World Economy: 07/01/2008

Jul 31, 2008

The Democratic candidate begins a trip to Europe

The Democratic candidate begins a trip to Europe which will lead from Germany to England via Paris. The reception given the senator from Illinois is more qu'enthousiaste.

It is said éloquant, charismatic ... But for most Europeans, the senator is currently an image, a frament overview on air television during the Democratic primary. Some now want to see and confirm their eyes given the presence of regular candidate mixed.

In Germany that will travel first Barack Obama. Already, across the Rhine, expected the "superstar", as written by the magazine Der Spiegel. In Berlin, the senator from Illinois will meet Angela Merkel and the chief diplomat Frank-Walter Steinmeier. Followed by a speech necessarily waited at the foot of the Victory Column. Prémonition?

Friday, France is hosting the Europeans preferred candidate. Barack Obama will be received at the Elysée with the same respect usually accorded to different head of state. Like Saturday in London where Senator succèssivement meet former Prime Minister Tony Blair, his successor Gordon Brown and Conservative leader David Cameron.
Obamania

The Obamania invades Europe. The Democratic candidate happens to land conquered. Here, the vast majority hopes the next election. Many people who see her in him the architect of the transformation which seems to await the USA, the man capable to serve Washington. Obama "is planning a vision of a better America," said Georg and Schild, an expert on German-American relations at the University of Tuebingen.

In addition, Senator fascinating. it affects Europeans on subjects that their loved ones. Last week, in a speech on foreign policy, he promised to fight against global warming, insisting on diplomacy with Iran and to propose an exit strategy for Iraq, issues on which approaches Divergent Bush provoked anger among many Europeans. The Democratic candidate also called for a Marshall Plan of the twenty-first century to alleviate poverty because, he said, "it may be our best investment to increase security in the world.

"This is not Bush", summarizes the American Josef Braml, who works with the German Council on Foreign Relations. It is thus expected, it is hoped, impatient. And one surprise: it was a long time that a U.S. politician had not felt during a European visit, suffers demonstrations.

us election

It is now time for the Democrat candidate to forget the praises European and focus on the everyday problems of Americans.
He came, he saw, he conquered. Last week, ground conquered by its shape rather than by its merits, Barack Obama has been able to enjoy its tremendous popularity. In Berlin, Paris and London, he will cross the eyes of anonymous speech as the official statements sprinkled sympathy. De l'Amour. Yes, Europe likes Obama, with the same fervor it honnie Bush and the hawks in Washington.

However, he will not have escaped across the Atlantic that Europeans, while they are seduced by the verve Democrat, will not vote in November. The Republicans have initiated the idea and criticized with violence any studied the many travel senator from Illinois. Action, reaction. Obama was quick to justify his international tour: "To think that what we do is different from what Senator McCain or what makes a good number of presidential candidates in the past makes me puzzled" he argued, presuming that there are few, John McCain had himself visited Mexico, Colombia and Canada.

Nine points ahead
In search of an international stature - a subject on which he is constantly attacked - Barack Obama won a few degrees during his recent visits abroad: "I have established relations and a certain bond of trust with important World leaders who have taken the measure of my positions and how I function, "he observed before a group of journalists in Chicago.

And the impact has not been waiting for: according to a recent study conducted by the Gallup institute after the Berlin speech, ahead of Obama on McCain still has increased from three to nine points. The Democratic candidate yet able friability of its advance. The Americans, sensitive to the change of image that could bring Obama to their country, do not forget the essentials: their local porblèmes Obama knows this and now devote himself to local problems of a nation chahutée. "The Americans are concerned about the consequences of the economy on their daily lives, and said the senator from Illinois. That is what we are going to talk now

Nancy Reagan and John McCain

Nancy Reagan and John McCain

The wife of former president of USA has decided to support the Republican candidate. A further advantage in the game of McCain.

See all the articles on the U.S. Elections

A shadow hangs over the U.S. presidential elections, the shadow of a man who goes to one of the great President of USA: Ronald Reagan. A true hawk as America will adore, a character who managed to impose its vision to the enemies of the country. Under the reagannienne era, the enemy had a name: communism. The president had then promised to lead a tough life to the Soviets and he did.

From this point of view, John McCain would then look like Ronald Reagan: it undertakes to fight fiercely against the enemy today, terrorism, including in Iraq: the Republican candidate believes that the USA are in Gulf for at least 100 years.

No wonder then that the wife of the 40th president of USA supports McCain. In November she will vote for the Republican candidate. "John McCain has been a good friend for over thirty years, Nancy Reagan said, adding that she first met upon his return from Vietnam, where he was prisoner." My husband and I were impressed by the courage he has shown during this terrible ordeal. "

Today, Nancy Reagan was convinced that McCain has the necessary experience to be the next president of the USA. According to polls, it is not alone in having this idea.

The city of Angels has had an earth tremor which was pitch buildings and caused evacuations.

An earthquake has therefore struck the region Tuesday in Los Angeles. But there will have been ultimately more fear than harm. Indeed, local authorities have not reported casualties or damage in the immediate future. The American Geological Institute (USGS) said the epicentre of the earthquake, whose magnitude was revised downwards from 5.8 to 5.4 on the open Richter scale, was located exactly 47 kilometres east-south-east of the centre of the largest city in the USA, after New York. The Institute also suggested that took place 13 kilometres deep. Ten aftershocks occurred within 12 minutes after the first tremor, and three of them had a preliminary magnitude of 3.8. The first tremor, which occurred 11 to 42 hours, local time, was felt to San Diego, about 200 km from Los Angeles, and even slightly more in Las Vegas, in the neighbouring state of Nevada. "There will certainly paint cracked and windows shattered, but probably no structural damage," said Kate Hutton séismologue, the USGS. The spokesman for firefighters in Los Angeles, Brian Humphrey, confirmed the information.
The fear of people

In the San Bernardino County, where the epicentre was located, firefighters have not reported casualties or damage. The buildings of downtown Los Angeles, however tangué for several seconds after the quake and some, hosting offices, were quickly evacuated by security measure. "It was dramatic. The whole building moved and it lasted a moment, "said the spokesman of the services the county sheriff, Steve Whitmore. A resident installed on the sidelines of the megalopolis has even explained that the quake was so powerful that he thought a moment to its total destruction. California is a seismically active region, perched on the Pacific tectonic plates and North America. In 1994, the Northridge earthquake in the San Fernando Valley in Los Angeles, had reached a magnitude of 6.7. This earthquake was 72 dead and over 9,000 injured. He had also caused damage in the amount avoisinaient the 25 billion dollars (16 billion euros) in the urban area. Now, people have only one question in mind: when the next quake, and especially what is its significance? Everyone knows that many experts predict a cataclysm in this particularly sensitive region. Only problem: it is unfortunately almost impossible to predict.

McCain compares Obama to Paris Hilton and Britney Spears

Is it enough to be famous throughout the world to lead the USA? No, replied the Republican John McCain in a fierce campaign spot comparing his opponent Democrat Barack Obama the stars of newspapers scandal Britney Spears and Paris Hilton.

The television spot launched Wednesday alternates photographs of two young women known for their pranks more than for their talent, and images of the senator from Illinois during his triumphal visit to Berlin last week. A female voice and serious questions the audience: "It is the most famous in the world, but is ready to govern?". And to say that the Democrat wants to raise taxes and prevent the USA to fight against their energy dependence. The video should be aired in eleven states particularly for the disputed presidential election in November.

The Democratic campaign team immediately responded in a spot largely completed in black and white, accusing John McCain, 71 years, to conduct "the same old policy" that the outgoing president George Bush, the same chess key, and recalling that Senator from Illinois wants to reduce the burden on the middle class.

In campaigning in Missouri, Barack Obama has emphasized the negative spot of his rival. "He seems to have nothing positive to say about me, n'est-ce pas? Should ask John McCain what he maintains, not simply what he opposes."

Before adding about Paris Hilton, "I've never met this woman." Meanwhile, Jason Moore, the agent of the millionaire heiress of the hotel chain family had merely know that "it has neither requested nor received permission from Miss Hilton to use its image in the spot. "

Faced with the popularity of his old adversary only 46 years, John McCain is increasingly aggressive and tries to transform the strong points of Barack Obama to weaknesses. It gives him the portrait of a man too inexperienced to lead the country, and too remote from the average American.

But the Democratic candidate did not dismantled. If its funds and its meetings are full to the USA and abroad, he knows he must convince voters he can be a good president, although he had exercised an elective office to this day.

"This is a big step, to elect a black type 46 years named Barack Obama!", He acknowledged Wednesday, dropping each of these words as assets in its Thursday "Nobody thinks that Bush or McCain have the real answers to the challenges that lie ahead. Then they want you afraid of me, "he added during a public meeting in Rolla (Missouri)," you know: it is not enough patriot, it has a funny name, it does not look like all other presidents included on tickets green ... "

John McCain, campaigning Wednesday in Colorado, did not mention his new spot, but reiterated many of his criticisms of his rival. "The beauty of its words attracts many people, especially young people, but what worries me with Senator Obama, the big and small issues. What he says and what it does are often two things different, "he accused.

By continuing to systematically dismantle his rival and wanting to sow doubt about it during a negative campaign, the danger for the senator from Arizona is to be locked in a caricature of old politician angry and embittered, by contrast Obama with an elegant, full health and popular.

But his campaign manager Rick Davis says stay calm. "I leave the American public decide what is negative and what is not, but I will do everything in my power to protect my candidate and that this competition is played on what I believes to be good arguments, "he warned.

France Telecom issued a turnover up 1.5%

France Telecom issued a turnover up 1.5% over a year in the first half, to 26.3 billion euros, exceeding the expectations of analysts who tablaient about 26.1 billion euros. The net profit reported a decline of 19% in historical data to 2.7 billion euros against 3.3 billion in the first half of 2007 due to an increase in the tax burden on companies, the group in 2007 benefited from a deferred tax credit. A result, however, exceeds expectations. In a comparable basis, net income grew by 4.4%.

The gross operating margin increased by 4.7% to 9.7 billion euros, representing 36.8% of turnover. Accordingly, the cash flow organic earns 12%. The financial debt decreased by 4 billion a year. The staff costs rose by 17.4% to 16.7%, 4 000 posts successors been lost in the last twelve months in France.

