International & World Report

The defense electronics group Thales has multiplied by eleven net profit in the first half compared to the same period in 2009. It amounted to 138 million euros against 12 million euros last year. The turnover has increased it by 4% to 5.95 billion.

"It's a gradual recovery in line with our expectations in an environment that is becoming," said Luc Vigneron, CEO of Thales. France and Great Britain, where Thales is firmly established, and Germany are considering a reduction in their defense budgets. Faced with this gives the group confirms its commitment to expand internationally. "We are continuing our campaign to improve our performance and want to take advantage of growth areas in emerging countries," said Luc Vigneron.

The group confirmed its 2010 targets. The sales will be stable, the operating profit margin would be 3 to 4%."An operating profit of 3 to 4% corresponds to a net positive for the group," said Patrick Durand, CFO. Thales has a loss in 2009.

Two contracts uncertain

While the group has already Saffron rebound airline, Thales will benefit later recovery of the aviation sector. It is possible that the group is obliged to take further charges for two contracts, "the situation is still somewhat uncertain": Meltem contract signed in July 2003 with Turkey on the one hand, the contract signed in July 2004 for the military transport plane A400M ordered by seven NATO countries (Germany, France, Spain, United Kingdom, Turkey, Belgium, Luxembourg), on the other. "Discussions are under way with Airbus business," said Luc Vigneron.The President of Thales said that the group has been in question had also been penalized by delays to the A400M.

Thales, which has won three contracts in excess of 100 million euros in the first half of 2010 against nine for the same period in 2009, expected completion in the second half of the supply of 81 satellites in the Iridium group. A contract of one billion euros.

Saffron is still determined to seize Zodiac

Saffron is always seize Zodiac. Jean-Paul Herteman, Chief Executive of the group of aerospace and defense, confirmed Wednesday that a rapprochement with Zodiac absolve synergies. "We make time to convince," said Jean-Paul Herteman. The battle is difficult. The supervisory board of Zodiac refused unanimously on July 11 a merger offer.Didier and Olivier Domange Zarrouati, respectively Chairman of the supervisory board and chief executive, believe that Zodiac may develop "not lean Safran or anyone else."

Optimistic after the publication of its first half results, Safran has also raised its annual forecast. It expects an operating margin of 8% against 7% previously. It provides a turnover close to that of 2009. "The performance in the first half lead us to revise our ambitions higher," said Jean-Paul Herteman. The group made a net profit of 223 million euros in the first half, down 20.6%.

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Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday. While Asian investors have been cautious, the CAC 40 chooses the path upward. The index advancing 0.97% to 3670.30 points in mid route.

The French markets are still worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday. On Tuesday, they are top of the ACC: Credit Agricole takes 8.53% to 10.47 euros, BNP Paribas 5.71% at 53.91 euros, Societe Generale 8.06% to 43.21 euros and Dexia 7 02% to 3.86 euros.

Elsewhere in Europe, the increase also dominates. The London Stock Exchange ahead of 0.80% to 5394.10 points. The DAX index of the Frankfurt Stock Exchange is gaining 0.49% to 6224.60 points.

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant.Good numbers of U.S. homes have played an especially comforting to investors.

They try to detect other signs of economic recovery through the series of statistics to be published in the U.S. this afternoon. Indices are expected consumer confidence and investors but also the index of house prices. After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

Note that the side of the currency, the euro remains firmly up against the greenback.In morning trade, one euro was worth 1.3009 dollars, up 0.20%.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-3.65% to 44.63 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros. The group raised its sales target of 2010 and provides a comparable increase of at least 6% against at least 5% previously.

Altran (7.46% to 3.24 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%).The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant scope, and an occupancy rate of 94.4% pay day loan lenders. However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 (-0.14%) will announce its interim results to 17 hours. Vinci (+0.29%) and Fleury Michon (stable) publish their turnover in the period after the stock market.Compagnie des Alpes (-0.72%) will announce its third quarter revenues. Meanwhile, Air France KLM (+0.69%) will release first quarter results are as LVMH (-1.26%) will release its first half results.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.58% to 45.32 euros) according to Bloomberg.

Capgemini (-0.91% to 35.05 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-4.56% to 24.67 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.The land has produced a net current cash flow per share down 1.7% to 0.99 euro in the first half.

