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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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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

The insurer and financial services provider American International Group has introduced a profit of $ 455 million in the third quarter, earnings per share of $ 0.68, which remains well below market expectations. Adjusted EPS reached $ 2.85.

In the third quarter of 2008, the group had recorded a loss of 24.47 billion dollars, which had propelled the brink of bankruptcy.The U.S. State then had paid nearly 180 billion dollars in aid, partly through loans to save a world leader in insurance.

The statement said that the derivatives portfolio of AIG Financial Products was reduced by 13% compared to 1300 billion as at June 30, 2009.

The summer rally that propelled the markets to their highest annual will not rise enough to make sufficient investment value of the group, as falling from 10% to $ 35 in trade pre-market trading.

Having virtually disappeared in 2008, housing loans granted to U.S. households with a financial risk profile remake flourished. According to a study by John Krainer, an economist at the Federal Reserve Bank of San Francisco, these loans subprime currently represent 20% of total new loans granted overseas. This share is equivalent to that observed in 2006, before the financial crisis broke out, and when those loans were heavily allocated.

The economist said however that the number of assignments mortgages has narrowed considerably. "The writing of new mortgages has slowed considerably over the past two years.The net indebtedness of households backed mortgages has declined every quarter since early 2006 and is now negative for the first time since the 1970s.

A new type of loan subprime

John Krainer, however, stressed that "subprime" are different from current products subprime granted before the crisis. Now, "the three organizations provide mortgage refinancing semi unprecedented support to the housing market, owning or guaranteeing nearly 95% of new residential mortgages," says the Fed economist.

Banks are no longer transform risky loans into securities traded on the market as they do not have a government guarantee.Thus, the quality of securitized products is more controlled: the GSEs mortgage refinancing that are Fannie Mae, Freddie Mac and Ginnie Mae to ensure. "The securitization carried out parastatals were much more likely to include floating rate loans and accompanied by incomplete information on income and assets of the borrower," said John Krainer.

This increased control reduces the risks of securitization, a practice that is hardly used outside of such mortgages. The Economist points out, however, a drawback to the supervision of banking practices: this intermediation could hinder the return to normal housing market.

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Around 15:00, the CAC 40 fell by 0.05% to 3890 points. Yesterday, the Paris index hit a new annual record, advancing 1.69% to 3892 points. Traders remained cautious, fearing a wave of profit taking ahead of 4000 points. The success of Apple, released yesterday evening after the close of Wall Street, have long supported the market, like those published at 13:30 by Caterpillar. The group expects a recovery in the global economy in 2010. But the poor figures for housing starts in the U.S. temper this optimism. These last were up 0.5% in August to 590,000 annual rate, and while the market was expecting 610,000. The number of permits issued fell 1.2% from the previous month to 573,000 construction permits on an annual basis, against 595,000 expected by analysts.

The producer prices fell in September by 0.6% compared to August (1.7%).This decrease is due to the decrease of 2.4% of energy costs. Excluding food and energy, the index plaice 0.1% against 0.1% expected by economists.

Values follow

LVMH (+0.35%) announced a turnover decrease of 0.6% to 4.135 billion euros, a figure conformed to market expectations. The group said a "better" compared to earlier this year.

In an interview with the newspaper Les Echos, Sagnières Hubert, who will become CEO of Essilor (-0.67%) from the first next January, is a point on the group's goals. He remains calm on the operating margin for 2009, but was cautious about the turnover.He plans to continue its acquisition strategy.

BioMerieux (+1.51%) achieved a turnover of over 9 months of 895 million euros, up 12% and confirms its target of organic growth of 5 to 7% in 2009, excluding the positive impact related to the epidemic influenza A.

Bouygues Travaux Publics, a subsidiary of Bouygues Construction, will build a road tunnel in Miami for $ 440 million. The title Bouygues rose 0.27%.

The operating margin of Sword Group (-1.21%) stood at 17.25% on the first nine months of 2009 against 17.7% during the same period of 2008.

In the first nine months of 2009, sales of Guyenne et Gascogne (+0.15%) totaled 431.4 million euros, down 1.3%.

Soitec (-2.73%) achieved a turnover of 50.3 million euros in the second quarter, a sequential increase of 14.8% over the first quarter of the year.

The turnover of Pierre & Vacances (+1.97%) totaled 516.5 million euros in the fourth quarter of 2008-2009, an increase of 2.4%. For the full year, sales amounted to 1.451 billion euros, up 2.3%.

Rental income accumulated Mercialys (-3.19%) at the end of September 2009 stand at 100.24 million euros, up 17.1%.

Cash Transgene (-1.47%) totaled 72.9 million euros at September 30, 2009, against 86.7 million at December 31, 2008.

On September 30, 2009, the turnover of Mr Bricolage (0%) stood at 412.3 million euros (+3.3%).

The UNEDIC (unemployment insurance) is less pessimistic than before. It now provides over 509,000 unemployed in France in 2009 (639,000 in its previous estimate in May). The unemployment rate should rise and 9.7% at the end of this year and 10% in late 2010, according to new forecasts released on Wednesday.

The projections for this year join those published in early October, the INSEE, which however did not give a figure for the end of next year. In the second quarter of this year, the unemployment rate was 9.1%.

