced Tuesday its intention to close the refinery, not having found a buyer for its sale in the spring."Despite the efforts of employees and management, the refinery continues to suffer heavy losses and unable to become profitable," said management. Thursday, employees said, expect "a movement hard and long." "It's better a few days or weeks to strike than to lose everything," commented the coordinator of the CFE-CGC factory Patron Remy. "This movement will perhaps go on but I think we need to think about prospects," he added.

Since the strike began, between 200 and 300 employees remain at the site of Berre l'Etang-to block some being requisitioned to ensure safety, according to Inter, adding that three supermarkets in the region refuel for free. Employees also came Thursday in nearby petrochemical plants, expressing their solidarity but also their concern.

Arkema CGT trade unionists in Fos-sur-Mer explained and have moved to "make news" because they fear that any slowing of the site after the closure of LyondellBasell refinery affects the activity of specific their factory. "Everything is interconnected," they emphasized

The bank denies a report in the daily Libération, which amounts to 25 billion euros the amount of toxic loans granted to local authorities. Dexia release accused of selling to local governments 25 billion euros of toxic loans.

Dexia bank said Wednesday as "unacceptable" an article published by Libération on toxic loans sold by such bank to local communities. The newspaper, citing "a confidential document to Dexia," the amount of loans taken out toxic amounts to 25 billion euros. "Erroneous and truncated data have been used for this article that calls into question the competence and integrity of Dexia employees and elected officials and administrative officers of local authorities, which is unacceptable," said the bank in a statement."Not only the challenges but Dexia reviews all legal consequences to give to defend the interests of its employees and its customers," she adds.

According to the bank, "the article likens improperly structured credits to 'toxic loans' and reported that fanciful figures do not reflect reality." According to Liberation, 5500 local governments and public institutions have signed French toxic loans between 1995 and 2009. The bank contends in particular that "it is totally unfounded and irresponsible to suggest that 'thousands of French municipalities are bankrupt because of the structured credit underwritten by Dexia".Dexia also disputes the number of the additional cost of these loans valued at 3.9 billion euros, "unfounded" and denied as having "captured the towns."

"At the initiative of local communities"

Loans "were made in response to tenders issued on the initiative of local authorities who asked explicitly, often accompanied by external consulting firms," ​​said she. The toxic loans are considered more speculative and riskier to the family of structured products. These have varying degrees of risk on a scale of 1 to 5. The toxic loans represent the highest risk, rated 5.They are based on variable interest rates, indexed values ​​as highly volatile exchange rate fluctuations, differences in interest rates or a barrel of oil, which can decrease or increase in significant proportions and impossible to master.

For its part, the Royal Commission on toxic debt, created in June, entered the heart of the matter by addressing the situation of Saint-Etienne, a city whose mayor, Maurice Vincent, was one of the first to denounce the dangers of such financial products. "The Audit Office estimates that one hundred the number of communities affected by toxic chemicals," recalled Maurice Vincent before the commission. "For my part I consider that there should be 200 if we take into account hospitals and housing associations."Maurice Vincent also reminded the court ranged between 7 and 12 billion euros the amount of toxic loans, a total stock of 160 billion euros.

France and Germany were preparing Wednesday to ask the Greek insurance on relief it has pledged to implement in the context of the new European aid plan adopted in late July.

Athens then struggling to meet the fiscal targets set as part of an initial plan in May 2010, as to raise doubts growing about its solvency, the spokesman for the French government, Valérie Pécresse said no Another solution was to the agenda.

"Today we are in the implementation of the agreement," she said during the proceedings of the Council of Ministers.

"There is one hand the commitment of lenders to be expressed through the votes of parliament and then the commitment of the Greek government and parliament to implement a range of remedies," she said, adding: "We want to guarantee the implementation of the recovery plan."

"I think we should be very firm on the commitments that were made," she said stressing that the issue would be on the agenda of the conference call scheduled for late afternoon Wednesday between Nicolas Sarkozy, Chancellor Angela Merkel and Prime Minister of Greece George Papandreou.

The results of the latter does give rise to any communication, she said.

The situation in Greece was discussed in cabinet by the French President and Prime Minister Francois Fillon, who "reaffirmed with one voice the determination of France to do everything possible to save Greece," he Valérie Pécresse said.

