Athens (AFP) – The Athens Stock Exchange will reopen Monday after five weeks of consecutive closing the establishment by the Greek Government to control capital, told AFP a source of the Greek Ministry of Finance .
“The ministerial decision to reopen the Athens Stock Exchange was signed,” the source said.
According to the trade press, the resumption of operations, interrupted since 26 June will be accompanied by restrictions on investors based in Greece, as is the case for Greek investors with bank withdrawals and transfers abroad remain limited despite the reopening of banks.
ministerial decree to be published Friday detailing the modalities for restarting the exchange. A meeting of the Capital Commission will also be held to prepare the meeting, do we learned from this institution.
The reopening of the Athens Stock Exchange was expected this week, but a series of problems Technical was delayed, according to the release.
The ATHEX index of Athenian place had closed at 797.52 point June 26, the date of the last meeting. On the night of June 26 to 27, Prime Minister Alexis Tsipras had caused a political earthquake in announcing the organization of a referendum in Greece, hoping to break the stalemate in negotiations with the country’s creditors submitting their offer of financing agreement with the opinion of Greek voters
This decision had caused panic investors who rushed to ATMs to withdraw money, exacerbating a slow hemorrhage manifests deposits since December 2014.
Faced with the risk of a collapse of the banks, the government had decreed capital controls and the closing of both the banks and the stock exchange. The bank reopened July 20
The decrees opening to competition domestic bus connections will be published mid-August. But companies have outpaced the law to impose on the market.
The Macron law is not yet enacted, but the war coaches has already begun. The offensive will be officially launched at August 10, upon publication of the implementing decrees liberalizing connections as in France.
Without waiting, operators have drawn their plan of attack on the map of France. Each side chose its colors: red for coaches Isilines (Transdev), indigo blue for English Megabus, apple green for German Flixbus, sky blue and white for the French SNCF Starshipper … did not disclose his .
All have in mind the tremendous success of market liberalization in Germany, which allowed eight million passengers to borrow the coach in 2014. In France too …
SeaFrance, the cooperative and participatory society (SCOP), which manages the MyFerryLink company was placed in liquidation, Friday, July 31, by the Commercial Court of Boulogne-sur-Mer. This procedure should enable the payment of salaries of July of 487 employees, the cooperative does not have the sufficient cash to do so. As stated in the decision of the Commercial Court which AFP has read. “ The SeaFrance SCOP no longer exists ”
After learning that decision, Eric Vercoutre , Secretary General of Maritime Union North ultramajoritaire said that the liquidation “is a good thing for employees. They will receive their wages “. The union, however, stated its intention to “negotiate a good social plan” and “make the government understand that [they] not [ let go] nothing “.
” The state should now help us concretely. It promises a very disturbed time that one is heard activity. “
The” straw that broke the camel ‘
Hundreds of sailors SeaFrance threw punch shares before the court for show their dissatisfaction with the measures proposed by the government. Nearly 300 protesters blocked for more than three hours the access ramps at the port of Calais with heaps of burning tires.
This port blocking is the “straw that made the last straw “, growls the president of the port of Calais, Jean-Marc Puissesseau. “What the sailors of the SCOP fighting for their jobs, I have no problem, but for a month, the port comes the good will of Northern Maritime union” , he said whereas, according to the Operating Company of the ports of the Strait, in July, the port fell by 30% of cross-Channel truck traffic – 36% for cars and -. 20% for buses
“Today I’m tired, I call for help, I want to know if public services exist. “
Later, in mid-afternoon, fifty vehicles were conducting a snail operation that caused major traffic jams on the A16 towards Loon-Plage. Traffic was still completely interrupted shortly after 16 hours on the national 216.
“The Minister [Alain] Vidal [Secretary of State for Transport ] simply said that Calais, only 380 jobs could be saved “ of a total of 487, said Eric Vercoutre to the output of a stormy general meeting with the sailors, who still claim that SCOP more jobs are safeguarded.
“The government is not able to pay us a help fund while he gave 100 million EUR SNCM. “
Read also: A Calais SeaFrance marine multiply coups
No global agreement
The government proposed last week to file players – SeaFrance, Eurotunnel (who owns the vessels operated by MyFerryLink) and the Danish company DFDS (to buy two of these three boats) – a protocol crisis.
It provides for the liquidation of SeaFrance SCOP, creating a new operator SCOP one ship and the recovery in total 380 employees in 487. He set for “obtain within three months a solution for every employee” .
“If it was considered that the liquidation was a prerequisite, such as DFDS, it is clear that prior we are. Now we can expect that the proposals be improved, that guarantees that the “, said Yann Capet, deputy of Pas-de-Calais.
Eurotunnel ” reiterated its commitment a charter offer “ of one of three ships that ” will be formalized in writing in the coming days “, according to the Secretary of State for Transport.
Minister of Economy visited this Friday at the Bagnolet bus station for the promotion of the liberalization of cars in France, one of the flagship measures of his law. Approximately fifty lines will be opened by the end of the year, even says Bercy, in particular towards Bayonne, Besançon, Limoges, Orleans or Poitiers. By 2016, the ministry same table 200 new lines which will notably accompany aging Intercity train lines. Emmanuel Macron promises even the of creations’ 2 000-3 000 direct jobs “ in ” 18 months “ to come.