The revenue growth reflects the performance of mature countries (+ 3% on a comparable basis in the first half) and growth in emerging countries (+ 11.2%). The results were better in the second quarter (+ 4.1% on a comparable basis), thanks to the dynamism of mature countries (+ 3.4%) and business mobile (+ 7%).

Revenues from mobile activity grew by 4.8% due to growth in customer base (+ 3.9% over a year in France) and uses. Consumption of votes included an increase which had not seen from a long time as chief financial officer of the group (+ 2.6% over a year). However, the price of voice decrease, consequently the share of data in revenue per subscriber increases (18.6% against 16.1% a year earlier). 66.5% of customers mobile operator customers are now packages in France.

In the ADSL in Europe, Orange won 15.6% of customers in one year in the first half. In France, turnover of the Internet increases by 26%. The number of fixed lines installed increased by 2%, while the erosion of market share across all lines slows. France Telecom believes its market share in ADSL to 49.5% in France, with 7.8 million ADSL customers at the end of June (+19%). The situation in the United Kingdom is more difficult, sales of broadband continues to erode (-7.7%). In Spain, however, for the first time since 2006, the strong growth of DSL compensates for the decline in other activities.

Regarding the fiber optics, the incumbent has indicated that its offer of civil engineering enabling alternative operators to access its sheaths to deploy fiber, to which he had committed two years ago, recently went out "in time and hour "and that it was operating" satisfactorily ". A few days ago, Arcep had asked France Telecom to "accede to any request" for access to its infrastructure, civil engineering, proposing a deal "at rates that reflect the costs involved."

The base of corporate clients increased by 19.8% to 630 000, and revenues by 2.9% in the world. This activity has contributed to the increase in gross operating margin.

For 2008, the group confirms its targets of over 7.8 billion euros in organic cash flow, stability of its gross operating margin, and maintaining the investment rate to 13% of turnover. It will pay an ordinary dividend of 0.6 euro per share, with a view to better distribution of dividends for the year.

Regarding external growth policy, France Telecom was "still looking for external growth opportunities in emerging markets and consolidation in the mature countries," while indicating that no "major project was to preparation in terms of consolidation ", echoing the failure of the acquisition of Telia Sonera.

Declining sales of Sanofi-Aventis and disappointment on R & D

Sanofi-Aventis announces sales below market expectations for the second quarter of 2008 and disappointing in its new research, including stopping the development of antidepressant Amibegron.

Despite raising the growth target of its profit for the full year, under laboratory acknowledge a sharp decline Thursday when the Swiss group or Schweizerhall says he wants to launch its copy of Plavix, an anticoagulant Features of Sanofi, in all European countries.

Around 11:30, the fourth of the global pharmaceutical group - the United States behind Pfizer, GlaxoSmithKline British and Swiss Novartis - lost 5.73% to 44.59 euros, under-performing ACC 40 (-0.1%) and European sectoral index (-0.93%). Since the beginning of the year, it has plummeted by nearly 25%.

"The current value greatly the worst-case scenario," Oddo Securities, believing that the fate of the share of 13.1% of Total and 8.7% of L'Oreal in Sanofi is an impediment to the progress of the work of pharmaceutical group.

Sanofi-Aventis reached a group net income of 1,605 million euros, a decline of 4.4%, or 1.23 euro per share against 1.24 a year earlier.

The adjusted EPS excluding items in the second quarter amounted to 1.34 euro in relation to that of 1.33 euro expected by analysts.

Its operating income grew by 3.1% to 2,402 million euros.

OF GENERIC COMPETITION

Concurrencé by its generic anticancer Eloxatine in Europe and its sleeping pill Ambien the USA, the group saw its turnover fall by 3.6% to 6,689 million. It was due to 6,992 million euros.

The pharmaceutical business shows a growth of 4.1% on a comparable basis to 6,032 million euros fired by the anticoagulant Lovenox (+4.6% 0 637 million) and Plavix (+8.5% to 664 million) and by insulin Lantus (+27.2% to 576 million).

The Ambien saw its sales fall by 22.4% to 191 million euros while those of Eloxatine fell by 5% to 326 million euros.

Sales of vaccines increased by 17.1% on a comparable basis in the second quarter to 657 million euros.

"Beyond the slowdown in sales growth, Sanofi shows in Q2 an excellent cost control and will improve its profitability and raising its forecasts," CM-CIC in a note.

Sanofi-Aventis table now on a growth of about 8% of its earnings per share for 2008, excluding special items, based on a euro dollar in 1371 instead of a 7% increase expected in mid-May .

"Taking into account the average current euro / dollar of 1.54, these estimates represent a decrease of 0.5%," Natixis.

During a conference call, chief financial officer Jean-Claude Leroy said that the new target took into account the implications of launching a copy of Plavix in Germany.

MULTAQ SUBMITTED IN EUROPE AND THE USA

For its part, Hanspeter Spek, Director General in charge of pharmaceutical operations, commented that "legally", the Clopidogrel, a copy of Plavix manufactured by Schweizerhall, had obtained a permit for placing on the German market but that "technically" approaches had yet to be set up so that the product is sold in pharmacies.

He estimated at 350 million euros on turnover of Clopidogrel in Germany, of which 150 million comes from parallel imports.

Sales of Plavix in Germany that Sanofi consolidates in its accounts are estimated by analysts at about 100 million euros.

In terms of research and development, Sanofi announced that the filing of the application for registration of Multaq (cardiac arrhythmia) had been achieved in Europe and the USA at the end of June but he also indicated that it was stopping development several drugs.

It is the Amibegron into depression and the Illepatril in hypertension. In addition, the group issued a cautious message on Saredutant, also in the treatment of depression, after mixed results of a study.

In addition, Jean-Claude Leroy said that the group could carry out share buybacks on the second part of the year but in small volumes because the group wanted to give priority to developing its activities. The general assembly last May approved a buyback plan to purchase an amount of three billion euros.

Finally, the CFO has also indicated that the three recent acquisitions made by Sanofi - Zentiva, Acambis, Symbion Consumer - will have little impact in 2008.

The group's net debt totalled 5,593 million euros at 30 June 4230 against 31 million in December.

first sanctions analysts fall

While Safran fell about 10% below 12 euros in mid-day because of a very cautious tone adopted by the group for the prospects of the aviation market in 2009 and 2010, the first sanctions analysts fall.

Deutsche Bank has cut its target of 12 courses to 9 Euros and now recommends selling Safran ( "Hold" before). Deutsche Bank also notes that the divestiture long-awaited activities mobile telephony is finally only partial, Safran maintaining the site of ferns and 10% of the new entity formed with the venture capital fund Sofinnova.

Bond 19% of operating earnings at BASF 2nd quarter

BASF, the first chemist global turnover, reported a jump of 19% of its operating profit in the second quarter thanks to higher oil prices and strong demand for its agrochemicals business.

* RESULTS.

The German giant has reached a profit before interest and tax (EBIT), excluding extraordinary items, of 2.41 billion euros.

The consensus of 18 analysts polled by Reuters gave 2.22 billion euros.

The operating profit before exceptional items in the oil and gas industry grew by 44% with soaring energy prices, and the agrochemical industry by 51%, driven by strong agricultural demand.

* FORECASTS.

BASF table always on a slight increase in sales and an improvement in its operating profit before exceptional items this year.

* REACTION.

"Demand for our products remains strong and the loss of summer is not very pronounced," said the announcement of the results CEO of BASF, Jürgen Hambrecht. "Selling prices have increased considerably in some cases so as to pass on the costs of raw materials increased significantly."

* COURSE OF SCHOLARSHIP.

The title BASF sells 0.95% to 40.76 euros on Thursday at mid-day on the Frankfurt Stock Exchange, while the European DJ Stoxx index of chemistry takes 0.16%.

The ratio of price / earnings BASF spring 2008 according to Reuters data at 10, less than the industry average of chemistry, particularly on fears of rising raw material costs.

The inflation reached 4.1% annual rate in the euro area

Inflation record in the euro area in July to 4.1%

The inflation reached 4.1% annual rate in the euro area in July, a new record, in accordance with the consensus of economists shows the instant estimate published by Eurostat.

Inflation in consumption was 4.0% in June in the euro area and economists polled by Reuters anticipated for July rate of 4.1% on average.

Fifteen inflation is now more than twice the ceiling under which the European Central Bank intends to contain it.

But many economists believe the ECB should not raise interest rates this year, slower growth in the Europe of 15 before they lead to a limitation of inflationary pressures.

The ECB has already raised early July its main rate to 4.25%.

The first estimate of inflation in the euro zone published by Eurostat figure does not include any detailed but data published separately showed an acceleration of inflation. In Germany, the latter remained at 3.3%, the highest since 1993.

Martin Grajewski, French Stanislas Dembinski
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TOTAL supports the document with a gain of 1.7%.

The stocks followed the Paris stock exchange in - List of stocks followed in mid-session on the Paris stock exchange where the CAC 40 gaining 0.6%.

*

* SANOFI-AVENTIS yields 4.6%, largest decline of ACC, after announcing sales below expectations in the second quarter and disappointing in its new research. Some analysts, however, noted that the decline in net income was due to exceptional items.

* FRANCE TELECOM takes 2.65% after announcing the first payment of a dividend and published first half results above expectations. WestLB has degraded the title of "accumulate" to "hold", noting that the market had speculated on a share buyback program.

* CAP GEMINI loses 3%, a victim of profit taking after the announcement of an operating margin of 7.6% in 1st half (Reuters consensus 7.5%) on a turnover down 0.5%, in line with expectations. The group confirmed seek a margin of 8.5% in 2008. Oddo expecting a slight upward revision of the margin 2008.

* ARCELORMITTAL still takes 2.7% after winning more than 8% the previous day, while several brokers have raised their recommendation and / or objective of the course after perform substantially better than forecast published Wednesday.

* EDF, the biggest increase ACC, took 2.8%, while, according to Le Figaro, the board will endorse a deal Thursday evening at 760-770 pence / action on British Energy.

* EADS takes 1.2%. Exane raised its recommendation from "under-performance" to "neutral", Deutsche Bank has revised down its target of over 9.0 to 12.50 euros, after the publication of results of the group.

