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News Article | May 15, 2017
Site: hosted2.ap.org

The Latest: Renault plant closed because of cyberattack (AP) — The latest on the global extortion cyberattack that hit dozens of countries (all times local): In France, auto manufacturer Renault said one of its plants, which employs 3,500 people in Douai, northern France, wasn't reopening Monday as technicians continued to deal with the aftermath of the global cyberattack. The company described the temporary halt in production as a "preventative step." The company gave no details on the degree to which the plant was affected by the malware. Renault said all of its other plants in France were open Monday. The problem with its home page wasn't ransomware after all, Osaka city hall said. The site is now back up but the real cause of the problem is not yet clear, said spokesman Hajime Nishikawa. Kyodo News said one personal computer was affected at one office at East Japan Railway Co., but train services were not affected. A Japanese nonprofit says computers at 600 locations had been hit in the global "ransomware" cyberattack. Nissan Motor Co. confirmed Monday some units had been targeted, but there was no major impact on its business. Hitachi spokeswoman Yuko Tainiuchi said emails were slow or not getting delivered, and files could not be opened. The company believes the problems are related to the ransomware attack, although no ransom is being demanded. They were installing software to fix the problems. The Japan Computer Emergency Response Team Coordination Center said 2,000 computers in Japan were reported affected so far, citing an affiliate foreign security organization that it cannot identify. At least one hospital was affected, according to police. The city of Osaka said its home page went blank, although problems had not been detected otherwise. South Korea has been mostly spared from the global cyber chaos that crippled scores of governments and companies in 150 countries. Director Shin Dae Kyu at the state-run Korea Internet & Security Agency who monitors the private sector said Monday that five companies have reported they were targeted by a global "ransomware" cyberattack. While some companies did not report damages to the government, South Korea was yet to see crippling damages, he said. The most public damage was on the country's largest movie chain. CJ CGV Co. was restoring its advertising servers at dozens of its movie theaters after the attack left the company unable to display trailers of upcoming movies. Its movie ticket systems were unaffected. Another government security official said no government systems were affected. Global cyber chaos is spreading Monday as companies boot up computers at work following the weekend's worldwide "ransomware" cyberattack. The extortion scheme has created chaos in 150 countries and could wreak even greater havoc as more malicious variations appear. The initial attack, known as "WannaCry," paralyzed computers running Britain's hospital network, Germany's national railway and scores of other companies and government agencies around the world. As a loose global network of cybersecurity experts fought the ransomware hackers, in China, state media said more than 29,000 institutions had been infected along with hundreds of thousands of devices. The Japan Computer Emergency Response Team Coordination Center, a nonprofit providing support for computer attacks, said 2,000 computers at 600 locations in Japan were reported affected so far.


They complain that cheap Spanish wine is undercutting them, but is the answer in the marketplace, or in violence? Dozens of winegrowers from France's Languedoc region swept through three supermarkets in Nîmes on March 30, in search of wine they believe is threatening their livelihood: low-priced Spanish wine. To the dismay of supermarket staff, who stood watching, the vigilante vignerons climbed the shelves, smashing wine bottles and emptying boxed wine cartons onto the floor of the aisle. They piled shopping carts with more bottles, which they subsequently dumped on the pavement of the parking lot. The growers—the combined forces of the Jeunes Agriculteurs (JA) of the Gard region and the recently formed Syndicate of Vigernons Gardois—argue that the packaging of these wines hoodwinks consumers into thinking they are buying French wine. "We undertook this sweep to put pressure on the supermarket," said Zoé Cuxac, a JA spokesperson. A day later, Madrid responded with a scathing letter from its ministry of foreign affairs to counterparts in Paris, denouncing the continued attacks on Spanish wine as an "attack on freedom of trade" and a "blatant violation of the single market, a fundamental pillar of the European Union." This is not the first action by the JA. On Jan. 17, the activists drove to the toll booth at Gallargues-le-Montueux on the A9 autoroute, on the border between the Gard and Hérault departments. They encircled tanker trucks, demanding to see the bills of lading detailing their cargo. "We made sure they understood we would not hurt them or their truck," said Anais Amalric, copresident of the JA. A tanker belonging to a French négociant had picked up Spanish wine in the port of Sète, which was to be delivered to Saone et Loire for the production of flavored wine. The activists opened the valves and emptied the tanker onto the pavement. Violent protest by winemakers in the Languedoc is nothing new. It dates back a century. And for more than a decade now, a group called the Comité Régional d'Action Viticole (CRAV) has been attacking targets. Their anti-globalization complaints were even picked up by French presidential candidate Marine Le Pen. In separate attacks since January, the graffiti tags of the Comité d'Action Viticole (CAV) and CRAV have been found at various crime scenes, including a tanker truck in Narbonne emptied of its cargo of Spanish bulk wine; the torched Béziers offices of Vergnes and Passerieux, one of the biggest wine brokers in France; the destroyed pick up area of a drive-thru supermarket; an arson attack on the building housing the refrigeration system of an Intermarché supermarket; shopping carts set ablaze in supermarket parking lots; and two explosions targeting négociant Jeanjean in Saint-Félix-de-Lodez. For the Spanish government, the violence represents "a bankruptcy of the rule of law." The arson attacks are being investigated by Montpellier authorities. In the past, French prosecutors have gone after both CAV and CRAV, whose actions have included kidnapping, vandalism and bombings. It's unclear whether the JA activists will be prosecuted. "We don't know. We're waiting for the phone to ring," admitted Amalric. Unlike the CAV and CRAV combatants, the JA activists don't hide their identities. And recently they announced softer battle tactics. "We realized it wasn't the best image for us—that of 'destroyers,'" said Cuxac. "We're a syndicate, and we want to have a dialogue, said Amalric, who has 99 acres under vine and sells to a local cooperative. "If I hid my face behind a balaclava, we wouldn't be meeting with Prodis [the wine subsidiary of Carrefour]." JA's leaders met with Carrefour management in March. The supermarket is a top retailer for wine in France. JA members hope the meeting will be the first step toward securing a three-year supply contract with fixed prices for their wine and long-term partnerships with the supermarkets and négociants, said JA copresident Lionel Puech. JA has also recently launched an educational campaign that includes handing out flyers outside supermarkets. "We've included a coupon for a 5 percent discount on wine bought at the local caves and co-ops," said Cuxac. But neither flyers, nor coupons, nor even attacks on supermarkets change the fact that Spanish bulk wine is almost half the price of French bulk wine, and the prices are stable. "The Spanish sell the wine at €32 per hectoliter, and with the transport to France, it arrives at €40 per hectoliter," said Puech, who runs his family's 89-acre vineyard in the Pays d'Oc. "We sell at €80 to €85 per hectoliter. We don't have the same labor costs, and they can use cheaper vine treatments banned in France." Last year, France imported more than $730 million worth of foreign wine, and the vast majority, the equivalent of 68 million cases, was bulk wine without Geographical Indication or varietal. More than 61 million cases came from Spain. The cheap table wine is used for bag-in-the-box, high-volume brands and flavored wine drinks. "Over the last decade, Spain has reorganized part of its entry-level wine production. They are producing large quantities in an industrial way. Italians are also quite well organized," said Philipipe Castéja, CEO of négociant Borie Manoux and a council member in the trade group Fédération des Exportateurs de Vins & Spiritueux de France. In France, struggling growers are grubbing up vines and leaving the land fallow. "We lost 5,000 hectares [12,355 acres] last year because of structural problems with agriculture in the south," said Casteja. "There's been no effort to encourage people to create bigger estates." "In the Languedoc, we've lost 13 percent of the vine surface area in 10 years," said Puech. In an interview with Wine Spectator, Henri Cabanel, who is both a winegrower and a senator representing Hérault, offered a suggestion: "Rather than resisting and fighting with each other, I think we, the growers, need to develop a strategy with the négociants and supermarkets, agreeing to supply them with a certain amount of low-end, mechanized production while respecting French quality. It's a win-win solution." Cabanel owns a 67-acre vineyard in Servian, selling his crop to the local cooperative, Les Vignerons de l'Occitane, of which he was once the president. He argues that cooperatives are well placed to manage vast, irrigated, mechanized vineyards. Most growers are producing wine with Geographic Indication, which is held to higher standards and costs more to make. "The négociants need wine without Geographic Indication and growers aren't producing it," Cabanel said. "It's wiser to supply the entire price range. This is a commercial strategy." Castéja agrees. "We have the space, the same climate. Spain has done it. France can do it." Given a larger supply of wine at low, stable prices, French exporters say they will not only remain competitive but conquer new markets. "We, the French, can sell more wine," said Castéja. "Definitely." But JA leaders are skeptical. "French vineyards have been through many crises. We were told by the négociants that we produced too much wine, so we changed the grape varieties, chose clones that were less productive, invested in our cellars to improve quality," said Puech. "And now they say we must produce more at a lower quality. That's taking us back 20 years. We'll never be able to compete with Spain's low prices—our payroll taxes are higher." And so the debate continues. But will the young vignerons continue with negotiations and peaceful protests? Or will bottles start smashing again?


