While Apple has announced record results, its rival Nokia, struggling for three years, falls into the red for the second time in its history. The Finnish manufacturer has issued Thursday a net loss of 368 million euros for the second quarter 2011, against a profit of 227 million euros a year earlier. This is the second negative result after the historic loss for the third quarter of 2009.
Nokia, which has an alliance with the U.S. Microsoft to launch phones to counteract the rapid expansion of the Apple iPhone and Android smartphones system (Google), is in turmoil trying to trace the slope.The giant had announced in April the elimination of 4,000 jobs and the outsourcing of another 3,000 due to the phasing out of its own operating system Symbian for the benefit of the Microsoft Windows Phone.
"The difficulties we face in our strategic transformation have arisen more than we expected in the second quarter of 2011," said Nokia CEO Stephen Elop. "But I think our actions to limit the impact of these difficulties began to show positive effects on the health of our business.In addition, we make better progress than expected to achieve our strategic objectives, "he said payday advance low fees.
Job cuts
The Canadian leader, who came to Microsoft last September to address Nokia, however, indicates that "competitive pressure" that is currently experiencing will continue.
In the second quarter, Nokia posted a further decline in sales of 7% to 9.28 billion euros. If he remains world number one by volume, the number of phones it sold plunged 20% to 88.5 million units, against 111 million a year earlier.Its joint venture with Siemens, the supplier Nokia Siemens Networks (NSN), has negatively affected the result with an operating loss of 111 million euros.
In May, Nokia warned that its second quarter results were worse than expected and now that he would not give targets for the full year. The group, which employed the end of June 138,800 people (75,000 at Nokia Siemens), said yesterday that it will "accelerate" its savings plan through "several sources", including job losses and departures replaced.
Thursday late afternoon, the action gained 1.27% to 4.14 euros, but fell below the euro for four mid-July, it operates at its lowest level since 1997.
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On Wednesday too, the markets remain nervous, less than previous days but fail to forge ahead. After returning in the green mid-session, the Cac 40 remains anchored in the red mid-afternoon. Same atmosphere on the other major European markets. The FTSE-100 index ahead of 0.50% in mid-session at 5898.30 points. The DAX index gained 0.84% to 7234.30 points.
Caution remains the watchword. Rating agencies are maintaining pressure on fragile states. Degraded after Portugal, Moody's said yesterday that Ireland was also risky and that the country may need a new international support. The agency has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook.Bond rates to 10 years in Ireland have crossed the 13% Wednesday morning, reaching its highest since the creation of the euro area.
A summit of Heads of States in the euro area is expected to take place this weekend. Aware of the seriousness of the situation, officials confirmed on Tuesday their "absolute determination to maintain financial stability in the euro area."
Lower start-ups in France
In this tense context, other macroeconomic announcements are often secondary. Investors, however, learn this morning that China's GDP has slowed slightly to 9.5% in the second quarter, less than analysts expected (9.4%). Retail sales in the country rose 16.8% in the first half and industrial production gained 14.3%.
In the U.S., the Fed has shown itself divided on the solutions to boost economic recovery.Some members called for the establishment of new flexibility in monetary policy, while others called for a tightening. All, however, have agreed on the fact that the recovery had slowed since their April forecast and estimated that the recent deterioration of conditions in the labor market was a concern. The minutes of the last Fed meeting will be published at 20 o'clock tonight. On the agenda also U.S. weekly oil stocks and the budget figures.
In Europe, industrial production in the euro area rose by 0.1% in May from the previous month, according to data released Wednesday by the EU statistics office Eurostat.It increased by 0.4% in the entire European Union.
In France, the number of start-ups fell by 10.8% in June from the previous month, after a sharp rise in May (29%) announced Wednesday the National Institute of Statistics (INSEE) . This brings out the creative self-entrepreneurs, adjusted for seasonal variations and the number of working days.
As for currencies, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars.The group warned it expects the same period a decrease of 23% to "about 760 million euros" from its current operating income, "primarily due to France."
Banking:
Banks respond well to ads in Europe.
Total: -0.40% to 38.67 euros
The oil company confirmed opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.
