After ending a series of five consecutive sessions of decline Wednesday, the Paris Bourse is expected to continue into the red on Thursday. In the wake of the Asian markets this morning, the CAC 40 should reserve an icy about Ben Bernanke on the U.S. economic recovery. Judge it still too slow and the outlook remains uncertain, paving the way for new measures to support monetary policy. These ads were yesterday meant to topple the Red Wall Street, while the American stock market was moving in the green throughout the session.
This Thursday, new indicators are expected in the United States. In early afternoon, the Labor Department will release weekly listings for unemployment benefits. Next came home resales and the composite index of economic activity in the month of June.In France, INSEE unveil its monthly business survey in industry and business climate in July.
Investors also await with anticipation the release Friday of the results of resistance testing What happened to the European banks. In an interview with Le Figaro, the Minister of Economy Christine Lagarde said she was "totally confident" about the results of French banks.
Banks and cars to monitor values
The banking sector will be monitoring this particular Thursday, the eve of the results of stress tests of European banks. So far, BNP Paribas, Societe Generale, Dexia Crédit Agricole or have stood the wait.
Another sector with a view: the car.The supplier Faurecia announced before the market coming out of the red in the first half of 2010, net income of 102 million euros against a loss of 365 million a year earlier. The group has also sharply raised its guidance for full year credit score. Peugeot and Renault should react to this new optimistic that counterbalances the announcement of a sharp decline in car registrations in Europe in June
Still on publications, Remy Cointreau announced a turnover in the first quarter of 2010-2011 of 170 million euros, up 23.6%. The group will propose a dividend of 1.30 euro to the general meeting of July 27, 2010.
Plastic Omnium has expressed a net profit of 72.3 million euros in the first half against 8 million euros a year earlier.Turnover amounted to 1.518 billion euros and the group expects a second half "dynamic".
Technip issued a decline in net income of 8.7% to 106.1 million euros for a turnover down 14.3% to 1.48 billion euros. The objectives are confirmed.
Naproxcinod of Nicox rejected the U.S.
NicOx could be heckled. The FDA, the authority of medicine in the United States, has rejected his request for the U.S. market Naproxcinod of this treatment against osteoarthritis, a product NicOx expects a lot.
Unibail-Rodamco Wednesday decided to distribute 1.8 billion euros to its shareholders, or 20 euros per share in respect of a return of capital. The land has issued a recurring earnings per share of 4.70 euros in the first half of 2010.The band reveal all its first-half results after market close.
NRJ said Wednesday sales fell 0.6% in the first half of 2010, 165.2 million euros, penalized by the decision of the musical Cleopatra.
Pernod Ricard, Bongrain and Ubisoft will also release after the market closes.
Note that Novagali be rated for the first time at the Paris Bourse. The price was set at 3.40 euros per share.
The markets expected better from Google. The U.S. computer giant on Thursday posted a sharp rise in net profit and turnover for the second quarter. But net profit rose less than expected by analysts. "This is the result of a maturing society which is still growing and still has growth before it," said analyst Jon Ogg on 247Wallst.com. So much so that in electronic trading after-hours trade on Thursday, Google stock lost about 4% to 474.50 dollars.
The net profit up 24.3% over the year totaled $ 1.84 billion for the second quarter. But compared to the number of shares and excluding exceptional items, it is up to $ 6.45, while analysts were expecting 6.52."The trend over the results Google is disappointment," notes Jon Ogg, noting that it was the second time in three months that Google stock back to the publication of its quarterly results.
S & P welcomes financial profile "solid" by Google
But out of Google, we preferred to emphasize a "solid" second quarter. "We saw strength in key product categories, more and more traditional advertisers are putting advertising in the search engine, and major advertisers increasingly launching integrated campaigns among advertising research, picture ads and ads on mobile devices, "said Eric Schmidt, CEO of Google, said in a statement. Performance also welcomed by the rating agency Standard & Poor's on Thursday gave Google a "AA-", the fourth highest grade with a stable outlook.S & P praised the "extremely strong financial profile and strong leadership in its sector" of Google.
The turnover of the group has indeed risen from 24% in one year, 6.82 billion dollars, exceeding expectations. For the first three months of the year, revenues showed an increase of 1%, while several analysts were expecting a decline. In fact, revenues have declined only in Great Britain. A decline offset by growth in other areas, In particular with Brazil, India, Russia and "even in France," the company said.
Google made to continue to invest "heavily"
In a teleconference with analysts on Thursday, Chief Financial Officer Patrick Pichette said Google's presence in all segments of Internet advertising. For him, YouTube has become "a must" for advertisers, and "a great event for us."His analysis has been shared by some of his audience. "We believe that the current markets and future of Google, in research on computer sets and telephones, picture ads and YouTube, have sufficient opportunities for growth and revenue to generate a positive return on investment", believes Mark Mahaney, an analyst at Citigroup.