According to a statement released Wednesday Unedic, the number of job seekers, after a sharp rise in 2008, would increase this year of 509,000 (including those engaged in a reduced or exempted from seeking employment because of their age ), including 328,000 compensation.End of August, France had a total of 3.7 million job seekers (including those engaged reduced).

The projections, detailed Wednesday in an office monthly Unedic are established on the basis of a GDP decline of 2.2% this year, followed by an increase of 1.1% in 2010.

In 2009, the economy will continue to destroy more jobs than it creates employees, but to a lesser extent than anticipated previously.The unemployment insurance system now expects "a contraction in employment of 413,000 jobs in 2009, while waiting earlier net loss of 591,000 jobs this year employees.

In 2010, estimated Unedic, "wage employment would register a decline of 75,000 jobs, almost two times less than the 133,000 net job losses employees previously expected.

Given these prospects improved, the financial situation of unemployment insurance will deteriorate less strongly than previously expected. The plan should acknowledge the end of 2009 an annual deficit of 902 million euros and not more than 1.3 billion euros as anticipated in late May and end in 2010 a deficit of 3.6 billion euros.

The deficit accumulated in recent years, reduced to 4.9 billion euros in late 2008, would increase slightly less, and would amount to -5.9 billion euro in late 2009 and -9.5 billion euros at end 2010 .

BMW returns to form. For the first time in 2009, the Bavarian group arrived in September to halt the fall in sales in the world. They have even increased by 0.7% last month compared to same period in 2008. A shy embellished the group owes less to its sedans and 4 × 4, whose volume fell by 1.2%, as his little Mini, which jumped 9.5%. This performance, after a decline in registrations of nearly 20% in the first half, restores hope to the manufacturer.

"Nobody knows if the trend toward recovery is sustainable," said Harald Kruger, director of human resources and industrial relations from BMW. But we are considering the fourth quarter of 2009 and next year with cautious optimism.We will be growing over the last three months of the year unless the economy does not turn again. "The group put on a sales decline of between 10 and 15% this year. This result would allow him, as he rose slightly in the red in the first half, a profit on the year.

Audi nibbles ground

Optimism is required for the historic rival, Mercedes. If sales are still down (from 6.5% in September), it is, in the Stuttgart firm, "the figure of the highest selling of the year." As for Audi, it was worse than its competitors in September (-6.8%), but nibble market share in nine months with a commercial decline of 7.5%, two times smaller than those of BMW and Mercedes.

If all three German manufacturers seem to have hit bottom, they rebound remains uncertain.Audi believes it does not find its volumes from 2008 until 2011. The market premium has been weakened by tighter environmental standards limiting their powerful vehicles emitting more CO2 than small builders general models. Meanwhile, the crisis slows impulse buying cars for statutory. In the medium term if the market seems doomed to shrink, "the premium segment as a whole should end the crisis reconnect with growth of around 5% per year, thanks to a shift from supply to smaller models" , said Sebastian Amichi, director of studies at the firm Roland Berger.

The example to follow is that of the BMW Mini, sold 232 000 copies in 2008, while generating margins. With this success, the group launched its X1 Munich, small 4 x 4 leisure."We are targeting new customers, who do not need a big car, but want to continue to be pleased," said Harald Krüger. Audi is preparing its response with its future small 4 × 4 Q3 in 2011. Some manufacturers GPs could also try to take advantage of this trend. It is betting that his small Citroen with DS3, a small model to ride on the beds of the Mini. Another avenue of growth is the launch of hybrid models which work on all manufacturers of high quality.

Finally some good news. Sales of tires to motorists called aftermarket leave. Michelin even mentions a "noticeable pick. Dealers begin to rebuild their inventories and demand is the appointment. In Europe, early season winter tires is on track. But this does not apply to the United States, followers of tires "all seasons". In contrast, the market for original equipment, that is to say, sales to carmakers, remains stable. The market for truck tires and engineering seems to have reached its low point, without rebooting.

"We remain cautious on the nature and speed of recovery, tempers Claire Dorland-Clauzel, communications director for Michelin. It showed Friday's new ad campaign "World" of Michelin.The group covers three topics that will be the spearhead of its communication on safety, energy savings and longevity of pneumatic tires. The group says the Energy Saver fourth generation can save 0.2 liters of fuel per 100 km, a reduction in CO2 emissions by 4 g per kilometer. Car tires "consume" fuel indirectly as a result of friction with the ground. This is the "rolling resistance".

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On the life of a full game, this represents a saving equal to the price of a tire. Longevity was also improved by about 30%. Adding the two, Bibendum estimated the savings at 50% of the purchase price of tires.

It is very important for Michelin to cause consumers to think about the "cycle" of use of its tires because they are 10 to 15% more expensive than its competitors.The positioning of the price chosen by the group – which has repeatedly justified in praising the quality of these products – it has helped to cushion the effects of rising raw material. At the beginning of the decade, Michelin has repeatedly raised the prices of its tires aftermarket to pass on the soaring price of rubber and petroleum products. He has managed to preserve its margins. Even in periods of sharp decline in sales, as now, Michelin has not seen this high-end positioning, without losing market share.

In addition, the group has other brands (BFGoodrich, Uniroyal Kleber, Warrior for the Chinese market …) to attack the other market segments, without positioning the entry level.

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