Tuesday is likely to be as calm Monday in the Paris Bourse. The CAC 40 session begins at equilibrium, up slightly from 0.10% to 3907.51 points. The London Stock Exchange opened from 0.20% to 5618.01 points while the Dax in Frankfurt Stock Exchange began the session down slightly from 0.05% to 5872.57 points.
Yesterday, the Paris markets have ended on a slight decline of 0.18% despite opening in the green (0.35%). In Asia, the situation calmed after the euphoria of Monday. The numbers of U.S. employment, less worse than expected, to cease their invigorating effect. Monday already, Wall Street closed haphazardly in a sitting motionless.
The wait dominates before the publication of figures and important clues on the weekend.French side, there will be foreign trade figures for January and industrial output (Wednesday), the French deficit figures, the trade balance and the number of weekly unemployment in the United States (Thursday), and finally, the much anticipated index of U.S. consumer confidence (Friday).
Today's meeting will be hosted by the new corporation. Two publications of annual results of companies in particular should lead the market: those of Eurotunnel and EADS, the latter having also announced that he threw the towel in the bidding on ravitalleurs for the U.S. Army .
EADS in the collimator
EADS announced on Tuesday a loss in 2009 of 763 million euros against a profit last year of 1.5 billion.The group expects a 2010 EBIT of $ 1 billion against 2.2 billion (before provisions) last year, and a stabilization of sales to 42.8 billion euros. Furthermore, EADS and its U.S. ally Northrop Grumman said the night they did not submit a bid for the tanker contract from the U.S. Air Force, saying it benefits their competitor Boeing payday advance low fees .
April said Monday up 20% of its net 2009 profit 72.7 million euros. Financial products have more than doubled to 18.6 million. The insurer expects for 2010 a double-digit growth in its gross margin, with a positive impact on its operating margin (13% in 2009).
Total confirmed yesterday the closure of the refinery at Dunkirk and the fulfillment of its participation in the construction of an LNG terminal with EDF.
In addition, the electrician announced a collaboration with Rosatom, the Russian nuclear energy giant, in the development of reactors for third countries. Other partnerships are being negotiated with Russia in the field of electricity and fuel.
Sanofi Aventis and Merck announced Tuesday the creation of a joint venture equally owned in the area of animal health together their subsidiaries Merial and Intervet / Schering-Plow. The agreement created should be finalized within the next twelve months.
Eurotunnel remained in the black in 2009, with net income of 1.4 million euros but a turnover of 571 million euros, down 16%. Jacques Gounon, Eurotunnel's CEO, recalls in an interview with Le Figaro, his intention to "market share" in the future. The group will pay the same dividend as last year, ie 4 cents per share."The payment of a dividend reflects our confidence and determination in 2010," commented Jacques Gounon.
Vicat release after market close.
"INTERVIEW – J. Gounon, Eurotunnel's CEO comments on 2009 results
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5 000 participants in round tables, 800 proposals from across the territory, hours of debate … Put the issue of competitiveness at the heart of the debate: it was the whole purpose of the General Industry. Today, while traveling at Eurocopter in Marignane (Bouches-du-Rhone), Nicolas Sarkozy will close the first phase of work completed since last October by announcing a series of steps to a new industrial policy 'ambitious, powerful and consistent, in the words recently used by the Elysee.
I must say it is urgent.Beyond the occasional cases in which the government provides the voice for several months (Heuliez, Molex, Total …), de-industrialization of the country is evident for several years: between 1980 and 2007 its contribution to national wealth rose by 24 % to 14% and, over this period, its numbers have melted to a trickle, from 5.32 million to 3.41 million – a drop of 36% of its workforce, according to estimates by the Treasury Department.
Accompanied on Thursday morning from the Minister of Economy Christine Lagarde, and his industry colleagues, Christian Estrosi, the head of state should take over the main proposals ginned in recent months by the companies themselves, partners social and ministers themselves.
To restore the industrial base of France, the government initially advocated a policy of industry.Because it takes a more balanced relationship between contractors and subcontractors, instead of a relationship "to dominate dominated" commonplace today. The establishment of investment funds sector for the most strategic channels to digital, energy, transportation, pharmacy … – with the participation of principals, should be announced.