ICADE (0.56% to 73.47 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%. Icade should propose a special dividend payment of at least four euros in the second half, tied to sales of homes.

April Group (-2.83% to 19.77 euros), saw the decline in sales accelerated to 12.9% in the first half.This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (2.96% to 4.18 euros) received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.

Asian stock markets resumed colors, except Tokyo. After being closed due to "Marine Day", the Japanese stock market should be the only Asian to be closed down on Tuesday. Around 6:40, the Nikkei, penalized by a yen flirting with a higher reaches seven weeks ago, lost 0.54% to 9357.91 points, with investors disappointed by recent publications by other companies in the U.S. .

In contrast, financial markets have taken over other areas of color: the Stock Exchange of Hong Kong gained 1.41% to 20,374.45 points, the Shanghai Stock Exchange ahead of 1.45% to 2631.88 points, the Taiwan Stock Exchange rose 0.87% to 7716.20 points, the Sydney Stock Exchange climbed 1.28% to 4414.10 points.

The increases are limited to Singapore, where The Straits Times Index posted a gain of 0.17% to 2950.45 points. In India, the Bombay Stock Exchange grants itself an increase of 0.36%.Finally, the South Korea Stock Exchange gained 0.35% to 3636.64 points.

Japan: export values penalized

Asian stocks benefit and speculation about a possible tightening of controls against China's housing loans freecreditscore. According to the Shanghai Securities News, the country wants to ensure that financial institutions will meet in the second half of the restrictions on home loans.

On the face values, the values penalizes strong yen Japanese exporters like Sony, which lost 2.57% to 2342 yen or Toyota was down 1.75% to 3080 yen.Conversely, companies such as CNOOC and China Resources Land rose 3.56%, respectively 16.26 Hong Kong dollars and 2.42% to 12.66 Hong Kong dollars.

Crude prices were higher on Tuesday in electronic trading in Asia in the wake of a modest increase registered the previous day in New York, dealers said.

In morning trading, a barrel of light sweet crude for August delivery took 24 cents to 76.78 dollars a barrel, while Brent North Sea crude for September delivery took 29 cents to 75.91 dollars .

The bank fraud rebounding. The fraud rate for all types of payment cards has reached 0.072% in 2009, amounting to 342.4 million euros, according to the annual report of the Observatory for Payment Card Security released Tuesday. In 2008, the rate was 0.069%, corresponding to an amount of 320.2 million euros. The fraud has overtaken its 2004 level (0.070%), after having stabilized between 2005 (0.064%) and 2007 (0.062%).

This increase masks "divergent trends," says the report by the Centre, presented by Christian Noyer, governor of the Bank of France. On the one hand, fraud on national payments made to retail outlets and automata remains on a downward slope. It reached a low in 2009, ie a rate of 0.014% for a $ 41 million.

Conversely, fraud is still gaining ground on front of remote payments (internet, telephone or mail). For domestic payments, the amount of fraudulent transactions has risen from 67.2 million euros in 2008 to 82.2 million euros in 2009. An increase that does not include payments made from abroad. If the amount of fraud registered for French maps in international traders remained high (60.5 million euros) last year, he registered a slight decline.

At a time when networks compete in international fraud imagination, the Observatory for Payment Card Security said in its report that "the majority of the holders consider the card as a secure means of payment.The organization, which advocates the establishment of strong authentication solutions to verify, whenever possible and appropriate, the payment is made by the legitimate holder of the card, "has conducted a qualitatlive investigation to determine the acceptance of such devices by consumers.

Online payments still inspire confidence

And the verdict of the study is final, according to the Observatory. While "significant concerns remain regarding online payments, particularly on foreign sites, users of payment cards of all types" show a clear preference for strong authentication solutions. " These include for example the use of a single use code obtained by various means (card reader, sending an SMS from the bank, etc.).

These findings appear to be timely.The construction of strong authentication is indeed well advanced. "The implementation by banks of these solutions with their carriers is now being phased in accordance with the recommendations of the Bank of France," says Monitor's report.

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Following the violent hailstorm that hit the department of Doubs, production plant in Sochaux suspended since Wednesday 19 hours.

Production was halted at least until Monday on the assembly line at the Peugeot factory at Sochaux, suffered Wednesday night by a violent hailstorm which caused some damage, said Thursday Jean-Philippe Jombart the site director. No vehicle out of the factory that produces daily in 1600.

