(Les Echos) Diesel : les résultats des 50 premiers tests de la commission Royal

Diesel : les résultats des 50 premiers tests de la commission Royal

EXCLUSIF - Aucun modèle ne parvient à respecter les limites d’émission fixées par la commission Royal. La commission, qui se réunit aujourd’hui, doit établir des recommandations.
Carton plein. La commission technique, nommée par Ségolène Royal dans la foulée du scandale Volkswagen, et chargée de vérifier que d’autres constructeurs n’ont pas intégré de logiciels manipulant les tests d’émission de polluants, présente aujourd’hui les résultats des 50 premiers véhicules testés. Le bilan, qui doit être présenté ce jeudi aux membres de la commission et que « Les Echos » se sont procuré, est sans appel. Aucun des véhicules ne respecte les limites d’émission des différents tests établis par le protocole d’essai mis en place par l’UTAC, l’organisme chargé en France de tester les homologations des véhicules. Que ce soit au niveau des rejets de dioxide d’azote (Nox) que de C02, également testé par la commission.
Dans le détail, 52 modèles ont été évalués. PSA (15 modèles) et Renault (13 avec Dacia) sont logiquement les plus concernés devant Volkswagen (5), Ford (4), Mercedes et Opel (3), et autres Toyota, Nissan, Fiat, Audi, BMW... Tandis que 29 véhicules obéissent aux normes antipollution Euro 4 et Euro 5, déjà mises en place depuis plusieurs années, 23 autres sont estampillés Euro 6, c’est à dire la réglementation européenne la plus récente, généralisée depuis septembre 2015 pour les modèles neufs, et qui doit réduire drastiquement les niveaux de rejets de dioxyde d’azote (Nox). L’ensemble de ces véhicules était testé selon trois modes opératoires différents, différents de la réglementation européenne officielle (NEDC). Le premier test, baptisé D1, et qui visait à leurrer un éventuel logiciel de manipulation du test via différentes astuces (modification de la position du capot, passage de la marche arrière...). Le second, D2, devait également tromper un test de manipulation en modifiant le cycle habituel de test. (conditionnement de la voiture...). Enfin, le troisième est mené sur route, en condition réelle.
Sans surprise, les tests menés sur route ont été très défavorables aux constructeurs, notamment en termes d’émission de NoX. 21 modèles ont ainsi affiché des émissions de NOx plus de cinq fois supérieures à la limite établie par l’UTAC. Alors que les voitures commercialisées par les industriels doivent uniquement se conformer à des tests menés en laboratoire, ce type d’essai en condition réelle fait apparaître combien les systèmes de dépollution sont peu efficaces dans la vie de tous les jours... Plus surprenant est l’échec de nombreux constructeurs aux deux premiers tests. On apprend ainsi que 13 véhicules ont échoué aux tests D1 - qui autorisent un dépassement inférieur à 10 % comparé aux normes légales - , et 14 aux tests D2. Les 23 véhicules Euro 6, plus modernes, testés par la commission, n’échappent pas à la tendance, et notamment ceux équipés de technologies Nox Trap, comme Renault ou Opel, qui sont les plus concernés.
Plusieurs constructeurs (Renault, Opel, Mercedes, Ford, Fiat, Volkswagen...) ont déjà été convoqués par la commission Royal pour s’expliquer sur ces décalages. Renault lui-même fait l’objet d’une enquête de la DGCCRF, sont les conclusions devraient être remises d’ici l’été. Le constructeur, tout comme les autres, a toujours répété qu’il respectait les normes légales passées en laboratoire, et qu’il ne trichait pas. Du reste, les tests menés par la commission n’ont pas de valeur légale, puisqu’ils sont différents de ceux sur lesquels sont jugés les industriels et qu’ils intègrent différents paramètres (conditionnement de la voiture) qui peuvent impacter les niveaux d’émission... Ce qui n’a pas empêché Renault de mettre en place un plan d’action afin d’améliorer ses systèmes de dépollution , qui se révèlent trop court du point de vue technologique.
La commission Royal se réunit cet après midi pour examiner ces résultats. « L’idée est d’établir des recommandations et un plan d’action » indique une source du dossier. La mise en place, à partir de 2017, de la procédure RDE, prenant davantage en compte la conduite réelle, est une première réponse. Mais les pouvoirs publics pourraient aller plus loin. La commission devrait rendre, d’ici l’été, un rapport comportant différentes préconisations. 
@Maxamiot