* MICHELIN (+0.3%) has stabilized after a decline of 2.7% the previous day, after moderate its ambitions for 2008 and issued an operating profit of S1, down 18%. Several brokers have lowered their target on the course title, including Cheuvreux, Natixis, Oddo, Lehman and Credit Suisse.

* SAFFRON lost more than 9%, largest decline of SRD, the market was disappointed by forecasts of the group. Deutsche Bank, a past sale, said the economic slowdown is not fully integrated into courses.

* Technip wins 6.1%, with the whole oil sector. The group has published results in strong growth and noted its 2008 profit forecast by about 8% (). Oddo rose to purchase.

* DASSAULT SYSTEMES lost 5.2% after publishing results above expectations. The group disappointed the market by merely confirmed its 2008 targets.

* CGG VERITAS, the largest increase SRD, took 11.5% after first half results and prospects considered encouraging, though qu'affectés by the changes. Oddo, for whom these results are better than expected, remains in the purchase, with a new target of 38.5 euros against 40.50 euros. Citigroup, conserve, brought his own 35 to 40 euros

* BELVÉDÈRE boggles with 43% after losing 47% before the resumption of trading following the opening of a safeguard procedure on society wine & spirits.

* LEGRAND gaining 4.7%. Cheuvreux raised its target over 17 to 20 euros, while remaining the sale, following the publication of results slightly below consensus, with a goal margin maintained.

* EUTELSAT takes 1.8% after announcing results in line with expectations and raised its growth forecast for the next three years.

* SUEZ ENVIRONMENT takes 2.87% to 18.31 euros. Societe Generale will turn to initiate coverage of title to the purchase, with a target of over 25 euros. SG has also started that GDF Suez to buy, target 50 euros.

* IMERYS yields 3.7% after a net profit of S1 down 4.6% and a net profit from ordinary activities increased 3.2%. The group is aiming for 2008 a net profit "as close as possible" that of 2007 (). Societe Generale cut its target over 47 to 34 euros

* NEXITY yields 1.5% after the announcement of a drop of 12% of its profit before tax in 1st half. The developer has lowered its outlook as planned for 2008 and the medium term, anticipating a further deterioration of the property market. - Landsbanki Kepler believes that the "profit warning" could be the basis for a new start. The title fall by 54% since early 2008.

* IPSEN takes 3.7% after a turnover up by 9.3% in Q2 and raising its 2008 forecast.

* INFOGRAMES flies to 15% after it published a turnover better than expected thanks to a rebound in the market and confirmed its forecast for the year.

The market slightly in anticipation of U.S. GDP

Rising this morning, major European stock indices ceding ground at mid-session, investors are showing undecided face a wave of mixed results and cautious pending the first estimate of GDP in the USA in the second quarter. The stabilization of oil prices above 126 dollars and the announcement of a record inflation rate in the euro area also hinder the initiatives.Illustrant erratic results, telecom operators are experiencing varying degrees, the British BT dropping by 11.8% after quarterly slightly worse than expected, while France Telecom, which announced the payment of a dividend, gaining 1.5%. The distribution sector and consumer products is about him penalized by the disappointing quarterly performance of Unilever, which fell by 7%. The banking sector is divided between the new depreciation announced by Deutsche Bank and accounts better than expected HBOS. Meanwhile, Sanofi-Aventis is penalized by the results judged disappointing. Proper maintenance of oil and values parapétrolières nonetheless allows the major indices to limit their losses after the publications of Royal Dutch Shell, Technip and CGG Veritas.A noon, the Cac 40 yields 0.03% at 4.399,37 points in a volume of Business 1.5 billion euros traded on the index values. In London, the Footsie lost 0.08% at 5.416,5 points and in Frankfurt the Dax down 0.16% at 6.450,08 points. A New York on September future contract on the Dow Jones index dipped 35 points to 11.545.Le barrel of light crude American sells 49 cents to $ 126.28 following a gain of more than $ 4 resulting from the decline of surprise Weekly gasoline stocks in the USA. The dollar retrenched slightly to 1.5617 against the euro, after touching a high of one month to 1.5522 hier.Sur the macroeconomic level, inflation hit a new record at 4.1% yoy in July in the euro area, while the unemployment rate remained stable at 7.3% of the workforce month dernier.Trois indicators American lead in the afternoon: the first estimate of GDP in the second quarter and registration weekly unemployment at 14.30, followed by Chicago PMI index to 15h45.Plus sharp drop in the Cac 40, Sanofi-Aventis fell by 5.05% to 44.91 euros. The pharmaceutical group showed a decline of 4.4% of its net income to 1605 billion euros, or 1.23 euro per share. The operating margin stood at 2.4 billion euros, up 3.1%, and turnover fell by 3.6% to 6.68 billion. The consensus reached by Reuters expected earnings per share of 1.33 euro and a turnover of 6.99 billion. For the full year, the lab aims to grow its earnings per share adjusted by about 8% on the basis of one dollar to 1.3710 per 1 euro, against a 7% increase previously estimated. Finally, Sanofi-Aventis said to have deposited in Europe and the USA's dossier Multaq for arrhythmias auriculaire.France Telecom was up 1.89% to 20.15 euros. The telecom operator announced a 19.1% decline in its net profit to 2.67 billion euros in the first half. Operating income was stable at 5.74 billion euros (+0.1%) and operating margin appreciated by 2.7% to 9.67 billion. The turnover increased by 1.5% to 26.3 billion euros. The Reuters consensus expected a net profit of 2.77 billion euros and an operating profit of 5.27 billion. The incumbent confirms seek growth of 2% to 3% of its turnover this year and is aiming at a stable rate of gross operating margin compared to 2007 (36.1%). Finally, France Telecom announced the payment of an ordinary dividend of 0.60 euro per share, which will be paid on 11 septembre.Capgemini lost 3.73% to 40.47 euros, investors taking profits after results without surprise. The SSII recorded a leap of 37.5% of its net profits to 231 million euros in the first half. The operating margin increased by 23.4% to 332 million euros (7.6% of turnover) while the turnover contracted by 0.5% to 4.37 billion (+5.3 % Perimeter and constant exchange rates). Analysts tablaient on a rate operating margin of 7.5%. For the full year, SSII confirms target an operating margin of 8.5%, against 7.4% per annum dernier.EDF gaining 2.39% to 55.59 euros. The Board of Directors of the electrician must give the green light today to bid on British Energy, according to the press. The proposed price would be 760 to 775 pence per share, valuing the British group more than 15 billion euros. ArcelorMittal is even 2.58% to 59.20 euros after the announcement of a leap of 111% its quarterly earnings. The steel giant also believes that the high steel prices should enable it to register a new growth performance in the third trimestre.Total appreciated by 1.79% to 50.07 euros while a barrel of crude rose by more than $ 4 yesterday against a backdrop of weekly stocks declined by the USA. The Anglo-Dutch Royal Dutch Shell reported a growth of 5% of its net income to current cost of supply. Vallourec, which must publish its accounts after the closure, yields 0.35% to 191.92 euros.Technip increased by 6.05% to 55.15 euros. The group parapétrolier reported a growth of 29.4% of its net profits to 103 million euros in the second quarter. The current operating income increased by 23% to 157.5 million euros, while turnover fell by 1.1% to 1.82 billion. These figures are higher than the forecasts of analysts. For 2008, Technip revising up its forecast for operating margin ratio "at around 8% with a margin of more than 18%." Oddo Securities, which considers the results excellent prospects reassuring, rose from "accumulate" to "buy" on the titre.Dassault Systems down 5.64% to 40.46 euros. The software publisher in the design made a profit of 0.46 euro per share in the second quarter, up 9.5%. The turnover increased by 6% to 326.2 million. At constant exchange rates, growth amounted to 12%. The group expected a profit per share of 0.44 to 0.46 euro and invoices between 315 and 320 million. For the full year, the group confirms its forecast of growth of software sales, operating margin and earnings per share. Finally, Dassault Systemes plans to repurchase up to 2 million of its own shares during the second semestre.Enfin, Safran abandons 7.50% to 11.96 euros. The aerospace manufacturer reported a net profit of 156 million euros in the first quarter, against 215 million a year earlier. Operating income increased by 52.4% to 474 million, but includes a gain related to the sale of banking center. Excluding this divestiture, sales rose by 2.8% to 5.05 billion. Finally, Safran announced the sale of its mobile division Soffinova funds, which will result in a charge of about 220 million euros on its 2008 accounts. The amount of the transaction was not disclosed.

Jul 30, 2008

The value of the day on Wall Street - ELECTRONICS ARTS in the red

The value of the day on Wall Street - ELECTRONICS ARTS in the red
The Electronic Arts fall of 10.06% to 42.63 dollars after it suffered a quarterly loss exceeding expectations. This disappointment could not be offset by the publication of annual outlook in line with the consensus for the new year. In addition, the publisher of video games has given no information on its bid two billion dollars over Take-Two, publisher of the popular franchise "Grand Theft Auto." His proposal is considered inadequate by the target.

In the fourth quarter, ended in late June, Electronic Arts posted a net loss of $ 95 million, or 30 cents per share, against a loss of 132 million, or 42 cents per share, a year earlier. However, if one withdraws unusual items, the group has widened its losses. On this basis, the loss per share has reached 42 cents against a loss of 22 cents in the fourth quarter of 2007. Analysts polled by Thomson Financial did not expect that the accounts of Electronic Arts plunge in both red and aimed a loss per share of 33 cents.

The turnover was not up to expectations. It grew by 41% to 609 million dollars while the consensus was 640 million dollars. This increase in sales was made possible by the success of the games' UEFA EURO 2008, "Battlefield: Bad Company, but also" Rock Band, "said the group.

For the fiscal year just started, Electronic Arts expects earnings per share, excluding exceptional items, ranging between 1.30 and 1.70 dollars and a turnover of between 5 and 5.3 billion dollars. The group is expected to show sales growth of 24% to 32%. Analysts predict earnings per share of 1.59 dollar for sales of 5.15 billion dollars.

Alstom wins contract for 100 million euros

(Reuters) - The ope \ rateur rail deprives \ German BeNEX, a subsidiary of ope \ rateur public Hamburger Hochbahn AG, has ordered a \ Alstom (ALO) 26 trains re \ gionaux type Coradia Continental for an amount Total pre \ s 100 million euros, the group announced in a statement. The order covers 26 motor-powered electric trains, including 21 train cars 3 and 5 trains 4 cars, for the regional network of Regensburg-Donauthalbahn and to be put into service late 2010. All trains will be manufactured in Alstom (ALO) Salzgitter in Germany.