Sanofi: + 0.02% to 54.22 euros
The group and the American Regeneron Pharmaceuticals announced Tuesday that their experimental treatment Sarilumab allowed to show signs of improvement in patients with rheumatoid arthritis.
Auplata: + 1.13% to 2.68 euros
The group hopes to produce up to one ton of gold per year by 2014-2015 with a new plant is expected to increase the performance of its mines in Guyana, its president said Tuesday.
Belvedere: + 3.64% to 53.22 euros
The group of spirits and its CEO have been ordered to pay substantial fines by the disciplinary committee of the AMF for failing to inform the public and also for price manipulation in relation Rouvroy Jacques.
Tuto4PC. com Group: -6% to 5.95 euros
The title of Tuto4PC. com Group, the French specialist in display advertising on the internet was changing down sharply Wednesday morning on the first day of its listing on the Paris Stock Exchange, having already faced the warmth of investors before its introduction.
The project database province of Air France was launched Monday in Marseille, after obtaining the green light last week of the pilots, who approved, by referendum, to 54.7%. The CEO of Air France KLM said in the Figaro challenge of this reform, a crucial activity for medium-haul flights shaken by the low-cost. Pierre-Henri Gourgeon, 65, also returns on future developments in the governance of the group.
LE FIGARO. – You present Monday, there, your future based in Marseille. Why is this project so important for Air France?
Pierre-Henri Gourgeon. – This project is both innovative for our customers – they will be surprised, you see – and for Air France: the audacity this time is on our side. To understand this, it is necessary to realize the context in which this idea was born. In 2009, the company and its employees have taken a huge blow.The crisis came suddenly after several happy years for the company. We lost 20% of our revenue in one year, our cash burn and losses widened. It was very scary. The staff were awaiting a response. And thanks to an intense dialogue, without taboos, we have undertaken several major actions – including the freight. This project bases province was possible because Air France is out of his conservatism, and especially the face-to-face meetings between management and unions that the airline industry in general and our company in particular had the secret …
How does this project address the problems of your business medium-haul?
The medium-haul in Europe suffers the double competition fierce, the TGV and low-cost. It loses money. We had counted 140 active a decade ago, only 128 today.Other major European companies have chosen to throw in the towel. It is not our strategy. I think that Air France should continue to exist in the minds of customers, which means to offer solutions for all their movements. It is in this spirit that we planned to launch our brand TGV (in partnership with Veolia), but this assumes, as I recall, the French rail market is truly open to competition, thus n is still not the case.
So we need to regain market share over the medium-haul. However, there is a potential departure from the province, where our service is not quite satisfactory, because of this organization "spider web" centered on the capital.We can not effectively organize flights from Marseille – and especially in the morning hours – when staff take their mandatory service in Paris – which is now included in all contracts of employment – and when the planes come back every night. So we're going to base one another in Marseille, and it's a very inspiring project in the company.
What savings do you expect?
A gain of about 15% of our operating costs. Air France is productivist! The duration of daily use of each unit will increase from 8:15 to 11:40. The turnaround time will be reduced to half an hour. Pilots and crew will fly more hours, concentrated in fewer days.
So the low-cost …
No. We take some of the low-cost recipes.But we keep the Air France service newspapers, given up, snacks free miles … and the certainty that, whatever happens, the company will take care of the customer. All with very attractive prices, starting at 50 euros each way. We hope with our foundation of Marseille and Toulouse, Nice and Bordeaux win 4.5 million more passengers each year.
Your mandate was recently renewed in a general assembly for four years, but some suggest a transition period of two years instead …
The general meeting renewed my mandate as director for four years, and the Board of Directors has renewed my mandate as CEO for the same period. I am happy because there is much to be done to continue the rehabilitation of that country. In the coming months, we will change the governance of the Air France-KLM, to mark a new stage.When Leo van Wijk, Jean-Cyril Spinetta, Peter Hartman and myself, the four "founding fathers" have created Air France-KLM, we opted for a light structure.
Then we created a joint executive committee, where the representative of one of the two companies also took responsibility for his job or function (cargo, purchasing, marketing …) at the group level. This system worked very well, but it now reaches its limits. To further optimize the operation of the group must now make it more integrated and organized it so that it can accommodate a third company when the opportunity arises.We will therefore create a strong structure at Air France-KLM, which I will be the CEO, while each company will have its operational head.
