Air France plans to launch a low cost

September 3rd, 2010

Last March, Transavia had decided to abandon plans to start service from the airport of Nice. Air France KLM, parent of low-cost airline, determined to strengthen its domestic flights, would have found the answer with the launch of a new low cost subsidiary next year called "Air France Express." Some insiders have told the airline on Thursday àl'AFP that the new subsidiary would provide domestic flights with the establishment of bases in Marseille, Nice and Toulouse. The project could begin next year if agreements with unions are found by then.

"There are ongoing discussions to find a proper tool to fight low-cost airlines," says one source under the cover of anonymity."The idea is to base part of the pilot province to Marseille, Nice and Toulouse to like easyJet: avoid that there are planes that découchent their bases.

"Sleeping out" means to sleep for the crew to the hotel in the province. The choice of locally based pilots and their colleagues in the selected cities would allow Air France to reduce costs. This transfer would be on a voluntary basis.

Rising wages and working

According to these sources, the organization would also enable Air France KLM to raise the efficiency of its rotations flights by making them less dependent on the platform of correspondence from Roissy-Charles de Gaulle."With this database system, we can thus clocking departures depending on the half-turn, the turnaround time required and thereby accelerate the rotation of aircraft, in other words, producing more in a day," says the same source.

More performance of work would mean an increase of about 20% for drivers. But the scenario at all expected. "Pilots have the same number of days worked, but would fly longer and they would be paid a little more without it being equal to the increase in productivity," says the source. The proposed salary increase would be 5%.

For now, the information has not been confirmed by Air France KLM. This project seems, however, part of the struggle against the British easyJet, responsible for the erosion of profitability on these routes.

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Laurence Parisot is opposed to the increase of the CRDS

September 2nd, 2010

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Geci accelerates to complete the financing of Skylander

August 31st, 2010

The Skylander, a twin-turboprop light developed by Geci Aviation has not yet taken off, but he entered the phase of industrialization. The production of the first pieces just started. The goal is to assemble the first two prototypes by fall 2011 Chamblay, Lorraine. "The first test flight is expected before the end of 2011, certification twelve months later and the first delivery end of 2012," says Serge Bitboul, CEO of Geci.

By mid-2011, the company has completed the financing of the program, which would secure the project completely. Of the 170 million euros needed and after the capital increase in July, it still lacks 50 million. The Lorraine region shortly to confirm its commitment to the tune of 7 million euros in exchange for entry to the capital of Geci Aviation.Sovereign wealth funds French (FSI) and foreign (Middle Eastern) should also take a ticket alongside private investors.

Serge Bitboul, aeronautical engineer and founder of the training group, displays his confidence. If it involves an element of risk, the project has, indeed, serious arguments to make. The concept first: the device looks like a low-cost airline, military and civilian purposes and multimission. A kind of "baby A400M" able to carry 19 passengers, 28 cubic meters of freight or express packages, conducting evacuation operations sanitary surveillance of maritime or land borders. But unlike the giant Airbus, the Skylander S-105 is a lightweight and strong. "It is easy to design and produce.It can be sold in batches and displays a competitive price of $ 5.2 million for the basic version, "says Serge Bitboul.

Implementation in Malaysia

Its commercial prospects are, in view of market research, promising: the need to reach 7500 units between 2012 and 2028 including 4000 in the passenger version. The Skylander hopes to conquer 20% to 30% of the total, knowing that the stalled program is 250 units.

Competition in this niche market is also still low. Launched in the 1960s and 1970s, the Twin Otter aircraft made by De Havilland, Dornier 228 others have been delivered to more than 4000 but production has stopped. The fleet is aging. Two companies were taken over by buying licenses: the Canadian Viking Air Twin Otter Recovery and Swiss Ruag the Dornier 228.The planes have been upgraded but the system of production has changed little. "The other competitors have disappeared while as Fokker, Embraer and Bombardier are mounted in line. So there is a space to occupy, "says Serge Bitboul. The SK-105, single unit designed in the early 2000s, will face Chinese rivals. Avic Group launched the Y12F, Y12E successor, which will enter service by 2013.

To date, the Skylander recorded 14 firm orders, including 4 for the Malaysian Army. Geci plans to open an office in Kuala Lumpur and a service station this fall. But overall, the unit has received over 500 brands of interests form of letters of intent or memoranda of agreement which should result in contracts in good and due form.The French army, which wants to replace its fleet of Twin Otter aircraft used for training and operations of routes, has also expressed interest.

