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BP boss could no longer manage the tide

He has held eight weeks. The CEO of BP, Tony Hayward, should hand over the management of the oil spill from the Gulf of Mexico to another group leader, Robert Dudley. The ad, albeit tempered by a spokesman for the moment, was made by Carl-Henric Svanberg, president of the group, during an interview with Sky News on Friday. "He went there just after the explosion. It will now transmit the management operations on a day-to-day to Robert Dudley, "he said.

Robert Dudley, a member of the board of directors of the group is in charge of operations in the Americas and Asia. Tony Hayward had already chosen earlier this month to lead a team to manage, with the authorities, long-term consequences of the spill after it had ceased.

A president on Platter

According to several analysts, heads could also fall after the U.S. congressional hearings. Observers say that Tony Hayward was well out of the question-answer session with U.S. lawmakers. The announcement of the creation of a fund of 20 billion dollars had quieted some of the fears of investors. "The provision of Tony Hayward has not been great but it could have been worse. As a shareholder, our priority was to see that all energies were concentrated on repairing the broken sink, "said anonymously to Reuters one of the ten largest shareholders of the group.

The Director General could therefore keep his job. It might be different from President Carl-Henric Svanberg."We believe Tony Hayward is doing all it can do, but the chairman of the board of directors does it not come out that well at all. It almost did not hear, "says shareholder. Another investor in the list of top 20 shareholders of the group added: "From my point of view, it will be very, very difficult for the president to overcome that. This function must be occupied by someone credible on the international scene, and it is clear that this is not the case with the incumbent.

Same view for Peter Hitchens, analyst at Panmure Gordon: "There is more pressure on the president who was, at least initially, very little known. I think at this point, we'll have someone go, so BP is in trouble. " "Obviously, everybody is looking for a scapegoat.This could be the president, "said his side Yevgeny Solovyov, an analyst at Societe Generale.

"We will survive"

Faced with this pressure, Carl-Henric Svanberg trying to stay focused. "BP is a very solid company and we will survive," he said. He said a disappearance of the band because of this disaster "can not happen."

The spill in the Gulf of Mexico has so far cost the group $ 1.8 billion, and the bill could rise considerably. In criminal prosecutions, the company may have to pay tens of billions of dollars in legal fees alone. Analysts estimate that the total cost of the disaster for BP should be between 17 and 60 billion dollars.

"On the 24-hour period ending at midnight last night, we were able to recover 25,000 barrels of oil," Friday welcomed Admiral Thad Allen to coordinate the fight against the tide black. He added that BP expected increase this volume to 53,000 barrels per day by end June So far, BP recovered 15,000 barrels per day, while the well is located 1,500 meters deep and 80 miles from U.S. shores spits every day between 35,000 and 60,000 barrels (up to 9.5 million liters) of oil .

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The CAC 40 is expected to return to the red

While on Monday the confrontation between indicators showing continued recovery and increased uncertainty about the outlook for next year has generated a surge in "volatility of volatility". Yesterday, the CAC 40 was chained up its fourth session in a row. In the wake of Wall Street in early trading. Then took a dramatic turn Mood'ys severely degraded note of Greece, four notches. The rating agency believes that the rescue plan launched by the country is useful but that accompanying measures are risky. Therefore, the U.S. indices swung around and eventually declined.

So, this Tuesday, the atmosphere should be more tense. The CAC 40, which finished above 3,625 points on Monday, is expected to open in fall Tuesday morning.

The euro was maintained slightly above $ 1.22 on Tuesday morning.For Herman Van Rompuy, Chairperson of the European Council, "the markets have been too lenient in the first ten years of life of the euro, now they do overreact to minor incidents."

Zew, unemployment in Europe and U.S. industry to follow

In the EU, new car registrations in May will be announced at 8:00, then unemployment in the euro area in the first quarter to 11:00, at the same time that the figures on foreign trade in sixteen countries.

Another important figure on Tuesday, the barometer Zew German, regarded by most investors worldwide.

In Strasbourg, European Parliament, held today a press conference of the European Commission issued its opinion on the efforts made by twelve countries, including Spain, France, Portugal and Germany, to reduce their deficits excessive.

In the U.S., the import prices in May will be announced at 14:30, and industrial activity in and around New York for the month of June

Electricity: Bill Nome voted today

EDF, GDF Suez and Poweo could hold the attention while the National Assembly must vote on the bill Nome on the organization of the electricity market.

