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Air France-KLM fails to emerge from the fog in which she sailed past four quarters. The airline announced on Wednesday a further loss in the third quarter of fiscal shifted 2009-2010, the fifth in a row. Over this period (October to December), the group garnered a net loss of 295 million euros. This is less than the 508 million the previous year but well above the 216 million expected by analysts. The operating loss also disappointed expectations, to -245 to -194 million against expected by the market.

In the third quarter, revenue fell 16% to 5.19 billion euros. Observers had expected 5.34 billion euros."The business has shown during this quarter are some signs of recovery but in an economic environment that remains challenging," the group said in a statement.

Operating loss record throughout the year

For more, Air France KLM expects operating profit in the fourth quarter of fiscal offset "the same as that of last year" was 574 million euros. This "given the expected recovery later in unit revenues, lower capacity and an increase of about 300 million dollars from the oil bill.

This means that at this rate, the operating loss over the whole year could reach a record. Indeed, nine months, the group's operating loss amounted already to 788 million euros.Adding to the loss of 574 million harvested in the fourth quarter, the operating loss over the entire year could exceed 1.3 billion euros.

In a more distant future, Air France-KLM confirms targeting a return to balanced operations for its fiscal year 2010-11, excluding the impact of oil hedges prior to 2009. The company relies on cost reductions, "expected a slight increase in unit revenues, the implementation of medium-haul product and restructuring initiated in cargo activity.

The general environment is showing signs of improvement in the airline also confirmed the International Air Transport Association (IATA). The situation could hardly be worse than in 2009.

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The CAC 40 revives the green after having been the victim of profit taking on Wednesday. Around 12 hours, the benchmark DAX index rose 0.22% to 3944 point. The volume of trade remains very low (242 million euros), as investors deserted the market for the shortened session to be completed in 14 hours. The activity is even smaller that no statistics are expected today. After stock market, but the U.S. will monitor weekly figures on employment to be released at 14:30.

On the currency markets, the euro is rising against the dollar, investors sure some profits after the rebound of the greenback Wednesday.The euro gained 0.54% and traded at 1.4417 dollars against 1.4341 dollars late Wednesday.

As for commodities, crude prices are gaining ground, always supported by the publication yesterday of a decline in U.S. inventories for the second consecutive week. The barrel of Brent North Sea for February delivery gained 0.48% to 77.71 dollars. The barrel of WTI crude oil is 0.38% to 78.99 dollars.

If the objective of the 4,000 items listed on the Paris markets later this year will not be reached, the ACC can claim to have made a good performance this year. For now, the French index has gained 22.3% since 1 January. Of the remaining European markets, the trend is similar with increases hovering around 20% for German and English indexes.

EADS is good

The European giant EADS is the top of the charts of the CAC 40 in mid-session: title wins 1.82% to 13.95 euros.The parent company of Airbus has yet to face attacks by unions who say that the manufacturer will not be able to deliver its 13 A380s this year.

Like previous meetings, defensive stocks are also in the top of the table. PPR gained 1.71% and sign the second best performance of ACC, Suez Environment is 0.78% and 0.53% Oreal nibbles.

For this last meeting, the bank confirm their good health. Dexia (+1.82%), BNP Paribas (0.41%), Societe Generale (0.31%) and Credit Agricole (+0.12%) are all trending up.

Note, Cac 40 off the rebound of Air France. The airline gained 1.19% after having lost 1.70% Wednesday.

Total gain 0.34% on the strength of rising oil prices recorded since yesterday.

Among the largest declines in the ACC, there is Sanofi-Aventis (-0.80%), France Telecom (-0.64%) and Lafarge (-0.21%).

Now that the reform of business tax is completed, the government will tackle, in January, a new project: the revision of rental values. These rental values are "administered" price of a home or business premises, prices of base used to calculate local taxes. Since they have not been revised since 1970, today they are disconnected from reality. Result: an inhabitant of a building of faded 1960s pay for the same area, more housing tax or property tax that a household living in an old building, dilapidated forty years ago but now renovated. An updating of rental values would end these inequities. But the losers – typically, the people of downtown – could see their local taxes rise by 50%!

Companies are not immune to these distortions."In our barometer for the property tax offices in Boulogne-Billancourt is a city that offers the tax rate the lowest among major cities (except Paris). But it appears 35th on the total cost of fees per square meter, due to higher rental values, "explains Pascal Martinet, director of tax audits of Alma Consulting Group, a consulting firm.

Revision of rental values, however, looks less sensitive to process for companies, because these do not vote. Precisely, the Budget Ministry, Eric Woerth, in charge of this matter, decided to tackle the reform starting with the company. "The dated nature of the bases is more strongly for local business," says his entourage.But the idea is mainly to see what happens revision bases for some 4 million of commercial premises, before launching a big bang about 32 million homes inhabited by the French.

Involve local and parliamentary

Gilles Carrez, the UMP rapporteur of the Committee on Finance of the Assembly, calls for a long time for this method in two stages. In contrast, Jean Arthuis, the centrist chairman of the Committee on Finance of the Senate, was opposed: "If the rental values no longer follow the same rules must be applied to property tax rates for different individuals and companies." At Bercy, we judge that this is not a problem.