News Article | May 23, 2017
Site: www.fastcompany.com

Fancy Bear may have stumbled in the French election but they’re still wreaking havoc across Western Europe. And despite the failure of what many suspect was their attempt to disrupt the victory of Emmanuel Macron’s political campaign, the infamous Russian hackers haven’t yet adapted their tactics, say cybersecurity experts. In France, Fancy Bear was suspected of hacking Macron’s email account, presumably in an attempt to boost right-wing candidate Marine Le Pen. The hack led to a massive dump of leaked documents just days before this month’s election, but it proved ineffective due to French resistance to fake news and social media and to the Macron campaign’s effective counterattack–reportedly setting up its own fake sites and accounts to confuse the hackers. But the group continues to pursue digital attacks across the world, in an effort to steal sensitive information and promote Russian interests through leak-based propaganda campaigns, experts say. “A lot of their activity goes pretty unnoticed in the West, because a lot of it focuses on Eastern Europe and Central Asia,” says John Hultquist, director of cyber-espionage analysis at security firm FireEye. The group has targeted political figures in Montenegro, for instance, as the Balkan country–once part of Soviet-aligned Yugoslavia–moves to join NATO. “Obviously that has repercussions for Russian influence in the area,” says Hultquist. Fancy Bear has also been active in Germany, hacking computers of the country’s parliament in 2015 and subsequently attacking Chancellor Angela Merkel’s party and reportedly sending phishing emails to affiliated political research organization earlier this year. Die Zeit, a respected German newspaper, warned earlier this month that “it is quite possible that emails from the chancellor will soon appear during the election campaign” leading up to a vote in September that will determine whether Merkel’s party continues to control the legislature. The group hasn’t been spotted to the same extent in the U.K., where elections are slated for June 8, though security firm SecureWorks reported earlier this year that Fancy Bear penetrated a network belonging an unnamed television network in the country in 2015 and 2016. Part of the reason for Fancy Bear’s relentlessness is due to the perception that their attacks go unpunished. Though the hackers suspected of hacking the Democratic National Committee and Hillary Clinton campaign chairman John Podesta’s email accounts inarguably impacted the election, leading to the victory of Russian president Vladimir Putin’s preferred candidate, they’ve paid a relatively small price for the attacks, says Chris Finan, cofounder and CEO of security startup Manifold Technology and a former White House cybersecurity advisor. “What consequences have the Russians paid for what they did in 2016? Hardly anything: a few new sanctions.” Fancy Bear, also dubbed APT-28 and Pawn Storm by various analysts, doesn’t focus only on the headline-grabbing, politically charged leak campaigns that typically make the news, he says. The group also pursues regular digital espionage campaigns against a variety of military, diplomatic, and government targets, looking for information of value to Russian intelligence that might never be released to the public.