Who will be that of Air France, which is presented as your successor?
This is a subject that is already running too much ink! Let the time for governing bodies to make their choice. It is true that my mission is to bring out a successor who will win. I have four years to do it off …
Commented very different subject: the order of long-haul Air France and KLM are about to happen. You are strongly "encouraged" to sign a priority with Airbus. When will you decide?
The decision will be taken during the summer. But know that the end of 2010, we concluded that we would both A 350 and Boeing 787.For reasons of timing: the Boeing will be delivered from late 2015, the A350 rather than the end of 2017, or KLM soon need new equipment. For reasons of size, too, Airbus is bigger than the Boeing. As a precaution, finally: to order a single plane that never flew too exposes us to potential production problems in one or another manufacturer.
KLM is a "Boeing company while" on the long haul. Will it a place to Airbus?
Airbus is in any case very attached to that is no longer the case.
And Air France, Airbus essentially client, she will be a place for Boeing?
Boeing also is strongly committed to that!
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"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.
In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "
Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.
Lagarde IMF: "A decisive push Sarkozy"
Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution no fax cash advance. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.
Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.
On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.
Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.
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Remote loosen a person trapped in an elevator, detect anomalies before the user being aware of the malfunction, reprogram a remote device according to business needs … Otis is launching its "Elite Service" in test last year: 23,000 units are already equipped in the world, including 1200 in France.
With this kind of innovation, the U.S. manufacturer of elevators installed in 200 countries to strengthen its position as world leader. "We are number one in front of Schindler and Kone and ThyssenKrupp are elbow to elbow, said Bruno Grob, President of the Africa, Northern Europe and East Otis.Our market share for new lifts to 25% and we ensure the maintenance of 1.7 million units. "
The company, which also sells escalators and automatic doors, completed last year a turnover close to EUR 8.4 billion, down 2% compared to 2009. "The crisis we have suffered in the United States or in countries of southern Europe such as Spain, Greece and Portugal," says Bruno Grob. However, profit before tax increased by 5% to almost $ 2.6 billion. Listed subsidiary of Wall Street United Technologies Corporation (Carrier air conditioning, aircraft engine manufacturer Pratt & Whitney …), Otis does not disclose a target for the current year.
France, a key market
The company did not, however, interest in resting on its laurels, as the business evolves lifts at high speeds.In recent years, China has become the world's largest market for new aircraft. "Over 600,000 sales worldwide this year, 400,000 will be in China, ahead Bruno Grob. We are also a number there and expect to install 75,000 units this year. "The Middle Kingdom is already generating just under 10% of the sales group based in Connecticut.
The United States remains however the most important country for Otis (20% of sales) for the maintenance market is active. A few weeks ago, the brand was chosen to manage the fleet of 68 elevators in the Empire State Building in New York. A contract of $ 80 million. Fortunately, since the fall of residential real estate, sales of new equipment were down 50% in the U.S..
France is also a key country for the group, which owns a factory that employs 600 full lifts people Gien, a component in Argenteuil site and the European distribution center for spare parts at Roissy. The subsidiary hex weighs quite heavy in the accounts: in 2010, it achieved a turnover of 1.16 billion euros. Good health in recent years is fueled by law SAE, which provided a first tranche of work before the end of 2010 to improve the safety of elevators.
So many reasons why our countrymen are so well represented at the head of the company. "The current president, Didier Michaud-Daniel is French and one of its ten most important contributors, six are French," said Bruno Grob.
Asian stocks tentatively leave on Friday. At the Tokyo Stock Exchange, the Nikkei 225 lost 0.14% to close at 9607.08 points, after the Bank of Japan (BoJ) kept in a range between 0% and 1% interest rates. The BoJ still think the Japanese economy will recover moderate growth "from the fourth quarter." On Thursday, Japan fell into recession, gross domestic product fell 0.9% in first quarter 2011 compared to the previous.
