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PSA Peugeot Citroen revives profits

Wednesday, July 28th, 2010

Good omens for the second part of the year. Car manufacturers have apparently he ate their black bread, with regard to publication of interim results of PSA Peugeot Citroen. The Peugeot group, led by Philippe Varin announced a purchase 20.8% of sales to 28.39 billion euros. Group structure and constant exchange rates, the growth was 15.5%. This strong sales growth is put down to the success of new models and a well-oriented global demand, particularly in a country like China.

As for results, they represent a significant increase especially back in the green. The operating result thus 1.137 billion (826 million loss a year earlier). The division "Cars" which last year had been heavily impacted by the economic situation recovers and returns to profit significantly to 525 million (904 million loss a year earlier).

Operating income is expected to approach 1.5 billion by 2010

The turnover of the division "Cars" was up 13.5% to 21 1 billion in the first half of 2010. One generated by sales of new vehicles rose by 14.7% to 15 820 billion, reflecting a record number of sales.

As for the net, it appears also in positive territory at 680 million euros against a deficit of 962 million a year ago. Per share, the result stood at EUR 3 (-4.24 euros at end-June 2009) faxless cash advance.

For the year 2010, the group expects a decline of 7% of car market in Europe, a double-digit growth in China and a significant growth in sales in Latin America.

Despite Europe's environment more difficult over the coming months and the usual seasonal pattern, the division "Cars" should be close to balance in the second half. In this context, the Group anticipates an operating profit of around 1.5 billion euros.

The best in China

The group noted a significant improvement in the profitability of its joint venture in China with Dong Feng. Vehicle sales rose 50% to 176,000 units and net income group share was 97 million euros.

What give heartened to Philippe Varin, the boss of the manufacturer.Quoted in the press, he said: "The Group is now in running order to reconnect with sustained profitability. Good first half results reflect our market share gains and the impact of Plan Performance. The creation of a second joint venture in China represents a major step in developing our operations outside Europe. It makes us confident in our ability to achieve half of our vehicle sales in markets outside Europe by 2015, against third early in the year 2010. "

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Workers at GM approved the recovery plan

Tuesday, July 20th, 2010

The verdict came last night, employees of the American manufacturer in Strasbourg agreed to make concessions to keep their jobs. The vote held yesterday are unambiguous: the employees of General Motors in Strasbourg overwhelmingly approved the recovery plan of the new GM entity. They thus accepted the wage freeze for two years and a waiver of more than one third of the 17 days of RTT. Measures that conditioned the purchase of new GM plant because the agreement to return the site only if the cost of labor decreased by 10% without downsizing.

Of the 929 voters (out of 957 employees at the site, a rate of 97%), 645 voted for the plan (70.65%), while 268 voted against (29.35%) told AFP a CFDT delegate (majority), Union co-organizer of the vote along with the FOR and CFTC.Hostile takeover plan, the CGT had called on his side to vote "no."

GM management Strasbourg was immediately welcomed the "strong approval", saying that "this result shows that employees have understood that the future of the site and its 1,150 jobs is a priority."

The Strasbourg plant which manufactures gearboxes for automobile manufacturers, including BMW, sought a buyer since the bankruptcy of the former American group. Born last year, the new GM, General Motors Company (GMC), is owned 60% by the U.S. federal government.

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Total is preparing to reopen the plant in Dunkirk

Friday, July 16th, 2010

Although the proceedings before the High Court tribuanl Nanterre to challenge the decision of the Court of Appeal of Douai forcing it to reopen its Dunkirk refinery, although the activity will resume Monday at the Flanders refinery of the Total Group in Dunkirk .

According to the union South, "Total and bends to the court decision of the Court of Appeal of Douai, which ordered the restart of the refinery. The court ordered on June 30 to restart the Flanders refinery within 15 days under penalty of 100,000 euros per day of delay, for failure to inform employee representatives.

The oil company had decided to turn 12 July to lodge an appeal and to refer the Tribunal de Grande Instance of Nanterre to decide the merits of the case. A hearing must be held September 17.