News Article | May 8, 2017
Site: news.yahoo.com

French parvenu’s triumph gives liberalism a good name. For Europe’s sake as well as France’s, his third way must work Paradigms shift as fast as headlines in the age of 24-hour news. With a stunning election victory snatched out of nowhere, Emmanuel Macron, the plausible parvenu, has suddenly patented a new model for inclusive democratic politics in Europe, and repulsed – for now at least – the forces of reaction and isolation typified by Donald Trump and Marine Le Pen. Macron’s triumph gives liberalism a good name. Its rehabilitation comes in the nick of time. For months, establishment politicians have skulked in Europe’s corridors of power, listening to a growing populist clamour from without. Like a modern-day mob raging at the gates of Versailles, neo-fascists, racists, ultra-nationalists and hard-left utopians laid siege to the self-appointed heirs of the Enlightenment. But these would-be revolutionary forces were not confined to the political fringe. In France, as in the US and Britain last year, the simmering anger of the mainstream’s left-behind, the economically dispossessed and the socially excluded could no longer be contained. The status quo had failed them. In working class heartlands, old loyalties broke and shattered. Their fury spilled over. They demanded change. It wasn’t just that the centre could not hold. The centre all but disappeared as Trump stormed the White House and a majority of British voters defenestrated the EU. All the subsequent talk was of a populist domino effect sweeping Europe, knocking over the Dutch, the French and even the Germans. Analysts predicted an end to the postwar social democratic order and a return to the age of the autocrat. In the US, Trump’s supporters hailed a “historic” watershed moment. It has not happened. Macron, it seems, has turned the tide. He stood up for progressive values even as he spoke the language of la patrie. Macron, the economic liberal, reasserted the primacy of open markets and open borders. He championed tolerance, rejected division. Macron, the outsider-insider, promised a change from the old paralysis of left and right – but not a bloody insurrection. And he broke the mould. Europe’s liberal counter-revolution began on Sunday. Macron’s success will be seen as a striking rejection of the xenophobia and racism of the Front National. It sets an encouraging example for Martin Schulz of Germany’s SPD, languishing in Angela Merkel’s lengthening shadow, and similar groupings such as Britain’s Liberal Democrats. It sends a sharp, deterrent message to the hard-right iconoclasts of Alternative für Deutschland that Europe’s mood is shifting. Macron’s fresh ideas and strong pro-Europe stance will be a tonic for the EU. Things were already looking up after a gloomy 2016. The eurozone economy is expanding faster than the US or Britain, Greece has dodged the bankruptcy bullet again, and Brexit – so far – has not been as disruptive as feared. In elections elsewhere, such as the Netherlands, extremists of left and right have also been rebuffed. Macron’s new ascendancy could re-energise the similarly youthful Matteo Renzi, a like-minded reformer now back in charge of Italy’s ruling Democratic party. If Macron can turn ideas into facts, he will find more willing emulators in Spain, Greece and other European countries whose discredited political systems, like France’s, have seized up like old gearboxes starved of oil. How Macron deals with Trump will be a telling test. But even Trump is not proving to be quite the nightmare that had kept many Europeans awake at night. His bark, at least so far, has been worse than his bite. The Nato alliance has been rebooted, not retired. Russia’s Vladimir Putin has not suddenly been excused his misdeeds in Ukraine and Syria – or claims of serial election hacking. Macron’s success may give heart to Americans despairing of a presidency forged in prejudice and fear. Trump was rooting for Le Pen. He all but endorsed her, calling her the “strongest” candidate. But wishing did not make it so. Like Putin, Le Pen is a Trump soulmate – but a soulmate without power who missed her moment. If he has any sense at all, Trump will catch Europe’s shifting winds. Given the alternative, maybe Macron’s win is no great surprise. Generally speaking the French have always seen themselves as a race apart. “Vive la difference” is no idle national slogan. And while France’s open society traditionally tolerates political extremes, the mass of French voters, however angry and alienated, were never going to thoughtlessly follow in the path of Britain’s self-harming Brexiters or Trump’s blue-collar battalions. By ditching the old parties and backing an untried interloper, France has taken what Disraeli called a leap in the dark. Like a born-again Tony Blair, Macron promises a third way. It’s a bold, hazardous step. Now, for Europe’s sake as well as France’s, he has to deliver.


News Article | May 5, 2017
Site: news.yahoo.com

The dollar stabilises after better-than-expected US jobs data and European stock markets steady as investors hedge their bets ahead of the French presidential vote on Sunday (AFP Photo/Bryan R. Smith) Wall Street stocks rallied to fresh records Friday following a solid US jobs report, while European equities gained ahead of the final round of the French presidential election. The S&P 500 and Nasdaq each gained 0.4 percent to finish at fresh records. Besides the jobs report, stocks were boosted by a bounce in oil prices. After a slow March, when hiring likely was held down by a winter storm, the US economic engine added an estimated 211,000 net new positions in April while the jobless rate fell a tenth to 4.4 percent, the lowest since May 2007, the Labor Department reported. Analysts said the report further strengthens prospects the Federal Reserve will stick to a planned course of two more interest rate hikes in 2017. "Today's employment report should have brushed aside any concerns about the health of the US labor market that may have come up after the disappointing payroll number last month," said UniCredit analyst Harm Bandholz. European equities also had a good day, with Paris climbing 1.1 percent, Frankfurt 0.6 percent and London 0.7 percent. In France, centrist Emmanuel Macron sought to cement his frontrunner status on the last day of campaigning for the weekend's election run-off after a bruising and divisive race. At the end of a battle that has increased in intensity in the final days, Macron appears to be gaining momentum according to new polls which showed him winning around 62 percent to 38 percent if Sunday's vote were held today. The euro also took heart from the polls showing a clear Macron edge. "Fading political uncertainty in France should keep the euro generally well supported," said Omer Esiner, analyst at Commonwealth Foreign Exchange On the corporate front, British publisher Pearson sent its share price rocketing after the group launched a new cost-cutting plan and put its US schoolbooks division up for sale. Shares jumped 12.9 percent. Pearson, which has issued a series of profit warnings in recent years, will seek to slash costs by £300 million ($387 million, 354 million euros) on an annualized basis by the end of 2019. But IBM tumbled 2.5 percent after billionaire investor Warren Buffett revealed he has sold about a third of his stake and "revalued" downward the computing giant. New York - Dow: UP 0.3 percent at 21,006.94 (close) New York - S&P 500: UP 0.4 percent at 2,399.29 (close) New York - Nasdaq: UP 0.7 percent at 6,100.76 (close) Euro/dollar: UP at $1.0997 from $1.0984 Pound/dollar: UP at $1.2980 from $1.2922 Dollar/yen: UP at 112.80 yen from 112.56 yen Oil - Brent North Sea: UP 72 cents at $49.10 per barrel