"This contract confirms the success of Coradia Continental. Perfectly adapted to the needs and requirements of operators and users, the range offers Coradia trains regional capability, reliable, available, easy to maintain, accessible and clean, "said Roland Kientz, Director Northern Europe Alstom (ALO) Transport.

(Reuters) MORE

ACTIVITY OF THE COMPANY
Present for a long time in four areas of activity: Energy (power plants, turbines (transmission and distribution of energy), transport (mainly rail) and Marine (cruise ships, ferries), the group Alstom (ALO ) Has radically changed its face in recent years. Alstom (ALO) now seems far from the year 2003, where he came close to bankruptcy, after setbacks on its electric turbines and the bankruptcy of one of its main clients, U.S. cruise Renaissance. The activity T \ & D was sold to Areva end of 2003 and industrial turbines to Siemens (SI) in April 2004. The group is focused around two activities: energy and transport. Alstom (ALO) is present in over 70 countries and employs 65 000 employees.

STRENGTHS AND WEAKNESSES OF THE VALUE
The strong points of the value
-- Alstom (ALO) took leading positions in equipment for power generation and rail transport, these two branches have become the heart of the group's activities. Alstom (ALO) still has strong growth potential in the area of services.
-- One third of group sales are conducted in emerging markets, strong growth.
-- Demand for energy is expected to remain buoyant in the coming years.
-- The value presents a speculative attraction. The markets are concerned about a potential merger to three: Areva-Bouygues-Alstom.

The weak points of the value
- Alstom will have to adapt its business model in connection with the opening of rail competition, now in transporting goods and tomorrow in the carriage of passengers.
- According to some analysts, the upside potential of the title is limited in the short term.

HOW TO FOLLOW THE VALUE
-- The activities of Alstom (ALO) are directly related to population growth, implying a growing urbanization requires more infrastructure still producing energy and rail transport.
-- Orderbooks and pace of new orders are good indicators of perspectives.

THE AREA OF THE VALUE
Capital goods
The profession of electrical equipment french, whose turnover grew by 9% last year (to 11.7 billion euros), already receiving benefits Grenelle of the environment, to develop economies energy and reduce CO2 emissions. This is because the sector accounts for about 40% of its turnover in the building, which itself generates 40% of CO2 emissions. This trend is not confined to France. Outside our borders, where members of Gimélec realize the majority (61%) of their activity, contracts are proliferating. Thus, Sweden, the municipality of Nyköping asked Schneider Electric (SU) rehabilitation of 123 buildings social, to achieve 21% energy savings, or 1 million per year. It is also the demand from emerging countries that pulls the market. If growth in France has exceeded 5%, higher than the 3 or 4% from previous years, the progress achieved between 8% and 12% beyond our borders and depending on the product.

Remy Cointreau announced that the slowdown in U.S. economic activity and rising euro would weigh on its 2008-2009

Remy Cointreau announced that the slowdown in U.S. economic activity and rising euro would weigh on its 2008-2009 biennium but he focused on a recovery in 2009-2010.

The manufacturer of Remy Martin cognac and Cointreau liqueur warned that n'anticipait no organic growth of its net operating profit for the current year, ending March 31, 2009, with a consequent fall of his share price on Euronext Paris.

During a conference call on No. 2 french wines and spirits after Pernod Ricard has even talked about a possible "slight decline" in this operating income while betting on a rebound for the next year.

For the first quarter of fiscal 2008-2009, he published Wednesday a decrease of 5.6% of its sales to 149.9 million euros, at the same time it announced a net profit, group share , 98.4 million euros for the 2007-2008 fiscal year, ended March 31. This compares to an exceptional loss of 23 million a year earlier.

Jean-Marie Laborde, the director general, said Remy Cointreau was not prudent in its projections used the scenario of a restart of the U.S. economy at the end of the year like many experts.

"We have a more conservative assumption, because Remy Cointreau is in a transition year and it is more important for us to transfer our brands in our future distribution networks country by country in better shape," he said.

THE WEIGHT OF MAXXIUM

The company, which owns 25% of the distribution network Maxxium, due out in 2009 this joint venture whose operation will also be affected by the announced departure within two years of the Swedish group Vin & Sprit after its takeover by Pernod Ricard.

Remy Cointreau has set aside in its accounts as at 31 March 2007 a sum of 241 million euros under the grant exit network, which he valued its share to 76.4 million.

Jean-Marie Laborde said Remy Cointreau had spent a total of 15 to 16 million euros, representing an additional 7 to 8 million to prepare its new distribution network. He also stressed that the group intended to maintain a high level its public expenditure promotions.

"We prefer to use this biennium 2008-2009 to strengthen our fundamentals and have a real ambition to increase our prices to further improve our 'mix'. As a result, we will have no organic growth in operating income at the end Exercise, perhaps even this could be a slight decline, "he said.

"This does not hinder us more than that because what we expect, the rebound next year and we rely heavily on (the rebound) with a new network that will book a very good surprises", at he added.

The Paris Bourse has reacted poorly to the prospects for 2008-2009 drawn, action-Remy Cointreau falling by 6.55% to 31.66 euros to 13h10 in a market up: +1.28% for the SBF120 + 0.63% for the DJ Stoxx index of e-food drinks in Europe.

Natixis said it was considering revising "significantly down" its forecasts 2008-09, while Fortis has confirmed a lowering its recommendation on value.

Meanwhile, CM-CIC Securities notes that the announced results confirm "the lack of visibility on the group in an environment more uncertain and a strategic shift that has yet to prove its relevance."

Merrill Lynch and unfulfilled promises

John Thain was forced to revert to its commitments. For months, the boss of Merrill Lynch has claimed that the brokerage had sufficient capital to cover future problems with his considerable stock of mortgages at risk and bonds secured on its loans (CDOs) and would not need sell assets or issue new shares. Now, within a few weeks, he will do both.
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Of course, the huge fiasco of Merrill Lynch in subprimes is not the fault of Mr. Thain - it was very difficult to explain by presenting the results of the second quarter and correcting an air irritated analyst who was referring to the CDOs that "(them), guys" had created. Mr. Thain, of course, took the helm after the crisis began. And perhaps that the measures announced in recent days will bring the vessel upright.

The sale by Merrill Lynch for the bulk of its CDOs at Lone Star should withdraw considerable weight on the action of the group. He will almost 9 billion dollars (5.8 billion euros) of exposure, but it's all old CDOs before 2005 that still offer performance correct and are widely covered. This has paid dearly to get rid of the rest. Merrill provides a loss of $ 5.7 billion this quarter as a result of the depreciation of assets.

Again, this is not the fault of Mr. Thain. But his ads early on the strong position in terms of capital Merrill makes a case study on the dangers of putting itself in an untenable position. Two weeks ago, he had to throw in the towel and begin to sell assets, namely its 20% in the group Bloomberg LP for $ 4.4 billion.

Now, we must rebalance the balance of the facility with 8.5 billion dollars of additional capital, with almost one third Temasek used to repay (the fund sovereign Singapore), according to an agreement with the shareholder who has endorsed a previous capital increase.

It may, of course, be an advantage to be the first to get rid of a body as important asset compromise. But there is a more immediate lesson to be learned for the leaders of financial groups: Do not make promises you can not keep.

The Fed, the ECB and the SNB strengthen their concerted action

The Federal Reserve USA, the European Central Bank and the Swiss National Bank announced a strengthening of their concerted effort to offer credit facilities to banks.

As part of measures to try to eliminate the credit crunch by increasing liquidity in the interbank money market and the Fed said that investment banks could go until 30 January 2009 at his desk refinancing d ' urgency usually reserved for commercial banks (Primary Dealer Credit Facility).

This exceptional credit facility had been set up in March for six months in the wake of the collapse of the bank Bear Stearns.

The Fed, in a statement, said it extended the measure "in light of the circumstances which continue fragile financial markets."

She added that she withdrew the measure when conditions in financial markets will no longer be "unusual and urgent".

The auctions conducted for large banks under the new credit facility of the Fed (Term Securities Lending Facility) will also be extended until 30 January 2009.

For commercial banks, under the swap line between the Fed and the ECB, which allows the ECB to refinance their dollar European banks, both central banks will put in place bids to 84 days in addition to the dollar in auction existing 28 days (Term Auction Facility).

The program was introduced last December to try to reduce tensions in the banking system caused by the tightening of credit since the summer of 2007.

The SNB has indicated that it was joining this concerted action to 84 days.

The European Central Bank said that the program would begin 84 days with effect from August 8. The auction conducted all the TAF two weeks will alternate credit facilities to 84 days for an amount of 10 billion dollars and facilities for 28 days for an amount of 20 billion dollars.

This means that following a period of transition, there will be ongoing three operations to 84 days and an operation to 28 days for an unchanged line of the swap of 50 billion dollars, said the ECB.

During the transitional phase in August and September, the ECB will reduce the amount of transactions to 28 days while introducing those 84 days. During the first operation of this transitional period, the overall volume of the swap line will be temporarily increased to 55 billion dollars.

EADS disappoints markets

Despite an operating profit exceeding 1.15 billion euros in the first half of 2008, EADS hard to convince. And the horizon looks does not totally forgiving for the manufacturer. Navigant in a difficult environment clouded by the judicial affairs and an economic context little bearer, Louis Gallois intends to stay the course ... and annual forecasts.

It is sometimes results in trompe l'oeil. Those of EADS, eagerly awaited by the stock market on Wednesday did not fail to react analysts ... but not really in the direction desired by the leadership of the aerospace group. At first sight, however, EADS has nothing to be ashamed of these ads, the manufacturer having benefited from the strength of activity abroad in the first six months of 2008. Operating income biannual group has been multiplied by 3 to 1.15 billion euros.

For analysts, however, the account is not ... some were waiting for a result by 1.3 MdsE even 1.5 MdsE for the most optimistic. Disappointed, some brokers have issued notes not necessarily flattering in response to these figures, recalling that the results of the first half of 2007 could not be used as reference insofar as they had been sealed by restructuring costs in connection with the launch of famous restructuring plan "Power 8" in place at Airbus, but also by the launch of new A350 XWB aircraft.