The president would have resigned Tepco
Note that according to Japanese newspaper, Yomiuri Shimbun, one of the largest in Japan, the president of TEPCO, Masataka Shimizu had resigned for his role in managing the nuclear crisis to the central Fukushima. The spokesman of the group, Ryoko Sakai, refused to confirm the information.The company in difficulty since the beginning of the nuclear crisis in Japan expected to announce today a record loss of nearly $ 15 billion for the year ended March 31. It should be replaced by the auditor, Katsutoshi Chikudate. Tepco fence on a slight rise from 0.54% to 367 yen.
Caution is also needed on Chinese stock markets: the Hang Seng in Hong Kong gained 0.10% to 23,187.10 points and the CSI 300 ahead 0.18% to 3126.35 points.
Oil prices rise
On other Asian financial centers, the trend is mixed: the Taiwan TAIEX was down 0.69% at 8831.24 points, the S & P / ASX 200 in Sydney to yield 0.42% 4736.30 points and the FTSE Straits Times Index Singapore lost 0.21% to 3165.95 points.Conversely, the KRX in Seoul 100 is up 0.43% to 4479.25 points and the BSE Sensex climbs 30 of 1.07% to 18,335.60 points.
Oil prices were on the upside Friday in electronic trading in Asia, buyers taking advantage of lower prices yesterday, analysts said. In morning trading, a barrel of light sweet crude for June delivery gained 38 cents to 99.31 dollars. That of Brent North Sea crude for July delivery took 13 cents to 111.55 dollars.
It is hardly imaginable that Dominique Strauus-Kahn to head the International Monetary Fund from a cell in New York. The IMF board would meet Monday in Washington to discuss the implications of the continued imprisonment of its CEO. Already begun thinking about potential candidates to succeed DSK has become urgent, despite the reluctance of European countries worried about the prospect of losing their privilege to appoint the head of the institution.
During the last hours of the Fund releases were terse. What is important for the international organization was initially to understand that it remained fully operational, although its chief executive is temporarily absent from Washington (which happens often).The IMF chief functions are in fact fully assumed as always by his first deputy, John Lipsky.
"We keep our full confidence in the IMF," the spokesman commented yesterday of Barack Obama. The members of "staff" IMF questioned mainly on how the head of the IMF would handle his legal defense while remaining fully operational as "MD" (pronounced M Di), ie as Director General.
The credibility of the IMF
Once past the feeling of amazement at the sordid nature of the charges against their bosses, executives of the IMF think in rational terms: "The IMF can work short term in serenity," said a frame. Lipsky did not perhaps not the political stature of DSK, especially against the highest authorities of the euro area, but he is clever, experienced, respected and may well fly the plane.But we must now find a successor to DSK.
And already many names circulating as potential candidates to succeed the boss destabilized but still far from being condemned direct payday lenders. Most of them are ministers or former ministers and central bankers of emerging economies. They are convinced that the time has come to recognize their virtues and their economic success. Tharman Shanmugaratnam, Singapore's Finance Minister, Trevor Manuel, who held the same position in South Africa, or Kemal Dervis, a former Turkish counterpart, are cited. It is further necessary that the industrialized countries agree. For Europeans who are originally from one of their own to head the IMF, these options are painful.
Mario Draghi not interested in the position at the IMF
"There are good reasons to have a European candidate ready to assume the number one position in the IMF, but emerging countries may also be eligible for the medium term" recognized Angela Merkel, in no hurry to sell this strategic role for young country strong growth.
The question for Europeans is as it was a matter of prestige. In their eyes, especially a European one would best guarantee of greater benevolence of the IMF in respect of serious problems in the euro area. "This is no time for discussion of who will replace Dominique Strauss-Kahn" says her German Chancellor. It is hard to believe this assertion.Already Italy's Mario Draghi, who became a big favorite for the presidency of the ECB is "not at all interested" to eventually succeed Dominique Strauss-Kahn to head the IMF, said on Monday A spokeswoman for Bank of Italy.
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Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.
However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, whose French Christine Lagarde, Germany's Wolfgang Schäuble The Italian Giulio Tremonti or Greek George Papaconstantinou.At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "
Accelerating privatization
At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient instant credit report. A sum which would, according to business daily, covering almost all the financing needs of the country in 2012.
Previously, however, the Greeks will accelerate the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.
