"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.

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

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

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

The ECB decision on interest rates

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

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

Sopra and Vicat released yesterday after-hours

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

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

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

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

Sector Analysis

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

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

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

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

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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.

Sarkozy the American, the return. Dampened by the failure of regional confronted with doubts of his majority, battered in the polls, the president could not find better than this visit to the United States to escape the burdens hexagonal. The chances of diplomatic agenda sometimes things well. A discreet arrival Saturday in New York, along with Carla Sarkozy, the ritual of jogging in Central Park on Sunday morning, then a family day, away from cameras and microphones before the official on the scene Monday morning, with a speech at Columbia University.

The opportunity for Nicolas Sarkozy to urge "a friend" the United States to "work with Europe to invent a new global model", in order to regulate capitalism, stabilize currencies and improve governance World."If Europe and the United States do not invent this new model, nobody will," argued the head of state before several hundred students and professors from the prestigious University of New York. Amount to the podium in an imposing neoclassical dome, Nicolas Sarkozy has openly made his speech to his aide – "if you read this kills creativity", he said, before launching into a very controlled improvisation. "The crisis we've known we offer extraordinary opportunities," said the head of state. By asking the regulation of capitalism, I lay the groundwork that will save capitalism without rules is killing freedom, "he said, a few" blocks "of Wall Street, the epicenter of the financial earthquake.

"Irresponsible"

In the field of environment, access to raw materials, Nicolas Sarkozy has also called for support of the United States. "In two years, the price of oil has risen from 30 to 150 dollars, is this normal?," He noted. Have we no interest in laying the foundations for a regulation that would have a barrel to 80 dollars? "Even imperative of transatlantic cooperation for reform of global governance" that the United States and Europe must request. It will, he said, the resolution of major challenges such as Iran, against which "the alliance with the United States is fundamental, but also the fight against terrorism.

"We love you, admire you, we expect a lot from you," Nicolas Sarkozy has launched the Americans.A friend, therefore, but a demanding friend, who also does not hesitate to lecture the United States, calling for tolerance, "not closing" on themselves and listen to Europe. For, he launched the first world power, "no nation, however strong it is, can the twenty-first century impose its views to the world."

"Some hundreds of irresponsible done anything with the money of others is indefensible," he also said the French president, warned that "the same are ready to begin. "There are hundreds of thousands of Americans who lost their jobs because of this crisis, is this normal?" Asked by a student on the reform of the health system, Nicolas Sarkozy congratulated Barack Obama. But he also gave a pike: "When we see this debate on health, it was sometimes hard to believe, in Europe it is fifty years we have solved the problem.In France, we do not ask your credit card before going to hospital ", he shackled, before launching his audience:" Welcome to the club of states that do not allow people to fall sick! "

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Less than three months to designate the future boss of bosses, the first president of the federation MEDEF has actually set a roadmap can not be clearer for any candidate who would boast the support of the UIMM.

More collegiality

For him, this overhaul is necessary for a "governance reform of MEDEF" he deems perfect. "To better represent the enormous diversity of landscape entrepreneurial French, Medef needs a mode more college (… ), which requires an exemplary collaboration with all components and inter-professional ", justified Frederic Saint-Geours, as the text of his speech – the meeting took place behind closed doors.

The roles must be "clearly established" between a president "in entrepreneurial function, a general manager" responsible for services and the thriving community "and a college of elected officials" fully involved in the preparation position papers and public negotiations with the unions. " A thinly veiled criticism of Laurence Parisot, president of MEDEF, full time since 2005, who spent three CEOs in less than two years and who is accused of taking unilateral decisions.

However, no question of leaving the MEDEF, ensure UIMM – which is one of the most important components. Instead, a call was launched "to restore unity around the MEDEF employers'. Not without asking the end of "fratricidal quarrels" with CGPME – which is also UIMM stick – and the architects of the UPA.The "fierce competition" which engage the employers 'confederations' and display their differences "prove" suicidal for the employers and weaken its position vis-?-vis the government and unions. "

The president of the UIMM also wants to end "the milfoil employer" to approximate the structures (territorial chambers, trade associations, chambers of commerce …). Metallurgy promises to lead by example.

Becoming "the spokesman of the unanimous opinion" of the industrial enterprises that were surveyed in preparation for this convention, Frederic Saint-Geours has finally stated intention to develop cooperation with the federations of industry (chemical, textile … ) "on three common issues, including the promotion of an enabling environment for economic and social competitiveness of industrial enterprises and enhancing their businesses.In short, strengthening the "inter-industry level. Quit walking on beds of MEDEF. Again, Laurence Parisot appreciate …

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BHP proposes three options to its customers for contracts on coking coal: an annual listing and every two months for half of the offers, the possibility of reducing tender contracts between quarterly and half, and finally, publication of prices every three months.

According to Macquarie Group, is the first time an agreement on a three-month contract is signed in the steel sector.

Without any contact number, the group said it sold a "significant portion of its volume of coking coal for 2010.JFE Holdings, the second largest Japanese steelmaker, had said last Friday it had agreed to pay $ 200 per tonne over three months. For Jim Lennon, analyst at Macquarie, specialist materials, "the Japanese will prove more flexible on prices." Flexibility which could benefit BHP, Teck Resources, Xstrata, Mechel OAO, Rio Tinto Group, Alpha Natural Resources and Massey Energy.

The new contract for three months, for which Morgan Stanley anticipates a course at $ 222 per ton, beginning 1 April next year, according JFE. One that expires next March 31, is listed at $ 129 per tonne.

On February 26, Energy Publishing, which reports the data supply and demand in the major coal producing countries, has published three price indexes for coking coal."The pricing in the short term will be difficult to manage without a reliable index of the prices of coking coal, which is why the publication of these indexes comes at the right time for the coal markets," said Forrest Hill, President Energy Publishing.

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