Technip Thursday confirmed its financial targets for 2010 despite the downturn in results in the second quarter and said it was too early to evaluate the impact of futures oil spill in the Gulf of Mexico on the group.
The French oil equipment specialist argued that the incident leaden with oil giant BP had induced a moratorium on drilling and that would delay short-term investment decisions.
The group believes nevertheless able to take its game to end by focusing on safety.
"In the longer term we believe that everywhere in the world, operators prefer to work with contractors who have maintained a constant effort of investment in security," he said in a statement Thierry Pilenko, CEO of the group.
Technip has repeated that he was a 2010 turnover of approximately 5.9 to 6.1 billion euros, with sales of Subsea (underwater infrastructure) of about 2.6 to 2.7 billion, a margin of this sector exceeds 15% and stable margins in its Onshore / Offshore.
The company posted second-quarter sales of 1.484 billion euros and a net profit of 106.1 million euros and an EBIT of 160.5 million, results above expectations analysts according to the group.
These three indicators have fallen from the second quarter of 2009 excluding the impact of exchange rate of 14.3%, 8.7% and 18.1% respectively.
The group's operating margin stood at 10.8%, against 11.3% during the same period last year.
The group had to cope with difficult market conditions, particularly with the collapse of the financial crisis in 2008 and falling prices of oil and gas that followed.
The contracts after this period were signed with strong pressure on margins and increased competition between operators.
In late June, the backlog of Technip progressed him to 8.263 billion euros against 6.066 billion at the end of the second quarter of 2009, renewed energy prices encourage new investment.
The New York Stock Exchange opened higher on Tuesday, supported by better than expected results released Monday evening by Alcoa.
A few minutes after opening, the Dow Jones industrial average thirty largest U.S. took 1.09% to 10,327.29 points, the S & P 500 index fund manager, gained 1.15% at 1091.15 and the Nasdaq, heavily weighted to technology, advanced 1.17% to 2225.89.
Alcoa, the first value referenced in the Dow, accounts for 2.21% at the opening after reporting late Monday results exceeded expectations under its second quarter, prompting investors to hope that other heavyweights the economy in their turn to share optimistic news.
The railroad company CSX also pleasantly surprised markets Monday and its shares gained 1.43% in early trade.
The avalanche of results which will soon go off just in time for investors who were reluctant in recent weeks on how to proceed.
"The problem in markets is that there was a lack of visibility and now we have," said Wayne Kaufman, John Thomas Financial in New York.
Angela Merkel said Wednesday that the euro had stabilized and he had a better basis than before the debt crisis of the Greek through measures to reduce the debt established in the euro area.
"The euro has stabilized," Merkel said in an interview with German television station N24, according to the text released by the media.
"This is an important signal that banks are conducting stress tests and we have more transparency in the system.And it is gratifying that in contrast with what was in the spring, almost all European countries are now saying that we need to reduce deficits and reliance has structural reforms. "
She added: "Once fully implemented the measures decided reliance has, it will mean that the euro is a stronger base than before the crisis. We must await the results of resistance testing. But we are ready, aves rescue measures of the euro, to stabilize the euro at any time. "
U.S. stocks finished lower Friday as investors questioned the robustness of recovery after the announcement of job losses in the U.S. were added to several indicators considered disappointing.
The Dow Jones ended down 0.47% at 9686.48 points, while the Standard & Poor's 500 index also lost 0.47% to 1022.58 points.The Nasdaq composite yielded 0.46% at 2091.79 points.
For the week, the Dow lost 4.5%, the S & P 5% and the Nasdaq 5.9%.
The U.S. economy is destroying jobs last month – 125,000 – for the first time since the beginning of the year, with the end of thousands of temporary contracts in the public sector related to the identification and recruitment of fewer than expected in private.
The unemployment rate however declined to 9.5%, its lowest level since July 2009, the final output for the labor market of some of the unemployed.
The sharper drop than expected industrial orders in May also weighed on the trend.
Another sign of concern, the moving average 50 days of the S & P 500's fell below its moving average 200 days. This configuration, which sees an average short less than an average long known as the "cross of death".
The phenomenon between the moving averages at 50 and 200 days happened the last time in December 2007, shortly after the market had begun a decline that had led the S & P to its lowest in 12 years.
On the front of values, financial values and sensitive to economic cycles have been neglected.The S & P 500 financials fell 1.1%, as well as some consumer values.
Volumes were thin, many players who left the office earlier in the weekend of Independence Day. The markets will be closed Monday.
In contrast, values were sought after biotech news reports that Sanofi-Aventis prepare a large acquisition in the United States.
Biogen gained 5.76% to U.S. $ 49.42, Allergan 62.29 dollars to 7.21% and 5.9% to Genzyme 52.80 dollars.
Growth in manufacturing output slowed in June in Europe, the euro zone even dropped below four months, further indication of lack of breath from the economic recovery in the region.
The final results of the survey conducted among Markit purchasing managers, the PMI manufacturing sector in the euro area stood at 55.6 in June, a level consistent with the flash estimate and slightly below the 55 , 8 May.
Economists do not take the alarm to prevent a risk of sudden halt to growth in Europe, but it seems clear that economic activity has probably reached its maximum rate during the quarter just s' complete and that interest rates should be maintained at low levels until next year.
"In many Western countries, we will see the pace of economic growth slowed in the second half of the year.This is the path that one takes, "said Mark Miller, economist at Lloyds TSB Corporate Markets in London.