News Article | June 15, 2017
Site: www.prnewswire.co.uk

Market capitalization: approximately €5,779 million, on the basis of a Global Offering price of €14.30 per share and 404,103,640 shares composing ALD's capital ALD, a global leader in full service vehicle leasing and fleet management services, managing more than 1.4 million vehicles, today announces the success of its initial public offering (the "IPO") on the regulated market of Euronext Paris (Compartment A). Mike Masterson, CEO of ALD, said: "I am delighted with the success of ALD's IPO. This is an important milestone in the Group history. ALD's constant focus on operational excellence, innovation and customer service has been instrumental in its success over the years, and I am confident that the visibility gained through the IPO will help the company reinforce its ties with its partners and customers. ALD's listing will provide extra flexibility to accelerate our expansion and enhance our position as a global leader in the provision of mobility solutions. I look forward to continuing the journey of ALD's development together with our talented ALD staff and management team". The price of the Global Offering is set at €14.30 per share. The Firm Shares offered in the Global Offering were allocated as follows: On the basis of the 80,820,728 Firm Shares sold by the Selling Shareholder, representing 20% of ALD's share capital, the gross proceeds from the Global Offering represent an amount of approximately €1,156 million (before any exercise of the over-allotment option) on the basis of the Global Offering price set at €14.30 per share. The stabilizing manager, on behalf of the underwriters, has been granted an option to purchase additional existing shares sold by the Selling Shareholder that represent up to 15% of the Firm Shares, i.e. a maximum of 12,123,109 Offered Shares. In the event of the exercise in full of the overallotment option, the total size of the Global Offering will amount to approximately €1,329 million. J.P. Morgan Securities PLC (or any entity acting on its behalf), acting as stabilizing manager on behalf of the underwriters, may (but is under no obligation to) carry any and all stabilization operations deemed useful aiming to support ALD's share price in accordance with applicable laws and regulations, in particular the provisions of EU Parliament and Council Regulation 596/2014 of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016. There is, however, no obligation for the stabilizing manager to undertake such transactions and such transactions, if commenced, may be discontinued at any time and without warning. Stabilization transactions are intended to support the market price of the shares and may support a price higher than that which might otherwise prevail in the open market. In the event that the stabilizing manager undertakes stabilization transactions, such transactions may take place at any time during 30 calendar days following the determination of the Offering Price, or any time between 15 June 2017 and 14 July 2017, according to the indicative timetable. The stabilizing manager will ensure that the public and the competent market regulators are informed in accordance with Article 5.5 of the Regulation and Article 6 of the Delegated Regulation. Therefore, during the stabilization period, the persons designated as responsible ensure adequate public disclosure of the details of all stabilization transactions no later than the end of the seventh daily market session following the date of such transactions. The Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners, on behalf of the underwriters, may decide to over-allot up to the number of shares covered by the Over-Allotment Option increased, as the case may be, by a number of shares representing 5% of the aggregate amount of the Offering, in accordance with Article 8 (b) of the Delegated Regulation. In compliance with Article 7.1 of the Delegated Regulation, stabilization transactions may not be effected at a price greater than the Offering Price. Commencement of trading of the ALD shares is expected to start on 16 June 2017, on the regulated market of Euronext Paris (Compartment A) on a listing line under the ticker symbol "ALD AIW (as-if-and-when-delivered") and continue until and including the settlement date. The date of the settlement and delivery of the Offering is expected to occur on 19 June 2017. Commencement of trading of the ALD shares is expected to start on 20 June 2017 on the regulated market of Euronext Paris on a listing line called "ALD". The listing of the shares on the regulated market of Euronext Paris is intended to enable ALD to gain visibility and reputation in the mobility ecosystem as well as to access to new means of financing and to increase its capacity to accelerate its development and to seize new growth opportunities in both the corporate and B2C markets. The Selling Shareholder will receive the net proceeds from the sale of the Firm Shares and, if the Over-Allotment Option is exercised, from the sale of the Option Shares. Credit Suisse Securities (Europe) Limited, JP Morgan Securities plc and Societe Generale Corporate & Investment Banking, are acting as Joint Global Coordinators on the IPO, and BofA Merrill Lynch, Barclays Bank PLC, acting for its investment bank ("Barclays"), Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC are acting as Joint Bookrunners. BBVA, Crédit Agricole Corporate and Investment Bank, ING, RBC Capital Markets, Unicredit Corporate & Investment Banking are acting as co-lead managers. Rothschild is acting as financial adviser to Societe Generale. ALD has agreed to a lock-up undertaking during the period beginning from the date of the underwriting agreement (15 June 2017) and continuing to and including the date which is 180 days after the settlement date of the Offering, without the prior written consent of the Joint Global coordinators, subject to certain exceptions. Societe Generale has agreed to a lock-up undertaking during the period beginning from the date of the underwriting agreement (15 June 2017) and continuing to and including the date which is 180 days after the settlement date of the Offering, without the prior written consent of the Joint Global Coordinators, subject to certain exceptions. Following the Global Offering, ALD's free float will amount to 20% of its ordinary shares that compose the share capital which may be increased up to 23% of the ordinary shares composing the share capital in the event the over-allotment option is exercised in full. INFORMATION AVAILABLE TO THE PUBLIC Copies of the prospectus that has been granted visa number 17-252 by the AMF on 2 June 2017, consisting of a an English-language registration document filed with the AMF on 11 May 2017 under number I.17-042, an English-language securities note and an English- and French-language summary of the prospectus (included in the securities note) are available free of charge and upon request to the Company (Tour Societe Generale « Chassagne », 15-17 Cours Valmy, 92 800 Puteaux) and on the Company's (www.ald-ipo.com) and the AMF's (www.amf-france.org) websites. ALD draws the public's attention to Chapter 4 "Risk Factors" of the registration document and Section 