Le Monde | • Updated | By ADEA Guillot (Athens, correspondence) and Claire Gatinois
The International Monetary Fund (IMF) will be there the next actor or spectator rescue of Greece? Thursday, July 30, the organization of Washington said that his participation in the next aid package for Greece was pending. It will remain without commitment “concrete” Europeans to alleviate the debt of Athens.
The threat has sparked fear in Brussels and especially in Germany where the presence of the IMF is deemed essential. Ongoing discussions focus on granting 86 billion euros in Athens, the third bailout of the country since 2010.
Creditor Athens like the European countries and the European Central Bank ( ECB) the IMF requires the restructuring of Greek debt is explicitly mentioned. He also claims that Athens adopts a package “complete” reforms, told AFP a senior official of the institution. “Difficult decisions are required on both sides” and “The IMF will participate once these two conditions are met” , warned the source said on condition of anonymity, however, ensure that “take time “ and doubtless several months.
The organization can not lend to a country if its debt is considered ” sustainable “. The claim of Athens can meet the IMF criteria that if the Europeans provide debt relief “important” is repeated again on Wednesday, Christine Lagarde. “A debt restructuring is inevitable component” has insisted the IMF chief under pressure from member countries of the IMF board, annoyed this support to Greece considered disproportionate.
The Fund is weary of financing a country unable to meet its deadlines. Athens How indeed can it assume debt estimated at 177% of gross domestic product (GDP) in 2014, while the economy is anemic and failed state?
L the deadline of August 20
The IMF, as well as many experts, including the ECB, has been campaigning for several months for a Greek debt restructuring. But this requirement has so far met with the intransigence of Germany and some European countries. Chancellor Angela Merkel and her finance minister, Wolfgang Schäuble, do not imagine swallow this idea to the German taxpayer and even less in the Bundestag. A moral issue.
The ultimatum IMF therefore puts Berlin in trouble. Especially as time is pressing. Negotiations on the next program should lead by the August 20, when Athens has to repay 3.2 billion euros at the ECB. Without agreement, the country will, once again, threatened bankruptcy.
For now, the IMF continues to be part of the discussions so far judged “constructive” , according to Mina Andreeva, a spokesman for the Commission. But the climate is heavy. The political situation is tense in Greece.
Alexis Tsipras, the Prime Minister of the radical left Syriza is challenged within his own party, considered a traitor by some of his troops to have accepted the July 13 new austerity measures in exchange for international financing. If he remains popular, the young prime minister no longer has a majority of 151 MPs (300) to apply the new agreement without the support of the three opposition parties.
Read also: In Greece, Alexis Tsipras of Syriza slingers face
M. Tsipras strives to discipline these slingers and seems to have almost won his bet: Thursday, the majority of the Central Committee of Syriza voted in favor of holding an extraordinary congress in September, the Prime Minister approving the proposal to set a common position on the agreement with creditors. M.Tsipras think and preserve the unity of his party
Read also:. Greece: Syriza will hold an extraordinary congress in September
The suspicion of a plot hatched by Germany
The shadow cast by the IMF could sour the talks and steer Germany. In Athens, the left release does not exclude that this is actually a plot hatched by Mr Schäuble. By being intransigent on Greek debt, pushing de facto IMF it imposes the same time, the intractable German Finance Minister would resurface the idea of a “Grexit”, a Greek exit from the area euro. A “Grexit” he seems to dream.
To overcome the obstacle, Greece could save time. In order not to address immediately the thorny issue of debt, the IMF could not participate in the Greek aid plan in a second time within a year. In the meantime, the European Stability Mechanism (ESM) is only responsible for financing about 50 billion euros. Only in a second phase to the establishment of a spread plan over three years that the IMF would ride on board.
The revelation of this proposed reform of Keeper has boosted road safety associations: driving without a license or without insurance may soon no longer be considered a crime, but as an offense punishable by a fine only lump sum of 500 euros.
This is what provides a component of the Project on Justice XXI th century, Christiane Taubira must present Friday, July 31 in the Council of Ministers. In the explanatory memorandum of the law – revealed by Cross and the Agence France-Presse (AFP) was able to consult – the chancery reform justifies this by explaining that the new measures “will ensure automatic repression” and a “faster penalty and systematic” .
But given the controversy aroused immediately The minister seemed ready to return on the project, on Friday morning, the microphone of France Inter:
“If there is no acceptance in the society, we will draw all the lessons. “
” More efficient, faster, fairer “
If the minister has admitted itself was” unwilling “to this extent at first, but she pleaded his cause, stressing This is neither a” trivialization of the offense “or a” incentive “, but it aims to be ” more efficient, faster and fairer “
” This will allow the Police and gendarmerie to clear time to do prevention because that’s what is effective. (…) Today, the reality is that over 70% of these offenses are dealt with not by criminal courts but by penal order with fines and delays ranging from ten to fourteen months to a fault license or insurance. And we see a great disparity decisions on the whole territory of the fines: it ranges from 250-450 euros, approximately. “
The Minister also responded to road safety associations, insisting that” Government n [was] not insensitive to the victims, quite the contrary “
” We have increased the budget allocated to victims of accidents by 65% road. “
Penalties for subsequent offenses aggravated
So far, driving without a license was punishable by one year imprisonment and 15,000 euros fine. According to the new text when the facts “will be recognized for the first time” , and except “certain circumstances” (alcohol, non-wearing of seat belts …), the motorist will not perform as a fine of 500 euros. – 400 euros immediately, with 750 euros gross
“When these facts are committed afresh in within five years, or committed in conjunction with other offenses or the driver of a vehicle transporting people or goods, they will continue to constitute offenses “, says the text.
