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LE FIGARO. – Eutelsat crossed the billion euros. This growth will she continue?

Michel de Rosen. – It is indeed a record year with growth of sales from 11.3% to 1.04 billion euros and growth of the gross operating surplus of the same order to 828 million. But do not performance overinterpretation those that involve non-recurring items: we have benefited from the full effect of five new satellites launched in 2008 and 2009. For Eutelsat, this is excellent, our ambitions are clear and our strong future. We operate in a business long term, so we're marathon runners rather than sprinters. Since the IPO in 2005, our turnover grew by an average of 7% per year and we have always kept our commitments.We announce now forecasts annual growth above 7% over the next three years, with a turnover of 1.12 billion over the year begins. The dividend that we offer up 15% to 0.76 euros.

Do you have visibility of 3 years?

This is the number one concern of manufacturers in China: keeping the fast pace of market? Volkswagen, which wants to double its production capacity by 2013-2014, to 3 million vehicles, will build two new sites, bringing the total to eleven. Rival Nissan will expand its industrial base by 70% by 2012, to 900,000 cars. This level may nevertheless be insufficient, hence the interest group for the Korean Ssangyong sites in the land of Morning Calm, which would allow it to export to China.

After jumping 45% in 2009, thanks to state aid, sales on the world's largest market could grow 20% this year (they were up to fourth in six months). For the next five years, analysts at Nomura anticipate an annual increase of 10%.The market would then exceed – all vehicles – 25 million cars in 2015, against 13.6 million last year. "I expect a long period of growth in China. There is no reason why the rate of motor equipment does not reach that of France, "said Carlos Ghosn, CEO of Renault and Nissan. China had 34 cars per 1000 inhabitants in 2008, against 600 for 1000 in France. Proof of the youth of this market: 60% of new car purchases are the first acquisitions made by elderly drivers average 35 years against 50 years in Europe.

With growth in volumes, manufacturers have emerged in 2009 on the market an operating margin of between 6 and 8%, according to the firm Alix Partners.They benefit from economies of scale related to the full factory utilization, and managed to impose price calculated to generate good margins. The German specialists of high quality rub their hands as their cars more luxurious than elsewhere, are selling much more expensive than in Europe.

Increased competition marks

The most successful brands have managed to adapt their cars to local tastes. This is what the French PSA Peugeot Citroen with its new Peugeot 408 and its future 508. Still small, French wants to increase its market share in China from 3.3% to 5% in 2015. All very ambitious, the conquerors of China, however, will face increased competition from local brands, specialized for the moment in small cars at low cost.Their market share could reach 37% in 2015, against 32% in 2009, according to Alix Partners.

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"A phone call to serve," says UFC-Que Choisir. And when he "suffers indeed an antenna problem," he has little chance of getting favors from the influential consumer association. "While Apple has not fixed the problem other than offering a hull, we can not recommend the terminal," she decided, in an article published Tuesday on the Internet. Consumer Reports, its equivalent in the United States, had reached the same conclusions in early July.

Since then, responses have poured on specialized sites, questioning the UFC-Que Choisir on the accuracy of its benchmarks and its independence. Asked by lefigaro.fr, the Consumers' Association said that its tests are not conducted internally, but "by independent laboratories, according to strict protocols."It'sa huge investment, which requires very expensive equipment," explains Camille Gruhier, author of the article, which boasts one of the "strongest battery of tests" of the press.

So this device as the iPhone has faced four. "In the best case, the sensitivity of the device is better than previous versions," admits Vincent Erpelding, engineering project manager in the UFC-Que Choisir. But a sharp drop in sensitivity of average conditions for receipt, Edge and 3G has been "recognized and quantified, since the phone is held by the left flank around a small black border, his weak point .For this reason, the phone will no longer star in sensitivity in the test published in September in the magazine of the association, and will be decommissioned behind all its competitors.

"We have warned the consumer"

In his defense, however, since Apple says that two weeks all smartphones are affected by a problem identical reception. But other phones, hand-held around their antennas, are much better than the iPhone 4. To ensure this result, the UFC-Que Choisir has tested two other handsets, the Nokia N85 and the iPhone 3G in similar conditions. The numerical results show each time a "small fall" of sensitivity in contact with the antenna, but not in the same proportions as the iPhone 4.

For now, the consumers association has not tested the new phone from Apple by surrounding it with a shell, or by varying the power of the network.Additional tests should be published on the Internet. Apple says the problem arises more in areas where coverage is poor, and would be resolved by adding a protective cover. "The network in Europe is much more successful than the United States. The problems and the risk of making calls will be far fewer, "said Camille Gruhier.

