Sundial of world news

Will it happen to food packaging, plastic chairs or bumper? The Federation of plastics, which brings together producers of plastic products, is sounding the alarm. "This is a situation unprecedented in the plastic. Our suppliers of polymers evoke technical reasons, cases of "force majeure" and do not honor their deliveries, "said Bruno Etienne, its president.

He complains of the total opacity surrounding the subject. In less than three months, the phenomenon has spread to most chemists. In a letter to his clients, a leading industry refers to "a situation of force majeure for a mechanical problem. A spokesman said "not able to comment in the present context," adding that the group has written to its customers and does not give more details.Rhodia did not wish either to speak on this subject, nor the Union of Basic Organic Chemistry (SCOBA). PlasticsEurope, an association of European producers of plastics, boot button: "The problem of availability of raw materials is not limited to plastics, but is much broader. Polypropylene is most affected. "

A response that plastics companies deny. "There is still some time, the European plants polymers suffered from overcapacity. They could even export to China. Does it change? "Asks Bruno Estienne. He wondered if a half-word part of European production is shipped to China, to the detriment of businesses he represents.The producers of polymers are in fact, in their majority, started in the construction of production units of polymers in Asia, but all are not yet operational. This theory has a flaw: the prices of plastics in China are structurally lower than those in Europe, where prices through May rose by an average of 70% over one year.

However, in 2009, production fell by 20% and has increased by 9% during the first four months of the year."Some factories were closed in 2009, and the groups are reluctant to reopen them," said Jean-Marc Manducher, CEO Ronax, a buying group that has identified eight cases of force majeure in a few months! In addition, the European prudential standards discourage the restart of some production units.

SMEs under pressure

"We are caught between the chemists in our principals," said Bruno Etienne, who wishes to hold a roundtable meeting to identify the difficulties currently crossed by the industry and evaluate the time needed to return to normal.

If the survival of businesses does not seem threatened, some are already struggling. One example for manufacturers of garden furniture, whose business is seasonal excellence, and whose unfilled orders will not be caught.T automobile sector is also likely to be affected, if manufacturers of technical parts (bumpers, interior trim parts in engines) are not promptly supplied.

The alerts about the financial health of Spain were further strengthened Wednesday after the revelations of the Spanish newspaper El Economista. According to business daily, the European Union and the International Monetary Fund are preparing a rescue plan for Spain, providing a credit line of between 200 and 250 billion euros. The announcement of a forthcoming call for help had already returned insistently in recent days in the German press. Information that Brussels and the IMF have strongly denied Wednesday.

The announcement of a visit by IMF Managing Director, scheduled for Friday, has added to the panic. Although Dominique Strauss-Kahn said Wednesday in Paris that it was only "a working visit". To cut short the rumors, general manager told AFP he goes to all European countries."I'm in France, is there any rumors in France? I'm going to Italy. Is there any rumors in Italy? "He also downplayed the financial problems of Spain at a conference on Europe and China:" It is also said to exaggerate it a country that has great difficulty and yet the debt is 53% of GDP, which is relatively modest. "

Labour Market Reform

The Spanish head of government has also applied to reassure. Spain is a "country solvent, solid, strong and with the international credit, said Wednesday Jose Luis Rodriguez Zapatero before the Spanish Parliament. The Economy Minister Elena Salgado for his part denied that Brussels has put pressure on Madrid. Support for the Spanish cause is from Paris."We see no reason to be concerned for Spain, and there is no subject in the Spanish agenda of the European Council, it was said at the Elysee.

These multiple statements have not been enough to calm markets that have remained very nervous. The Spanish rate in a decade rose 10 points in the day 4.8%, approaching levels Portuguese. The yield spread between German and Spanish titles to ten years to 223 basis points on Wednesday, a record, as investors consider the Spanish debt more risky. The motion of no confidence falls ill in Madrid, which must issue this morning 3.5 billion euros of bonds to ten years.

