8 per cent of its operating profit in the first half

Any setback has his medal. If the airlines and passengers lament the increase repetition of airport charges, they can only welcome the shareholders of Aéroports de Paris. Despite a poor traffic, an increase of 2.8, only, they allowed the main source of revenue for ADP to grow 9 in the first half. And services have done even better, providing to the operator of the platforms of Charles de Gaulle and Orly a turnover in overall increase of 12.3. The effort made by the management on the development of commercial areas devoted to shops, liquor shops and perfumes and other bars and restaurants is thus rewarded. Indeed, revenues grew 12 to 17. But, again, the disadvantages incurred by passengers due to the cumbersome procedures for control and security and numerous delays which lead them to stay longer in the terminals contribute to the increase in turnover. A negative element, in terms of image, as recently noted the Court of Auditors, which should be corrected if EPA wants to continue to prosper in an aviation world in turmoil.

Orange pressed

The motto of the prince William of Orange "I will maintain" doesn't really stick to the situation of ING. On the one hand, the Batavian bancassureur undergoes a decline of one-quarter of its quarterly earnings. And, realistically, it warns that the markets will continue to exert pressure on its results in the short term, with in backdrop, the global environment of high volatility and tension for cash, according to him, to continue in 2009. On the other, its leaders intend always offer growth beneficial to their shareholders over the long term. All without recourse to external dopants, since the Chairman Michel Tilmant excludes acquisitions in the current context. It is true that the precedent of the redemption of the Bank of Barings Affairs in the 1990s, who thus saved from bankruptcy without responding to set expectations, has left traces. In the meantime, the Dutch giant builds on the achievements of its balance sheet to repurchase shares and pay an interim dividend in cash. However, it is more easy to press a stock of capital gains by days. This perhaps explaining this, the course blends into the mass for a year, between the world of banks and insurance.

Alpine differences

Search for a surplus of growth abroad remains a good recipe if choosing its target. If Telecom Italia is enmeshed in the woes of its Brazilian subsidiary, Swisscom is however fully... Italian subsidiary. The integration of the transalpine Fastweb, number two operator for the provision of access to the Internet, has enabled Switzerland to record an increase of 17.6 of sales to 13.8 per cent of its operating profit in the first half. As Fastweb won 22 of customers over the same period, the second half also occurs under good auspices. As Swisscom has also much better than its Italian competitor on its domestic market. Customer throughput is increased 12.8, while "mobile" activities were 8.5. They should also be doped by the launch of the iPhone 3 G early July. The Swiss finally managed to limit the decline in fixed clientele to 1.6. Swisscom, which enjoys the same multiple of capitalization that Telecom Italia, is unfairly treated. Unless the Italian is still overvalued despite its fall by 50 since January.

Precision: Adecco is an operating margin

greater than 5 by 2009 and not a target of 9

as indicated, yesterday, in error.