Power 8 +: Further savings measures

The group EADS early 2008 have suffered again for the decline in the dollar against the euro, which has close its courses floors over this period, close to 1.60, while charges related to the delay of very heavy A380 continued to be felt in the results.

Also offensive, the boss of EADS, Louis Gallois, stressed the effectiveness of the plan "Power8" explaining that this rationalization program had far exceeded its original goals ... Proof? New measures called "Power 8 +" to fight more effectively against "the dollar effect" will allow 1 billion of additional savings on operating income beyond the year 2010. Thanks to "Power 8", is 2.1 billion full-year savings that the group hopes to externalize from 2010.

Other reasons, not least the "visibility" as saying the specialists of financial markets remains low for the second half because of uncertainties associated with the future of air traffic worldwide, while growth declines before our eyes the States U.S. and Europe and that the oil bill remains perched high ... Reasons enough to be cautious on prospects of air transport in the coming months ...

An uncertain economic context

Airbus, which wants to put in a logic of the longer term, expects about 850 new orders in 2008 and has continued to increase its speed of delivery, at a rate of 245 aircraft in the first half. Louis Gallois wants to keep the tempo, but that's always prudent facing up to major U.S. competitor Boeing, which has a dollar of "combat". Hence the need to pursue actively the setting up of the plan would "Power 8", which passes through sales of industrial sites, not always easy to fly. The contretemps announced the recall in the first half of this matter that the road is narrow in an economic context increasingly uncertain.

In an attempt to reassure the stock market which has dropped the title EADS to 12 euros in recent days after a division by 2 in the space of one year in the stock price, management of the group wants to maintain its annual forecasts by relying on an operating profit of 1.8 billion euros and a turnover of more than 40 billion euros. In a climate which remains polluted by business insider who continue to "A" newspapers, the steady pace of Impeachment examination of former executives of Airbus, not sure whether this is sufficient to make off the title EADS Cap ... for the moment.

The marriage between British Airways and Iberia will create the No. 3 in Europe

The marriage between British Airways and Iberia will create the No. 3 in Europe

Already partners in the OneWorld alliance, the British airline British Airways and Iberia of Spain announced Tuesday, July 29, have begun negotiations in order to achieve a merger by exchange of shares. These negotiations, "supported unanimously by the boards of directors" of the two companies should result in a few months.
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The new entity would become the third European company, with 59.9 million passengers boarded behind Lufthansa-Swiss (66.2 million passengers) and far behind the tandem formed by Air France and KLM (73.7 million passengers).

The news was greeted with no real surprise in air transport. Not only because there are approximately fifteen months, British Airways, coupled with funds, had already assembled a dossier of takeover of Iberia, but mainly because, in a context of economic slowdown and oil prices, consolidations and consolidations are generally a response to constraints of increasingly severe.

A search of a simple equation: air transport is an activity where margins are low and it is magnifying that companies can finally achieve real economies of scale.

THE TWO MARKS SUBSISTERAIENT

This new phase of consolidation and is consistent with the scenario, long anticipated by scholars of air transport, that it would remain, ultimately, that three very large traditional operators and two low-cost airlines in Europe.

On the mode of structure chosen, it seems that there are similarities with the type of governance adopted by Air France after his marriage with KLM. The two groups plan to gather under a single holding company with a unified management structure following the directions today. The two brands, British Airways and Iberia, would continue to exist in parallel.

British Airways already owns 13.15% of Iberia, which has, for its part, directly and through options, 10% of British Airways.

INTERVIEW - WTO: "France is losing comprehensively"

Negotiations in the WTO on global trade ended in failure. Meeting in Geneva during 9 days, the 153 member countries have not reached agreement on further liberalization. Yvan Decreux, an economist at the Center for prospective studies and international information (CEPII), a specialist in trade policy, explains the point.fr that this does not mean the end of the cycle of trade negotiations. And remains optimistic about the possibility of concluding the Doha round of negotiations quickly.

Lepoint.fr: What are the consequences of the failure of negotiations at the WTO for global commerce?

Yvan Decreux: In the short term, we can not say that to change much, because prices of agricultural commodities are very high. The negotiations focused on reducing production subsidies, lower tariffs and export subsidies. But they are in fact already very low compared to prices of commodities. This means that the current issue of negotiation was relatively low except for some products such as sugar and meat. In the future, however, the consequences of this impasse could be more important for world trade if prices were to fall.

Lepoint.fr: The end of negotiations means she burial cycle of trade negotiations in Doha lying since 2001?

Y. D. : No, this is a failure of the discussions but not the Doha Round. A further meeting may take place next year, if not sooner. Pascal Lamy (Editor's note, the Director General of french WTO) has strategically chosen to terminate discussions heavy nine days because some countries have been blocking. There was no chance of success now. But that does not mean that Pascal Lamy has lost all hope to conclude the cycle. The next concert will probably be good because some countries initially opposed to an agreement are now in favour. Even in India, partly responsible for the impasse, reaffirmed its willingness to conclude the cycle. It must now be negotiations distance between countries that still opposed to reconcile the points of view before convening another meeting. But the discussion has enabled progress on a number of important issues.

Lepoint.fr: How the changing balance of forces there between different countries?

Y. D. : In a way, we can say that a balance between North and South was reached during these negotiations. The efforts required to Southern countries have been further reduced. The least developed countries are exempted from protection to reduce their production while emerging countries (China, India, Argentina, Brazil ...) should make efforts on the industry. It remains, however, disagreements between the North and between countries. For example, African and Latin American countries have opposed on the banana market, while Europe has shown flexibility on the subject to reach a compromise. Among the North, the USA and Canada did not want to hear about the recognition of geographical indications for certain products sought by Europeans.

Lepoint.fr: France sort-winning or losing it to the postponement of negotiations?

Y. D. : France could expect to benefit from a further liberalization in the services sector and industry. Overall, it is therefore losing. But this report, which should be short, could also enable it to obtain concessions on certain issues which relate to heart at future discussions, such as recognition of appellations of origin. Of the remaining agricultural topics, however, I do not think that further compromise more favourable to France can be obtained in the future.

Currencies: better for the dollar

The dollar has benefited from European indices still depressed yesterday, particularly in France with a household confidence fell to the lowest in 20 years, back to 1.5580 / euro between banks, while in contrast, the Conference Board reported for the month of July of an upturn in the consumer confidence index to 51.9 U.S., against reading housed June 51 (revised up from the previous level of 50.4). The consensus space was 50 on the month of July.

Scholars expect this Wednesday, Wall Street, the monthly report of employment ADP (Paris: FR0010340141 - news) for July at 14.15 am Paris time. Tomorrow it will be the turn of the GDP of USA to be announced for the second quarter of 2008 (14.30), also passing by the Chicago PMI index on the month of July (16 hours), the index of employment Monster July and the unemployment registration. Friday, finally, investors will be aware of the inevitable government report on employment for the month of July (14h30), construction costs for June and the ISM manufacturing in July.

The Chinese yuan symbol finally 6826 yuan to the dollar.

The dollar was up again Wednesday against the euro, which yields 0.2% against the greenback in 1556 dollar against the euro, helped by a number bodes well on U.S. employment, before the publication of unemployment statistics addition Atlantic Friday.

The monthly survey of Automatic Data Processing (ADP (Paris: FR0010340141 - news)) has shown that the U.S. private sector had created 9 000 new jobs in July, while economists were expecting, on the contrary, 60 destruction of 000 posts. In June, the private sector had destroyed 77 000 posts, against an initial reading of 79 destruction of 000 jobs.

In addition, the euro is sealed by an indicator of economic sentiment continued to decline in July in the euro area, falling 5.3 points to 89.5 points. In both regions, it is the largest decline in sequential pace since October 2001 and the lowest level since March 2003.

Compared to the yen, the euro yields 0.1% to 168.3 yen against the euro and the dollar gaining 0.1% to 108.2 yen to the dollar.

The pound sterling was stable against the U.S. currency, a 1979 dollar for a pound and the euro lost 0.2% over the 0786 currency British pound.

The euro grappille 0.2% compared to the Swiss currency to 1632 Swiss francs to one euro.

The Chinese yuan symbol finally 6826 yuan to the dollar.

Faced with a situation more difficult, Michelin is reviewing its prospects

Faced with a situation more difficult, Michelin is reviewing its prospects
Faced with declining markets more severe than expected in Europe and North America and the soaring prices of raw materials, Michelin has revised down its outlook for 2008 after a decline in its margin in the first half.

The group french tyre nevertheless wants to be confident about its ability to respond to changes in the bottom of an automobile sector more concerned with economies of consumption and the environment.

Michelin had to "adapt (its) forecast results for 2008 to reflect the" serious deterioration of the markets "in Europe and North America and the" considerable increase "of raw materials," said chief financial officer Jean - Dominique Senard.

The deterioration was sensitive to the markets for replacement tires in tourism-van and truck in Europe and North America, particularly in Europe in May and June in particular.

The outlook for the remainder of the year are now "lower" than expected: "objectively, on the few months ahead, we see no significant recovery of these markets," noted Mr. Senard.

Emerging economies, which account for 29% of sales volumes, however, should maintain "a relatively robust increase".

Michelin also suffered an increase "almost unprecedented" in raw material prices. The impact is now estimated at 750 million euros over the full year, against 600 million in the previous forecast.

In the end, the group table now for all of 2008 on an operating margin before non-recurring items close to that of the first half ", which reached 8.6% of turnover," if markets are deteriorating not beyond current expectations. " The operating profit amounted to 708 million euros (-17.8%).

In 2007, this margin was 9.8% and 10.2% in the first half of 2007.

In April, the group estimated that its operating income in 2008 could approach that of 2007 (1645 billion), having already revised up the impact of raw materials.

Throughout the half, Michelin has increased the prices of its tyres to cope with this increase, but these price adjustments were not sufficient to offset the impact of raw materials weighed for 239 million in operating income of the semester.

The net profit, to 430 million euros, was down by 1.6%. Turnover fell by 1.9% to 8239 billion, but up 4.2% to parity and constant perimeter.

But in the context, up 2% of volumes sold is deemed "encouraging" by the group, which welcomes the progress of the Michelin brand in all regions of the world. " Other reasons for satisfaction, growth in emerging countries and in tires specialty (civil engineering, agriculture, aircraft) with high profitability.

