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For its IPO on Monday, Areva action which replaces the old certificate-investment has been severely shaken. The title of the nuclear expert accused earlier this afternoon, down more than 4%, to 29 euros, the biggest drop in the SBF 120 index, meanwhile almost stable. For specialists, the accumulation of uncertainty about the future of the group were able to sow doubt among investors.

First, all mention the decision by Berlin on Sunday to slam the door to the atom by 2022. "It had to play it safe because of the coup Areva will lose contracts related to maintenance of these plants, which constitutes a significant windfall," says an analyst. However, it considers the reaction of markets as "bizarre" that "unlikely", since the German decision "has been widely anticipated.""We could not expect anything else!" He says.

For Joffrey Ouafqa, manager at Convictions Asset Management, the fall of Title indicates that investors are concerned above all "a contagion to other European countries", in a context of mistrust of the atom after the catastrophe of Fukushima. I must say that last week, Switzerland has also set its output of nuclear horizon 2034. Besides Italy, which plans to relaunch the atom early in the year, has also backtracked. Last Tuesday, the government of Silvio Berlusconi has won the confidence in Parliament on a gel for a year or two atomic projects.

"A political decision"

Trying to stem the "contagion," Anne Lauvergeon blasted the German position on Monday on BFM Radio. For the president of Areva, then it is a "completely political decision" taken "without référundum or appeal to what the public thought."Prior to project, betting on "a specific German reaction": "By 2022, it can take a lot of things …" Even if the German environment minister, Norbert Röttgen, continues to insist on " irreversibility "of the measure.

Other events that have affected the course of Areva's announcement on Monday, delays of six to nine months for construction projects of nuclear reactors. According to Anne Lauvergeon, these mishaps are due to work safety authorities, decided after the earthquake and tsunami of March 11 in Japan. But again, "these delays were expected, and were integrated for a long time," said, puzzled, our analyst.

Moreover, investors expect certainly to know more about long-term goals of the group, swept the Japanese after the incident.According to Anne Lauvergeon, "new guidelines" will be unveiled soon, even if the specialist of the atom "does not significantly change [his] workload." For now, Areva has not yet given up flow 45 EPR, its latest generation of reactors by 2020.

What about the renewal of Anne Lauvergeon?

Such "guidance" to come, experts expect most to know more about the group's activities in India. "That's what is most worrying, our expert judge, because these contracts weigh up to 5 billion euros." According to him, nothing is likely to be signed this year in the current context: "it will probably wait until next year, "he walks.

Finally, the last unknown area of ​​governance of the public group owned 97% by the state. In fact, the second term of Anne Lauvergeon expires end of June.And it is up to President Nicolas Sarkozy to decide soon on renewal or replacement. Enough to make life difficult for investors.

The National Federation of Farmers' Unions (FNSEA) launches a call for help to the government. While drought is raging in France, the farmers union asks the State to provide cash to farmers to help them cope with the shortage of grass meant to feed their animals. Fodder production, that is gathered at this time to make provisions for the winter, fell between 50 and 60% said Beulin Xavier, patron of the FNSEA. "Farmers can not wait to hit on October 16 in anticipation of EU aid, as we promised them," said union official.

Despite the "urgency", "there is no way for us to claim a tax drought as in 1976, however, said Beulin Xavier, patron of the FNSEA. This solution, which was adopted by Jacques Chirac, then prime minister, would have helped to tarnish the image of farmers."This tax has been misunderstood. We regularly pours on, "says Xavier Beulin. Its implementation in spring 2011 has anyway been rejected by the Minister of Agriculture, Bruno Le Maire, who asserts that such action is not within its jurisdiction and the Minister for Ecology Nathalie Kosciusko -Morizet who believes he is still "too early" to consider it.

Commitment of States to banks

To cope with the situation, FNSEA would, however, that the State undertakes to banks for lending rates to zero which will allow farmers to make the junction until mid-October. "We're not asking for alms," emphasizes Xavier Beulin.According to him, it is only from June to prefund the equivalent of Community aid promised for mid-October, amounting to 710 million euros.