"The degassing plant should begin from Monday.It is a prerequisite, whatever the scenario for the future of the refinery that is to say either restarting the activity or the implementation of the conversion plan of the site " , told Agence France Presse (AFP) A spokesman for Total. For employees, it is a "victory" and the "first step in restarting the site," said Philip Wullens in turn, delegate to the refinery south of Flanders.

The activity of the Flanders refinery were interrupted in September 2009 before the March 8 management confirms its final decision, citing overcapacity in France.The employees went on strike on 12 January to protest against the lack of information about their future.

All of the 367 employees and subcontractors are expected to resume work on Monday in 14 hours, said Philip Wullens, stating that "the moment the picket line facilities will be maintained on the site."

The operations consist of evacuating the degassing units and pipes in the refinery, gas and existing products, which were introduced in September to maintain the facilities in state. "This will take several weeks or months, and will be followed by an inspection to determine if the site is again able to operate safely," said Executive Officer of Total.

In the meantime, "the full strength and all subcontractors will be maintained.This is not negligible, and for us, is above all a great relief, "said Philip Wullens yet. He added: However, "we remain very vigilant regarding the implementation of the restart and continued litigation.

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Wall Street is evolving in a piecemeal

Monday, July 12th, 2010

The caution is in U.S. markets on Monday. As we enter the ball of the first quarterly results on Monday, including Alcoa's after-hours trade, the U.S. markets move in an uncoordinated manner. The Dow Jones lost 0.09% to 10,189 points, in contrast, the Nasdaq advance of 0.56% to 2209 points and the S & P 500 gained 0.01% to 1078 points. Friday, Wall Street closed higher in very small volumes before the opening of the quarterly earnings season. The Dow Jones rose by 0.58% at 10,197 points, the Nasdaq 0.97% to 2196 points and the Standard & Poor's 500 by 0.72% to 1077 points.

The euro under $ 1.26

On the foreign exchange market, the euro has further retreated from Monday to below $ 1.26, on a foreign exchange market characterized by a weaker yen due to the electoral defeat of the ruling party in Japan and Pending results of the first companies in the United States.In the eurozone, the key event of the week will be put on the market for Treasury bills Greek tomorrow, the first since the announcement of the bailout of the European Union and the IMF in May

The week will be rich in promises of economic indicators in North America. In addition to the cascade of results expected in the coming days, markets will look especially to the publication of the minutes of the last meeting of the Monetary Policy Committee of the Federal Reserve on Wednesday.They will look particularly at whether the Fed fears that the crisis of sovereign debt in Europe weigh on U.S. growth.

The ball starts quarterly results

In the absence of major macroeconomic publications on Monday, the market should focus on the first quarterly results announcements in the United States.

As always, the kick the ball in quarterly results, will be given by the aluminum giant Alcoa today after closing. Follow in the week the groups technology Google, AMD or Intel, and banks JPMorgan and Bank of America. The figures will be scrutinized with JPMorgan special attention because many investors believe that it is the financial will signal a rebound in real markets.

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AGBANK expected to raise more than $ 22 billion

Wednesday, July 7th, 2010

The official announcement will take place tomorrow. But sources familiar with the matter, Agricultural Bank of China (AGBANK), China's third largest bank, on Tuesday set the prices of its dual IPO in Shanghai next July 15 and in Hong Kong Tuesday.

In Shanghai, the price stood at the top of its indicative range which started at 2.52 yuan. AGBANK and sell for 22.24 billion yuan-denominated shares at a price of 2.68 yuan coin, or 59.6 billion yuan (8.8 billion dollars).

In Hong Kong, AGBANK sold 25.4 billion shares, representing 8% of its enlarged capital, at a price of 3.20 Hong Kong dollars part, totaling U.S. $ 10.4 billion, reports Reuters.

Offer oversubscribed

According to reports from Reuters, the offer of AGBANK in Shanghai was 20 times oversubscribed by institutional investors.In Hong Kong, the institutional demand came from Asia to 4%, 30% U.S. 25% Europe you saving account payday loan. Individuals have however shown little enthusiasm in Shanghai, like Hong Kong.

In total, AGBANK rise $ 19.3 billion through its dual listing and even 22.2 billion dollars if the over-allotment option is exercised. It is widely expected in the financial sphere. This would become the largest ever in the world.Previously, the largest IPO was that of javait Industrial & Commercial Bank of China with 21.9 billion in 2006.