And in those cases, the sanctions will be even worse: two years in prison and 30,000 euros fine for failure to license and two months for lack of insurance (against a fine aujourd ‘hui). Lack of insurance will, him liable to a penalty of two months, while it is now punishable by a fine
Read also:. Cheaper obtained faster: focus on the reform of the driving license
BNP Paribas was a prosperous second quarter, net income reached 2.6 billion euros, a year after its fine in the United States which led to a heavy quarterly loss, according to a statement Friday. In the second quarter 2014, BNP Paribas had indeed suffered a net loss of 4.2 billion euros, related to the heavy fine of 6.6 billion euros imposed by the United States for non-compliance with economic embargoes
Excluding items, the French bank said its net profit rose 13.7% to € 2.3 billion. This performance, driven by all businesses, is well above the expectations of analysts, who on average expected a net profit of 1.9 billion euros, according to the consensus established by the financial data provider FactSet. The group also benefited from exceptional items, including a capital gain of € 364 million from the sale of 7% of the capital of Klépierre’s real estate group.
Strong growth in skilled trades
“BNP Paribas made a very good performance this quarter. Revenues were up in all operational centers with a continuous growth in domestic markets and strong growth in skilled trades, retail banking outside the euro area and large customer operations “, welcomed the Director General, Jean-Laurent Bonnafé, said in the statement.
Net banking income (GNP) came out rose sharply by 15.8% to € 11.1 billion. It is also well above the expectations of analysts, who had forecast a GDP of 10.6 billion euros. The strong growth in activity is partly due to the contribution of acquisitions made in 2014, the Polish bank BGZ.
acquisitions Contribution
Mechanically, this widening of the scope of the group also helped boost its 11.2% management fee, to 7.1 billion euros, but less significantly than the gain in terms income. The acquisitions made in 2014 are also mechanically increase the cost of risk of the banking group, up 5.6% year on year, to 903 million euros. Excluding this scope effect, it is slightly down
The high level of profits has further enabled BNP Paribas to strengthen its financial strength. Late June its ratio of funds own “hard” (“common equity Tier 1″ Basel 3) – which corresponds to contributions from shareholders and retained earnings reported in the credit granted – reached 10.6%, up 30 basis points from the same quarter precedent.
In an interview with the newspaper Le Monde , Emmanuel Macron, the Minister of Economy, ensure that 5% of Renault’s capital acquired last spring will be transferred:
“We give in the 5% of Renault acquired in the spring to ensure the adoption of double voting rights”
In April, the State had increased to nearly 20% stake in Renault, which it held until 15%. This has enabled it to guarantee the rejection at the annual general meeting of the group, a resolution aimed at preventing the allocation of double voting rights for shareholders attending the last two years in the capital. A provision under the Florange law, enacted March 29, 2014, and aims to prevent speculation and support the long-term share ownership. It thus provides the widespread double voting right for shareholders who hold their shares for more than two years.
“This transaction marks both the will of the state to defend its interests as a shareholder, weighing in favor of the introduction of double voting rights in the governance of Renault, and the strategic nature it attaches to its participation in the capital of this large company industrial “, then explained the state interests of the Agency in a statement.
At the time, the government had also indicated that it does was not intended to keep these additional actions.
In this interview with the World , the economy minister also hinted that the objective of € 5 billion of privatization revenues in 2015 would be reached, “ we have already achieved half of our target “, he assured. In addition to the cessation of 5% of Renault, Emmanuel Macron has announced “rapidly” of “ Construction privatization of airport management companies . “
” I actually met with all of elected officials and shareholders of Lyon and Nice in recent days. The operation will end in 2016 ” , explained the minister daily in the evening.
With these recipes, Emmanuel Macron ensures that the government wants to reinvest “ in priority areas such as the digital and the energy transition” he said to our colleagues of the World.
Areva and EDF announced on Thursday 30 July have reached a draft agreement which provides in particular “majority control” the electrician on Areva NP. This sale, which values the entire division to 2.7 billion euros, should bring some 2 billion euros in nuclear specialist in serious financial difficulty, which confirms that he will need a parallel increase Capital “significant” to meet its financing needs by 2017, he estimates at “about 7 billion euros” .
EDF plans to acquire between 51% and 75% stake in Areva NP – whose activities include the construction of nuclear reactors, the assembly of fuel and services to the installed base – while his mother retain current house 25% of the company
See the outline of the agreement. The agreement between EDF and Areva confirms
As expected from the rendering arbitration 3 June by François Hollande in favor of EDF, the agreement amounts to burst Areva, separating its two historical components: the construction of reactors and maintenance (the former Framatome) on one side, the supply of fuel nuclear power and reprocessing (former Cogema) on the other.
This is Bernard Fontana, the former head of the Swiss cement manufacturer Holcim, which was chosen jointly by EDF, Areva and the government to become the president of Areva NP. He will return him to straighten the weakest link of the French nuclear industry. Reactor construction
The deal, unveiled Thursday morning on the occasion of interim results of the two groups, will also include a revision their contract treatment and recycling of spent fuel, for which EDF Areva agreed to price cuts in recent years.
