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France no longer has the means to cover its territory lines of high speed trains. This is the conclusion arrived Herve Mariton, MP (UMP) of the Drome, in a draft report on the transport infrastructure and presented Wednesday at his colleagues in the Finance Committee in the Assembly.

The debate on the economic viability of all-TGV "is not new. Already in 2007, the pomp of the opening ceremonies of the Eastern line was barely hidden its financial equilibrium. Since the profitability of the branch TGV former cash cow of the SNCF, has steadily eroded in the accounts of the company.The state has passed him by a logic of economic recovery – in 2008-2009, when the lineup of the Grenelle environment – an imperative of budgetary discipline.

And then shortly after Christmas 2010, a Strasbourg-Portbou train took him 26 hours to complete his journey, revealing in full light the glaring lack of investment in maintenance of the existing railway network, may be sacrificed for thirty years the construction of TGV lines.

Deriving from Grenelle, the national blueprint for transport infrastructure (Snit) yet still sees the big picture. In 2030, he plans, believes Herve Mariton, projects that cost a total 260 billion euros, including 166 billion for new developments. The state would take 86 billion to his office.In short, "the total expenditure exceeds by far the means" available.

Example Tours-Bordeaux

For Hervé Mariton, we must make choices and to concentrate subsidies, where Snit conspicuous by its "lack of prioritization. Regarding the new TGV lines, four projects are already committed, for a total cost of 17 billion euros. These include line Rhine-Rhône (Strasbourg-Lyon), largely financed by local and will be inaugurated in early September, the second phase of the TGV East, Britain and the link-Pays de Loire.

The fourth line, Tours-Bordeaux, offers a good illustration of the debate. Of all the examples studied by Herve Mariton is one that offers the best prospects for revenue, up 55% of its investment plan.Yet the financial closing of the transaction, led by Vinci, skates for weeks.

Is it really necessary in these conditions to complete the Bordeaux-Toulouse, Poitiers, Limoges, Paris-Le Havre and other Roissy-Picardie, in short these thirteen other projects in the Snit, more or less begun, and whose total cost is estimated to 86 billion euros?

Herve Mariton questioned. No financial solution will not in fact compensate for insufficient traffic. The public-private partnership which, as in Tours-Bordeaux, involves a dealer (here Vinci) is a financing technique, not a revenue generator.And the ticket price – already felt by consumers as higher than suggested by European comparisons – can not be a more significant adjustment variable.

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No surprise decision. The European Central Bank (ECB) kept interest rates unchanged Thursday at 1.25%. President Jean-Claude Trichet implicitly excluded a rate hike in June. He did not mention the "high alert" of the Central Bank, usually a speech announcing the increase in borrowing costs next month.

In contrast, the ECB president said that the Governing Council will continue to monitor "very closely" developments "regarding the upside risks to price stability." "It is likely that inflation will remain well above 2% in the coming months," he said. This surge in prices "is confirmed because of oil prices," said the central banker.

This vocabulary suggests, according to analysts, the likely rate rise in July."If such a decision is uncertain, admits Chris Williamson, economist at Markit, it seems very likely, especially considering the latest economic data fast cash without a hassle."

Monetary policy remains "accommodative" in the words of Jean-Claude Trichet, economists expect the ECB to take its revised outlook to raise rates in two months. "Increasing rates twice in succession with a delay between the two, only two months, could have panicked the markets because of the aggressiveness of such a policy, analysis Ken Wattret, chief euro zone economist at BNP Paribas. "It would have been even greater rise in the euro against the dollar."

The ECB president also hammered a debt restructuring Greek is "not on the agenda." Contradictory statements about it are increasing in the euro area.

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"Trichet implicitly excludes a rate hike in June

"Debt: the extent of European aid is being debated

In early spring, a group of experts from the European Union and the International Monetary Fund is once again in Athens. For a week they will examine the preliminary draft budget triennial Greek (2012-2015), which will be unveiled at the end of the month and includes estimates for large departments, linked to continued structural reforms.

The fifth installment of the loan of 110 billion euros granted by the IMF and the EU is not directly involved this time. But the enforcement of austerity measures remains a priority for creditors became suspicious. And for good reason: the Greek government has revised upwards its deficit for 2010.The figures will be formalized by Eurostat on 26 April, but already, George Papaconstantinou, the Greek finance minister, admits he will not but at 9.4% to 10.6% of GDP.

