"It's a gradual recovery in line with our expectations in an environment that is becoming," said Luc Vigneron, CEO of Thales. France and Great Britain, where Thales is firmly established, and Germany are considering a reduction in their defense budgets. Faced with this gives the group confirms its commitment to expand internationally. "We are continuing our campaign to improve our performance and want to take advantage of growth areas in emerging countries," said Luc Vigneron.

The group confirmed its 2010 targets. The sales will be stable, the operating profit margin would be 3 to 4%."An operating profit of 3 to 4% corresponds to a net positive for the group," said Patrick Durand, CFO. Thales has a loss in 2009.

Two contracts uncertain

While the group has already Saffron rebound airline, Thales will benefit later recovery of the aviation sector. It is possible that the group is obliged to take further charges for two contracts, "the situation is still somewhat uncertain": Meltem contract signed in July 2003 with Turkey on the one hand, the contract signed in July 2004 for the military transport plane A400M ordered by seven NATO countries (Germany, France, Spain, United Kingdom, Turkey, Belgium, Luxembourg), on the other. "Discussions are under way with Airbus business," said Luc Vigneron.The President of Thales said that the group has been in question had also been penalized by delays to the A400M.

Thales, which has won three contracts in excess of 100 million euros in the first half of 2010 against nine for the same period in 2009, expected completion in the second half of the supply of 81 satellites in the Iridium group. A contract of one billion euros.

Saffron is still determined to seize Zodiac

Saffron is always seize Zodiac. Jean-Paul Herteman, Chief Executive of the group of aerospace and defense, confirmed Wednesday that a rapprochement with Zodiac absolve synergies. "We make time to convince," said Jean-Paul Herteman. The battle is difficult. The supervisory board of Zodiac refused unanimously on July 11 a merger offer.Didier and Olivier Domange Zarrouati, respectively Chairman of the supervisory board and chief executive, believe that Zodiac may develop "not lean Safran or anyone else."

Optimistic after the publication of its first half results, Safran has also raised its annual forecast. It expects an operating margin of 8% against 7% previously. It provides a turnover close to that of 2009. "The performance in the first half lead us to revise our ambitions higher," said Jean-Paul Herteman. The group made a net profit of 223 million euros in the first half, down 20.6%.

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Since June 19 last, the central rate of RMB, yuan's other name, is fixed daily by the bank that leaves fluctuate within a margin of plus or minus 0.5% vis-à-vis the greenback. Then she had gained 0.8% since that date, the Chinese currency fell Monday to its lowest level in two weeks, to 6.78 yuan per dollar.

The government fully controls the growth of his country. The measures taken to avoid overheating, especially in real estate, have borne fruit. The GDP (gross domestic product) grew by only Chinese 10.3% in the second quarter, against 11.9% in the first.

Wen Jiabao welcomes it, but he believes that his country because of "uncertainties" facing the world must "increase domestic demand, while stabilizing the foreign demand." But Monday, the State Information Center, an organization that depends on the Reform Commission and National Development, released a report which estimates that the growth of Chinese exports in the second half of this year will not exceed 16 3% by volume, against a leap of 35% for the first six months of the year. It does not explain its calculation, but it is clear that it expects a slowdown in trade flows in the world.It probably also fear the consequences of wage increases in Chinese enterprises on the competitiveness of the country pay day advance.

"We will pursue a fiscal policy that anticipates events and a lax monetary policy remains appropriately," recalled last week Wen Jiabao on the occasion of the visit of German Chancellor Angela Merkel. And to reaffirm its confidence in the euro area stressing that China was keen to diversify its huge foreign exchange reserves (2454 billion in late June) by buying other currencies than the dollar, Japanese yen and the euro particular.

Strong pressure

But the Chinese are concerned. The decline in consumer prices in the U.S. in June for the third consecutive month, makes them fear a risk of deflation in the U.S..Deflation, which leads consumers to indefinitely postpone their purchases and that discourages entrepreneurs from investing.

Beijing knows that long-term revaluation of the yuan will allow its exporters to improve the management of their enterprises to go upmarket and strengthen their competitiveness. This is the speech that he held the Americans and Europeans that add such an operation will also contribute to "reduce inflationary pressures from outside."

