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Societe Generale on Wednesday posted a net profit by 3.5 Muliple the second quarter of 2010, above expectations, with a decline in its stores and a smaller than expected loss in its toxic assets. The bank led by Frederic Oudea confirms its objectives. SocGen, which has set a target of an annual profit of 3 billion euros, has already earned a net profit of 2.1 billion in the first half alone.

The second quarter was particularly strong for the second French bank by market value after BNP Paribas. It has indeed achieved a net profit of 1.084 billion euros for the second quarter ended in June, where the consensus reached by Reuters expected a general result to 732 million. The jump of the result depends primarily on a favorable base effect.In the second quarter of 2009, the bank had indeed been beset by such elements exceptionnels.Le group had had to reassess the value of its debt, due to improved market conditions, which had cost $ 1.3 billion over the period. This time, Societe Generale has received the opposite effect, to the tune of 254 million euros.

The cost of risk declines more slowly than in BNP and HSBC

Like BNP Paribas, which has published its accounts on Monday, its provision for potential loss on the credit over the period fell 6%. However the pace of decline in the cost of risk is much slower than some of its rivals, reflecting a more cautious speech of SocGen on strength of economic recovery.

BNP Paribas and British bank HSBC, for example reported Monday in stores near their level before the crisis."The economic recovery that began in late 2009 confirmed, but it remains fragile," said Frederic Oudéa, CEO of Societe Generale, said in the statement. "Especially in Europe, growth prospects remain subdued," he adds.

Penalized by the toxic assets, and author of "profit warnings" on their accounts of 2009, SocGen tries since the beginning of year to convince the market of its ability to turn the page of the financial and economic crisis and the of the Kerviel affair. The new management team led by Frederick since May 2009 Oudéa promised mid-June to double the profits of Societe Generale in two years and is targeting a net profit of six billion euros in 2012.

Proposed acquisitions

The bank is also considering acquisitions but said it does not fund them through capital increases.Besides the new strategic plan, the results of resistance tests conducted on 91 European banks and the announcement by the Basel Committee's flexibility to draft new banking regulator has made a boufée oxygen action SocGen, long shunned by investors.

In the past four weeks, the title, boosted by good news on the European banking sector jumped 40%. Since the beginning of the year, however, still leaves nearly 8% and continues to underperform its benchmark Stoxx 600 European banks.

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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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This is the most reassuring news announced by the U.S. authorities for more than two months. According to Coast Guard Admiral Thad Allen American to oversee cleanup operations in the Gulf of Mexico, BP should be able to contain 100% the gap in the well from which oil flows to by Monday. A new funnel, bigger than previous ones, is currently installed by the British oil.

This funnel, called "Top Hat Number 10", should recover up to 80,000 barrels of oil per day (12.7 million liters), against 25,000 now. The authorities are optimistic that based on their assessments, the well lost more than 60,000 barrels per day. The previous dome will be first removed. A large quantity of oil escape so well for 48 hours.But once the new funnel posed, the results will be immediate, promises Thad Allen.

Since April 20, the day of the explosion of the Deepwater Horizon platform off the coast of Louisiana, BP has increased its attempts to clogging, all unsuccessful.

No stop before August

BP was more cautious in its forecasts. Bob Dudley, responsible for managing the disaster, spoke of another scenario where difficulties in installing the new funnel could delay the time from Monday to Thursday.

But authorities are confident: "We have the climate we need," said Thad Allen. The admiral, however, required to calm the enthusiasm that followed the announcement. "I used the word 'contain' and not 'stop'," he commented.According to him, the well would not be closed as well as two-pass will not be completed free instant credit score. These wells, dug deep to inject cement and mud, should not be installed until mid-August. Once the leak stopped, the extensive cleaning and restoration of the ratings will continue.

Anadarko does not pay

On this last point, BP was again struck Friday denied Anadarko Petroleum. The company, which owns 25% of wells responsible for the spill, said she would not pay the $ 272 million that BP is asking her to cover their share of cleanup costs, according to U.S. law known pollution.

On June 18, the tension was raised a notch between the two partners lorsqu'Anadarko stated that the explosion of April 20 on the platform Deepwater Horizon, "was preventable and was a direct result of decisions and actions BP unthinking.