"For sure until Monday at least the production is stopped but is still too early to be sure that the recovery will take place Monday," he said Thursday afternoon during a press conference."We take the time needed to rehabilitate the roofs which have suffered from weather and ensure safety of employees," he added.

About 3,500 cars will not be built

First production of PSA Peugeot Citroën group and the cradle, the plant employs 12 Sochaux cash advances pay day loan.000 employees divided into three sectors: manufacturing, development and experimentation. Of the 12,000 employees of the factory employees 6000-7000 employees on the production lines are laid off. About 3,500 cars will not be built.

"That's two and a half days to stop manufacturing it is important to us," he went on stating that the shortfall was not encrypted yet.

Jean-Philippe Jombart said that it was mainly the press shop, which had been damaged.Regarding the parking of cars, "the vast majority of new vehicles was protected by tarpaulins anti-hail, some vehicles were hit, but has not quantified the damage," said Jean-Philippe Jombart.

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Very bad trading day Wednesday for the title again BP. In London, the stock fell 4.24% to 391.55 pence. On Wall Street, the same day, the stock has tumbled 15% to just 29 plsu dollars.Pour many observers, the cost of the oil spill in the Gulf of Mexico is likely to jeopardize the very existence BP. "The action suffers now fears the very future of BP. It is no longer just a noise reduction of the dividend. Now it's survivability in question, "said Jon Najarian, founder of the news website optionMonster.com.

At the London Stock Exchange, the fears were mostly related to the fact that BP would eventually suspend payment of its dividend. "We are resigned to the fact that there may be a suspension of the dividend," said Tony Shepard, an analyst at Charles Stanley, quoted by Reuters.

Last Friday, however, BP has reaffirmed its intention to announce to its shareholders on July 27 the amount of its interim dividend by way of the second quarter. Dividends paid by the group representing some 10.5 billion dollars (8.7 billion euros) per year.

Yet another bad news for the oil group that is not due to his inability to pay, but the fact that the U.S. authorities there are not favorable. "It does me no problem that BP complies with its legal obligations (to its shareholders, Ed), but I want them to know they have a moral and legal obligations here in the Gulf, warned Tuesday Barack Obama.

The U.S. authorities have also sent an ultimatum to compel them to BP by unveiling its plans to 72 hours to stop the leak.

"BP must state its plans for its parallel initiatives ongoing and alternative oil recovery, including establishing a timetable within 72 hours after receipt of this letter," says the letter from the admiral-cons Coastguard James Watson chief operating officer of BP, Doug Suttles, and dated Tuesday.

With the installation of a funnel, BP has accelerated since last week the recovery of oil leaking from the wells to 1,500 meters below the surface of the water for more than seven weeks. But the water continues to move towards the U.S. coast and crude oil continues to flow.

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The Paris Bourse is in the green: After opening up shy of 0.3% to 3567.99 points, the CAC 40 is accelerating its progress towards 9.30, with an increase of 0.67% to 3581.17 points. After Thursday's rebound, which has won 40 of auCAC 1.59%, investors want to continue in the green, ignoring the pause in Asian markets this morning, one that has also been chosen by U.S. operators yesterday. The Dow Jones, which had won 2.25% Wednesday, finished the balance 0.06% Thursday.

The wait should also dominate this session before the release of highly anticipated monthly report on U.S. employment, which will be published early this afternoon. Yesterday, the markets have had a foretaste of what awaited the publication of a fall, slightly above expectations ds, the weekly number of new unemployed (453,000).The firm ADP, meanwhile, announced that the private sector was announced in May its fourth consecutive month of net job creation (55 000). Despite these figures, the head of the U.S. Federal Reserve (Fed), Ben Bernanke, said he still worried about the employment situation overseas. An hour after the publication of the report, the Fed chairman Atlanta, Dennis Lockhart will speak on the economic outlook and the banking environment.

Note that the second estimate of euro area GDP in the first quarter will be unveiled in the morning.

Rumors about Valeo title propels upward

Valeo recorded the largest increase in the Parisian market, gaining 6.93%.The automotive supplier would consider a delisting, the sale of a business or a merger with U.S. rival, says the New York Times this morning, noting that Bank of America – Merrill Lynch has been appointed to investigate these scenarios.