"Strength of Franco-German couple"

The two men also insisted on the "strength of the Franco-German defense in the euro area" and the need for "concerted quickly and the whole plan of July 21, just in terms of 21 July. "

Some European countries like Finland Greece mobilizes require assets as collateral for the cost of their participation in the new plan adopted in July in Brussels, an amount of about 110 billion euros.

Other voices, saying Greece unable to get out of business, call for a pooling of debt in the euro area, the only solution for them to save his weakest countries.

Valérie Pécresse argued that the final plan of aid to Greece was approved by the International Monetary Fund and that it appeared "credible" to get the country straight.

It referred to a European aid to Ireland, which "was considered hard and difficult to implement" but when it was presented that allowed it believes to be in Dublin "shot of business today. "

Regarding the possible creation of Eurobonds, a project under consideration by the European Commission, the budget minister reiterated France's position, namely that they could only be "the culmination of a process of consolidation in the euro area "and a convergence of fiscal policies.

"This fiscal convergence is obviously a prerequisite for any other matter, including the issue of debt pooling. It can be an end point, certainly not a starting point."

U.S. exchanges were down Thursday as investors sought to raise funds before the speech of Ben Bernanke on Friday, they hope to gain a better picture of the intentions of the Fed about the economy.

The Fed chairman must speak Friday at 14:00 GMT in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks.

The Dow Jones broader yielded 1.56%, or 18.33 points at 1159.27.

The Nasdaq meanwhile lost 1.95% (48.06 points) to 2419.63.

The markets had opened in an atmosphere of optimism related to the entry of the investor Warren Buffett to the capital of Bank of America.

They then tilted to the downside after a fall of European values, which launched the rumor of a possible ban on short sales in Germany, denied by Berlin.

U.S. markets are increasingly sensitive to events in the euro area due to the debt crisis.Four countries have suspended short selling this month and said Thursday that the measure would be effective until September 30.

Bank of America, whose title was dropped this week to a low of two years, jumped 9.44% to 7.65 dollars after the announcement that Berkshire Hathaway investment fund to its capital came up to five billion dollars.

About 854 million shares Bank of America changed hands on Thursday, the session is the most active for the title since December 2009.

The way Apple has certainly ended down after the announcement the day before the removal of its chief executive Steve Jobs, but its decline is limited to 0.65% (373.72 dollars), it still outperformed the Nasdaq.

The day also saw an unexpected rise in weekly jobless claims, emerged to 417,000 during the week to August 20, against an average of 405,000 expected by economists.

François Fillon yesterday presented a plan for additional savings of 12 billion euros in 2011 and 2012. Companies, wealthy investors, consumers … everyone will have to put their hands in the pocket. Details. François Fillon unveiled new savings measures for 2012 at a conference at Matignon August 24, 2011

Tax on soft drinks, suppression of the reduction of professional fees, VAT increase on theme parks, higher social plan, hardening of potential loss carry … the anti-deficit plan presented yesterday by François Fillon has only one consistency: they are essentially raising taxes through the creation of new taxes, the increase of others, and the removal of tax loopholes. Total amount of the bill: € 12.2 billion, which will weigh slightly more heavily on households (6.1 million) on enterprises (5.1 billion).

Companies: 3.9 billion

Companies pay a large share of 12 billion euros of additional taxes. First, their income tax will increase by 2 billion, due to stricter supervision of deferred losses on profitable years later or earlier (device that reduces the amount of tax companies). The second major measure relates to exemptions from employer contributions on overtime. These exemptions are not challenged, but will be included in the calculation of load reductions on low wages. In other words, companies will pay more payroll taxes to the tune of 600 million euros in 2012. The social package – which carries out the employer levy on employee savings – will increase from 6 to 8%, which will cost 400 million euros.Also note: social contributions paid by employers in the energy sector will increase, taxes on polluting vehicles will increase business and 30% reduction on the taxable profit in the overseas companies will disappear.