Debt restructuring again rejected
However, the assumption of a debt restructuring Greek has once again been rejected by the participants. While Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem "President of the Eurogroup Jean-Claude Juncker reiterated that such an option was excluded.While stating that a new adjustment program would still be discussed at the next meeting of the Eurogroup on 16 May.
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The International Monetary Fund (IMF) wants cautious. While the Portuguese prime minister resigned, Jose Socrates, said Tuesday night that sealed a "good agreement" with the delegations of the European Union and the International Monetary Fund, the international organization said that the opposition has yet to agree .
In fact, using 78 billion over three years granted by the tandem European Union and IMF is not without consideration. In exchange for this support, the EU and the IMF require an "adjustment program" consisting of austerity measures "ambitious" and structural reforms involving the major parties beyond the next parliamentary elections of June 5 The agreement with the current Prime Minister has resigned is not enough. It will be supported by the main opposition parties.A spokesman for the IMF confirmed yesterday it had signed a technical agreement with the Portuguese government on a comprehensive economic agenda also said: "We said from the beginning that it is important that any program can receive a broader support of parties and we will continue our discussions with opposition parties to achieve it. "
Portuguese Prime Minister had announced earlier in the evening the conclusion of an agreement to support a $ 78 billion over three years. José Socrates had indicated that his country is committed to gradually reduce the deficit to 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013. Portugal had previously committed to reduce its deficit to 4.6% this year to 3% in 2012 and 2% in 2013. The imbalance of Portuguese public accounts in 2010 amounted to 9.1% of GDP, well beyond the target of 7.3% from the government.But he said he could not reveal "a lot of details" on measures that Portugal will commit to implement in exchange for this budget, because they must still be "consultation "with opposition parties.
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After the sprint, marathon. After spending several weeks trying to prevent the complete melting of emergency nuclear cores, the company that manages the central hilly Fukushima cut his forecast to surge by autoriéts to present a plan of action quickly. It's a race to the bottom limit for gradually leaks radioactive in which the company launches. With the gradual return of cooling systems, the operator believes that Sunday that he should take another three months to begin to "ensure that the radiation level begins to drop."The importance of radioactive releases into the environment has recently led the authorities to reclassify at 7, the same as the Chernobyl accident, the catastrophe occurred in Fukushima.
"Having completed this first step, it will take three to six months before we can reduce radiation leaks at a very low level," said Chairman of the Board of Tepco at a press conference. The company says that this second step will also aim to achieve "cold shutdown" reactor (cold shutdown), thereby facilitating the intervention of technicians. For now, nuclear reactions continue to residual heating fuel that requires cooling. The "cold shutdown" means the time when the number of fission is low enough that the coolant does not suffer almost no temperature rise.Katsumata said the company could now hope to "cool the reactors and storage pools of spent fuel so complete and stable."
Avoid the explosions of hydrogen remains a priority
The priority still remains "to prevent hydrogen explosion in Units 1, 2 and 3. Damage to the fuel ducts under the influence of heat leads one to the release of potentially explosive hydrogen gas. "The workers will inject nitrogen into the reactor to maintain the lower the ratio between hydrogen and oxygen," the company said in a statement.
A few days after the disaster of March 11, explosions occurred at Units 1 and 3, caused by the accumulation of hydrogen in the building housing the facility.The company has finally added it would cover the three buildings damaged reactors – 1, 3 and 4 – the next six to nine months, without specifying the type of material being considered. "In the medium and long term, the company plans to build buildings with concrete," she said.
The government hopes that the "road map" be held
TEPCO will finally try to limit the release of highly radioactive water. "On the reactor 2, we begin to clean up highly radioactive water in June," said the president of TEPCO operator. The injection and dumping bulk water since March 11 has resulted in highly radioactive water leak in the engine rooms and in trenches adjacent facilities, part of which was donated voluntarily or involuntarily, in the sea .
The Minister of Economy Banri Kaieda hailed as an "important step" presentation of the plan."The government expects that Tepco respects the roadmap, even as it accelerates", he said, because "in six to nine months, we want to tell the evacuees where they may or may not return among them. " Some 80,000 people in a 20 km radius around the plant were evacuated because of high level radioactive waste ocasionnés by the disaster.
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