Since the last such exercise, the hexagonal landscape was shaken by the gradual opening of markets to competition in gas and electricity, as well as the Grenelle Environment, described by the IEA to "environmental program impressive "to" ambitious goals ".

Railing against regulated tariffs

On an issue that directly affects the consumer, the Agency challenges the national system of pricing.For the IEA, champion of the liberalization of the electricity market, as Brussels, regulated tariffs, both for households and industrial customers will not endure. If they do not reflect costs, regulated tariffs create a "market distortion". The rate used in France does not reflect the cost, very heavy, setting up new nuclear reactors, the development of the 58 reactors of EDF were largely borne by the state.

In this context, the IEA applauds Nome Law, adopted June 15 by the National Assembly and still under review by the Senate, providing access to EDF's competitors to some of its electricity from nuclear power.The tariff, subject to a brawl between EDF and its competitors will be determined by the Commission for Electricity Regulation (CER).

Access to electricity in question

The report also highlights the weakness of the French system to meet peak electricity demand and reiterates the risk of faults in some regions (Brittany and Provence-Alpes-Cote d'Azur). An increased risk by the "limited availability" of nuclear power, which in 2008 turned to less than 80% of its capacity due to various incidents.

The IEA also interested in access of the poor to electricity. In late 2009, 800,000 households benefited from social tariffs for electricity and 400,000 gas. However, eligible households would total 2 million and 1 million respectively. The IEA has accused the government of inadequately informed about the tariffs that have helped cost the state 90 million euros.She recommends simplifying access, too bureaucratic.

Finally about renewable energy, the report points to the cumbersome administrative procedures to locate wind turbines.

In other areas of the region, the mood is mixed. The Hang Seng in Hong Kong gained 0.52% to 20,370.35 points, the CSI 300 Index of Shanghai shows a slight increase from 0.06% to 2743.14 points, the Seoul Stock Exchange was up 0.65% 3659.85 points, the Sydney Stock Exchange ahead of 0.14% to 4409.80 points, and Mumbai was up 0.42% to 17,953.31 points.In contrast, the Singapore Straits Times Index lost 0.32% to 2939.08 points and Taiwan was down 0.12% to 7702.43 points.

Oil prices were slightly higher Wednesday in Asian electronic trading before the release of oil reserves in the United States, dealers said. In morning trading, a barrel of light sweet crude for September delivery was taking 5 cents to 77.63 dollars a barrel, while Brent North Sea with identical maturity, gained 9 cents to 76.31 dollars . Investors await the release Wednesday of weekly report on the status of stocks in the United States.According to analyst estimates, the reserves of crude will drop by 1.1 million barrels.

With the rise of the yen, export values are again in trouble, including automakers Toyota lost 2.55% to 3,055 yen, Nissan loose 0.65% to 609 yen or Honda was down 1.81% 2605 yen.

The macroeconomic environment remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth. "Everything goes as planned," he said Monday.

Until the release of stress tests on European banks on Friday, the week will be especially marked by the rise of the results announcements in Europe and the United States. On the macroeconomic front, the day will be rather quiet.Only the ECB will publish its figures on the balance of payments of the euro area to 10 hours.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Eurotunnel sanctioned Exchange

Eurotunnel: 2.86% to 5.8 euro

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros compared to 2009 in the same period. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.

This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter.Soitec publish its turnover in the first quarter.

GDF Suez: + 0.80% to 24.52 euros

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday. In previous discussions on an alignment between the two groups had lasted several months before a halt in January, the newspaper said payday loans in 1 hour. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.

Club Med: 1.58% to 14.50 euros

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros.BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

EADS -0.24% to 16.38 euros

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons. The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

The bank in trouble before the stress tests

Partouche: -5.07% to 2.06 euros

The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos.The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.

ADP: -0.97% to 53.08 euros

ADP announced that its passenger traffic rose 2.3% in June over a year.In the first six months of the year, traffic appears down 2.1%.

Axa: -1.16% to 12.74 euros

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

Finally, four days after the publication of stress tests, banking stocks widen losses: Societe Generale was down 2.05% to 35.56 euros after losing more than 5% last week, BNP Paribas 1.17% loose to 46.51 euros, after having dropped nearly 6% a week ago, and Credit Agricole was down 1.90% to 8.76 euros following a loss of just under 2%, one week.

