"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.

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 return of stock market battles

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.

The preferred placement of the French reported below inflation which rebounded 1.4% in June compared to last year. Probable, the French have done in May last more withdrawals from their savings books that they have deposited money, announced the TFB end June A first since the beginning of 2010 online payday advance.

With 183.4 billion euros placed at the end of 2009, Book A is favored by the French more than ever.According to a report just released by the Observatory of regulated savings, there were no fewer than 59.3 million savings books (and blue, distributed by credit unions), to nearly 65 million people! With the 600,000 booklets initiated by associations, the French have nearly 60 million booklets A. Or 10 million more than the end of 2008. By law, yet each person can hold a booklet A.

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"France has 60 million savings books

"The rate of the Livret A record 1.75%

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.

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. "

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.

Canada, which will host on June 26 in Toronto the next summit of G20 leaders, as well as Australia and Japan have argued that their banks should not pay for the mistakes of their American and European counterparts. An application supported by big emerging countries like Brazil and India argued that their banking sector is healthy and does not require the establishment of a security background. "This is a view somewhat optimistic" said Dominique Strauss-Kahn, the IMF head who introduced new tax proposals in Busan.

The South Korean Presidential G20 hopes to win here at their summit in Seoul in November, an agreement on guidelines that would frame the future bank charges while leaving wide latitude to reluctant countries.

The French telecoms operator and the Danish TDC, parent company of Sunrise, have said in a statement that an analysis "detailed" the situation had led them to decide to stop their discussions.

"An appeal to the Federal Administrative Court will also be removed," added the two groups.

The Competition Commission (Competition Commission) in Switzerland has prohibited the merger in April between Orange Communications, Swiss subsidiary of France Telecom, and Sunrise Communications, the second mobile operator in Switzerland. The Commission had noted that the scale resulting from the merger would have created, together with a number Swisscom, a collective dominant position.

This legal setback in Switzerland should not call into question the policy of merger and acquisition of the operator, however, had said the leaders of France Telecom several times in recent weeks. On April 29, when the annual results of the group, CFO of Orange, Gervais Pelissier, was still reported to remain "convinced that having a strong second operator in Switzerland, Swisscom side, is the way to recover dynamics of competition in the years ahead. "

Always looking for new growth

France Telecom is still looking for consolidation opportunities in mature markets, as well as targets in emerging markets, particularly in Africa and the Middle East.

Switzerland accounts for less than 1% of global sales group, and less than 1.5% of its EBITDA.Orange Switzerland, 100% subsidiary of France Telecom and third mobile operator in the Confederation, was done last year a turnover of 1.3 billion Swiss francs (924 million) with approximately 1156 employees.

Sunrise is in turn the number two industry in Switzerland, with sales of 9.9 billion kroner (1.3 billion euros) conducted in 2009.