Insurance and mutual insurance companies: 1.4 billion

The exemptions enjoyed by banking and insurance contribution to social solidarity societies (C3S) will disappear, which will bring 200 million euros for Social Security next year (the C3S finances the social system of self). Moreover, the taxes that weigh on complementary health (mutual insurance companies, pension funds) will be raised from 3.5 to 7% for contracts called leaders and 7 to 9% for others. The increase in the tax on complementary health, which must report 1.2 billion euros, a priori weight on the industry.Except that the mutuals have already warned that they could pass this cost on to their customers, by increasing contributions.

Rich: 2.6 billion

The most anticipated was the creation of a windfall tax on very high incomes. It must be said that the petition launched by 16 top managers and large fortunes of France to pay more taxes generated the buzz. Still, this tax is more cosmetic than profitable. It is set at 3% for income above 500,000 euros per unit. It should therefore cover only 10 000 richer and report only 200 million euros, according to Bercy. In contrast, households with multiple properties will put a strong hand to pocket the 10% reduction per year beyond the 5th year of holding a second home or a building plot is deleted. This will bring 2.4 billion euros.

Investors: $ 1.5 billion

The payroll taxes on capital income (interest on savings accounts, real estate capital gains, dividends, interest of PEL, PEA, products, life insurance, etc..) Will be removed from 12.3 to 13.5 %. Almost all the French have a livret A and 62% have life insurance. This means that the measure will pay big: 200 million in 2011 and 1.3 billion euros in 2012.

Consumers: 1.2 billion

These are taxes that may seem anecdotal, but that will weigh on the purchasing power of the French. On behalf of public health (or the name of rigor), taxes on tobacco and alcohol will be raised. Tobacco prices will suffer a first increase of 6% in October and a second by 6% in January 2012. Taxes on spirits – except for wine, rum and "regional production" – will be raised to 90 cents per liter.In addition, the government announced the creation of a specific tax of 19.6% on soft drinks. Water, fruit juice (no added sugar) and products containing sweeteners are not affected by this measure. This "soda tax" which should bring 120 million euros a year, is already generating controversy. ANIA (National Association of Food Industries) Justice "scandalous" and warned that the price of the can is expected to increase by an average of one euro cents. Finally, fans of theme parks like Disneyland may have to pay more to enter the VAT on tickets from 5.5% to 19.6%

Lambda Employees: 800 million

It's a bit unnoticed, but the CSG many employees will increase. The abatement of earned income for professional fees will increase from 3 to 2%.Specifically: the CSG will now be calculated on 98% rather than 97% of salary, which amounts to a slight increase in the CSG. In addition, the income paid by the safety under the parental leave will now also subject to the CSG. These cuts Notwithstanding the CSG should report to 800 million euros in 2012.

State: 1 billion

François Fillon yesterday called "extra effort" to reduce state spending. It amounted to an effort that one billion euros in 2012, without detailing the cost-saving measures. The Prime Minister has merely to recall the steps already taken – freeze state grants to communities, freezing expenditures, non-replacement of a staff of two to retirement, etc..

One hundred MPs urge to choose Air France Airbus A350 aircraft instead of Boeing for its next order of giant long-haul aircraft expected this summer.

In a petition launched by the UMP Bernard Carayon, 102 elected from right, center and the New Socialist Party called Pierre-Henri Gourgeon, CEO of Air France-KLM, to show European patriotism.

They asked him to express this choice at the Paris Air Show in late June.

Bernard Carayon, "Air France is obviously not independent of the state and of France who built it."

Air France-KLM, which the French state holds 15.7% stake, is soon to order a hundred long-haul Airbus A350s or new generation Boeing 787 "Dreamliner."

Bernard Carayon, mobilizing politicians in recent days, believes that Air France's choice mix now.

"It's better than what was expected, that is to say a Boeing 100% control. We will persevere in our work.When Americans buy American, Europeans must buy European, "he wrote in a statement.

"We are aware that French industry was of course taken into account" in this command, for his part said last week the Secretary of State for Transport, Thierry Mariani, following a meeting with MP.

The president of KLM, Peter Hartman, said Sunday that the contract would probably shared between Boeing and Airbus.

"My opinion is that in the future, the two types of aircraft will fly on both our networks," he told Reuters.

Air France and KLM merged in 2004 to form the largest European company but have retained their own brands and their networks.

Historically, KLM had a tendency to buy Boeing and Air France a mixed fleet with a preference for Boeing regarding the long haul.