But in the short term the Chinese authorities think that the pressures are too strong. So, although it continues to assert that it will maintain a "regime of managed floating exchange rate, the speculation began to say that it will limit increases its currency to protect its exporters.

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On the foreign exchange market, the euro remains above 1.27 dollars to 10:40 p.m. at 1.2738 dollars (0.14%). The dollar seems to lose some of its appeal as a safe haven. The encouraging start to the season half results in the United States seems to restore investor confidence and encourages risk taking. The European currency was on his side with the success of the issuance of treasury bills Greeks.The operation, with a rate of 4.65%, the first since May, when the euro zone and the IMF have provided loans of 110 billion euros over three years, has aroused demand of over 4.5 billion euros, well above the 1.25 billion that the country wanted to raise.

Retail sales disappoint, the Fed resolutely pessimistic

To many observers, the Fed was going to share in the minutes of its monetary policy meeting, the revised growth forecasts downwards. It is clear that they were right. The U.S. central bank now expects growth of between 3% and 3.5%, against a range from 3.2% to 3.7% three months ago. The finding is similar to unemployment. Consequently, the Fed is considering new measures of monetary policy to support the U.S. economy.

Side indicators on Wednesday, the Commerce Department reported a 0.5% drop in retail sales in the U.S. last month, after declining 1.1% in May according to a revised estimate. Economists and analysts polled by Reuters were predicting a decline of 0.2%. Compared to June 2009, sales were up 4.8%. This statistic is added to a series of numbers considered disappointing, especially in real estate and industry, and suggests that the recovery ran out of steam a bit faster than expected.

Intel Features

On the side of values, the salvo of quarterly results continues on Wall Street. The microprocessor giant Intel on Tuesday said the "best quarter in its history, with net income of $ 2.9 billion, better than expected, and a turnover exceeding its forecasts and also market expectations.Intel shares gain 1.67% to 21.36 dollars.

Always on the side of values, the U.S. group Northrop Grumman defense (3.13% to 56.99 U.S. dollars) has also announced Tuesday after the close of Wall Street of its intention to separate from all its shipyards, it would close one on the Gulf of Mexico within three years.

Provisions repeated Areva's Olkiluoto site have largely supported this suspicion. But, after Finland, behold, the EPR Flamanville, built by EDF, also maintains the possibility of "industrial accident".

Favorable cures severe austerity in Greece, Portugal and Spain, Nicolas Sarkozy calls for budget adjustments "progressive" in France and Germany, from 2011, with "not too many taxes."

The fragile economic and financial worries Europe G8 and G20. "Our partners Americans and Canadians fear the impact of austerity plans on resuming" said one EU source.The health of banks on the Old Continent is also a major concern in the United States. "There's nothing to fear from that quarter. Our banks are very strong. The results of stress test in late July is going to cheer the markets, "say the Europeans.

Faced with the Americans, Germans and Britons facing the G8 steadfast defenders of rigor. "A sustainable growth can not result from a fiscal policy based on the debt!" Repeats Angela Merkel. "Our public finances are in such a state, we have no other choice than a hard adjustment," he defends David Cameron.

Within this debate, Nicolas Sarkozy wants to distinguish itself from its European partners. Recognizing the need to reduce fiscal deficits in France, he will not rush, giving priority to pension reform.If markets were not so vigilant, he would gladly own the warning of Barack Obama: "do not overdo it in 2010 … or 2011.

Inspectorate, currently held by the investment company 3i, is also present on the testing of petroleum products and petrochemicals (59% of its turnover), metals, minerals and agricultural products.The company recorded 2009 sales of 246 million pounds (280 million euros).

In a statement, Bureau Veritas claims that the acquisition allows it to position itself as "one of the world's leading inspection and testing of raw materials," a buoyant market, "according to Chairman Frank Piedelièvre group, whose potential amounts to 5 billion euros, according to the group saving account payday loan.

Inspectorate therefore give "a new dimension to the group that doubles the size of its laboratory network (330 sites) and now offers a range of services the industry's broadest assessment of compliance."

