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25% reduction of drug prices in Greece, 6% discount rates to 16% from August in Germany … Across Europe, governments are spending on health to reduce their deficits. France is no exception. The government fell in April the rate of return of 200 drugs. He also announced a few days ago to further declines in commodity prices, in order to save 100 million euros by December.

If the crisis and its recent upheaval amplify the movement, several years ago that states seek to reduce the cost of their health system.In particular burden on drugs, a position that has represented France 18% of health spending in 2009, according to the latest data from the drug companies' Union (LEEM).

The means of action are diverse: reduction in reimbursements, the generic substitution of original drugs, lower price … Some treatments are even questioned. The British health authorities have announced their refusal to repay the Tyverb, treatment of GSK cons breast cancer. Too expensive – several thousand pounds – while Stretch the lifespan of patients only a few weeks, said the Nice, the body responsible for determining the reimbursement of medicines.In France, the Economic Committee for Health Products (CEPS) said it would not exceed 50,000 euros per year per patient for certain treatments against cancer.

Facing pressure from governments, laboratories are struggling to defend their margins and their ability to fund research. A common strategy is to seek approval of existing drugs for new indications …. And Roche has announced that its treatment Avastin, already used for colorectal cancer and breast cancer, could make significant progress in cancer of the ovary. If studies confirm, this new market could yield a revenue of an additional billion Swiss francs.

Lovenox, Sanofi accumulates the same success.Launched in 1987 for orthopedic surgeries, he has seen indications gradually expand its knee, to abdominal surgery, treatment of thrombosis veinales, etc.. In twenty-three years, the second drug from Sanofi-Aventis has been prescribed to 200 million patients worldwide.

The labs often winners

To fully optimize the lifecycle of a molecule, "laboratories accept a wide range of strategies, Delphine Le Louet complete, a financial analyst at Lombard Odier.Some build their sales teams to capitalize until the last moment of a drug before its patent expires and is severely challenged by generics.

Other practices include an attempt to demonstrate the beneficial effect of prolonged use of a drug or alter the chemical structure of a molecule into a new, a priori, more efficiently and with less impact secondary. This was done by substituting the AstraZeneca Inexium Mopral in a few years ago.

These methods, which allow labs to compensate for the lack of innovation, often boil down to a battle on price. Sometimes this policy entry "by the back door." "The marketing of a drug for an indication may be reduced one way of obtaining a relatively high price at first.This is often the case for cancer, where treatments are very expensive, "says Claude Allary, managing partner of consulting firm Bionest.

Whether a deliberate policy or simply a desire to make a drug available as quickly as possible, laboratories are often winners. The anticancer Tasigna, introduced as the successor of Glivec in the treatment of certain leukemias rare, is the proof. Novartis is the bill now 50,000 euros for a one year treatment.

The CAC 40 increased his earnings to 16 hours. After posting an increase of 0.90% at mid-session, the index rose in Paris now more than 2%, 2.15% exactly 3521 points. Investors have been reassured after the European Central Bank has revised upward its forecast for eurozone growth this year.

The benchmark index of Paris had shown a steady increase at the close Wednesday after three consecutive sessions of decline, thanks to the reassuring remarks from Ben Bernanke, the Fed chief. Other major European markets have also hoisted the green flag.

The finding is similar to other financial markets: the German Dax climbed 1.09% to 6049 points, the Spanish Ibex rose 2.80% to 9117 points, the Milan Stock Exchange gained 1.11% to 19,123 points.Rising British Footsie is more limited: + 0.64% to 5118 points.

Early this morning, Asian stock markets have posted positive counters. The indices are displayed in positive territory while a series of good gives figures of heart from investors.

The euro is ironed beyond $ 1.2.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates. The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, said he will remain attentive to the evolution "of the situation abroad.His comments are aimed at Europe in turmoil budget. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

In France, industrial production in France fell 0.3% in April, but production of the only manufacturing industry continued to grow, according to figures released Thursday CVS-CJO by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today. A status quo is preferred.

