International Business News

European shares are wait-Thursday at mid-session, pausing near eight-month peaks, investors apparently waiting for confirmation of a more general economic before pushing the rating further.

In this regard, a volley of U.S. indicators that fall into the afternoon, particularly the weekly jobless claims, will perhaps clarify their ideas. Stakeholders on Wall Street seem to bet they'll be good since the index contracts suggest an opening up.

Following the example of the general trend, the CAC 40 gained just 0.02% to 3565.15. "It may be that up a bit as we approach the weekend, we have good momentum and we could leverage with U.S. statistics, if they are better than pre seen, "said Peter Grandy (Saxo Bank).

The U.S. jobless claims may become more important than usual because of recent strong U.S. data and explain that investors have once again risk appetite.

Values, Alstom wins 2% to 32.185 euros. The CEO declined to comment on "speculation" evoking an interest of his group for wind turbine manufacturers.

Several European newspapers have reported in recent days that Alstom was considering the possibility to purchase the German REpower, owned by the Indian Suzlon Energy, Spanish or Danish Vestas Gamesa.

Gamesa wins Vestas 2.57% and 5.53%.

Lufthansa fell 0.8%. The airline announced Thursday a further reduction of its expansion plans and warned that its operating profit would probably decline in 2012 due to economic uncertainty, the renché ; dieback fuel and possible unrest.

Siemens has offered concessions to the European Commission as part of an investigation into Areva NP joint venture specialized in nuclear reactors it had negotiated with Areva, said on Wednesday the EU executive.

The survey of Brussels is to determine whether a non-compete agreement between Areva and Siemens as part of their joint venture and still valid after the release of the German finalized in March 2011, violated Community rules.

"The Parties undertake to allow Siemens Areva NP to compete without restriction from the date on which Siemens has lost control of Areva NP joint," said the EC in a statement. 

Areva has finalized the acquisition in April 2011 for 1.62 billion euros for 34% of Siemens in Areva NP, which the German group announced the sale in early 2009.

The French group had previously obtained in late 2009 that Siemens can not complete its proposed alliance with Russia's Rosatom in nuclear power as an arbitration procedure on the price at which the German group it would sell its share in Areva NP would not be complete.

The EC says it is awaiting comments from third parties to determine whether the proposed concessions are sufficient to allay any fears competition.

If so, the EU executive continues, the concessions could become legally binding for Siemens and Areva.

Rapid closure of the Fessenheim nuclear power plant, in Alsace, the grid could put a strain on both sides of the Rhine and raise prices during peak demand, believe analysts and traders polled by Reuters.

Francois Hollande promised, if he wins the presidential election in May, to close the oldest nuclear power plant the French fleet which, besides its 34 years of service, is also trè ; s criticized because of its location in a seismic zone.

But the Socialist candidate did not say when, and this schedule will be critical to network operators as to the market as they will need several months to adjust. 

Bernard Cazeneuve, in charge of energy with the candidate Francois Hollande, declined to comment on the consequences of closing Fessenheim.

If, in case of victory, Francois Hollande kept his promise in the wake of its accession to the Elysee, the French offer of electricity could shrink and prices s' fly to favor consumption peaks during which France is already operating at full production capacity, according to traders.

In France, each degree Celsius less on the thermometer causes an increase of 2,300 megawatts (MW) of electricity consumption, equivalent to twice the consumption of a city Marseille as a third of French homes are heated with electric heaters. 

During the cold snap in February, the French electricity demand hit a record 101,700 MW, 105 MW more than the country's production. Prices have skyrocketed and electricity transmission network (RTE), the network manager, was forced to ask consumers to reduce the maximum use of their devices é ; electric.

A decline in nuclear output could increase the deficit during the next peak consumption.

EDF, which manages 58 French reactors, and RTE did not wish to comment on the impact of a shutdown of Fessenheim on offer.

"We see every year a new record demand, so close Fessenheim certainly mean higher prices and risks for the supply of winter," said a trader based in electricity london. 

