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Christian de Boissieu, an economics professor at the University of Paris-I. Photo credits: Jean Ayissi / AFP

The year 2010 had already been an exceptional year, even for groups of historic French chemistry, Rhodia and Arkema. But on Thursday morning, the two companies were again positively surprised markets by announcing strong financial results quarterly.

Alternately, Rhodia and Arkema unveiled a sales growth of 28% for the former and 33% for the second, at 1.77 billion and 1.5 billion euros. On both sides, the Guidelines highlight the sustained increase in volume, about 7% to 9%. In an interview with Le Figaro, Thierry Hénaff, CEO of Arkema, confirms that "the global environment is a carrier for chemists", referring in particular to the dynamism of emerging countries. Yet both groups are very active in high-growth countries.

Historically, Rhodia has developed in Latin America, particularly Brazil, and China.In total, emerging economies account for half its turnover. For his part, Arkema has focused on Asia, especially on China. With 20% of sales in the Asian territory, the group has therefore also a growing market. "In Europe and the United States, we see no sign of abating" moderates Jean-Pierre Clamadieu, the CEO of Rhodia, commenting on trends in other markets.

A positive pricing-power

Beyond these sustained volumes, the French chemists have now the choice made in the mid-2000s, to reposition their activities, and evolve their product lines towards products "performance" or "specialty" in very high added value.For example, include bioplastics produced by Arkema, to limit the weight of cars and therefore reduce the energy consumption of automobiles. For its part, Rhodia offers silicas for tires also reduces energy consumption, or compounds of high performance detergent products or cosmetics (shampoos, detergents …)

This positioning of substitutable products hardly makes them less sensitive to economic fluctuations, the chemists called "core" whose activity is based on the sale, in very large tonnages, minimally processed materials.

This choice also allows both groups to move more easily to their customers of price increases, a critical factor in a context of rising prices of intermediate raw materials, used in the manufacture of their compounds.This "pricing-power" allows them to maintain profitability, while according to Thierry Hénaff, "the raw materials we use have increased on average by 30% over the first three months of the year and sometimes up to 50 % for some petroleum derivatives quick payday loan.

Rhodia, this rise affected negatively for about 100 million euros on EBITDA (EBITDA). "But our pricing-power has led to a positive 51 million euros on EBITDA" said Jean-Pierre Clamadieu. In the first three months of the year, EBITDA recurring group reached 283 million euros, up 28% (margin of 16.8%), while at Arkema quarterly EBITDA reached 287 million euros. Having more than doubled in one year, it shows a margin of 16.6%.On both sides, net income reached a record 151 million euros.

Faced with these early indications of financial year, the leaders were rather confident for the rest of the year. Arkema Hénaff Thierry should not give targets for the year before summer, but said that the second quarter will be a continuation of the first, with fiscal 2011 "very likely higher than last year already historic for our group. " Rhodia, the annual target of a recurring EBITDA of one billion euros for 2011 was revised to "more than 1 billion euros."

Positive stock market reactions

At the Paris Bourse, investors applauded the figures above expectations. Arkema clinching the title with 4.60% in mid-session (71.8 euros), bringing its increase to 35% since the beginning of the year.Since the IPO just last 5 years (May 18, 2006), the title has been multiplied by more than 2.

For its part, the title being fed Rhodia very logically from 0.16% to 31.53 euros, the title remaining aligned with the price of the friendly takeover announced in April by the Belgian Solvay at a price of 31 60 euros per share. The offer, which should be open in June, would allow both groups, if successful, to form a new group of about 14 billion euros in turnover, for estimated EBITDA of EUR 2 billion .

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"Too big to go away, but not irresponsible." That is essentially the message delivered by the Japanese authorities on Friday after launching Tokyo Electric Power (TEPCO), the operator of the nuclear accident in Fukushima, an injunction to compensate victims forced from their homes or stay confined to their homes.

Fixed by the Government, this compensation reaches $ 12,000 (8350 euros) per family and $ 9,000 (6250 euros) for a single individual. In total, about 48,000 homes are affected by the evacuation of the exclusion zone according to Japanese media reports, an estimated $ 600 million (415 million) charge for the group.

A figure confirmed Friday by the operator, the voice of its President Masataka Shimizu, specifying, however, this very tentative estimate.For it is only a first payment, and it is not impossible to imagine a possible increase of compensation in case of extension of the exclusion period. A scenario more than likely in view of the confusion reigning on the site yet, more than a month after the earthquake and tsunami. The first payments to families will take place from April 28, said the leadership of TEPCO.

