International & World Report

Demonstrate the sensitivity of the issue of employment at PSA Peugeot Citroën in five months of the presidential election, Nicolas Sarkozy is personally seized it yesterday. While he has made the defense of employment in the automobile one of its most cherished since the crisis of 2008-2009, he attempted to play down the scope of the saving plan of the manufacturer who announced Tuesday 6000 job cuts in Europe, with more than 4000 in France with the positions of providers.

"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

• Incidents in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters no fax cash advance.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

The NYSE has been won by a renewed optimism on Monday. After opening up, in a market reassured by the pledges of trust made by Germany and France in connection with the recapitalization of banks in the euro area, Wall Street has accelerated the pace in mid-session. The Dow ends up sharply from 2.97% to 11,433.18 points and the Nasdaq 3.5% to 2566.05 points. The New York Stock Exchange finished down Friday evening after lowering the rating agency Fitch notes from Spain and Italy.

The U.S. stock markets remained open on Monday, public holiday in the United States (Columbus Day, which commemorates the discovery of America by Christopher Columbus).Only the bond markets were closed.

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis, however, as in Europe, supported investor sentiment. Tonight, President américainBarack Obama supported "the strategy of Nicolas Sarkozy and Angela Merkel. The latter, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders.

About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds. Again, the "details" will be specified later, they promised, while the EU summit scheduled for October 17 and 18 was postponed to October 23 to allow more time for officers to prepare a response "global" .

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion.The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual, the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel. Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative.So there's a good chance that companies do at least as well as the consensus ", say experts Cantor Fitzgerald.

On the macroeconomic front there was no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, the bank received the good news on the progress in Europe: KBW Bank Index jumped 5.31%. JPMorgan Chase gained 5.21% to 32.30 dollars and Bank of America 6.44% to 6.27 dollars.

The Sunday Telegraph, the investment bank Goldman Sachs (3.71% to 96.13 dollars) could make additional cuts.

Apple (5.14% to 388.81 dollars) announced that it has registered one million pre-orders for its iPhone 4S in one day

Netflix (-4.83% to 111.55 dollars) has given up its business organization DVD rental website in a new and renamed Qwikster said Monday that the industry would remain on the same site as that of video streaming services.

Sara Lee (1.58% to 16.71 dollars) announced Monday it will sell its bakery brands in Portugal and Spain as well as seven production sites in Mexico Grupo Bimbo to 115 million euros in cash

For its part, the world's number one supermarket chain Wal-Mart (2.07% to 54.81 dollars) announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling .

At the same rumors about Yahoo! (2.39% to 15.84 dollars) to continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

The stamp goes digital. Editor trading stamp catalogs Yvert & Tellier, has posted its entire library – 760,000 stamps – by mentioning the price of each stamp duly photographed. The objective is to facilitate the evaluation of collections and transactions between collectors. Internet and flies to the rescue of the patch even though it destabilizes the activity of mail items around the world.

By choosing an annual subscriptions range from 29.90 euros to 99 euros, we can no longer ignore a stamp of Mauritius, "a penny vermilion," only two copies known to the world, worth 1.6 million euros (due to an error in color) or stamps printed in France before 1900 are still popular: "1 f.vermilion "to 90,000 euros is a safe bet.

"The rarity value is"

This world premiere is an unexpected encounter between two worlds less distant than it seems. "Before the Internet and television, the tone was a real openness to the world, says Christopher Yvert, CEO of Yvert & Tellier. After dinner, we found a family to sort, dream, learn. "Through the Internet, Yvert & Tellier, who will not abandon its print editions, intends to develop in distant countries. A growth driver for the SMEs to forty employees (8 million euros of turnover) which has invested about 100 000 euros in the operation instant credit report. "Simply subscribe to view, says Christophe Yvert. This is an advantage for philatelists distant Asia or South America and North. "

Surprise, even today, despite the Internet, 15,000 collectible stamps are published each year worldwide. "The more a country is small, unless the mail is working, and he is tempted to print, says the heir to a dynasty of six generations. For these states, the stamp is a promotional tool and a source of income. "France and its two million collectors is no exception: in 2010, the French post office has printed 220 new. It passed 600 million stamps (Miscellaneous) collection of a total of 3 billion stamps sold annually.

But do not expect to make a fortune with recent issues. "Scarcity is the value, says Christophe Yvert. The advantage of the Internet, but also to create a network of friends in the world, seeking to complete the same series you. "Note that a limited edition of requested specialized services of La Poste to share the birth of a child is not synonymous with wealth, because it will not be sought after by collectors.