The concern of the market relates to both the country's financial situation and the capacity of economic recovery.The government on Wednesday passed a labor reform, considered essential for revitalizing the job but remains highly contested by the unions.

In a report released Wednesday, the Bank of Spain insists on the need to implement "as quickly as possible" of economic adjustment measures to increase the competitiveness of the economy Hispanic counter the drop in employment and deterioration public finances. But the Spanish savings banks, the Achilles heel of the banking sector, require 11 billion euros to the state for further restructuring.

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The accounts of the first quarter of Compagnie Generale de Geophysique-Veritas (CGG Veritas) illustrate the difficult trading conditions which prevailed in the second half.

Specialist Geophysics, whose clients include oil and gas companies, released on Wednesday morning a symbolic net profit in the first three months of the year: 1 million dollars, 760,000 euros. It was 5 million in the fourth quarter 2009 and 71 million over the first three months of 2009.

Another sign of weakness to the group led by Robert Brunck, operating profit of 37 million dollars (28.5 million euros) between January and March 2010, which fell by 33% compared to the previous period and is and divided by more than three compared to first quarter 2009. Operating margin also exited at 5%, against 7% and 15%.What is much less than the operating profit expected by analysts of Gilbert Dupont (7.5%).

For the CEO of CGG Veritas, the rest of 2010, increased investment in exploration and oil production continues, "and will gradually lead the market upward seismic. A recovery that will benefit from first Sercel, the seismic equipment manufacturing industry (32% of sales), the group said.

The stock price in great form since the beginning of the year

This quarterly publication disappoint Wednesday: CGG Veritas shares fell by more than 7% at the Paris Bourse.They cotent to 15 hours, 20.3 euros.

But since the beginning of the year, the increase in stock price is still high at almost 43% against a background of positive recommendations from several consulting firms, mostly optimistic about the prospects of CGG Veritas.

Like Bank of America-Merrill Lynch, which raised its price target on the value of 20-27 euros, saying that "the average life span of the fleet grow from 18 years in 2007 to 11 years 'By the end of 2010, with an average number of streamers (a tool for measuring the seismic data, Ed) per vessel increased by 10 to 12 by 2012 " flexcheck cash advance.What, according to the broker, expect "good surprises at the margins.

Morgan Stanley also recently referred to above – 20 to 22 euro – showing that the oil services industry evokes options included about $ 310,000 per day for vessels to be used in the third quarter of 2010. In other words, prices rise by 40% since a ship costs about $ 220,000 the day at acruelle.

On Tuesday, Gilbert Dupont reiterated his advice to "accumulate" CGG Veritas shares, and recommends to hang over the quans profits reach EUR 25.5.

Bourbon sign a big contract in Brazil

The Bourbon Group, also specialized in oilfield services, announced on Wednesday morning a turnover in line with expectations, fell 1% to 236 million euros.

The group also announced it has won a long-term contract in Brazil, estimated by Natixis to about 100 million euros of turnover split over periods of contracts 3 to 8 years.

This is a contract for 13 new vessels (1 and 7 PSV AHTS type liberty for offshore continental and five crew boats) that will allow it to "almost double its size in the country by the end of the year, "said the broker.

In the first stock exchanges, securities Bourbon drop 1.45%, to 31.65 euros.

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The third Chinese airline, China Eastern, on Friday announced a membership agreement from June 2010 with the Skyteam alliance is located in, including Air France-KLM. His entry will be effective in mid-2011. Companies Delta Airlines, Alitalia, Korean Air or another Chinese company, China Southern, are also part of Skyteam.

Air France-KLM had already signed a partnership with China Eastern on code share flights between Paris and Shanghai. For the French company and the alliance, the future membership sounds like a victory against the other alliances such as Oneworld and Star Alliance. Skyteam marks indeed a great point against Luftahnsa who was also in the running.Thus deviend Skyteam alliance, the largest in China, probably the greatest future aviation market in the world.