This advance payment should allow producers to stop the "mass mailing" of animals for slaughter, whose numbers have doubled or tripled in recent days. The union says will fight together against another perverse effect of the drought: the fall in meat prices by excess supply, causing a further decline in incomes of farmers who can not pass on their price increase animal feed.

FNSEA also wishes to meet Guillaume Pepy, SNCF president, to discuss bringing straw and fodder in the coming weeks.

54 departments under restriction

Measures of restrictions on water use extend in France.On its website, the Department of Ecology announced that 54 out of 96 metropolitan departments are now involved against 42 a week ago. Twenty-one are classified as level 3, that is to say, concerned by the measures the highest and four others are placed in a state of vigilance. Only the tip of Brittany, the eastern fringes of the country, the Massif Central and the Mediterranean shores to escape the time-limiting measures.

Water restrictions limit uses non-priority for individuals such as watering, washing cars or filling pools, and can also regulate agricultural irrigation.

The government also announced the creation of a "watch unit" on electricity supply, while drought has reduced production of dams and the threat of nuclear plants.A further meeting of the "drought committee, bringing together water users (farmers, industrialists), elected officials and experts (Météo France, Bureau of Geological and Mining Research) is scheduled to meet later in mid-June.

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The modern, we are! That's the message doctors' unions and liberals CSMF SML. Their rivals, and former Health Minister Roselyne Bachelot-present them as often archaic and motionless. But in fact, their proposals for the next medical convention (this text, which governs relations physicians Safely and is under negotiation), set Wednesday, constitute a serious dusting. They are all the more to take seriously that, given their electoral weight, the two allies can, alone, to sign or reject an agreement. And the Director General of Medicare, Frederick Van Roekeghem Le Figaro confirms that its mandate "can go in the direction of greater pay for performance".

That's what it is. No question of abandoning the FFS.But in the scheme devised by the CSMF and SML, general volunteers receive additional remuneration, inspired systems "pay for performance" Anglo-Saxon.

Up to 15,000 euros per year

Its amount should "quickly reach at least 20% of earnings, its proponents argue. Or up to 12,000 or 15,000 euros per year. This bonus would "enhance medical quality." The criteria would go monitoring of chronic diseases in office organization (keeping records of diseases, treatments, allergies, use of computer-assisted prescribing, updating medical records …), to the number patients subjected to preventive measures and screening (cancer, alcohol, obesity …) and efficiency of prescriptions (generic …).They are all defined by Medicare and medical unions cash till payday advance.

They have well learned the lesson of the success of the contract for improvement of individual practices (CAPI). This embryo pay to performance, they did not want them to reach targets were set without them by Medicare-has attracted a GP in three, and relates to more than 10,000 of them by 3000 euros year on average. If the project CSMF-SML was passed, it would also provide a transition for the signatories of Capi.

The two unions did not quantify the cost of their idea, they argue that the prevention or improved monitoring of chronically ill generate savings. Medicare also ensures that its Capi self-financing. Nevertheless, Parliament voted an increase of only 2.8% of health spending in 2012. "Reaching 12,000 to 15,000 euros seems tricky.There will be a gap between the wishes of the unions and the possible, warns Frederic Van Roekeghem. Our margin of maneuver is not important. "Especially since, if the CSMF SML and innovate, they do not leave aside the traditional claims, such as increased consultation fee, 25 euros. "They should not forget too quickly that we went from 22-23 euro on 1 January!" Recalls the director of Medicare. Frederick Van Roekeghem intends to present its first draft convention in mid-June and conclude negotiations within a month.

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End of the eruption of Grímsvötn

The Icelandic volcano has ceased trading Wednesday morning and a plume of smoke and ash has virtually disappeared, said the Meteorological Office of Iceland. "There has been no activity since (4:00) this morning," said a geologist at the office.

The eruption, which lasted since Saturday, has led to the creation of a plume of smoke and ash that reached 20 miles high, before being reduced to 7-8 Monday night km to 2 km Wednesday morning.