"In continental Europe, exports remain an engine of economic growth but I do not know how long this can continue."
In France, growth in manufacturing activity slowed for the second consecutive month the sector has continued to destroy jobs.By dipping to 55.8 in June, the PMI Markit / FASC has reached its lowest level since December 2009.
Similarly, the UK manufacturing activity slowed to its lowest level in 10 months when she had reached a high of 15 in May
In contrast, activity in Germany has kept pace in June than in May, with an index that has emerged even slightly higher than the first estimate published two weeks ago.
The slowdown in manufacturing activity is not unique to Europe and key emerging countries as well as India and especially China are also involved.
While economists do not expect a recurrence of the global economy into recession, some warn that most developed countries could face a protracted period of sluggish growth.
Why oil markets do not react to the catastrophe of BP in the Gulf of Mexico?
It is true that oil prices have finally been little impacted by this disaster. For two reasons. First, it was thought a few days after the disaster, the movement of tankers in the Gulf would be disrupted, which could affect the evolution of very short-term U.S. oil inventories. This was not the case. Meanwhile, outside the six-month moratorium on the exploitation of new platforms, markets await the outcome of the commission, (introduced by the Obama Administration) regarding the future development of deepwater drilling. For the moment nothing has filtered out on the progress of discussions. Yes, President, stuck in the oil slick bomb on his chest and hardens ecological discourse.But for the United States, deprive themselves of deepwater drilling and oil from the Gulf of Mexico equivalent to increasing its short-term dependence on foreign and thereby increase its imports and the movement of tankers. But from a strictly ecological point of view, the likelihood of oil spills associated with tanker accidents is much higher than that related to problems occurring on a platform …
The survival of BP is threatened?
BP is not dead but its future is very bleak. The total cost of the disaster will obviously staggering, at least about 10 billion dollars. But the slate will not pay a single blow and will be paid over several years, which does not undermine the cash short-term business.It remains, however, the cost in terms of reputation and image especially in the United States. Can you imagine, when referring to obtain from the U.S. Administration to permit new drilling in the United States that This case does not come back on the carpet. But the U.S. market is essential for BP. It represents 26% of its oil and gas worldwide, 40% of its sale of petroleum products and 56% of its refining capacity. This ecological disaster is challenging deep and lasting development of BP across the Atlantic.
The objective, "not less deficit, a deficit from zero in 2018," insisted Eric Woerth at the presentation of the proposed government reform, Wednesday, June 16 The task is not easy: the deficit in pension schemes (public service, and general system of private supplementary pension schemes) will reach 42.3 billion euros in 2018, when the government stopped the cursor reform. Who will pay?
Employees. It is they who will have to bear the brunt of the effort. For they will have to work longer. The legal age of retirement, currently set at 60, will be gradually increased to 62 in 2016, reflecting an increase of four months each year from 1951 generation. Those who turn 60 in 2016 (the generation born in 1956) will have to wait two more years to retire.Age to automatically receive a full pension will increase from him in the same way from 65 to 67 years. Meanwhile, under the Fillon reform in 2003, the contribution period needed to receive a full pension will be raised to 41 years and three months in 2013 for the generation of 1953 and 1954) and 41.5 years in 2020. These measures on the parameters of age should bring 18.6 billion euros in extra revenue, slightly less than half the need of pension funding in 2018.
Officials. In the name of "fairness" of the reform, the officials of the Public Service will have to pay as much as private sector employees for their retirement. Their contribution rate will increase gradually from 7.85 to 10.55%. The alignment will be spread over ten years, an increase of 0.27% per year. For Eric Woerth, the affect the purchasing power of officials is "very moderate".This, coupled with the abolition of early retirement for employees who have three children and the allocation of the guaranteed minimum under conditions of having quarterly contribution will have a positive financial impact of 4 billion euros in 2018 as calculated by the government.
Read about it: Why pay officials might decrease
Companies. They no longer will not escape "the solidarity effort" required by the pension reform. The calculation of relief on low salaries (up to 1.6 times the SMIC) enjoyed by employers, so far calculated monthly, will be annualized. This means concretely that the thirteenth month and premiums will now be incorporated into the calculation. This measure will yield 2.4 billion euros in 2020.Removing the cap on the share of costs and burdens on dividends received by a parent company from its subsidiaries should add 250 million in 2020. Either a total 2.65 billion euros of new revenues paid by businesses.
Capital. Raise taxes on capital gains from sale securities (stocks, bonds) and real estate, the standard deduction on dividends and interest, taxable capital gains realized on the sale of stock or bond tax income, elimination of tax on dividends received by shareholders, these measures on capital income will yield 1.34 billion euros in 2020.
Rich. Nicolas Sarkozy had announced: high incomes will be involved. The marginal rate of the top of the income tax will rise from 40% to 41%.This "solidarity contribution pension", which will apply to 340,000 tax households reporting more than 69,783 euros a year, will not be taken into account in the tax shield. The measure will yield 290 million in 2020. In addition, payroll taxes on stock options (side beneficiaries and employers) and taxes on pensions hat which directors of large enterprises will be increased. In total, these taxes on the rich should bring 630 million euros in 2020.
The combined revenues related to raising the legal age of retirement, to align the system of public and private that the various taxes and levies increases, and shall rise to 27.2 billion euros 2018. The government also plans to switch the unemployment insurance contributions on pension contributions from 2015, assuming a return to the green accounts Unedic.This shift would provide 1 billion euros of additional revenue in 2018.
