All My Thoughts

Lower earnings and sales of Thomson Reuters in Q2

July 29, 2010 – 8:05 am

Thomson Reuters Publishes earnings and quarterly sales decline, slightly below Wall Street expectations, but anticipates a return to revenue growth in the third quarter.

Its current operating profit fell 17% to 655 million dollars (500 million) and earnings per share adjusted income is 47 cents against 58 cents in the corresponding period last year.

Financial analysts on average expected earnings per share (EPS) of 48 cents according to Thomson Reuters I / B / E / S.

The quarterly revenue of supplier information and financial data has decreased by 2% to 3.22 billion dollars.The market was expecting 3.23 billion.

In the Markets division, which includes services to the financial sector, sales in decline by 4% compared to second quarter 2009 but appears to increase over the first three months of this year, its second sequential growth row.

The Board of the Professional Division, which includes databases and information services to other areas of law, accounting, science and health, increased 2%.

"If our markets only slowly improving, we see an acceleration results in terms of income, sales and net earnings of new customers for our products," said a statement from the Group Chief Executive Tom Glocer.

"Based on these encouraging trends we expect that Thomson Reuters will renew with the growth of sales in the third quarter."

The group reaffirms forecast for the entire 2010 sales flat to down slightly compared to 2009 and an improvement in net sales.

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The Elysee imposes a strategic alliance between EDF and Areva

July 27, 2010 – 6:10 pm

EDF and Areva will conclude a strategic partnership agreement covering all their areas of common interest in nuclear power, said Nicolas Sarkozy.

The possibility of a stake in the capital of EDF, Areva will be considered in the context of this agreement, the Elysee said in a statement.

A capital increase of Areva, "up to a maximum of 15%, will also be implemented as scheduled before the end of 2010 to finance the investments needed to develop the group.

The French presidency said that negotiations are already underway with industrial and financial investors, but said nothing about the future of Anne Lauvergeon head of the nuclear group.

"The problem has never arisen in terms of speakers for us," said a spokesman for Areva to question whether the news reinforced the president's Elysee Palace in his post.

The spokesman added that the group was pleased with the decisions announced by the state, recalling Anne Lauvergeon called his vows in March last overhaul of the partnership with EDF.

EDF has, meanwhile, declined comment.

Areva is currently controlled over 90% by the State, must carry out a capital increase estimated at three billion euros, which should mark the entry in its capital of international shareholders.

The operation aims to secure funding for an investment program of nearly ten billion euros by 2012.

Sovereign wealth funds from Qatar and Kuwait, and the Japanese group Mitsubishi Heavy Industries, are anticipated to participate in this fundraising.

The capital increase would be in addition to the sale last April by Areva's transmission and distribution division (T & D) to Alstom and Schneider Electric for 4.1 billion euros.

This decision of the Elysee was taken after examining a report on the future of the French nuclear industry commissioned in October 2009 and drafted under the authority of former President Francois Roussely EDF.

Nicolas Sarkozy had convened a "Council of nuclear policy.The Elysee said that decisions taken within that framework "aimed at strengthening the French nuclear industry, strategic element of energy policy and industrial France."

Regarding the export of nuclear, EDF and Areva will develop, "whenever the customer needs so require, an organization based on the expertise of an architect and operator-assembler EDF" , said the French presidency.

This agreement, non-exclusive, however, deliver not affect the ability of both companies to cooperate with other industrial sector.

THE LESSONS OF THE FIASCO OF ABU DHABI

The products offered by the French industry will also be expanded to better meet the diverse needs of customers.

Thus, the certification of reactor TTY (1,100 MW), smaller than the PRT will continue.EDF, GDF-SUEZ and possibly other utilities will be involved.

The TTY is being developed by Areva and Mitsubishi.

The French government is striving to learn from the loss of a major contract to build four nuclear reactors in the UAE for the benefit of South Korea in late 2009.

In front-end, the partnership agreement between EDF and Areva "will aim to reinforce the security and competitiveness of the fuel supply," said the Elysee.

"To build capacity for the French supply of strategic metals, industrial partnerships for mining of Areva, which may include a capital dimension, will be discussed," added the French Presidency.

