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.

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.

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. "

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. "

Yi Tang – Rather than "slow", I prefer to use the term "consolidation". China has still a yoy growth of 10.3% in the second quarter. The Chinese economy has certainly been a highest of 11.9% in the first quarter of this year and two of the three engines of China's economic growth in infrastructure investment and consumption have in fact seen their share in gross domestic product ( GDP) decline, while exports increased. But this consolidation is a natural and even necessary to avoid overheating. Note that the consolidation levels are higher than last year at the same time.Now, the year 2009 was so exceptional for the Chinese economy as a result of comparison with this year will necessarily be less favorable. We expect GDP% between 9 and 10% in 2010 to China.

What impact is there on the Chinese stock markets?

Paradoxically, since the confirmation of the consolidation of the Chinese economy, Asian stock markets' performance rather positive. However, fears of overheating and "double dip" (recession followed by recovery and then a new relapse) had plagued the financial markets and new opportunities for the long-term investors on the Shanghai and Scholarships Hong Kong. We encourage individuals to return to Chinese equities from one or two months and are positive for twelve or eighteen months.We also note that investors have a vision of increasing long-term actions, while so far the Chinese were accustomed to behave as short-term approach and more sheepish than international investors. He must be aware of that being a portfolio manager is very young in this country: the first asset management companies in China were introduced in 1998.

The change of status of China, which moves from an economy driven by exports to an economy supported by domestic consumption, he will offer new opportunities for investors?

Absolutely. This change is very positive for China and especially since it is now confirmed. The country has long said he would change the economic model without it being proved by the figures. Quite the contrary. The share of domestic consumption in GDP fell between 2001 and 2007.But since 2008, the government has clearly realized its desire to boost domestic demand by increasing spending on health and grants for education or for poorer totally free credit score.

This change will he impact your portfolio allocation?

We will clearly strengthen us in the consumer values. Our specialists will visit various areas of the region and identify trends. We are generally positive on the cyclical sectors in which the valuations are relatively attractive.

We will also strengthen the real estate industry. Three months ago, the government has taken a series of measures in this field. While the sector has seen massive sales, we have to position ourselves.Since April, we recorded an increase of 20% for a pocket which represents only 6% of our portfolio. Finally, we are strengthening in the commodities sector, because we thought that economic activity remains strong in China, and that the sector is oversold.

Conversely, we will reduce the share of defensive stocks such as pharmaceuticals (6.5% to 2%) and telecommunications (15% to 12/13%), for which we won respectively 40% and 50% and between 11% and 20%. We believe, unlike other managers forced to remain invested through management benchmarked, that valuations are too high now. For the first time we have seen in China as heads of companies bought back shares with their own money. This confirms our fundamental belief that companies are good and that the Chinese economy remains in good health.Rather than trying to replicate the performance of an index, we prefer to focus on the fundamentals of companies and their level of recovery.

Agricultural Bank of China could become the biggest IPO. Have you positioned in this title?

We have not invested in Agricultural Bank of China because we believe that the action is too expensive. Moreover, we do not, in general, the market capitalization as a criterion for management. We are lacking in banking stocks for nearly two years, but gradually reinvest in this sector. If the fundamentals of the Chinese economy evolve only very rarely, the value of its businesses varies, it very quickly. We will focus again to the Agricultural Bank of China, where the valuations of financial stocks will be more attractive.

On the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks.In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

The session will be moderated somewhat in the macro, no indicator being expected that day, but many U.S. corporate results must be published in mid-day, including Coca-Cola and Wells Fargo banks and Morgan Stanley free credit score.

On the side of values, Apple released its quarterly after the close of Wall Street.The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.

Always on the side of values, the U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged.

Also note, the British oil giant BP, which is listed on Wall Street has reached an agreement on Tuesday with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which it s 'was hired to offset the cost of the spill.

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.

A statement that refers to the revelations published by the Financial Times Deutschland on Monday. The newspaper said Airbus would have in effect reduced its prices by at least 10% for each tank, compared to the offer already made in 2008. "Boeing said lowering its prices. I do not know, I do not have access to prices charged by Boeing and I have no comment on that. We have fixed a price with a goal of profitability.I think we're competitive, "said Louis Welsh.

"A situation more unfair"

EADS CEO also regretted the postponement of the publication by the World Trade Organization a report on the subsidies received by Boeing. Originally scheduled for mid-July, it should finally be delivered in September, even though a harsh report on public aid for its part, Airbus has benefited already been published paydayloan. "I am extremely frustrated. We find ourselves in a situation more and more unjust.[...] We will have a balanced view that when the two reports will be made, "said Louis Welsh, however, cautiously optimistic about his chances to take this strategic market.

"Impressed" by the relationship forged in the U.S. between its teams and the Pentagon, he said EADS had his chances to actually win the contract. A victory that would constitute a major strategic move for EADS, beyond the mere financial interest. For EADS wants long roots in the United States, by far the biggest world market for defense. "We must be in the United States is a huge market and clearly we must be winners," said Louis Welsh before calling the offensive EADS overseas would continue, with or without the contract tanker of pocket.Because whatever happens, it will "live" without this contract if the EADS bid was ultimately not successful, warned Louis Welsh.

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"Where is the world aviation?

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.