The IPO allotment option included, values AGBANK about 150 billion dollars (nearly 120 billion euros), making it the fourth largest bank in terms of global market capitalization behind ICBC, China Construction Bank and HSBC .

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Naouri: "Making coffee capsules is not allowed!"

Monday, June 28th, 2010

The morale of French households do not appear to promote a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth registered by the dealer Etienne abroad (10.2% in the first quarter, after 5% last year) largely offset the decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of losing his job and has increased the concern about the standard of living reached a record high since 2007.The French prefer the job security to their purchasing power and their career. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. The France is no longer in a situation of risk of deflation, interest rates are permanently lower guarantee for the future and the weak euro is an element of revival. The figures, including our own business performance, are better that one or two years.

Consumer behavior changes there?

We found two relatively recent trends: first, in an environment perceived as more complex, consumers no longer want it decides for them. They want to regain control over the quality of products, their origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have an edge in this field, for we have long since put its proximity to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use, carbon footprint, or that they are no palm oil and gluten free. We just set up within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino in making choices on offer. We also test innovative book-entry systems allow customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and home furnishings. Casino has no reason to separate from Géant Casino. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know growth significantly, which boosts the growth of overall revenue of the Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we accelerate the pace of renovation of retail outlets every week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue growing at double-digit turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

Nestle has taken action against Casino, which distributes coffee capsules Nespresso competing …

Making coffee capsules is not allowed! You know, in this area, the magistrate is the customer. He has to decide which coffee is better.It turns out that since our Casino capsules are on sale in the Paris region, the top-selling product in our store … We will soon sell them near St. Stephen and the webcast will be gradually extended throughout our network .

The major French retailers have started savings plans that have a significant impact on their workforce. How do you handle this situation, so that distributors suffer a bad reputation of employers, with a high turnover rate and the employment of older low?

We continue to hire in our stores and discount and the number of tellers has not declined. With hindsight, we can say today that the ticket machines do not destroy jobs. Overall, our social indicators are improving. Absenteeism and turnover have decreased in recent months.This is the result of an ambitious social policy and belief that diversity in all its forms is a chance for the group. Thus, we installed in a series of specific measures to promote gender equality and we are committed to recruit 500 people over the age of 50 over three years. Concerning disability, Casino went beyond the legal quota of 6%, with 9.8% of employees concerned.

Some of your franchisees Franprix remain open illegally on Sundays after 13 hours? Do you think the evolving regulatory environment?

The Casino has always respected the law, including work on Sundays. The cases you refer to only a few franchisees that do not represent the position of the group. However, we intend to respect the law and they have made it very firmly.This issue is societal debate but attitudes and practices are changing.

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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.

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Titles restaurant to pay its yoghurt

Tuesday, June 22nd, 2010

Employees benefiting from restaurant vouchers will soon lunch a pleasant change. Christine Lagarde, Minister of Economy, hopes to "quickly" to sign a decree extending the application of this method of payment in convenience stores, super and hypermarkets.All fruit and vegetables and dairy products (milk carton of yogurt to cheese through) can be resolved in this way.

Specifically, holders of securities (Ticket Restaurant, Cheque restaurant, lunch voucher, voucher table) may offer yogurt and fruit as a breakfast without these products come with a "heart meal (sandwich, casserole fresh, frozen or canned, prepared salads and salad), as set up a charter in force since 1 March between retail and restaurant National Securities Commission (NTRC).

This text, which limits the use to two titles per checkout, had framed the scope of application of restaurant vouchers. The purchase of dairy products was already in effect accompany the famous "heart of meals."The next order will make lawful use hitherto only tolerated at the margin (the purchase of dairy products) and expand the use of meal voucher for the purchase of all fruits and vegetables, not only those immediately consumable. This means that a basket of securities paid restaurant may contain raw vegetables such as broccoli and potatoes … In the entourage of Christine Lagarde, one highlights the benefits of this extension for both health and for the agricultural sector.