2 of the securities note. Such risks as discussed therein, should they materialize, could have a material adverse effect on the Company's business, financial condition, results of operation or prospects, as well as on the market price of the shares. ALD is the operational leasing and fleet management business line of Societe Generale the largest providers in Europe and a company of reference on its market: Combining professionalism and quality of services provides companies with value-added integrated solutions at both national and international levels. For more information, you can follow us on LinkedIn or visit www.ALDAutomotive.com. This announcement does not, and shall not, in any circumstances constitute a public offering or an offer to subscribe shares nor an invitation to the public in connection with any public offering. No communication or other information related to this transaction or to ALD may be distributed to the public in any jurisdiction where approval or registration is required. No steps have been or will be taken by the company in any country (other than France) where such steps would be required. The purchase of ALD shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. ALD assumes no responsibility for any violation of any such restrictions by any person. This press release does not constitute a prospectus within the meaning of Directive 2003/71/CE of the European Parliament and Council dated November 4, 2003, to the extent implemented in the relevant member states of the European Economic Area (together, the "Prospectus Directive"). This press release is an advertisement. In France, an offer of securities to the public may only be made pursuant to a prospectus which has received an AMF visa. With respect to the member states of the European Economic Area other than France (the "Member States") having implemented the Prospectus Directive into law, no action has been or will be taken in order to permit a public offer of the securities which would require the publication of a prospectus in one of such Member States. Consequently, the securities cannot be offered and will not be offered in any Member State (other than France), except in accordance with the exemptions set out in Article 3(2) of the Prospectus Directive, if they have been implemented in the relevant Member State(s) or in the other cases which do not require the publication by ALD of a prospectus pursuant to the Prospectus Directive and/or applicable regulation in the Member States. The distribution of this press release is not made, and has not been approved, by an "authorized person" within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is addressed to and directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments within the meaning of Article 19(5) ("investment professionals") of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iv) are persons to whom this press release may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The securities of ALD are directed only at Relevant Persons and no invitation, offer or agreement to subscribe, purchase or otherwise acquire the securities of ALD may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This press release is not a prospectus which has been approved by the Financial Services Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services and Markets Act 2000. These materials are not an offer for sale of nor an invitation to purchase or to subscribe for ALD securities in the United States or in any other jurisdiction (other than France). ALD securities may not be offered, subscribed for, pledged, sold or otherwise transferred in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and in compliance with any applicable state securities laws. ALD shares have not been and will not be registered under the U.S. Securities Act and ALD does not intend to undertake a public offering of its securities in the United States. Any shares sold in the United States will be sold only to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) pursuant to Rule 144A. Circulation of this press release in certain countries may result in a violation of applicable law. The information contained in this document does not constitute an offer of securities for sale in Canada, Australia or Japan. This press release should not be published, circulated or distributed, directly or indirectly, within the United States, Canada, Australia or Japan. From the announcement date of the Global Offering price and during a period ending 30 calendar days later (i.e., according to the expected timetable, until July 14, 2017, included), J.P. Morgan Securities PLC , acting as stabilizing agent may, without any obligation, in compliance with laws and regulations, in particular EU Parliament and Council Regulation 596/2014 of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 on market abuse, effect transactions with a view to maintaining the market price of the ALD shares on the regulated market of Euronext Paris. In compliance with Article 7.1 of the Delegated Regulation (EU) 2016/1052 of 8 March 2016, the stabilization activities shall not in any circumstances be executed above the Global Offering price. Such stabilization activities may affect the price of the shares and may conduct to the fixing of the market price higher than the one which would otherwise be fixed. Even if stabilization activities were carried out, J.P. Morgan Securities PLC may, at any time, decide to stop such activities. Information of the competent market authorities and the public will be made in compliance with Article 5 of the above mentioned Regulation. In compliance with the provisions of Article 8(b)) of the above mentioned Delegated Regulation, the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners, acting on behalf of the underwriters of the Global Offering, may, over-allot in the context of the Global Offering at the number of shares covered by the over-allotment option, plus, if applicable, 5% of the Global Offering (excluding the exercise of the over-allotment option). The contents of this announcement have been prepared by and are the sole responsibility of ALD. None of Credit Suisse Securities (Europe) Limited, JP Morgan Securities PLC, Societe Generale, Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC France, Merrill Lynch International, Banco Bilbao Vizcaya Argentaria S.A., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., RBC Europe Limited and Unicredit Bank AG, Milan Branch or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to ALD, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. Credit Suisse Securities (Europe) Limited, JP Morgan Securities PLC, Societe Generale, Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC France, Merrill Lynch International, Banco Bilbao Vizcaya Argentaria S.A., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., RBC Europe Limited and Unicredit Bank AG, Milan Branch are acting for ALD, and no one else in connection with this announcement and will not be responsible to anyone other than ALD, for providing the protections afforded to their clients, or for giving advice in connection with this announcement or any matter referred to herein. This is a disclosure announcement from PR Newswire.