According to a geologist at the University of Reykjavik, who observed the volcano on Tuesday night, the plume still accruing Grímsvötn was only composed of water vapor, "He was still producing ash but they were not going into the atmosphere, they fell directly on the glacier."The volcano will produce steam for a few days" after the end of the eruption, he said.

Reopening of German airports

Berlin's airports, closed Wednesday morning due to a high concentration of ash have been reopened in the afternoon, like those in Hamburg and Bremen, said Eurocontrol, the agency safety of air navigation in Europe.

"We believe that air traffic in Europe will return to an almost normal by the next 24 hours," said a spokesman for the agency.

In all, Eurocontrol had anticipated the cancellation of 700 flights day in 8000 over Germany.Tuesday, approximately 500 flights on scheduled some 29,000, had been canceled in Europe.

No closing of French airspace

The European Commission ruled Tuesday, however, closure of major European air space, as in April 2010.

The cloud should reach in the day Belgium and the extreme north of France, but these regions are classified as "blue", that is to say that the particle concentration is so low that air traffic would continue. "We will not close (French airspace) to this eruption, there is very clear," said Wednesday the Director General of Civil Aviation Patrick Gandil.

The Danish airspace, a game which was closed to traffic Tuesday, has reopened. In the UK, following significant disruption in Scotland, traffic returned to normal also.Finally in Iceland's main international airport, Keflavik-Reykjavik was closed overnight before reopening at 9:30.

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On this day 50 years in the OECD, the Paris Bourse behaves better. The Cac 40, which has suffered heavy losses on Monday, weighed down by bad signs including the Italian debt, back a little to his senses, like the Asian stock markets on Tuesday morning, which had fallen the night before. The CAC lead in the first écahnges 0.17% to 3913.73 points. Last night on Wall Street, U.S. indexes also ended in deep red.

It will also monitor the evolution of the Milan Stock Exchange, which lost more than 3% the day before because of the prospect of lowering the debt rating of Italy by Standard and Poor's. But the rating agency has reassured last night assuring that the country would not need help. The government has prepared an austerity plan of 40 billion euros.

On Tuesday, the Brussels Stock Exchange is likely to be heckled while Fitch has placed the country's debt on negative watch.Fitch was concerned about the institutional crisis in Belgium, still without a government for nearly a full year after the legislative elections of June 2010. However at the opening, the Bel gleans 0.10% to 2669.29 points. In London, the FTSE gained 0.19% over the closing Monday at 5,846.90 points while in Frankfurt the Dax is 0.11% at 7121.52 points.

On the foreign exchange market, the euro is 0.19% on Tuesday morning at 1.4075 dollar. Yesterday, the single currency fell below $ 1.40.

On the front of economic data likely to move the trend, it follows: in France, the business climate has again slightly in May, in manufacturing and in services, shows the monthly business survey published Tuesday by INSEE.In Germany, Destatis said that the strong GDP growth) German in the first quarter, 1.5%, to more investment and domestic consumption than external trade. The Ifo important barometer of the morale of the financial community will be unveiled at 11 am. In the EU, we will connsaissance new orders in industry in March (11:00). While the United States, 16 hours, we will note the new home sales in April (16 hours).

Bickering between Carrefour and Casino

Side values, the Cac 40, Danone (-1.73%), Renault (-0.64%) and CapGemini (-0n12%) are in the bottom of the list of performances. At the top of the poster can find Pernod Ricard (14.46%), Accor (+1.10%) and Vinci (+0.70%).

The banks are rather well oriented after Moody's threatened scores of 14 major UK banks of degradation.Societe Generale, Credit Agricole, BNP Paribas and advance respectively 0.10%, 050% and 0.62%.

Compagnie des Alpes (-1.74% to 22.60 euros) announced Tuesday it had reached in the 2010/2011 first half net profit down 3.4% to 36.5 million euros as a result of Futuroscope acquisition and transfer of seven parks.

Casino boss (-0.27% to 73.33 euros), Jean-Charles Naouri, did not appreciate the discussions for a merger between Carrefour (0.43% to 30.39 euros) the leading Brazilian retail, CBD.