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Pensions: Unions prepare for confrontation

August 28th, 2010

Tension rose a notch on Friday between the executive and the unions, less than two weeks of mobilization against the pension reform on September 7. "We have entered a power carried by the government," critic Jacques Voisin, chairman of the CFTC. "We will have no lights before the Assembly debate, agrees Marcel Grignard, number two of the CFDT. The government does not want to give grist to the mill workers before mobilization. "The Elysee confirmed:" We will not reveal anything because the unions would benefit from our proposals to demolish in order to mobilize more. "

Eric Woerth's proposal to hold further discussions before considering the text on Sept. 7 failed to calm the ardor of unions to fight. "The minister's letter has also stiffened relations", says Jacques Voisin.The CGT will not lend itself to exchanges which are lip service to the thesis of social dialogue is still alive, so that no real negotiation is still the order of the day ", said Thursday its secretary General, Bernard Thibault.

For him, it will be to decide on the streets: "We're heading for a big day, perhaps even unique, and I can not imagine it will not affect the head of state," he said on RTL radio Friday. The boss of the CGT also judge Nicolas Sarkozy "much more feverish" at this time. In his eyes, his decision not to restrict the device housing assistance for students shows. "This is the topic that would put the students in the street," says a spokesman of the majority. "It's a sign, says Alain Olive, secretary general of the UNSA.Nicolas Sarkozy must remember that this is not the unions that have obtained the withdrawal of the controversial First Employment Contract in 2006, but the presence in the processions of schoolchildren and students. He is wary of a mass effect from them. "

"All the shots are allowed"

Alain Olive, too, considers that "the Elysee concessions are available to show that the president is listening, but only at the margin, on the issues left open (career long, arduous and polypensionnés) before summer . "The Head of State realizes that there are inequalities in policy and that the sum of these injustices becomes problematic," adds Marcel Grignard. Forgery, replica near the Head of State: "Nicolas Sarkozy is serene.He is less worried about the outcome of the reform for the good economic indicators released in recent days show that cuts to the budgets of state and social will be less painful than he thought. But he was more afraid of the reaction of the French on the issue of expenditure on pensions. "Even at the Elysee opinion:" We expect a large-scale mobilization, so it is unlikely that changes our text if so. "

Jean-Claude Mailly, general secretary of FOR, raises the bar "more than two million protesters. Either a higher level than at the last day of mobilization on June 24 "People will have something else in mind that the pension reform, warns Jacques Voisin: laborious recovery, employment, discipline …" But also the case Woerth-Bettencourt."Everyone knows that the reform will be polluted by his supposed status in question," Bernard Thibault launched yesterday, when he had thus far refrained from comment. A little phrase that has infuriated the Head of State, who "has now concluded that all shots are allowed," slips one of his relatives.

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Gemalto disappoint the financial markets

August 26th, 2010

"We are confident in the future," says Olivier Piou, CEO of Gemalto, with BFM Radio, which recently released its results on Thursday for the first half of 2010. So much so that the specialist manufacturer of digital security and smart cards, SIM cards and electronic passports is a turnover of one billion euros in the second half. "The acquisitions made earlier this year cost us some money, but we must continue to invest. We can because we are confident, "says CEO of Gemalto. Gemalto has "changed dimension. Now we're a start-up. When I arrived in the company, I do not think I'd still be in office with such a turnover, "he says.

"Lack of communication of the group"

A trust that does not necessarily share the financial markets.At mid-session, action Gemalto shows a decrease of 1.90% to 28.89 euros in a market up 0.76%. "This drop is excessive, an analyst who follows reacts value. The elements that have affected the first half performance was known. The discrepancy between results and expectations of the market indicates a lack of communication from the group. "

Gemalto in line with the consensus

However, the group released under the first-half turnover of 840 million euros, up 5% at current exchange rates. "We accelerated our offers have been very well received, because they correspond to a real need," said Olivier Piou. There is a real market potential of contactless payments, particularly in Africa and South Asia.In France, we are in trouble because we took too far ahead. "

The group's net profit amounted to 63 million euros, down 7.35% from a year earlier. "Today, the consensus of analysts is around 200 million euros profit the year is well within our range," says Olivier Piou. In 2009, the group posted a net profit of 148 million euros.

No new acquisitions

In addition, Gemalto first half operating profit down 15.2% to 67 million euros but he "remains in line with the company plan to increase its result in 2010," the group said in its statement. Gemalto is 300 million euros in income from operating activities in 2013.Of the three main activities of Gemalto, security has the highest increase (+21%) in the first half to 148.2 million euros (17.6% of sales) to the mobile phone (8%) to 451.7 million euros (53.8% of sales) and secure transactions (1%) to 207.4 million euros (24.7% of sales).