European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 1.34% advance to 2888.30 points after climbing more than 2.5% in early trade.

Elsewhere in Europe, ahead of London and Frankfurt 1.43% from 1.47%. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound. Europe follows the trend, despite the announcement of the degradation of the Italian note by Moody's.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector payday loan companies.

Indeed, Brock U.S. on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2.80 for Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The values ​​of energy and insurance markets in the eye

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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"Europe stands ready to rescue its banks

"The opening of new headquarters in Sao Paulo marks a new stage in our development in Brazil. All divisions of EADS are now combined in the same premises in order to increase efficiency. This is an important symbol because there are many synergies between them. " Offensive, Louis Welsh, president of EADS, sent to the group's employees a message of confidence in their ability to ramp up in Brazil, where it generated more than 1 billion euros in turnover in 2010 against 468 million euros in 2009.

To speed up, EADS is based on solid commercial and industrial positions built by his two spearheads: Airbus and Eurocopter. The European aircraft manufacturer owns 70% of the market for Brazilian civil aviation with 600 units sold and over 250 aircraft to be delivered.Since 1998, Airbus has tripled the size of the fleet in service with his family in 320 has accumulated 350 orders. The company LATAM (after the merger between TAM and LAN) is now in the top five customers of Airbus, while the regional airline TRIP is the world leader in turboprop (propeller) ATR, a subsidiary of EADS and Finmeccanica. Airbus hopes to increase further by assuming the largest share of a market whose needs are estimated at 610 new aircraft by 2020.

A new plant in Itajuba

Eurocopter, meanwhile, was the pioneer group in terms of technology transfer. He is the only helicopter manufacturer in the world to have implemented a comprehensive industrial activity in Brazil. And this, in 1978 by creating a subsidiary, Helibras. Its plant Itajuba (Minas Gerais) will be delivered after that date, 610 helicopter in late 2011.Between 1978 and 2011, Eurocopter's market share jumped from 14 to 53% in Brazil. To cope with this growth, the group plans to open two maintenance workshops in Brasilia and Rio will open this winter and a new plant in the presence of Itajuba Dilma Roussef, the president of the Brazilian Republic.

The new site will assemble including the EC 175 for the Brazilian army. Three years after the signing of a contract to acquire 50 EC 175, accompanied by a transfer of technology, the program aims 50% local value added. To this end, Helibras just doubled the capacity of its engineering center and plans to open a technology institute in association with the University of Itajuba. "Several industrial packages were signed with the Brazilian industry: from the 26th unit, only the cell (note: the body of the helicopter) will be delivered in Marignane," says Louis Welsh.Become the fourth industrial base of Eurocopter, behind France, Germany and Spain, Helibras will have 1100 employees by 2015 against 610 in 2011 (and 290 in 2009).

"EADS has become a Brazilian citizen"

The goal is to build on the expertise of Helibras to launch a new helicopter 100% made in Brazil by 2020. For now, the subsidiary is in line to meet with the EC 225, the civilian version of the EC 725, the growing needs of oil companies, including national oil Petrobras, an offshore market estimated at 60 gear. "With Helibras, EADS became a Brazilian citizen. It is considered a success by the government. Thanks to our ability to offer technology transfer, training of local staff and to adapt our products to our customers' needs, we can also penetrate into the space and defense, "said Louis Welsh.

The time is right because Brazil wants to boost its defense industry and space. Dilma Roussef took last Friday a series of support measures in this direction with the view to learn new skills because there is no question, as in the past, to rely on foreign equipment. The president of Brazil was cited as the first site implementation specifications of the future communications satellite in Brazil. "This satellite will have a hybrid dual mission: to satisfy the needs of the army and bring broadband to areas that do not yet have access," said Jean-Noel Hardy, vice president of sales and marketing in Latin America to Astrium, EADS Space.

The purchase process should be launched by end 2011-early 2012 by the state holding Telebras. Astrium and its subsidiary Equatorial systemas stand ready to respond to build that future satellite.The timetable is tight because Brasilia plans to launch in 2014. "The transfer of technology associated with the contract of 716 million reals (about 360 million euros) to pave the way for a second satellite with a major domestic content in 2019," said Jean-Noel Hardy.