Traders and analysts said that France, the leading exporter of electricity in Europe, will not take the risk to close Fessenheim until you have installed production capacity sufficient to offset this loss.

"Fessenheim close perhaps in 2017, and the impact on prices will then depend on the ability of France had to quickly build wind farms, gas-fired unit and ; s biomass to compensate for the lost electricity, "said the trader in London.

At Flamanville (Manche), in 2007 EDF began construction of a new EPR nuclear reactor of 1650 MW. Delayed by 4 years, its commissioning is scheduled for 2016.

"If the EPR is again delayed, this could complicate things," said another trader.

SECURE SUPPLY

GERMAN

Also, if Fessenheim closed in 2012, Germany would face supply problems.

"If we close Fessenheim, there will be a real problem to secure supplies at local level on the southwest of Germany," said Fabien Roques, head of research at the company IHS CERA council.

"Fessenheim really brings (to Germany) production at a specific location on the network for managing peak demand during cold snaps," he added.

The plant, located between Mulhouse and Freiburg, has a capacity of 1,800 megawatts. 

After the disaster of Fukushima, Japan in March 2011, Germany decided to close eight of its 17 nuclear reactors, four of which were located in the south-west , a heavily populated area that is home to large cities such as Stuttgart and Heidelberg.

This region is now importing more electricity from the north – which produces massive electricity from wind – but also from France, Belgium and Luxembourg, according to analysts.

A spokesman for EnBW Transportnetze, the electricity transmission network in south-west Germany, confirmed to Reuters that a closure of Fessenheim would impact on its network . Should be used more frequently to production sites and non-nuclear alternative to maintain balance in the region, she said.

Main black spot, a plant closure could jeopardize Alsatian drawing rights granted to the German supplier E.ON, 800 MW from the central French Fessenheim and Cattenom, also near the German border .

These rights could be redirected to other stations, said a spokesman for the German utility, adding that the exchange agreement may be renegotiated between the two countries.

France Telecom has hardened its dividend policy and its promise of deferred stock repurchases facing a price war triggered by the new entrant Free Mobile on the French market mobile telephony.

The incumbent, who on Wednesday released 2011 results consistent with its objectives, expected this year to give priority to the preservation of its balance sheet in a context of de gradation-than-expected economic conditions.

"2012 is the most difficult year for us," said Chief Financial Officer Gervais Pellissier during a conference call, considering that the group could reach a low point this year e before a possible rebound in 2013. 

"We do not imagine that the price war is very long in France. We started at a price level which is extremely low, "he said

. Free has an entry burst onto the market of mobile phones last month with two offers at bargain prices, forcing its competitors in place to review the rates down a portion of their offerings in an attempt to prevent ; expensive an exodus of their subscribers

. While the group led by Xavier Niel has not yet provided the number of subscriber s, France Telecom said on the other hand have lost 201,000 mobile customers from the beginning of the year and February 15, which represents approximately 0.7% of its fleet of 27 million customers in France

. Requests for subscribers seeking portability to switch operators while keeping their digital ; ro peaked at 150.000 requests per day within two days following the launch of Free Mobile, France Telecom said in a statement, adding that this figure has since been divided by ten.

NET CASH FLOW BACK TO THE 2012

In this context of increased competition in France, which still accounts for half of sales in Orange and more than 50% of its total EBITDA, France Telecom expects a significant decline in its operating cash flow expected to 8 billion euros for 2012, against 9.33 billion last year.

Sensed as a part of investors, the group announced an adjustment to its dividend policy.

The group now plans to pay under the 2012 and 2013 earnings to shareholders between 40% and 45% of operating cash flow for the year. 

The dividend should therefore be between 1.21 and 1.35 euros per share for 2012, instead of 1.40 euros previously promised by the group, Gervais Pellissier said.

Also in order to preserve its financial strength, France Telecom has also decided to postpone the redemption of shares, a time considered in the wake of the sale of the group's subsidiary in Switzerland for $ 1.5 billion.