ALD, a global leader in full service vehicle leasing and fleet management services, managing more than 1.4 million vehicles countries, today announces the launch of its initial public offering (the "IPO") on the regulated market of Euronext Paris (Compartment A). The French Autorité des marchés financiers (AMF) granted on 2 June 2017 visa number 17-252 for a prospectus which consists of an English-language registration document filed with the AMF on 11 May 2017 under number I.17-042, an English-language securities note and an English and French-language summary of the prospectus (included in the securities note). The indicative offering price range (the "Offering Price range") is set between €14.20 to €17.40 per share. The first day of trading on the regulated market of Euronext Paris is expected to be 16 June 2017 on as-if and-when delivered basis. "This IPO marks an important step in ALD's development. Over the past few years, our group has recorded solid and continued growth, and we have constantly invested in the development of new, innovative solutions for our clients and partners. Thanks to our robust business model, our dedicated and experienced teams and our global footprint, we are confident in our ability to continue to deliver profitable growth in line with the Group's vision: to be at the forefront of change in the mobility sector." The Offered Shares are being offered as part of the Global Offering consisting of: At least 10% of the total number of shares offered in the Global Offering, prior exercise of the over-allotment option (the "Over-Allotment Option"), will be allocated to the French Public Offering provided there is sufficient demand. If demand in the French Public Offering is less than 10% of the Offered Shares in the Global Offering (excluding the exercise of the Over-Allotment Option), the remaining Firm Shares not allocated to the French Public Offering will be allocated under the International Offering. Purchase orders will be categorized by the number of shares requested: The A1 orders will benefit from preferential treatment as compared to the A2 orders in the event that all A orders cannot be satisfied in their entirety. It is further specified that each order should be placed for a minimum number of 10 shares. The Global Offering consists of 80,820,728 existing shares sold by the Selling Shareholder, which number may be increased to a maximum of 92,943,837 shares sold by Selling Shareholder in the event of the exercise in full of the Over-Allotment Option. The stabilizing manager, on behalf of the underwriters, has been granted an option to purchase additional existing shares sold by the Selling Shareholder that represent up to 15% of the Firm Shares, ie a maximum of 12,123,109 Offered Shares. Including overallotment option, the total size of the Global Offering is between approximately €1,320 million and €1,617 million. J.P. Morgan Securities PLC (or any entity acting on its behalf), acting as stabilizing manager on behalf of the underwriters, may (but is under no obligation to) carry any and all stabilization operations deemed useful aiming to support ALD's share price in accordance with applicable laws and regulations, in particular the provisions of EU Parliament and Council Regulation 596/2014 of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016. There is, however, no obligation for the stabilizing manager to undertake such transactions and such transactions, if commenced, may be discontinued at any time and without warning. Stabilization transactions are intended to support the market price of the shares and may support a price higher than that which might otherwise prevail in the open market. In the event that the stabilizing manager undertakes stabilization transactions, such transactions may take place at any time during 30 calendar days following the determination of the Offering Price, or any time between 15 June 2017 and 14 July 2017, according to the indicative timetable. The stabilizing manager will ensure that the public and the competent market regulators are informed in accordance with Article 5.5 of the Regulation and Article 6 of the Delegated Regulation. Therefore, during the stabilization period, the persons designated as responsible ensure adequate public disclosure of the details of all stabilization transactions no later than the end of the seventh daily market session following the date of such transactions. The Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners, on behalf of the underwriters, may decide to over-allot up to the number of shares covered by the Over-Allotment Option increased, as the case may be, by a number of shares representing 5% of the aggregate amount of the Offering, in accordance with Article 8 (b) of the Delegated Regulation. In compliance with Article 7.1 of the Delegated Regulation, stabilization transactions may not be effected at a price greater than the Offering Price. For information purposes, the indicative Offering Price range is set between €14.20 and €17.40 per share. This price range for the Offering is indicative only and the Offering Price may be set outside of this range. The indicative Offering Price range may be modified at any time up to and including the date of the determination of the Offering Price. In the event that the high end of the indicative Offering Price range is increased, or in the event that the Offering Price is set above the high end of the indicative Offering Price range, the closing date of the French Public Offering will be deferred or a new offering period will be opened, as applicable, so that there are at least two market days between the press release announcing such change and the revised closing date of the French Public Offering. Purchase orders placed in connection with the French Public Offering prior to the date of such press release will be maintained unless they are expressly revoked prior to or on the revised closing date of the French Public Offering. The Offering Price may be fixed below the indicative Offering Price range without restriction or the low end of the indicative Offering Price range may be lowered without restriction, provided that there is no material impact on the other terms and conditions of the Offering. The offering period for the French Public Offering will open on 5 June 2017 and is expected to close on 14 June 2017 at 5:00 PM (Paris time) for orders made at the branches of financial institutions and 8:00 PM (Paris time) for orders placed online. The offering period for the International Offering will open on 5 June 2017 and is expected to close on 15 June 2017 at 1:00 PM (Paris time), subject to early closing or extension. Orders made by retail investors via the Internet in the French Public Offering will be revocable, via the Internet, until the closing of the French Public Offering (on 14 June 2017 at 8:00 PM, Paris time). Individuals are responsible for liaising with their respective financial intermediaries in order to confirm whether the orders submitted by other means are revocable and if so under what conditions (including whether orders submitted via the Internet can be revoked by means other than via the Internet). Any order issued in the context of the International Offering can be revoked through the Joint Global Coordinators, and Joint Bookrunners listed below having received the relevant order until until 15 June 2017 at 1:00 PM (Paris time), unless the offering period is closed early or postponed. The Offering Price is expected to be determined on 15 June 2017. Trading of the shares is expected to start on 16 June 2017, on the regulated market of Euronext Paris under the ticker symbol "ALD AIW (as-if-and-when-delivered") until the settlement date. The date of the settlement and delivery of the Offering is expected to occur on 19 June 2017, provided that the Offering Price is determined on 15 June 2017. Trading of the shares is expected to start on 20 June 2017 on the regulated market of Euronext Paris on a listing line called "ALD". The listing of the shares on Euronext Paris is intended to enable ALD to gain visibility and reputation in the mobility ecosystem as well as to access to new means of financing and to increase its capacity to accelerate its development and to seize new growth opportunities in both the corporate and B2C markets. The Selling Shareholder will receive the net proceeds from the sale of the Firm Shares and, if the Over-Allotment Option is exercised, from the sale of the Offered Shares. Credit Suisse Securities (Europe) Limited, JP Morgan Securities plc and Societe Generale Corporate & Investment Banking, are acting as Joint Global Coordinators on the IPO, and BofA Merrill Lynch, Barclays Bank PLC, acting for its investment