Privatizations

For Yannis Stournari economic think tank IOBE, "from 15 to 10.6% of GDP deficit in one year is a good thing. But the government will soon be at an impasse if not privatize as quickly as some public enterprises, "he warned. The impasse is the debt restructuring, but the EU still denies such a possibility.

Meanwhile, international creditors imposed on Greece a privatization program of 50 billion euros by 2015, "which is entirely possible and desirable," says Yannis Stournari, "but we need the Prime Minister change in philosophy.The Greeks are bled dry by the rigor, and they said they will soon have more taxes and more cuts than revenue payday advance. Only the stimulus will help them relax a little. " Indeed, the announced new austerity measures by the end of the year, in order to save 4.2 billion euros, angered and worried the Greeks. If they show less and less in the streets of the country, many of them strikes multiply the zeal and slow pace of work. Others simply give up.

In 2010, more than 55,000 businesses have gone under the door and the Forecasts for 2011 are not encouraging. To counter the recession, the Greek government decided to facilitate business creation. "Until now, to create his company, he had to go to eight different administrations and wait over a month.Some would even give a small envelope to the employee so that his case should take less time, "says Akis Skertzos, political advisor to Minister of Development. Personally responsible for coordinating this initiative, he is confident of his success: "Now it takes an hour and only one place to start his business. This is not a matter of time, it is also an effective way to fight against corruption and in fact against tax evasion, since the system is connected directly to the Ministry of Finance, "adds it. Greece hopes to move from 149th to 83rd in the standings, which measures countries according to ease procedures for new businesses.

Green remained in the game this Friday. At the close, the CAC 40 gained 0.63% to 3810.22 points and has recrossed the threshold of 3800 points, dropped Tuesday. For the week, the benchmark index of the Paris Bourse has still lost 3% (-3.02% exactly).

Elsewhere in Europe, the same movement today: the DAX index of the Frankfurt Stock Exchange took 0.11% to 6664.40 points, while the London Stock Exchange rose by 0.39% to 5718.13 points. Over the last five sessions, they gave respectively 4.32% and 1.88%.

This general relief at the weekend followed the decision of G7 finance ministers to intervene to halt the yen. They announced their decision to conduct a joint intervention on foreign exchange markets in response to the steep appreciation of the yen in recent days.The yen hit on Wednesday its highest level since the Second World War!

Hand disorders in the Arab world, Libya announced a cease-fire while the UN was prepared to launch a military intervention. The Libyan withdrawal had a calming effect on oil pressure. The black gold is still beyond 100 dollars a barrel in New York.

No increase in Fukushima

Finally, operators learn with relief that the Japanese nuclear situation has not deteriorated. As pointed out by the IAEA, the situation remains worrisome in the Fukushima plant, but it has not worsened since Wednesday.

On the currency markets, the euro continues to gain momentum against the dollar: the currency was trading at about 17.30 1.4164 (1.05%).

Side indicators, the day was relatively calm.The producer prices rose 0.7% in February in Germany, a figure slightly higher than expected which feeds the fears of accelerating inflation in the first euro zone economy. According to figures released Friday by the Federal Office of Statistics, the annual increase stood at 6.4% after 5.7% in January.

Notice also that the euro area recorded a trade deficit in January increased over the same month a year ago and higher than expected, Eurostat said Friday.The trade balance for the euro area showed a deficit unadjusted 14.8 billion euros in January, following a deficit of 0.5 billion euros in December 2010 and a deficit of 9.7 billion euros January 2010.

Lafarge viewfinder S & P

Lafarge: + 0.85% to 41.41 euros

The rating agency S & P lowered its rating on the cement to "BB + / B 'with stable outlook.

NicOx: + 8.01% to 2.35 euros

NicOx signed a license agreement with Ferrer for Spain naproxcinod (cons osteoarthritis drug), which remains subject to approval in Europe of treatment. To date, naproxcinod has been authorized in any market.After watching this Retoque treatment by U.S. health authorities (FDA) last summer, NicOx announced its intention to seek licensing agreements in Europe and the world

EADS: + 0.92% to 19.24 euros

Airbus was the first indicted Thursday for manslaughter in connection with the investigation into the crash of Flight 447, Rio Paris, which had been 228 casualties on 1 June 2009. In addition, the helicopter manufacturer Eurocopter has announced yesterday the construction of a new plant in Mexico to an investment of $ 550 million (390 million).

