News Line

The CAC 40 caution before U.S. GDP

July 30, 2010

The CAC 40 is the map of prudence on Friday. After an opening in the red (-0.12%) followed by a brief stint in the green (0.24%), the leading index in Paris back in negative territory at mid-session: -0.56% in 3631 points. The markets are waiting game: the first estimate of U.S. GDP in the second quarter will indeed be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI.

The interpretation of many important results published before opening is not enough to liven up the coast.

Publication Burst

Alcatel Lucent (8.27 to 2.24 euros%) announced revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an Adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (1.16% to 20.10 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-4.75% to 41.43 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (1% to 32.80 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (2.70% to 18.06 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.14% to 88.25 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (0.28% to 33.74 euros) issued a revenue increase of 23.1% for the first semester in the same area, to 19.668 billion euros.The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-2.23% to 22.61 euros) will be observed.Also in the automotive industry, Michelin (-1.40% to 58.52 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.34% to 102 euros) has announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (+0.27% at 44.59 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (1.30% to 38.85 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (EUR 15.45 -4.01%) has published a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (1.14% to 15.93 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (-2.16% to 32.57 euros) reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-1.29% to 35.88 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.81% to 85.40 euros) has announced the acquisition of the company Lion Copolymer Geismar American Services.No financial details were disclosed.

Euler Hermes (4.94% to 61.40 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in a more favorable macroeconomic environment that over the past two years.

Ingenico (5.28% to 19.45 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (-0.49% to 22.29 euros) has reported a slight improvement in activity in its sector in the first half. Turnover increased 2.7% to 450.9 million euros over the period.

Flo (-3.7% to 4.43 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

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Vallourec remains cautious for the second half

July 29, 2010

Vallourec published Wednesday earnings growth under its second quarter due to the recovery of all of its markets. In a statement released after the close of the Paris Bourse, Vallourec reported a net profit between March and June to 125.9 million euros (+107% over the same period a year earlier) for billings of $ 1.12 billion (+28%). Its EBITDA rose 78% to 264.4 million. Its margin EBITDA / turnover was well established at 23.6% against 22% in the second quarter 2009 and 16.9% in first quarter 2010. It's better than expected, analysts polled by Reuters expected a gross operating income of about $ 225 million. And sales of around 1.09 billion.

In the first half, net profit group share stood at 186.7 million against 311.1 million a year earlier.The consolidated turnover amounted to 1, 99 billion, down 17% from the previous year (2.39 billion Premmia half of 2009), due to price / mix effect negative (- 19.7%). Volumes fell 3.6%.

A second part of the year more difficult

The producer of seamless steel tubes, which provides the oil and gas, electric power, petrochemical and automotive industries, however, said in a statement it expected the second half margin Gross operating "slightly less" than that of 20.6% in the first half. "Rising commodity prices weigh on production costs in the coming quarters, while sales prices will increase gradually. Price effects and mix effects due to weak market power will have an impact on margins, "he specifically explained.

Brazil also will record additional operating costs related to start production of its new plant in the fourth quarter.

"After the rebound in the second quarter 2010, growth in turnover is expected to continue in the second half of 2010, but at a slower pace," said Vallourec.

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The EU gave its approval to United and Continental

July 28, 2010

The European Commission, guardian of competition in Europe, has given the green light Tuesday to approximation of U.S. airlines Continental Airlines and United Airlines, which will give birth to the world leader in the industry.

"The Commission's investigation confirmed the complementarity of networks of United and Continental for the transatlantic routes between the European Economic Area and the United States and the fact that the merger will not cause any problem on any route in particular, "said the statement from Brussels.

United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United.Combined, they have access to 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.

Complementary networks

Brussels noted in its survey of overlapping activities of both companies in the regular transport of freight (where the impact is in her "limited") and passengers between Europe and the United States.In the latter case, the networks of both companies, however, are "complementary insofar as they operate hubs in different U.S. cities" and so there will be a "marginal increase in market share", he stresses Brussels .

By marrying, United Airlines and Continental Airlines hope to better withstand the challenges currently facing the sector: competition from low-cost airlines, concerns about terrorist threats, volatility of fuel prices, global economic …

Both companies hope to close the deal said the fourth quarter of 2010. After the Europeans, they will however still get approval from U.S. antitrust authorities, who have already rejected in the past other mega-mergers "in the sector.The Justice Department had opposed in 2001 and the approximation of United Airlines and U.S. Airways, saying it would reduce competition in the aviation industry in the United States to the detriment of the public.