The bill gets heavier for Tepco

Facing these are deemed insufficient, several families went directly involved in the protest headquarters in Tokyo Tepco. For society, which in 2010 made a net profit of 1.89 billion dollars (1.31 billion euros), the charge may seem bearable.But it adds to the $ 24 billion (16.7 billion euros) required, Masataka Shimizu according to the resolution of current problems (rupture of the cooling circuits, explosions and radiation leaks) and restarting reactors.

Moreover, beyond the displaced families, TEPCO will also likely take into account compensation for loss wider (inability to grow for farmers, contaminated water, etc.).. According to JP Morgan, this compensation could reach a total of 24 billion dollars (16.7 billion euros) for the current fiscal year, while Bank of America-Merrill Lynch estimates that if an extension of the crisis Nuclear bill could exceed $ 130 billion (90.3 billion euros).

The situation may therefore be very critical for the fast group that supplies a third of Japan's electricity.According to the Nikkei newspaper, Tokyo, who could hardly afford to crumble Tepco would train alongside his orders to compensation, to set up an insurance fund guaranteed by the state. The latter, whose amount remains to be determined, would serve both to replenish the coffers of TEPCO and provide additional compensation of victims, also of the order of 12,000 euros per family. The fund would be financed by bank loans guaranteed by the state.

Broad program of cost reduction

The plan, looking like a loan, would allow the nuclear operator to bear the massive costs of compensating victims.This government support is crucial to TEPCO, which before the disaster showed a net debt of $ 91 billion (63.2 billion dollars), since heavier by a new bank loan of 24 billion dollars (16.7 billion euros).

The company will then reimburse the state for several years by a system of special dividends. By then, the company will implement a serious program to reduce costs that go through pay cuts for executives and managers, even for employees. TEPCO could also sell more than 1, 2 billion (0.83 billion) of real estate assets, according to Japanese media.

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NYSE Euronext raises the lusts but retains its preference for a union with the Frankfurt Deutsche Börse. The board of directors of the transatlantic exchange operator yesterday rejected unanimously the offer of participation of $ 11.3 billion made by Nasdaq, coupled with Intercontinental Exchange (ICE). The place specializes in new technologies and that on raw materials are intended to counter the approximation of the US-European space with Deutsche Börse.

But the directors of NYSE Euronext have found the offer of Nasdaq and ICE "strategically unattractive, with an unacceptable operational risk." Besides the issue of debt, the directors were concerned about the competition issues that would raise a takeover by Nasdaq OMX and ICE, with the risk of a monopoly of trading in shares in the United States.NYSE Euronext's boss Duncan Niederauer also said: "We can hardly call that an offer because it is a proposal formulated in vague terms and that is, from our point of view, an empty shell."

Conversely, the officer believes that a strategy has been defined and that "the combination with Deutsche Börse is consistent with this strategy." NYSE Euronext believes that a merger with Deutsche Börse to the new entity will position itself to become the leading operator of global market and create substantially more long-term value for its shareholders.

Nasdaq OMX was formalized on April 1 its alliance with ICE to add to NYSE Euronext. And despite this rejection, Nasdaq plans to maintain its proposal.

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Half a million! At last count conducted in late January, the number of broken treaty approved by the Ministry of Labour was 498,675. After three months of existence, the success of these amicable separation, introduced in the Labour Code in August 2008 following an agreement between the social partners (with the exception of the CGT), does not therefore be denied. The slight decrease of 17% in January compared to December 2010 is identical to that recorded a year earlier. "There is no reason to worry, an adviser confirms Xavier Bertrand, Minister of Labour. We are always on a rise of the device, according to a seasonality similar to that of previous years. " Without knowing why, the number of breaks conventional effect fluctuates during the year, giving the impression of playing with a yo-yo over the months. But the trend remains upward.In one year, separation amicably approved by the administration – which now represent 11% of the grounds of breach of CDI – still up 11.5% in 2010 and the refusal rate has dropped 2 points, stabilize at 7% of applications received.

None of the unions signatory to the January 2008 agreement does not deny his actions today. "The break helped secure conventional separations concluded an agreement which were not legally framed," says Gabrielle Simon, of the CFTC. Many of them were in fact disguised as dismissal for failure to allow the imaginary future ex-employee to receive unemployment benefits. "The best proof of this need for security is the low number of current use of industrial tribunals," considers Lawrence Berger, the CFDT on line pay day loans.Another way to approach is the decrease of 5000 in three years the number of entries monthly employment center following a resignation, a ground breaking CDI are not eligible for unemployment insurance. At least in the early months.

