Alcatel-Lucent is delighted especially to see its operating profit return to equilibrium. Adjusted data, it is 28 million euros, or 0.7% of revenues.In published data, it remains negative, at -45 million euros, against 130 million euros a year ago, and -263 000 000 euros at the end of first quarter 2010.

Low activity in China

The group's turnover was slightly lower on a year. In fall of 2.4% over the second quarter of 2009, it stood at 3.813 billion euros, or 17.4% more than during the previous three months. The effects of consolidation and exchange rates were favorable to the group on the quarter. Adjusted data, the turnover of the second quarter is apparent down 6.9% year on year, but it remains up from the previous quarter (+11.8%).

"The momentum has been strong in North America with a double-digit growth and the trend has improved in the world, lower income there is much less marked than in the first quarter.The revenue decline in Europe has remained the order of almost 10%. Finally, Asia Pacific has experienced a double digit decline, due to low activity in China, partly offset by significant growth in India, "the company said.

An improvement in adjusted gross margin

The group's adjusted gross margin rebounded to 36.1%, an improvement of three points over one year and by 3.5 points compared with the margin achieved during the first three months of 2010.

Alcatel-Lucent is confident for the second half. Ben Verwaayen, the CEO of Alcatel-Lucent, promises to "maintain a strict control of costs and expenses." He anticipates a "second half of 2010 supported, thanks to a growing backlog.Additional benefits are expected in the coming quarters. "

The group believes that "despite the shortage of components that still impact our supply chain, demand for telecommunications equipment and related services is recovering." He believes that the growing market for telecommunications equipment will be between 0% and 5% this year. In this context, Alcatel-Lucent intends to achieve an operating profit Adjusted between 1% and 5% of its revenues.

"Discussions are still in their infancy and there is no agreement expected in the immediate future. Issues such as price and management have not yet been addressed. " Both groups refuse to aAny comment.

According to the U.S. daily, officials from Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.In Stock, Genzyme capitalization stood at 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs. "If we take as a starting point the figure of 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.

Blow to Lovenox that will have to battle against a generic

In exchange, the action Genzyme has skyrocketed 15% to 62.52 dollars a barrel on Wall Street. And during transactions unofficial title continued to grow.

Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.And the more that Sanofi-Aventis has paid this Friday a blow, with the approval by U.S. health officials the first of its generic anti-coagulant Lovenox star, his second top-selling drug in the world. "The FDA today approved the Administrationa first generic version of Lovenox, the FDA announced in a statement posted on its website.

This product is developed by the Swiss Sandoz, the generic arm of Novartis, Momenta and American society.Sales of Lovenox, a drug derived from heparin and more complex to copy a traditional chemical molecule had reached 3 billion euros worldwide in 2009, including $ 1.8 billion in the United States.

In the first quarter 2010, sales of the drug was 769 million euros, which was still the second largest group of drug sold in the world.

The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.

In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.

To support his theory, since Apple has put together a special page on its website in which we see in videos BlackBerry Bold 9700 HTC Droid Eris, the Samsung Omnia and iPhone 3G II lose reception bars when they are kept on hand. The external antenna on the iPhone 4, which is more easily disturbed by contact with skin, aggravate anything.But the methodology of these tests has not been disclosed.

These denials have triggered this weekend the wrath of Apple's competitors, even though no one has accused him of cheating. "RIM's attempt to lead in a crisis that Apple is responsible is unacceptable," responded vehemently CEOs of the Canadian group. The maker of BlackBerry explains willfully "avoided designs such as the one used by Apple for its iPhone 4 and [their] favor innovative designs that reduce the risk of dropped calls" in areas poorly covered.

The other reactions are in proportion. Bullied to a video of Apple, Samsung said that the antenna's Omnia II is located in the center of the device, which reduces the risk of disruption and allows him to deny any reception problems.HTC, meanwhile, opposes a series of numbers to assert that the complaints related to the reception quality is much lower than those recorded on the iPhone 4. Arranged by Apple, Nokia boasts of his expertise since "decades". "If there is conflict, we give priority to the performance of the antenna on the physical design," says the Finnish group.

Apple is visiting his secret chambers

This burst of feedback sounds like a revenge of historical manufacturers of mobile phones. Faced with a newcomer today although cumbersome, they underline the block and amateurish errors. According to Bloomberg, the head of antennas at Apple, Ruben Cabarello, had warned his superiors of the risks posed by the design of the iPhone 4 on the quality of reception. But Apple would have remained riveted on this design.Since the article has been publicly described as "shit box" by Steve Jobs, who had assured discovered until recently.

Engaged in a war of communications, Steve Jobs was still "deeply sorry" for its customers who encountered problems, but mainly wanted to give assurances of the seriousness of his team, explaining that the iPhone has had four "the most advanced antenna ever seen. Usually so secretive, the company partially opened to the press its laboratories. In all, the group claimed to have spent over 100 million dollars to develop its campus in California seventeen rooms experimental mobile reception, staffed by top scientists.