"The ink is barely dry, it says, however Bercy. We are awaiting the official presentation of the report of the Working Group. "The latter was established in March, due to abuses in the supermarkets.Some users of securities not hesitate to make part of their grocery shopping with this method of payment, while the system is designed to enable employees, in particular SMEs, to pay their lunch to tax-advantaged, like those enjoyed by employees of large companies often have an in-house restaurant.

The restaurateurs are preparing to respond

Another important point Bercy wants to increase very significantly the number of outlets which can be used for the restaurant vouchers to spend from 4,000 to 10,000.These guidelines are intended to clarify practices that have evolved in recent years.

In 2009, the share of debt redemption made to the restaurant food surfaces (hypermarkets, supermarkets, convenience stores) reached 20%, according to the NTRC, exceeding for the first time that the "similar restaurants (bakeries, delicatessens and caterers) at 19%. Directly concerned, the traditional dining and fast, which became the lion's share (61%), waiting to know the exact contents of the decree to react.

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Wall Street chooses the rise

Tuesday, June 15th, 2010

Tuesday's session starts on a positive note. A few seconds after the opening, the Dow Jones is 0.66% at 10,258 points, the Nasdaq climbed 0.62% to 2258 points and the S & P wins 0.58% to 1096 points.

On Monday, after having risen during the session, the Dow Jones fell into the red after a further deterioration of Greece's debt by Moody's. At the finish, the Dow Jones dropped 0.20% while the Nasdaq has eaten 0.02%.

On Tuesday, markets were reassured by national indicators considered generally positive. The subscript "Empire State" measuring the evolution of manufacturing in the state of New York continued to rise in June although employment has declined sharply, according to the regional Federal Reserve. The index stood at 19.57 against 19.11 in June in May

Also note, the import prices in the U.S., who have registered their biggest drop in ten months in May because of the plunge in prices of petroleum products.

U.S. investors are also added reassuring the reaction of European markets after the announcement of the deterioration of the debt rating by Moody's greek last night. The evolution of the euro (which returns above the $ 1.22) has become a yardstick of investor appetite for risky assets. But auctions Spanish, Irish and Belgian reassured markets on the debt problems of the region despite the lowering of the Greek sovereign rating speculative grade by Moody's.

BP, still under pressure

On the side of values, BP shares traded on the NYSE are attacked again, facing political pressure on the British group: they fall from 1.29% to 30.39 dollars. According to the parliamentary committee of inquiry of Congress, BP took risks to save money in the drilling of Macondo, the source of the spill in the Gulf of Mexico. A hearing leaders of the group is scheduled today before this Committee and President Barack Obama has a speech tonight faxless pay day loans.

In addition, Fitch downgraded six notches Tuesday of the memorandum of oil due to higher estimated cost for compensation of victims of the spill.

The media group News Corp. (0.61% to 13.20 dollars) submitted to the British BSkyB, which already owns 39%, a bid rejected for being too low, but both companies are continuing discussions with a view a friendly offer.

Apple (1.21% to 257.36 euros) announced Tuesday the launch of a new version of its Mac mini personal computer, its entry-level model, sold from $ 699.

Best buy (-5.94% to 38.61 dollars) Tuesday reported a bpa of 36 cents under its first quarter and a turnover up 7% to 10.8 billion dollars. The consensus of analysts polled by Reuters gave an bpa 50 cents on revenue of 10.930 billion dollars.

Pepsico (0.58% to 64.22 dollars), the world's number two soft drinks, has no plans to split its bottling subsidiaries, whose capital it has recently risen to 100%, said Monday one of its leaders, Tom Greco, while his arch rival Coca-Cola has hinted he might go that route. He added that the buyout of minority other bottlers not among the priorities of PepsiCo but it could be a buyer if some shareholders wanted to sell their shares.

Hershey (-0.26% to 50.75 dollars) said on Monday forecast earnings per share (EPS) 2010 adjusted between 2.47 and $ 2.52, in line with the consensus. It also anticipates a turnover up 6 to 7% in 2010 compared to 2009.Hershey plans to cut between 500 and 600 jobs, or 5% of its workforce, as part of a restructuring plan and cost savings of 60 to 80 million dollars (49 to 65 million euros) per year.

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Fillon wants to reduce spending by 45 billion euros

Monday, June 14th, 2010

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added no fax pay day loan.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

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