More chess with Japan Airlines and Kingfisher Airlines, which joined Oneworld, Skyteam revives success. Oneworld not in its ranks as Cathay Pacific to Asia as the marginalized in this market.

However, doubts remain about the relationship with China Airlines Star Alliance, which had signed a trade agreement with China Eastern.

In June 2010, SkyTeam also plans to host two additional members, Vietnam Airlines and Tarom.

After disappointing results in 2009 of Soci?t? G?n?rale, its CEO Frederick Oud?a knows waited. Both internally and externally. Vis-?-vis its troops, he has to take action. He unveiled a few days to key executives of the bank the outlines of a comprehensive transformation plan, dubbed "Ambition SG 2015" on which management has plate in the second half of last year.

Fifty sites have been identified, comprising four strands of work – customer relationships, image, operational efficiencies, staff. A strategic committee, chaired by the CEO, will meet every fortnight to confirm their advance."This is not a restructuring plan," warns the outset Severin Cabannes, deputy CEO, which states: "We expect and we adapt to changes in the environment."

A regulatory environment which strengthens capital requirements, requires the optimization of resources. It is no coincidence that, for the first time since the acquisition of Cr?dit du Nord in 1997, the bank plans to share its resources with regional gem. "We want to preserve the entrepreneurial spirit of the bank and we will associate with an industrial approach," says Severin Cabannes.

Another declared objective of the Societe Generale, the transition to a company focused on customer relations, as opposed to a counter which "push" of products.Same logic: the regulators, when calculating the liquidity needs of banks, will weigh the deposits according to the fidelity of goodwill. The challenge is even more crucial for a network that is still recovering Kerviel scandal and controversy surrounding stock options. So, at Societe Generale, a barometer of customer satisfaction is now one of the criteria for evaluating managers, next to the control of operational risk and the expense ratio on income.

Change Image

The most urgent projects such as the brand platform, the convergence of retail banking networks or approximation of systems have already been placed on the rails. "Changing the image of the bank is one of our priorities. We have already started work.The new ads end of 2010 will be marked by the change, "and warns Caroline Guillaumin, the new director of group communications.

The general direction of the Company asserts course very attentive to the additional stress involved in this challenge to its 160,000 employees. The trauma of France Telecom is in everyone's mind. "All projects will be accompanied by change experts. If we go more slowly, we'll go more slowly, "insists Severin Cabannes.

"We presented this business plan to the 1000 Ambassadors of the bank and 95% of them said they adhered to it. This shows a very strong support and I see a show real momentum around Frederick Oud?a "concluded Deputy CEO.Certainly, the bank needs to show it solidly behind his boss, when critics suggest instead a degree of uncertainty since the redesign of the staff. Vis-?-vis the outside, the long awaited day of 8 June investors will take stock of the strategy and financial outlook for 2012. The same day the trial begins Kerviel. A coincidence heavy.

Industrial prices rose modestly in December on the French market, 0.2%, the same pace as in November, according to figures released Monday by the INSEE. For the full year 2009, producer prices have therefore fallen by 2.9%.

In December, prices of refinery products rose only slightly by 0.8% over the month, against 3.3% in November and 3.2% in October. For export, prices have remained quite stable (+0.0%) moderated by lower export prices of refinery products, by -2.1%. "The difference in recent developments in relation to the internal market (+0.8%) from a structural difference in sales depending on the market," said INSEE. In imports, industrial products remained almost stable at 0.1%.

Patrick Devedjian, Minister of Recovery, Luc Chatel, a spokesman of the government, Eric Woerth, budget minister, Christine Lagarde, Minister of Economy, have multiplied statements Wednesday to defend the annual remuneration of Henri Proglio, chairman of 'EDF and Chairman of the Board of Directors of Veolia. On Thursday morning, Christian Estrosi has added a layer. On RTL, he said: "Christine Lagarde gave a notice is so that the government", adding: "Christine Lagarde, on behalf of the government changed its mind."

