Bouygues was competing with Vinci for this major project, to be confirmed by the signing of the PPP expected by February 2012, says in a statement.

This signature will then make public the architectural design of the book, which will be built on the ZAC Clichy-Batignolles, north of the capital, said the board of the Public Corporation of the courthouse in Paris (EPPJP ).

The project, presented as the window of a modern justice in France, was announced by Nicolas Sarkozy in April 2009 as part of his speech to the Greater Paris.

It will be completed before the end of 2016 for a 2017 start-up current, said the EPPJP.

The state and the city of Paris for a long time felt that the current courthouse in Paris, located in the Ile de la Cité in the heart of the capital, had become too dilapidated.

In addition, the premises of the High Court of Paris and the regional judicial police are now scattered over six different sites.

At a height of 160 meters, the new building will bring together on a single site all services of the Tribunal de Grande Instance of Paris and the police court.

Coca-Cola has lost. The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial project of the government. And it also introduced a tax on beverages containing artificial sweeteners, the lights, against which stood the giant soft drinks. The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

It is not Coca-Cola because of trying to oppose it by conducting intensive lobbying. The point that the UMP Bernard Reynes, the source of the amendment proposing to tax the lights, was pessimistic about the chances to see him go. "And I will not deny that it bothers me that the creations of law are dependent groups such as Coca" he admitted even to the expansion. Com shortly before the vote.

"One of lobbying juggernaut"

Drinks lights are in fact 60% of the revenue of Coca-Cola. Well above its competitors. Where the offensive of World No. 1 soft drink for the desired version of the tax. Mailings burst, increase in phone calls and requests for appointments, Bernard Reynes supports even have really been "harassed" by the group. "I had an unacceptable pressure. It is normal for multinationals discuss with MPs.But not how it happened. "

And it is far from alone in being surprised by the firepower deployed by Coca. Many players linked to the Assembly (lobbyists, MPs and their families) show a lobbying "huge", "scary", "pressing as is not permitted" and "the strength of a tank "the giant soft drink with parliamentarians and government.

"They call everybody! We have received phone calls from friends, Bercy for example, who did not care at all about this, but had been called for by Coca they are trying to convince us of abandon the project, "said a member of the cabinet of Jean Dionis du Sejour, Vice President (New Centre) of the Committee on Economic Affairs. Until the discreet meeting between Nicolas Sarkozy and the President of Coca-Cola Europe, Dominique Reiniche, revealed Wednesday by Challenge.fr.

Promises to invest in France, threatens to leave, may give an anti-American image that may scare away other groups … This mixture of "caresses and threats" Coca has been confirmed by several sources MPs we interviewed. In the end, however, the U.S. group may have done too much … "If there is one lesson it is that of the lobbying juggernaut does not work," says Paul Boury, subject matter expert.

A "catastrophe", really?

The action of Coca has not been completely ineffective. The final version of the tax on the lights was indeed amputated 80 million euros compared to the original text. "But that Coke does not care, provides a lobbyist familiar with the matter on condition of anonymity. The group was even willing to pay 250 million euros to the government to abandon the measure.The principle of a tax on lights is a national disaster for them. It stigmatizes products. And a tax, especially in France, is always liable to change. "

The battle is not yet definitively lost to Coke. Valérie Pécresse, who did not support the expansion of the tax, received two separate taxes are adopted. This compromise, said the minister, can "legally secure the device", separating the tax on sodas "we know that the law is indisputable" and that on sweetened beverages, which it has less chance of pass "on the Constitutional Council." And it might explain the legal complaint "arbitrary tax" because not related to a vital public interest clearly identified.In fact, the argument of the national association of food industries, which already qualifies tax sweeteners to "unconstitutional". According to them, in fact, taxing sodas lights rather than any product has "no motivation."

But if the decision of the rating agency to assess the stable outlook of the French financial risk rating to weigh on confidence vis-à-vis the currency area in the coming weeks, there is little chance that the risks associated materialize in the short term.

As for the long term, permanent mechanism for stability, which could take effect in July 2012, will shield the single currency which will have a solid capital structure and legal personality, making it impervious to turmoil on the notes of the national constituent countries.

Moody's justified its decision Monday night focusing on the risks to French growth and the potential costs of bank recapitalization and support to troubled countries in the euro area.

The news comes at the worst time when the leaders of the euro area, meeting Sunday in Brussels to agree on a strategy for Greece and their banks, already suffering from a lack of confidence from investors after almost two years of delay and 14 peaks that have failed to stem the crisis in Greece.

The risk premium associated with the French bonds jumped to a record since the inception of the euro after this warning, which now places a sword of Damocles over the Franco-German couple, the backbone of the currency area and the ultimate guarantor its stability.