"We believe that the financial circumstances of early 2012 did not allow to continue in that direction today," said Gervais Pellissier.

"It does not mean that there will be no buyback at France Telecom Orange but not in 2012," he added. 

EUROPEAN OPERATORS UNDER PRESSURE

These prudent measures reflect the challenges facing European telcos to continue to grow in an environment of increased regulatory and competitive pressures.

Telefonica has lowered its target for the December dividend it will pay under 2012 in order to control its debt in a context of sluggish economic growth in Spain.

Analysts said France Telecom could have even less hesitation than the dividend, far more generous, offered by the group did not result in a brilliant performance of its stock price in 2010 and 2011. 

"There is no doubt that the group saw little point in paying a dividend for which it has received little or no credit," say analysts at Bernstein Research in a note .

At 10:20, as the advance of 1.53% to 11.62 euros. Since the beginning of the year, it posted a drop of 4.0% compared with a decline of 0.85% of the telecoms sector index.

The full year 2011, the Group generated a turnover of 45.28 billion euros, against 45.27 billion expected on average according to Thomson Reuters I / B / E / S.

The adjusted EBITDA was $ 15.083 billion, giving a margin of 33.3%, limited decline of 1.1 points, thanks in particular to the resistance displayed by activities in France, despite already increased pressure on prices, most operators have anticipated since last year the arrival of Free. 

The group has seen its share of conquest in broadband up to 30.5% in 2011 thanks to the success of its offers "quad play" Open totaling 1.2 million customers in late last year.

Sanofi announced Wednesday a rise in earnings in the fourth quarter of 2011, helped by the consolidation of Genzyme, reducing its costs and its strong performance in emerging markets and diabetes ; you.

However, affected by the loss of its patents of some of its major drugs including the anticoagulant Plavix, the group confirms that it expects a decline in earnings per share 12% to 15% at constant currency in 2012, an objective in line with its medium term plan. 

In a conference call with reporters, the CEO of Sanofi Chris Viehbacher stressed, however, "that beyond the last brevetaires expirations of certain products in 2012, the strong performance of growth platforms, reduced exposure to future losses patents and progress in R & D position (Sanofi) for a period of sustainable growth ".

As expected, the loss of patent for Plavix and Avapro in the United States should reduce the net income from about 1.4 billion euros in 2012. 

In addition, the American justice confirmed Tuesday the authorization to market a generic version of Lovenox anticoagulant, denying the accused the French laboratory that re U.S. FDA regulator for not having followed the procedures.

Lovenox was one of the top-selling medicines by Sanofi, with sales of close to four billion dollars a year, before the arrival on the market a generic version ; summer 2010.

Meanwhile, Sanofi and its U.S. partner Bristol-Myers Squibb announced that Apotex had paid them 442.2 million worth of damages to which she had e ; tee convicted in the trial for patent infringement of Plavix. 

DIVIDEND TO 2.65 EUROS PER SHARE

Sanofi also announced that improving the production of Genzyme was "well underway" following approval by the U.S. and European health authorities at the new , Framingham, Massachusetts.

The company said that its U.S. subsidiary continues to hope for an improvement of their supplies of Cerezyme (Gaucher disease) as of this month and that globally, the return Total to normal production levels of Fabrazyme (Fabry disease) begin in the second quarter.

Fabrazyme and Cerezyme generated more than $ 1.7 billion in revenue in 2008, before their sales collapse by 29% in 2009 and another 25% the year following a failure in industrial. It is in this context that Sanofi Genzyme acquired in spring 2011 to more than $ 20 billion.

Oddo Securities analyst Jean-Jacques Le Fur said that "the results and predictions of Sanofi are in line with expectations. This means that the group holds out its roadmap and this bodes well for the future "

. the fourth quarter 2011, Sales of Sanofi rose 8.8% (+9.2% at constant exchange rates) to 8.508 million euros (8,535.6 million consensus), operating profit by 11.3% to 2.828 million (consensus 2931.5 million) and net profit by 13% to 2.077 million (consensus 2071.7 million) or 1.56 euro per share (1.55 euro) ..