If the UFC-Que Choisir concedes qualities in the iPhone four, including ergonomics, picture and sound, it claims to be in her role does not recommend to his readers. "The choices we made the choice to downgrade is a warning to consumers. You can not tell people that the iPhone is fabulous four, while in some circumstances, they may see their dropped calls, "argues Camille Gruhier. "I do not think that our ranking will drop Apple's sales, but have warned consumers," she concludes.

New twist in the drama of the French ship Financial. As stated Wansquare, Saade family, owner of CMA CGM, has initiated discussions with the Belgian billionaire through its capital increase required by the creditors of the group. These negotiations were still preliminary notified to the Commercial Court of Marseille. Brother Albert is not alone. He would lead the discussions in partnership with another French investor.

In this tandem plus the Strategic Investment Fund (ISF) has always said he would participate in this capital increase valued at approximately $ 750 million. Qatar Holdings, which in turn has made an offer earlier this month, would not be totally ruled out by Saade.

For Goldman Sachs, which published its investigation on Friday morning, ten of the 91 tested banks will fail. That is to say it does not retain a sufficient level of equity in the event of deteriorating economic conditions.

The success rate would be 89%. According to the study of the American bank, the banks are based in Spain, Germany and Greece, which should raise the more capital, adding that the source of these funds should be half public and half private.

The newspaper El Pais reported in its edition today that part of the 18 Spanish savings banks failed the test of resistance.To believe the consensus reached by Reuters, in Spain, only seven banks have passed the exam, including the largest as Banco Santander, BBVA, Banco Popular, and the "Cajas".

That success expected for French banks

In France, banks found – BNP Paribas, Societe Generale, Credit Agricole and BPCE (Natixis) – should all pass. The analysts and Christine Lagarde have confidence.

Full house expected also for the United Kingdom, examined on HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group. In Ireland, Bank of Ireland and Allied Arish Banks also would reach to get good results.Same as in Italy, with Intesa Sanpaolo, UniCredit and Banco Popolare including headlining.

In Germany, a handful of banks should be in a situation of failure, particularly those that are undergoing restructuring.

Failure: it will recapitalize

According to Goldman Sachs, European banks should raise an average total of 37.6 billion euros in fresh capital as a result of these stress tests, whose results are expected Friday at 6:00 p.m., after the close of European stock markets but in full session on Wall Street.

In search of capital, these banks 'risk' may first explore to their shareholders or to appeal to financial markets no fax payday advance. If this is not enough, she can turn to state aid at the national level.Finally, as a last resort, they can "take advantage" of the famous European support plan put in place at the European Union and the International Monetary Fund.

Confidence in the results, distrust Performances

With a success rate approaching that expected of the baccalaureate, the question is what will truly value the conclusions of these stress tests. Experts warn that it would be better to consider the assumptions made when simulating a situation worsened.

"The information currently circulating in banks suggest that the stress test favors disclosure of a satisfactory result compared to a real and solid technical verification," says Pierre-Antoine Dusoulier in a forum.

These data suggest that in fact the test cases would be fairly "light" in particular in the field of defaults on sovereign debt. Assumptions of the macroeconomic developments would also be applied "without knowing it for the moment the link established by the test between GDP growth, unemployment and inflation."

In addition, past forecasts on macroeconomic parameters were simply struck by the actual conditions. In spring 2008, the European Commission expected a growth of 1.7% in 2008 and 1.5% in 2009 for the euro area. Real growth was 0.45% in 2008 and -4.1% in 2009.

Pass the exam stress test is a bit like having your bachelor's degree with an overall average just over 10/20. This is not the best conditions for its future.

The CAC 40 would he find his way? In any case, this suggests that his continued positive territory by mid-morning, up 0.64% to 3623 points after opening down 0.13% to 3595.66 points.

Elsewhere, the same trend. The London Stock Exchange, which opened down 0.37%, is now up 0.15%. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27% is now 0.39%. The Madrid Stock Exchange, where banks are under pressure as explained in the El Pais newspaper in its edition today, regaining ground with a fall of 0.16% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Volatility will be the point common to all European trading sessions this Friday.