This controversy, which affects the image of the brand, does not yet spread on sales.Apple has been three million iPhone 4 in three weeks and financial analysts have revised downward their forecasts nor nor their notes on the action. While minimizing the problems, Apple has still decided to offer up to the end of September to all customers, protective shells, which suppress the plastic skin contact. This measure was estimated at fifty million dollars. "[Our] customers do not need to put their BlackBerry in a holster to maintain good connectivity," joked RIM.

Based in Shenzhen (Guangdong province), the joint plant will initially produce 200,000 cars and engines per year. It will manufacture the first models in the future DS, Citroen premium label, and vehicles, including utilities, a new brand created for this market.Next came the Peugeot and Changan.

Yet pioneer in China in 1985, PSA has seen sales take off only recently, thanks to the Citroen C5 and Peugeot 408, produced with Dongfeng, China's first ally. They have risen by half in 2009, with 272,000 cars passed, and the first half of 2010 (176 000), faster than the market (+27%). With a market share of 3.3%, the group remains a small player. Hence the need to find another partner to reach 8% in 2015-2016. An ambitious target, given the amounts invested by the leaders General Motors and Volkswagen.

New segments

The agreement with Changan to permit "to better cover the market" due to launch on "segments where we were not present," said Philippe Varin. Including vans, with sales booming in China.SAP is also focusing on high-end, also very promising. The group plans to produce locally large models of its range DS (DS4 and / or DS5), and its future Peugeot 508 (with Dongfeng).

This coupling with the fourth Chinese manufacturer could facilitate the growth of PSA on the east coast of China and Hong Kong, where the market is more dynamic. Dongfeng is based in Beijing and especially in the center of the country. The French, who has an annual capacity of 450,000 cars in China with Dongfeng, alongside plans to build a third plant with its first partner

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"There was no cancellation in the legal sense. These are the tenders that have been canceled. Today, nobody can say 'I lost the case, because no one had been chosen "slice Lars Bernard, vice president of Synhorcat, a leading professional trade."So there is no impact because in this profession, we do not prepare anything in advance. A caterer is not Picard, irritated the union representative.

Same story on the side of the Elysee usual caterers. "We were still at the stage of tendering. We filed our application and we expect the answer. We have therefore incurred no expenses, "said Francois Raynier, owner of upscale catering Raynier Marchetti, who denies the passage strengthened its team of 150 people in anticipation of the Garden Party. "150 is our average size," says he.

"From homemade

The prefecture also announced that the cancellations last minute should incur any costs because the buffets are mostly prepared in-house. "We use the kitchen of the prefecture," says one in Rennes.In the Sarthe, everything is "homemade" due to "credit limit". The few jurisdictions involving caterers explain – as is the case in Mayenne – they were still "at the stage estimates.

In the Alpes-Maritimes, the services of the prefecture are in this case state spending "very minimal" to "a few hundred euros": "We're pooling with the city of Nice and the General Council of Alpes-Maritimes limit spending from outside caterers, "says a spokeswoman.

Flexibility

Even if there had been a contract between two parties, there is no fixed schedule for repayment in the profession, making negotiations on a case by case basis between the provider and client paydayloan. "It's the law of business but we always find common ground," says Bernard Bras.In case of cancellation, the situation remains manageable, "he assures," It is a profession without visibility. Sometimes some customers confirm the case only 3-4 days before the big day We are accustomed to this kind of situation. "

At the forefront of the controversy, the food critics temper this speech. According to them, traders are well advised not to claim compensation for the expected win lucrative contracts in the future. "It's flattering to prepare the buffet or the Elysee Matignon is a commercial asset, an honor, a good card," says Claude Lebey, editor and author of restaurant guides.

Rebound

The representative of Synhorcat still regrets the loss of activity represented by these cancellations. "We are talking thousands of hours of work.For the Elysee, the decision could also have been taken earlier this year when the budget is fixed ….

For the future, the profession remains optimistic. The idea of a snowball effect of cancellations is scanned. "On the corporate side, which represent nearly 80% of our business, we see a rather significant recovery from last year," says Lars Bernard. "These are not exceptional receptions for when the box is bad, do not 'do too much peter cap'. But when there is a quick turnaround, we must celebrate. This is happening today. " The other big market traders – that of individuals – is also on the mend: "over time, we notice that people continue to celebrate events," notes vice president of Synhorcat. The public sector, the smallest of openings, should be the one to be hit hard.

"End 2008-2009, business has plummeted because of last minute cancellations of contracts. In the worst of the crisis, some professionals have lost 40% activity, ensures Lars Bernard. 2010 is therefore a year of healing. Regarding cancellations, we are entitled to think that this will not be like that all year. "

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LE FIGARO – With a CEO who has just moved to Hong Kong and a proposed listing in Shanghai, is this the year of homecoming for HSBC?

Stephen Green – It has been four years since we started this movement to Asia, but it is true that the transfer of Michael Geoghegan office in Hong Kong earlier this year, marks a significant milestone.

When do you hope to enter the Shanghai Stock Exchange?

We expect the Shanghai Stock Exchange opens to foreigners. This process takes time. Let the Chinese authorities to develop policies and adapt the rules.It is unlikely that we can go public before the end of the year.

HSBC would be the first foreigner to be quoting in Shanghai?