Societe Generale: + 2.18% to 46.43 euros, Crédit Agricole: -0.53% to 11.22 euros, BNP Paribas 0.48% to 52 euros

Banks react little to assumptions for new tests of resistance in European banks, unveiled by the European banking supervisor.The new criteria are nevertheless considered "more severe" than in the previous year which had been criticized for its laxity.However, contrary to what she had planned earlier this month, the European supervision of banks (EBA) has not published the list of establishments that would be subjected to these tests.

Renault: 1.52% to 38.14 euros

Thursday, after an interview with Carlos Ghosn, CEO of the automotive group, Christine Lagarde, Minister of Economy and Eric Besson, Minister of Industry, reiterated a "thorough audit" had been requested on this matter " to identify the origin of recently observed failures within the company. "

NRJ Group: 4.02% to 7.50 euros

The group reported a turnover up 4.1% to 343.6 million euros, while net income group share was increased fourfold to $ 32.3 million euros.

Sodexo: -0.60% to 48.14 euros

Its U.S. subsidiary has filed a complaint Thursday against a civil union Service Employees International Union (SEIU) which it accuses of illegal practices concerning unionization of employees.

NYSE Euronext: -2.31% to 24.92 euros

The proposed takeover of cons-Nasdaq OMX Group is facing a dispute with his partner approached, the IntercontinentalExchange, the Wall Street Journal reported on its website Thursday.

Total: -0.07% to 40.76 euros

Total Petrochemicals is putting into operation a new unit of 50,000 barrels per day refinery in Port Arthur, Texas, said a spokeswoman on Thursday.

Archos: -4.81% to 7.52 euros

The group hopes to double its sales in 2011 and return to profit by betting on the booming market of touch pads, but warned that the Japanese disaster may have affected his production, "said CEO and founder Crohas.

The relationship between employees and their business is a little "I love you I do not either." According to a survey released this morning by the firm Accenture, "more than half of employees worldwide are not satisfied with their current work situation, but they still expect to remain loyal to their employers." We do love each other anymore, but we stay together despite any lack of anything better!

"Even if they are dissatisfied, today's employees are not willing to change employers.They prefer to build their skills based on training, resources and people that can help them, "said Armelle Carminati-Rabasse, CEO Human Capital and Diversity at Accenture.

Conducted in 29 countries with 3400 employees, the study lists the main sources of job dissatisfaction: inadequate pay arrives logically at the head, after three lean years, for 47% of women surveyed and 44% of men. The lack of prospects for career development is another strong point for 33% of women and 34% of men. In France, 50% of respondents highlight "the feeling of being trapped."

Involving more staff

Men and women are they the same analysis on the reasons for job dissatisfaction? Not totally.Women are thus more likely than their male colleagues to believe that "their career is not progressing fast enough" (63% against 55%). They agree, however, the identification of barriers to career progression this is the lack of support from management tops (33% response) and the career fuzzy and poorly defined (24%).

They do not adopt either the same steps to improve their situation. "Women are less likely than men to seek wage increases (44% against 48% of women) or promotions (28% against 39%)," said Armelle Carminati-Rabasse. They are also much more reluctant than their counterparts to target a senior officer or equivalent (14% against 22% globally).

"The leaders should use the results of this study to involve more of their employees and support them in their careers.They are now pursuing new opportunities to create in-house, and companies can help, "says the investigator.

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Four in ten employees are soon unemployed

"The compensation is a priority for executives in 2011

The mood is again dismal Monday in the New York Stock Exchange. The increase in U.S. indices will not last long. Wall Street is ironed into the red in late afternoon. The Dow Jones lost 0.89% at 12,062 points, the Nasdaq was down 1.92% to 2731 points and the S & P 500 loose 1.08% to 1307 points. Friday, despite the release of employment figures better than expected, the NYSE has closed down, hit by a new surge in oil prices.

The main concern of investors are the oil. After jumping more than 20% in two weeks, prices of black gold continued to soar on Monday at the opening in New York, prancing to levels not seen since September 2008 face new battles in Libya. "This week is frightening that opens to the oil market," said Phil Flynn of PFG Best.The risk is high with respect to the offer, and what the market tells us clearly is that he does not think the situation will be resolved quickly, "he added.

