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The benefit of EDF affected by provisions

Friday, July 30th, 2010

EDF has unveiled a new series of bleak, including the formalization of the two-year delay in the construction of the EPR Flamanville. In addition, the group's net profit plunged tricolor 46.9% in the first half to 1.66 billion euros, while analysts were betting, on average, profit of 2.57 billion euros. The group has indeed passed a provision to cover the risk of loss in value of its nuclear activities U.S. $ 1.1 billion. "This provision covers the risk of impairment of assets CEng, investment in Unistar and certain future costs and risks of the project, EDF will now continue his studies for the development of a new reactor at the Calvert Cliffs site, "said in a statement.

Sales and EBITDA exceed expectations

The energy company's EBITDA rose him, from 4.4% to 10.4 billion euros against 9.93 billion euros targeted by analysts. And the turnover amounted to 37.5 billion euros, up 7.7% and also above the expectations of experts, which amounted to 35.9 billion euros. The increase in sales figures is primarily due to acquisitions and CEng SPE, the company said.

EDF maintains its annual outlook

In terms of outlook, EDF has confirmed its objectives for the current year. It is thus an organic EBITDA growth of between 3% and 5%, a ratio of net debt / EBITDA of between 2.5 and 3, and a stable dividend.However, the company said it was a nuclear power between 405 TWh and 415 TWh in France for the whole year, with an availability target of its nuclear plants between 78.5% and 79.5 %. It had previously targeted a rate of availability of its French nuclear plants up 1.5 point "at least" in 2010 compared to 2009. This rate is crucial for the profitability of the group has been set at 85% over the medium term.

In addition, EDF has confirmed two information widely mentioned by the press. The electrician has announced a delay of two years starting from the EPR Flamanville cost of construction and re-evaluated at 5 billion euros.

On the other hand, the group said it has received an offer from Li Ka-shing on its UK business.The Hong Kong billionaire head of Cheung Kong Infrastructure offers 6.9 billion euros for the acquisition of the distribution network owned by EDF in the UK.

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Pussyfooting on Wall Street

Wednesday, July 28th, 2010

The U.S. stock market started in the red on Wednesday, in an atmosphere remained febrile for several major events at the macroeconomic level. But shortly after, the indexes are spent in the light green: the Dow Jones gleaning 0.05% to 10,543 points, the S & P's advance of 0.17% to 1115 points and the Nasdaq is up 0.14% to 2292 points.

New orders for durable goods in the U.S. declined for the second consecutive month in June, official statistics show released Wednesday, confirming a slowdown in growth in the second quarter. The Commerce Department reported a decline of 1% of these orders, the highest since August 2009, after a decline of 0.8% (revised) in May Analysts on average had forecast an increase of 1% in June

On Tuesday, the NYSE has closed in a fragmented, divided between publications very positive company like DuPont chemist, and the downturn in consumer confidence in July.

On the foreign exchange market, the euro remains at its highest levels for two months around $ 1.30.

At the macroeconomic level, the U.S. central bank must now publish its Beige Book on economic conditions. It will be very guarded while the president of the institution, Bernanke said there is just one week before the Congress, the slow recovery, with no announcement of new funding in the economy.But it was the day Friday with the first estimate of gross domestic product (GDP) that will attract the attention of investors instant payday loan no TeleCheck.

Cephalon shunned after his semi

On the side of values, the telecom equipment maker Broadcom (+0.08% to 37.56 U.S. dollars) yesterday announced the closure of Wall Street quarterly profit of $ 278 million, against $ 13.4 million the year last.Turnover was up 54% (+10% sequentially) to $ 1.6 billion.

Note also the biotechnology group Cephalon (-3.23% to 60.87 dollars) has published a quarterly profit of $ 89.1 million, well above expectations.

Always on the side of values, the Wall Street Journal, the Google Internet Group (+0.03% to 492.75 dolars) is in talks with several publishers of video games in order to enlist their support for the implementation Length of service to rival social network Facebook.Some game publishers approached by Google Playdom be included, a publisher whose Disney announced the acquisition Tuesday, Playfish, bought last year by Electronic Arts, and Zynga, in which Google has already invested, it said.

For its part, the Microsoft IT group (-0.31% to 26.08 dollars) has criticized the partnership between Yahoo! Japan and Google, saying it would end the competition in the internet search in Japan and has questioned its "legality".

Also note, the oil group BP (-1.32% to 34.5 U.S. dollars) will have to "change the culture" after the oil spill in the Gulf of Mexico, said its new CEO, American Bob Dudley at of an interview on ABC.

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Failed to seven banks to "stress test"

Sunday, July 25th, 2010

The ax fell at 18 o'clock. No real surprise, most banks in Europe has successfully passed the stress tests or stress tests. The statements had multiplied in recent days on the expected results. The exercise was not without risk. If all banks successful tests, they lose their credibility. If too many banks fail, they would have to recapitalize the markets. The question is whether these tests were too lenient. That said it is too early to tell.