……. Sales Genzyme, consolidated as of 1 April 2011, rose 7.7% to 2.395 million euros … Under

…… fiscal 2011, Sanofi proposes a dividend of 2.65 euros per share, against 2.50 euros in 2010 ….. ….

The leader of Conti was sentenced to 1200 euros on appeal. The CGT union had already been sentenced to a fine of € 4000 for the sacking of the sub-prefecture of Compiegne in 2009. He then refused to submit to a DNA sample.

The Court of Appeal of Amiens Friday condemned the CGT trade unionist of the old factory Continental, Xavier Mathieu, 1,200 euro fine for refusing his DNA by police.Une fine of 1,000 to 1,500 euros had was required.

The union was acquitted at trial in June 2011 by the Criminal Court in Compiègne. The prosecutor, who had requested a one month suspended prison sentence, had appealed his acquittal. "I am condemned (…), which means they can point back next week and ask me again my DNA and retry me if I refuse," responded Xavier Mathieu, graying beard, wearing a red sweater hoodie and jeans, after deliberation.

The facts date back to the conviction of Xavier Mathieu 4000 euro fine by the Court of Appeal of Amiens for their involvement with workers from Continental to the destruction of the sub-prefecture of Compiegne in April 2009. He then refused to submit to the taking of DNA fingerprinting, as required by law.

The Clairoix tire factory, where he was employed, was closed in early 2010, resulting in the elimination of 1,120 positions. In spring 2009, a labor dispute for several months, including Mr. Mathieu was the emblem-had allowed the workers to get severance extralegal.

"The worst is not fine is to be treated delinquent"

Created in June 1998 to identify DNA from convicted for sexual offenses final, the national computerized DNA (FNAEG) was extended in 2001, 2003 and 2010 to many other crimes. "This is not fine the worst thing is to be condemned, to be treated as a criminal. offenders, it is the leaders of Continental. They are not even thugs, they are criminals. I wanted that (they) are tried for the consequences of closing the box, the economic disaster on people's lives, "he told Mr. Mathieu reporters.

"We are struck by the rather categorical motivation of the court and the refusal to integrate clear and explicit refusal (DNA test) of Xavier Mathieu in the context of social struggle," said Pascal Moussy, collaborator Marie-Laure of Dufresne-Castets, counsel for Xavier Mathieu, in the absence of that ci.Estimant that the judgment of the Court of Appeal of Amiens was "regression," Pascal said that Moussy it would "look closely if it deserves an appeal." "What Xavier (Mathieu) in the same file as rapists and murderers, it is shameful," he told AFP Pierre Summoned, one of about 100 "Conti" came to support the union as it exits the court.  

"Normally, if all goes well, I would not have to go to the Supreme Court because my file will be removed from the file FNAEG (…) as if it were committed" in Amiens in the trial of the union, four candidates Left for president – Eva Joly (EELV), Jean-Luc Melenchon (Left Front), Nathalie Arthaud (LO) and Philip Poutou (NPA) – Xavier Mathieu recalled.

The new head of the Italian government announced the implementation of the reform of the labor market as well as delaying the retirement age to 67 years against 65 now. Mario Monti.

The new Italian Prime Mario Monti said on Thursday before the Senate that he intended to reform the pension system and labor market, two structural reforms demanded by the European Union and expected by the markets. The Italian pension system is one of the strongest in Europe but it has "ample disparities in treatment areas of unjustified privileges," he said. The Italian system is based on two pillars.

The system of "old age", in which the retirement age should increase to 67 in 2026, against 65 years now, thanks to reforms adopted in recent years such as providing for the gradual increase in the age based on life expectancy.