Minister Emmanuel Macron economy indicated on July 21 that the agreement on the purchase by EDF Areva NP would be unveiled at the end of the month but the ads on the recapitalization of Areva by the state would intervene later. Areva and EDF did not wish to comment on the report.
Sustainable fall of gas prices stimulate household purchases and offsets the negative impact in the oil regions of the United States.
The US consumer finally wakes up. Falling energy prices and strong job creation have boosted demand in the United States between April and June. After growing at a rate of only 1.8% in the first quarter, consumer spending is distributed at a rate of 2.9% in the second quarter.
The progress of consumption, which accounts for over two third of gross domestic product (GDP) in the US, largely explain the accelerated growth announced Thursday by the Commerce Department: according to a first estimate that will be the subject of corrections during the summer, the US economy returned to growth of 2.3% annualized in the second quarter.
If the GDP figure is a little worse than expected, however accelerating consumption exceeds the forecasts. The comparison with the first quarter, however, is complicated by the changes made by the Commerce Department to measure the performance of the US economy. The Bureau of Economic Analysis seeks to better address the strong seasonal variations which for several years often give the impression that the activity in the first quarter is severely disabled.
As a result of an extraordinary winter rigorous, and because of a long strike in the ports of the West Coast that disrupted foreign trade, initially it was estimated that the US economy contracted at a rate of 0.2% in first quarter 2015. The new official verdict is less severe: the GDP would eventually expanded by 0.6%. This explains in part that the rebound in the second quarter is relatively less marked than expected.
The acceleration of consumption, eagerly awaited for months, however materializes. Several hypotheses have been advanced to explain the delay. The polar winter temperatures have naturally contributed. But some experts also believe that the American consumer probably does not consider sustainable incredible drop in gasoline prices that dope yet its purchasing power.
Over the past year, the collapse of more than half of the US oil price has yet resulted in a decrease of nearly a quarter of the price of gasoline at the pump. However, households seem to have preferred to devote much of this economy to pay down debt rather than for other purchases.
The fall in oil prices has a negative impact in a handful of states like Texas, Oklahoma and Louisiana, responsible since 2009 for many of the jobs created through the shale oil boom. This contributed to the delay of the rebound in activity.
The good news is that in recent months, other states such as Florida and California, finally experiencing a resurgence in hiring which compensates for the discomfort created by the plunge of investments and the lay-offs in the oil regions. The recovery in employment is obvious from the beginning of the year in 46 states and not in 36 as last year at this time. Better, hiring grew faster than the labor force.
The Federal Reserve, encouraged by the fall in the unemployment rate to 5.3% in June, against 6.1% a year earlier, Wednesday night confirmed its predisposition to meet before the end of the year the policy rate for the first time since the end of 2008. The latest GDP figures released Thursday should reinforce the in this position.
EDF and Areva have formalized their agreement Thursday for the electrician to take control of the reactors of the nuclear industry specialist, who will still require an increase in “significant” capital to meet its financing needs. The agreement provides that EDF take “majority control” of Areva NP, which combines the activities of construction and reactor services, said EDF. For its part, Areva will retain a maximum of 25% of the subsidiary, while EDF proposes to hold, in fine, one hand “from 51% to 75%” with “potentially the participation of other minority partners. ”
The reactors subsidiary valued € 2.7 billion
The deal values Areva NP to 2.7 billion euros but this price may still “be a fit,” said EDF that is still not committed to this stage close on the amount of his stake. This price is “fair” and “attractive for industrial partners interested in joining the round table” , has nevertheless assured the CEO of EDF Jean-Bernard Lévy, citing “very preliminary contacts “with potential partners that could be GDF in France, but also from abroad (China, Persian Gulf …). EDF will initially valued at Areva NP 2 billion euros, while Areva claimed by four billion, a source familiar with the matter. Faced with the dire economic situation of the former flagship of the French nuclear that has accumulated in recent years record losses ( 4.8 billion euros in 2014 ), Bercy has thrown its weight to achieve this reconciliation.
However, the account is still far to be there , the biggest concern for unions. “The agreement does not save Areva,” complained the representative of the group CFDT Jean-Pierre Bachmann, while the CGT believes that it “perpetuates nothing new Areva”. Both unions also announced a national day of action on September 15. For its part, Greenpeace, the anti-nuclear struggle is one of the warhorses, has assailed these ads, describing them as “fronting arrangement.”
There remain several billion euros to find
On the basis of an assignment of 75% of its subsidiary reactor or the high end envisaged by EDF, Areva should receive “an indicative amount of € 2 billion” with the operation of achieving objective “current 2016″. But Areva, which encrypts its financing needs by 2017 to “about 7 billion euros”, plans to obtain further 1.6 billion via “own funds” and asset sales.
In the best case, it will remain 3.4 billion euros to find and Areva confirms the need for a “significant increase in capital” to achieve it. The Economy Minister Emmanuel Macron said the amount of recapitalization would be defined according to a new “roadmap” Areva will submit in September. In early June, enjoining the two groups to come together, the Elysee had assured that the state, which owns 87% of Areva and EDF 84.5%, bail out the nuclear specialist “to the required height” .