Like every Wednesday, the weekly claims for unemployment benefit in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one agrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as a reader and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly cheap pay day loans.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

The securities yield 0.36% to 15.3 euros.

Air France-KLM: 1,22% + 9,85 eurosSelon information Figaro, Ethiopian Airlines is about to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total: -1% to 37.73 euros oil group participates in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

The above shares retreat amid plummeting BP shares, which fell by 15% to the London Stock Exchange on Thursday morning – they dropped 15.8% yesterday on the U.S. markets. In its wake, Technip down 1.3% to 47.25 euros.

Renault: + 3.38% to 30.26 euros change in the financial department head.Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys: + 1.99% to 41.07 euros The Strategic Investment Fund (ISF) announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, including it should become CEO in 2011, to succeed Gerard Buffière.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

Societe Generale gained 1.28% to 31.15 euros.BNP Paribas, 1.97% to 43.15 euros, Credit Agricole, 2.41% to 8.39 euros.

EADS: + 3.28% to 17.79 euros Eurofighter has launched negotiations with Germany, Spain, Britain and Italy to convince these countries to invest 10 billion euros in next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong.A first for the family business.

Changes in recommendations

Lafarge and Saint-Gobain wins Lafarge 4.03% 48.65% to euro and Saint-Gobain is 4.48% to 31.63 euros. Citigroup raised its recommendation from "hold" to "buy" on the two values.

Vinci: + 1.87% to 37.25 euros ING has started tracking the purchase, with a target price of 44.20 euros.

It strangely resembles a certain case Toyota. Less than four months after having heard the Director General of Operations in the U.S. for the Japanese, Jim Lentz, and its CEO, Akio Toyoda, the U.S. Congress will, next June 17, the testimony of an officer of another giant feet of clay, Tony Hayward, CEO of BP. And for the first time.

Obama wants to "kick some butt"

The only difference with the Toyota case is the fact that the BP boss could resign. Asked by NBC, Barack Obama has hinted he would welcome the departure of Tony Hayward has made frequent statements awkward. "It would not work for me after these statements, had told the U.S. president.We talk with these guys because they are potentially more able to tell me who to kick your ass.

Tony Hayward was heavily criticized after saying a week ago wanted to "get his life before" and the Gulf of Mexico was "a great ocean where the environmental impact of the disaster is very, very modest." Words that had caused such an outcry from the families of 11 victims who died in the explosion and for which he apologized on Facebook. 81% of Americans felt negatively the reaction of BP.

Obama worse than Bush

The position of Barack Obama is not the most comfortable vis-à-vis the American people no fax pay day loan. A poll ABC News / Washington Post, 69% of respondents have a poor opinion of the management of the crisis the Obama administration.By comparison, 60% of Americans disapproved of the action of George Bush response to Hurricane Katrina in 2005.

Tony Hayward, who will be the only witness to a hearing entitled "The role of BP in the explosion of the drilling rig Deepwater Horizon and the oil spill, to answer questions from elected members of the Subcommittee on Oversight and Investigations of the House of Representatives.

Two months after the explosion

The hearing will take place almost two months after the explosion on April 20 of the platform which has killed 11 people and caused a huge oil spill in the Gulf of Mexico, affecting the fauna and flora in several states in the southern U.S. coast U.S. including Louisiana.

The head of BP America, Lamar McKay, had already been questioned by several committees of both houses of Congress in May.

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In Madrid

Again, it is a credit rating agency has sounded the alarm. Fitch recently lowered the rating one notch from Spain, was concerned about the weight of private debt for growth prospects. If market pressure in recent weeks has focused on the soaring national debt, the time bomb in Spain could come from private debt.

In 2008, the accumulated debt of households and enterprises was 220% of GDP according to Eurostat, against 159% in France, Italy 138% and 130% in Greece, dunce European government debt. Only Portugal beats the record of his Hispanic neighbor with 255%! The problem is summarized in one word: stone.Even today, real estate receivables represent over 70% of household debt.