After several acquisitions, including the USA, Finland and Germany, the group does not provide new acquisitions. Olivier Piou said that Gemalto had to concentrate in the second half on the integration of recent operations.

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Apple's highly anticipated mini iPad

August 26th, 2010

The mechanics are well oiled. Since early August, the rumor swells. The Cupertino company could make in the coming weeks, a mini iPad. According to iLounge website, which has dropped its "flight" from August 4, the new equipment would have the same functions as an iPad, but its touch screen is smaller. This will provide an Internet tablet lighter and less bulky, the size of a paperback book. Instead of nearly 25 cm (9.7 inches) diagonally, mini iPad would screen a little less than 18 cm (7 inches).

Recently, the rumor was almost confirmed by Asian manufacturers produce components. According to the site DigiTimes, which is the mini iPad loan could be sold in early 2011. For its part, Apple is hiding behind a "we do not comment on rumors or speculation."This response is involved in marketing the firm headed by Steve Jobs who control the millimeter communication. Rather than confirm or deny rumors that often are based, as was the case for the iPhone 4, iPad, the first iPhone, iPod touch and the superdrive, the Cupertino increases curiosity and speculation. This mechanism allows the firm to apple to get much publicity at little cost. The iPhone 4, "lost in a bar" by an engineer from Apple and bought by the site Gizmodo, made news on both sides of the Atlantic. Interest is especially great that Apple has become the first market capitalization of technology companies in the United States.

Cheaper

In addition, his famous iPad has created a new family of products both for entertainment – with video, music and games – and a working tool, still connected to the Internet."We've created a new category of equipment that the" Web Book "which brings new products connected to the Internet that do not, as standard, making voice communications. These products are larger than just music players and have an operating system for mobile. The iPad is the only representative of this category with the Archos 7 Home Tablet, "says Matthew Cortesse, telecoms analyst at GfK. Apple could push its advantage to dominate the segment it created. His future competitors, the major brands of computers and the Internet have not yet entered this market and plan to do so by the end of the year shelf the size of the alleged mini iPad.

About the speculation, "I think that equipment 7 inches diagonally, at a price lower than the iPad is an opportunity for Apple," said Carolina Milanesi, analyst at research firm Gartner.But "there is a risk of cannibalization of the iPod touch, unless Apple plans to make its iPod Touch product entry for the players. A 7-inch equipment would then bridge between an iPod touch and the iPad. Finally, the mini iPad, less costly, would allow "Apple to entice an audience that does not afford the original." According to versions, the iPad has sold between 499 and 999, the price of a laptop.

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Wall Street slipped into the red

August 24th, 2010

If the opening bell, the Dow Jones was awarded 0.2%, the Nasdaq, 0.46% and the S & P 500, 0.37% to 1076 points, the mood quickly faded on U.S. markets . After two hours of trading, the indexes have touched the red and began their hesitation waltz. After trying to hang the green, the Dow Jones closing finally fall from 0.39% to 10,174 points, the Nasdaq, 0.92% to 2160 points and the S & P 500 by 0.4% to 1067 points.

Macroeconomics in the crosshairs this week

Now that the quarterly earnings season is almost over, Wall Street will likely focus even more on the macroeconomic news.

A series of regional business surveys should indeed come to confirm, over the days, "the slowdown in manufacturing activity in the United States, analysts said Aurel BGC.But this diagnosis will be diminished by the rebound in durable goods orders. "

The statistics of home sales should, in turn further move downward in the old, "but a rebound is possible in the new," says one still at Aurel BGC.

This will be known Tuesday that sales of existing homes, while the agenda will grow on Wednesday with durable goods orders for July, sales of new homes and the FHA index of housing prices.Thursday will be unveiled new listings weekly unemployment.

Friday will be finally placed under the sign of growth, with the second estimate of GDP for the second quarter of 2010, but also of consumption, with the index of consumer confidence from the University of Michigan for the month of August.

Friday, Wall Street had limited its losses, but the Dow still had yielded 0.9% on the week and the Nasdaq, nearly 0.3%.

Mergers and acquisitions in reinforcement

On Monday quiet on the economic front, Wall Street gets a rebound, reinvigorated by a current density and twists on the side of mergers and acquisitions.After Intel (-1.11% to 18.70 dollars), which has just bought McAfee (+0.06% to 47.06 dollars), other operations are in sight.