According to the Socialist deputies, this reform will result in an increase of 11% to 15% of electricity rates for individuals.An interpretation strongly denied the meeting by the Minister of Ecology Jean-Louis Borloo: "I heard here and there that there could be increases in fares. Of course not! "

France Telecom's Orange will now be able to practice cross-selling, the Competition Authority has ruled on Monday that he could, like its competitors Bouygues Telecom and SFR, use it cross his client files and mobile Internet, so far apart.

Such notice "limit the competitive disadvantage imposed on France Telecom" which, as operator of history, is subject to a number of constraints by the competition law, the group responded in a statement.

Video Games This opens Tuesday in Los Angeles at E3, the world exhibition of video games.To be followed, any announcement on the sector.

BanquesNicolas Sarkozy and Angela Merkel will militate G20 for the creation of a tax on banking and financial transactions. The idea of an economic government of the 27 has also been mentioned.

The Societe Generale bank maintains its investor day on Tuesday. She said Monday night that forged a business alliance in the securities business with U.S. Bancorp Fund Services, a subsidiary of U.S. Bancorp U.S. bank.

Gemalto sign a contract promising to United States

For the first time, the United States, Americans will have a smart card (smart card to the French) and "accepted in the world. It Gemalto.

A contract which seems small in relation to the size of the division payment at Gemalto.But "this announcement is very important symbolically," noted analysts at Natixis, surprised that the stock price does not react.

For the group at 1.65 billion euros in turnover in 2009 made his first steps on American soil that could well decide to finally initiate the transition from magnetic stripe cards – which are the subject of a high fraud rates – to smart cards adopting EMV (Europay, MasterCard, Visa) to pay around the world and securely.

For the strategists of Natixis, the bank card market with a microprocessor in the United States has "a potential 1.5 billion cards.

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The Ministry of Defence accumulates unpaid

The daily Les Echos published on Wednesday, unpaid bills accumulate on the offices of the Directorate General of Armaments. The culprit is the new system of accounting and financial state, Chorus, whose launch has caused many problems: "Taking the data files completely missed, parameterization of the software too rigid, inadequate training of agents, all full reform of the armed … "reports and Voices, which speaks of several million euros unpaid, or even one billion.

Being launched in all central and decentralized administrations, the application Chorus aims to simplify the governance and implement the provisions of the Organic Law on Financial Legislation passed in 2001 make quick cash.

But for now, the goal is far from being reached at the Department of Defense.According to Les Echos, a delegation of French industrial land defense at Bercy reported that unpaid bills put some SMEs in significant difficulties. A special circuit was established to regularize the accounts with the weaker companies. But the return to normalcy would not be expected before the end of the year …

Valeo supported by the scrappage

The automotive supplier Valeo has made over the first three months of the year a consolidated turnover of 2.309 billion euros, up sharply from 42% over the same period of 2009. On Monday, its biggest competitor, Faurecia, has published a quarterly revenue of 3.2 billion euros, up almost 60%.

This 42% increase in sales is twice what the group had planned two months earlier. In late February, when the annual results of the group, the Director-General Jacques Aschenbroich had said the first quarter was broadly in line with the activity of the previous three months, emerged up 21%.

"Valeo's business in the first quarter confirmed the group's ambition to become the partner of automakers in the technologies to reduce emissions of C02, for which we plan to double our turnover of 2013, "commented Jacques Aschenbroich, quoted in the statement, issued after-hours trade.

The automotive industry in France is supported by the boom in orders, which marked the end of 2009 in anticipation of the phasing out of the car scrapping. The second half of the year remains uncertain, and Valeo has delivered on Thursday any evidence on the evolution of the activity on the second part of the year. "Despite a moderate decline in car production in Europe, Valeo anticipates second quarter 2010 sales of the same level as the first quarter," simply stated the group.

The supplier has unveiled a strategic plan in early March by which it expects to achieve a turnover of ten billion euros and an operating margin of 6% to 7% in 2013.

In 2010, Valeo anticipates a near-doubling of its operating margin to 1.8% emerged in 2009, a goal also confirmed Thursday night.

At the Paris Bourse, Valeo closed down 0.77% to 26.36 euros in a market down 1.33%.

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American Express doubles profit

American Express has more than doubled its profit in the first quarter, a sign that the specialist credit card extricates a crisis battering the past two years.