Governments also want to encourage employment – particularly in developing mentoring by senior citizens and reorganizing the training – and the location in France of production tools and research."It is not normal that BMW produces nearly three quarters of its cars in Germany and Renault do not produce only 25% in France, likes to cite the example of Christian Estrosi.
On the one billion euros dedicated to general statements in the large loan, 185 million have also been planned to provide repayable loans to companies wishing to reinvest in France. A total of 500 million for loans at subsidized rates for green investments is also provided in this framework.
Innovation, a perpetuation of the current form of research tax credit – at least for SMEs – would be announced today. The CIR could also be extended to expenditure standards, patents and prototypes. One idea that won almost unanimous support.In one detail, cost: about one billion euros.
"Do not close the file"
For the CGT – including metallurgy and chemical federations call for day of action Thursday for the defense of employment in the industry – "the government should not close the file of the General Industry (…) After a speech by President of the Republic. "
This is unlikely to be the case … In fact, some people put on the table at the conclusion of the General Industry require further reflection. Especially the financing industry. Ways to redirect part of the French savings to industry, SMEs and unlisted companies should be studied by the summer.Such a new method of financing social protection, less work-related, too.
Time, it will also need a bit to play a proactive role at European level in order to convince the Member States of the need for a common industrial policy.
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Medef to Unemployment Insurance, Union des industries and metal trades (UIMM) becomes very visible social issues. It has always been the heart of its expertise and sphere of influence, but the employers' federation was forced to the discretion, after revelations about the cash withdrawals from his former manager and his huge windfalls anti-strike . IAJ President since late 2007, Frederic Saint-Geours, 59, chief financial officer of SAP, warns against the risks of "clip the wings of the recovery", defends the need for strong industry and answered questions found on the ambitions of "Steelworkers" among employers.
LE FIGARO. – The latest unemployment figure is better. Is this a sign of lasting improvement?
Frédéric SAINT-GEOURS.-feeling of our members on their activities is very varied.Capital goods or export sectors are still in great difficulty. Others are more like the automobile, with the premium snack, or remain at good levels as railway equipment. I have two concerns for the future. First, many companies have exhausted the means for maintaining the relationship with their employees, including partial unemployment. If their order book does not go back, they should ask themselves questions about their workforce. Therefore, the employment situation will not improve substantially until a few months. You have to look if it is possible to extend these devices. Second concern: in two or three months, the companies have completed their 2009 accounts, which are often degraded.If banks apply their analytical tools such classic figures, they refuse many loans – I am not talking about fund investments, but simply increasing needs for working capital resulting from a rebound in activity. The risk is to clip the wings of the recovery. We are working on this with the mediator credit, Gerard Rameix.
You have to participate in the States-General of Industry. The final report sets the goal of "restoring an industrial ambition" to France. Does it still make sense to argue at the national level?
Clearly, yes. Exports from France, this is 80% or 85% of industrial goods.However, if we had kept our market share of ten years ago in world trade, it would be 100 billion euros 'turnover' in addition to France, so perhaps hundreds of thousands of jobs, billions in tax revenue, R & D … But in France, the industry faces obstacles that are not specific to him: taxes, too focused on factors of production, education must increase training to new technologies, new businesses such as green growth, or difficulty in finding long-term financing. Now we need the conclusions of the General does not remain in the state report.
When it comes to the carbon tax, this time you prefer to speak to Europe!
Exactly.The business tax was a mistake French, it is deleted and that is not enough to put French industry at par with its rivals in terms of competitiveness – and I speak of our European rivals, not Chinese! Do not create another anomaly French with the carbon tax.
On behalf of the same desire to save France in the industry, the state interferes in the strategy of Renault and Total. Shoot there too far interventionism?
The State must play its role as guarantor, no manager. The dialogue, the contract may be more effective than law and regulation, because they give companies greater flexibility, flexibility.That is how the UIMM signed agreements on training, employment of older workers, after taking a diagnosis with the unions in the sector.
The Delegate General of the UIMM, Jean-François Pilliard, took the head of the Social Protection Committee of the MEDEF. So, does it change the approach to the appointment pensions?
I recommend that we proceed at cross as we used to do in the UIMM: establish a working group, consult widely to build the position of business before entering the "hard" discussions. This must be done quickly, but there are already many tests. Finding a consensus will be difficult, but we must absolutely try.