Preretirement disguised

Only drawback: separation amicably seem to be used by companies as an early retirement financed by collective Unedic. According to recent statistics, one in five unemployed entering employment center after a break treaty has over 50 years. Doubling of their other reasons for listing. But the fifties unemployed are entitled to compensation for three years if they have paid 36 months. And therefore receive an allowance until their retirement if they are over 58 years of age, at which the number of breaks conventional wings. The impact on the accounts would Unedic however minimal."Unemployment insurance has always been considered a case of early retirement for some companies," Lawrence Berger shade.

Some windfalls are not excluded. "Some companies multiply small packets of broken treaty to avoid having to implement a social plan," denounces Stéphane Lardy, FOR, which therefore calls for more guidance on approval procedures by the administration.

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Back to square one for the mutual insurer Groupama. His plan of conquest of Italy was thwarted Friday by Consob, the Milan stock market watchdog. This is a new blow to the French who dreams of European expansion for years. To this end, Groupama in 2003 had offered an observation post of first choice in Italy. With the help of Vincent Bollore, the insurer had entered the capital and the board of directors of the powerful Milanese merchant bank, Mediobanca.

After years of observation, this investment was to finally pay. A beautiful operation, acquisition-Sai Fon, the first Italian car insurer, crippled by disastrous financial results, was in sight. To achieve this goal, a long-term plan had been mounted.The direction of Groupama had close family Ligresti, the majority shareholder of a financial holding, Premafin, which owns 41% of Sai Fon.

In financial difficulty, the Ligresti had agreed to sell 17% of their company Groupama for 145 million euros. Once in place, the French hoped of course gradually take control of Fon-Sai creditreport. Despite plans IPO of Groupama, the financing of such acquisition, estimated at between 2 and 3 billion euros, however, seemed complex.

Political reading

To achieve his ends, Groupama wanted to remain a minority in the capital of Premafin. The mutual had therefore conditioned its investment to the lack of obligation to Consob to launch a takeover bid for the entire holding. The authority has no doubt considered that Groupama Ligresti and acted in concert. Permission has been refused.Groupama said it would "examine the situation created when it is properly informed" by Consob of "motives of his decision."

The decision of the Milanese can also lead to a political reading. The prospect of a French acquire a large insurance company had caused an outcry in Milan. "We will keep the Italian spirit of our company" and had promised Ligresti at the last general meeting of their society.

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While oil continues to surge, Asian stock markets continue to plunge. The Tokyo Stock Exchange is preparing to close a third straight session on the downside. The Nikkei 225 Index, which still loose 1.19% to 10,452.71 points at the close on Thursday, losing about 3.5% since the beginning of the week. A performance-cons also linked to the rise of the yen, the dollar-yen has fallen about 1.5% in a week. 82.03 yen a dollar symbol.

In contrast, China's financial markets are fairly resistant, backed by the coal industry. Indeed, investors expect that the surge in oil prices spur demand for alternative energy sources. Suddenly, the Hang Seng Index in Hong Kong as the CSI 300 Index of Shanghai are stable at 22,923.90 points and 3176 payday loans.04 respectively points.The Taiwan TAIEX index gained 0.15% to 8541.64 points.

Conversely, the KRX 100 Index lost 0.59% to 4165.88 points, the S & P / ASX 200 Index dropped 0.76% to 4809.30 points, the BSE Sensex 30 Index coward 1.52% to 17,902 points and the FTSE Straits Times Index is in equilibrium at 3000.86 points.

Crude prices have reached levels not seen for two years Thursday on markets in Asia, supported by the surge of violence in the Arab world and particularly in Libya, a major producer of black gold, analysts said. In morning trading, a barrel of light sweet crude for April delivery gained $ 1 to 99.10 dollars. That of Brent North Sea crude for April delivery has appreciated by 85 cents to 112.10 dollars.

After oil, gas. On Tuesday, the Italian ENI oil and gas cut announced that the only pipeline connecting Libya to Italy and Europe because of the violence. A decision in the wake of the cessation of petroleum activities in Libya.

The pipeline is long Greenstream of 520 kilometers and a capacity of eight billion cubic meters per year. From Mellitah in Libya, he arrived at Gela in Sicily (southern Italy). The gas passing through Greenstream from two deposits (Wafa and Bahr Essalam) operated by the national company ENI and Libya's NOC. ENI is the largest foreign producer in the country, with a production of 244,000 barrels per day and 640,000 barrels of around if one includes the appropriate share of the national carrier Libyan NOC under sharing agreements.The Italian group also sells some of the gas passing through Libyan Greenstream to others such as Italian and French Edison GDF Suez, but it is unclear how much share to the rest of Europe.