In another e-mail sent Friday, a spokesman for Anadarko, John Christiansen, however, felt that his group remained "committed to working in good faith with BP to reach a satisfactory resolution."

BP is now awaiting the response of Mitsui, which owns 10% of the wells. The British oil giant is claiming $ 112 million for cleanup costs.The company has not yet made its position.

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Bernard Arnault regain its leadership among the rich. After having given way in 2008 to boss Gerard Mulliez Auchan, the boss of LVMH prances again tops the ranking of richest people in France, published Wednesday by the weekly magazine Challenges.

Arnault's fortune amounted to 22.7 billion euros, against 19 billion for Mulliez. Among the top three also included Liliane Bettencourt, whose name is now mentioned more as the protagonist of a politico-financial series and its maintenance in the third-largest fortunes in France.

"2010, the year of the crisis for the rich"

Despite the context of crisis, the profits of the rich have increased compared to 2008 payday loan lenders.According to the study, the total capital assets of the 500 largest French professionals has increased by 25% in one year, from 194 to 241 billion euros. That figure remains below the record level of 2007 (280 billion euros). The weight of the 500 largest fortunes in the French economy has also declined from 17% of gross domestic product (GDP) three years ago to 12.4% today.

Several indicators suggest that 2010 will be "the year of the crisis" for the rich, notes the weekly. In one year, the title LVMH has indeed jumped 40%, like that of L'Oreal.

lefigaro.fr / jdf.com – The announcement of the aid plan for the euro area has given way to a new period of pessimism. In this context, how you position yourself on the shares of the euro area?

Matthew Grouès – We are clearly overweight on European equities for the simple reason that we believe that growth prospects are not worst four months ago. The markets have overshadowed the recent economic statistics suggest, however, believe a sharp upturn in Europe in the second quarter.

For a month and a half, markets follow a path contrary to that they should follow since the last published indicators: the series of nine sessions up in mid-June was made with deceptive statistics, particularly retail sales and the U.S. real estate.Unlike the sharp drop in early June took place in spite of very good publications on the ISM manufacturing and job creation. But it is true that today it is mostly good statistics that go unnoticed. It's a classic situation in the tops of cycles, markets do not allow the bad news and low cycles, they close their eyes to the good news. The crisis of 2008 is still in the minds of investors.

So much so that markets fear a simultaneous "double dip" (recession followed by recovery and then a new relapse, Ed) and a return of inflation. What is unthinkable. This proves that markets are in crisis of confidence and they evolve in a logical flow sellers rather than a fundamental logic. And to overcome this crisis of confidence will take time.

But the crisis of confidence in the euro area it is not it paradoxically favor?

It is true that mistrust vis-a-vis the euro favorable to European companies. The decline of the euro offset the restrictions inherent in the plans rigor. All countries in the euro area will clearly not accommodated in the same boat. So, for those who have taken a severe restrictive measures such as Spain or Greece, the balance will be negative. But for others, the impact on growth will be close to zero. It seems that the markets have rediscovered that the euro is a currency like any other. It's a currency shared by several countries. This inevitably creates a certain fragility and justifies a risk premium.

So you are betting that the European companies will catch up on U.S. companies?

Absolutely.European companies have to suffer the restrictions imposed by states, compensated as I said the decline of the euro. In contrast, the U.S. will be doubly penalized: first, that says depreciation of the euro said dollar, so a handicap to competitiveness for U.S. companies. On the other hand, said that restrictive measures in Europe, said reduced demand from Europe.

It is true that the shares are not expensive in all markets, but if U.S. stocks were gaining 10% to 20% in the twelve or eighteen months, the increase should be between 20% and 30% for European equities. Europe contrary to what they say is absolutely no more defensive than the United States. The proof of this statistic: Since 1996, the EuroStoxx amplified movements of the S & P 500 twelve years in fourteen.And two years where the reverse happened, it was during changeovers cycle.

According to a study OpinionWay, 50% French do not have stock and have never held. Furthermore, 66% of them justify their choice by the risk profile of the action. In other words, they are afraid of losing money. What do you think?