Moreover, S & P is considering lowering the rating of Dexia because of its exposure to Greece.

Vallourec (- +0.36% at 86.30 euros) has announced the acquisition of Zamil Pipes, the leading processing and finishing of seamless tubes for oil and gas industry in Saudi Arabia for 96 million euros .

EDF (+0.07% at 28.39 euros) and Enel are among the groups under discussion with Russia's Rosatom to participate in its proposed nuclear plant in Kaliningrad, Russia.

CVC Capital Partners has reached an agreement to repurchase shares in the family holding Delachaux offered for sale at a price of 83 euros per share.

Areva (balance at 30.25 euros) has announced the acquisition of 30% stake in its Brazilian subsidiary Areva Koblitz it did not already own.

BigBen Interactive (balance EUR 9) filed a proposed takeover of Modelabs that values ​​the maker of mobile phones tailored and specialist distributor of telecom products between 90 and 100 million euros, announced Monday Authority marchés financiers (AMF).The group will publish its annual résutlats Tuesday.

Note Iliad, Arkema, EDF, Société générale Gecina and hold their general meeting today.

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While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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The CAC 40 will he conclude the week with a third consecutive session on Friday bullish? The index in Paris on Wednesday and yesterday made up for his two bearish sessions start week. Meanwhile, the Paris Stock Exchange fell slightly from 0.11% to 4023.09 points.

At the London Stock Exchange, the FTSE-100 gained 0.26% to 5972.01 points and the Frankfurt Stock Exchange, the Dax 30 advance from 0.19% to 7372.18 points.

On the macroeconomic front, the session will be punctuated by two indicators: the index value of orders received in the industry in March (24:00) and balance of payments of the euro area in March (10:00).

Yesterday evening, the mixed economic indicators have weighed on Wall Street that ultimately ended on an uptick.

The euro continues to rise

This fragile economic environment in the United States benefits the euro continues to rise against the dollar.In one week, the euro rose to $ 1.41 now to $ 1.43 (1.42%).

Oil prices were on the upside Friday in electronic trading in Asia, buyers taking advantage of lower prices yesterday, analysts said. In morning trading, a barrel of light sweet crude for June delivery gained 38 cents to 99.31 dollars. That of Brent North Sea crude for July delivery took 13 cents to 111.55 dollars.

Siemens will pay 648 million euros Areva

Areva: 0.46% to 30.29 euros

Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce.The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP direct payday lenders.

GDF Suez: 0.45% to 26.53 euros

On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire. The framework of management information systems from Lyon is currently in critical condition.

Vallourec: 0.06% to 87.95 euros

Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.

PPR: stable at EUR 121.55

PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.

Suez Environnement: 0.23% to 15.46 euros

Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.

Biomerieux: 3.97% to 78.62 euros

Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.

Pierre & Vacances: 1.35% to 54.25 euros

Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June

The members of the Monetary Policy Committee of the Central Bank of the United States (Fed) are unanimous: the inflation in their country is only "temporary." This consensus on the issue of price is clear from the minutes of the meeting held on 26 and 27 April. "Participants generally expected that the higher level of inflation would be a passenger," says the Fed on Wednesday.

According to the latter, "that forecast was based in part on a projection that the curve of changes in commodity prices would flatten out and the belief that inflation expectations remain stable longer term." As a reminder, the Fed on a table in 2011 inflation in the United States between 2.1 and 2.8% this year.In April, she displayed an increase of 3.2% over one year and 1.3% excluding food and energy.

Participants in the meeting did in fact echoed the boss of the Central Bank, Ben Bernanke. In early April, he had described the current surge in prices of "transient". Remarks which had so angered the American press which noted the difference between the Fed and the general public is faced with higher prices at the pump in a context of stagnant wages.

Liquidate assets

Inflation, which was at the heart of discussions at that meeting led to another consensus on the need for further monetary policy support the economy until at least late June. The main rate by the Fed remains close to zero.

