Clarins was the bitter observation yesterday

More than a shade, there is a chasm between the half-year of gas of France and those expected the stock market. The gross margin and net profit are 20 higher than forecast! Jean-François Cirelli wanted to demonstrate it can as well to remain firm on the parity of Exchange with Suez that continue alone as effective strategy, it does not find better arguments. The parliamentarians focused on the GDF carrier and distributor in France should also note that these regulated activities represent more than 58 of its results. View their rate of growth, production and trading of hydrocarbons will soon be dominant. This will first make less sensitive to political pressure on its domestic tariffs. Term, by forcing the pace upstream, SFM could connect to a profile in the Total instead to compete that EDF via Suez. The accounts of gas of France stress especially the anomaly of a balance where the (1.3 billion) debt is ridiculous compared to the surplus of capital (2.5 billion in six months). Which would militate either for a dividend, politically delicate for the path advocated by the Knight Vinke Fund, where the State would remain 70 of a SFM that endetterait to acquire a Suez Lite of the Lyonnaise des Eaux. Still should be that all of these alternatives be admitted to the debate. Unfortunately, this is not the case.

The Airbus of the Kremlin

Nature abhors a vacuum. When two of the main historical shareholders of EADS, Daimler-Chrysler and Lagardère, and one of the co-founders of Airbus, BAE, to reduce, or even to withdraw, it is normal that others interested in the European champion of aeronautics. Where the effect of surprise is evident, that is when the new suitor is other than the Russian State. If the action shows progress relative to the distant time where Soviet emissaries were inspired a little too of the Concorde for supersonic Tupolev 144, it is clear that this hope of alliance poses problem. That a Russian State Bank take 5 or 10 of the capital on behalf of UAC, the EADS to the edges of the Volga, it is one thing. Aviation tool of Vladimir Putin want a minority of blocking, or more than Daimler or the French tandem State-Lagardère, it is another. See the lack of attractiveness of the Germans for the French public presence in the capital of EADS, we can imagine their attitude towards the Russian proposal. As current sponsors control more than 50 of the capital, the Russians are unlikely to achieve their ends. Their proposal could therefore have mainly require large current shareholders to not sell-off more.

The Vertigo of Clarins

As markets anticipate, it often takes promise them of tomorrow singing that the mere announcement of positive results would not turn into disappointment. Clarins was the bitter observation yesterday. Carried by the hope of good performance, the cosmetics Group had found, a few days ago, its level from before the September 11, 2001, completing a tripling of its course of scholarship since the low point reached in October 2002. But investors hoped better than the mere promise of organic growth 6 throughout the year to continue to demonstrate their attractiveness for the challenger of l ' Oréal. Because qualified ambitious goal means a net slowing compared to 8.5 in the first half, showing that the locomotive of beauty products less successfully offset the slow delivery of fragrances. However, if the latter operating margin improved from 4 to 5, that of beauty, twice as high, declined. So the increase of 10 of the operational profit in the first half was unlikely to be significantly exceeded throughout the year. And if the net result is doped by the revaluation of the interest in L'Occitane, the positive effect of a passage from 5 to 23 of the participation in this nugget cannot take alone sustainable performance of the group.