At least 3,000 French jobs threatened
If it is to contribute to Areva bailout and avoid a shipwreck of the French nuclear industry, the transaction with EDF sign built after model of Areva (uranium ore to reactor) carried by its former CEO, Anne Lauvergeon. The two companies will also combine their engineering activities for new reactors in a joint venture (EDF will hold 80% and Areva NP 20%). EDF has also made sure not to have to bear the financial risks of Olkiluoto EPR in Finland. And the agreement is conditional on a favorable outcome of ongoing checks on the tank of the EPR at Flamanville (Manche), where an abnormality was detected.
Finally, according to Philippe Knoche, the CEO of Areva, the two groups “have laid the groundwork” for a deal on their commercial contracts to supply fuel and waste reprocessing a sensitive point, EDF is the largest customer group. In parallel, Areva will continue the implementation of its restructuring plan , which aims to achieve one billion euros in savings by 2017 and could result in the delete 6000 jobs (3-4000 in France), on the 44,000 that make up the group.
Post said Thursday in a statement that rates would rise by mail 3.6% on average on 1 January 2016 “to ensure sustainability of universal service, in a context of continued decline in mail volumes.”
” La Poste will conduct the necessary tariff adjustments on 1 January 2016, as part of the multiannual framing device of tariffs decided by the Regulatory Authority for Electronic Communications and Posts (ARCEP) July 25, 2014, “the company said.
ARCEP had indeed authorized in July 2014 the Post Office to increase its rates by 5.2% on average per year for four years, so that the group can deal with falling mail volumes beating down its performance.
In detail, the price of the green stamp letter will pass from 0.68 to 0.70 while that of the priority letter to red stamp will increase from 0.76 to 0.80
ALSO READ:.
“Swiss Post simplifies its rates but increases ” La Poste further reduced its workforce without redundancy plan
What are the Socialists, they break up. Areva was born in June 2001, the will of the Jospin government to create a global champion of nuclear power. Under the strong leadership of Anne Lauvergeon, Topco then combines the activities of the private group Framatome, reactor manufacturer, and public group Cogema, which manufactures fuel, recycles at La Hague and is a mine field. Shortly after, Topco become Areva, a blown name to Anne Lauvergeon by his father and that references – one wonders why -. At the Royal Monastery of Arevalo in Spain
Thus was born the integrated model whose Anne Lauvergeon has made the apostle, highlighting the benefits of a group capable of providing everything from floor to ceiling. Natural uranium extracted from its mines in Niger, Kazakhstan and Canada is enriched by him, and then recycled, and also feeds the built and maintained by him reactors; in the end, the spent fuel is recycled.
EDF receives the poisoned chalice
Fifteen years later, the integrated model has disintegrated. Areva, now led by a tandem Philippe Varin Philippe Knoche, signed a memorandum of understanding to sell Areva NP, activity reactors construction and maintenance, that of the former Framatome. No longer remain in her lap as the activities of former Cogema, reducing the group’s turnover of 3.1 billion (about 8.3 in total). Incidentally Areva would pocket a check for € 2.7 billion, once the agreement approved in September. This has all the appearances of a return to square one, that which existed before Topco project.
Well not at all. For Areva NP does not fall into the hands of a private group, but EDF group could not be more public (80%), which picks up the ante, poisoned by the setbacks of the super-reactor (EPR 1600 MW), France, where technical problems (steel tank) accumulate, especially in Finland, where costs have skidded 3-8000000000 euros without one catch a glimpse the end of construction . The poison is such that EDF refuses to assume the financial risks of the EPR Olikuoto and asked the State to endorse.
Areva is virtually bankrupt. In 2014, the group lost 4.8 billion euros, more than half of its turnover! Its debt (€ 5.8 billion) exceeds the turnover of the new Areva. Everything has been said about this fiasco. Including that Lauvergeon, eager to impose the EPR, has negotiated a ridiculous price with Finland and squandered the money group in fanciful mining investment (Namibia). But one of his biggest mistakes was to want to build reactors from the expertise of EDF, although greater than that of Areva. For if realized Framatome reactors, it is the EDF engineers who were the architects. This is EDF that designed the French nuclear fleet, not Areva. One in Finland from an unlikely alliance with Siemens of Germany was – in hindsight allows to affirm – a fatal error
The Russian model
The show offered. Today the hexagonal nuclear industry is surprising. This looks like Rosatom, the Russian Atomic Energy Agency and its subsidiaries, which also, include construction and operation. Except that Rosatom is also competent for nuclear weapons. But after all, the Office of Atomic Energy, which also has military activities, is not it the majority shareholder Areva? We see, we are not so far away.
And we still closer with the absorption of Areva NP by EDF. Certainly, it is not at all expected that Areva is a subsidiary of EDF. But in reality, it’s a bit what happens because EDF is by far the main customer of Areva for fuel reprocessing and more. Post-Fukushima has reduced the prospects of nuclear power in the world (except China, became quasi-autonomous), Areva will struggle to find new customers. As for EDF, it can happen Areva.
To keep alive the French Rosatom, the state will be forced to recapitalize the former world champion as directed for nuclear long the most powerful ex-wife in the world (according to Forbes, like what everyone can be wrong). In times of budget scarcity, find 3-5000000000 euros (estimated amount of the recapitalization of Areva) is no fun. The state, master teacher at EDF and Areva, was so void as a shareholder he must now pay the bill for his negligence.
A man, only one, pulled out of the game this French disaster: Henri Proglio, the former CEO of EDF and sworn enemy Lauvergeon. He praised his services to the Russian Rosatom. True.