Specifically, the Budget Ministry has put in place by January of working groups composed of members of associations of local elected officials, parliamentarians and government officials. "We did not set deadlines for completion.Everything depends on the speed of the consultation. We have no preconceived ideas on how to use ", said the entourage of Eric Woerth. In fact, the options are many. The leasehold basis can be stowed on the market value or remain an administrative prices set by the Treasury. The revision of bases may occur at the same date for all buildings in France or locally, by local, when a sale. Another option: the mayors may have liberty to set the timing of revision.

Finally, the impact of revisions will probably be spread over time to smooth the impact to taxpayers.

"Taxes geometry varies

"Rents: new coverage for owners

The carnage continues at the head of easyJet. After the departure of its chairman Colin Chandler and his CFO Jeff Carr, the British low-cost announcement Wednesday in a statement the departure of its CEO Andy Harrison June 30, 2010. It is seeking "new challenges". He especially wants to leave a vessel marked by the power struggle within the board. Andy Harrison had promised to stay at least until late May to offset the departures of other leaders.

In the aftermath, the leadership announced the departure of its interim President David Michels on 1 January. At that time, it will be replaced by Michael Rake, BT's current president and former chairman of KPMG.David Michels, who is temporarily acting in the position since the departure last April by Colin Chandler, will resume his post as first independent director.

The upheaval at the head of EasyJet explained by conflicts between the team leader and founder Stelios Haji-Iannou, holder of 38% of the carrier. While the former wish to pursue a growth strategy of the fleet, Stelios Haji-Iannou said it would be unwise to embark on this adventure in a recession.

These two new departures lead to renewal of any team in the space of one year. Five of the eight leaders are gone. In his statement to the London Stock Exchange, easyJet hopes that "these appointments will ensure continued strong leadership." In markets, the news is unwelcome. By late morning, the title loses 1.96% to 4.08 euros.

The Supreme Court has sentenced in mid-November the ISP Free, a subsidiary of Iliad, to pay 2,500 euros to one of his subscribers who had complained in 2004 unable to receive television has yet endorsed a bid Triple Play (offers TV / Telephone / Internet) in the latter.

The customer had initially attacked Free before a judge near Orleans, demanding repayment of sums paid as damages. The verdict delivered on 1 July 2008 had gone in the direction of the operator who spoke of the technical problems he had informed his client at the outset of his subscription.The judge had chosen and the "obligation of means" and not "result" to make its ruling.

"The obligation of result" reached by the Court of Cassation

The Court of Cassation found instead that Free was indeed subject to an obligation of result vis-?-vis his client to provide the service for which he had paid, and only one case of "force majeure" would could relieve the operator and justify the breach of his contractual obligation that the technical incidents are not mentioned.

Such a ruling could set a precedent.That case, in addition to its symbolic of the victory of a "simple" client on a company such as Free, has serious consequences for the entire sector, as it will force all providers to verify that TV services are actually available before offering them to their future customers, under penalty of prosecution.

Without recourse, the operator has been convicted yet declined comment.

"The management of Eid is a real headache," says the manager of a transportation network. "Half of my bus drivers are Muslim. When they ask everyone to leave that day, how do you ensure 100% service? "

To anticipate these pressures, some companies now distribute a calendar of all religious festivals with their team leaders. While others repeatedly objected to "absences for religious reasons." "Each company designed a place for Allah. If employees are many Muslims, they dictate the standard. Otherwise, it's very random, "says anthropologist Dounia Bouzar, which today publishes the results of an extensive investigation into the working world. (Allah has a place in the company? Albin Michel).A textbook which we regret the anonymity of managers who tell on a daily basis, rising claims.

One third of French companies have expressed their concern, primarily in Ile-de-France, but also in the north-east and south-eastern France, in the areas of trade, services and construction, according to the results of Ifop poll of April 2008. "Can you dismiss an employee who gets to wear the headscarf?" Questioning often responsible when using Dounia Bouzar to conduct an audit. Or "the great festivals of Islam have to be considered holidays?". To guide companies, the High Authority against Discrimination and for Equality (Halde) had issued a notice last March. In essence: the religious claims can be denied only where they penalize the service.Rules of procedure shall be invalidated by the courts if the headscarf banned without real reason. Since the association IMS-Business for the city, who gathered around Claude Bebear very large companies, held, also, to illuminate the subject with a guide. For applications beyond the working class now. "In banking, where the number of frames is important, there is a rise of religious claims. And in the automotive and construction, the question wins the administrative headquarters, "says Benjamin Blavier, IMS. This new visibility fueling fears of an escalation. "Soon, everyone will arrive with skullcaps, crosses and display Christ around the office," predicts an HRD to Dounia Bouzar."If I tolerate any application, it will grow," worries he.