To 15.10 on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for April delivery traded at 105.83 dollars, up $ 1.41 from Friday. In London, the Intercontinental Exchange, a barrel of Brent North Sea outdid themselves with identical maturity of 1.27 dollars to 117.24 dollars, approaching its peak of 24 February (119.24 dollars).

Return of the sovereign debt crisis in Europe

Other bad news the sovereign debt crisis in Europe back on the front of the stage.The rating agency Moody's Investors Service has announced that Monday it had lowered the sovereign rating three notches to Greece, Ba1 to B1 cons before, and warned it could further reduce it, due to continuing economic difficulties and risk of default.

On the foreign exchange market, the euro's rebound accentuated. The single currency continued to be driven by expectations of an early recovery of the interest rate in the eurozone. In early afternoon in Paris, the euro bought 1.3999 dollars against 1.3979 on Friday night

On the macroeconomic front, this week promises to be loaded in less economic publication.United States, the week will be placed under the sign of the American consumer with the release of consumer credit for January today, retail sales in February Friday and the preliminary results of the survey by the University Michigan, which is just the beginning of March. For specialists Aurel BGC, "retail sales for the month of February should show up strongly in the light of increased sales in the retail sector and the rebound in new car sales over the period.

Sanofi-Aventis: 0.39% to 35.68 dollars Genzyme: 0.07% to 75.70 dollars

The side of values, Sanofi-Aventis announced this morning that it had extended the offer for all the outstanding shares of Genzyme, for 74 dollars each and a certificate of conditional value (CCV) per share. This offer ends on April 1, cons on March 16.There are approximately 1.1 million shares, representing 0.41% of capital in this offer. Sanofi-Aventis has announced in mid-February to have purchased the American Genzyme for more than 20 billion dollars.

Citigroup: 0.55% to 4.57 dollars, Goldman Sachs: -0.16% to 160.75 dollars

Citigroup and Goldman Sachs have been affected by deterioration in Friday's recommendations by an analyst.Moreover, according to the Wall Street Journal, Lloyd Blankfein, the executive director of Goldman Sachs, have agreed to testify in the trial for insider trading against Raj Rajaratnam, founder of the investment fund Galleon.

Kraft Foods: -0.25% to 31.50 dollars

After the close of Wall Street on Friday, Kraft Foods announced that they qualify for an SEC investigation regarding a possible bribery case involving the Indian subsidiary of Cadbury.

AIG: 0.21% to 37.47 dollars

Commission oversight of Taiwanese financial services announced this weekend it will take a decision on the sale of the insurer by American Nan Shan AIG in the first half of 2011.

Nasdaq OMX Group: 1.36% to 28.40 dollars

Also note, the Sunday Times, the London Stock Exchange may consider an IPO on Nasdaq OMX Group.

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Monday afternoon, Pierre Berge, Gilles Van Kote and Louis Dreyfus were presented to three shareholders: Pierre Berge, Xavier Niel and Matthew Pigasse, the result of the thirteen candidates for the hearings as director of the World. A name was consensus that Erik Izraelewicz, former managing editor of The Tribune and former editor of Echoes in the world. The three shareholders have agreed to submit it as the only candidate on the supervisory board to be held Feb. 7. Thus they avoided the psychodrama of a short list, a solution which had been rejected by the representatives of the editors fast cash. Then the name of the future director of the World must be approved by 60% of the votes of writing. This vote should take place on February 10.

Erik Izraelewicz, born in 1954 expected to attract the qualified majority.It embodies both stability and identity of the newspaper for having spent many years (1986 to 2000) and has a project to revive the newspaper.

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The Tokyo Stock Exchange finished Friday's session down sharply from 1.56% as investors fearing a future rise in interest rates in China could slow global recovery. At the close, the Nikkei 225 index of blue chips dropped 162.79 points to 10,274.52 points. On the whole week, the Nikkei has yielded 2.14%. The activity was intense on Friday, with 2.67 billion shares traded on the primary market. The broader Topix index of all titles of the first table on his side lost 16.34 points (1.76%) to 910.85 points.

The annual government deficit in Japan in 2020 could reach a staggering 23,200 billion yen (210 billion euros), excluding debt interest, if major reforms are not conducted according to an official report.Under this Scenario, the financial problems would only get worse for the islands, already heavily indebted to the tune of around 200% of its gross domestic product (GDP), the largest proportion among developed countries.