Hewlett-Packard (-2.03% to 39.04 dollars) on Monday launched an offer of 1.6 billion dollars (1.2 billion euros) to acquire the data storage company 3PAR (44.46 % to 26.06 euros), competing with the offer of its rival Dell (-1.08% to 11.94 dollars) issued last week.HP offers a 24 dollars per share, an amount 33% higher than that proposed by Dell at $ 18 per share in cash, or $ 1.15 billion in the proposed transaction total.La Dell was at the time of its announcement a premium of 87% over the closing price of 3PAR.

The world fertilizer, Canada's Potash Corp. (0.41% to 150.29 U.S. dollars) on Monday formally rejected a hostile takeover of mining giant Anglo-Australian BHP Billiton (-0.5% at 67 $ 10), which opened Friday and announced it was investigating "alternative transaction" with other potential buyers.According to Bloomberg, Potash has been contacted by the Chinese Sinochem and the Brazilian Vale.

The absence for several days, any new information on the alleged interest of the U.S. Sanofi Genzyme (1.29% to 67.75 dollars) could mean that both sides have begun discussions, said Geoffrey Porges analyst at Sanford Bernstein.

Barnes & Noble will publish Tuesday. Tiffany will release its second quarter results Friday.

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The Paris Bourse prudent

August 21st, 2010

While Tokyo is changing sharply higher Thursday, buoyed by renewed investor confidence in the wake of U.S. figures bode well, the Paris Bourse continued to increase slightly at the opening (9:00): 0.08 % to 3763.72 points.

Wednesday evening, the CAC 40 finished up slightly, from 0.35% to 3760.72 points. Road to 3800 points?

According to technical analysis, but very quickly exceeded 3770 points, the CAC 40 3% could consolidate … So watch this Thursday if investors choose to continue to increase frankly, if the correction will be severe.

Side currencies, the euro is back under $ 1.32 on Wednesday. At around 7:30 Thursday morning, 1.3161 should be dollar for one euro.The single currency has stabilized again after having passed the milestone of $ 1.31.

The ECB decision on interest rates

In terms of macroeconomic publications, we expect the course to 13:45 ECB decision on interest rates from the European Union. Shortly before, in Germany, industrial orders for the month of June will be known. Remember that Germany is the European country that is doing the best of the Old Continent.

American side, the weekly claims for unemployment benefits will déoilées 14:30.

Sopra and Vicat released yesterday after-hours

The services company Sopra (2.97% to 57.15 euros) on Wednesday confirmed its organic growth targets and slight improvement in operating margin in 2010, after a first half marked by a 59.2% jump in operating profit current with large contracts in France.

The Vicat Cement (+0.23% at 51.55 euros) announced Wednesday expect a gradual stabilization of its sales volume in France this year after a second quarter marked a rebound from its almost universal activity cement.

Wednesday, Societe Generale (+0.8% at 46.07 euros) published the results of good quality. CEO Frederick Oudéa, is much more serene than a year ago, can you read in an interview with Le Figaro. The bank reported operating results improved significantly.He believes that the euro crisis was excessive.

The mutual insurer Groupama in the first half net profit down 29% to 78 million euros, according to a statement released Thursday, partly due to an unfavorable base effect related to provision reversals in the first half of 2009.

Sector Analysis

As always, during the violent phases of the stock market rebound, there is the issue of market valuation and different sectors. According to Aurel BCG, called defensive sectors' health, utilities, and telecommunications "have a PER at their historic low. They care little downside if the market downturn but in the short term, they should not experience a strong increase in their recovery. "

The bank, after their recent rally, are less attractive.However, many investors have ousted this sector of their portfolios when they were at the heart of European concerns. And after the recent positive news on the sector (stress tests, good results), the value of bank shares could still rise.

The technology sector and industry, in terms of their business outlook remains attractive and still cheap. Warning against the industry by Food and beverages, the broker warned.

Finally, travel and leisure sector is expensive. But it has great potential for upward revision of profits for the coming weeks.

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"Cases Caesar, there are twenty-five"

August 4th, 2010

Lefigaro.fr: Eric Woerth said he had never intervened in a tax audit. Correspondence concerning the estate of the sculptor César signed by him proves he not?

Alain Maillot – I think Eric Woerth has been served by the terminology it used to defend themselves in case Bettencourt. Instead of saying he was "never occurred" in any tax audit, he should have said he had "never influenced the outcome of a tax audit." Obviously, the ministers involved daily in fiscal control records since signing the letters sent to taxpayers.Only this word misused causing the current situation.

