The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …

Monday, a subsidiary of GDF was again surprised by a decision which comes just two years after the government's decision to extend by ten years the three reactors mentioned above. Extension in exchange for which GDF Suez has to pay 245 million euros a year, a tax that Brussels wants to climb to one billion euros. Ironically, ten days ago, GDF Suez had threatened to shut down in advance the three reactors in protest against the increase No teletrak payday loan.

Facing the new situation, Electranel also said it will consider "the possibility of redirecting investments it plans to extend to these plants, or nearly one billion euros to guarantee the future security supply its customers. ".

International ambitions

The quality of its nuclear tool in Belgium allowed GDF Suez to establish its claims internationally.

For a majority of these employees, it is to make a first selection of the many emails received in the meantime. A study of Orse (Observatory on Corporate Social Responsibility) published earlier this month, 38% of employees receive because more than 100 emails per day.The study TripAdvisor has to figure as a disturbing one-third of employees, read emails professionals is the sine qua non for a good holiday. "It is clearly of addiction, said Gerald Demortière, doctor. The employee loses the ability to abstain, to free himself from his business, as a smoker of cigarettes. " The desire to control everything, to feel indispensable, the fear that the important things in our absence to play, grow never win.

Burn-out

The vast majority of employees is estimated not to spend less good holiday so far. But this dependency has its drawbacks. "This adds to stress, and does probably not more effective," said Eric Albert, founder of the French Institute of action against stress (IFAS). Worse, these "workaholics" may ultimately psychic exhaustion.

Referring to the weight of the wage bill in fixed costs, the group finance director Frederic Saint-Geours found Wednesday morning "quite likely" impact "on all the numbers," which amounted to 205,400 employees.Soon after, Philippe Varin, Chief Executive of the group, said that 10% of the European Non-dedicated to the production could be affected, or 5000 jobs in total. Knowing that in France, with 100,000 employees, temporary workers and subcontractors should be the only ones targeted by these measures he added. By late morning, PSA has already announced in the European group committee deletion of 800 temporary positions in France by the end of 2011, according to a union source quoted by AFP. In addition, Philippe Varin is scheduled to meet soon with Eric Besson, Minister of Industry.

Unions rebiffentLes unions were quick to react to this. These cuts staff have "something outrageous" Bruno Lemerle storm, CGT delegate to the committee of the European Group, deplored the "working conditions already overburdened."And adds: "The financial situation of the company is good [and] there is no reason to go to job losses." In fact, the total turnover of the group grew 3 no faxing payday loans.5% to 13.45 billion euros in the third quarter. It was worn by an increase of nearly 16% of sales of Faurecia, 7.1% of the Gefco and 6.2% of turnover by PSA Finance. The group, however, lowered its earnings forecast for 2011. On the occasion of the publication of its sales figures, the manufacturer announced it is now an operating profit of the car to balance this year when he banked before on a "clearly positive results," said Frederic Saint-Geours.

PSA made no secret of its intention to scale back on the old continent.In mid-September, Philippe Varin have already confided to Le Figaro "Identification of overstaffing," while the European market already slowing. France, Germany, Italy or Spain, the group seeks at once to "get in line" to increase its margins, said Philippe Varin. To do this, the group has initiated a comprehensive economic plan in 2009 (within which the measures of the day), to save 3.7 billion euros in all, drawing on purchases and fixed costs .

Emerging countries in their sights

Meanwhile, the manufacturer seeks to "globalize" more to take better advantage of growth drivers that are "Asia, Russia and Latin America."The group has announced on Wednesday an investment of 200 to 250 million euros a year over the period 2012-2015 in order to double its production capacity in Brazil.

Nevertheless, PSA

After these social ads, the automaker was operating under the sharply higher in late morning, gaining 2.55% to 17.50 euros.

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Groupon refused to sell to Google last December for $ 6 billion. From Monday, October 24, the company of Chicago, specializing in online distribution of discount coupons for shopping in local markets, should make its IPO on the basis of a valuation of 10 to 12,000,000,000 dollars . However, it is far from the capitalization of 15 to 20 billion, of which Andrew Mason, founder of the company was still dreaming in June.

Several developments have forced Groupon to be more modest. The first hit all companies eager to use public savings. This is the market collapse in August. Investors, fearing a relapse of major economies in recession, are much more circumspect.The proposed IPO of Groupon had been suspended between August and October.