Moreover, in the press Nipon, augmented reality starts. Technology groups and advertising agencies invite Japanese readers and viewers to shoot pictures in newspapers or on TV images with a mobile phone, in order to bring out the videos, a fun way to connect media them. NTT Comware, a subsidiary of Japanese telecom giant NTT (-0.95% to 145.00 yen), this system is currently experimenting with the music bar Blue Note Tokyo.

Red on the other places in Asia, Dhaka remains closed

Photo credits: ANDREW Biraj / REUTERS

The trend remains fragile on Friday on the European stock exchanges. In Paris the CAC 40 has remained in limbo (-0.30% to 3964.84 points) yesterday, Thursday.But this Friday, the index is the height in early trade: 0.46% to 3983.06 points.

Factor supporting this day, the morale of French manufacturers, which continued its gradual rise in January, with a sharp jump of six points from the previous month to 108 points, the sentiment index of all the winning business it a point to 106 points, Insee said Friday.

This morning, Asian stock markets overall declined sustained change, and yesterday afternoon, Wall Street has ended in equilibrium, investors opted for caution amid speculation about new Chinese measures to prevent overheating of the second world economy .

The appointment on Friday, the monthly business survey in industry and services by INSEE. Then 10 hours, the German Ifo index will be monitored.

On the foreign exchange market, the euro is trading above $ 1.35 on Friday.The euro has gained strength this week against a background of successful bond issued by EU countries like Spain and Greece. In front, the dollar depreciated while Barack Obama has welcomed Tuesday its Chinese counterpart and called for yuan appreciation.

Sanofi-Aventis is expected to extend its offer for Genzyme

The offer expires on Genzyme Friday 21 January.

Vivendi Judgement of Paris criminal court in the trial of Jean-Marie Messier.

The three Renault executives questioned complained and defend themselves with force. The doubt settles. The CEO of Renault will speak Sunday evening.

Kaufman & Broad Group announced Thursday night have returned to profitability in 2010 and 21% had reduced its debt after a year marked by a resumption of commercial activity.

The Somfy blinds specialist has announced a turnover up 12.1% for its fiscal 2010 to 852.6 million euros. Sales have benefited from buoyant activity in Germany, Central Europe and East and France. They have offset lower sales in Northern Europe.

Damartex The apparel retailer reported Thursday evening sales up 3.8% in the first half of its fiscal year 2010-2011, to 385.3 million euros.The group, which owns the brand Damart, has not made a forecast for the coming quarters.

Schneider Electric has confirmed on Thursday the closure of its plant in St. Pryvé St. Memin (Loiret) managed by one of its subsidiaries.

Air France-KLM The company yesterday accsué its seventh session decline in a row, with a drop of more than 4% Thursday evening after closing the warning on the results of EasyJet yesterday.

Scor said Thursday it had successfully placed 400 million Swiss francs of perpetual subordinated securities.

CGG Veritas has finally announced that it issued 360 million euros in convertible bonds after exercising the over-allotment option.The group had initially planned to issue 315 million euros.

PRPA The motorway company has reported a traffic increase of 1.3% in the fourth quarter, offsetting heavy traffic traffic light vehicles affected by snowfall and shortages of gasoline early fall.

Compagnie des Alpes The leisure group said sales growth of 1.41% in the first quarter of its fiscal year 2010-2011 supported by a good attendance of its ski areas through early snowfall observed in late 2010.

Veolia Environnement Groupe Industriel Marcel Dassault, the holding of the Dassault family, announced December 31, 2010 hold at 5.37% of share capital and voting rights of society in environmental services.

Cegid reported Tuesday a turnover up 0.4% for 2010 and expects a net profit increase for its entire fiscal year.

Technip announced Friday it had won a contract from refining in Bulgaria worth 70 million euros.

The council has censured Thursday, 19 constitutional articles of the law of social security funding for 2011, whereas they had no place in this text. One of these articles – adopted after considerable hesitation – plans to experiment by a year of "birthing", less than medicalised maternity classic, but nearby hospitals.

The former health minister, Roselyne Bachelot, said she preferred to support this experiment rather than letting young women wishing to give birth "naturally" fall into the hands of cults. Another article stated finally ruled that family allowances would be reduced for parents of children placed in social services.