bank ("Barclays"), Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC are acting as Joint Bookrunners. BBVA, Crédit Agricole Corporate and Investment Bank, ING, RBC Capital Markets, Unicredit Corporate & Investment Banking are acting as co-lead managers. Rothschild is acting as financial adviser to Societe Generale. ALD will agree to a lock-up undertaking during the period beginning from the date of the underwriting agreement and continuing to and including the date which is 180 days after the settlement date of the Offering, without the prior written consent of the global coordinators, subject to certain exceptions. Societe Generale will agree to a lock-up undertaking during the period beginning from the date of the underwriting agreement and continuing to and including the date which is 180 days after the settlement date of the Offering, without the prior written consent of the global Coordinators, subject to certain exceptions. INFORMATION AVAILABLE TO THE PUBLIC Copies of the prospectus that has been granted visa number 17-252 by the AMF on 2 June 2017, consisting of a an English-language registration document filed with the AMF on 11 May 2017 under number I.17-042, an English-language securities note and an English- and French-language summary of the prospectus (included in the securities note) are available free of charge and upon request to the Company (Tour Societe Generale « Chassagne », 15-17 Cours Valmy, 92 800 Puteaux) and on the Company's (www.ald-ipo.com) and the AMF's (www.amf-france.org ) websites. ALD draws the public's attention to Chapter 4 "Risk Factors" of the registration document and Section 2 of the securities note. Such risks as discussed therein, should they materialize, could have a material adverse effect on the Company's business, financial condition, results of operation or prospects, as well as on the market price of the shares. ALD is the operational leasing and fleet management business line of Societe Generale the largest providers in Europe and a company of reference on its market: For more information, you can follow us on LinkedIn or visit www.ALDAutomotive.com. This announcement does not, and shall not, in any circumstances constitute a public offering or an offer to subscribe shares nor an invitation to the public in connection with any public offering. No communication or other information related to this transaction or to ALD may be distributed to the public in any jurisdiction where approval or registration is required. No steps have been or will be taken by the company in any country (other than France) where such steps would be required. The purchase of ALD shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. ALD assumes no responsibility for any violation of any such restrictions by any person. This press release does not constitute a prospectus within the meaning of Directive 2003/71/CE of the European Parliament and Council dated November 4, 2003, to the extent implemented in the relevant member states of the European Economic Area (together, the "Prospectus Directive"). This press release is an advertisement. In France, an offer of securities to the public may only be made pursuant to a prospectus which has received an AMF visa. With respect to the member states of the European Economic Area other than France (the "Member States") having implemented the Prospectus Directive into law, no action has been or will be taken in order to permit a public offer of the securities which would require the publication of a prospectus in one of such Member States. Consequently, the securities cannot be offered and will not be offered in any Member State (other than France), except in accordance with the exemptions set out in Article 3(2) of the Prospectus Directive, if they have been implemented in the relevant Member State(s) or in the other cases which do not require the publication by ALD of a prospectus pursuant to the Prospectus Directive and/or applicable regulation in the Member States. The distribution of this press release is not made, and has not been approved, by an "authorized person" within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is addressed to and directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments within the meaning of Article 19(5) ("investment professionals") of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iv) are persons to whom this press release may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The securities of ALD are directed only at Relevant Persons and no invitation, offer or agreement to subscribe, purchase or otherwise acquire the securities of ALD may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This press release is not a prospectus which has been approved by the Financial Services Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services and Markets Act 2000. These materials are not an offer for sale of nor an invitation to purchase or to subscribe for ALD securities in the United States or in any other jurisdiction (other than France). ALD securities may not be offered, subscribed for, pledged, sold or otherwise transferred in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and in compliance with any applicable state securities laws. ALD shares have not been and will not be registered under the U.S. Securities Act and ALD does not intend to undertake a public offering of its securities in the United States. Any shares sold in the United States will be sold only to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act, as amended) pursuant to Rule 144A. Circulation of this press release in certain countries may result in a violation of applicable law. The information contained in this document does not constitute an offer of securities for sale in Canada, Australia or Japan. This press release should not be published, circulated or distributed, directly or indirectly, within the United States, Canada, Australia or Japan. From the announcement date of the Global Offering price and during a period ending 30 calendar days later (i.e., according to the expected timetable, until July 14, 2017, included), J.P. Morgan Securities PLC , acting as stabilizing agent may, without any obligation, in compliance with laws and regulations, in particular EU Parliament and Council Regulation 596/2014 of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 on market abuse, effect transactions with a view to maintaining the market price of the ALD shares on the regulated market of Euronext Paris. In compliance with Article 7.1 of the Delegated Regulation (EU) 2016/1052 of 8 March 2016, the stabilization activities shall not in any circumstances be executed above the Global Offering price. Such stabilization activities may affect the price of the shares and may conduct to the fixing of the market price higher than the one which would otherwise be fixed. Even if stabilization activities were carried out, J.P. Morgan Securities PLC may, at any time, decide to stop such activities. Information of the competent market authorities and the public will be made in compliance with Article 5 of the above mentioned Regulation. In compliance with the provisions of Article 8(b)) of the above mentioned Delegated Regulation, the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners, acting on behalf of the underwriters of the Global Offering, may, over-allot in the context of the Global Offering at the number of shares covered by the over-allotment option, plus, if applicable, 5% of the Global Offering (excluding the exercise of the over-allotment option). The contents of this announcement have been prepared by and are the sole responsibility of ALD. None of Credit Suisse Securities (Europe) Limited, JP Morgan Securities PLC, Societe Generale, Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC France, Merrill Lynch International, Banco Bilbao Vizcaya Argentaria S.A., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., RBC Europe Limited and Unicredit Bank AG, Milan Branch or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to ALD, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. Credit Suisse Securities (Europe) Limited, JP Morgan Securities PLC, Societe Generale, Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC France, Merrill Lynch International, Banco Bilbao Vizcaya Argentaria S.A., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., RBC Europe Limited and Unicredit Bank AG, Milan Branch are acting for ALD, and no one else in connection with this announcement and will not be responsible to anyone other than ALD, for providing the protections afforded to their clients, or for giving advice in connection with this announcement or any matter referred to herein. This is a disclosure announcement from PR Newswire.