A strategic partnership with Omnicom
The CFO of Google has also used the conference to announce a strategic partnership with the advertising group Omnicom in the field of comic inserts. Advertising group agrees to purchase advertising space for clients to hundreds of millions of dollars. In exchange, Google will build with Omnicom platform buying and selling advertising.The software giant plans to "continue to invest heavily" by the end of the year. ALSO READ:
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This is the most reassuring news announced by the U.S. authorities for more than two months. According to Coast Guard Admiral Thad Allen American to oversee cleanup operations in the Gulf of Mexico, BP should be able to contain 100% the gap in the well from which oil flows to by Monday. A new funnel, bigger than previous ones, is currently installed by the British oil.
This funnel, called "Top Hat Number 10", should recover up to 80,000 barrels of oil per day (12.7 million liters), against 25,000 now. The authorities are optimistic that based on their assessments, the well lost more than 60,000 barrels per day. The previous dome will be first removed. A large quantity of oil escape so well for 48 hours.But once the new funnel posed, the results will be immediate, promises Thad Allen.
Since April 20, the day of the explosion of the Deepwater Horizon platform off the coast of Louisiana, BP has increased its attempts to clogging, all unsuccessful.
No stop before August
BP was more cautious in its forecasts. Bob Dudley, responsible for managing the disaster, spoke of another scenario where difficulties in installing the new funnel could delay the time from Monday to Thursday.
But authorities are confident: "We have the climate we need," said Thad Allen. The admiral, however, required to calm the enthusiasm that followed the announcement. "I used the word 'contain' and not 'stop'," he commented. According to him, the well would not be closed as well as two-pass will not be completed.These wells, dug deep to inject cement and mud, should not be installed until mid-August. Once the leak stopped, the extensive cleaning and restoration of the ratings will continue.
Anadarko does not pay
On this last point, BP was again struck Friday denied Anadarko Petroleum. The company, which owns 25% of wells responsible for the spill, said she would not pay the $ 272 million that BP is asking her to cover their share of cleanup costs, according to U.S. law known pollution.
On June 18, the tension was raised a notch between the two partners lorsqu'Anadarko stated that the explosion of April 20 on the platform Deepwater Horizon, "was preventable and was a direct result of decisions and actions BP unthinking.
In another e-mail sent Friday, a spokesman for Anadarko, John Christiansen, however, felt that his group remained "committed to working in good faith with BP to reach a satisfactory resolution."
BP is now awaiting the response of Mitsui, which owns 10% of the wells. The British oil giant is claiming $ 112 million for cleanup costs. The company has not yet made its position.
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INFO LE FIGARO – The defense saved the day during the budgetary decisions. According to our information, the budget of this department will be frozen in 2011. But it will increase by 450 million euros in 2012 and 500 million in 2013. From 2011 to 2013, allocations to the Defence grow by 3.1% in value, while the overall amount given to departments fall of 0.2%.
However, the Defence should have more, $ 3.5 billion over three years if the military budget law, which was planning an increase in expenditures had been met. But the roadmap is no longer tenable given the magnitude of deficit payday loans for self employed. In addition, Defence will recover about $ 2 billion windfall, thanks to the sale of real estate and radio frequencies.Result, the department will not have to increase efforts at downsizing. Neither cutting into programs renegotiated in 2009 as the multimission frigates Frem or equipment Felin infantry (even if the payment could be later). However, some programs not yet started should be deferred. And the operating budget will be reduced.
European Banks Are they healthy? The question that torments the markets will soon find an answer. Indeed, European leaders have agreed to the request of France and gave the green light to publish the detailed results of stress tests (stress test "in English) which are subject garndes their banks. The 27 hoping to reassure markets worried discover surprises.
These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.
First published in late July
Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the reverse case, Christine Lagarde said the banks to recapitalize.
Madrid triggers debate
The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."
Banks reluctant
Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.
Successful tests of Moody's
The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.
Some creditors of Lehman Brothers International Europe could be reimbursed for money they are owed more quickly than expected. PricewaterhouseCoopers (PwC), the firm responsible for the liquidation of the defunct bank, has announced on Wednesday he would propose a "consensus approach" to the creditors 'ordinary', that is to say those who do not receive any priority. This approach would allow administrators PwC to assess themselves the debts of Lehman Brothers Europe instead of letting each of the 6,500 creditors of the bank with it according the approach known as "bilateral."