Nicolas Sarkozy had also asked the government to propose additional measures, including on the coordinated action of State services, strengthening research and development and human potential, and on working conditions employees of the nuclear industry.

The report Roussely, presented in May at the head of state, had been classified defense secrets, especially to avoid leaks.

The Elysee has released the summary Tuesday night on its website, www.elysee.fr.

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Orange and Canal Plus negotiate a partnership

July 26, 2010 – 4:10 am

France Telecom and Canal Plus are negotiating a partnership that could see the two groups merge TPS Star and at least one channel from the bouquet Orange Cinema Series, Monday wrote Le Figaro and La Tribune, without citing sources.

Discussions could be officially announced this week at the board of directors of France Telecom, also state the two newspapers.

The new entity would be owned equally by both groups and would be a credible alternative to Canal Plus.

The advantage of this for the competition authority would terminate the exclusive distribution of Orange cinema series subscribers to France Telecom and TPS Star in strengthening its role as a rival to Canal Plus.

Two years after its launch, Orange Cinema Series boasts 480,000 subscribers and is valued at more than 200 million euros, writes Le Figaro.

A spokesman for France Telecom declined to comment on these articles and no one was immediately available from Canal Plus.

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Great success of European banks to test resistance

July 23, 2010 – 6:05 pm

Only seven of the 91 European banks subject to stress tests have failed and may need 3.5 billion euros of additional capital, according to test results released Friday by the Committee of European Banking Supervisors (CEBS).

Five Spanish banks, Civica Cajasur, Unnim, and Espiga Diada, a Greek bank, Atebank and a German bank, Hypo Real Estate, have not been able to maintain a ratio of Tier 1 financial stability of at least 6 % in the worst case scenario used by CEBS in its tests and could be forced to undertake a strengthening of their capital.

Publication of "stress tests" is supposed to prove to investors that the 91 banks from 20 countries of the European Union under scrutiny can support a new economic and financial crisis and the authorities are able to solve the problems of schools failed to tests.

The European authorities have welcomed these results confirm that the "resilience" of overall banking system of the European Union, have welcomed the CEBS, the European Central Bank (ECB) and the Brussels Commission in a joint statement.

Economists have welcomed news of more mixed.

"The initial reaction so far suggests that the tests were not as severe as they might be and the market remains fairly cautious," said Ian Stannard, currency specialist at BNP Paribas. "We see the true reaction next week when the results have been fully digested and the landscape will be clearer."

CAPITAL INCREASES TO

Several banks have passed the tests of accuracy. The Spanish Banco Pastor has shown a ratio of only 6.0%, just like his compatriot Caja Sol or the Greek bank Piraeus Bank Group.

Other major institutions are on the razor's edge.The Tier 1 ratio of German bank Deutsche Postbank spring to 6.6%, while Allied Irish Bank, Irish 6.5% and the Italian bank Monte dei Paschi di Siena at 6.2%.

For the four French banks BNP Paribas, Societe Generale, Credit Agricole, BPCE, like the Franco-Belgian bank Dexia, success is much clearer.

They would display an average solvency ratio of 9.3% at end 2011 in the event of a deteriorating economy stronger than expected and a new sovereign debt crisis, which eliminates any need for recapitalization.

Among banks that have failed, ATEbank already has plans to increase its capital by at least 250 million euros, according to a source inside the facility.The Greek government said it was ready to participate in the operation.

The European authorities have stressed on Friday that banks in need of additional capital should involve the private sector and, if necessary, also to public financing instruments.

Having risen to $ 1.29, the European currency dropped to 1.2845 dollars (-0.43%) to 1630 GMT.

The cost of insurance against the risk of default of most European banks continued to fall after the release tests, according to Markit Intraday.

For example, the CDS on the debt, BNP Paribas fell by four basis points to 104 bps, while the debt of the Commerzbank fell three points to 104 as well.

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The business climate in the industry dates

July 22, 2010 – 8:05 am

The business climate in the French manufacturing industry rose slightly in July, according to the business survey released Thursday by the INSEE.