Franco-German

The consequences could be felt this week and affect the contours of the European plan to reduce Greece's debt consistently, reinforcing the strength of the euro area banks by recapitalizing and maximize "the firepower of the fund to support the euro area (EFSF) by using leverage.

"The French are clearly vulnerable.It becomes difficult for them to talk on equal terms with Angela Merkel in terms of spreads (the spread between yields on French and German-Ed), "said Ludovic Subran, chief economist at Euler Hermes.

Philippe Waechter, director of economic research at Natixis Asset Management, for its part considers that the new could curb the ability of Europeans to use the EFSF to relieve the ECB in resolving the crisis.

"It's true (that announcements by Moody's) can weaken the EFSF, debts are guaranteed by France to the tune of 158 billion euros, which is significant.It could create a doubt, "he says.

As for Alex Koagne, an analyst at Natixis bank, it is estimated that the bank recapitalization component that is affected first.

"The message from Moody's equivalent to saying that France can not help its banking sector.It's a way of saying: 'If your bank should be recapitalized, they will do in the markets,' "he said.

CALENDAR

Beyond the impact on trust, risk, however, are limited in the short term.

The "multiplier" of EFSF, which could be decided on Sunday, will have no impact on the sovereign ratings of countries in the euro area and could increase the response capacity of the fund to some 2,000 billion euros in guarantees, which does not weigh on the public accounts.

The recapitalization of banks should in turn be primarily via internal reserves and facilities through the market, with limited impact on finances.

Above all, the European Stability Mechanism (MES) could start operating sooner than expected

Legal personality of international institution and its 500 billion euros in capital, which can be more easily "multiplied", will make it impervious to changes in national sovereign debt notes.

The date is now planned on 1 July 2012 but some call for further accelerate this timetable.

Moody's has on its side no plans to go as fast and was given three months to choose whether or not the French note on negative outlook, before eventually withdrawing its maximum score within two years.

Representatives of international donors in Greece (EU-ECB-IMF) urged Friday to the Minister of Transport on the need to deregulate transport, including taxis, said the Greek press agency Ana (semi-official ). The delegation, called Troika, and the minister, Yannis Ragoussis, also discussed the planned restructuring of public transport in Athens, and railroads, committed to a partial privatization, said the Ana.

After the meeting, held behind closed doors in a local government, Mr.Ragoussis agreed on the need "not to yield to the demands corporatist," referring to the mobilization since the summer of taxi owners against the liberalization of their profession, explicitly demanded for months by the troika. The meeting, scheduled before the Ministry has been postponed until mid-day, due to a manifestation of thirty employees who were blocking the entrance of the premises, protesting against the measures provided for compression of the public sector.

Friday morning, following the return of the troika in the country to endorse austerity measures announced by the government hopes to secure the release of the sixth tranche of the loan granted to the country in 2010, other ministries, including Finance and Environment, remained "occupied" by officials who are protesting against the austerity imposed. The talks with the troika M.Ragoussis occur before the next parliamentary scrutiny of the bill opening the taxi industry to competition. The measure provoked the ire of the owners of small employers who refuse to enter the market of large corporations. The tug-of-war between taxis and the government has been ongoing since the summer, with series of strikes that disrupted traffic and hinder tourism and urban services. The final took place on Wednesday and Thursday as part of a strike by public transport in Athens, which has completely paralyzed the capital.

For their part, employees of companies of buses, trolleys and trams have been involved in the strike to protest against lay-off thousands of employees of public companies under the government as part of fiscal austerity .The auditors of the troika had left Athens on September 2 after finding a new slide in the Greek government accounts, to allow time for the Government to take additional measures designed to meet the objectives of reducing the public deficit.

The troika, consisting of Matthias Mors representing the European Union, Klaus Masuch of the European Central Bank (ECB) and a representative of the International Monetary Fund (IMF) must also meet Friday afternoon with Finance Minister Evangelos Venizelos. Another thorny issue to be discussed, the implementation of measures laid off in the broader public sector, covering 30,000 employees by the end of December.This subject, which was initially included in cabinet Thursday, is on the agenda of an extraordinary cabinet meeting convened by Prime Minister George Papandreou on Sunday on the eve of a meeting of finance ministers from the euro area in Luxembourg.

German Chancellor Angela Merkel said on Friday that the growth of gross domestic product (GDP) German would be "closer to 3% than 2.5%" this year. This statement comes as concerns about the impact of cooling of the global economy on the German economy, heavily dependent on exports, are more vivid. The official growth forecast of Berlin is 2.6% since April, but throughout the summer German leaders, in unison with most economists, have dangled a much stronger growth , 3% or more.

The new crisis in the financial markets and the turmoil in the euro area, however, have changed the situation.Growth forecasts in the world and the euro area have been revised down recently, including the European Central Bank (ECB) and Thursday by the European Commission. German GDP growth in the second quarter is also emerged well below expectations, to a meager 0.1%.