This method would pay most creditors in 2011 instead of 2013 at the earliest if each application was treated separately.But Steve Pearson, a partner at PwC and co-director of Lehman Brothers Europe quoted by the Financial Times on Wednesday said that in return, most creditors will expect reimbursement below their expectations.
A novel approach
Steve Pearson stressed that the consensus approach is a first, necessitated by the complex situation of Lehman Brothers Europe overnight pay day loans. It will save "a lot of time and money to both creditors and to Lehman Brothers International Europe. "What we wanted to do was something ambitious to make their money from creditors who need it," he said in the Wall Street Journal.
The sudden bankruptcy of Lehman Brothers September 15, 2008 has trapped some 6,500 creditors, mostly banks and insurance companies.Some estimate that the total amount owed by the bank amount to 22 billion dollars (about 17.9 billion euros). Aware that his proposal would probably not win the votes of creditors of the bank, Steve Pearson said that the consensus approach would be adopted only if 90% of unsecured creditors gave their consent.
In addition, the Financial Times reveals that Ernst & Young is under investigation in the United Kingdom on the audit that the firm conducted at Lehman Brothers before its bankruptcy. Ernst & Young has announced that it was cooperating and he reaffirmed that "the balance sheets of Lehman this year were relatively consistent with accounting standards.
Tuesday, opens in Los Angeles at E3, the world exhibition of video games. After a difficult year 2009, particularly for console games, the market could see a modest growth in 2010, under strongman Activision Blizzard, the first publisher in the world, a subsidiary of Vivendi. From the top of 4.28 billion in sales last year, the group seems untouchable: it attracts 11.5 million subscribers in its network game World of Warcraft. However, the sector remains fragile: "The market fell by 20% in Great Britain," warns Yves Guillemot, CEO of Ubisoft. The "decline is about 10% in France for PC gaming," said Philippe Sauze, the head of the subsidiary of Electronic Arts, its chief Olympique Lyonnais. But its economic weight is high.The global market for game software grew over 50% in three years, reaching $ 46.5 billion in 2009, against 30.3 in 2006, says Strategy Analytics.
Le Figaro. – What are your predictions for the sector in 2010?
Bobby Kotick – Companies have disappointing results when they are faced with a lack of creativity and innovation. Last year was a fantastic exercise for Activision Blizzard. Our outlook remains positive for 2010, thanks to our range of products. Our position is different from that of our competitors because more than 50% of our profits come not from the consoles. Overall, I think the video game market should grow slightly this year. But we need that Sony and Microsoft will further reduce the price of their consoles, especially in Europe.It seems clear that the higher the price of consoles is low, more games are selling well and the market grows.
The video game lobby E3 is placed under the sign of new interfaces. Will this upset the way he play?
The new interfaces are important, especially in Natal Microsoft Project and Move System from Sony. These technologies help to renew the interest of players and attract new audiences. Similarly, Nintendo 3DS is innovative and it indicates that everyone seeks to differentiate its products from other consoles. But the key element is the price quick pay day loan.We still have much work to be done to further simplify the use of games and ensure that equipment is simple to use.
What do you expect the Big Three, Nintendo, Microsoft and Sony?
Nintendo will not herald major advances for the Wii. But 3DS, with its screen in relief, is a very attractive product. The Xbox 360 is expected to benefit from innovations in online services Live. Finally, Sony has done a very good job with the PS3 is a console game player and a Blu-ray. I think all three console manufacturers are in better shape than last year. In addition, new ways to play show through the iPhone, iPad and televisions. But as the installed base remains weak, we invest prudently.
Facebook has given birth to publishers of small games, such as Zynga.What are your ambitions in social networking?
Facebook represents enormous opportunities for the future, not immediate. Again, we do not want to be first, but the best. We have the flexibility to develop our own games for new platforms, as we did for the iPhone.
What is your assessment for "Call of Duty: Modern Warfare 2?
We have already sold over 20 million games. We have extensive plans for Call of Duty for five years. It has become a group activity. We have created four divisions, one for Call of Duty, one for network games like World of Warcraft (WoW), one third for musical games and a fourth for our licenses. The organization of the group is in line with the market.
What are your major projects?
Star Craft II: Wings of Liberty and Battle.net are very important.It's the same for Cataclysm, the upcoming expansion of WoW, and new versions of Guitar Hero, DJ Hero. Finally, we develop an online service for Call of Duty. I think we have the best range of games in our history.
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The 2009 winter was mild for the group Club Mediterranee. During this semester, the first of its 2009-2010 fiscal year, the leisure group has indeed returned to profitability, generating a net profit of 3 million euros. Last year at the same time, it showed a loss of 22 million and in 2008, the winter had ended on a loss of 9 million euros.