The group also focuses on the proper conduct of its plan of competitiveness for 2010. This programme is in the process of demonstrating its value and gives us the greatest hope for the future ", acted as chief financial officer.

Beyond the economy, Michelin notes with interest the "structural movements" in the car, believed to have products to meet them. The group anticipates a "change in consumer behaviour", turning to tire promoting a lesser consumption.

One factor that will remain on the agenda in the future: on electric vehicles, 30 to 35% of autonomy is related to tyres, ensures Didier Miraton, director of research and industrial performance of the group.

At 11:50 GMT, the Michelin was down 1.95% to 43.29 euros on the stock exchange in a market up 1.06%.

Frankfurt institute could fill further European growth

The alarming signals accumulate for growth in the euro zone, with the announcement Wednesday of the strongest monthly decline of economic confidence since October 2001, just after the attacks on the World Trade Center, and a new record inflation which seems to be profiler.

The index of economic confidence, which summarizes the views of entrepreneurs and consumers, lost 5.3 points compared to June, 89.5 points, according to a survey published by the European Commission.

This is its lowest level since March 2003, slightly more than five years, and a decline stronger than expected: analysts surveyed by Dow Jones Newswires tablaient averaged over an index to 93 points.

To explain this "horrendous" loss of confidence, further evidence of the slowdown of the European economy, Howard Archer, economist at Global Insight, cites rising rates of the European Central Bank (ECB) last month, which gave credit more expensive, and fears of a new tightening of monetary policy.

The confidence fell in July in all sectors, but the decline is "particularly pronounced in services," notes the Commission.

His investigation revealed "significant decline" in Italy (-9.6 points on a month) and Britain (-7.2 points) and to a lesser extent, France (-4.7 points) , Germany (-4.2 points) and the Netherlands (-3.9 points).

According to another survey by the Commission, the sentiment index of business, measuring the confidence of industrialists only, also declined to -0.21 point against 0.13 point in June.

"The euro area economy has fallen into a semi-stagnation. The risk of a recession before the end of the year is more significant," warned Holger Schmieding, an analyst at Bank of America.

The oil price and strong euro, the turbulence in financial markets and the U.S. slowdown are felt, with several poor indicators recently.

In Belgium, generally regarded as very representative of the European trend, growth has slowed in the second quarter to 0.3% after 0.5% in the first quarter, according to data published Wednesday by the National Central Bank, BNB.

Aggravating factor, inflation, already at a record level in June since the establishment of the zone to 4% over a year, could accelerate in July, to see the figures published by some countries.

Also in Belgium, inflation in July reached its highest level for 24 years, to 5.91% on a year after 5.80% in June, announced Wednesday the Belgian Ministry of Economy.

And in the first euro-area economy, Germany, inflation has remained in July to its highest level in nearly 15 years at 3.3% over a year, according to a preliminary estimate based on several states Tuesday regional.

The first estimate of inflation in July for the whole euro area will be known on Thursday. Economists surveyed by Dow Jones Newswires expect a new record since the inception of the euro zone in 1999 to 4.2% in one year.

What put in a delicate position the ECB, which aims theoretically inflation slightly below 2%. But even using weapons of rising rates in an attempt to curb rising prices, the Frankfurt institute could fill further European growth.

The sharp decline in oil, U.S. stocks down

Oil prices have fallen by nearly three dollars Tuesday in New York and still fell 1 dollar on Wednesday. They reached their lowest level in nearly three months because of a rise of the dollar and the decline in fuel consumption in the USA where stocks fell.

The pressure on oil prices relaxes frankly. The barrel of WTI U.S. ended the session on Wall Street at $ 122.19, down 2.54 dollars compared to its closing price on Monday. This is its lowest level since May. Since 11 July, when it reached its record high of 147.27 dollars, he lost more than $ 25.

In morning trade, Asia, the fall in prices is continuing before the publication of U.S. reserves. In morning trading, the price of a barrel of light sweet crude "(equivalent of WTI) for delivery in September fell by 42 cents to 121.77 dollars a barrel. The barrel of Brent oil from the North Sea for delivery in September lost 29 cents to 122.42 dollars. AND this Wednesday afternoon, the WTI loses a dollar to 121.19 dollars a barrel.

The consumption of gasoline at the pump fell for the fourteenth consecutive week last week to the USA, who swallowed 20% of global consumption of black gold, according to the weekly statement of the issuer of Mastercard credit cards issued Tuesday, while the traditional season of major travel by car for the holidays ( "driving season") is in full swing.

This trend was confirmed by official statistics released yesterday, showing that the first five months of the year, the number of miles driven by motorists American fell to their lowest level since 2003.

The figures for weekly oil stocks in the USA that unveils the Department (ministry) of Energy indicate that the crude is down 100,000 barrels to 295.2 million, as gasoline, 3, 5 million barrels to 213.6 million while for distilled products, stocks rose 2.4 million barrels to 130.5 million.

Bush has enacted the rescue plan property market

WASHINGTON - George Bush signed the comprehensive plan for rescuing the U.S. residential housing market approved by Congress, while seizures are rising and prices in the sector continue to fall.

The rescue plan establishes a fund of 300 billion dollars to help the property buyers in difficulty.

The text, approved last Wednesday by the House of Representatives and Saturday by the Senate, offers tax breaks to encourage property purchases. It establishes a national system of licensing for mortgage companies and allocated four billion dollars to local authorities for the purchase and repair of houses have been seized in communities affected by seizures and the fall property prices.

Despite its opposition to the allocation of four billion dollars to the local authorities, the president of USA finally supported this legislation because it has many other key reforms in the sector.

"We look forward to establishing new regulatory bodies to improve confidence and stability in the markets and provide better oversight of Fannie Mae and Freddie Mac", the two American giants of mortgage refinancing, "said Tony Fratto, bears voice of the White House.

"The Federal Housing Administration (the federal government on issues of real estate) will begin implementing new measures to ensure that more deserving American families can retain their homes," he added, referring to the worst crisis property bisected by the USA since the Great Depression years of 1930.

The french market for mobile telephony

The french market for mobile telephony is not quite competitive because of the difficulties of virtual operators (MNVO) to successfully carve out the face of the incumbents, said the Competition Council in a non-binding opinion reported Wednesday. It proposes to "unlock" the contractual constraints affecting the virtual operators. The Minister of Economy Christine Lagarde and Secretary of State for Consumer Luc Chatel responded by inviting Arcep (Regulatory Authority of electronic communications et des Postes) to "take all necessary initiatives for development of operators mobile virtual ", based on the recommendations of the Competition Council. Independent administrative authority, the Council may be referred to requests for advice on any issue of competition. The Ministry of Economy asked him last May to focus on the mobile telephony market in France, dominated by the three incumbents, Orange, SFR and Bouygues Telecom. Since 2004-2005, virtual operators (MVNOs) have appeared on the market. The MNVO do not own networks but can still build mobile offerings for the retail market, buying the services necessary to one of three incumbents, known as "network". The MVNO market their brand and manage their subscriptions. But according to the Competition Council, most of these virtual operators have obtained housing conditions "not very favourable to the development of their activity". The result, today there is no "real dynamics of competition for the benefit of the market and consumers." The MNVO, "the Competition Council, France familiar to a rate of development" surprisingly weak "compared to other European countries: their market share in France is less than 5%, against nearly 25% in Germany and 15% in the UK and the Netherlands. With regard to turnover, accounting for 2.4% of the total generated. Bids MVNO "contrary to those of network operators" are indeed focused on prepaid cards and packages of short duration, where the average revenue per user are relatively low, "the Council. Ultimately, virtual operators "do not compete head on the heart of the bid of the three network operators, made up of packages with a 12 or 24 months to call an unlimited numbers." The Council calls for "new competitive incentives," including "a significant reduction in the duration of contracts and exclusivity clauses" preventing MVNO to renegotiate their contracts and to play competition. It is also conducive to the allocation of a fourth licence if it is accompanied by a "unlock technical conditions, tariff and contractual." The Competition Council considers that the legislation "can not be ruled out" in case of market failure or regulator (Arcep) to create incentives searched for "animate real competition". It is recommended that virtual operators have "access to network elements authorizing a real differentiation tender" and can negotiate rates for decoupled "to compete with offers retail network operators." The Ministry of Economy has responded by inviting Arcep to "take all necessary initiatives for the development of mobile virtual operators, based on the recommendations of the Competition Council." Mobile telephony, says Bercy in a press release, is now "for each French expenditure budget important - an average of 55 euros per household in 2007 - and little compressible." The competition in mobile telephony "is an" important issue for purchasing power.

Jul 28, 2008

Thanks to the Hanuman Obbama said ..

According to The Washington Post obbama should be thanked for ramdoot Hanuman.

The Washington Post with the picture of Hanuman in an article published in masks Mathew wrote that former President Bill Clinton, Indians, despite being much more popular among the obbama interest , they should be grateful for Hanuman.

Hillary's campaign said that the Indians have had a lot more money, but in an informal albokarck of New Mexico during the programme revealed that obbama with lucky objects, as the idol of Lord Hanuman is the light. Later in the Indian media publicity was very fast.

Obbama believes that masks or their colleagues may have about the Hanuman address. It is very possible that those involved in small offerings, which his supporters have on various occasions.

Columnist, in a similar occasion to remember, once wrote that the town during a recent meeting of the woman to ask how things have kept their confidence, had his from Obbama several small things out. Of these, a small statue of Hanuman. Obbamasaid that these lucky things on various occasions has given his supporters, but it is quite large for the Indians and it was now in the homes of Indians live in the U.S. and Hanuman obbamba discussion.

Golden Sparrow---Mittal

Britain's richest and most powerful persons in the list of Lakshmi Mittal has achieved the highest position. This list Richest power two separate lists - different rankings, the most powerful and richest people put together a list has been prepared.

The Times newspaper in the list prepared by Mittal of Indian origin are giving executive Arun Sarin, the list of 24 who have achieved its place. Yet Britain's 1000 list of the richest persons not in his name.

Sunday Times prepared by the richest people in this year's list also Mittal's 27.7 billion pounds, with the first number on the property. The list prepared by the Times Power Richest included in the list.