>>> Interjet rumored to be in potential stake sale talks with United and JetBlue

Interjet rumored to be in potential stake sale talks with United and JetBlue

Interjet, a Mexico-based airline, is rumored to be in talks with United and JetBlue regarding a possible stake sale, according to an unsourced business column in Excelsior.

The brief portion of the Spanish-language column addressing the Interjet stake sale rumor did not include any terms of the stake’s pricing or size.

Interjet CEO Jose Luis Garza was cited last year by this news service as saying the company would be more likely to resume IPO plans originally conceived for 2011 than to sell a stake to a private equity group. Company President Miguel Angel Magnini said in May 2014 that Interjet could consider selling a stake to a private equity fund before the IPO, according to a previous report by this news service.

Interjet’s 2011 plans to conduct an IPO on the Mexican Stock Exchange (BMV) called for listing a 20% stake aimed at generating USD 300m-USD 400m in proceeds, according to press reports. Interjet reportedly hired JP Morgan and Banorte-IXE to advise on the IPO.

Ryanair, the owner of Interjet local peer VivaAerobus, is rumored to have hired Barclays to advise on the sale of its 49% VivaAerobus stake, according to a unsourced business column published earlier this week. The unsourced Spanish-language column relayed the rumor that the sale has attracted the interest of private equity groups Nexxus and Advent.

Excelsior

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance
: OLLI +7.7%, APOG +3.0%, CAG +2.9%, BBBY +2.8%, KMX +2.1%.


Select metals/mining stocks trading higher: HMY +3%, ABX +1.9%, GG +1.7%, SLW +1.6%, GDX +1.2%, NEM+1.2%, GOLD +1%, GLD +0.9%, SLV +0.6%

Other news: SUNE +13.8% (continued strength, short-covering), CEQP +9.8% (enters into 10-year commercial agreement with BlueStone Natural Resources II in the Barnett Shale), VRX +6.5% ( confirms receipt of lender consent for credit facility amendment, deadline to file 10-K extended to May 31), STM +4.6% (still checking), TEX +2.7% (Zoomlion (ZLIOY) is looking to provide assurances to Terex investors over its proposed acquisition offer, according to Reuters), GLMD +2.2% (following 45%+ move higher on Wednesday), S +1.7% (signs $2.2 billion deal for the sale and lease-back of certain existing network assets), GLPG +1.2% (initiates Phase 1 Study in Joint Antibody Program)

Analyst comments: ICPT +5.6% (initiated with an Outperform at BMO Capital)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
: DBVT -2.7%, APOL -1.0%

Select EU financial related names showing weakness: DB -2.7%, SAN -1.7%, CS -1.5%, PUK -1.5%, HSBC -1.2%

Select oil/gas related names showing early weakness: SDRL -1.7%, BP -1.2%, CHK -1.1%, RDS.A -1%, TOT -0.7%

Other news: BPT -11.8% (announces Q1 avg daily production was 95.12K BBLS), ALDR -2.9% ( prices 5,376,344 shares of its common stock at $23.25 per share), YHOO -2.1% (Softbank (SFTBY) wants to end $240 mln in annual fees it pays to YHOO instead of purchasing the company, according to Re Code), BABA -1.4% (in sympathy with YHOO), CHCT -1% (prices 4.5 mln shares of its common stock at $17.75), MOMO -0.5% (following 30%+ move higher on Wednesday)

Analyst comments: TWTR -2.5% (target lowered to $16 from $18 at Morgan Stanley ), HOG -2.3% (downgraded to Market Perform from Outperform at William Blair), VZ -1.4% (downgraded to Hold from Buy at Jefferies), EMC -1% (downgraded to Outperform from Strong Buy at Raymond James)

NY Post : You can easily find out if your significant other is on Tinder



If you suspect your partner is using Tinder to cheat on you, this new website could potentially help you expose them.