The scarf is very badly perceived

If the anxiety is widely shared, the rules applied in the field vary widely. Paradoxically, Ramadan, though very visible, "is rather well accepted in the business" where he is something of cultural tradition, and say Lylia Dounia Bouzar. In the construction sector, "the HRD are particularly concerned about the risk of accidents because employees who do not eat are weakest. They usually adjust schedules when their employees are many practitioners, "say the authors. In retail, "long breaks" are provided to break the fast and not at noon. "The restaurant business is open later and offers halal soup, milk and fruit, a kind of vital smic what 'reflects an official.However, some executives of North African origin regret communautarisation facies: "I am an atheist. Yet, I always offer to leave earlier, "protested Faycal. "It's like you said, today we commemorate the ascent of Jesus to heaven so we all end up to 15 hours."

If Ramadan is tolerated, prayer in the firm bristles, however most employees and managers. Symbolically, pray at work seems like an act of "proselytizing." "The prayer is at home," repeated most of the respondents. "There is no question he asks while others bossent, a senior judge. While elsewhere, ignites an employee: "Why do we let pray while I was refused a development schedule to pick up my child in the manger."

In large companies, prayer rooms have been created yet.Especially in the automotive industry. A French manufacturer has even built changing rooms. Conversely, a large Japanese brand "to the employee to sign an undertaking not to practice his religion on his place of work" in defiance of law, "said Dounia Bouzar.

As for the headscarf, it is still very poorly understood. Except for junior positions, companies would like the outlaw. But the case back "to the criteria of common law," says the anthropologist. "The mere contact with the customer does not prohibit the headscarf." We must demonstrate that it contradicts the rules of safety, it can hurt the convictions of the entourage that night or the performance or commercial interest.The general management rules, which apply to religious demands.

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Around 11:30, the title L'Oreal fell by 2.29% to 69.7 euros on the CAC 40, in a market down slightly from 0.20%. The group's quarterly results released yesterday did not surprise investors, who anticipated the return to growth and bought securities they sell now. In addition, Societe Generale has revised down its rating on the stock following its figures from "buying" to "hold" value. Normal in these circumstances, the title of L'Oreal suffer clearances.

The world of cosmetic Thursday reported a turnover of 4.23 billion euros over the period, up 0.8% on a comparable basis."Despite a market that remains difficult, the renewed growth of the cosmetics business in the 3rd quarter was very encouraging and confirms the gradual improvement in sales that we announced," said Jean-Paul Agon, CEO of the group cosmetics. "Each division has improved its performance over the first half," the statement said.

In the nine months of the current year, group sales fall slightly increased by 0.7%, to 13 billion euros (-1.9% on a comparable basis). During a conference call, the chief financial communications Thierry Pr?vot said that L'Oreal has benefited from the dynamism of emerging products, where sales growth "increases quarter after quarter."Sales rose by 18.5% in Asia, but the group continues to record sales declined in Western Europe (-3.5%), in Eastern Europe (-15.3%) or Latin America (-3.8%).

Candidates for acquisition of Areva T & D sharpen their arguments, while the final submission of bids will take place next Monday.

Toshiba, long neglected in this competition is taken more seriously. He muscled his offer by joining two funds: the Japanese INCJ (mostly state-owned nippon) and a fund of Abu Dhabi Taqa. The latter's arrival in the bidding takes on particular importance, while a French consortium (Areva, Total, GDF Suez and EDF) supported by state battle for months to try to sell EPR Abu Dhabi.

Both funds, which provide additional financial strength to Toshiba, hold 40% of the future entity. The Japanese plans, if carried in case of IPO Areva T & D in five to seven years.The prospect of a listing of Areva T & D new version in Paris would be very well received by NYSE Euronext, which suffers from a lack of major operations and would target an ally of Toshiba on this issue. Such a listing would also be the "guarantor" of a French base of activity, in keeping with the country's global headquarters.

The Japanese, who was inspired by the offer from General Electric, has not forgotten to highlight the character "industrial" in its offer. It builds on the geographic – Areva T & D is absent from Asia and Toshiba contributes nearly one billion euros in sales in China – and synergies in research and development and procurement of raw materials.Main downside: Toshiba, owner of Westinghouse, is a very serious competitor Areva in the construction of nuclear reactors.

French base

For his part, General Electric has also revised its copy. Minority shareholder alongside the investment fund CVC in its initial offer, the U.S. conglomerate will position itself in the majority partner in the new offering will be delivered Monday. A decision making more industrial project and facilitate the granting of bank guarantees to Areva T & D when signing contracts.

The project also provides for GE in France to maintain the headquarters of a subsidiary of Areva and introduce the next five years the stock market. Industrial side, GE is the map of complementarity, it would include T & D to access the North American market, albeit less buoyant than Asia for transmitting and distributing electricity.A flat, however, GE sold it eighteen months a part of its T & D, raising questions about the strategic importance of such an event for the American conglomerate.

The presidents of Alstom and Schneider are also mounted to the wall for defending their joint bid. On Thursday, before the National Assembly, they reaffirmed that there would be no site closures or socially, in case of redemption. Schneider may be a cluster "distribution" of 5 billion euros. It would then match its two main competitors in the field, ABB and Siemens. Not enough, a priori, drawing the ire of Brussels. With the "transmission", Alstom is the world leader in this sector. Problem with this offer: it implies a separation of Areva T & D, an idea which irritates its management.

"Alstom defends its bid for Areva T & D