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.

It is faster to start a business in Afghanistan and Albania in France. Seven days on average enough against nine in France. This spring the new World Bank report, "Investing Across Borders 2010 ', published today in Vienna. Completed between April and December 2009, compared to 87 countries around the laws that regulate foreign investment by retaining four criteria: the restrictions on equity investments, the time it takes to start a foreign company, access to industrial land and commercial arbitration regimes.

Latin America, including Brazil and Venezuela are conversely very slow (169 days and 179 days respectively), as well as China (99 days).If the countries of the OECD (Organization for Economic Cooperation and Development) are mostly very open to foreign ownership in their enterprises, as well as Eastern Europe and Central Asia, Asia East and the Pacific, except Singapore of course, found the greatest number of restrictions, especially in China and Indonesia, says World Bank.

The East Asia stands out even more in the area of land since, apart from Malaysia, Thailand and Singapore, no country in the region reviewed by the bank allows foreigners to own their own land This poses no problem unlike in the OECD countries or in Eastern Europe and Central Asia.

And, notes the World Bank, countries are best placed in the report are those "who also tend to attract more foreign investment in relation to the size of their economies and their people. Conversely, countries whose scores are lower tend towards higher levels of corruption, a higher political risk and governance structures are weakest.

Like the case of EADS, the Enforcement Committee has once again not followed the advice of the College of the Autorité des marchés financiers (AMF). While the policeman of the Exchange, after two unsuccessful attempts, was finally concluded that Natixis had lied about its losses in October 2008, Matthew Pechberty, a journalist with The Tribune, the Sanction Commission of the AMF has therefore upheld any complaint against the bank.

"It does not appear that the emergency situation in which it was placed to make before markets opened an initial response to articles in The Tribune, Natixis has disregarded the requirements of accuracy, precision and fairness set out in Article 223-1 of the AMF general regulation, "says the Enforcement Committee in a statement released Wednesday.

It is an article of the daily La Tribune dated November 12, 2008 which stated that Natixis had lost 975 million euros in October 2008. The next day, Natixis issued a press release reporting a loss of 500 million euros.

Neither of the two former leaders of Natixis, Philip Smith and Dominique Ferrero, respectively Chief Executive and Managing Director of Natixis, challenged by the Tribune, have been punished.

In an interview she had given the figaro.fr, Colette Neuville, president of the Association of Defence of Minority Shareholders representing the interests of more than 1,000 shareholders of Natixis, demanded that the bank will refund a portion of its lost its shareholders. No doubt she had to accept this decision with some disappointment.

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This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic reduction plan deficits that ignited the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by the markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero payday loan no faxing.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

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Must "act quickly". Nicolas Sarkozy and Angela Merkel, the German Chancellor, are on the same wavelength. The French President, recently returned from his trip to China, held a Saturday morning "business meeting" at the Elysee on the Greek crisis, after which, the Minister of EconomieChristine Lagarde, said that agreement on the rescue plan could take place on Sunday, even before "the start of the Eurogroup (meeting of finance ministers from the eurozone, Ed)," which takes place Sunday at 16 am in Brussels.

The total amount of support provided is "not yet determined," according to Christine Lagarde.However, it should "probably" be in the range suggested by the IMF and the Commission, who spoke of "100 and 120 billion euros," she said, adding that it is "a plan over three years, the current year, 2011 and 2012.

The French plan completed in one week

On the French side, the legislative process to unlock a maximum of 6.3 billion euros – 3.9 billion by 2010 – about 30 billion of the EU (in addition to 15 billion IMF), should be completed in the next week.

The examination in public at the National Assembly will begin Monday at 18 hours and should be adopted no later than Tuesday morning.The Senate vote in the wake the bill.

Barouin Francis, Budget Minister reiterated that the financial assistance at no cost to French taxpayers, puisquil is a loan to an interest rate of 5% "with repayment in three years to come," and which requires the Greek government to initiate a tight fiscal policy to clean up its accounts.

Stop the speculation

"The support of Member States of the euro area is to stop speculation and ensure stability in the euro area," Nicolas Sarkozy has insisted Saturday.For several weeks, the markets are panicked by the Greek cases, causing bouts of fever in the Greek long rate, which surpassed 11% this week, and that "the surge has no limits", according to economists.

Less disturbing, but nonetheless indicative of the fears on the markets, the euro fell to the rhythm of Greek concerns on the record. Today around 1.33 dollar, the euro has rebounded a bit from Tuesday it had fallen to 1.31.However, the European currency remains "at healthy levels for the economy of the Old Continent," says Pierre-Antoine Dusoulier, CEO of Saxo Bank.