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The debt of CMA-CGM in the court and

July 26, 2010

The shipping company CMA-CGM aims to save time. The Marseilles group had, in theory, until today, Monday, to find a solution to its financial difficulties. Following discussions this weekend with potential investors, the group could receive another suspension of the Commercial Court of Marseille to renegotiate its debt by $ 6.1 billion.

In any case, the group argues in this direction. This setting effect on the recovery of its activity since the beginning of the year to be in a better position to negotiate with potential investors. The traffic grew by nearly 21% since the beginning of the year, turnover increased 29% in the first quarter of 2010 and the gross operating surplus amounted to 380 million.

Multiplication of contenders

And after this improvement, offers of participation in the capital have increased.The sovereign wealth fund Qatar Holding, excluded from discussions on July 12 last, is returned to the race, supported by the French sovereign fund FSI understands Les Echos. The sales will fund Butler Capital Partners may also participate in the round.

Debt Record

The owner, a leading private employers in the Marseille region with 16,500 employees over 385 ships, is buried under record debt, exacerbated by the crisis. The group has in fact faced with a maturity of outstanding bank 300 million euros. It must also meet before the end of the year, a bill of 390 million for twelve ships. CMA-CGM has no choice, therefore, it must open its capital to new investors to pay its debts.

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Wall Street opens in the red

July 23, 2010

After their fine up yesterday, the U.S. equity markets are cautious on Friday. The Dow Jones yielded 0.01% and the Nasdaq 0.53%. The Standard & Poor's 500 abandoned, for its part, 0.44% to 1088.89 points

On the foreign exchange market, the euro off again on the rise against the dollar in the morning, after the publication of a German Ifo barometer jumped in July, but remained confined to below $ 1.30. The euro was at 1.2956 dollars against 1.2886 dollars late on the eve of the day.

On the macroeconomic front, the session looks very calm. No major indicator is expected in the United States. Wall Street should have their eyes on Europe.Operators should indeed play the card of caution before publication in the evening the results of resistance tests 91plus major European banks.

From the values listed, investors will react to another round of results published the day after the close of Wall Street.

The U.S. computer giant Microsoft seems to have turned the page on the economic crisis with a quarterly profit up 48% year on year, better than expected, more than 4.5 billion dollars. Over the year, net income jumped to 18.760 billion dollars, up 29% and sales to nearly $ 62.5 billion, up 7%. the title gives 0.16% to 25.80 dollars.

Always on the side of values, the Internet retailer Amazon has posted Thursday a net profit increase of over 45% in the second quarter but below expectations.The penalty was severe the security loses nearly 9% to 109.61 dollars.

The credit card issuer American Express American issued Thursday a net income group share increased by 3 over one year to over $ 1 billion in the second quarter. The group was encouraged by the recovery of expenses of its customers and lower defaults on credit cards. Title varies slightly.

Note also the flash memory maker SanDisk has announced a quarterly benefit of $ 257.9 million slightly exceeded expectations. The turnover was 1.18 billion over the quarter against 730 million last year. "The U.S. market is recovering quickly (27%) and becomes profitable, but significant uncertainties remain safe with the new law on the distribution of consumer credit" note the experts at Aurel BGC.The group remains very cautious on the outlook for activity in the United States.

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The traffic had disrupted 30% of controllers on strike

July 22, 2010

Holidaymakers need to take their troubles patiently since Tuesday night and until Thursday early morning. Air traffic was disrupted in the main airports of Paris and the provinces, because of a strike call launched by six unions of air traffic. The disturbances began Tuesday and should be completed Thursday afternoon, the time that the rotations had resumed their normal course.

On Wednesday, the Directorate General of Civil Aviation (DGCA) said identification of 30% of strikers among its air traffic controllers, and 10% on all staff. Consider a motion "moderately followed" by the DGAC. Today, 90% of flights were operated to Roissy, and 50% of flights at Orly departures. However, Metz-Nancy airport, Dinard, Pau, Biarritz and La Rochelle have been closed, at least for the morning. 22% of flights were canceled at Marseilles, Bordeaux 20%, 16% in Nantes, 11% in Lyon, and 9% in Nice.

100% of flights operated by Air France

At Orly, the first cancellations of flights, were posted Tuesday night. Deleting a dozen flights of low-cost airline EasyJet, provided between 19 and 23 hours, was announced on the boards of the terminal at Orly South, where there was a great atmosphere going on holiday, with important queues at the counters. The flights canceled by the company concerned international destinations such as Rome, Rabat, Budapest and Venice, and France (Toulouse).

