The challenges of Total Be wary of simple ideas

Umbrellas become umbrella when the weather is the successor to the wrong. Formerly managed as a sicav too happy to cash financial products for worrying about their management, insurance companies have made great efforts at forced March came when the market crisis. Today, AXA can therefore win on two tables, enjoying both a reduced cost structure and carrier financial investments. The operational result of the semester progresses and 19 and profit by 37. Growth harmonious as if life insurance two-thirds of activity rose by 24, it ensures that half of the result. The damages for which profits climb three times more sales and generate one third of the benefit, and the management of assets (5 of revenue) provides a tenth of the profits. Even if the financial gains have doubled compared to 2005 and tripled from 2004, AXA has consumed only a tenth of what remains in stock at end of June. And as the increase in rates has weighed on the financial result, net capital gains are only 15 of profits. This very healthy situation, reinforced by a good geographical balance between the France, the United States and Northern Europe, allows the group led by Henri de Castries to a future with serenity will be doped by the arrival of Winterthur. It lacks more than a strengthening in Asia to be perfect harmony.

The challenges of Total

Be wary of simple ideas. It is not enough oil flies each quarter to record record to bring the benefit of the oil companies to the pitch. At least not for all. Long good student of the class of the black gold majors, Total is distinguished by the poor quality of its performance of the spring. Despite a barrel average increased by 35 over the period, the French giant reached that a benefit in progress of 16. A figure that stands among the aristocrats of the derrick as BP, up 23 and, most importantly, Shell and ExxonMobil, 36 progress. The decline of 8.6 per cent of the production of hydrocarbons due to maintenance, the hurricanes and the tensions in Nigeria work is a meagre excuse for Total, since all tankers are facing the same problems. Nevertheless, its leaders are optimistic on their ability to achieve their goal of an average increase of production by almost 4 between 2005 and 2010. As it declined from 3.7 in 2005, should decline of 3.6 on the whole of this year and go back 7 in 2007, it will be double bite at the end of the Decade to achieve. Total who provided evidence of its know-how is therefore not an annuitant who would simply redeem coupons of an exceptional situation. It must multiply the success of exploration and development projects to maintain his rank.

The veneers of the General

Should we change a winning strategy Orphan of the large banking restructuring, Société Générale plate ground its competitors by posting quarter after quarter, outstanding performance. With a turnover in progress of 28, the Bank of rugby produces 43 higher operating income and net profit climbs 38. If the flight of 70 of the profits of the Investment Bank, strong point of the group, is for many, the General can also rejoice in its performance in retail banking. Despite a highly competitive market, the Bank led by Daniel button managed to free net profit up 56 in its France networks, which provide one-quarter of the global benefit. The profitability of their own funds and progresses to a third party, to 25. At the level of the group, doped by the profitability of the Bank for investment and foreign networks, the performance of the own funds to award 3.5 points in the quarter and the symbolic level of 27.9 in the first half. At these levels, one might ask if it would not be time down from Mount Olympus to find growth relays to the outside.