The discussions were very nearly stumble but the agreement last chance for recovery by EDF of the branch of Areva reactors was eventually endorsed. The compromise, sealed in the office of the Minister of Economy Emmanuel Macron, between public electrician and former flagship of the French nuclear was signed Thursday morning.
The “Memorandum of Understanding” signed inter alia “majority control of Areva NP EDF”, detailed the electrician. He plans ultimately participation “from 51% to 75%” in that branch of Areva reactors with “potentially involving other minority partners.”
Areva announced in the wake of the arrival of Bernard Fontana, former CEO of Swiss cement manufacturer Holcim, as President of the reactor division. His arrival is “intended to September 1.” He had resigned his position as head of Swiss cement July 10, after the success of the merger with the French Lafarge.
A capital increase
This sale to EDF Areva NP valued at 2.7 billion euros and will still “be a adjustment “. The former flagship of nuclear will need a parallel increase in “significant” capital to meet its financing needs by 2017, he estimated at “about 7 billion euros.”
The aim is to perform the operation “2016 current” Areva said in a separate statement. An operation that will “preserve the financial equilibrium” of EDF, ensured his side’s CEO Jean-Bernard Levy.
This offer, which is part of a wider agreement to pull the nuclear specialist financial difficulties, however, not enough to reassure the unions of Areva, who believe that “we remain in the dark” and that “nothing is done”.
The unions worried
Should then open a period of “due diligence” of three to four months, during which the electrician, which operates 58 French nuclear reactors, will examine the accounts of Areva NP to make a firm offer, not before the end of October or November. “Solving the problem is regrowth of four or five months,” laments Pierre-Emmanuel Joly, CGT representative of Areva after a briefing with management. For if Areva and EDF disagree in November, “we leave for further negotiations”.
“We are still worried about the future Areva reduced” because of its debt, says his side Laisne Christophe, the UNSA-Spaen. While employees are negotiating the group’s restructuring plan, “we still do not know the number of employees of Areva NP who will spend at EDF,” he adds. According to a source close to the matter, progress has also been made on contracts between Areva and EDF in upstream activities (extraction and conversion of the ore), but on “limited tonnages.”
. productive night. Areva, EDF and the State reached on Wednesday evening to find common ground, just in time for Thursday morning to announce the terms of a merger that should help lift the nuclear specialist financial difficulties acquiring the majority of the activity reactors.
And this is the electrician who has specified the terms of this “Memorandum of Understanding”, which provides in particular for “majority control of Areva NP by EDF “, the latter in fine considering participation” from 51% to 75% “in that branch of Areva reactors. “The parties have agreed on a target price” that values Areva NP to 2.7 billion euros and will still “be a fit,” the company said in a statement. The objective is to achieve “current 2016″ operation, Areva said in a separate statement.
After months of negotiations, the leaders of both groups sétaient gathered Tuesday evening under the auspices of the Minister Economy Emmanuel Macron. Together, they and “found the basis for an agreement,” which was discussed Wednesday by the Areva board of directors.
EDF only offered from 2 billion euros, while Areva claimed by 4. Then open a period of three to four months, during which the electrician, which operates 58 reactors of the French nuclear fleet, will examine the accounts of Areva NP to make an offer farm, by October or November.
Areva has had to accept the government’s timetable, which refers to September the subject of the capital increase. In the coming years, Areva will need 5 billion to finance itself.
In parallel, to reduce its debt, Areva will continue the implementation of its restructuring plan, which aims to achieve one billion euros in savings by 2017 and could result in the elimination of 6,000 jobs, including 000 in 3-4 France.
The group, which has about 44,000 employees, is in a critical financial situation after wiping 4.9 billion loss last year, largely related to provisions and impairments of assets.
INTERACTIVE. The employees of Areva
& gt; Come discuss and ask questions on our forums!
This should help lift the specialist nuclear of its financial difficulties.
After months of negotiations, a meeting Tuesday of the leaders of both groups, under the auspices of the Minister of Economy Emmanuel Macron, allowed ” find the basis for an agreement “, then examined Wednesday by the Board of Areva, according to several sources.
Some details still unknown
This is a “general agreement” which bears not on all the details of the reconciliation between the two groups, warned a source familiar with the negotiations.
When publishing their interim results Thursday before the opening of trading, the two public companies should confirm that EDF has made an indicative offer to use “minimum 75% “of the capital of the reactor division Areva, Areva NP, an amount that would value the entire sector to 2.7 billion euros. EDF only from Areva NP valued at 2 billion euros, while Areva claimed by four billion, a source familiar with the matter.
Set the issue of debt
Apart from the price, last minute adjustments concerned in particular the liabilities (debts) who are retaken or not by EDF.
The Elysee had ruled on June 3 in favor of this solution, which marks the end of the integrated model of Areva – from the extraction of ore to reprocessing waste through the design and construction of the reactors.
For open books
If then open a period of three to four months, during which the electrician who operates 58 reactors of the French nuclear fleet, will examine the accounts of Areva NP to make a binding offer by October or November.
Nothing to reassure unions Areva, who “unchecked” . “The solution of the problem regrowth of four or five months,” laments Pierre-Emmanuel Joly, CGT representative of Areva, told AFP after a briefing with management.