Even more problematic for Groupon: missteps have troubled his potential investors. On the intervention of regulatory authorities, the firm three years old had to revise up sharply the amount of its actual expenses. She had initially forgot to include online advertising spending to acquire customers. And without the investment of 432 million over six months, she could never show a turnover of 688 million.It is only through this aggressive marketing Groupon also have accumulated more than 115 million subscribers and more than ten-fold increase in sales in one year.

Affected by other accounting blunders – including the inclusion in its sales revenue and then transferred to merchants – the CEO of Groupon, Margo Georgiadis, resigned after only six months on the job easy payday loans. It has not yet been replaced. In addition, Groupon has to convince that his model is viable and that the start-up can stand up to the strong competition rages, especially from Amazon, Google and industry experts as LivingSocial. For now, Groupon is the industry leader – an advantage that distinguishes all Internet companies tempted by the Stock Exchange today.

Sunrise 500-700000000

But stay number one requires a considerable investment.Number of traders attracted by its staff are aware of the experience that customers quickly drawn into their shop with coupons do not necessarily come. To remain attractive to merchants, Groupon and peers rely on the creation of thematic niches (travel, babies, etc.)..

All this explains why Groupon not trying at first to rise from 500 to 700,000,000 dollars. If strong demand materializes, it could go further, or wait a few months and get a higher valuation. Advised by Morgan Stanley, Goldman Sachs and Credit Suisse, Groupon could also benefit from investors' appetite for Internet stocks. Of Zynga Facebook, candidates are numerous, but few have passed the time.

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Near the branch, which includes regional trains and also houses Keolis, a subsidiary of public transport, has become the main contributor to the SNCF group with a turnover of over $ 9 billion over nine months, up 6.5% compared to last year. "Proximity" of benefits including state aid to bail out the trains balance of the territory (TET), these unprofitable lines that the state has agreed a year ago to subsidize.

"We are doing better in all branches thanks to the improvement of agreements signed with Réseau Ferré de France, for which the branch Infra work more profitable, but also with the state as part of the TET, said David Azema. Because trains balance of the territory we had last year a loss of 210 million euros.This year, we charge the revenues of the State by this convention. "

A flat on the side of freight transport

However, a shadow appears on the side of freight transport. If SNCF Geodis displays a nine-month increase of 3.8% of its turnover, the logistics sector was down 1.1% in the last quarter. "The activity of Transportation Commission, which worked very well, has declined by 8.7% during the last quarter which is a measure of slower traffic flows between Asia and Europe," says David Azema.

This performance should enable the group to achieve its margin, its leaders do not want to reveal.

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The Greek case should again focus attention of the operators. Friday in Paris, Nicolas Sarkozy meets Greek Prime Minister George Papandreou to 17 hours to take stock of the crisis in the country. "After meeting with Mr. Papandreou, have the opportunity to say exactly what is our strategy regarding the support that we need a European country like Greece," said the head of the French government yesterday during a trip to Morocco.

The meeting came a day after the German parliament ahead of the rescue plan of the euro. Despite this vote, caution remains the watchword.German Chancellor Angela Merkel said wait for the results of the audit conducted by the troika of the country's creditors to determine whether or not to renegotiate the terms of the second international aid plan decided on July 21 in Brussels by the euro area . Troika has also resumed in Athens yesterday.

Busy schedule

In terms of macroeconomic announcements, the end of third quarter results in a responsible news for investors. In France, prices are expected in the production and consumption in August. Retail sales in Germany in August and the index of consumer prices in September are waiting for you. In the eurozone, the unemployment rate last month will be announced free business cards.

In the U.S., the ball will start with the incomes and spending. It will continue with the Chicago PMI and consumer sentiment index.

Mixed statistics were also published in China and Japan this morning.

As for currencies, the euro is still lagging behind against the dollar. The single currency is worth 1.3553 dollars in trade mantinaux. Side oil, a barrel of "light sweet crude" for delivery in November gained 53 cents to 82.67 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery took 28 cents to 104.23 dollars.

Values ​​to follow

• Axa

The Strategic Investment Fund said Thursday he would not consider an acquisition of Axa Private Equity, the private equity subsidiary of the French insurer has to sell. The Financial Times and the Tribune believe that the offers for Axa Privaty Equity, private equity branch of Axa, must be filed by early next week.

• France Telecom

Orange should have exclusivity on the sale of new phone Sharp Aquos smartphone Android Phone SH80F compatible 3D. It should be available from October 6 at Orange from 199 euros with a subscription, according to specialized sites.

• Soitec

In a statement Friday, the group confirms that the sequential growth of wafer sales in the first half of 2011-2012 compared to the second half of last year will be in line with its forecast of 20% at constant exchange rates.