Asian markets have been chosen more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm. No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets.Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third. The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in estimating intials) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

The stress test, however, occupy the banking sector.BNP Paribas (-0.60%), Societe Generale (-0.84%), Credit Agricole (-0.36%), Natixis (BPCE. -0.39%) or Dexia (-0.39%), remain cautious.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 (4.83% to 12.27 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-2.30% to 6.58 euros) reported Thursday a profit above expectations at 18 cents per share, with sales up 27% to $ 2.53 billion.Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard (-1.56% to 63.11 euros) a statement on Thursday its forecast annual operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft (0.65% to 7.02 euros) issued a turnover up 94% in the first quarter of 2010-2011 to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (5.29% to 5.77 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (1.80% to 37.83 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (-0.40% to 86.43 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (-0.61% to 25.06 euros) Thursday announced a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition.Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel et Prom (+0.24% to 9.42 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

This is one of the largest employee share plans in recent years. GDF Suez, which offered about 200,000 employees worldwide to receive shares of the group, welcomed the success of the operation. Nearly one third of employees (over 67,000) have said "yes", for a total of 25 million shares and 535 million euros. Exceeding the ceiling set by the board (almost 500 million). "Few groups are engaged in transactions of this magnitude," said Sami Toutounji, partner at Shearman & Sterling, except for example, recently EDF, which has far exceeded this amount, or Axa who approach regularly.

The staff of GDF Suez will thus receive 1.1% stake in Arcelor. Turnout was highest in France, Belgium, Italy and Germany.Outside Europe, Brazil, Chile, Argentina and the United States recorded the most sales Payday Loan for Bad Credit.

The employees of GDF Suez could buy shares at a discount of 20% over the past 20 trading days. Is 19.78 euros per share. The firm abounded these subscriptions, offering titles such as 10 to 10 purchased, subscribed for 50 or 20. Employees could also prefer to invest with no discount, but with a guarantee on invested capital (and insurance to recover at least their implementation) and performance-indexed monthly changes in stock price. Both formulas have been as successful as the other one.

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The parliamentary battle begins. The proposed pension reform concocted by the government will be examined, starting today, for three days by the Social Affairs Committee of the National Assembly. An important step, because it is the text version of the outcomes of these discussions will then be discussed in plenary session from September. However, given the still ongoing negotiations between the government and social partners, members of the majority will ensure the least possible to amend the bill.Objective: To give the government leeway in August and especially September, after the union mobilization of 7 to make concessions on the subject of harsh, assets who started working before age 18, or even polypensionnés as had already suggested Nicolas Sarkozy.

If 400 amendments have already been filed, most are from the opposition, and have very little chance of being passed. Even on the 80 from the UMP, only thirty probablelement be adopted, for instance on strengthening retirement savings. This strategy, as well as the refusal of the chairman of the committee, Pierre Mehaignerie, opening the debates to the public, provoke the ire of the opposition and unions, who believe that the three-day review that will not result 'in a mock debate.

Renunciation of certain amendments

Even some members of the majority, the coming days will gnaw their brakes. According to the rapporteur of the bill UMP, Denis Jacquat, the majority party will waive provide an automatic carry the legal age of retirement from 2018, so as not to inflame the debate, "It's a good question but it is probably not yet time to respond, "Denis Jacquet justified in Les Echos.

In an interview with the Tribune, Pierre Mehaignerie believes however that such amendment would in any case had no chance of being adopted. "I think the majority within the UMP and the New Center is not conducive to the filing of such amendment. It is very difficult to predict long-term parameters such as growth, productivity, determining the resources of pension schemes, "he says.According to Les Echos, Pierre Mehaignerie would otherwise also agreed not to make provision on the establishment of a fund financing the arduous, yet he advocates.

Despite the debate to proceed in camera, Pierre Mehaignerie chose to hold press conferences after each session in order to silence the controversy about the stifling of debate. At least one opportunity for the PS to hear his voice.

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The winners of the FIFA World Cup are Spain, Sony, Adidas and Coca-Cola. Just as some teams were able to shine on the ground (Spain, world champion Germany, third, and some emerging countries) and others have left without glory (England, Italy, France, Brazil, Argentina), three brands have also won their World Cup. Sony takes the lead of companies with the most invested in advertising during the World Cup, Adidas has created the greatest impact in terms of sponsorship, and Coca-Cola was the brand most remembered by the French, according to a study published by KantarSport (ex-TNS Sport).

Net loss of 32 million euros for TF1

But if there is a figure to be learned from this study, the total advertising investment for French television: 101.08 million euros, barely two million more than in 2006 .What to surprising when one remembers that the team had reached France to the final four years ago. "Comparatively, this represents very nearly the equivalent of television advertising budget for Renault in 2009," Bruno said Lalande, director of studies pole KantarSport information.