The new website, Swipe Buster, allows users to search for people who use the dating app by simply entering their name, age, gender and closest location — all for $4.99.

However, some have criticized the site for allowing people to access intimate information that could enable them to stalk.

It searches Tinder’s database using the app’s API, which is freely available to be used by developers.

The brains behind the site, who asked to remain anonymous, told Vanity Fair it started as a way to “educate people about how much of their personal data is out there.”

A Tinder spokesman said all the data is public information.

“If you want to see who’s on Tinder, we recommend saving your money and downloading the app for free.”

The response to the site on Twitter has been mixed, with some questioning how it could be used.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: CEQP +9.8%, SUNE +8.1%, OLLI +8.1%, VRX +7.3%, STM +4.8%, APOG +4.7%, HMY +3.2%, S +3.1%,BBBY +3%, TEX +2.7%, GG +2.5%, GLMD +2.2%, GDX +1.9%, SLW +1.8%, ABX +1.8%, NEM +1.5%, CHCT +1.5%,GOLD +1.3%, GLD +1.2%, SLV +1.1%, CDE +0.5%

Gapping down: BPT -10.4%, ALDR -3.5%, DB -3%, HOG -2.9%, DBVT -2.7%, TWTR -2.5%, APOL -2.1%, SAN -1.9%,YHOO -1.8%, FCX -1.7%, CS -1.7%, PUK -1.1%, HSBC -0.9%, CHK -0.8%, BP -0.7%, SDRL -0.7%, TOT -0.7%, RDS.A-0.5%

(Bilan.ch) ISS dissipation: The Sika Fight Continues

(Google Translate) - http://bit.ly/1oEFncJ

ISS dissipation: The Sika Fight Continues

Setback for the Sika-board in the fight against the founding family: The influential US proxies ISS refuse the first time the Décharge.

The next showdown is programmed: If on April 12 to take on the general assembly of the building materials group Sika the warring factions back to today, provides the Board to President Paul Hälg and ringleader Daniel Sauter, the entire top management on. Actually the meeting of 160 Topkader was as previously planned every two years in September. But now flies the Executive Committee its management team from around the world especially the day before the AGM on April 11 a.

The obvious goal: The management team is to be moved at the AGM to a collective protest against the sale plans the owner family to the Patron UrsBurkard to the French Saint-Gobain.

ISS oppose VR
Whether its management staff really voluntarily participate in such statements is unclear. Fact: Prior to the AGM, the rioters have suffered a setback. The influential American proxies ISS have joined in their voting recommendation of the owner family and deny the Board the Décharge. This is evident from their 36-page analysis.

A year ago, ISS had the control committee this relief yet granted. As justification ISS calls the pending lawsuits and the uncertain consequences for investors. According to their guidelines ISS denied only the Décharge when "significant and compelling reasons to believe that the Board does not fulfill his duty of loyalty".

Closed reelection
In another critical point ISS, the shareholders explicitly to a special feature. According to the invitation to the AGM the six Burkard opponents on the board, including the designated SBB President Monika Ribar, your choice will only accept if they are re-elected closed - a unique in this form operation in Switzerland.

Accessible is the individual single choice. ISS believes that this is because even for a "not good market practice". Comes added: Board Ulrich Suter, who belongs to the camp to Hälg and Sauter, is also part of the re-election package, although he already counts 72 years. However, Sika Statutes stipulate an age limit of 70 years. This violates the Directors simultaneously against common practice and its own regulations. The lawyers will not run out of material.