The net profit up 24.3% over the year totaled $ 1.84 billion for the second quarter. But compared to the number of shares and excluding exceptional items, it is up to $ 6.45, while analysts were expecting 6.52."The trend over the results Google is disappointment," notes Jon Ogg, noting that it was the second time in three months that Google stock back to the publication of its quarterly results.

S & P welcomes financial profile "solid" by Google

But out of Google, we preferred to emphasize a "solid" second quarter. "We saw strength in key product categories, more and more traditional advertisers are putting advertising in the search engine, and major advertisers increasingly launching integrated campaigns among advertising research, picture ads and ads on mobile devices, "said Eric Schmidt, CEO of Google, said in a statement. Performance also welcomed by the rating agency Standard & Poor's on Thursday gave Google a "AA-", the fourth highest grade with a stable outlook.S & P praised the "extremely strong financial profile and strong leadership in its sector" of Google.

The turnover of the group has indeed risen from 24% in one year, 6.82 billion dollars, exceeding expectations. For the first three months of the year, revenues showed an increase of 1%, while several analysts were expecting a decline. In fact, revenues have declined only in Great Britain. A decline offset by growth in other areas, In particular with Brazil, India, Russia and "even in France," the company said.

Google made to continue to invest "heavily"

In a teleconference with analysts on Thursday, Chief Financial Officer Patrick Pichette said Google's presence in all segments of Internet advertising. For him, YouTube has become "a must" for advertisers, and "a great event for us."His analysis has been shared by some of his audience. "We believe that the current markets and future of Google, in research on computer sets and telephones, picture ads and YouTube, have sufficient opportunities for growth and revenue to generate a positive return on investment", believes Mark Mahaney, an analyst at Citigroup.

A strategic partnership with Omnicom

The CFO of Google has also used the conference to announce a strategic partnership with the advertising group Omnicom in the field of comic inserts. Advertising group agrees to purchase advertising space for clients to hundreds of millions of dollars. In exchange, Google will build with Omnicom platform buying and selling advertising.The software giant plans to "continue to invest heavily" by the end of the year. ALSO READ:

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According to excerpts of the speech published by Bloomberg, the prime minister must detail his plan to replace "the old bureaucratic system with a new democratic system, enabling it to resolve the dilemma between maintaining services and reducing costs.

"We want to give citizens an opportunity to improve public services in our country through transparent, democratic local control, competition and choice," said excerpts from the speech. David Cameron will discuss in particular the possibility for the first time, electing police commissioners Guaranteed payday loans.

For its part, the Secretary of State for reducing costs of administration will scrutinize all the benefits of key government suppliers to reduce costs. The names of companies have not been disclosed.

600 000 public jobs threatened

The British Finance Minister, George Osborne, asked the Ministries of Defence and Education, to make projections based on a reduction in their budget 10% to 20%.But other state services must therefore prepare for reductions of 25% to 40% of their resources. In late June, the Minister announced in Parliament and with all the new budget measures he hoped would reduce the deficit from 10.1% of gross domestic product this year (2010/11) to 1.1 % of GDP by 2015/16.

The Fiscal Responsibility Office has estimated that 600,000 public sector jobs might be eliminated as a result of these forecasts to reduce the deficit.

However, the Defence should have more, $ 3.5 billion over three years if the military budget law, which was planning an increase in expenditures had been met. But the roadmap is no longer tenable given the magnitude of deficit payday loans for self employed. In addition, Defence will recover about $ 2 billion windfall, thanks to the sale of real estate and radio frequencies.Result, the department will not have to increase efforts at downsizing. Neither cutting into programs renegotiated in 2009 as the multimission frigates Frem or equipment Felin infantry (even if the payment could be later). However, some programs not yet started should be deferred. And the operating budget will be reduced.

These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.

First published in late July

Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the reverse case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

The Group's turnover decreased by 5.5% during the winter of 2010 compared to the same tourist season in 2009. This decline reflects a market "sluggish" and the impact of the ash cloud generated by the volcanic eruption in Iceland, which paralyzed air traffic in April, the company said in a statement released Friday. This damage has impacted the group's net profit amounting to 5.6 million, including 3.7 million on operating profit (OCR) Activity Village.The ROC Villages is nevertheless clear to 28 million euros in the first half, marking an increase of 16% compared to winter 2009. The ROC Heritage rebounded, but remains negative: operating loss from this activity on a year from 20 million to three million.