A partnership with Thales not excluded

In the even more sensitive defense and security, Cassidian, a subsidiary of EADS Defence, created in 2010, a joint venture with Odebrecht, a diversified conglomerate that controls the transfer of technology in submarines sold by France. The joint venture's primary mission to respond to future tender for the monitoring of land and sea borders of countries with command centers. "We do not exclude to partner with Thales to win this contract," says Louis Welsh.

It is estimated at 7.5 billion euros over five years.World Cup Soccer in 2014 and the Olympic Games in 2016 as Brazil hosts play a role as a spur to a country recognizes the need to invest heavily in the fight against insecurity. Cassidian who has already won its first contract to equip the federal police secure communications systems, also expects the results of the tenders awarded by the policies of the 26 Brazilian states who want to equip. "This market is estimated at 1 billion euros, and we hope to take at least half," said Christian Gras, President Cassidian Brazil.

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"Thomas Enders," The banks must do their job "

The bill for banks that have distributed toxic loans to local authorities may be salty. Claude Bartolone at war for three years against Dexia and its sister does not count because no release. PS MP who chairs the Assembly today a Commission of Inquiry on "risky financial products underwritten by local" has already federated number of public entities that have contracted loans toxic.

The President of the General Council of Seine-Saint-Denis since 2007 fought first for his department. Claude Bartolone has discovered that he had contracted in 2008, led by Communists, many loans have become toxic. Thus, a debt of 953 million euros, the joint may have to pay a premium of about $ 300 million over the next ten years because of toxic loans contracted between 1997 and 2008."The equivalent of building a school year," criticizes Claude Bartolone. "And that amount could be even higher," said the MP. In fact, some of the loans contracted by the municipality are indexed to the Swiss franc and interest rates can reach 50% depending on the evolution of the franc.

Most disturbing is that the department of Seine-Saint-Denis (93) is not alone in this. MP PS refers to "hospitals, small towns or communes, departments, ports such as port of Le Havre" and "communes of all political stripes like Saint Etienne, Rouen, Saint Maur or Saint Tropez."

According to Claude Bartolone, "the total amount of toxic loans granted to public entities be around 15 billion euros of which would be 5 billion of potential losses."

"Banks can not not pay"

MP PS is clearly concerned the role of banks. He said "they are responsible for the explosive situation in the French subprime" where thousands of municipalities are now over-indebted. Indeed, it is satisfied that they have not fulfilled their code of ethics. "They had a duty to inform and how their customers customized uninitiated" or the quest for profit seems to have guided more banks. Thus, the President of the General Council 93 filed a complaint against Dexia, Depfa and Calyon (Credit Agricole). The court should rule in October. But even Claude Bartolone said that "banks can not avoid paying." The MP also believes that "the whole chain has failed." The state has not applied a circular on the prohibition of structured products and regulatory authorities have also failed in their duty.A helping hand of the state can not be excluded.

Otherwise, "the local authorities would be forced to raise local taxes, reduce investment and jobs." And technically if the failure of a local community is not possible, it can be put under the tutelage of the state as was the case of Angouleme, said the chosen PS.

LIREAUSSI: "Hundreds of cities on the verge of bankruptcy

"Thousands of French municipalities indebted

"Borrowing risky: the state called to the rescue

"The 93 says the" war "to banks

Denis Olivennes set the course. The boss of Europe on Monday announced a desire to place the station "lasting beyond 10% of total audience," where its predecessor, Alexandre Bompard, always assured that "we had not set a target Hearing ". A Europe which ended the 2010-2011 season to 8.7% of the audience, did not exceed the symbolic threshold of 10% audience from January to March 2010. For Denis Olivennes, yet it is the "natural area" where Europe has to change 1. Currently, a play in which division France Inter (10.2%) and NRJ (10.7%). "It's a marathon not a sprint," said Denis Olivennes.

If the owner of the station, also at the head of information division of Lagardère Active (Europe 1, Sunday Journal and Paris Match), is given three years to reach its goal, it is pressed to do so."We need to increase advertising revenues and those from diversification. It provided funding for our programs, "commented Denis Olivennes. In the first half, Europe 1a indeed registered a "slight decrease" in advertising revenues. But advertisers have been attracted by the new schedule in September, reassured the control group.

This new grid wants to "reconnect with the deep roots of the station." "Europe is a television station whose spine is the information which has the characteristic good humor," analyzed Denis Olivennes.Simple translation on the air: the three appointments of information of the day – the morning, afternoon and evening Europe – are interspersed with two "beaches of entertainment," in the late morning and afternoon.