In total only seven of 91 major European banks subject to tests of resistance have been realigned, as the Committee of European Regulators (CEBS), which means they will raise funds to strengthen their financial position. They may need to raise 3.5 billion euros.By comparison, 10 of 19 U.S. banks had been tested in early 2009 over the obstacle.

CONCERE tests in Europe, there are five Spanish banks (Civica Cajasur, Unnim, and Espiga Diada), a Greek bank (Atebank) and Germany's Hypo Real Estate. No major surprises so. The institutions cited were regularly advertised as the most fragile. Note that none of the seven institutions is listed on the Exchange. Among the banks that failed this test, regulators believe that capital requirements are the most important elements in establishing German Hypo Real Estate (HRE), which needs to 1.245 billion euros to raise the minimum, and The Spanish savings bank Diada (Caixa Catalunya, Caixa Tarragona Caixa Manresa), too short of 1.032 billion.

Among the 84 banks that have successfully passed the tests, several lie exactly at the required level, a ratio "Tier One" 6%.It is the establishment Greek Piraeus Bank, and Spanish banks Banco Pastor, Caja Sol, while many German regional banks and savings banks in Spain will fall only slightly above 6%. C This is also where the largest Slovenian bank Nova Ljubljanska Banka (NLB) which displays a level of 6.3% and decided, therefore, increase its capital on its own initiative.

Analysts reviews

"It was too lenient. We anticipated the failure of 10 banks, but only seven have failed. No institution has failed side. This has dispelled any fears that existed until now and all questions were asked before (stress tests) will continue to be asked "critic James Hughes, market analyst at CMC Capital in London.

For Chris Rupkey, economist at Mitsubishi UFJ in New York, "The monetary authorities need to reassure international investors and to show skeptics that European banks are sound from a financial point of view. Despite the questions about transparency and the fact that stress tests are not subject to stress tests U.S. last year, I think these tests will begin to concerns about the eurozone behind us. There could be an initial disappointment leading to some selling on Monday at the reopening of markets, but the market will quickly pass over. " He continued: "The market was asking too much at once. At one stage it was thought that U.S. banks drank the cup in terms of equity because there was significant depreciation of their assets in mortgages.This was not true, so it is not "fair" that the market wants to see a decline in the value of sovereign debt in the euro area in the accounts of banks'

European regulators have scrutinized the 91 largest banks in the European Union to ensure that their capital levels are sufficient to enable them to cope with shocks even more severe than the bankruptcy of Lehman Brothers in September 2008, which sparked a near-collapse of global financial markets. Banks unable to maintain a ratio of Tier 1 capital of at least 6% by end 2011 in the hardest of these scenarios will be considered as having failed the tests.

France has fully passed the examination, the four banks involved in these tests (BNP Paribas, Societe Generale, Credit Agricoleet BPCE-Banque Populaire Caisse d'Epargne) have shown that they retain a sufficient level of funds in proportion different scenarios.

French banks "among the strongest"

The "brand of French banks is really a very strong resilience, welcomed Christian Noyer, governor of the Bank of France, with the results of these tests, commissioned by the European Commission and organized by the CEBS (Committee European Banking Supervisors). With these results, show that French banks "are among the strongest in Europe," says the Bank of France again.These results were "predictable" because they are "in line with the results obtained in tests conducted regularly in France and the demonstrated ability of French banks weather the recent crisis," he added.

Banks were tested maintain a level of equity called "Tier One" (reported capital commitments of the bank) of 6% for the regulator considers that they had passed the test. However, tests have shown that if stress of a major financial crisis, the ratio of cumulative four French banks would fall to 9.3% at end 2011 against 9.9% in late 2009.For Christian Noyer, even in cases of "adverse scenario, the banks maintain a" level of income in 2010 and 2011 roughly the same as in 2009.

"Cum laude" for Christine Lagarde

The Minister of Economy Christine Lagarde, who in the columns of Le Figaro said it had "full confidence on the health of French banks said they had succeeded in" hands down "the exam. "The French banks have passed the exam, I would say: with honors," she said."The test was particularly difficult," ruled the economy minister, stressing that the simulation was at once assumed an economic recession and crisis of sovereign debt of countries of the European Union.

"It's obviously a matter for satisfaction," she said, "because it means we will be able to finance the economy, finance households, businesses, and the distrust of markets should now disappear, given this exercise in transparency. " "These good results reflect the overall strength of the French banking and in particular the significant strengthening of the capital of French banks in recent months, and exposure to sovereign risk control," she said in a statement ."They demonstrate the relevance of the model of regulation and supervision of French, based on a demanding approach to risk prevention," stressed the minister, who said "the efforts of French authorities during the financial crisis in 2008 and 2009 stabilizing the French financial system have borne fruit. "

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Brussels puts Google and Facebook in its sights

Saturday, July 10th, 2010

The threat of an investigation Brussels comes from Google. Wednesday at a symposium on digital media organized by the University College London, Joaquin Almunia, Vice-President of the European Commission responsible for Competition, said the complaints carefully examine the American search engine was the subject in Brussels. Last February, the Commission announced a query to Google after receiving complaints from the price comparison site UK Foundem, legal search engine ejustice.fr and compare prices at Ciao, a subsidiary of Microsoft.