The estimated advertising revenue earned by TF1 to about 55 million euros for a total investment of 87 million euros. Consider a net loss of approximately 32 million euros. "This loss is largely offset by record audiences drawn by the chain during the first two games of Team France," relativize Bruno Lalande. These two games against Uruguay and Mexico, which ended in a draw and a defeat for the Blues, had met respectively 14.9 million and 15.2 million viewers.And it is precisely the day the place these two games as the highest advertising investments have been made: 8.5 million euros on June 11 and 8 million euros on June 17 Although the final between Spain and Germany has generated "only" 7.5 million euros of investment in advertising for French television.

Sony takes advantage of the strategy of French Games

If one goes into more detail, Sony happens then top advertisers with the most invested in advertising during the World Cup with a total of 8.6 million euros, including 1.9 million after the group stage quick pay day loan. The Japanese brand ahead PMU (6.2 million) and McDonald's (5.4 million euros). The French Games that had happened in the lead after the first round does not even appear in the top 10."The French Games invests in advertising for the knock-out stages. The group had to achieve its objectives through the opening of the market for online games, "said Bruno Lalande.

In the war between suppliers, Adidas beat his perennial rival, Nike. "Adidas, with its visibility and paneled field teams, has provided benefits in terms of sponsorship, the equivalent of a global TV campaign with more than 250,000 30-second spots in over 210 countries. The victory of Spain for Adidas unleashed a veritable fireworks display media, "says Bruno Lalande. The icing on the cake sponsor this on television around the field when the final goal of Iniesta is another Adidas. Evidence that the supplier to the three bands can live without the France team. "The loss of the contract of the Blues is far from being a tragedy for Adidas.Quite the opposite, "says academic director of the pole information KantarSport.

Communications Coca-Cola bears fruit

Finally, the French brand that combines the most to the World Cup is Coca-Cola (57.96% of votes), ahead of Adidas (46.39%) and McDonald's (41.43%). Unsurprisingly? "Not that much, answered Bruno Lalande. For ten years we carry out these surveys, Coca-Cola was still behind Adidas. The powerful device of communication including the U.S. group via Youtube bearing fruit, as its survival as a sponsor of sport and World Cup soccer, "says Bruno Lalande.

Last but not least: media monitoring of the World Cup by the French. Contrary to what one might have thought, only 4% of French have followed the event via the Internet (Facebook, YouTube …) against over 64% watching television."The early elimination of the Blues had an impact on the consumption of the French media, which has significantly slowed the use of other media including Internet," says Bruno Lalande. Once the team he supports is removed, the fan tends to be less reactive to turn to the media like the Internet.

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Industrial projects of Renault in Russia are becoming clear. In cooperation with its Japanese subsidiary Nissan, the automaker in diamond should invest 300 million euros in the construction of a plant of national carmaker Avtovaz, which holds 25% stake. The goal: to produce three new small car from 2012.

This information has been reported by the Japanese business daily Nikkei, citing the chairman of Avtovaz, Igor Komarov. The total investment on the site amount to 400 million euros, Renault and Nissan, taking on two of them three quarters.

The models will then be marketed by each group its name, from 2012 or 2013 will come out every year with assembly lines, 150,000 Renault, Nissan 75,000 and 75,000 vehicles Avtovaz Lada brand.One way for the firm of Togliatti (980 kilometers southeast of Moscow) to benefit from technologies developed by the Franco-Japanese. Last March, the three partners had already announced the creation of a new common structure to increase the use of parts produced in Russia and improve the quality of suppliers.

Restructured, Avtovaz returned to the green

This announcement follows the presentation on Thursday, the financial restructuring plan Avtovaz, which plans from Renault investment of 240 million euros in the enterprise technology and materials no fax cash advance. In return for this, and in accordance with his wishes, the French manufacturer keeps intact its stake in the Russian manufacturer, while the conglomerate state Rosstechnology increases his (29%).In contrast, the investment bank Troika Dialog sees its participation diluted. The cards will be reshuffled in 2012. Like all builders in the country, Avtovaz has benefited greatly from program scrapping set last March by the Russian government, which has also planned to extend it.

At the price of a heavy restructuring, the group that there is less than a year, was on the brink of the abyss, even recorded a profit of 1 billion rubles in the second quarter (25 million euros). Nevertheless, the models produced by Avtovaz, including the famous Lada, are far from holding the rope against the European competitors, even if the manufacturer holds 30% of Russian market. "He does not let the success of the plan of scrapping done overshadow our true goal: to modernize the company, recently recalled the Prime Minister, Vladimir Putin the President of Avtovaz, Igor Komarov.Under the watchful eye of the Kremlin, the objective of the three manufacturers, Renault, Nissan and Avtovaz, is taking 40% of Russian market in 2015.

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