The Spaniards pay the crazy real estate boom years of speculation-all does, where developers have built millions of square meters in gigantic projects, where banks have opened the floodgates of credit, increased interest rates by attractive. Since over 80% of Spaniards, Jose Maria Molina has invested his wages in stone. "I decided to buy an apartment because the reimbursement of the credit cost me nothing more than rent," he says. All were encouraged: the tax benefits, the abundant supply and the famous "cultura de propiedad the" culture of ownership. In Spain, a rent was seen as an expenditure and the purchase of a property as a profitable investment … well until the crisis. Jose Maria has the harsh experience.Employee of a security alarm company, he has always honored its debt carefully, paying each month "between 400 and 500 euros. A total flux, since the vast majority of Spanish mortgages are variable rate negotiated. They are indexed on the Euribor, the interbank lending rate for the euro … Russian mountain assured. In 2008, Jose Maria has lost her job. "When I was fired, I was given eight months of unemployment benefits. Then, I have received no assistance. "He stopped paying the bank for nine months, then his home was seized. Today, Jose Maria returned to live with his mother. At 42 years old. Same scenario for José Coy, who had established a small textile company in the region of Murcia. His property, purchased on credit, served as collateral for other loans that financed its activities. But in April 2009, he had to close shop, victim of globalization.Suddenly, he found himself without a business, jobless and soon without control of his apartment. Jose, who paid back 720 euros each month, tried to renegotiate its loans. But taken in the financial turmoil, the bank had granted its loans so easily does not listen anymore. In one year, his property will be auctioned on the market, morose, Spanish property. Meanwhile, Jose Coy has decided to fight back: he took the head of the Platform of victims of the credit of Murcia and claims to assigning his property in lieu to the bank in exchange for the cancellation of its debt.

Time bomb

These slices of life illustrate the squaring of the circle of the Spanish crisis. Victims of the recession that has resulted in tens bankruptcy and pushed unemployment to 20%, households and businesses no longer able to meet their deadlines.Their purchasing power risk of further deterioration as a result of austerity measures, higher taxes and lower social spending. "Private demand will fall further as the private agents tend to focus on reducing debt and it is not public demand, restrained by the austerity plans, which will take over as in 2008 and 2009," says Philip of Sabuco BNP Paribas. Even within the majority, concern is growing: "We have a private sector debt triple that of the public. The challenge is to ensure that the cost of financing does not stifle the economy, "said Parliament this week the leader of Socialist deputies, José Antonio Alonso. Spain can not inject billions as did the United States to stem the subprime crisis.Knowing too much debt – 71% in 2008 according to the McKinsey Institute – is in the hands of foreign creditors, potential lenders stung by fears of the market, especially if they are outside the Eurozone. This is not counting the other bomb that is a possible crash of the banking sector. How companies and banks refinance? At what rate? What implications for the economy in the long term? The IMF has pointed out, the heavy indebtedness of the private sector is a challenge for Spain struggling to revive growth.

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The Paris Bourse, which sailed around the equilibrium in the morning suddenly stalled in mid-session, disappointed by U.S. employment figures and worried by the fall of the euro.

At the finish the CAC 40 plunged 2.86% to end the session very much below the threshold of 3,500 points to 3,455.61 points exactly. On the whole week in Paris index shows a decline of 1.7% bringing its losses since the beginning of the year to more than 12%.

Reflecting investor nervousness, activity was sustained, with almost 5 billion euros traded on the great values of the Paris stock exchange. Other stock markets in unison dévissaient London lost 1.63% and 1.91% Frankfurt, Milan and Madrid 3.79% 3.80%.The Euro Stoxx 50 index dropped 3.20%.

Investors skeptical of increasing the strength of economic recovery plans for fear that strict hindering growth, obviously await any excuse to sell. They took advantage Friday of a disappointment on the job market in the United States to pass the act.