The Times said that money and power as a natural partner both are known. Newspapers said that it investigate, we have the Times list of 100 most powerful people to the Sunday Times rich list with him and we got the opposite result. Britain, at least in the business world that only seems to be strong for you do not have to be rich.

The Times said that the rich are on the list of awwal number Lakshmi Mittal is also the first in the number of our list. Report said that some of the most rich people are the least effective.

Number two is not striving for: Jindal

Louisiana Governor of the province Boby Jindal has denied reports that it is possible Republican candidate for the presidential election Senator John 's number two for trying.

Jindal said he had about a dialogue with maccan not. Asked whether his name for the post of Vice-President is being considered a news program during Jindal said that he about this and I have not discussed any time. American Indian origin, said Jindal is happy with the post of governor of Louisiana and Maccan pleased by the support.

There were media reports that the prospective Republican candidate Senator John Maccan's number two post for his name being seriously considered. Jindal said that they are supporting Senator मैक्केन. Iran and other international challenges with regard to his strict views.

Obbama about the senator, he said in the past few weeks in Obbama's attitude changed several times. At the same time, Jindal said the senator with maccan I do not always agree but at least you know so that their views are and what you can to respect their main attitude.

Overseas doctors in Britain would be to check the qualification

London. Britain's medical history in most major reform of the move, a rule has been applied. The doctors here under the scrutiny of their ability to pass through the test each year. A report issued here this information today. Here the rule will apply to all professional doctors of Indian origin, which also includes thousands of doctors.

According to the principal and the country's 50 million nearly a thousand doctors to prove their ability to annually through mandatory testing. Doctors are not good for the identity of the appointment of senior doctors. Doctors, who works for the bad name be deleted from the medical register. Family doctors, hospitals and doctors to work in the private practice of doctors for its licence renewal every five years on the application.

Britain's 150 years in the history of medicine in the most major reform legislation being considered. Inspector as evidence against the doctors, patients and colleagues prompted to submit a response to the questionnaire used. The Times newspaper said, it is the first experiment of its kind in the world. This will ensure the identity of those doctors who have bad medical decisions often - are reiterating time. The report says that the trial will begin within two years.

San Francisco Mayor Weds in Montana

San Francisco Mayor Gavin Newsom took a break from his busy job and gubernatorial ambitions to marry actress Jennifer Siebel on Saturday at Siebel's parents' Montana ranch.t is the 34-year-old Siebel's first marriage and the second for Newsom, who divorced legal analyst Kimberly Guilfoyle in March 2006.

Beijing remains well below international standards

The air quality in Beijing remains well below international standards, despite efforts to improve the eve of the Olympics, warned Monday the organisation Greenpeace.

The average level of particulates in the air, one of the main measures of pollution, still two times higher than the standard recommended by the World Health Organization (WHO), said a report by the NGO.

The Chinese capital has however managed to reduce its levels of sulphur dioxide below the level set by WHO, according to the report entitled "China after the Olympics: lessons from Beijing."

"The air in Beijing is still suffering the economic boom and the rapid increase in the number of people owning a car," this text analysis, especially considering that Beijing has been slow to develop its transportation.

But the city has fulfilled many of its commitments on the environment, which will benefit long after the Games, says the NGO.

"What is unique about these Olympics is that they leave an environmental legacy for Beijing in terms of transport infrastructure, energy efficiency and renewable energy development, water treatment and waste, "said the organization.

The report calls on the International Olympic Committee (IOC) to enforce environmental standards for the Olympic Games in the future.

The British company, which employs more than 350,000 people,

The catering group Compass Group reported a solid third quarter, with revenues and margins in line with levels seen during the first half.

The British company, which employs more than 350,000 people, has explained that it managed to offset the increases in food costs and changing its menus.

"Our business model, strong and diversified, strengthens our confidence in our annual forecasts and our potential," explains the group as a point on sales.

Compass, which has the football club Chelsea, the company O2 and the Bank of England among its clients, announced in May that its sales, excluding acquisitions, had increased by 5% in the previous six months 31 March, while its operating margin had increased by 60 basis points to 5.7%.

Monday, Compass also announced it had bought the service provider to the health sector Medi-Dyn for 50 million dollars and had already made 21 million pounds of share buybacks in the context of a programme of 400 million pounds began on July 1.

According to 16 analysts polled by Reuters, Compasse should publish a taxable profit excluding exceptional 557.5-million pounds for the year ending September 30, against 442 million pounds a year earlier.

Monday around 9:10, the group's title lost 1.52% to 339.79 pence on the London Stock Exchange. Since the beginning of the year, he sold more than 11% of its value, outperforming the index of pan-European travel and leisure, which fell during the same period of 23.64%.

Mark Potter, French Nicolas Delame

Parliamentary committee of inquiry, claimed by the Socialist deputies,

Pierre Moscovici (PS) called Monday for the creation of a parliamentary committee of inquiry, claimed by the Socialist deputies, to understand "how we got to give hundreds of millions of euros" by Bernard Tapie and to determine "the role of Nicolas Sarkozy".

Any appeal against the decision rendered by an arbitral tribunal in the case Tapie would be decided on Monday, said Bercy while pointing out that this assumption was low.

Bernard Tapie has enough to live now with public money which was decided by a justice; you need to know how you got to give hundreds of millions of euros to Mr. Tapie. Ca fait much, much, "said Moscovici on France Inter.

The former minister said he was "extremely disturbed" by the affair. "You should know exactly what were the instructions given and why, what was the role of Nicolas Sarkozy, the role of the Ministry of Finance, and how we have chosen justice arbitration and not justice at all," said Moscovici.

"After a court decision, it turned to an arbitration court which is a commercial justice", "more favourable business environment", and "we did on the pressure apparently Nicolas Sarkozy and in any case Ministry of Finance, "he assured.

"I say that there has been in there a policy of intervention in favour of Bernard Tapie," he further said.

According to the deputy of Doubs, "one is struck by the coincidence between the support that Bernard Tapie never ceases to give Nicolas Sarkozy and support Nicolas Sarkozy brings to Bernard Tapie."

An arbitral tribunal, composed of three persons, sentenced July 11 CDR, which manages public structure liabilities of Credit Lyonnais to pay 285 million euros for the liquidators of the group felt that Bernard Tapie floué a plus - significant value achieved by the bank during the sale of Adidas.

The creation of a parliamentary committee of inquiry, requested by the PS deputies, requires a majority vote at a public meeting in the Assembly. This vote will not intervene before the next regular session in autumn

Officials of the brigade surveillance inside Lyon

Officials of the brigade surveillance inside Lyon have made a seizure of nearly 5,000 articles infringing major luxury brands for an estimated value of over 1.2 million euros, announced Monday the Directorate General of Customs in a news release.

Customs officers discovered these counterfeit checks at parcels in a society of express cargo on July 22 last. They found 36 packages containing handbags, belts, jeans, pairs of glasses and accessories contrefaisaient poor quality brands including Armani, Dolce & Gabbana, Prada or Louis Vuitton.

All packages intercepted came from Italy and should be delivered in France and Spain.

"These operations are significant control of increased deliveries by cargo of counterfeit or by express mail, as a result of purchases via Internet," says the release.

On 4 June, 36,000 counterfeit flags and flags of the Euro 2008, and 35,000 counterfeit garments were intercepted in the express cargo by customs officials in Lyon.

The Palestinian security forces have arrested Monday in the West Bank more than fifty members of the Islamist movement Hamas,

The Palestinian security forces have arrested Monday in the West Bank more than fifty members of the Islamist movement Hamas, which carried out a wave of arrests in Gaza after a bomb attack Friday evening, said a senior Palestinian.

The forces of President Mahmoud Abbas have arrested these people in Nablus and in locations around the city of the northern West Bank, said the official, stressing they were "suspected of inciting civil disorder." Several local leaders of Hamas and university professors were among those arrested.

The manager has refused to indicate whether these arrests were a response to the wave of arrests in Gaza more than 300 people, members or supporters of Fatah movement of Mahmoud Abbas, conducted during the weekend in the wake of an attack that killed five Hamas activists and a little girl.

Hamas has accused Fatah of being the author, that its leaders have denied. Fatah felt that it resulted from internal conflict with Hamas.

Previously Fatah had arrested 34 members of Hamas in the West Bank at several raids during the weekend, according to a senior security. In Gaza, a senior official of the Palestinian newspaper Al-Ayyam, Sami al-Qichawi, said that the Hamas police had prevented the distribution of daily life and that of two other newspapers, Al-Quds and al-Hayat al-Jadida.

These logs are close to the Palestinian Authority, headed by Mr. Abbas.

"They have given us no reason," said Qichawi, who said that police had seized Hamas newspaper after entering the Gaza Strip through the Erez terminal between the territory and Israel.

The two main Palestinian movements are deeply divided since the seizure of power by Hamas in Gaza in June 2007, but their direct confrontation experienced a lull in recent months.

Jul 27, 2008

Microsoft, Google, Yahoo...

Tel is the message that Steve Ballmer sought to convey at the meeting with analysts held last week. While Google, like a black hole, intends to absorb any activity in its path - it has just officially launch its draft Knoll Wikipedia competitor - Microsoft intends to give a signal on its strong ambitions in the Internet universe. The unbundling Windows / Windows Live on one side and Online Services of the other is an element of this strategy.

While it is one of the first sites of traffic in the Internet world, Wikipedia remains a non-commercial project as had been hoped Jimmy Wales, one of the founders 5. Remember that Wikipedia is a collaborative online encyclopedia, universal and multilingual operating system with a wiki. The figures obtained by Wikipedia are remarkable: 400 000 contributors, a hundred languages represented more than 10 million pages including the fourth in English and nearly 700 000 in french (our east rather well represented).

But on the Internet (in the real world too), traffic is the fundamental element that helps to monetize any type of activity. From this point of view, Wikipedia would be an anomaly.

In any case, from the point of view that Google is a machine to monetize all this activity on the Internet is almost a perversion. While on Wikipedia, the authors are volunteers and items are not signed, the project Knol (for knowledge) Google brings this point of view of major changes. The product is officially announced was a test since December, according to a mechanical usual in the Internet world.