I understand their weariness regarding the volatility of financial markets and they prefer to invest in money market products they do not risk losing money even if they do not relate. Incidentally, this is symptomatic of the mindset of investors. There is such excitement in the markets that investors prefer not to lose money rather than win. But they must understand that the only time they have an interest in shares, it is precisely when everyone else shuns.Focusing on the assessment that the actions have on others is not the best indicator.

Also, do not overestimate the impact of financial markets on the real economy, and thus justify the real evolution of financial markets. It is often said that markets anticipate a six to nine months ahead of the changing economy. But this is not always true. The evidence: In 2009, the savings came out much faster from the recession that markets had expected.

I know this may seem surprising but it is precisely now that they must invest in risky assets.In addition to actions, we are positive on the credit for the economic recovery remains favorable and the spacing recent spreads (spread between a corporate bond and government bond, Ed) be reversed.

Five months ago, you bet on an ACC 40-4600 points by the end of the year. This bet is it still relevant?

I think for this year will be a bit complicated. However, I would very surprised if it does not exceed 4000 points. The current level of ACC 40 is not consistent with the economic situation is relatively good: it would be justified if we knew another recession within one year, but I think absolutely not.

Macroeconomic reasoning to 12-18 months also clearly suggests that markets are highly appreciated.Whenever Will it materialize? Hard to say! The market movements often snap on a "spark" a good economic figures, redemptions of "shorts" (the investor buys back the shares it had sold short, Ed), publication of results, etc. . The question is what will this time that "spark" and when it will happen.

Tough week ahead for Air France. On Wednesday, the group should announce operating losses of around EUR 1.3 billion for its fiscal year ended March 2010. They will be close, historical, 1993. Since then, Air France has tripled its turnover.

If the amount of such losses is already known (the company has prepared the public mind when it announced its latest quarterly results), their decomposition is less.

For more than 600 million euros, the losses are related to the impact of fuel hedges, the advance purchase of oil at a given price from banks.

According to our information, the management of Air France declined to comment, cargo activity has on his side lost 499 million euros, of which 50 million are attributable to the subsidiary Martinair.These figures indicate that if the passenger activity has been shaken by the crisis, especially the cargo, which penalized the company.

Cargo activity came first in the crisis with volume declines in mid-2008. "They have suffered from the downturn in April 2008, six months before the bankruptcy of Lehman Brothers, said a government source. At the group's executive committee, it was decided not to increase capacity by cargo aircraft for the winter. "

Air France-KLM Cargo has gone through severe turbulence, with a decline in volumes of 22% from last year. The Asian market, driven by imports of consumer goods, has experienced the biggest drop.The United States, more towards capital goods, have them ground earlier but in lower proportions.

Reduced capacity

At the same time, the company has drastically reduced the wing. 700 departures in two years have not been replaced at Air France-KLM Cargo. The adjustment of staff accompanied a decline in cargo capacity. In September, the company launched the adjustment freighter (CAP). Objective: To reduce capacity, concentrating freight traffic on the bunkers at the expense of cargo planes dedicated to freight alone, and be beneficial to the end of the year 2011-2012. In this context, Air France has got rid of two brand new Boeing 777s it has sold to FedEx before they are delivered at Paris this winter.

These aircraft, offered 250 million euros each at list prices and traded 150 million euros, were sold at the same price.The transaction still cost 30 to 50 million euros in Air France, which had to pay storage costs for the aircraft at Boeing and significant financial costs.

The company also leases two Boeing 747 Russian Air Bridge. "They were bought at a time when the dollar was high, said an analyst. It was more interesting for Air France to rent and sell them in five years. "Since then the two aircraft were flying under the colors of Air Bridge. They just make the transport of missiles between Russia and Chateauroux.

This decrease of 16.2% of capacity has led to a dramatic reduction in costs of 19%. Florence Parly, the owner of the cargo, has managed to reduce the unit costs of 2.4% per tonne km (RTK).The rigor of the former Secretary of State Budget worries the unions of Air France, who believe it will prevent the rebound in activity after the crisis.