Strengthening surveillance

Nicolas Sarkozy and Angela Merkel intend to take "initiatives in the coming days" for Europe to strengthen monitoring mechanisms within the euro area, expedite its work on the fight against speculation and improving the transparency of products derivatives and make further proposals on the regulation of rating agencies.

For these rating agencies, Banier Michel European Commissioner for Internal Market and Services, expressed support on Friday to create such an entity in Europe that would complement three existing credit rating agencies, all U.S., Standard & Poor's, Moody's and Fitch.

Their mission note states, businesses, communities, or financial transactions in order to give investors a comprehensive view of credit risk among market players.

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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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Saved from financial turmoil by Vladimir Putin, the Russian oligarchs, now rebuilt, is invited by the prime minister and strongman of the country to participate in the effort to boost national economy.

The latest example, Viktor Vekselberg, thirteenth fortunes of Russia as the magazine Finans (6.2 billion euros in 2010), has been entrusted by the Kremlin to oversee the creation, in the vicinity of Moscow, d 'a Silicon Valley in the Russian. This project is intended to "modernize" the country, allowing it to reduce its addiction to oil and gas. And here's what mogul materials, like Rich's colleagues, converted into information technology.

The name of his friend, Roman Abramovich, the third national fortune and owner of Chelsea, is also cited for leading a Sports Council.According to business daily "Vedomosti", he would be assisted in his task by the chairman of Gazprom, Alexei Miller and his counterpart Russian Railways, Vladimir Yakunin, a close ally of Vladimir Putin.

In view of the Winter Games in Sochi 2014 Sport is built in another national cause. To transform the resort on the Black Sea, backed by the Caucasus Mountains, Showcasing mountaineering, the oligarchs have started to invest part of their fortune in the construction of hotels and ski resorts.Roads, rail link, sports, everything is built.

Quest for new money to invest

In addition to public companies Gazprom and Sberbank, are present the world's leading aluminum Rusal, Oleg Deripaska (10.4 billion euros), and his colleague from Interros, Vladimir Potanin (7.4 billion euros) , a fan of skiing.

In search of money to invest in Sochi and the Caucasus, the government even thinks to "repatriate" in Russian billionaires past events such as Telman Ismailov, party building palaces in Turkey, or Mikhail Gutseriyev, whose oil company Russneft had been transferred, under pressure, a close Putin No teletrack payday loans.

What the Russian oligarchs finance the development of their country is quite natural in the eyes of the Prime Minister.In the wake of the dissolution of the USSR, they have made a fortune putting his hand on assets sold off by power, or later, putting themselves in the wake of Putin.

During the last financial crisis, the state mobilized its resources and budget for banking rescuing oligarchs, hoping that they will owe him for his gesture. Recently, the prime minister threatened to punish financially Vladimir Potanin and Mikhail Prokhorov to have under-invested in energy production, even though they had "purchased assets for kopecks.

In respect of the first clan of oligarchs, "Putin behaves like a loving father, while scolding the children," says Tatiana Stanova?a, expert at the Center for Political Technologies. Gazprom is lowered, custom power, to build a ski resort may seem to defy the laws of modern management.And sometimes leads Russian billionaires to drag their feet, especially when the investment seems risky. But so far none of them have refused to run.

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The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.

With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.

Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.

Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics. They are also followers of the liberal model. "There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.

Meanwhile, the newspaper in Tallinn is very difficult.In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia. And the country loses a little more independence. "

Flexible economy

According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country.Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.

For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist. The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland.It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.

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The luxury group Hermes has published its results on Thursday throughout the year 2009. Its net sales increased 8.5% to 1.914 billion euros. The statement said all areas are growing with the exception of Japan and is mainly the leather industry which has boosted sales. Its operating profit rose 3.1% to 462.9 million euros and its operating profitability reached 24.2% of sales against 25.5% in 2008.

Group profit is down very slightly, falling from 290.2 million from 288.8 million to cover the damage. At the General Meeting to be held June 7, 2010, the proposed dividend per share of 1.05 euro will be payday loans no teletrack .

The investments of Hermes in 2009 were mainly devoted to enhancing production capacity and its distribution network.The group plans to continue this year to develop its distribution network with the opening of twelve branches, including the new store Rue de Sevres in Paris and a second branch in New York on Madison Avenue, first store dedicated entirely to the masculine.

At the Paris Stock Exchange on Thursday around 9:30 am, the title lost nearly 1.5% at 103.6 euros.

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