News Article | June 11, 2017
Site: news.yahoo.com

Mobile roaming charges account for around five percent of sales for telephone operators in Europe (AFP Photo/Oli SCARFF) Paris (AFP) - Long an important source of revenue for telecom companies, roaming charges will be lifted in Europe starting June 15, raising pressure on operators in a tight market. Roaming charges within and outside Europe account for an average of around five percent of sales for telephone operators in Europe, estimates Sylvain Chevallier of BearingPoint. But the impact of the new measure will differ for corporate and individual clients, he adds. On the Spanish market, subject to wide seasonal variations in business due to a reliance on tourism, Telefonica estimates the end of roaming charges in the EU will lead to a 1.2 percent drop in its sales this year. But the change can hardly come as a shock for telecom operators, according to Victor Marcais of Roland Berger, who noted the plans have been in the works for several years and are "largely anticipated". "If the operators are not ready, it will be more their fault than anything else," said Dexter Thillien, analyst with BMI Research. "It has been very gradual." Still, telephone operators are taking different approaches as they gear up for the change. In Italy, for example, Wind-Tre says it implemented the European requirements two months early, while its rival TIM said it would adhere to the new rules the day they come into effect. In France, Free expanded the reach of its roaming-charge-free zone in March, whereas Orange and Bouygues did away with the fees in May. A fourth company, SFR, is expected to follow suit on June 15. It will be hard to tell exactly how much the move affects telecom operators since they no longer detail the revenues in their filings. The European Commission estimates the end of roaming fees will cost European telecom operators 1.2 billion euros ($1.3 billion). The market generates 4.7 billion euros a year, according to European telecoms regulator BEREC. But the share of revenues from roaming charges already significantly declined in recent years as charges for calls and text messages dropped 90 percent since 2007 and data charges declined 96 percent since 2012 under EU regulations. Data traffic, meanwhile, has grown 100-fold, according to the EU. But the telecoms business varies greatly from country to country, with Europe's southern countries relying heavily on tourism compared to their northern counterparts. "Southern countries like Portugal or Greece have a lot of temporary clients and fewer with longer-term plans, so revenues from roaming fees also helped finance the costs of reinforcing networks to help deal with seasonal peaks," said Isabelle Jegouzo, who represents the European Commission in France. The wholesale market -- business among operators -- was one of the main stumbling blocs in discussions as some operators were pushing for high prices while others sought to lower them. "Unsurprisingly, the countries in the south wanted the highest prices whereas those in the north wanted the opposite. In the end, we got a typical European agreement, win-win, with no one completely winning but each one getting a bit," said Dexter Thillien at BMI Research. The price per gigabyte was established at 7.70 euros, which is set to decline until 2022. Operators are allowed to apply surcharges -- in accordance with local regulators -- if losses linked to roaming surpass three percent of annual net profit. "As consumers grow accustomed to using data throughout Europe they will undoubtedly be inclined to do so outside Europe, which will compensate for some of the losses," said BearingPoint's Chevallier. The European Commission is making the same bet, said Jegouzo. It aims to stimulate the digital economy in Europe in terms of numbers of users and services in the hope that consumption rises faster than the pace of dropping prices. "This is where operators will see gains," said Jegouzo. "There are positive aspects that are being underestimated, particularly how the public sees the operators," said Roland Berger's Victor Marcais. "It's a chance to improve their image but also to benefit from the rise in consumption."


Michael Shellenberger is an award-winning author and environmental policy expert. For a quarter-century he has advocated solutions to lift all people out of poverty while lessening humankind's environmental impact. Michael is coauthor of visionary books and essays including "The Death of Environmentalism," Break Through, An Ecomodernist Manifesto, "Evolve," and Love Your Monsters. He writes for publications including Scientific American, The New York Times, and the Washington Post. Michael is a passionate advocate of the right of poor nations to develop. His research, writings and talks challenge the idea that rising energy consumption is bad for the environment. Michael has made the intertwined moral and scientific case for energy justice in "An Ecomodernist Manifesto," written with 17 leading other scholars and scientists, in "Why Energy Transitions are the Key to Environmental Progress," coauthored with Rachel Pritzker, and a TEDx talk, "How Humans Save Nature." Michael is a leading pro-nuclear environmentalist. Michael was featured in "Pandora's Promise," an award-winning film about environmentalists who changed their minds about nuclear. He appeared on "The Colbert Report," and has debated nuclear on CNN "Crossfire" with Ralph Nader, and at UCLA with Mark Jacobsen. His 2016 TED talk is on "How Fear of Nuclear Hurts the Environment." Michael is a Time Magazine "Hero of the Environment" and a Green Book Award winner. His 2007 book with Ted Nordhaus, Break Through, was called "prescient" by Time and "the best thing to happen to environmentalism since Rachel Carson's Silent Spring" by Wired. Michael is co-founder and Senior Fellow at Breakthrough Institute where he was president from 2003 - 2015 and advisor to MIT's "Future of Nuclear Energy" task force. Michael has been profiled in the New York Times, Wired, the San Francisco Chronicle, the National Review, The New Republic, and on NPR. His research and writing have appeared in The Harvard Law and Policy Review, Democracy Journal, the PLOS Biology, The New Republic the Wall Street Journal; and cited by the New York Times, Slate, USA Today, Washington Post, New York Daily News, The New Republic. Michael has been and environmental and social justice advocate for over 25 years. In the 1990s Michael helped save an old-growth redwood forest, and helped force Nike to improve factory conditions in Asia. In the 2000s, Michael advocated for and helped realize an expansion of federal investment in renewables and energy efficiency. Michael lives in Berkeley, California and travels widely. You can email him by clicking here. You can download a high resolution photo of him by clicking here.


Soulard O.,CEA DAM Ile-de-France
Physical Review Letters | Year: 2012

The aim of this letter is to assess existing theories for Rayleigh-Taylor small turbulent scales. For this purpose, we propose to adapt the Monin-Yaglom relation to the Rayleigh-Taylor turbulence context. A special emphasis is put on the inhomogeneity of the flow and on the effect of buoyancy forces. This relation is then used to show that, among existing theories, the standard Kolmogorov-Obukhov theory should apply to Rayleigh-Taylor turbulence in the limit of a large Reynolds number, large times, and small scales. © 2012 American Physical Society.

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