All My Thoughts

Airbus has more than doubled its orders through Farnborough

August 6, 2010 – 8:05 pm

Airbus announces more than doubled its aircraft orders this year thanks to Farnborough but this abundant harvest has been ruined by the cancellation of three billion dollars of orders from Dubai Aerospace Enterprise.

DAE leasing company based in Dubai, has reduced by 25% the volume of an order for 100 Airbus aircraft, giving up to 18 A320s and seven A350-900s, according to data provided by the European aircraft manufacturer.

In late July, the gross orders for the subsidiary of EADS amounted to 286 or more than double the 131 announced in late June. Adjusted for cancellations, which numbered 27 in July, Airbus shows 245 net orders.

The manufacturer has also announced that it delivered 298 aircraft since the beginning of the year.It covers more than 400 sales and 500 deliveries in 2010.

The Boeing for its part said it has received orders totaling 319 aircraft between January and July, reaching 255 aircraft data adjusted for cancellations.

The Farnborough Air Show, held in July in a suburb of London, symbolized in the eyes of many experts out of the recession in the aviation industry.

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73% increase in net income in the first half of Generali

August 5, 2010 – 10:05 am

Assicurazioni Generali announced a 73% increase in net profit in the first half, boosted by life insurance, and he anticipates growth in its annual results.

The Third European insurer, leader in Italy, has reported a net profit of 873 million euros, compared to a consensus given 869 million.

"Growth in operating margins and net income, compared to 2009, is planned," he says in a statement.

Generali is one of many European insurers to take advantage of growth in sales of life insurance policies, which is a great counterpoint to a sharp rise in claims.

Premiums rose 9.1% to 38 billion euros. Those life insurance rose 13.3% to 26.4 billion euros.A survey of seven analysts gave a consensus of 37.1 billion euros.

In property and casualty combined ratio, or the compensation and expenses as a percentage of premiums, decreased 0.9 points to 98.8% (consensus: 98.6%).

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The Dow Jones ended down 0.36%, Nasdaq 0.52% yield

August 3, 2010 – 10:10 pm

The New York Stock Exchange ended down 0.36% Tuesday, the Dow Jones Industrial 30 closed at 10,636.38 points.

The S & P 500 is broader, has lost 0.48% to 1120.46 points. The Nasdaq Composite fell on his side of 0.52% to 2283.52 points.

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The Paris Stock Exchange began the month of August increased BNP top

August 2, 2010 – 12:05 pm

The Paris Bourse is rising again in the opening exchanges in the wake of the Asian markets reassured by the Chinese activity indicators and after strong results presented by BNP Paribas.

Around 9:15 am, the CAC 40 0.82% advance to 3673.11 points.

BNP Paribas signs the largest increase in ACC and climbs 3.95% on Monday after publishing quarterly exceeded expectations, marked by a decline in provisions.

Other banking stocks benefit from this publication.Societe Generale, which will publish its accounts Wednesday, is 2.23%, 2.34% and Dexia Crédit Agricole 1.52%.

Air Liquide shows the largest decline and yields 1.84% despite the publication of a first half sales rise and confirmed its 2010 targets.

Other major European markets also rose, London is 0.85% and 0.66% in Frankfurt. As for the European indices, the EuroStoxx 50 and earns 0.6% Eurofirst 300 rose 0.7%.

The euro remains above $ 1.30, about 1.306 dollar.

U.S. light crude oil is treated around 79.20 dollars a barrel.

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COR-Lafarge lowers its forecast cement demand

July 30, 2010 – 8:10 pm

Lafarge has lowered its forecast for 2010 demand for cement in view of the demand in the second quarter, during which the group's turnover fell 2% as organic.

The first cement world now exceed its target of 500 million euros from divestments of non-strategic assets for 2010 and said to have already secured 350 million euros.

The group also cut its capital expenditure to less than one billion euros in 2011 and reduce its structural costs by more than 200 million euros to reduce its debt.

Lafarge has exceeded its goal of cuts in its structural costs by 200 million euros in 2010.

This year, it now expects a change in demand for cement between -1% and +3% compared to 2009, against a range of 0-5% previously.

The group, also number two worldwide in aggregates and concrete, and number three for the plaster, notes a strong pricing despite localized erosions.

Group recorded second quarter sales rose 2% to 4.436 million, but down the same measure to perimeter and constant exchange rates.

Its operating income rose 5% to 836 million euros (but remains stable in organic figures), while its margins increased 0.6 points to 18.8%.

"Lafarge has recorded operating performance and solid margins in the quarter in an economy still mixed, marked by lower volumes in a number of markets and the early signs of recovery in some developed countries," said CEO Bruno Lafont said in a statement.

Throughout the first half, revenues fell 4% and operating income of 9% on an organic, while the margin down 0.3 points to 13.9%.

The Lafarge share closed Thursday at 43.49 euros, giving a market capitalization of around 12.3 billion euros.Since the beginning of the year, the stock has lost about 25% of its value, after a gain of more than 50% over the last year.

The German cement producer HeidelbergCement, the world number four in the sector, for its part, announced Friday an operating profit above expectations in the second quarter, taking advantage of a catch-up demand for building materials after a winter of unusually cold had slowed sharply in activity in this sector.

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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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