The euro under $ 1.20

In the U.S., unemployment fell in May to 9.7%, but the net new jobs (431 no teletrack payday loan.000) were significantly worse than expected. The NYSE has also reacted badly to this statistic, always closely watched by the markets. Wall Street was changing rapidly decline with the approach of the close of European stock exchanges. The Dow Jones lost 2.16% and the Nasdaq 1.80%.

In Europe, a new front in the crisis began in Hungary.The local currency, the forint, the Budapest Stock Exchange, and covers the failure of Hungarian debt (CDS, credit default swap) tumbled after the alarmist statements about the economic situation on the part of politicians, from the majority place.

Those fears pushed investors to the traditional safe havens like the dollar or Swiss franc. And for the first time since March 2006, the euro fell below $ 1.20. In Paris, financial stocks were once again the front line. Societe Generale lost 7.5%, BNP Paribas and Crédit Agricole over 5%.

The Gaza Strip, a narrow sandy strip with about 370 square miles are home to 1.6 million people, is subject to a strict blockade by Israel since its takeover by the Islamist movement Hamas in June 2007, during a coup against the Palestinian Authority of Mahmoud Abbas.

The World Health Organization (WHO) has called last May 18 that Israel end the blockade, in a resolution adopted at the annual meeting of its members. A month earlier, during a visit to the Palestinian enclave, the UN Secretary General Ban Ki-moon had said that the Israeli embargo was "not sustainable".

The last European Commission report on the Gaza Strip, published in March 2009, estimated the damage caused by the blockade on the territory's economy, all economic and social sectors together, to 514.3 million euros.GDP in the Palestinian territories has dropped 5% in 2006 to 3% in 2007 and 2.7% in 2008.

• Unemployment

The unemployment rate stood at 38.6% of the workforce in 2009, according to the Palestinian Bureau of Statistics. It was 37% in 2008, according to the CIA, which places the Gaza Strip in 188th place worldwide in terms of number of unemployed.

• Poverty

70% of the population of Gaza lived below the poverty line in 2009, according to the CIA. UNRWA (UN Relief and Works Agency for Palestine Refugees in the Near East) has estimated that the number of refugees living in extreme poverty in Gaza has tripled since the beginning of the blockade in 2007 of about 100,000 to about 300,000. On the other hand, food insecurity involved 60.5% of households last year, against 56% in 2008, according to the Food and Agriculture Organization (FAO).In its report, the Commission stresses that more than 90% of the population depends on food aid from UN agencies. In February 2009, the UN had launched an appeal for emergency aid for the Gaza Strip, aiming to raise 613 million dollars (479 million euros) from the international community.

• Agriculture and fisheries

According to the report of the European Commission, 46% of farmland in the region were deemed "inaccessible" or where production was interrupted in late June 2009. Agricultural workers accounted for only 7.4% of the workforce in the fourth quarter of 2009, against 12.7% in the second quarter of 2007, according to the Palestinian Bureau of Statistics.The commercial organization Palestine Trade Center (Paltrade) said in a recent report that, without the restrictions imposed on the transport of goods, agricultural exports from the Gaza Strip could represent 2,300 tons of raspberries, 55 million cut flowers and 714 tons cherry tomatoes per year. Fishing has also suffered. Since January 2009, the areas accessible to fishermen were again reduced, to 3 nautical miles offshore. Consequently, the total fish catch has dropped by 47% between 2008 and 2009, according to the Palestinian Ministry of Agriculture.

• Industry, trade and services

According to the report of the organization Paltrade, 95% of 3750 plants in the Gaza Strip have been closed or destroyed, putting some 40,000 unemployed workers (94% of their employees). In 2009, the industrial sector weighed only 5% of the workforce, according to the CIA.Paltrade adds that the 5% of factories still operating in the Palestinian territory that does not rotate between 20 and 50% of their total production capacity. The food industry, for example, has recorded losses of $ 37.1 million in 2009 due to a complete halt to exports. She had only 16 factories last year, against 30 in 2008 and 100 in 2005. Other sectors have been severely affected, particularly the construction, energy, transport and telecommunications. Thus, some 10,000 subscribers have seen their fixed telephone services interrupted, while 330,000 mobile phone users have been affected by these cuts, notes the European Commission.