Net income stood at $ 873 million, 73 cents per share, against $ 361 million, 31 cents per share, a year earlier.

Revenues, net interest rose 11% to $ 6.6 billion over the same quarter last year.

Amex charges its excellent resulting output to the resumption of consumer spending and an improvement in credit quality.

The action of the group took 1.8% to 47.61 dollars in after-hours transactions after finishing at 46.77 dollars.

Huge loss for Morgan Stanley caught by the housing crisis

Investment bank Morgan Stanley could lose nearly two-thirds of the 8.8 billion invested in global real estate fund, the Morgan Stanley Real Estate Funds (MSREF) VI International reports the Wall Street Journal. This loss represents about 5.4 billion dollars. If the information is confirmed, it would be the biggest loss ever by an investment fund specializing in real estate, the business daily said.

The losses would come from investments in such properties as the seat of the European Central Bank (ECB) in Frankfurt, an important project in Tokyo and Intercontinental hotels across Europe.

In the past 20 years, the real estate business at Morgan Stanley was one of the largest purchasers of goods in the world with $ 174 billion invested since 1991.This loss is even more of a challenge for Morgan Stanley, the bank tries to revive the industry. She has attempted to create a new fund to 10 billion dollars, the MSREF VII Global, but it could reap more than half.

The copper star raw

Oil climbs again

Insensitive to calls for a "perfect price" of $ 80 a barrel, launched by OPEC, oil prices clung all week at the helm of $ 86. A barrel of light crude Texas (WTI) for May delivery has exceeded the 87 dollars for the first time since October 2008 last week.

The markets were quickly erased their losses Wednesday and Thursday, with a barrel qutour income of $ 85. Investors were then cooled by a rebound in the dollar and especially by a surprise increase in weekly unemployment registration. During the week of April 3, the latter amounted to 460,000 against 442,000 the previous week, according to the Department of Labor.An indicator that put the brakes on optimism the speed of recovery and hence the increase in oil demand.

On Friday, during fro above $ 86 a barrel in New York, enjoying a rebound in equity markets and a slight weakening of the dollar. A barrel of Brent North Sea crude for delivery in May stood at 85.74 dollars on the InterContinental Exchange (ICE) in London. "We needed a correction, we have had, then one starts to rise," noted Tom Bentz of BNP Paribas. "It's always the same story, it has small downturns, and buyers are returning. Buyers have been constantly rewarded when they took advantage of these folds and so it continues, "he noted.

According to analysts, "the courts seem to have found a floor around $ 85 a barrel.A sustained movement under $ 70 now seems much less likely that progress towards 90 dollars.

Copper, a leading base metals

After profit taking Thursday, the base metals markets are generally started to increase.

Copper shows a striking health, reaching its highest since August 2008 Tuesday to 8010 dollars per ton. Friday's trading at 7,794.50 dollars per tonne on the London Metal Exchange (LME). Since January first, the increase is 6.12% and 81.10% over one year. China is largely the cause of this infatuation. The country engulfed 40% of global demand. The World Copper Conference, held Wednesday and Thursday, has made it the starting point for discussions. According to participants, China should boost demand by 5.4% in 2010. Growth to 12% in the first quarter bodes well for the future.

Nickel also benefits from China's growth through the increase of the steel in the country. The production of stainless steel (two-thirds of nickel consumption) explodes in the country. After crossing the 25,000 dollars per tonne on April 1 (highest level since June 2008 on the LME) prices were around the 24,435 dollars Friday.

In their wake, aluminum climbed to 2,397 dollars per tonne on the LME, its highest level since October 2008. An upward, according to observers, would that point.

Precious metals: palladium in great shape

As for precious metals, gold has had a week of small but can increase to a rise of 2.68% over the last 5 days. Friday, for the first time since January 12, gold has taken the helm of 1150 dollars.After the first auction in London, per ounce in late morning trading at in 1156 dollars (863.009 euros) against 1148 dollars.

For its part, palladium continues upward, reaching its highest level since 2008. Strong growth still driven by the fear of insufficient supply while the automotive market (primary market) leaves. Palladium rating still around $ 500 an ounce.

In the aftermath, platinum is about 1.29% in one week in 1722 dollars an ounce Friday.