The Group's turnover decreased by 5.5% during the winter of 2010 compared to the same tourist season in 2009. This decline reflects a market "sluggish" and the impact of the ash cloud generated by the volcanic eruption in Iceland, which paralyzed air traffic in April, the company said in a statement released Friday. This damage has impacted the group's net profit amounting to 5.6 million, including 3.7 million on operating profit (OCR) Activity Village.The ROC Villages is nevertheless clear to 28 million euros in the first half, marking an increase of 16% compared to winter 2009. The ROC Heritage rebounded, but remains negative: operating loss from this activity on a year from 20 million to three million.
The EBITDA margin of villages has increased by 3 points in four years, and now stands at 9.1%. The decrease in revenue per available bed (-5.7%) due to the decline in occupancy rates, which fell by 4.3 point. The average price of the day hôtellerière has indeed maintained: it stood at 146.40 euros, down 20 cents compared to prices recorded during the winter of 2009.
At the end of the half year, Club Med displays a cash balance of 21 million euros, against a borrowing of 18 million last year at the same time.Proceeds from disposals have reported that Club Med 2 million euros, an amount six times less than that received from sales of assets during the first half of 2009. The group's net debt has been pared down over 30% in one year, to $ 218 million.
Accelerating China
Club Med said it will accelerate its development in China this year, reaching 30,000 clients in the country and become "the leader of high quality vacation all inclusive. Chinese customers has grown 40% in winter 2010 compared to the same period in 2009.
Club Med will open its first holiday village in China "in November as scheduled. After this site that must leave land to Yabuli "famous ski resort in the north-east, four holiday villages should be built in China by 2015.At that time, Club Med is 200,000 customers in China. To achieve this goal and "to strengthen its development," the group says it "led discussions on an industrial partnership with a Chinese group."
Club Med is expecting a good summer
The Summer is also favorable for the group. Welcomed the results of winter, Henri Giscard d'Estaing, the CEO of Club Mediterranee, underlines that "the level of bookings was already showing the number of customers higher than last summer due to late booking. Bookings have increased 18% and over the last eight weeks. During the period, bookings have increased by 11.2% in Europe, 40.4% in the Americas and 42% in Asia.
The total volume to date of summer bookings remains "online" (-0.9%) with their level at the same time last year.Europe attracts fewer (-4.4%) while America and Asia recorded an increase in demand, respectively 13.8% and 18.1%.
Club Med says he will continue to move upmarket its holiday villages, so that two thirds of the accommodation capacity of the group are four or five "tridents", synonymous with luxury Club Med.
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Placed on oxygen last year, European manufacturers have yet to most tipped in red. And 2010 looks even more complicated for them they will have to relearn how to breathe alone. Due to the cessation or reduction of premiums for scrap, which had supported at arm's key markets of the Old Continent, PSA Peugeot Citro?n and anticipating a decline in European markets by 9% this year, a decline in Renault Ford 10% and a dip of 15%.
Good registrations in January and February (17.8% in France last month) "reflect only the orders taken in December, said Tuesday at the Geneva Motor Show, Carlos Ghosn CEO of Renault. The latter includes a decline in sales from the spring.
"We still expect a strong headwind in Germany and Europe in general," said his side Martin Winterkorn, head of Volkswagen.The German market, after taking off in 2009 with the premium snack, could lose more than one million cars this year. "Despite some positive economic indicators in some countries, consumer confidence, undermined by rising unemployment, is not sufficient to engage in buying a car, for its part says John Fleming, the owner Ford of Europe, which sees no strong recovery before 2011.
So, the price war is raging. "There is an increase in rebates charged, they are difficult market conditions, said John Fleming. We must find a balance between the gains in market share and promotional expenses realistic creditreport . "Let me convince you that we will redouble our commitment to quality, which is the heart of our society, under my direction," said Aiko Toyoda. The CEO said he would travel to the United States to explain about the reminders.
Aiko Toyoda also confirmed that Toyota will be able to immediately repair the defect on the Prius.However, the remedies are not yet ready for other models recalled, where the interruption of sales agreed in Japan. However, activity has resumed in North America, having been suspended. What Toyota does not deal with several lawsuits in partnership with the United States and Canada, from motorists who accuse it of concealing the existence of the defect of the pedal ' acceleration of their vehicles.
The Prius, whose first version dates from 1997, the hybrid car is the most sold worldwide, with about 1.5 million copies sold in late August 2009.It is central to the strategy of Toyota, whose goal is to sell more than one million hybrids worldwide each year.
At the Tokyo Stock Exchange, the share of Toyota rose about 2.89% to 3375 yen, investors saying it had fallen to a level undervalued.
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