The synthetic indicator of business climate has gained two points to 98 and that for the month of June was revised up to a point.Twenty-four economists surveyed by Reuters on average expected index 94 in July.

The indicator of business climate as a whole, adding the service, construction, wholesaling and retailing, rose one point to 98, than in June was revised upward by two points.

"Entrepreneurs in the manufacturing industry believe that their past activity increased to a level above its long term average," INSEE said in a statement.

Stocks of finished products are lighter and are now considered mild.Order books, total and foreign, to refurbish in July, but are still considered low provided, he adds.

"The personal production outlook for the coming months deteriorated again and are considered low. Conversely, the general outlook, reflecting the views of industrialists on the activity of the industry as a whole increased slightly and and remain better than in long-term average, "said the institute.

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Hermes raises its objectives, the rebound of luxury confirms

July 20, 2010 – 10:05 pm

Hermes International has raised its growth target Tuesday its sales for the full year given a second strong quarter came to confirm the rebound that began in the luxury sector.

The company said it was now up 10 to 12% of its turnover in 2010, against at least 5% expected previously.The slowdown of the other half is attributable to a less favorable comparison based on the second part of the year, "said Hermes.

The specialist also said luxury aim for a strong increase in EBIT in the first half, exceeding the growth of its turnover to 23% emerged over the period.

"We believe the market (luxury) is well (…) Yes, there is a rebound," said Chief Financial Officer of Hermes, Mireille Maury, in a telephone interview with Reuters."There is an international clientele that is always there, including a Chinese clientele."

Hermes has done in the second quarter revenues of 567 million euros, an increase of 19.8% at constant currencies.

Throughout the first half, sales came in at 1,074.7 million euros, up 20% at constant exchange rates and 22.8% after taking into account the impact of favorable currency rates.

Hermes, which will publish its full interim results on August 31, table as an improvement of at least one point of its current operating margin as a percentage of sales over the year, while awaiting a date " slight increase.

"We anticipate strong feedback from the business of luxury in the first half thanks to continued strength observed in emerging markets, a rebound in U.S. demand (…) and cost control "Bernstein wrote in a note on two other players in the sector, LVMH and PPR.

Mireille Maury added it expected that sales trends in Japan, where Hermes generates 20% of its turnover, are identical between the first and second halves.She also announced that the company planned to invest 180 million euros in various projects such as new stores or remodeling existing stores, against a budget estimated in February that Hermes nearest 170 million.

Around 14.50, the action took 3.3% to 118.60 euros, with a market capitalization of 12.5 billion euros. Since the beginning of the year, the stock has gained 27% after a decline of nearly 7% over the whole of 2009.

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The AC Delta disappoints, the stock drops

July 19, 2010 – 12:05 pm

The title Delta Air Lines, world's largest airline, plunged more than 9% Monday after the publication of a turnover that has disappointed investors.

If the group announced it had returned to profit in the second quarter, thanks to the resumption of air traffic, its turnover has increased by 17% to 8.17 billion, less than 8.25 billion expected by analysts surveyed by Thomson Reuters I / B / E / S.

The title Delta Airlines screwed over 9.13% to 10.65 dollars by 1500 GMT.

The company's net profit stood at 467 million dollars (360 million euros), or 55 cents per diluted share in the second quarter, after posting a net loss of $ 257 million, or 31 cents per share the previous year.

Excluding special charges, the group profit came in at 76 cents per share, against 63 cents expected by analysts polled by Reuters.

The revenue generated by passengers has increased by 19%, thanks to a better degree of filling devices.For the third quarter, the group expects a further increase in revenues.

The group said further glimpse of a growth in sales thanks to economic recovery, after two difficult years for the airline industry faces a sharp decline in demand.

If the company enjoys the benefits of economic recovery, it considers that the current environment is "good but not excellent."

According to Delta, the savings from the acquisition of Northwest Airlines in 2008 helped offset cost pressures in the quarter.

"The benefit of Delta during this quarter is our best result this decade and shows that our strategy positions us favorably in the context of economic recovery" commented Chief Executive Richard Anderson said in a statement.