For its part, Air France announced that 100% of long haul flights are provided, as well as 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly. "We can not exclude some flight cancellations during the day cash advance loans.Delays are possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

CorsairFly for its part ensures that the strike 'cause no change on the flight program, also expected some delays due to disruptions related. All rotations of the company will be assured. The company also urges customers to check their flights on its website.

The DGAC said that a strike slogan added "stormy weather that could disrupt traffic".

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC. They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Joffrin Olivier, secretary of the National Air Traffic Controllers CGT:

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Apple set a new quarterly record

July 21, 2010

Another record for Apple. While disappointments are linked from the opening ball of quarterly publications, the company announced at the apple on Tuesday after the close of Wall Street, results well above the consensus for the Third quarter of its fiscal year ended 26 shifted June Its net profit was up by 78% to 3.25 billion dollars against 1.83 billion a year earlier to the same period. Based on the number of shares, this equates to a profit of 3.51 dollars, while analysts expected $ 3.11 on.

The turnover reached 15.7 billion dollars, up 61%. Again, beyond the consensus that Apple gave a quarterly income of 14.75 billion dollars.

Apple explains this performance by the 33% increase in sales of its Macintosh computers during the quarter, 3.47 million units.The company has passed 8.4 million iPhones, a figure up 61% over the same period last year. Only sales of iPods fall from 8% to 9.41 million units. Regarding the iPad, Apple puts the figure of 3.27 million units sold this quarter.

"It's a phenomenal quarter, exceeding our expectations," said a delighted boss of Apple, Steve Jobs, in a statement. "And we still have to launch new products this year," he promises.

For the rest, Apple expects earnings per share of 3.44 dollars on a turnover of 18 billion dollars. On Wall Street, the ads are already welcomed. The Apple stock gained 2.62% to 258.50 dollars in after market trade.

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Eurotunnel plunges into the red

July 19, 2010

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros in the first half against – 8 million euros over the same period in 2009.

Asked on BFM radio on Monday morning, Jacques Gounon, Eurotunnel's chief executive, played down that figure. "The dispute we have with Eurostar on the fire of September 11, 2008 block the mechanism of compensation payments made by insurers for bad credit payday loans. Eurostar is a casualty claims and benefits owed to us, "he says.Eurotunnel has reached 147 million euros in compensation in 2009 and 16 million euros this year, half of what the group calls, according to Jacques Gounon.

"If we do not touch the other half, we will post a loss this year," he says, without this calling into question for the moment the dividend.

The title Stallergenes soaring

July 16, 2010

The title of the pharmaceutical Stallergenes, specializing in the treatment of respiratory diseases related to allergies, a sign of the largest increases in the Paris Bourse. Around 14:15, the action is gaining 3.15% to 56.73 euros on a market up 0.25%.

Investors reacted positively to the publication Thursday of the group's turnover for the second quarter of 2010. Up 14%, it amounts to 47.3 million euros. In the first six months of the year, it reached 110.6 million euros, an increase of 13%.

Sales growth was helped by the good results of the drug Oralair in Germany, the first country to market.The drug will be launched in autumn in the Netherlands, Czech Republic, Slovakia and Austria.

The group, owned 46% by Wendel, raised its forecast for the year: it now expects an increase of at least 10% of its activity against 8% announced in April.

"The bank assets will deteriorate"

July 15, 2010

LE FIGARO. – Almost all the Chinese banks have announced their intention to raise capital on the markets in the weeks to come, what are their needs?

Yi Zhang. – The situation of the Agricultural Bank of China is a little different from that of other banks, since it is an IPO. Others seek primarily to increase their capital. After the surge in credit last year, bank reserves have fallen, they now need to re-level. They also want to finance their development, mainly provided on the internal market.

Last year, credit has soared in China. Banks have lent nearly 1000 billion euros. What impact does this have on the quality of their assets?

The level of bad loans remains low.But we arrive at this moment to end the cycle of credit and in two or three years, the loans will be expiring and reimbursements are claimed bad credit pay day loans. Here we see the banks' assets deteriorate. According to our calculations, the cumulative level of bad debts over the next three years could reach up to 5% for the entire Chinese banking system.

In 2009 and again in the first half of this year, some Chinese banks ranked as the most profitable in the world, to renowned institutions like Goldman Sachs. Where do they derive their income?

Interest income on loans are the main source of income for Chinese banks. This should remain so for years.However, the committees (the investment banking, consulting, cash management and clearing services) recorded the biggest gains of around 20%.