Citing how the monetary institution should withdraw that support when the time comes, most leaders of the U.S. Federal Reserve agreed that it will take it winds up its portfolio in the medium term and that priority was separate assets linked to mortgages. "Many of these participants also expressed their preference for such assignments are relatively progressive," it added.

On Wall Street, markets mostly hold these discussions "should not be perceived as a sign that the Fed is preparing to raise rates." The Dow Jones, which evolved into small increase before the report's release, climbed more frankly about 0.46% to 12,536 points to 20.30.

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The global automotive industry has been particularly affected by the consequences of the earthquake in Japan on March 11. The problems of supply of parts continues to disrupt production lines. And the worst is to come as manufacturers currently still draw on their inventories of components for the shortages. But at this rate, stocks should soon be exhausted. Thus, according to the consulting firm IHS Automotive cited by Les Echos, the peak could be reached in early September, during which 3.4 to 4 million vehicles will not be produced because of supply problems.

In total, throughout the year, the Japanese earthquake could result in the loss of 2 and 3 million compared to 77.6 million vehicles produced per year, according to IHS Automotive.For now, the consulting firm believes that manufacturers could not produce the equivalent of more than 1.5 million vehicles have been produced in response to supply disruptions in supply chains which 1.1 million in Japan.

The magnitude of these shortages can be explained by the importance taken over the years by the electronics in vehicles. Electronic systems account for nearly 30% of the cost of manufacturing a car. But the main producers of these components are Japanese and there are few alternative sources of production. For example, Japanese Renesas which manufactures control systems gearboxes, holds nearly 40% market share.

Return to normal until 2012

Once past the peak, automakers will try to work extra hard to regain the level of production prior to the disaster even at higher levels to meet demand and replenish their stocks. But nothing says that the factories will be able to keep pace. In fact, the capacities of production lines are limited. On the other hand, the collapse of the automobile demand in Japan could encourage manufacturers to be cautious.

Thus, the groups should take time to catch up with the volumes that have been lost following the disaster of 11 March. Some analysts believe the situation should not be completely restored until 2012.

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While President of the International Monetary Fund, Dominique Strauss-Kahn, was charged with attempted rape and arrested in the U.S. yesterday as investors worried about the turn that will take the debt crisis in the eurozone, in particular Greece. The indictment of Dominique Strauss-Kahn ally of Prime Minister of Greece George Papandreou, arrived in effect at the worst time for Athens. The head of the IMF should have realized in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, which had gained support in spring 2010 of 110 billion euros, 30 billion from the IMF .This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and plaguing the markets, concerned about the risks of bankruptcy of Greece, and the possible contagion to other countries of the euro area.

The IMF will be well represented at the meeting of the Eurogroup, the deputy general manager of operations, Nemat Shafik, who was missionnée to attend. But analysts say the IMF's support to Greece is not as steadfast as Dominique Strauss-Kahn was head of the institution.Thus, Eswar Prasad, an analyst at the Brookings Institution told the antenna Bloomberg: "The assumption was that as Dominique Strauss-Kahn remained at the head of the IMF, the institution has not dropped in Europe and continue to support the continent. But the departure of Dominique Strauss-Kahn casts doubt on the intentions of the IMF. "

Immediate consequence of these doubts, the euro was down Monday morning on the currency markets in Asia. The euro bought 1.4056 dollars in Tokyo Monday morning, 1.4108 against the dollar in New York Friday night. Against the yen, the European currency eased to 113.61 yen against 113.99 yen. "For a few days at least, the market will fear a paralysis of leadership at the IMF.The euro is the currency will suffer the most since the IMF is active or in process of being implemented in three countries in the eurozone, "said an analyst.

For its part, the IMF has tried to be reassuring, saying yesterday that he remained "fully functional and operational," after stating that John Lipsky, IMF number two, has been acting as president of the institution time. The institution must meet its board of directors on Monday to decide the fate of its president at its head.Originally scheduled yesterday the appointment was postponed, the council waiting for new developments to make its decision in this situation that observers deemed "not simple".

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