The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.

Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels business cards.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"

Gendarme Competition

All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The competition authority had imposed severe conditions, but Canal +, no one has apparently ignored it.

With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.

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That is not this shift, now usual between the North and South, which most worries economists in Washington. "The risks are clearly downward," acknowledged Olivier Blanchard.Referring to the previous stock market declines in recent decades, he admits that there is now a risk of recession with a probability of 38% in the U.S. and 17% to 18% in the United Kingdom and France, if one believes the econometric calculations.

For its part, the IMF has produced an alternative scenario combining three ingredients, "the uncontrolled financial turmoil in the euro area, combined with a deteriorating growth outlook for the medium term in the United States and a financial backlash on the real estate sector in emerging Asia. " Given the limited room for maneuver of monetary and fiscal advanced countries, the United States and the euro area might then go into recession, with activity levels less than 3% in 2012 to what is seen in the baseline scenario of WEO.Japan is not free, losing 1.5% growth compared to the central projections, or even emerging Asia, which would end 2 guaranteed personal loan approval.5% lower than expected.

If the IMF raised the specter of recession it is best to exorcise it. And governments to launch "a fervent call to action". "The leaders (politicians) are set back one step on the evolution of markets," said the economist of the IMF. "Europe can not provide the luxury of waiting three or four months to implement the plan of July 21 and in particular the reform of the European financial stability."

Accordance with his duties as conductor of globalization, the IMF presented a roadmap in three points. "The first fiscal policy. Consolidation can not be too fast because it would kill growth. It can not be too slow because it would undermine its credibility. "Olivier Blanchard and insist that the tempo has to be adapted to each country. It also considers that there are three ways to support domestic demand in the country with low interest rates, the ability of banks to distribute loans and solutions to real estate (in the U.S. ).

The second is financial. The IMF again sang the anthem of the recapitalization of banks. "For a number of banks, especially in Europe, this requires the contribution of new capital, preferably private and public sources if necessary."

Third field of action, "the international rebalancing." In this regard the ball is in the court of Asia, which should replace the U.S. consumer as the engine of global growth. "Even if this can not happen overnight," conceded Olivier Blanchard.

The green wave that swept across the Rhine after the disaster atomic Fukushima is a capitulation to the first industry group. The German industrial giant Siemens has given up on Sunday at his activity in the nuclear dead end since it considers the abandonment of the atom civilian in Germany. While Berlin has decided to close the seventeen German nuclear power plants by 2020, Siemens decided to enroll in the federal government's strategy and to strengthen further in the field of renewable energy.

"Chapter nuclear ended for us," said Peter Löscher, CEO of Munich, the weekly Der Spiegel. "We are more involved in the total management of the construction of nuclear power plants or in their financing.In the future, we will continue to deliver conventional parts, such as steam turbines (…), found also in the central gas or coal, "he said.

After the emotion aroused in Germany by the catastrophe of Fukushima, the German government decided in March to immediately stop the older reactors and then condemn others by 2022. "That changed things for us," acknowledged Löscher. Prudent, he was one of the few in Germany in 2010 not to sign an open letter from the heavyweights of the German economy demand a longer duration of use of nuclear power plants. Löscher called a "project of the century" turn energy taken by Germany. And he considers attainable goal to move to a 35% share of renewables in the "mix" German in 2020.Siemens, diverse group in the transport, household appliances or medicine, is already a world-class champion in wind energy.

The decision seems even more logical that Siemens has never been lucky in nuclear energy. In 2009, the Munich group was forced to announce his break with the French nuclear group Areva and sell its stake, amounting to 34% of shares in the subsidiary Areva NP reactor. Sued for breach of its contractual obligations, Siemens was ordered to pay 648 million euros of interest to Areva.Unable to further develop this cooperation because of political opposition on the part of France, Siemens had preferred to turn to Russia and had begun discussions with Rosatom in March 2009, in a context of international nuclear renaissance.

Bill up 10%

Sunday, Löscher also bury the proposed joint venture with the Russian public group in the Rosatom nuclear. "Both groups are still very interested in a partnership. But it will focus on another area, "he added.

The abandonment of the German nuclear announced dealt a severe blow to major energy companies across the Rhine. While their foreign competitors reaping profits, E. ON and RWE, the two main operators of nuclear power, have announced plans for cost savings and layoffs.Germany is now reduced to importing nuclear energy produced under safe conditions, in neighboring Czech Republic. Result: the energy bill has increased by 10% in a few months.