Paper drillingThere are several ways to find oil

Four weeks after its official function at Ford, Alan Mulally honourably passed a first test which announced yet, of the presentation of the quarterly results. By delivering a loss excluding exceptional items consistent with expectations on Wall Street, the former Boeing Executive denied the predictions of the Cassandras who warned of a current account deficit of 15 to 50 more important. However, operation truth launched on accounts, while laudable, none it certainly not an extension of the State of grace. Rhythm where its liquidity mattress thins (just over $ 3 billion per quarter on the end of), the second soon third American automobile constructor could fall in less than a year under the bar of the 10 billion of cash, minimum to continue normal operation according to analysts. Although all based on the cash to reassure the market, the presentation of yesterday brought no concrete cure to stop the bleeding. On the contrary, the hesitations of the new CEO on the assignment of peripheral brands and Aston Martin would almost doubt the urgency. But the publication, tomorrow, General Motors risk figures, a posteriori, to inform in a still more painful day free fall of Ford.

The moult of ATT

Adapt to survive can succeed in all species. Telecoms Mastodon trapped in the collapse of its traditional fixed communications, ATT had responded by increasing its activities in the mobile and the Internet, the image of other European giants like France Telecom. Through the marriage of its mobile subsidiary with Cingular to form the number a wireless, yankee giant American saw its profits save 74 in the last quarter including 58 excluding exceptional items related to the merger. Doped by the contribution of ATT Wireless, Cingular has quadrupled its profits with the conquest of 1.35 million new subscribers in three months and margins improving induced significant cost reductions. Cingular has however still what move since its margins should approach the level of 40 in 2007, still below the 44 posted by Verizon Wireless, cell mate by Vodafone. At the same time, ATT took advantage of the development of its Internet activities with an increase of 25.5 of the number of its subscribers high-speed now 8.2 million customers. The next merger with BellSouth, co-owner with Cingular, should enable the group to complete its remodeling with a portfolio balanced and dynamic distributed between the fixed, Internet and mobile.

Paper drilling

There are several ways to find oil. Shell, which has not always been very happy in its exploration campaigns, had to recognize two years ago, that its reserves were overvalued by 30. The Anglo-Dutch group has started yesterday a safer drilling... on the Toronto Stock Exchange. By proposing to buy back the 22 that it has not yet in Shell Canada, it would ensure the whole of a heritage which reaches actual production 230,000 barrels per day and should pass in a few years to more than 550,000 barrels per day. If the presence of the oil is certain, "financial drilling" did in present not less some unknown size. First, Shell Canada resources mainly consist of these Shales in Alberta. They have a cost of the order of 30 to 40 dollars per barrel which makes it more dangerous and less lucrative extraction when he frankly returns below 60 dollars as at this time. Then, Shell still needs to seduce the minority shareholders. However, if it offered a 22 premium on the last course offering $ 40 per share, the tanker appeared a little chick to the taste of the markets, which have propelled the title to more than 42 dollars. Shell may therefore need to improve its offer to achieve its purposes, provided that drilling is still profitable at this price there.