"My services are currently examining allegations of anticompetitive conduct in the field of online research. The work is at a preliminary stage, but given the importance of online research on a competitive digital market, I look at these allegations very carefully, "said Joaquin Almunia.Without mentioning Google by name, the European envoy said that "the first search engine in Europe has a market share of 95%.

He also wondered about the possible manipulation of search engine results, while "information flows more quickly over the Internet." Finally, he noted that if the Web services differ, they are very likely to opt for the same business model: the monetization through advertising. A market where Google is also present through the marketing of listings.

Facebook in the viewfinder

The speech wrapped kits diplomatic caution suggests difficult days for Google, which could suffer the same fate that other giant U.S. technology in Brussels.Methodically pursued by the European Commission for ten years for abuse of dominant position, Microsoft has been fined for an amount of 1.68 billion euros.

Google, for its part, denies any evil intent. "We have always worked hard to ensure our success was gained in a fair, through technological innovation and good products, rather than the confinement of our users or advertisers, or creating artificial barriers to entry, "stated the group after the filing of complaints to Brussels in February.

If the question of Google has become the most urgent, Brussels is not only concerned the latter's dominance in online search. Social networks are also in the crosshairs of Joaquin Almunia. European number one, Facebook has a market share of 70%, he believes.But "changing search engine may seem easy enough. Changing social network is more difficult because of the effects of stronger networks and data portability, "says the vice-president of the Commission. Another concern: "The online advertising market is it the same when the advertising is broadcast on search engines or social networks?"

In the case of Google as Facebook, Brussels fears that having acquired strong positions in their respective markets allows these players to capture other activities.

United States: the richest country, not the happiest

Friday, July 9th, 2010

Money does not buy happiness, it is often said. Gallup conducted a global study whose results appear to confirm the adage. According to the study, published in the American Journal of Personality and Social Psychology, whose findings were released by the Christian Science Monitor, the U.S. is perhaps the richest country in the world, but they are far from be the happiest.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

France Telecom Unveils New Strategy

Tuesday, July 6th, 2010

France Telecom wants to do a makeover. The operator affected by a deep social malaise is setting up a new strategy entitled "Conquest 2015. The new CEO, Stephane Richard, will outline the plan in five years this morning to the press.

Already, in an interview with Le Parisien, the leader has unveiled details of its new strategy. Stéphane Richard wants to empower his group to answer the series of suicides that has shaken the operator for more than a year. Thus, the leader has established "a new charter with five key managerial principles whose watchwords are autonomy, trust and respect." The boss also advocates listening.Stéphane Richard also wants to create a "dozen" in "places of training for 20,000 manageurs group" and a stabilization of the workforce in 2010, with "3500 recruitment to offset departures"

Emerging in the viewfinder

Furthermore, the leader plans to spend 200 to 300 million customers worldwide by 2015. The strategic plan "Conquests 2015, and based on the development of communication networks. The officer also refers to "the conquest of the international, especially in emerging countries.

Stéphane Richard also announced the merger of France Telecom and Orange "well before 2015.

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The rating agencies squabble

Friday, July 2nd, 2010

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

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Bourbon Invests $ 2 billion

Friday, June 25th, 2010

Bourbon has unveiled this morning on its new 2011-2015 plan that includes selling its fleet of sixteen of its bulk to the U.S. Genco Shipping & Trading Ltd for 545 million dollars (440 million euros) and other non-core assets, for a total of 500 million euros.

The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

Trade Electrical trial Kerviel

Friday, June 11th, 2010

The first witnesses in the trial of Jerome Kerviel to show unfavorable to the former trader. However, the three lawyers of the Societe Generale seem nervous.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric, endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes."

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, while caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, his trio swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

The Paris Bourse should pause

Thursday, June 10th, 2010

The CAC 40 was up Wednesday night supported the closure through the reassuring words of Ben Bernanke, the Fed chief, after three consecutive sessions of decline. Other major European markets have also hoisted the green flag. In Frankfurt, the Dax gained 1.98%. In London, the Footsie has won 1.15%.

Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

And Thursday morning, Asian stock markets confirms the renewed investor optimism. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

Industrial production in France in April will be known at 8:45. At the same time, figures on employment in the first quarter will be released by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today.A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly no teletrack payday loan.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

Air France-KLMSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total oil group participates in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

Renault head to change the financial department. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys The Strategic Investment Fund (ISF) has announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, which is expected to become CEO in 2011, to succeed Gerard Buffière.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday. A first for the family business.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

EADS Eurofighter has launched negotiations with Germany, Spain, Britain and Italy to convince these countries to invest 10 billion euros in the next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

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