Bureau Veritas says that the transaction will be financed through existing credit lines and newly negotiated. The group expects a turnover of around 3 billion euros in 2010.It amounted in 2009 to 2,648,000,000 euros.

Claude Gueant, advisor to Nicolas Sarkozy, says the Financial Times on Monday that further savings measures are in preparation. They should be announced in the fall. It says in part: "France has pledged to reduce its deficit to 3% by 2013. We are determined to achieve this goal. "

Forecast question

For now, the government relies on its growth forecasts to find half the sum. But estimates of France are considered optimistic. The European Commission and the International Monetary Fund have both criticized the government's optimism.The economy minister, Christine Lagarde, has itself acknowledged Sunday at the Grand Jury RTL-LCI-Le Figaro, saying that the forecast 2.5% growth next year was "bold" .

Lower costs

The remaining 50 billion euros will come from the decline in public spending and tax increases. How the State plan to do it? A belief in "Les Echos", the government intends to confirm its target of 100,000 new layoffs of civil servants between 2011 and 2013, after the 100,000 already achieved in recent years. Moreover, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and increase only slightly the health expenditure.The state should also remove the tax loopholes to recover 5 billion euros per year and create a new tax on the wealthiest to raise 3.7 billion euros. Finally, the adjustment of tax evaders will recover, as reported by the Budget Minister Francois Baroin to France Info radio this weekend, "over 1 billion just on the folder HSBC.

The Financial Times points out that these measures should not be sufficient to reach 100 billion euros in savings by 2013. If Claude Gueant has not revealed the content of the proposed measures, economists believe that the state could proceed with a wage freeze for civil servants, their salaries account for nearly one third of public spending.

This is the case of Heuliez, which he eventually sold the shares to an investor, Charles Mirchi. The automaker, which Petit Louis has never made the 16 million euro capital promised to bar the commercial court, awaiting a new buyer.Other companies are being liquidated, as the chain of stores in Soho gadgets, or industrial Isotherma, Havre.

In Alsace, the former two problems DMC: DMC SA (ex-DMC thread) on one side and the other DMC fabric. Two companies taken over by Louis Petiet. The liquidators DMC SA before the Tribunal de Commerce de Paris. Louis Petiet has still not made the 8 million euros promised in the takeover of the company. Authorised agents would like the company is recapitalized by the current minority shareholders who would become the majority. Such an operation would be catastrophic for BKC to lose control of one of its only really profitable companies.'Stocks of DMC SA alone represent a real source of income for two years, "a close case.

In addition, an unsuccessful candidate for the redemption of DMC, the French manufacturer of textiles SA Blanchard, also before the court. It calls for the cancellation of the recovery plan by BKC and wishes to represent his own recovery plan. The court decided to consolidate the two cases and the next hearing will be held September 8 No faxing payday loans.

Broken Promises

Second case, the DMC Fabric, whose activities have been grouped with a sign of furniture, Authentica, within SAIC Velcorex. Louis Petiet hoped "synergies". Today, the liquidator "examines the responsibilities of Louis Petiet, including how he managed DMC Fabric and Authentica," said a source close to the record."Cash Authentica (advances paid by customers) would, a priori, was used to cover losses Velcorex SAIC," said the legal representative, which states that "it did nothing illegal, since it is the same company. However, this does nothing to the rules commonly applied by a transferee company in difficulty, meant to work on his recovery.

"After regaining Authentica, Louis Petiet did nothing for the company, not even changed the vehicle registration cards," said the liquidator. Louis Petiet highlights purchases of raw materials it was made for Authentica.What is relatively little in terms of commitments.

The alert procedure

The Commercial Code provides that the auditors (ACC)-expected to certify the company's accounts, can alert the president of a company if they find "facts likely to affect the continuous operation. The president has fifteen days to respond. Otherwise, or if the reply does not guarantee the continuity of the operation, the ACC is deliberating the board of directors (or supervisory) on the facts found. If the resulting provisions are not met or that the company's survival is threatened, the ACC establishes a special report. The Commercial Court may be entered. This can lead to legal redress.

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