The basic principle of Knol is that the articles are signed by their author (or their group of authors). So that may exist several articles on the same subject. Any reader may propose suggestions that the author is free to accept or reject. The authors may decide to integrate Google Adsense advertisements. In this case, they will repay their share in proportions that Google has not specified. The content will be indexed by the search engine and there is a good bet he is "properly". In addition, Google has signed an initial agreement with the New Yorker magazine that anyone who can integrate an illustration of this magazine article. Google could expand this type of agreement with other magazines.

Knol is it a potential competitor to Wikipedia? In terms of knowledge, without doubt, even though it will take some time to propose an alternative content to that of Wikipedia. In economic terms, certainly not since Wikipedia is not located in the commercial world.

This new service shows the insatiable appetite for Google to monetize everything in its path. Google has been rather active recently with the new Google Trends, the virtual world Lively, the platform mobile Android ... and the list is not closed.

What's new in Search?

In all its presentations, Microsoft summarizes its strategy through its presence on four fronts: PC, server, Internet and Devices (basically all types of materials that the power of a PC). On three of these fronts, Microsoft has acquired a dominant position or achieving its objectives: almost absolute monopoly on the PC, now an enviable position in the world of servers with a new goal, tackle VMWare in the field of virtualization, and a very honorable in the world of mobile phones with Windows Mobile, which is one of three major platforms.

It is in the Internet that Microsoft has the most difficult to repeat itself even if the environment that is number three in this market. The Online division remains a major problem for Microsoft.

Admittedly, the last year that ended last June 30, sales grew by 30%, but still very modest compared to those of its main competitor, namely Google. On the market for Internet advertising, Microsoft would be credited only 3%, while Google is leading with 62% and would tend to increase its advance. Microsoft also indicates that it is the tenth advertising agency to the USA all media.

In addition, losses seem to grow with the turnover. In the past year, operating losses have reached $ 1.2 billion against just over 600 million a year earlier. The transformation to the digital world is in its earliest days, said Steve Ballmer to analysts and most of the advertising - a source of income coveted by Microsoft - is still offline.

Over the past decade, Microsoft has swallowed billions of dollars without achieving the desired result. It is better under these conditions the insistence displayed by Microsoft in the acquisition of Yahoo, in its entirety or only activity search engine. It seems that this is the only path to salvation for Microsoft if it wishes to one day become a serious competitor to Google.

As a first step, Microsoft is doing what it can do with its own forces by reorganizing its activities: on the one hand a division that combines Windows and related services Windows Live and all the other Internet activities, engine Search Live Search, the MSN portal and advertising related activities.

Everything Will Go Digital

Anything that can be digitized and supported by IP networks - to understand the Internet - will Steve Ballmer said. In such a context, the software becomes a predominant feature and we are rather in this activity. But in such a perspective, the "Search" is the entry point of the Internet, one from which everything begins (See also article in the letter the day of Nicholas Carr: "Is Google making us Stupid") .

"Search is ripe for innovation, said the CEO of Microsoft, because it was not the most innovative (...). Go back five years year and look back what research on the Internet: 10 links on the left, some advertising on the right and maybe a few advertisements at the top of the screen. Look at today: 10 links on the left, some advertising on the right and maybe a few advertisements at the top of the screen ... 50% of requests through a search engine do not lead to a satisfactory outcome ".

An analysis that is not false and indirectly pointing a number of sector by presenting it as an annuitant of a situation gained, but fails to talk about what is not, ie the mechanisms to improve the relevance of research. It is true that Google's position could change quickly enough. It is sufficient that a player - why a new startup - develop a new technology that makes a leap in the field of Internet search for the giant Google is shaken. However, it is very likely that the startup is ... Google itself or it should buy it.

In search of a new PageRank

Google has seated its reputation and its power on an algorithm called PageRank, which has revolutionized technology research on the Internet. Remember also that earlier he did not know really how to monetize its technology he had felt sold directly to businesses with little success, before the bright idea of contextual advertising.

Microsoft is working on a technology called BrowseRank to overcome certain weaknesses of PageRank. Several researchers at Microsoft Research Asia or Chinese scholars have just published an article called BrowseRank: Letting Web Users Vote for Page Importance that looks more like a mathematical publication only other thing that could provide answers to some problems with recall that PageRank the basic principle is to attach importance to the functions pages of links that point on. Among these problems the possibility of automatically links on a page to magnify its importance, taking into account my time that people spend on different pages ...

The basic principle for BrowseRank is to take into account the behavior of Internet sites on how they navigate the site, how long they spend ... But this is only academic research and the establishment in the engine Live Search is not immediately ... This explains the insistence by Microsoft to acquire Yahoo. And this is not the extension of the agreement between Microsoft and Facebook to link the services offered by the first social network to the second which will settle the issue.

Jul 25, 2008

Rome found the capital for Alitalia

Below are the main stages in the privatisation of Alitalia since December 2006:

2006

December 5: The Italian state, which owns 49.9% of Alitalia, announced its desire to sell at least 30.1% of capital threshold that will require the buyer to launch a takeover bid for the rest of the capital.

2007

January 29: The Italian government announced that he had received eleven expressions of interest, including those of the Italian bank Unicredit, founder of the Italian airline Air One Carlo Toto (via his company AP Holding), investment fund management and e Capitali Texas Pacific Group, and the union of pilots Unione Piloti (UP). Air France has it not responded to the call for tenders.

February 13: The Italian government announced that five candidates are selected, those of Carlo Toto, funds Management e Capitali, Matlin Patterson Global Advisers and TPG and Unicredit.

February 20: Air France asks the gendarme of the Italian Stock Exchange to investigate rumours "false" reports of its intention to bid on Alitalia.

April 2: Three players share their firm intention to launch a bid: the Russian company Aeroflot, combined with Unicredit; AP Holding, the fund Matlin Patterson Global Advisers and Texas Pacific Group, combined with Mediobanca.

April 6: Air France denies having discussed with Aeroflot of a joint acquisition of Alitalia.

April 19: Jean-Cyril Spinetta announced that Air France intends to remain outside the process of privatization of Alitalia.

May 15: Italian Infrastructure Minister Antonio Di Pietro, said that offers of Air One and TPG are more competitive but still needs to be improved.

May 29: TPG said he was ready to throw in the towel because of conditions imposed by the government.

June 19: Matlin Patterson Global Advisers (MPG) is eligible to participate in the consultation accounts for the submission of a tender after the withdrawal of TPG.

June 27: Aeroflot withdraws from the race for redemption.

July 12: Jean-Cyril Spinetta reaffirmed that Air France is not interested in a stake in Alitalia.

July 17: Air One withdraws from the race for redemption because of overly strict conditions imposed by the Italian government.

July 18: Italian Government formalizes the failure of privatization, MPG has decided not to launch offer.

August 9: Air France-KLM announces remain "attentive" to the fate of Alitalia

August 21: A group of entrepreneurs represented by Antonio Baldassarre, former president of the Italian Constitutional Court, indicates its interest in Alitalia.

September 7: Alitalia announced they have entered into contact with potential buyers.

October 8: Alitalia announced that he had selected six potential buyers: Aeroflot, Air France-KLM, AP Holding, Lufthansa, TPG and the group of investors Antonio Baldassarre.

November 7: Alitalia announced that the group of investors Antonio Baldassarre does not qualify for a takeover.

November 20: Aeroflot withdraws from the race for redemption.

December 6: Alitalia announced that he had received offers for resumption of Air France-KLM and Air One.

December 11: President of the Italian employers, Luca Cordero di Montezemolo, has decided on the supply of Air One.

December 13: Alitalia announced that he had received a letter from Evergreen funds and THL Transportation, claiming allies to Singapore Airlines, which denies this alliance.

December 17: The two candidates clarify their offers. Air France-KLM offers an exchange of shares and a capital increase of 750 million euros. Air One offers a capital increase of 1 billion euros.

December 21: After twice postponed its decision, the Board of Directors of Alitalia gives preference to Air France-KLM.

December 28: The Italian government announces the opening of exclusive negotiations with Air France-KLM.

2008

January 2: Opening of exclusive negotiations between Air France-KLM and Alitalia.

January 9: Jean-Cyril Spinetta met Maurizio Prato, the boss of Alitalia, and Italian Finance Minister Tommaso Padoa-Schioppa in Rome.

February 17: 10,000 people demonstrate in front of the airport of Milan-Malpensa to protest against the reduction in the number of scheduled flights by Air France offers.

February 20: Italian justice denied the request for suspension of negotiations conducted by Air One.

February 22: Alitalia denies need for an emergency loan of 300 million euros to "hold" until the merger.

February 28: Italian justice again denied the request for suspension of negotiations.

March 10: Air France announced that he had obtained the green light from its board of directors for an offer.

March 11: Italian press advance that Air France could remove 1,410 jobs at Alitalia in case of redemption.

March 16: CA Alitalia approves unanimously bid for Air France, which values the company at 140 million euros.

March 17: Minister of Economy approves Italian offering of Air France-KLM.

March 19: at the end of a meeting with unions, who feel that supply conditions make it difficult acceptance, Jean-Cyril Spinetta believes that the acquisition is in jeopardy.

March 21: Silvio Berlusconi said he would oppose a "non-dry" to the bid if it wins the parliamentary elections.

March 27: Silvio Berlusconi describes as "indiscretions" and "assumptions" about him which are awarded and that Eni, Ligresti or Benetton would be interested in Alitalia.

March 28: Italian unions reject the proposed new Air France-KLM confirmed 2,100 layoffs, but indicated they want to continue negotiations.

April 2: Air France rejected the proposal against Alitalia unions. Maurizio Prato resigns.

April 3: Alitalia called Aristide Police in place of Maurizio Prato.

April 7: The Board of Directors of Air France considers that "it is for Alitalia, its employees and trade unions say how they see the future of their business."

April 8: CA Alitalia believes that the company can continue its activity in the very short term.

April 16: Silvio Berlusconi revived the possibility of an alliance with Alitalia, Air France-KLM, a condition of obtaining rights equal to those of its partners.

April 21: Air France announces the withdrawal of its bid on Alitalia.

April 22: Rome grant an emergency loan of 300 million to Alitalia.

April 23: The European Commission raises doubts about the nature of this loan.

April 24: Silvio Berlusconi says that the loan is the only thing to do. The board of Alitalia "noted positively the loan."

May 13: Board of Directors. Rome wants to find a solution to save Italian private company.