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The Paris Bourse is scheduled to begin this week on an optimistic note. The future CAC 40 up 0.63% at 3934.50 points, an hour of opening, leaving hope for a session in positive territory. The Paris markets should broadly follow the movement driven by Asia Market earlier this week. The Japanese Nikkei closed up sharply (2.09%), carrying with him all the financial centers of the region.

This optimism comes from the U.S. figures for employment, less bad than expected, published Friday (36,000 jobs destroyed destruction cons 50,000 expected). Statistic reassure markets that see it as a sign of recovery very explicit. Especially as the consumer credit in the United States also sets out again on the rise (4.96 billion dollars in January). Both information had enabled the Cac 40 to exceed the 3900 points at the close Friday.Maintaining this level will be one of the objectives of investors on Monday, before setting off to the 4,000 points.

Japan, meanwhile, announced Monday a current account surplus (899.8 billion yen), compared to the deficit recorded last year in the same period (132.7 billion yen).

On Monday, markets will keep an eye on the index of business sentiment of the Bank of France, published before the commencement of trading (8.30). German industrial production for January will be known 12 hours.

EADS in the collimator

The defense group EADS said on Friday reached an agreement in principle with client countries on the financing of the military transport plane A400M. This also held Monday in Paris a crucial meeting on the fate of the military plane, which displays almost four years behind the counter.

The director general of Crédit Agricole, Jean-Paul Chifflet, revealed in an interview with Le Figaro, his long-term goals. "If we find other opportunities for collaboration to reduce intermediation costs for our customers, we will. With the Company generally or with others, "he said as well. This information may affect the securities Societe Generale and BNP Paribas.

In an interview with Le Figaro also Antoine Frerot, CEO of Veolia, reaffirms the group's objectives, including "after-tax profit of at least 9% and operating profit up 4% on average annually.

The central works of extraordinary total stands Monday.Employees of Dunkerque, on strike since January 12 this year, threatening to spread the oil available to them if management does not accede to their demands.

As for publications, Biomerieux announced on Monday a net profit in 2009 of 148 million euros, above expectations. The group table for the period 2010-2015, an average annual growth of between 7% and 9% at constant exchange rates.

The annual results of cements French gather today. Just as those of April, after market close.

The leading global service to local shows in 2009 a slight decrease in its turnover to 34.5 billion euros, an increase of 44% to 584 million euros in net income.

LE FIGARO. – Veolia publishes results better than expected. What were the highlights of 2009?

Antoine FRÉROT. – The two major goals set at beginning of year, in the heart of the economic crisis, have been met. We develop a positive free cash flow after dividends – and to do that, we did not need our program of asset sales which amounted to 1.3 billion euros. On the other hand, we have achieved 381 million in savings, an amount greater than what we had announced.In total, our debt has declined from 1.4 billion to $ 15.1 billion.

Your new strategic plan installment does with that of your predecessor?

There is no question of strategic failure. We aim to quickly find a balance between growth and profitability. Veolia Environnement has formidable strengths: market inherently very porters, strong reactivity with a decentralized but coordinated and a significant asset base of 25 billion euros, which provides flexibility.

We aim to sell 3 billion euros in assets between 2009 and 2011 allows us to breathe our business portfolio. For a group size of Veolia, yield an average of 1 billion per year is not a revolution but a healthy, which allows you to concentrate on the heart of business activities.However, there are very few external growth.

What are your projected outcomes?

At a horizon of 3 to 5 years if the economy remains flat, we expect a profit after tax of at least 9% and operating profit up 4% on average. If the economy is recovering, after-tax profitability could exceed 10% and operating profit increased to 8% per year.

As for 2010, the year seems still uncertain and we do not see today's rebound. In this context, I maintain priority to cash. We seek a new economy of 250 million and 1 billion sale of non-strategic assets.Our operating profit should improve further.

Consider yourself an arbitration more radical in your core businesses?

Veolia Environnement is the only group in the world with four specialties: the water, waste, energy and transport. There is no question of separating from one of them, especially as new needs, new offers, imagine the articulation of these four professions. For example, in water treatment, it has already greatly reduced energy consumption. Tomorrow, sewage treatment plants become producing bio energy and bio-plastics …

Where will the growth?

From the internationally but not only in emerging countries. In Europe and the United States, the model of delegated management – a public water treatment or waste managed by a private group – is much less developed than in France.It will certainly be emulated.

Closer to home, markets are developing. Take the case of countries of Southeastern Europe. Dry and tourism, they will probably need new ways of managing water and improving the quality of bathing water.

You have a license for international passenger transport. When will the first TGV Veolia?

Our partner Trenitalia awaits approval of its trains. It is a rail regulatory authority be established to ensure that competitors of the station can actually make their trains run in the furrows to be allocated. All this should be effective in late 2011.