• Infrastructure

The infrastructure of Gaza has been devastated by lack of materials and construction equipment.A lack which stems directly from the blockade imposed on the territory, "said United Nations Program for Development (UNDP). More than a year after the military operation Cast Lead conducted by the IDF in the Gaza Strip, three-quarters of infrastructure damaged or destroyed are still not rebuilt or rehabilitated, says a UNDP report. The UN program was estimated last year that the cost of damage caused on the roads and bridges in the Gaza Strip rose to 18.6 million euros. His report also highlights that 82.5% of schools are still in ruins.

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New waves of turbulence on Thursday on European equity markets. At closing, the ACC has sold 2.25% to 3432 points in trading volume of over 4.43 billion euros. The London Stock Exchange lost 1.55% at the same time, while the German Dax loose more than 2.2%. Already strained by the very repetition frictions between Paris and Berlin, investors have been demoralized by a poor U.S. statistics: registration weekly unemployment rose against all odds, for the first time since early April in the U.S. during the weeks to 15 May, against 471,000 446,000 the previous week, according to the Department of Labor.

The euro goes down quickly and found $ 1.23, after having taken the day 1.5% up to 1.2414 dollar.The rebound came after the sharp decline of the single currency in the night from Tuesday to Thursday, which has pushed the euro to a new four year more, to 1.2144 dollar.

Christine Lagarde did not hesitate to take the opposite view Thursday of Germany, stating, in contrast to Chancellor Angela Merkel, the euro was "absolutely not" in danger. She also criticized the German ban of short selling of certain financial products, described as "questionable, because there was no prior discussion."

But on substance, they are two different philosophies that are expressed on both sides of the Rhine, experts say, vis-à-vis the economy and Europe: the quasi-religious cult of stability and solidity Monetary and fiscal policy in Germany; tradition of state intervention and boost growth and employment in France.Since the beginning of the crisis in Greek, the largest economy in the euro area has a position of accused in Europe, having been slow to rally to the idea of a bailout.

His German counterpart, said this morning in the Financial Times that he considers the markets "really out of control" and advocates more regulation. Taboos have been broken yet for Germany, as the intervention of the European Central Bank (ECB) in the support system put in place or the rescue of a country in the euro area. And the crisis has, according to experts, everyone take a step towards each other.

L'Oreal stands

On the values front, two titles show up on the CAC 40. This is L'Oreal (2.17%) and France Telecom (+0.10%).

As for cuts, is Alcatel Lucent is the most penalized (-6%), to Vallourec, Arcelor Mittal.

On the SBF 120, it appears as Soitec the red lantern (-9.26% to 8.60 euros): the producer of silicon on insulator for the semiconductor industry confirmed its forecast return to operating breakeven this year, Concentrix off after a current operating loss reduced during the second half of 2009-2010.

In addition, Air France-KLM (-2.12% to 9.40 euros) confirmed anticipate a return to operational balance in 2010-2011 after posting record losses after an exercise she calls it himself as "annus horribilis." Franco Dutch airline, which renounces propose an annual dividend, also undergoes an early exercise sealed by the eruption of the Icelandic volcano Eyjafjöll.

Credit Agricole (-3.07% to 9.09 euros) was no surprise on Wednesday confirmed the appointment of Jean-Marie Sander as his successor Rene Carron as president of the bank, marking the arrival of a new tandem leaders the head of the listed vehicle of mutual group.

Sanofi-Aventis (-1.25% to 47.38 euros): Brazil has given the green light to redeem Medley by the pharmaceutical company for 500 million euros.

The Board of Directors and the two main shareholders of Sperian have agreed to repurchase the company specialized in personal protective equipment by the industry group American Honeywell for $ 1.4 billion. The shares are still suspended from trading.