Uncertainties among employees
While trade unions are negotiating the group’s restructuring plan, “we still do not know the number of employees of Areva NP who will spend at EDF” Laisne said Christophe, the UNSA-Spaen.
The leaders of Areva also wanted to ensure the viability of the group refocused on the fuel cycle. This happened according to them by better conditions in its contracts with EDF – for the supply of fuel for reprocessing and waste – and firm commitments from the State in the amount of recapitalization of the group and on the guarantees provided face the risks associated with construction of the third generation reactor under construction in Finland.
Accept the state calendar
According to a source interviewed, progress has been made on the first point, especially for contracts on upstream activities (extraction and conversion of the ore), but on “limited tonnages.” On the second point, however, Areva has had to accept the government’s timetable, which refers to September the subject of the capital increase.
This question is far from being a detail, since the state may have to line up to 5 billion euros to fill Areva’s financing needs in the coming years, estimated at about seven billion euros. In early June, the Elysee had assured that the state, which owns 84.5% of EDF and 87% of Areva, bail out the group “to the required height.”
Joint Venture
The companies should also announce that engineering teams of Areva’s reactors will be placed in a joint venture between EDF and Areva NP.
And Areva should detail planned disposals of assets – has already announced that Canberra subsidiary specializing in nuclear measuring instruments and systems .
In parallel, Areva will continue the implementation of its restructuring plan, which aims to achieve one billion euros of savings 2017 and could result in the elimination of 6,000 jobs (3000-4000 in France). The group, which has about 44,000 employees, is in a critical financial situation after wiping 4.9 billion loss last year, largely related to provisions and impairments of assets.
According to Le Figaro , the two groups have made concessions likely to consider the conclusion of an agreement in time.
The agreement on the acquisition by EDF group’s activities in nuclear reactors (Areva NP) will be announced July 31 , but the ads on the recapitalization of Areva by the State should come later.
Philippe Varin has recently written to the Head of State highlight the issues that remain to be negotiated as part of the agreement under discussion, did the week we learned last source close to the matter.
The discussions were very nearly stumble but the agreement last chance for recovery by EDF of Areva reactors branch was finally endorsed on Wednesday reported several sources familiar with the matter. The content of this compromise, sealed in the office of the Minister of Economy Emmanuel Macron, between public electrician and former flagship of the French nuclear power needs to be formalized Thursday morning. This offer, which is part of a wider agreement to pull the nuclear specialist financial difficulties, however, not enough to reassure the unions of Areva, who believe that “we remain in the dark” and that “nothing is done”.
No firm offer before autumn
According to several sources, EDF should of an offer to buy a majority stake (at least 75% ) Areva NP, which will value the Areva reactors branch at about 2.7 billion euros, but it still is only a offer “non-engaging”. Then open a period of “due diligence” of three to four months, during which the electrician, which operates 58 reactors of the French nuclear fleet, will examine the accounts of Areva NP to make a firm offer, not end of October or November. “The solution of the problem regrowth of four or five months,” laments Pierre-Emmanuel Joly, CGT representative of Areva, told AFP after a briefing with management. For if Areva and EDF disagree in November, “we leave for further negotiations”.
“We are still worried about the future Areva reduced” because of its debt, says his side Laisne Christophe, the UNSA-Spaen. While employees are negotiating the group’s restructuring plan, “we still do not know the number of employees of Areva NP who will spend at EDF,” he adds. According to a source close to the matter, progress has also been made on contracts between Areva and EDF in upstream activities (extraction and conversion of the ore), but on “limited tonnages.”
SCAN THE ECO – You have not had time to look at the economic news on Wednesday? Le Figaro will summarize the key issues of the day.
• EDF and Areva s ‘agree on the bailout of the nuclear group
According to information obtained by Le Figaro , the terms of a compromise on the first elements of the bailout of the nuclear group in particular the sale of the majority of its reactor division, Areva NP, EDF, were found Tuesday evening. The electrician takes the Areva reactors, valued 2.7 billion
“For more information, read our article. Snatching Agreement between Areva and EDF .
• Peugeot returns to profit
The French manufacturer recorded at the end of June its first profit since 2011, more than a year after launch his plan to return to profitability, but management refuses to claim victory before the end of the year
“For more information, read our article. Peugeot for the first recipient time in four years.
• Twitter will recruit more new users
During the social network collapses of over 10% in electronic transactions. Investors punish the mini grow its number of monthly users which fell to its weakest pace since 2013
“For more information, read our article. Twitter arrives really more to recruit new users.
but also
Berlin • asks Paris to end the breeders dams. France must ensure the free movement of goods within the European Union, said the German Minister of Agriculture Christian Schmidt after dams set up by French farmers these days.
• Amazon wants air corridors for its delivery drones . At a conference organized by NASA, officer Amazon advocated a “air space at high speed transit” for delivery drones
• Electricity:. The pin regulator also prices of companies. The Energy Regulatory Commission believes that the rise in regulated prices expected this summer by the Government for business is too low. The threat of an appeal to the State Board of flat again.
• Touraine sows discord in hospitals. Hospital doctors protesting against the implementation of the . 20% reduction in working time of only emergency physicians, given the end of 2014 by the Minister of Health
You also loved
• Most read: At Paris, rent control will affect one in five renters
• The most commented. Pierre Gattaz: “We must accelerate reforms”
• The most shared: Supermarkets: the tasteless fruit sold always more expensive
And as a bonus
•. Interview Today: George Osborne: “We want a stronger euro area.” The British finance minister, visiting Paris, argues for a more integrated euro area within a reformed European Union.