In urban transport, which is the reconciliation between Transdev and Veolia?

The process of consultation of the staff concerned is underway and we need the approval of competition authorities.We are in final talks with the RATP on swaps. This merger will be followed by an IPO, I hope the first half of 2011. Transdev Veolia will be the leading mondiJal urban transport and reach the critical size in a trade promised sweeping changes. I think including the payment of tickets which will be soon available on mobile phones.

Where is the proposed combination with EDF through your joint subsidiary Dalkia?

Here too, there are new services to be created. For this, we must expand the industrial partnership. With its activity, Veolia is already the largest European producer of biomass, useful for decentralized production of energy.There are also offers to develop the electric motor, which will soon revolutionize the passenger.

Suez there reason to suspect Veolia to take advantage of the strike force at EDF calls?

I have no fear of being disadvantaged in France or Belgium by GDF Suez even if its president is also head of Suez Environment. By analogy, this reasoning applies to EDF and Veolia.

Henri Proglio, became CEO of EDF, "he informed the Board of Directors of the exact duration of his" transitional mandate "to the non-executive Chairman of Veolia?

This was not on the agenda of the Council held on Thursday.

After criticizing the organization of the nuclear industry, Henri Proglio blames the system of distribution of gas and electricity, according to the financial daily Les Echos, Henri Proglio would have felt during a trip to Mount de-Marsan January 25 last, that the current organization involving EDF and GDF Suez in the distribution of gas and electricity, through their respective subsidiaries and ERDF GrDF, figure was "nonsense".

As for unions, the direction in which this issue is not a surprise, but "the idea of separation is a major concern in the year 2010, the newspaper reported.

Already in early January Francony Michel, CEO of ERDF, had indicated that the joint service between ERDF and GrDF was "faced with the necessity of (the) provide organizations and own way of functioning, better able to respond to issues more and more different and sometimes contradictory.

Moving with the times

Force is indeed clear that the context has changed since the time when both companies have been reconciled. EDF and GDF were then public monopoly . GDF Suez is now closed and the market is competitive.

Yet about 45,000 employees, are 95% of the total workforce of ERDF and GrDF continue to work respectively for the maintenance of power lines and gas pipelines.

Henri Proglio recovery and the idea of messing up the organization.But he will face unions and local politicians who advocate mixed organizations and public service mission, and legal provisions, but "around".

The case should take its time …

Michel Francony on an ejection seat

Also according to Voices, the new boss of EDF had proposed to his colleague Michel Francony leaving office, whose mandate expires in 2012. But it should not let them. Implied, another slow and choppy affair prepare.

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This is without state support that Ford has managed to overcome its difficulties. The U.S. manufacturer announced Thursday it had made a net profit of 2.699 billion dollars over the full year 2009. A performance to be compared with the heavy loss of 14.766 billion harvested in 2008. Over the year, turnover was down to 138.1 against 118.3 billion in 2008.

The group included supporting a very successful fourth quarter. Over this period, the second largest U.S. behind General Motors reports net earnings of $ 868 million against a loss of about 5.978 billion dollars a year earlier. The per share earnings is 25 cents, hardly less than the 26 cents analysts who had forecast. Over this period, revenues totaled $ 35.4 billion against 29 billion a year earlier, an increase of 22%.

Before the opening of Wall Street, the title jumped 2.68% to 11.86 dollars.

$ 500 million quarterly savings

To obtain this result, Ford has relied on reducing structural costs of automotive business payday loan . A total of 500 million dollars were saved in the fourth quarter. The group did not hesitate to pursue a higher price for its vehicles. His arm Ford Motor Credit has contributed to higher profits in this period with a profit before tax of $ 696 million against a loss of 372 million in 2008.

Ford is the only manufacturer of the "Big Three" of Detroit (with General Motors and Chrysler) have not gone bankrupt. It is reassuring for the future and plans to write "a profit before tax and excluding exceptional items for 2010, without specifying numbers.In addition to profitability, the group is including a U.S. car market between 11.5 and 12.5 of vehicles this year. In the year 2009 in the United States, sales at Ford fell 15.4% to 1.68 million units. Note that, after hesitating a large part of the morning, the Paris Bourse is moving more strongly in the green then qu'affluent results of U.S. companies show no surprises.

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Reportedly, police officers went to the 1st and 2nd floors of the building located at Roissy where there are particular services management and staff. CCE Air France is at the heart of a financial scandal two weeks ago. An internal audit revealed in January 12 showed in handling the accounts and invoices which nature seems far from the object of a CEC. The audit begins by the "adjustments and prior period adjustments.These operations are likely to question the principle of matching income and expenses at the right time. "

Many people must be heard this week: the auditor of the company INA, which revealed significant shortcomings in the accounts, the auditor and Jean-Yves Quinquenel, head of the CEC transition responsible for facilitating the conduct of 'audit report and free credit score .