New site info

Eager to improve its image among listeners as advertisers, Europe has become an an "opinion leader". It is the mission entrusted to Arlette Chabot, director of information of the station. "The information needs to be a reference to Europe, as its independence," she said. To strengthen its position as the standard for information, will also launch a Europe in mid-October a "pure player" of information, facilitated by a dedicated team of journalists. It will be fed content from other sites in the group, its own content and production of Internet users.

Buoyed by the announcement of a burst of mergers and acquisitions, Wall Street on Monday confirmed the rebound that started in last weekend. It even erases all its losses last week. All indices end in green: the Dow ends up sharply from 1.87% to 11,479.65 points. The index had opened up 0.48% to 11,323.44 points and continued to grow during the session. The Nasdaq index also closed with a gain of 1.87% to 2554.79 points.

Markets reacted to a volley of announcements of mergers and acquisitions. First, Google (-1.16% to 557.23 dollars) has announced the acquisition of the mobile phone manufacturer Motorola Mobility (55.78% to 38.12 dollars) to $ 12.5 billion in cash. Time Warner (-0.81% to 64.98 dollars), meanwhile, reached an agreement to buy the cable operator Insight Communications to Carlyle for $ 3 billion.Finally, Cargill will acquire the French specialist in animal feed Provimi to 1.5 billion euros.

As in Europe, investors are upbeat on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular". "It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism German, joined by France, in respect of Eurobonds.These ads have already resulted in demoralizing the European investors.

In Asia, the announcement of a contraction much weaker than expected Japanese GDP has also reassured the markets.

Morale builders stable

The statistics published on Monday in the U.S. are, however, bleak. Manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than in July.

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the euro strengthened against the greenback at 1.444 dollar. Oil markets, oil prices closed up in New York payday loan. A barrel of "light sweet crude" for September delivery was trading at 87.88 dollars, up 2.50 dollar.Prices had fallen during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Bank of America (7.93% to 7.76 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

The food distributor Sysco (-3.93% to 28.11 dollars) announced earnings per share (EPS), diluted to 57 cents under its fourth quarter, diluted EPS of $ 1.96 for all of its financial year, while its quarterly sales reached $ 10.4 billion.

Estee Lauder fell 6.64% to 94.15 dollars. Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (0.82% to 19.58 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Boeing (1.54% to 62.70 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.69% to 18.34 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.97% to 57.26 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.01% to 138.57 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

EDF is optimistic. The electrician today reported improved results for first half 2011 and has set ambitious targets in the medium term. In a statement, the group announced that its sales rose 2.7% to 33,464 million euros and aims for the period 2011-2015 average annual growth of between 4% and 6% its gross operating profit (EBITDA), and 5% to 10% of its net income.

It also provides a ratio of debt to EBITDA of 2.1 to 2.3 (two in the first half) and a dividend at least equal to that paid for 2010. EDF will also establish an investment program, the amount reach 13 to 15 billion euros by 2015.Perspectives of "profitable growth" long overdue and should bolster the market.

Side results, the net half the group up 54% year on year to 2.6 billion euros, also benefits from a favorable comparison effect since EDF had spent in its 2010 accounts a provision of a billion euros to cover the risk of impairment of its assets in the United States. Analysts had forecast a net profit slightly below the 2.429 billion euros.

"The first half of 2011 is marked in a troubled context, a strong operational performance, particularly related to the increase in nuclear generation in France and the UK", says Group CEO Henri Proglio, quoted in the statement.

Nuclear generation raised

In an interview with Les Echos, Proglio stresses that nuclear generation in France has a record in the first half. It amounted to 218.4 terawatt hours (TWh), offsetting the decline of 7.6 TWh of hydropower production group in France, which has suffered water conditions "deteriorated". As a result, the group raised its target and has produced in France from 411 to 418 TWh, against 408 to 415 before. "The group has investments necessary for the proper operation of power plants, increasing capacity and extending their service life beyond 40 years, and incorporate lessons learned related to Fukushima," said Henri Proglio.

The group that had fallen in 2009 to its lowest level of production for 10 years as a result of breakdowns and strikes, had already made an investment effort in 2010.Nearly two billion euros were spent on ten-year inspections, the program of replacement of heavy components and other investments related to plant operations, against 1.5 billion euros the previous year. This amount is expected to reach 3.4 and 3.6 billion euros in 2015, according to Proglio.

At the Paris stock exchange, EDF lost 1.06% while the CAC was down 0.84%.

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