International Business News

The group of transportation and logistics Dentressangle Wednesday announced financial results increased in 2011 but noted that economic conditions had deteriorated in late 2011.

The company saw its turnover increase by 5.6% at constant scope and exchange, to 3.576 billion euros. The gross operating surplus (EBITDA) increased 17% to 130.4 million euros while net income rose from 57.2 million to 63.3 million.

"Dentressangle has seen since the end of 2011 signs of slowing economy and observed high volatility of demand for its customers early this year , "the group noted in a statement.

The company, which does not give forecasts for 2012, will offer its shareholders a dividend of 1.25 euro per share for fiscal 2011, against 1.10 euros a year before.

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.

Societe Generale on Thursday posted a profit below expectations for the fourth quarter due to increased losses in its banking activities and investment banking (CIB) of Due to the crisis in the euro area and said to remain cautious this year.

The bank said in a statement it had passed a new provision of € 162 million on government debt in the last quarter of 2011, bringing its funding to 75%, as its rival BNP Paribas.

In CIB, being restructured due to the crisis, the group posted a net loss of 482 million euros.

Its quarterly net income of spring suddenly falling from 88% to 100 million euros. 

"I remain generally cautious for 2012," said Frederic Oudéa, the bank's CEO, on CNBC. "I'm happy with the start of the year in respect of market activities."

The consensus reached by the editor of Reuters expected a profit of 190 million euros for the last three months of 2011, a drop of 78%, including a loss of only 81 million euros in the BFI.

"The dollar liquidity needs of corporate banking and investment have been reduced by about 55 billion USD in the second half," said the bank, which have added accel ; Lere disposals in its portfolio of toxic assets in the second half of 2011.

These sales had a negative impact of 524 million euros on revenues of the BFI on the fourth quarter alone. 

Wednesday, BNP Paribas has reported better than expected results in the fourth quarter. In addition to reassuring the leaders of 2012, analysts point out that the bank financing and investment of the BNP was more resilient in the crisis than its main competitors.

At the Paris Bourse, before publishing the results of the bank, title company generally closed up 2.19% to 22.38 euros. He won 30% since the beginning of the year after plunging 57% in 2011.

A Greek on the bankruptcy of the two countries would prefer to austerity. A fault on the entire Greek debt may however have dramatic consequences for the population. Unless you are organized within the framework of European solidarity. A poster of German Chancellor Angela Merkel and the IMF director Christine Lagarde pinned to the Greek Parliament during a protest against austerity in Athens, February 12, 2012.

According to the government, the Greek parliament chose Sunday to accept the austerity imposed by its creditors in order to avoid bankruptcy and stay in the euro area, after a parliamentary vote in favor of a draconian austerity program. The vote Monday was hailed by EU leaders. European Commissioner for Economic Affairs Olli Rehn, this is "a crucial advance". "We expressly welcome" the vote "demonstrates the willingness of Greece to undertake difficult reforms," ​​responded his side the German chancellery. Markets also liked. The main European stock markets ended higher Monday moderate – Paris gained 0.34%, 0.68% Frankfurt and London 0.91%.

The relief of markets and European partners in contrast to the violence of the demonstrations that greeted the vote in Greece's plan. Neoclassical buildings ravaged by fire, windows broken: according to official counts, 45 buildings were totally or partially damaged on the night of Sunday to Monday. The Ministry of Health has reported 54 people injured and 68 police wounded in its ranks. The law passed by the House includes indeed Greek for a particularly painful for the population (further cuts in wages and pensions and a new wave of job cuts in the public service) to save 3.3 billion euros in 2012 .

This vote is a first step towards providing loans of 130 billion euros and deletion of part of the country's debt. It avoids bankruptcy which threatened the country while Greece has to repay 14.5 billion euros of debt in March. But it does not solve fundamental problems affecting the Greek economy. The country is moving toward a slow disintegration. In January, the expected tax receipts fell by 7% when they were to increase by 9% according to government forecasts. "Greece is the perfect illustration of the adage" too much tax kills tax "[the Laffer curve, note], believes Jesus Castillo, an economist at Natixis.  

Social explosion

For two years, the Greeks are subjected to a drastic course of rigor, consisting primarily of tax increases and lower salaries. Result: the economy atrophies at high speed, she should know in 2012 a fourth consecutive year of recession. The Greek population is impoverished – their standard of living has fallen 50% in two years – and unemployment is over 20%. Above all, they see no crisis: austerity accentuating the recession, the deficit reduction targets are not met and the government is obliged to take further fiscal savings.