Renowned research institute, the IfW in Kiel, said Tuesday that Germany was "on the brink of recession," and projected a GDP growth of 2.8% this year and 0.8% only the next year. But Merkel's comments suggest that Berlin could still revise up its official forecast, which should be adjusted in October.

The euro continued to rise Monday above the threshold of $ 1.45, benefiting from a reflux of the risk aversion of the operators, after the speech the head of the Federal Reserve, Ben Bernanke, on Friday . To 15 hours, the European currency was worth 1.4524 dollars against 1.4490 dollars on Friday night. The euro also went further against the yen at 111.49 yen against 111.09 yen Friday.

Overall, the safe havens like the yen and Swiss franc pâtissaient the renewed attraction to risk, which benefited the other hand the European single currency. Ben Bernanke's speech, though no concrete announcement, has indeed been perceived positively by traders."We test the level of $ 1.45 but it's hard. This rise is related to the weaker dollar and renewed risk appetite in the wake of rising equity markets," noted Nordine Naam, bond strategist at Natixis. The strategist has nevertheless argued that the trend was "not strong", while the pair euro-dollar has generally traded in a range located 1.40 and $ 1.45 since May.

The call for an "urgent recapitalization" of European banks, launched Saturday by the Director General of the International Monetary Fund, Christine Lagarde, did not weigh on the price of the euro. "This is the key to cut the chain of contagion," said Lagarde. It also found that to achieve this, banks should "first seek private funds to" and "using public funds if necessary."

Instead, the operators seemed more attention to the speech from Fed chief, delivered Friday at Jackson Hole, Wyoming. Bernanke said that "the foundation of growth" were still there in the U.S., despite the persistence of "risks" weighing on the economy, and said to think that the growth of gross domestic product (GDP) "should improvement "in the second half.

Side of Japan, the appointment by the ruling party's finance minister, Yoshihiko Noda, to become the sixth prime minister in five years the country weighed little. "His room for maneuver is very limited, given the debt of Japan. But one wonders whether it will allow more interventions on the foreign exchange market," said Dr. Naam.

Japan is the victim for several months of the high price of the yen, seen as a safe haven, including high levels penalize their exports and weaken the economic recovery of the archipelago after the earthquake, the tsunami and the nuclear accident in Fukushima .

Greece has signed with its international donors agreed a new rescue package in July, covering its financing needs until mid-2014.

It was later, as part of a bilateral agreement, agree to provide a guarantee (collateral) to Finland in exchange for loans, leading Austria, Slovakia and the Netherlands to make the same requirement the week passed.

However, the Netherlands has changed its attitude Monday, their Finance Minister Jan Kees de Jager rejected the Austrian proposal to extend the principle of collateral.

The rating agency said Monday that the proliferation of such bilateral agreements with granting the guarantee would be negative for the credit rating of Greece, now that or just a notch above the default.

"The agreement between Greece and Finland, in itself, small scale, is nevertheless very significant.Continue with this approach could delay the next tranche of financial assistance to Greece and therefore precipitate a default in payment, "said she.

Greece in September to receive a slice of eight billion euros in the first aid program.

Moody's believes that other countries in the euro area will come to interfere with the agreement with Finland.

"One thing leads to another and you can get into difficulties in the implementation of the bailout.Maybe it was a mistake to enter into this agreement with Finland, "said a Greek economist.

Greece, which market activity is limited to monthly auctions of short-term debt, to refinance 4.0 billion euros good three and six months in September.

For the agency, require collateral demonstrates a lack of commitment on the part of some countries in the euro area, increasing the load all over France and Germany, who have to take extremely firm commitments to strengthen the euro area.

"The deep divide, despite a facade of unity of the countries in the euro area, as evidenced by such requirements, and that even in the context of the new Franco-German proposals to strengthen the European institutions, is a source of new concerns about the conditional nature of the current mechanism and scalable financial support, "Moody's also noted.

She finally believes that the proliferation of collateral agreements also restrict the pool of funds available for future rescue packages.

Since the collapse of large U.S. investment bank Lehman Brothers in September 2008, CDS, hitherto limited to the insurance of corporate debt, have expanded and have become a kind of justice, to the point of fuel the rumors about a possible deterioration in the "AAA" of France.

"Buy CDS in France awaiting an imminent breakdown of 'AAA' is totally unfounded," said Eric Oynoyan, rates strategist at BNP Paribas in London.

Professionals are asked if the decision of the European Central Bank to buy in the market for sovereign debt Italy and Spain this week has loosened the pressure on rates and CDS of the two countries, the 5-year CDS of France peaked around 170 basis points. Before the summer, the CDS of France was below 100.