In an interview with Les Echos published Thursday, Industry Minister Christian Estrosi, spoke in favor of a rapprochement between the players of the electronics and embedded software as those of Thales. The title ahead of 0.69%.

CGG Veritas allows itself 1.49% after the Strategic Investment Fund (ISF) is mounted in its capital to the tune of just over 170 million euros, or 6% of capital. Other oil stocks also posted good gains. Thus, Total (1.59%), Technip (1.73%) and Vallourec (1.54%) appear among the highest increases in the Cac 40.

Leading the index are this morning Alcatel-Lucent (2.34%) and ST Microelectronics (2.06%).Both tracks benefit from a higher perspective of microprocessor sales by Gartner.

France Telecom (1.53%) announced Thursday it had abandoned its proposed merger with its Swiss subsidiary Sunrise, a subsidiary of TDC, but did not specify its intentions for other building projects in the country.

Airbus is Boeing's double

Airbus, a subsidiary of EADS (0.61%), registered 73 net orders from January to May, but still lagging behind U.S. rival Boeing, which has registered 111, according to the trade balance of the two aircraft manufacturers.

BPCE, parent company of Natixis (1.27%), formalizing the merger Thursday holdings of shares of Banques Populaires and Caisses d'Epargne.

BNP Paribas (0.39%), which Fortis bought at the height of the financial crisis, announced Thursday an agreement in principle to merge its Turkish subsidiary with that of the Belgian bank.

Axa gained 0.72%.National Australia Bank has found three candidates may be interested in acquiring a platform investment Axa Asia-Pacific by Australian newspaper on Friday.

Atos Origin (+0.88%) have submitted a bid for the resumption of WorldPay, a subsidiary of Royal Bank of Scotland, according to sources familiar with the matter.

Saint-Gobain (0.39%) has a bearing on the title of recommendation by HSBC, which goes from "underweighted" to "neutral." Jean-Louis Beffa, the chairman of Saint Gobain, has formalized his departure at the annual general meeting Thursday.His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year.

Air France-KLM (0.71%) is considering an annual loss of 300 million euros this year, burdened by the cost of its fuel hedges, reported The Tribune.

Sanofi-Aventis (+0.32%) has signed an exclusive worldwide agreement in the treatment of cancer with U.S. biotech company Ascenta, the company said Friday.

The case Goldman Sachs has taken the weekend of 24 and 25 April, a new political era with the publication by the U.S. Senate emails embarrassing for the bank, accused of having enriched in 2007 by betting on reduction of financial products that the bank had itself sometimes sold to its customers.

Larry Summers, the Obama economic adviser, declined Sunday to comment on the case Goldman Sachs, except to state: "This highlights what is at the heart of the president's vision (in the reform of finance) : the importance of transparency. "

Shocked that unpacking before the opening of public hearings Monday in Congress, Goldman Sachs categorically denies having violated the law.It maintains its role as an intermediary to serve institutional clients with differing views on the trend of the real estate market forced her to speculate for a fall on some securities to cover its risks also taken on other positions.

If they prove nothing of fraudulent e-mails made public Saturday by the Senate show that the bank on Wall Street reveled during the crisis, earn so much money, thanks to its derivatives betting on the fall of subprime housing market, while its own customers – including European banks – in poorer inverse operations.

"We will make a big pile of money!"

In July 2007, David Viniar, chief financial officer of Goldman Sachs, learning that the bank had already won $ 51 million by betting on falling subprime reacted in an email: "It gives an idea of what might happen to those who not a big short position. "

In October 2007, while the housing market plunge, a trader from the bank sent an email to his colleague: "It seems we will make a big pile of money!" The answer: "Yes, we are well positioned … In 2007, the bank led by Lloyd Blankfein has achieved record profits of 11.6 billion dollars that enabled him to pocket a bonus record of $ 67.9 million.During the same period, rival banks, including Morgan Stanley, suffered massive devaluation of their assets.

On Monday, Lloyd Blankfein and six of his colleagues were summoned to explain himself before the Senate subcommittee charged with investigating the financial crisis. Among them, Fabrice Tourre, a French 31 years, accused of fraud by the SEC, the gendarme of the U.S. financial markets. There is theoretically no link between the two investigations. But they are on the same subject: conflicts of interest of Goldman Sachs derivatives markets of mortgages.An email signed by Fabrice Tourre in 2007 shows his pessimism about the products he elaborated: "This market is completely dead and the poor little subprime borrowers will not be long." Fabrice Tourre will even be compared to Frankenstein for creating products that will turn against their owners, by precipitating the collapse of the U.S. housing bubble and the global financial crisis.

