When less oil need ideas of substitution

When less oil, need ideas of substitution. Total accounts in the third quarter confirms a well installed trend: the decline of the production of hydrocarbons in the group. In two years, its average daily amounts fell 12, for a variety of good reasons, beginning with contracts that, in some countries, prevent the company to open in large valves when prices rise. But it is still the first time in four years that the benefits of upstream are declining. Without the make-up of a chemistry branch which has seen its own explode by 150, the results of the group have declined, perish with a barrel remains nearby of the $ 60! Total staff ensures that the low point of this trend will be affected this year and that 2007 will be in phase with the objective of growth of the nearby production of 4 per year over 2005-2010. Return to this rhythm is essential to pursue generous redistribution the appeal of the title for its shareholders. To better satisfy, so take precautions. Total increases its interim dividend by 16, although its first nine months profit is down. And is willing to cede Sanofi-Aventis securities to finance redemptions of its own shares. What is a way to predict that oil may not be enough to the task.

The passenger of the rain

As in the training phase, Airbus, the EADS action goes take-offs and landings. After a fall of 3 Tuesday due to the cancellation of the order of A380-cargo by American FedEx, the Franco-German group to is awarded 3, yesterday, because of rumours about the Dubai entrance in its capital. It is true that the owner of Emirates, most large customer of the A380, has one of the keys of the success or failure of the widebody. His interest in the parent company of Airbus could be interpreted as a motion of confidence in the A380. EADS is however not the Woods. The cargo version has the lead in the wing and will be launched only if two competitors of FedEx confirm their orders. The Power8 cost-cutting plan, it could be affected by the voluntarism industrial and social of the Prime Minister will travel to Toulouse next week. And if EADS has spent the bulk of charges 2006 related to the delay of the A380 EUR 1 billion on 1.1 in the third quarter, making diving his result in the red, the change of plans for the future A350 will cost 800 million in the fourth quarter. The runway remains therefore economic minefield and far low sky that investors who are not an oil bonanza want quickly aboard.

The top of the poster

History does not often returns dishes. When the world number one of the outdoor advertising, Clear Channel Outdoor, risk to be put on sale, the number two, JCDecaux, cannot satisfy the record. CCO is indeed a very strong presence across the Atlantic while French, well established in Europe and Asia, is barely 7 of its sales in the United States. For regulatory reasons, it is also very difficult to develop ex nihilo. But if the operation has an undeniable industrial meaning, its realization is financial problems. If the CCO turnover exceeds that 20 of JCDecaux, its market capitalization is greater in half. And also its value of 7 billion euros, the U.S. supports 1.7 billion in debt. The prey may therefore be difficult to swallow even for a little debt and very profitable group as Decaux. The strong presence of CCO in Europe, including France, which could pose problems for competition in reconciliation, on the other hand offers an outcome the Lyon family. If it was that US assets, the price would be much more bearable. As its 73 in JCD and its 10.5 in Bouygues Telecom would then promote a financial montage combining debt and appeal to the market without that it lost its majority control.