But in parallel on the spot market, the yield on French government bonds greatly relaxed, the 10 years falling under 3% on Friday, its lowest level since November 2010.

The 10-year yield had fallen German and French at the end of August 2010 lows, respectively 2.11% and 2.51%.

"The rates on the spot market remains the most important.They are the ones that determine the cost of financing state, "said David schnautze, rates strategist at Commerzbank in London.

THE CDS IS NOT A FINANCIAL INSTRUMENT

"Bonds are traded continuously, they are highly liquid, which is not the case of CDS. At the end of the day is the rate that matters for Mr. Baroin (Minister of Economy) and French taxpayers.Person uses the CDS to finance, "said Ciaran O'Hagan, strategist at Societe Generale rate.

"I tend to be very careful not to give too much importance to CDS or what they mean," he adds.

Oynoyan Eric, who has just published a study on the CDS in France, said that among the countries "AAA" in the euro area, the gap between the level of the cash market (the standard rate) and the CDS is much more higher than for France to Austria, the Netherlands and Finland.

He said since the collapse of Lehman Brothers, the CDS of France does not follow the cash and incorporates a risk premium of 60 basis points "too high".

The strategist at BNP Paribas believes that the CDS in France since 2008 includes "the amount of sovereign risk, liquidity risk and a risk premium linked to the banking system."

The increase of 30 basis points of the component of the liquidity risk premium, which explains the surge in CDS of France in recent weeks is far too high in relation to the CDS of French banks and the rise of market volatility shares measured by the VIX America.

"A risky"

The professionals interviewed recalled that after the breakdown in "AAA" rating from the U.S., Standard & Poor's confirmed the "triple A" of France with a stable outlook.Fitch and Moody's, which kept the "triple A" in the United States, have also confirmed for France with a stable outlook.

CDS play in anticipation of a deterioration in France as "AAA" is "a risky given the difference between the CDS and the cash rate (the highest among the" AAA ")," said Eric Oynoyan.

David schnautze highlights the "lack of transparency" of the CDS market, which is an OTC market.

According to estimates provided by BNP Paribas, the net notional amount of CDS sovereign in the world stood at the end of April to nearly $ 150 billion, while the stock of marketable debt of France was about 1300 billion euros at the end of June and the U.S. 17,000 billion, excluding treasury bills (short-term debt) for the two countries.

Ciaran O'Hagan and David schnautze focus on legal issues of contracts related to the onset of CDS. The question was raised in the event of a default of Greece. They note that in this case, it would not result in the onset of CDS.

"The committee (of the ISDA, the association of professionals in the derivatives markets, Ed) in charge to decide is so restrictive that the trip is very unlikely," said Ciaran O'Hagan.

Standard CDS contracts have a maturity of five years and involves 10 million euros. The cost of protecting against a default for a CDS estimated at 170 basis points is 170,000 euros per year.

The Nikkei lost 153.08 points to 8,944.48 points and the Topix, broader, sold 12.47 points (1.59%) to 770.39 points.

On higher trading volumes, however, the Nikkei erased some of its losses on buying on the cheap after falling to 8656.79 points, close to a session low reached March 17 following the earthquake.

Market participants will monitor closely the meeting of the Monetary Policy Committee of the Fed, to try to get signals on whether to continue its easing policy.

"The wisest traders wait until tomorrow to make their positions", otherwise the market could continue to retreat, said Fumiyuki Nakanishi, a strategist at SMBC Friend Securities.

In Seoul, the Kospi index lost 3.64% (68.10 points) to 1801.35 points.

The panic on Wall Street the day before led the S & P 500 benchmark fund managers, to undergo its biggest daily fall since December 2008.

The U.S. chemical company posted net earnings of $ 1.22 billion, $ 1.29 per share, against $ 1.17 billion, $ 1.26 per share, a year earlier.

Excluding costs related to acquisition of the Danish Danisco, earnings per share were $ 1.37, while analysts had expected $ 1.34, according to Thomson Reuters I / B / E / S.

The turnover of Dupont was up 19% to 10.26 billion dollars against 9.68 billion expected by experts.

To account for the acquisition of Danisco, DuPont raised its forecast earnings per share from a range of 3.65 to 3.85 dollars from 3.90 to 4.05 dollars.Analysts had previously relied on an earnings per share of 3.87 dollars.

"We are revising upward our 2011 earnings forecast on the basis of strong performances since the beginning of the year and the confidence we have in our business plans for the second half of the year," said Ellen Kullman , CEO of Dupont, quoted in a statement.

The good performance of the group turnover was notably the fact that the trade performance of seeds produced by the group as well as strong sales of Kevlar body armor and titanium dioxide pigments used in paints.

The good results of Dupont in contrast to the more mixed publications of its European competitors, like BASF and Bayer.