• Images of the day: In New York, one of the worst airports in the world will be restored for $ 4 billion ($ 3.6 billion. euros). US Vice President Joe Biden, had not hesitated to compare La Guardia Airport to a “Third World”.
• The solution of the Day: Make her laugh employees, the magic formula of companies. No need jokes to laugh at work. In tough times, some companies rely on to control laughter professionals to motivate employees
• The decision-maker of the day. Guillaume Teixeira Until vice president and member. the executive committee of the EMEA, Guillaume Teixeira became CEO of Tarkett France, where he succeeded Marc Cangelosi, appointed Vice President Southern Europe.
Manuel Valls arrived at mid-day on Wednesday in the Gers, accompanied by the Secretary of State for the digital, Axelle Lemaire. He inaugurated a high denes terminal in the town of Berdoues. He must then go to a farm before winning Castelnavet Marciac and its jazz festival for the evening. The Prime Minister is scheduled to meet farmers in the afternoon, while the Minister of Agriculture Stéphane Le Foll which was initially preferred to accompany him to visit Corsica. “ It is very exceptional that the Prime Minister has agreed to see us without the appropriate Minister ,” said the president of Young Farmers of the Gers, Emeline Lafon, which will see him with twenty farmers mid-afternoon in the village of Castelnavet. These farmers, who had leaked Tuesday Access Marciac Jazz venue of the festival, in leaflets demanding the resignation of the Minister Stephane Le Foll. “ It is not listening. Le Foll, we do not want ” repeated Ms. Lafon.
Meanwhile, the Rural Coordination Gers meet a counselor from Manuel Valls from 18:30 to Marciac. She already said and already ready for further action “ if it goes wrong ” adding that about 200 farmers gathered around Marciac and ready to block the city.
The interior minister, Bernard Cazeneuve, announced Wednesday, July 29 the deployment of additional staff in order to secure the approaches to the Channel Tunnel, facing pass attempts mass of migrants.
Two units of mobile forces, or 120 officers of Republican Security Companies (CRS) and gendarmes temporarily assigned to Calais, in northern France, will be deployed in the day. In the night of Tuesday 28 to Wednesday, July 29, 2300 more intrusion attempts have been recorded on the Eurotunnel site, the ministry of the interior.
A migrant, origin Sudanese and aged about thirty years, was found dead Wednesday morning in the center aisle of the cargo access the site. The victim was hit by a truck “who descended from a bus while trying to climb over,” said a police source. This drama brings to nine the number of migrants who have died since the beginning of June to within the site or attempting to penetrate
Read also:. France, “police arm” of the UK to Calais?
“Switch to England at all costs”
Play Slideshow Go to the portfolio
The overwhelming majority of migrants who try each day to enter the tunnel is pumped. About 3 000 illegal are currently present in the town of Calais. For nearly two months, 1 500-2 000 intrusion attempts are recorded daily on the site, a 650 hectare area.
The same migrants wishing to join England, trying their luck more Once per night, per group of ten or a hundred people. “A number” of migrants have managed to enter the UK in recent days through the Channel Tunnel, according to Interior Minister Theresa May, who has However given no precise figure. The Minister, who chaired Wednesday an emergency meeting of the Cobra (for Cabinet Office Briefing Room – “Government Emergency cabinet” in French) in London, said:
“We will treat every asylum application in accordance with our normal procedures. The priority for us is to strengthen security at the site [Eurotunnel] Coquelles [in France], to ensure that no one is trying to borrow through the tunnel. “
Because of a social conflict between the shipping company and the owner of MyFerryLink its boats, the Eurotunnel Group, the port of Calais was blocked largely since June. Many migrants then tried to take advantage of the paralysis Channel traffic to get on the trucks stopped in Calais.
The port security has also been greatly enhanced, encouraging migrants to find “alternatives to spend at all costs in England” , explained Natacha Bouchart, the mayor of Calais. “To access the tunnel, migrants must first cross the highway, she said Wednesday morning on France Info. This is very dangerous for them, but also for motorists and hauliers. When they access the site, there are queues of trucks waiting and who can not see what is happening around or below. Here’s how tragedies occur like that night. “
British Prime Minister, David Cameron has said on Wednesday “very concerned” by the latest intrusion attempts. London has already paid 4.7 million euros for the construction of barriers around the terminal and boarding also announced Tuesday an extension of € 10 million to strengthen the security of the site.
Eurotunnel engaged in a communication war, has in turn Wednesday urged States to a “appropriate response” considering that the situation “exceeds what a dealer can reasonably do” . The group claims to have invested heavily – € 13 million in just the first half of 2015 – in physical means – fences, lighting, cameras, infrared barriers – and humans (caretaking staff has been doubled to almost 200 people ), to protect the Coquelles terminal. Eurotunnel seeks compensation of 9.7 million euros to the French and British governments to offset its expenses and operating losses associated with the influx of migrants since the beginning of the year.
Bernard Cazeneuve himself has repeated Wednesday that the group was “Also, it is normal to its responsibilities” . On 23 July, the minister estimated that Eurotunnel “had not made the necessary efforts to fight against migrants intrusions” .
Read our decryption: Calais Migrants bring French and British in the edge of the diplomatic crisis
