International & World Report

Michel Barnier has arrived in London earlier this week, a white flag in hand. The new European Commissioner for Internal Market had to reassure the financial capital of Europe. Firstly because he is French, therefore, suspected to be a regulator born. Secondly, because his appointment had been made by Paris as a victory over the English.

In twenty-four hours, Michel Barnier has met Prime Minister Gordon Brown, Chancellor Alistair Darling, the president of the Bank of England, Mervyn King. And the lords of the City, big bankers and hedge funds, investment funds so maligned for their role in the crisis.The Commissioner also gave an interview to the influential Financial Times.

"I'm not horrible, but I'm not a nice cat (" I'm not horrible, but I am not a pussycat either "in the original English version)," slipped the European Commissioner for British journalists . Beyond the formula, the French assured the City that he wanted "to be a commissioner for a more unified market, not less." But "the market must serve the economy, not vice versa," he said in his speech to leaders of the City.

The visit of Michel Barnier occurs after the Commission issued a proposal for a hedge fund sector (Directive on alternative investment funds, known MWIA) payday loans ."Investment funds are an important part of the financial system," he said, representing over 50% of daily trade in the market share. "It is vital that they are subject to regulation and adequate supervision," he added.

"Red lines"

According to the Financial Times, the leaders of investment funds have emerged reassured of their encounter with "Frenchy." "They appreciated the Commissioner's apparent willingness to try to understand their concerns," reported the Economic Daily. Adding that the City leaders have warned that British negotiators should be careful to protect certain "red lines" that Brussels should not be crossed.

Starting with the authorization could be given to non-European funds to come and sell their services within the EU."Have European funds to meet the high standards of transparency, without requiring the same from those located outside the EU would not be appropriate," Michel Barnier acknowledged. Funding fear ultimately, the Financial Times that the principle of market liberalization, to which they belong, or poorly implemented.

Haro on stress associated with transport. In a study whose findings were published Monday in Le Parisien, Technologia firm specializing in the prevention of occupational risks, points to the adverse effects of increasingly frequent suffered by employees Ile. Saturated lines (lines 1, 3, 6, 7 and 13 are officially), frequent delays (more than 20,000 delays on the single line of busy RERA, in a year), and companies increasingly prompt to relocate their offices in the suburbs for reasons of economy: this is at least enough to increase stress levels of employees affected by these transport commuters daily.15 to 20% of 8 million passengers who travel each day on the Paris network would be affected, according to Jean-Claude Delgenes, CEO of Technologia.

"A triple penalty"

The study, conducted from discussions with employees and more than 150 HR managers, staff representatives or the Committee of Hygiene and Health at Work, underscores the impact of such inconvenience Health employees, and quality of life in the business. "SMEs are the structures whose operation suffers most from these repeated delays, due to their low numbers," says Jean-Claude Delgenes. Employee side, in addition to fatigue, stress and loss of family life brought about by the slowness of some transport is sometimes the career advancement that is hampered by these delays are difficult to predict."For those employees who bear several hours a day on trains or buses arrive tired at work and see their careers blocked, it's triple trouble," says Jean-Claude Delgenes.

Proposals to stimulate discussion

A finding against which the employees interviewed appeared resigned. The firm Technologia, which makes ten proposals (favored by the carpool, or the establishment of an efficient information bound travelers), wants to mobilize otherwise elected on this issue due to the regional elections. A yard more, while companies with more than 1,000 employees will be considered next week by the government, according to their degree of commitment against the psycho-social risks.

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After closing on Tuesday sharply (1.33%), CAC 40 should bind a third straight session, after Wall Street and Tokyo have also closed up. The future index is up 0.49% at 3812 points.

On the macroeconomic front, the meeting will once again quiet. Tokyo closed up driven by export values. Wall Street posted its second consecutive session of strong gains, thanks to a renewed optimism about economic outlook sparked by expectations of UPS.

But the day will be marked by a series of indicators on the service sector in Europe and the United States and the ADP survey surl'emploi the United States, giving a foretaste of showing the employment in January scheduled Friday.

Oil finished up Tuesday at 77.23 dollars a barrel.The euro continued its resurgence at 1.3971 dollars (0.06%).

Values follow

Vinci reported an increase of 4% of its backlog, which gives visibility beyond 2010 in a still uncertain economic environment. 2009 was marked by a decrease of 4.6% of its consolidated revenues to 31.9 billion euros.

EADS: The Asian demand for aircraft will be more robust than expected, according to Airbus. The manufacturer estimated that the region will need 8,000 aircraft over 100 seats on els next 20 years, 7 cons business card .627 During the previous estimate.

Maurel & Prom has announced a 2009 turnover up 99% with the start of fields and OMKO Onal in Gabon. The oil company said 2009 sales below expectations of 183.2 million euros, including 54.7 million in Q4.

NRJ Group said on Tuesday found a slight increase in advertising revenues in January, after an increase of 1.8% of its sales on a comparable basis in 2009.