Today, Greeks are tired. A poll conducted these days by the institute and published by the RASS news247.gr site notes that 48% of Greeks prefer bankruptcy to austerity against only 38% who agree to pay for the rescue of their country. For Thibault Mercier, economist at BNP Paribas, "bankruptcy of Greece would be terrible for the country is better austerity, admittedly painful, and the pursuit of fiscal adjustment in return for funding from the EU and the IMF." Who says bankruptcy, said failure on the entire government debt. In doing so, the country would no longer have to pay interest charges and his government deficit would be lowered by 6 points.

But there would still be three point deficit to finance (6 billion). A default would result in further losses for banks Greek equivalent to 200% of their equity. In other words, they would go bankrupt and would need to be recapitalized to the tune of 60 billion euros. But Mercier said Thibault, "nobody wants to lend money to Greece, nor Europe, let alone the markets." The only solution for the country would be to leave the euro area, restore the drachma, to devalue sharply and to print more money to finance the government and banks. With consequent high inflation and a dramatic decline in the purchasing power of households – Greece imports more than it exports.

Organize bankruptcy

Should we then continue on its current path, that is to say, lending money to Greece in return for ever more severe austerity? "No, because Greece is insolvent and lend him more money is useless," said Jesus Castillo. It would take a reduction of 110 percentage points of GDP of the entire public debt of the country to restore its fiscal solvency, against 40 points for entering planned in the European rescue plan. It would also reduce by 25% for rebalancing demand within the trade balance. It's impossible.  

"A cancellation of almost all Greek debt, the equivalent of bankruptcy, is the only solution, says economist of Natixis. But it must be done in a cooperative situation at European level." In other words, the country would remain in the euro area and its partners would lend him enough to recapitalize its banks and invest in its economy to restore its competitiveness and, ultimately, permanent improvement of its growth. The default solution is a political choice that European leaders do not seem to be willing to do. Because it could set a precedent and lead to a contagion effect to other countries in the euro area. Otherwise, it is feared that the Greek crisis continues much longer do.

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 ….. ….

Last night was the Superbowl in the U.S.. And as so often with the Americans, unreason was de rigueur. Back on the key figures of the sports event of the year. Giants celebrate their victory against the Patriots after the 2012 Superbowl.

The final of the football championship, best known as the Superbowl, was seen yesterday's New York Giants beat the Patriots in Boston. But the event goes well beyond the sporting aspect.

120 to 500 million viewers

This is the average global audience for a Super Bowl, 90 million Americans. The event is broadcast in 182 countries, representing 88% of world states. It is accessible to a billion people.

$ 250 million in a night of pub

In one night, NBC will have gained about a quarter of a billion dollars. What return on the purchase of human competition, prohibitively expensive. Beginning in 2014, and ESPN TV will pay directly besides $ 6 billion a year to broadcast the entire season. During the Superbowl in 2012, the 30-second spot was coined to 3.5 million. In total, nearly 70 advertisements were broadcast. They are a spectacle in themselves so that some viewers would not watch the match for them. It must be said that brands compete imagination to suggest that the pub looks great. Apple is the gold standard and the video for launch of the first Mac, directed by Ridley Scott and aired at the Superbowl of 1984:

YouTube, the Volkswagen commercial, aired during the Super Bowl 2011, featuring a child dressed as Darth Vader, has amassed 50 million views. This figure is in addition to more than 100 million live views during the game.

This year, the German mark was at it again, with a humorous result. Discover a best of pubs in this Superbowl 2012:

2500 dollars instead

The minimum charge to attend the event. Prices that can rise to $ 800 000 in big suites! In total, there were about 70,000 in the aisles of the stadium in Indianapolis.

4:30 to show …

For one hour before the match only. The Superbowl is more than a sporting event. This is a varied spectacle, with the long awaited national anthem sung by a celebrity (Kelly Clarkson yesterday), but especially the concert halftime. This year, it's Madonna who provided a performance for 30 minutes, whereas in a classic football game, the pause is only 15 minutes.

88 000 match bonus dollars

the amount each player has received the Giants, winners of the match, knowing that a football team has 53 members. The losers, they have still pocketed $ 44 000 each.

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.

The European Commission will Wednesday unveil new rules for new rules to limit the power of rating agencies. The suspension of a rating and the attack to justice agencies include planned. Moody's in New York.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of the European regulatory agances. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if it is under European aid program. This decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was abandoned now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea has been criticized not only by the agencies but also by some of their clients.

Ubisoft has reduced its loss of more than half in the first half, picking a few benefits of the shift to online games and confirms return to operating profitability in the green in 2011-2012.

Highly anticipated by financial analysts on its increasing strength in online games and its focus on higher quality games, the French publisher said it had generated 30 million euros in revenue through "online" in the first half , an increase of 85% for a segment usually very profitable group which was until recently absent.

"We are on track (…