Burberry reported Tuesday a 26% increase, as expected, its adjusted earnings in the first half of fiscal 2011-2012, thanks to sustained consumption of tourists around the world, and confirmed its annual forecast.

"We remain mindful of the uncertainties and ready to respond to them," said in a statement, however, the British manufacturer of waterproof leather goods founded 155 years ago.

It posted a profit before tax and exceptional items of 162 million pounds (190 million euros) over the six months to September 30, 2011, against an average estimate of analysts polled by Reuters of 159 million.

Last month, the group announced quarterly sales exceeded expectations, saying not yet have found the slowdown in demand despite uncertainty about the evolution of global growth.

Burberry has confirmed its ambition to increase its network of outlets around 15% in the second half, including the opening of eight to ten stores in places like China and Latin America, and that a new "flagship" in Paris.

The values ​​of luxury far seem to defy the crisis, but the uncertainties in this highly cyclical, the question remains whether the growth in Asia will escape the crisis.

Theolia is now ready to consider acquisitions of wind farms with actors who would experience financial difficulties, said Friday its general manager, Fady Khallouf.

Operations could be done at reasonable prices given the current economic environment, said in an interview with Reuters the owner of the French specialist in wind, on the brink of bankruptcy in 2010 and during recovery.

"A number of actors have tried to develop parks and reaches a certain point, but are weakened by the current economic climate.We have the ability to take over projects and to accelerate, "said Fady Khallouf.

"There are a number of new opportunities from the current crisis (…) We look at a number of topics, it can be small things or things more consistent."

The uncertainties surrounding global economic conditions even strengthen the group's strategy.

"When there are economic difficulties and a number of concerns, both in terms of energy, environmental or financial, I see them as opportunities for us," said Fady Khallouf.

"The fundamentals are stubborn"

"The fundamentals are stubborn. In Europe, production capacity and an older (…) we will have to invest.Whichever way you look at the production, there will be an increase in electricity prices.From there, the wind can no longer be considered a subsidized activity but to be sufficiently close to the market price trend, "said Fady also Khallouf.

"Instead of pretending not to see and panic in a few years, I think all actors – authorities, industrial and financial – have an incentive to engage in reasoned dialogue (…), even if the energy renewables will not displace completely the traditional means."

Fady Khallouf further indicated that his group was about to welcome a new partner in the investment vehicle Theolia Utilities Investment Company (tuica), he has established with the Swiss electrician IWB Industrielle Werke Basel (IWB) to finance wind projects in France, Germany and Italy.

"We are finalizing the entry of a new actor of the same size qu'IWB (…). It is a 'utility' Europe is the 'cross-boarder", he said, considering a deal "imminent".

"This vehicle is intended to go perhaps in other European countries as opportunities (…).It has been so successful that I am asked by various stakeholders who wish to enter, "said Fady Khallouf, which emphasizes, however, at first a round of stabilization and effective launch of its business.

POSSIBLE INCOME IN 2013

Tuica, for producers and distributors of electricity, will have 100 million of capital invested and may use project finance, with the aim to invest over 300 million euros.

Held so far to 70% and 30% Theolia IWB, it will acquire wind projects with the French group, which will ensure the development, construction and operation of the life of the parks and collect a fee for each of these benefits.

Theolia has been profitable than in a single year, in 2010, the mechanical effect of the capital increase, but could generate a net profit in 2013 if the crisis does not delay some of its projects said Fady Khallouf.

"As and when we succeed in achieving the goals I set, we will also have the ability to attract more investors and in that time, the question will arise whether to increase capital or not, or some other scheme that could be to expand the investment vehicle, "he said.

"It will not arise in 2012, we have sufficient cash resources and a very healthy."

The New York Stock Exchange ended Thursday up 0.31%, the Dow Jones 30 Industrial winning 35.27 points to 11,539.89.

The S & P-500, wider, took 5.43 points, or 0.45% to 1215.31.

The Nasdaq Composite Index, however, declined 5.42 points (0.21%) to 2598.62.

These data are likely to vary even slightly.