Do not panic

After the announcement of the interruption, ENI has sought to reassure that he was "able to meet the gas demand of its customers." According to Gianni Di Giovanni, a spokesman for the group, the gas from Russia and Algeria will cope with demand "for many months."

The government of Silvio Berlusconi, who met Tuesday night to discuss all aspects of the Libyan crisis with energy problems, has also assured that the situation was under control.The interruption of the operation of the pipeline does not cause "any problems with the security of supply," said Department of Economic Development who says he is ready "if necessary" to draw on reserves of gas.

For Italy, the former colonial power, the stakes are high. Libya is the third largest gas supplier in the country, behind Algeria and Russia.

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After the fall of the regimes in Egypt and Tunisia, tensions rise in Bahrain, Algeria and other OPEC member countries, especially Libya, the brink of "civil war" as a son of Colonel Muammar Gaddafi in power for 42 years, which would have left the country to seek refuge in Brazil or Venezuela, according to Al Arabiya.

On oil markets, the reaction is, as always, immediately on Monday morning. In Asian trading, a barrel of light sweet crude for March delivery gained 1.13 dollars to 87.33 dollars. As for Brent North Sea crude for April delivery, it took $ 1.02 to 103.54 dollars, a threshold of novueau strong techinque. "The main factor (this flight) is the disturbed situation in the Middle East," said Victor Shum, an analyst in Singapore, saying.He said that "Libya is a member of OPEC and although its oil production is modest at the global level, the country is near the main suppliers of black gold of the planet easy to get unsecured personal loans."

Renewed uncertainty requires the price of gold, a safe haven par excellence, also increased and currently process close to $ 1400, exactly at 1395.10 euros (+1.8%), and its highest Historical. Even tedance on silver prices, which hit a record last thirty years.

FinallyThe food prices are approaching the "level of alert," warned the World Bank on the sidelines of the meeting of G20 finance ministers in Paris, which revealed that between June and December, rising food prices has dropped 44 million people worldwide below the extreme poverty.

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The King of results announcements of companies taking a break. So, what are the economic indicators that replicate the hand and should facilitate the meeting this Friday. After the slight rise on Wall Street Thursday night and the reluctance of the Tokyo Stock Exchange, the CAC 40 is again expected to open cautiously. Futures on the index in Paris rose 0.08% to 4156 points.

On the macroeconomic front, INSEE presents its monthly business survey (manufacturing, construction and retail trade and car repairs) for the month of February at 8:45. The institute will also provide indicators of its business climate and a downturn in February (8.45) and value indices of orders received in industry in December (12:00).

Once is not custom, no economic statistics are expected in the United States.However, the president of the Central Bank, Ben Bernanke, will participate in the G20 ministerial held in Paris, which will be attended by Finance Ministers and Central Bank Governors of the twenty richest countries in the world. Bernanke will talk about "global imbalances and financial stability" (14 hours).

On the currency markets, the euro is stable against the dollar at 1.3604 dollar.

Lafarge in line with expectations

Lafarge said Friday anticipate a rebound between 3% and 6% (cons -1% to +3% expected in 2010) of cement demand in 2011 after a 2010 financial year marked by overall results online. The world's leading cement has published results in line with expectations.

Bull announces this morning a net profit of 6.5 million euros in 2010, earnings increased fourfold over the previous year, when it reached 1.4 million euros.

A consortium led by Bouygues has been chosen by the state to build the future "at the Pentagon French" on the site Balard, in south-west of Paris, as Le Figaro said Thursday. Information confirmed by the MoD in a statement.

The consortium led by Bouygues includes Thales computers, Sodexo services, Dalkia Energy and FIDEPPP – bringing together the Savings and Natixis – and SEIEF as financial investors.

Eutelsat has released interim results that put it on track to exceed its targets for 2010-2011.

The Government of Côte d'Ivoire has declared Thursday the nationalization of local subsidiary of Societe Generale and BNP Paribas have suspended their activities, including the two French institutions.

Orange filed a complaint against Bouygues Telecom before the Commercial Court of Paris, following the January 1 bug that caused an increase in involuntary SMS. Orange seeking millions of euros in damages.

Workers and employees of Peugeot should be increased by 1.7% with a minimum of 34 euros, from 1 March.

According to the report of the court in Bobigny, including Le Figaro has obtained a copy, the Central Works Council of Air France needs of 20.5 million to continue its activity in 2011 and avoid defaulting .