Your annual convention, March 18, will focus on how employers' organizations can be useful to businesses.Three months after the start of the food industry, the MEDEF should it be seen as a veiled threat?
On the contrary! The subject is exactly one: from business needs and how to respond with a simple, cost control, and effective. Effective, that is to say, which makes a service to members (of the economy, tax, legal, social …) which allows them to best be heard locally and nationally. This suggests the most appropriate organizations. Asking these questions is not a threat, as an aid to employers throughout the world. How many times have we heard of the structural complexity employers!
Should we open the question of the employer's representative?
I can not imagine anyone not treated during the convention. I would add that the UIMM be extremely firm on the joint system: it must develop.We need stronger intermediary bodies to better address important issues, which must generate the widest possible accession. As to the joint management (Insurance Unemployment Agirc-Arco …), it must go further now that the new rules of representation reinforcing the legitimacy of unions. This requires changing the rules of governance, transparency, funding. It is possible the UIMM did in six months.
Do you agree with the criticism of the President of the MEDEF?
There is no question for us to weaken the MEDEF. Businesses need a strong employer representation and united.Our convention and the arrival of Jean-François Pilliard as President of the Welfare Committee of MEDEF serve to strengthen it.
But when your delegate said that joining the team of Laurence Parisot does not constitute support for the renewal of its mandate, it is a sign of defiance!
Not at all. What is being done every day, Jean-François Pilliard and me? We work. In UIMM and MEDEF. We are all employers who are negotiating delegations, which met the government. No confidence, we serve the cross. I do not say it was easy every day …
The present UIMM Does a candidate for President of the MEDEF?
We will do things in order. We will set our direction in our convention. We'll see if one candidate or another the endorsement.Otherwise, we'll see.
Where are your projects using your famous "kitty"?
Again, the idea is to use these reserves heritage as a service to businesses. What are their issues? Develop. In January alone, our system of capital development has taken investment decisions totaling 9 million euros, and these are multiplied by 4 to 10 other investors. Second issue, recruit. We will launch the next wave of our communication campaign in the spring, to show young people that may be realized in the industry. And we've released several million as part of our integration fund to help companies find skills, including among those furthest from employment. Finally last challenge, innovate.Our other endowment funds joint research projects university-industry or education programs that meet the needs of businesses.
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The case of the possible relocation of the future of Renault Clio in Turkey is still rising a notch. Nicolas Sarkozy has expressed Wednesday his irritation with his vows to parliamentarians at the Elysee, "We do not put so much money to support our manufacturers to ensure that all plants go outside." And this message the head of state has to pass directly to Carlos Ghosn, CEO of Renault, he will receive Saturday at the Elysee.
Wednesday Christian Estrosi, Minister of Industry, has shown the same firmness after a meeting with Patrick Pelata Bercy, the CEO of Renault. The Minister has shelled the long list of grants awarded since the beginning of 2009. Three billion loan was granted to Renault (all PSA).Flins received aid from 100 million euros for the production of Zoe, electric cars Renault (launch scheduled in 2012) and 150 million euros from the ISP for its project to produce batteries. In addition, there are 600 million euros bonus for breaking, which allowed the sale of 600 000 additional cars and the abolition of the tax.
"The government has enough evidence to say an industrial strategy," says the minister said that the state holds a 15% shareholding in Renault and two posts. It is also possible that the state seeks more seats on the board.But the number of directors is proportional to the percentage of equity held by an Act of October 30, 1935.
Wednesday, Patrick Pelata played the card of appeasement, saying that "no decision has yet been taken regarding the future production of Clio in 2013. Several scenarios are possible. The production will be maintained at Clio Flins, "as Zoe does not saturate the capacity of the site, which would be a fantastic scenario," said the skipper of the brand. However he also said that "production in France is good for vehicles with high added value. It is difficult in the low range. A shade as the government seems unwilling to consider.
A Clio for France
He asked three requirements to Renault, which has only a few days to find answers.Firstly, the group must incorporate as possible suppliers and subcontractors French to its industrial. More components must be manufactured in France.