Agricultural raw materials: grains fall

Prices of wheat, corn and soybeans continued to fall this week. As expected, the U.S. Department of Agriculture (USDA) has left its forecast production virtually unchanged in its report released Friday.Thus, world production of wheat for the 2009/2010 marketing year amounted to 678.42 million tonnes (Mt) against 678.01 million tonnes expected this month. Global consumption is raised by 1 Mt to 647.83 Mt, the final inventory at the end of the 2009/10 campaign back to 195.82 million tonnes against 196.77 million tonnes estimated a month ago.

Friday, wheat dropped to 470.75 dollars in Chicago. A bushel of soybeans was $ 9.48 dollars while corn was trading at $ 3.49 a bushel.

Societe Generale: a case to $ 1.25 billion

After the affair in 2008 Jerome Kerviel, Societe Generale will she once again in turmoil? A dispute is ongoing between TCW, the U.S. subsidiary to 100% of the bank specializing in asset management, bond, and his former chief investment officer, Jeffrey Gundlach, fired for "theft, dishonesty and conspiracy, December 4 2009. "This case is completely different from the Kerviel affair," explains Jacques Ripoll, director of asset management business and services to investors in Societe Generale.

Jeffrey Gundlach, former chief investment officer at Trust Company of the West (TCW), claiming 1.25 billion dollars (about 940 million euros) to the 100% subsidiary of Soci?t? G?n?rale, it is stated in the document Reference Societe Generale on page 204.This corresponds to 1.4 times the net profit recorded in 2009 – or 678 million euros – the bank chaired by Fr?d?ric Oudea! "This amount is totally surreal, the goal is to impress," said Jacques Ripoll. "Do you realize, this is equivalent to 30 pay by Jeffrey Gundlach. Over the past five years, Jeffrey Gundlach won $ 134 million and 40 million for 2009 alone.

"A very marginal impact on Societe Generale"

It all started last December 4 when TCW, which manages $ 115 billion in assets, bought one of its competitors, MetWest. But it is his manager, Tad Rivella, which takes the place of Jeffrey Gundlach, dismissed. A transition that is grinding his teeth. And that degenerates in litigation before the courts.

Last January, WCA filed a complaint against Jeffrey Gundlach to whom she seeks 200 million dollars in damages. A month later, the American manager responds with a cons-complaint in which he stated that TCW would not honor a verbal agreement on his employment contract, his salary and that of his collaborators. For Societe Generale, there is no question of compromise. "Today, more than in the past, we no longer want to be taken hostage by managers or traders who, by their deviant behavior, put their interests before those of the group. Frederick Oud?a has made his war-horse, "said Jacques Ripoll.

After a difficult 2009, Societe Generale was slow to emerge from the crisis. "The case Jeffrey Gundlach have a very marginal impact on the accounts of Soci?t? G?n?rale and its shareholders.In the long term, our ethical and responsible decision (to have dismissed Jeffrey Gundlach, Ed) will be very positive for our shareholders. " "The worst is behind us," concludes Jacques Ripoll.

TCW: an IPO, no surrender

In a context where Societe Generale seeks to distance himself with the business of asset management, this case does not fall more, especially since the bank is considering introducing its subsidiary American Stock Exchange. "The IPO of TCW is not on the agenda today. We will consider that once the full potential of TCW implemented. In this regard a doubling of assets under management is a worthy goal for our team. In the two years ahead, our goal is clearly to help TCW to develop. Moreover, the IPO of TCW does not mean we want to cede control.

The bank hopes to delay an end to this matter before scheduling the operation, which could be followed by another IPO: that of Amund. Last December, Soci?t? G?n?rale merged most of its activities in the sector with those of Cr?dit Agricole to create Amund, the number three European asset management after Allianz and AXA, and prompted to enter the stock market " within five years. " An operation that TCW has been kept out, only 20% of capital has been brought to the joint venture.

Between 700 million and 1 billion of additional losses

At a conference with investors organized by Morgan Stanley, Frederick Oud?a, President and CEO of Societe Generale, confirmed Wednesday, according to Les Echos, the bank may suffer in 2010, additional losses of 700 million to 1 billion euros related to its portfolio of toxic assets. This portfolio contained at December 31, 2009 to 35.5 billion euros of risk weighted assets.

In addition to his 2009 results, published last January, Societe Generale had announced that its portfolio of illiquid assets, whose value reached 37 billion euros at end December 2009, generated a net loss of 2.8 billion over the year, including $ 1 billion in the fourth quarter alone.