Alten said he was confident in his ability to pursue recovery of its operating margin started in the second half of 2009 according to its expectations, despite talks 'complex' with its customers in a heightened competitive environment.

GL Events has announced a decline of 4% of its turnover in 2009 to 581,4 million euros, saying he had outperformed the market events, and a contract for the provision of 40 million for the World Cup footbal in South Africa.

Latecoere has seen its annual sales fall by 22.4% to 449.4 million euros in 2009, under the influence of a decrease of 30.4% in the Aerostructures, which provide more than half of total .He said anticipated a slight drop in activity in 2010, provided the low point turnaround cycle.

"We will not allow the Clio IV be produced in Turkey," said Christian Estrosi yesterday in the Assembly. On the eve of receiving Patrick Pelata, CEO of Renault, the Minister of Industry has shown its determination to avoid "hidden relocation. For Secretary of State for Employment, this move is a "red line" not to cross. Reflecting the sensitivity of the manufacturer, he recalled that 45% of its workforce in France.

Renault does not intend to produce Flins, near Paris, the successor of the current Clio III. This is already manufactured in three sites: Flins, Valladolid (Spain) and Bursa (Turkey). "Without this multilocalization, Clio program would not be profitable, said spokesman of the manufacturer. No decision on the allocation of production has been taken.The Clio should not be renewed for another three or four years. "Renault plans to produce Flins its future electric cars," at least 100 000 batteries per year, and to keep the Clio time to the growing burden of the power. There would be no risk to social Flins.

That is not enough to reassure the government. Christian Estrosi said yesterday that "the state was deeply involved in industrialization of electric vehicles, including Renault and asked him to" better connect the whole chain of French development of the electric Flins.

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In a large show held at the Carrousel du Louvre in Paris, Guillaume Pepy, the SNCF President, presented the major innovations that the railway was completed or tested in 2009, and especially those which it has proceed in the years to come. Some of them concern the heavy infrastructure such as Highway Railway Luxembourg-Perpignan, whose rate of rotation has been doubled to four daily return. Also programmed a line Bayonne-Lille and medium-term line of Great Britain to Italy through France.

The key innovations, however, concerns the field of multimedia.And such service "station line", available on 3G phone, which lists 600 stations to allow users to know the times of departure and arrival of trains, the number of platforms, location or price of the car … In 2010, SNCF will launch a radio, a little image of FM Highway, we will receive on his mobile phone or Internet. With a team of 30 journalists, all 15 minutes will flash information on traffic conditions and disturbances. Between the flashes, there is provided a musical thread, who wants very heterogeneous because it will "attract a clientele that ranges from 7 to 77 years.

Tariff Schedule

On the website "Voyages SNCF, a tariff schedule will allow customers to better understand and especially to see ticket prices depending on the train. A first version for small prize will be available in first quarter 2010.After the air is the railway, through the barcode and card flyer, opening gradually to the e-ticket, thereby avoiding the printed ticket. Tested over 14 destinations in 2009, this service will be extended in 2010 to all France, and international relations with Luxembourg, Switzerland and Germany.

Finally, the SNCF will use the experience of Thalys on Internet connection and gradually equip the 52 TGV Est network. Thus, passengers traveling to Metz, Nancy and Strasbourg can surf the Internet while traveling. An investment whose cost is 500,000 euros per ream.

In the field of health, SNCF began to equip the trains of the TGV defibrillators. Since last summer, 150 stations have been equipped. It's now the turn of the TGV trains to the East and Switzerland. Eventually, the entire network will be equipped.An investment of 10 million euros for 2,000 defibrillators.

Since its acquisition in October 2008, the integration of Fortis was one of the great challenges of BNP Paribas. The statement released Tuesday by the French group reported cost reductions and gains from its synergies with Fortis. It is thus subject to 900 million euros in annual synergies in 2012 (against 500 million originally anticipated) and a rate of return on invested capital above 20% from 2010. The bank confirms the same time as the acquisition of Fortis will be accretive from 2010, which promises an improvement in earnings per share and 8.5% in 2012.

"These synergies are the consideration of restructuring costs estimated at 1.3 billion euros over the 2009-2011 period," says BNP Paribas, said in the same time does not predict massive forced departures at Fortis."The downsizing comes mainly from natural wastage or voluntary," says she.

The group finally confirmed in a statement to the number one place for deposits in the euro area continued to buy banking operations of Fortis.

The Belgian banking group Fortis, fully involved in the subprime crisis, was acquired by BNP Paribas when he was on the brink of bankruptcy in October 2008, barely supported by governments. This acquisition led to months of negotiations and court battles. BNP has acquired 75% of banking and 25% of Fortis Insurance, becoming the first bank in the euro area term bank deposits.

The title BNP Paribas, built in the CAC40 index at the Paris bourse, gained 2.40% to 56.31 euros to 10.30.

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