For its part, the CFDT-Air France and François Cabrera, whose management of the EAC is in question, talking in a tract of 25 January of a "cabal of destabilization" and indicated that "none of the parties involved, management of Air France, elected CCE, expert of the INA, auditors are not aware "of the launch last Thursday when the preliminary investigation by the financial police.

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The manufacturer's CEO, Carlos Ghosn, was summoned to the Elysee Palace on Saturday to explain about a possible transfer of production of the Clio in Turkey IV. Several questions remain suspended.

Renault To calm the game two months of regional elections, announced by the press this week of a possible relocation of the Clio IV in Turkey has taken a political turn that had not expected the group. Carlos Ghosn, CEO of the diamond manufacturer, had to return to Japan on Saturday to explain his strategy to President Nicolas Sarkozy.

An interview that lasted over an hour and which was also attended by Industry Minister Christian Estrosi and Patrick Pelata, deputy CEO of Renault. "Carlos Ghosn said the Head of State that Renault will continue work and site activity" Flins (Yvelines), the Elysee said in a statement released after the meeting.The site will always French production of current models of the Clio, and that "part of the production of the Clio IV", which should begin in 2013, added the president.

Promises to blurred

After the announcement effect, many questions remain unanswered. Carlos Ghosn confirmed in a statement last night that the well would produce Renault Clio Flins IV, "with a second location in Bursa, Turkey. However, no details on shared tasks. "Speaking today in volume is not very realistic," he defends the boss of manufacturer in an interview with Journal du Dimanche. "The important point is that Flins is a permanent site for Renault and that employment will continue to run." A "term" which is not clearly defined.

For the Socialist Party, who responded from last night's meeting between Nicolas Sarkozy and Carlos Ghosn has "given birth announcements waves. Nothing was said about "the strategy of Renault in Turkey. Nothing about the intentions of the state regarding its stake in Renault (15%) or its representation on the board of directors. The subject was not discussed, according to Carlos Ghosn.

Flins bet on electric cars

Today, Renault wants to focus on its electric vehicle project. The production model Zoe in 2012 and will be entrusted to Flins. "We manufacture in France models with high added value," says Carlos Ghosn at Parisian. And among these, Zoe, "which should represent 60% of our sales of electric vehicles. Forecasts certainly reassuring, but the prospects for electric cars are still unclear to this day.

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Despite a very mixed report on oil reserves in the United States, oil prices closed sharply higher Wednesday after being propelled in New York above $ 83 for the first time in 15 months. Around 1700 GMT, a barrel of "light Texas crude (WTI) traded on the New York Mercantile Exchange (Nymex) for the same maturity, gained 1.11 dollars to 82.88 dollars after climbing to 83.15 dollars, a level not seen since October 9, 2008. At the same time, the price of Brent North Sea crude for February delivery took $ 1.12 to 81.71 dollars on the InterContinental Exchange (ICE) in London.Black gold benefits and good results-IMS services in the United States, and economic optimism across the Atlantic.

Having spent most of sitting down, prices of black gold have suddenly fallen off after 16:30, is modeled on the movement of the dollar, which collapsed suddenly at same time. Fellowships, too apathetic during the meeting, have also rebounded late in the session. The FTSE in London has hit the end of meeting a new record close for 16 months, to 5530.04 points.

Instead of declining oil reserves, the ministry revealed an increase of stocks of 1.3 million barrels during the week ending January 1. The reserves of distillates have certainly dropped a little (-300,000 barrels) but the massive decline (1.8 million barrels) expected by analysts did not happen.

Negotiate but not amnesty. This is the philosophy of Eric Woerth, the case of taxpayers illegally holding assets abroad. Opened in April, the unit adjustment for those of them willing to go in the right way – nicknamed "drunk tank" in reference to the "gray list" of tax havens – closed December 31 as planned. But "I will extend this action differently, by giving the tax authorities the means to work in the same state of mind," said Budget Minister Sunday on Europe 1.

The cell allowed these "repentant" to negotiate the interest and late penalties, without escaping tax liability itself.This method will be extended to "the tax administration as a whole" to allow "any person wishing to rectify the situation, make it legal to repatriate their capital, pay tax, do so on acceptable terms," argues Eric Woerth.

A carbon tax on the nuclear idea "crazy"

And to defend the principle of the cell – "a huge success," the minister said. It will be reviewed shortly. On December 9, Eric Woerth noted that the cell had already dealt with 1400 cases and that the State had recovered and 500 million euros. He said that capital repatriated then reached 3 billion.And confirms the information Figaro that, in late December, the caseload was about 3,000.

Angered by the comparisons with Italy, where taxpayers have repatriated 95 billion euros, of which 5 have gone into the coffers of the treasury, the budget minister said that this is amnesty, pure and simple. No way to go in this direction in France, repeats it: "The republican pact does not amnesty." And for those who do not request their regularization, "what will the tax audit.