The opposition and some elected right triggered a controversy. They accuse Henri Proglio receiving dual compensation amounting in total to 2.05 million. The latter receives 450 000 EUR at Veolia. It affects one million euros plus a variable up to 60% of his salary fixed at EDF. 1.6 million.This figure was confirmed by the Ministry of Economy. The Board of Directors of EDF must treat this matter on Thursday.

Aurelie Filippetti, PS national secretary for energy, has denounced the "indecent compensation" pay day loans . The President of the modem, Fran?ois Bayrou, has raised an "affront to the principles of our Republic". In November, Christine Lagarde had said before the Senate Henri Proglio not touch two salaries. The UMP MP Val?rie Rosso-Debord, close to Fran?ois Fillon, acted "very shocked" by this combination. Asked in the National Assembly by the Socialist deputy Christian Eckert, Christine Lagarde said in the heckling of opposition. "The president of EDF is not paid more than when he was boss of Veolia.He must face reality: there is a market, competitors, a world that has changed, "said the minister, who recalled that" the conditions in which Henri Proglio has agreed to join the group EDF were twofold: to retain non-operational role at Veolia and devote his full time to EDF.

According to the firm Proxinvest in 2008, an Executive Chairman of the CAC 40 gained 3.6 million euros. A non-executive chairman who presides over a board, 864 225 euros.

Dark period for producers of solar energy. Q-Cells, one of the world's leading manufacturers of solar cells, reported a loss of nearly 1 billion euros over the first nine months of the year, against a profit of 150 million euros over the same period in 2008. Its turnover in nine months has, meanwhile, fell sharply by 40.9% yoy to 550.3 million euros.

The group Q-Cells said the decline coupled turnover and results by falling prices of photovoltaic cells, a background of economic crisis and increased competition from Chinese manufacturers, which enjoy much lower costs and massive government aid programs.

The Conergy Group, number two German industry has recorded its share down 41% of its sales in the third quarter while its counterpart Phoenix Solar, which specializes in installing solar panels on the roofs of buildings, revised downward its forecast for growth in turnover.

The Chinese group JA Solar is one of those who profit from the current weakness of its European competitors. With a volume of record quarterly shipments, the Asian group could return to profitability in the third quarter.

To adapt to this changing market, Q-Cells, as rival Norwegian Renewable Energy, has already started to transfer Asian part of its production to reduce costs.

Listed on the Frankfurt Stock Exchange, the action Q-Cells lost 3.86% to 10.93 euros in mid-session while Phoenix Solar yielded 4.88% to 35.10 euros.Conergy was also in the red, falling 2.53% to 0.77 euros.

After the first American publications published last week, it was the turn of Europe to present their financial results for the third quarter. The Dutch Philips leads with results above analysts' expectations.

The group specializes in electronics and home appliances has announced a turnover of 5.62 billion euros, down 11% over third quarter 2008 but slightly above the consensus.It appears in net up 19% compared to sales of second quarter 2009.

Net profit reached 176 million euros, three times that of the same period in 2008 while analysts by Dow Jones Newswires had forecast about 45 million euro loss.

In the statement released Monday, Gerard Kleisterlee, president of Philips, notes the significant improvement in sales and profits in most of its activities in the previous quarter but remains cautious on the outlook in the short term absence of structural recovery on these same markets. The Philips Group employs 118,000 people in sixty countries and has made 26 billion euros in turnover in 2008.

After Philips, Electrolux is another giant appliances, which will publish its results in the day.The U.S. aluminum producer Alcoa opened the quarterly earnings season last Wednesday with results exceeding consensus expectations. This week should be decisive on the equity markets with the simultaneous publication of several large U.S. banks such as JPMorgan, Goldman Sachs and Citigroup Wednesday and Thursday.