We'd love to, but we're not the only candidates. There is also the ranks of major manufacturers with significant operations in China.

Why this rating?

This shows our long term commitment to China. The capital raised also fund our development in the country. This occurs on one side through our partnership with Bank of Communications, China's fifth largest bank, which we own 19%. We have a very important joint venture in the field of credit cards. Our development is also through our own network we want to expand. We have recently opened our hundredth agency and we would like to be present in all Chinese provinces.We need capital to finance not only our physical development but also to lend to small businesses in China.

The Chinese regulator urges domestic banks to better manage their risks. Is this a danger?

The overall outlook of the Chinese economy are excellent. The growth promises to remain strong for many years, with the aim to extend development to the west. In this context, banks have an important role in financing. As everywhere, there will be bubbles. But for ten years, banks have greatly strengthened, both in equity but also in ability to control risks. I am not worried about how the Chinese banking system operates.

What is the step after?

The main challenge for China is in the creation of a large debt market.For now, Chinese companies are financed through banks or equity markets. They will need an efficient debt market.

Do you fear the new prudential standards Basel 3?

The G20 meeting in Toronto next week, will be important. I observe a growing awareness on the part of governments that reform can not be applied in the calendar originally proposed. It takes time. It is essential that regulators calibrate the measures taking into account their impact on the real economy. If the device was applied as such, the banking system should recapitalize by much too important.

The tax on banks you worried she also?

This topic is joined in the previous because they threaten the profitability of banks. Some have generated returns of nearly 30% that were not sustainable.But, conversely, governments and regulators should realize that if banks are no longer sufficiently profitable, it attracts more private capital. And therefore, they can no longer finance the economy.

What is the minimum rate of return?

It is estimated that the cost of capital for a bank is around 10 to 11%. Therefore a return above this level.

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The increase in revenues explains this improvement, with 81.6 billion euros against 70.2 billion a year earlier. The only tax revenues increased by 11.3 billion. In contrast, spending rose slightly, to 130.6 billion euros in late April against 127 billion a year earlier.

Revenue growth could continue in the coming months if economic activity is more vigorous as anticipated the Bank of France (BDF).The institution has in fact confirmed its growth forecast for the second quarter to 0.5% in its May business survey released Tuesday. The activity increased only 0.1% over the first three months of the year.

Dynamism of the interim

In May, the services have been fired by the rebound of the interim and computer activities, details the Bank of France. However, "forecasts indicate a more moderate increase in activity in the coming months," notes BdF. In industry, all sectors advanced, with the exception of the car, even if the rate of use of means of production remains below its long period to 76.2% in April against 75.7 % in March."The outlook in the short term [the industry] are oriented towards maintaining production," notes BdF.

Trade deficit down

On Tuesday, Customs has also published the trade figures in April. The trade deficit was only moderately reduced by 160 million euros compared to the previous month, -4248000000 euros. Exports, driven by major aerospace contracts, rose 1%, more strongly than imports.

"The geographical breakdown of the data confirms that the resumption of world trade is indeed driven by demand from emerging economies," notes Alberto Balboni, an economist at Xerfi."The French exports to China grew by 38.6% in value compared to last year, a pace almost four times more sustained than those to the European Union." But the empire Environment is still only 3% of exports hexagonal.

Falling German exports

In the same month of April, German exports fell by 8.03% compared to the previous month, according to figures released on Tuesday the Federal Statistics Office Destatis. After a dramatic rebound of 22.3% in March, this figure "must be analyzed as a small correction," relativize Natixis economists in a note.

However, the decline in German imports of 4.63% seems to be bad news for France, the first trading partner of Germany.And things should not be arranged in the coming months, with the establishment in 2011 of fiscal savings of 11.2 billion euros in Germany. As noted Juliette Hubert, Aster, "plans rigorously engaged by our trading partners will lead to a contraction of the request to the French industry."

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend. Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of.And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 2.7% at 20,314 points at 10:30, the many bank stocks are at the bottom of the list: in order, loose UniBanca 4.6% to 8.1 euros, Mediobanca, 4.2% to 6.2 euros, Banco Popolare, 4% to 4.25 euros, UniCredit, 3.5% to 1.9 euro, and Intesa Sanpaolo, Italy's leading bank , yields 3.8% to 2.2 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 3.4% to 9639 points, and the banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 5% to 8.7 euros, and Banco Popular 4.75% to 4.7 euros.BBVA fold from 3% to 9.2 euros and 3.6% of Bankinter at 4.85 euros.

The Dax in Frankfurt, he, more resilient – the index of 30 German companies in the largest stock down 0.45%, 6 No teletrack payday loan.223 points. But again, it is Deutsche Bank, which is at the bottom, falling 2.16% to 49.8 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 2.1% to 106.8 euros.

In Belgium, KBC retrograde 3.4% to 31.5 euros and Dexia 3.25% to 3.7 euros in a market down 1.75% at 2490 points for the Bel 20.And in Switzerland, UBS depreciates 3.35% to 16.1 Swiss francs, financial group CS Group lost 3.1% to 47 Swiss francs.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency. But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

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