The EBITDA margin of villages has increased by 3 points in four years, and now stands at 9.1%. The decrease in revenue per available bed (-5.7%) due to the decline in occupancy rates, which fell by 4.3 point. The average price of the day hôtellerière has indeed maintained: it stood at 146.40 euros, down 20 cents compared to prices recorded during the winter of 2009.

At the end of the half year, Club Med displays a cash balance of 21 million euros, against a borrowing of 18 million last year at the same time.Proceeds from disposals have reported that Club Med 2 million euros, an amount six times less than that received from sales of assets during the first half of 2009. The group's net debt has been pared down over 30% in one year, to $ 218 million.

Accelerating China

Club Med said it will accelerate its development in China this year, reaching 30,000 clients in the country and become "the leader of high quality vacation all inclusive. Chinese customers has grown 40% in winter 2010 compared to the same period in 2009.

Club Med will open its first holiday village in China "in November as scheduled. After this site that must leave land to Yabuli "famous ski resort in the north-east, four holiday villages should be built in China by 2015.At that time, Club Med is 200,000 customers in China. To achieve this goal and "to strengthen its development," the group says it "led discussions on an industrial partnership with a Chinese group."

Club Med is expecting a good summer

The Summer is also favorable for the group. Welcomed the results of winter, Henri Giscard d'Estaing, the CEO of Club Mediterranee, underlines that "the level of bookings was already showing the number of customers higher than last summer due to late booking. Bookings have increased 18% and over the last eight weeks. During the period, bookings have increased by 11.2% in Europe, 40.4% in the Americas and 42% in Asia.

The total volume to date of summer bookings remains "online" (-0.9%) with their level at the same time last year.Europe attracts fewer (-4.4%) while America and Asia recorded an increase in demand, respectively 13.8% and 18.1%.

Club Med says he will continue to move upmarket its holiday villages, so that two thirds of the accommodation capacity of the group are four or five "tridents", synonymous with luxury Club Med.

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In May, the index was pushed up "by the new rising energy prices and the seasonal increase in prices of fresh products and some services, including insurance, says the National Institute of Statistics. In contrast, prices were dragged down by lower seasonal rates for heating and promotions on cars and telecom is INSEE No teletrack payday loans. In clothing, labels do not change, remaining stable on the month.

In detail, oil prices rose by 0.9% (+13.6% yoy), as a result of rising oil prices.In services, the insurance rates also appear to increase: 1.5% for the automotive (+7.6% YoY), 0.8% for health (+5.1% over one year) and +0.4% for residential (+4.2% YoY), details the INSEE. The food prices have also increased by 0.3%.

In addition, expectations of rising interest rates in several countries in the area, where inflation is threatening more and more, reduce appetite for risk that investors had recovered in recent weeks, analysts of HSBC.

Oil retreats always

Crude prices were down sharply Monday in electronic trading in Asia, continuing their decline last week, dealers said.

In morning trading, a barrel of light sweet crude for May delivery fell by 1.49 dollars to 81.75 dollars while Brent North Sea with identical maturity, yielded $ 1.11 to 84 $ 88.

On Friday, oil prices had fallen back sharply in New York, a barrel of benchmark dropping more than two dollars in closing an index of consumer confidence in the U.S. amid disappointing and marked increase in U.S. currency.

The China National Petroleum Corporation (CNPC) has signed an agreement with Caracas to support the extraction of oil for 25 years in the region of the Orinoco Belt, Venezuela. Cost of operation: 20 billion dollars.The oil production at the site would represent 2.9 billion barrels, according to the Chinese company.

Toyota will pay

Japanese carmaker Toyota (-2.16% to 3,615 yen) will pay a record fine of 16.375 million (12.2 million) dollars imposed by U.S. authorities for several months in hiding for his problems accelerator, officials said Sunday night from government sources.

"By paying the entire civil penalty, Toyota accepts responsibility for hiding the safety issue of road safety agency, in violation of the law," said a senior U.S. Department of Transportation.

The Japanese automaker has also recalled some 870,000 Sienna minivans type in North America last Friday.