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Greece will not wait long for the counter. Two days after the formal adoption of the aid plan of 110 billion euros in its favor, Athens seeks payment of an initial tranche of 20 billion euros, according to a government source quoted by AFP. The IMF should participate in this first installment to the tune of 5.5 billion euros, the rest from member states of the European Union.

Time is short. The Greek state has to repay a maturity of 8.5 billion euros on May 19 or next week. This is not all. "We must add all refunds coupon (interest on debt, Ed) of bonds issued in May in previous years, and there have been many," said Patrick Jacq, a strategist at BNP Paribas rate. To which must be added interest on the debt issued in foreign currencies.In total, it is not ? 8.5 billion that Greece should pay by the end of May, but between 11 and 12 billion euros, according to the calculations of the strategist.

Also remains an unknown: the short-term funding of deficit cash quick. Fortunately for the Greek government, after sending his letter to the European Commission, the Central Bank (ECB) and International Monetary Fund, Athens would receive 20 billion almost immediately, or "maybe in the day" according to a government source.

Because Greece has no choice now. She can no longer fund normally markets because of high interest "prohibitive," explained April Finance Minister George Papaconstantinou.

European aid comes not without consideration.The government has defied the unions and established an austerity plan of unprecedented severity, with the aim of reducing the deficit by almost 14% in 2009 to 8.7% in 2010. Events are also scheduled for tomorrow late Wednesday afternoon in Athens to protest against the severity.

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New episode in the case of repeated suicide at France Telecom. The Paris court on Thursday opened an investigation into this matter following a complaint last December against the union's South direction of the company for "bullying" and "endangering the lives of others." An unpublished survey that will focus on work organization and the management system of the company.

Me Teissonni?re, counsel for the South, had already confirmed a few hours earlier information from France Info. The investigation should therefore be entrusted to a judge of public health center of Paris. Le Parisien ahead including the name of Pascal Gand in its Friday edition. And as announced by the newspaper, on charges of "endangering the lives of others" was not accepted, contrary to what is called the Labour Inspectorate.

"Methods of management characterizing bullying"

On receipt of the complaint filed on December 14 last, the Paris court has in fact relied on a report of the inspection work to make its decision. A 82-page dossier, coordinated by the labor inspector Sylvie Catala and delivered on February 4 to Paris prosecutors. It refers to "implementation of work organizations likely to cause serious harm to the health of workers" and "methods of management characterizing bullying.

Labour inspection also points in his report "the strategy of restructuring and management" conducted since 2006 aiming to organize the departure of 22,000 employees of the group.It also emphasizes the fact that the leaders of France Telecom have been alerted "on many occasions (…) the effects on health of workers by occupational physicians and regional health insurance funds. Alerts never taken into account.

Eleven suicides since the beginning of 2010

Three people are affected by this case. Front row: former CEO, Didier Lombard, now non-executive chairman of the company. Followed Louis-Pierre Wenes, the former number two and head of operations in France, ruled last fall, and Olivier Barberot, the Director of Human Resources (HR). The company France Telecom is also questioned as a corporation, said Le Parisien.

In 2008 and 2009, the number of suicides by employees of France Telecom rose to 35 as management and unions.The observatory stress and forced mobility, established by the CFE-CGC and South-PTT, has meanwhile identified 11 suicides of employees since January.

Patrick Ackermann, SOUTH delegate, welcomed in the Parisian "this first victory." "That does not mean that there will be indictments, but it proves that justice takes the matter seriously. Now, we'll call the other unions, victims' families, doctors work to a civil, "he adds. The more one is more justice will be hard to kick for touch. "

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Review of the week, still not good on Wall Street. The flagship index of the U.S. coast, the Dow Jones has sold more than 1.3% over the last five sessions. On the month, it lost 3.5%, its largest monthly decline since February 2009. And from the peak of the year (January 19) at 10,725 points, it dropped 6.1% …

Note that the volatility index rose more than 4.3% on the session. This shows the nervousness of investors.

But Friday had sounded like a new breath of oxygen. The U.S. indices had opened up, certainly not stupendous, but reassuring. Investors initially reacted to the GDP growth of 5.7% in the fourth quarter of 2009. Note however that the whole of 2009, GDP fell by 2.4%.In addition, a new series of good quarterly results have agreed.