Then, Christian Estrosi does not decrease production or declining enrollment in Flins, which currently produces 150 000 Clio. Finally, the Government intends to maintain the territory the production of Clio, regardless of the success of Zoe. Renault will have to determine what other sites the French Clio IV could be fabricated. No way to transfer the production in Bursa in Turkey, which are currently produced 180 000 Clio.Christian Estrosi does not want the share Flins parte in Bursa, but remains in France.
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The gross public debt (government, social security and local authorities) continues to rise. At the end of the third quarter, gross debt under the Maastricht amounted to 1457.4 billion, up from 29.4 billion the previous quarter, according to figures published by INSEE on Tuesday. "Expressed as a percentage of GDP, it is approximately 75.8%, up 1.9 points," says the National Institute of Statistics. In the second quarter, the debt had reached 73.9% of GDP.
The increase over the period, less than that observed in the second quarter (61.1 billion euros), was driven in particular by the increase in debt of the state. To finance the budget deficit, the state has cut its debt of 23.4 billion euros.The debt has also funded a stake in the Company making state participation in a French bank, Crédit Agricole 3 billion, INSEE said.
The social security funds have also contributed to the increase in gross public debt to the tune of 5.9 billion euros, "particularly as a result of increased indebtedness of the ACOSS (3, 9 billion euros), "details the INSEE.
The government has included in his bill to finance the debt was still progress to 77.9% of GDP at the end of the year. In 2010, it expects debt to 84% of GDP, without taking into account the large loan.
Moreover, net public debt, which includes cash and short-term is highest increase over the period, the gross debt.It was heavy with 57.1 billion euros over the second quarter, rising late September to 1331.5 billion. In case a "sharp decrease in cash of the State (-28.3 billion), returning to a level close to that of a year ago," said INSEE.
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Good news: industry recruits even in this difficult year. This year, there should be about 50,000 recruits. The dual is scheduled for next year and years to follow. "Look, there is no new jobs, warned Frederic Saint Geours, president of L'Union des Industries et Métiers de la Métallurgie (UIMM), but the renewal of generations."
Bad news: the industry has difficulty recruiting. To attract young, the UIMM launches communication campaign entitled "It is done by performing." Meanwhile, the UIMM put in place a mechanism to facilitate contracts and apprenticeship. Large companies are better equipped than small to provide training. Or, are smaller companies that have the greatest needs "summarizes Frederic Saint-Geours.The board therefore UIMM on a course of learning that take place in a large company with prospects of employment with a subcontractor or other entity of the same pool of jobs.
Financial support for industrial
The UIMM has also set up three funds, with respectively 10, 20 and 50 million euros and are for financial
– Innovation in the industry,
– Employment in industry
– SME development.
This may include funds allocated equity loans to companies that are struggling to complete financing for investments or developments.
The UIMM represents 45,000 businesses employing 1.8 million employees. "There is no strong economy without strong industry," said Frederic Saint-Geours.85% of R & D expenditures in France are in industry, 75% of researchers and developers working for industry and 85% of French exports are products made from industry.
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Gold, placing anti-crisis par excellence, in senators' crosshairs. Tenants of the Palais du Luxembourg in fact want to submit the sales of precious metals – gold, but silver jewelry and works of art to the general social contribution (CSG), revealed Thursday "Le Parisien". Supported by the Social Affairs Committee, but considered "difficult to implement technically" by the government, this new tax, which should be passed in the day aims to bridge the deficit in Social Security. In detail, if the measure is adopted as from 1 January next year, each transaction will be taxed to the tune of 8.2%. For example, the sale of a jewel worth 200 euros, Social Security will receive 16 euros CSG. With this new tax, the senators hope to get a "few million" each year.
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Turbulence, again, for the U.S. economy yesterday, the Financial CIT Group, a key player in SME finance – with more than one million customers – said he put himself under the protection of Bankruptcy Law. The figures speak for themselves: the extent of ILC assets are valued at about five billion dollars, it is the fifth largest bankruptcy in history of the United States. After those of Lehman Brothers (2008), Washington Mutual (2008), WolrdCom (2002), and General Motors (2008). However, CIT said in a statement that the process concerns only the parent, who hopes to reduce its debt of 10 billion dollars. The agencies of CIT and its subsidiaries should be able to continue operating. The group's difficulties have sharply accelerated in July.After having already injected 2.3 billion dollars in December, Washington has refused this time to rescue CIT.
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