About the censorship of the Constitutional Council, Eric Woerth confirm that a new carbon tax will "surely" passed before the regional elections in March.Its principle is the same for individuals (taking on fuel and gas reimbursement flat tax on income).

The new device will be "more structured" with that of CO2 allowances, which are subject to more industrial emitters of this greenhouse gas emissions – is the total exemption of carbon tax for these sites that motivated the constitutional censorship. Nevertheless, "we will maintain exceptions" because "the carbon tax is not calculated to undermine competitiveness. Among these exceptions, electricity: "It would be crazy to charge nuclear power because it produces no carbon, ignites Eric Woerth

While tourism remains weakened by the crisis, TUI AG is doing rather well. The German group published its results on Tuesday nine months, from January 1 to September 30. Boosted by gains from the sale of 43.3% owner of Hapag-Lloyd AG, net income was multiplied by ten. It stood at 401 million euros, against 45 million euros over the first nine months of 2008.

These figures will serve as the annual results for the year 2009. TUI rose on a year shifted from October 2009. "This positive development shows clearly that our tourism business is fundamentally healthy and that over time," said Michael Frenzel, CEO of the group, in a statement. The turnover, now entirely generated by tourism, but has slipped to 14% on a year to 13.1 billion euros.Subsidiaries TUI Travel (tours), TUI Hotels & Resorts (hotels and clubs) and TUI Cruises (cruises) have seen their business drop by 14%, 5% and 9% respectively. The weakness of the pound has also weighed.

Despite the difficult environment, operating income was up 5% to 696 million euros over the year amputated in 2009. And its evolution should remain "stable" for the current year, the statement said. Michael Frenzel is optimistic. The turnover and profits should start rising from 2010/2011, "if the economy recovers as expected.

LE FIGARO. – In announcing this summer by Accor of making the study of a split between the hotel and the services you have expressed your reservations about the form, if not in substance. Over three months later, did you stop your position on this?

Gilles Michel. – The question was raised shortly after the transfer of the participation of the Deposit to the ISP. In this context, we should play our role as shareholder, albeit a minority 7.5% stake, but still full. This meant that we have all of the elements to make a serious analysis. This has justified my "fit of temper" at the time. Since then, extensive work has taken place on the reasons to justify this decision on the benefits, costs and risks of this option and its alternatives, which I welcome.And quite frankly, I've seen all this work, no evidence for the need, in December 2009 to initiate division of Accor.

So you keep on your positions?

I have no reason in the name of a doctrine or principles. The split may be a modality in the service of a project but not an end in itself. During the work, we found that both businesses had before him genuine opportunities for strengthening the ISP calls for. But it is possible to pursue a development strategy in the current framework. Conversely, a split in a market environment that is not without risk, I think exposing every business to increased vulnerability.It is not necessary to incur the risk of executing the operation, financial risks, particularly in terms of ratings of each entity, and the risk of weakening as it can lead an ambitious strategy in the context present.

What is your alternative to Accor?

Accor is a large group of ACC 40. It can lead a strong offensive strategy with determination and speed. Its direction can be bold in terms of both organic growth and external growth.

Do you think the council will follow? And if this is not the case, what will the ISP?

I do not prejudge the discussion board. Each director will determine in its soul and conscience under the sole interest of social enterprise. And if, purely hypothetically, the board should choose the path of division, the next step will be the General Assembly, where of course we would vote against.But I am perfectly aware of the laws of arithmetic. The two shareholders who hold 30% stake in Accor worn since the beginning of the project, saying it is not up to cash in the short term but to create value over time. I do not doubt that they have at heart to remain associated for several years in the capital of each of the two new companies. With regard to the ISP, I would have full discretion as to our involvement.

A council held Tuesday decisive

Accor has accelerated the study of the relevance of a split (with a later check services prepaid and other hotels). The group meets Tuesday Board of Directors, expected to be decisive on the issue.Mid-November, after its previous meeting, the council had said "satisfied with the progress of work" to formalize the project.

The fund Colony Capital and investment company Eurazeo, who own about 30% stake in Accor, there are the best way to enhance their investment. Gilles Pelisson, CEO of the group agreed with this idea. However, the ISP, the second largest shareholder with 7.5% stake, otherwise, officially now. In this context, the position of the six independent directors will be decisive. Unions are worried themselves for employment in hotels.

A study of CA Chevreux, hotels could represent 74% of sales for Accor this year, but only 39% of operating income.In case of division, according to the scheme proposed, the hotel would bring about one third of the group's debt, two thirds of returning to the emerging prepaid.

»COMPUTER GRAPHICS – Investment ISP

The proposed division of Accor moves its shareholders