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The euro area has a trade deficit unexpectedly in May

July 16, 2010 – 10:05 am

The euro zone recorded a trade deficit in May, as imports increased more than exports, Eurostat said Friday.

The deficit amounted to 3.4 billion euros, with an export growth of 23% yoy surpassed by an increase of 30% of imports.

The trade surplus in April was revised to 300 million euros against 1.8 billion in the first estimate.In May 2009, the trade surplus was 2.2 billion euros.

Economists polled by Reuters had expected a trade surplus crude 1.5 billion euros.

The strong export growth attests to the growth of global demand in the euro area, while a jump in imports, a sign perhaps of a revival in domestic demand bodes well for global economic recovery.

Seasonally adjusted trade deficit was 3.0 billion, with export growth of 1.6% and import growth of 4.2% compared to April.

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The EU validates the agreement between British Airways, American and Iberia

July 15, 2010 – 12:05 am

The Oneworld alliance members British Airways, American Airlines and Iberia have obtained the green light Wednesday from the EU to deepen their partnership, after agreeing to divest a number of slots on transatlantic routes.

The European Commission has also approved unconditionally the merger between British Airways and Spanish Iberia.

The member airlines of the alliance Onewolrd want to deepen their partnership to take advantage of the open skies agreement "(open skies) between the U.S. and the European Union to liberalize air traffic between the two areas.

The EU executive said that the concessions made by the carriers, which are legally binding, were sufficient to raise concerns about possible harm to competition.It puts an end to the investigation he had initiated in April last year.

"Today's decision will allow airlines to set up the transatlantic alliance to which they aspired for a long while allowing some 2.5 million passengers (…) continue to benefit from a range of frequencies and competitive prices ", said Competition Commissioner Joaquin Almunia said in a statement.

By late afternoon, the action British Airways Iberia yielded 0.1% while gaining 0.2%, outperforming the Stoxx 600 index of transportation and recreation in the same time yielding 0.2%.

ACTION "shameful", BY VIRGIN

British Airways has welcomed the decision of the European Commission, stating that the U.S. authorities should also make their final decision soon.The UK carrier said the airline had launched their joint venture in the fall.

The action of the parent company of American Airlines, AMR, progressed by 1.0% at the NYSE.

"We expect the final decision of the U.S. Department of Transportation on our proposal will result in increased competition on the transatlantic market and thus bring significant benefits to the public," said AMR CEO Gerard Arpey.

The three companies have agreed to make slots for takeoff and landing flights between London and Dallas, Boston, Miami and New York.

Other commitments relate carriers access to their loyalty program on these routes and the provision of regular information to the European Commission on their cooperation.

Virgin Atlantic has called "disgraceful" the decision of the EU executive, adding that the proposals made by the companies did not resolve the competition problems caused by their alliance.

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BMW raised its profit forecast for 2010, the action jumps

July 13, 2010 – 2:05 pm

BMW has raised its profit forecasts and sales volumes for 2010, on behalf of better than expected results from its automotive business and a strong demand for luxury cars worldwide.

At the Frankfurt Stock Exchange under the German automaker has surged 8.29% to 42.13 euros while the sector index 4.64% and clinching his archrival Daimler 5.39% 0 43.80 Euro .

Profit before tax in 2010 "to grow more strongly than expected," said BMW, but said that sales volumes would increase by approximately 10% to over 1.4 million vehicles.

The operating margin above 5% in the automotive business, while the BMW originally thought nearer 1% than 5%.

"BMW has finally raise its forecasts.This shows that what happens in the automotive sector is not only a rebound short term but a long-term trend, "said BHF Bank analyst Alexsej Wunrau

The Mercedes-Benz branch of Daimler, which has experienced record sales for the month of June, had raised its profit forecast in April.

BMW had reported last week a 13.7% increase in sales of BMW cars for the month of June, bringing in turn show a marked improvement in the premium segment of the automotive sector.

This can be explained by strong demand from Chinese consumers for brands considered prestigious.

By contrast, manufacturers of vehicles for a more market should massaged through a hard time with the end of programs "scrappage" worldwide.

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