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Still missing, the index fell

Then the breath was cut. The indices have regained some equilibrium after 20 hours (Paris time), then slid into the technological rouge.Les weigh heavily on the trend. So that finally the Nasdaq plunged 1.45% at 2147.3 points. The Dow Jones dropped 0.52% to 10,067.33 points, under 10,100 points. And the S & P 500 dropped 0.98% to 1073.9 points.

Yet, at 15.45, the figures of industrial activity in the Chicago area for January were pleasantly surprising: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The Dow Jones had already ended on a Thursday this very negative (-1.13% to 10,120 points), leaded by the disappointing statistics. Applications weekly unemployment benefits fell during the week ended January 23 (to 470,000) but less than expected. Similarly, orders for durable goods in December increased more slowly than expected (+0.3%).

Yesterday evening, Ben Bernanke has been extended for four years at the helm of the Fed. The markets saw his appointment as a continuity of monetary policy characterized by very low rates.On the same level, China has also sent positive signals to the market today. The Chinese central bank reiterated that it would maintain a "moderately flexible monetary control.

Microsoft guest star

Even the good performance of Wal-Mart (1.52% to 53.4 million) and The Home Depot (+2.5% to $ 28), failed to halt the downtrend.

It is largely explained by the decline in technology stocks. The index closed at losing more than 1%. Apple heavyweight, with a decline of 3.6% to 192.12 dollars, under pressure since he revealed his "Ipad.

The computer giant Microsoft has published the results of its second quarter lagged 2009/2010 after Exchange Thursday, with a turnaround in net income of 60%, to 6.66 billion dollars.The stock has lost 3.36% to 28.18 dollars.

Amazon also announced after market close a net profit in 2009 up 40% to 902 million. The fourth-quarter earnings soared 71% to 384 million. Turnover was 24.51 billion dollars, or 28% more than in 2008. In exchange, the share increased to $ 132 before subsiding, then fall from 0.49% to 125.41 dollars.

Mattel (-1.2% to 19.8 dollars) released before market on Friday, a dramatic increase in its earnings in the fourth quarter: 86% to $ 328.4 million. Over the year the Group achieved a profit of $ 528.7 million, up 39% as well, which reduced per share amounted to $ 1.45 against expectations of 1.24 dollars.

The maker of automation and appliances Honeywell issued before market also net income group share declined slightly (-1.3%) to 698 million in the fourth quarter, in line with analysts' expectations. The title has sold 3.04%, to 38.61 dollars.

The oil company Chevron (-1.68%, to $ 72) on Friday issued a 2009 annual profit fall of 56.2% to 10.483 billion dollars, due to falling prices and pressure on margins .

Furthermore, the group of French telecommunications and media company Vivendi sued by shareholders ruined by its near-collapse in 2002, was convicted of misleading communication. Its CEO at the time, Jean-Marie Messier, has instead been milled.

They are presented as "the cornerstone of the company, but feel" left out "after having invested limitless. A paradox highlighted by the study conducted by consulting firm HR Solutions Alter Ego, and Fran?oise Toulemonde, marketing consultant and prospective studies (1). "Isolated," "disoriented," in full midlife crisis "… The survey paints a finding black … More specifically, it reveals that the professional motivation of this population are similar to those of the famous generation Y, characterized by individualism and infidelity to the company.

For Quadras, succeed at work is above all a personal project: "always learning" for 45% of them reconcile their pro-life to 39%. In contrast, only 12% believe that success is linked to having significant responsibilities.

If the quadrants have high expectations of HR, over 80% believe that evolution will not pass through internal mobility, but from somewhere else.

For the firm Alter Ego Solutions, "companies have an interest in reconsidering these quadrants, if they do not want to see in smoke from their expertise or simply face an acute risk of demotivation.

The conclusions to be drawn? Companies should treat this "quiet generation", which is showing "signs of impatience."

The study concludes with Generation Y, concluding that this "puzzle recruiters" may be basically a "shell" and that individualism is perhaps generations. A revelation …

(1) Survey conducted between April 23 and 14 mail in 2009, among 1200 men aged executives.