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His first thoughts as the new chairman of Fiat was to his grandfather, the legendary Avvocato Giovanni Agnelli: "How I wish he could be here." John Philip Elkann Jacob took over the destinies of the industrial group the age of thirty-four years. Giovanni Agnelli was forty-five when he did in 1966.

There is an analogy of destiny in the Agnelli family. In a slight difference: the little son-burning steps faster than his grandfather. It did not take more than six years to take all the power in the dynasty, while the hall Avvocato had for twenty years under the tutelage of a trust manager, Vittorio Valletta.

He is now head of the three levels of command. President of the Family Partnership "Giovanni Agnelli and Co, when the current owner Gianluigi Gabbetti, a close family, will conclude his term in MayPresident since 2008 of the holding company Exor, the holding company controlled by the family. And now chairman of its main industrial participation, Fiat in this case.

Between U.S. and Europe

This course Emeritus, John Elkann was accomplished with a reserve and discretion authentically Turin, and casual air of one who "does that happen." Those who have followed him have still yet noticed that the young man knew where he went and made every effort to do so.

Born April 1, 1976 in New York, he has five when his parents divorced, the writer and journalist Alain Elkann Franco-Italian and the daughter of the Avvocato, Margherita Agnelli. With his brother Lapo and his sister Ginevra, he spent his youth between the U.S. and Europe, attended high school in Paris where he passed his baccalaureate at the Lyc?e Victor Duruy science.In 2000, he graduated from Polytechnic of Turin, nursery managers of Italian industry.

Without dwelling on trivialities like his grandfather had done after the war, he joined in 2001 at General Electric, as statutory auditor. Two years later, here he is already in IFI, the holding of a family: now associated with the first plan to revive Fiat, along with his uncle Umberto Agnelli. He succeeded in 2004 as vice president, at his death.

His cousin, Giovanni Alberto, the son of Umberto, was the designated heir to the head of the clan. His sudden death in 1997 at age 33, victim of cancer, created a vacuum. In December of that year, the Avvocato set foot in the stirrup to John by naming him director of Fiat.

In 2004, few were betting on its survival in a group adrift.Fiat collapsed under a huge debt, the family clan was divided, and cherry pie, General Motors threatened to seize the manufacturer. Several Agnelli were ready to pull out of the car.

Family unit

Near Gianluigi Gabbetti, the young Elkann took important decisions. He restored the family unit around an ambitious rescue of Fiat, the convincing to grab the wallet. On the other, it gave carte blanche to a manager of emergency, the Chief Executive Sergio Marchionne, supported by a family friend, Luca Cordero di Montezomolo named president. Understated but always present, he gave the endorsement of the clan in terms of a merger with Chrysler, which marks a new stage in the history of Fiat. Like his grandfather, John Elkann closely follows the exploits of Juventus. A "enough is enough" dry in 2008 lead to oust managers involved in a corruption scandal.He is also a sailing enthusiast and expects to complete another project dear to his grandfather to attend a race around the world. He told the skipper Giovanni Soldini, the task of representing him in October 2011 in the "Volvo Ocean Race with VOR70" Italia ", purchased with his own money.

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Bic has published its results on Wednesday the first quarter of 2010. Its turnover in this period reached 378.3 million euros, representing growth of 22.7% compared with the first three months of 2009 as reported, and 8.8% at constant scope and constant exchange rates. Net income group share of EUR 35.4 million was up 32.3% yoy.

The normalized IFO margin (excluding restructuring charges and capital gains on real estate) totaled 14.2%, against 11.8% a year earlier.Operating income increased 31.7% to 47.8 million euros.

Good results are mainly explained by Bic 12.3% increase in sales of consumer business (stationery, lighters, razors) and 107% for those in advertising and promotional products business cash loans Guaranteed approval ".

Mario Guevara, its director general, said: "We will continue to focus on growing our sales and profitability while maintaining our financial discipline. We also continue to invest for the long-term research and development, in supporting the brand and sustainable development. "

Investors appear to have been very sensitive to these good results. The title Bic to the Paris Stock Exchange was trading at 61.50 euros at 8.62% up to 9:50 on Wednesday.