Is this a normal procedure in a tax adjustment?

When there is a disagreement between the taxpayer and tax administration, for example when a local tax authority sends a notice of assessment, the taxpayer has a formal appeal to challenge this view. As part of an important file or appreciable amount, in its legal complexities, because of the identity of the person concerned, it is possible that this action goes back to the Budget Minister. It was he who then signs the letter.

The personality of the taxpayer can be taken into account to justify an intervention of the department?

When a discrepancy exists between the tax administration and an average citizen, the case is handled locally.In this case, Caesar is an artist known internationally, the case goes back to the department. There is nothing that quite normal. The fact that Alain-Dominique Perrin (Editor's note: the sculptor executor) knows the minister may have only had the advantage of ensuring the opening of the file. The newspapers can write a monthly article about a letter signed by the Minister no checking account payday advance. Cases Caesar, there are twenty-five. Since I am a tax consultant, I dealt with 10-15 similar.

A minister may intervene further in the investigation of the case?

This is unfamiliar with the functioning of government to think that a minister can impose its own decision to its services. When signing the letter, the Minister merely prolongs the decision proposed by the administration officials who worked on the case.The minister can not trample the recommendations of its services. If he decided to ignore their advice to make a decision contrary, it would be recorded in a note added to the file. I do not think that such a note exists, Eric Woerth has not the reputation of someone who puts pressure on its services.

Other ministers are occurring in the same type of business?

That is classic relationship between tax administration and taxpayers. When the French government became a shareholder of EADS, the tax rulings have been signed by Laurent Fabius. And he is not alone. Dominique Strauss-Kahn, Michel Charasse, Jacques Chirac, Henri Emmanuelli … all ministers have signed similar letters. And it's a very good thing that the taxpayers and the government may well compromise. If this was not the case, would end all the different systematic litigation.For the taxpayer, this would result in the payment of interest, and for the administration, the need to mobilize agents of Internal Revenue during the time of the procedure. Furthermore the outcome of the case would be submitted to the discretion of a judge less familiar with the case that the administration. The possibility of compromise exists in all countries, it ensures that everyone is treated the same way.

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Auto: sales of "Big Three" climb

August 4th, 2010

"The recovery is slow but it is there." On Tuesday, the director of U.S. sales of General Motors (GM), Don Johnson, was optimistic. Exited bankruptcy in July 2009, restructured and streamlined some of its debts, the manufacturer announced on Tuesday for the month of July sales in the U.S. rose 5.4% year on year to 199,692 units. Off Hummer, Saturn and Pontiac, being closed, and Saab, sold to the Dutch Spyker, sales of the first American manufacturer reached 199,432 units, up 24.6% year on year.

In detail, the Cadillac and Buick brands saw sales increase by respectively 142% and 137%. In contrast, Chevrolet, which represents the bulk of group sales with 139,916 units sold last month rose more slowly (12% yoy). The manufacturer announced the transition of its sales jumped 22.2% on a year in China last month.

Ford, the second of the Big Three, has published sales up 5% to 166,092 units sold on American soil. This increase remains well below the 13% expected by the markets awarded the title in stock (-1.44% to 12.97%). The increase is mainly attributed to the addition of trucks (+27.4%). Sales of the Ford Focus have plunged nearly 30%.

The third U.S. manufacturer, Chrysler, reported an increase in sales of the same order: 5% year on year to 93,313 units, driven by the success of the new Jeep Grand Cherokee (54%). The 2011 version of this model was launched only two weeks ago. This is the first new model since the release of the bankruptcy group in June 2009. "The vehicle has good international and national journals, welcomes the sales manager, Fred Diaz.

Toyota and Honda fall

The Asian competitors are not far behind.The South Korean Hyundai and Kia in particular have seen their sales increase by 19% and 21%. Japanese ad for Nissan's share of sales up 14.6%.

By contrast, Toyota saw its shipments drop 6.8% in the United States to 169,224 units. Honda also reported performance against the trend, with a decline of 5.6% of new car registrations last month.

Reassured

Analysts said the figures show an upturn for the industry according to figures from June which had emerged down compared to May "After the June data, everyone had said that, finally, the sector was not yet out of. Now, it appears that this month was a hiccup, "has said Al Castignetti, commercial director for the Nissan brand to the U.S. market.

On July alone, the American automotive market is expected to exceed the million new vehicles sold. On an annualized basis, analysts on average expect a market to 11.4 million vehicles in July, against 11.2 million a year ago and 11.08 million in June

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