Current News Headlines

The prospects of a new drug from Sanofi darker. Marketed in France since October 2010, and reimbursed at 65%, the treatment of cardiac arrhythmia Multaq may no longer be reimbursed in France. The Ministry of Health will decide in coming weeks.

Following severe liver failure diagnosed in the Multaq users in Germany and the United States, the Transparency Commission launched a process of reassessment of the medical benefit (SMR) by this treatment and issued end April 1 project a negative opinion, according to La Tribune. If the final notice of this proceeding is unfavorable, the drug will logically be delisted.

Previously, however, a hearing requested by the laboratory of Sanofi will defend his product.Health authorities should also expect that the European authorities, leading in turn to a study on the risk-benefit ratio of Multaq, vote before taking sides.

The delisting in France of one of the few new drugs Sanofi – the Multaq is on the market two years – would lead to a sharp drop in sales. However, this treatment is not essential for laboratory, industry watchers nuance. "It is designed for uncommon diseases, its development and launch were complicated and it is unlikely, anyway, to become a blockbuster, that is to say a drug generating more than one billion in sales, "said one of them.In the first quarter of 2011, the Multaq reached 63 million euros in sales in 29 countries including the United States and key European states, Sanofi said.

Few new treatments

The laboratory has tricolor few new treatments to market quickly alongside Multaq. Its pipeline of only three drugs pending approval of marketing and a dozen products in phase 3, the last stage of clinical development. In addition, most of these treatments are not very innovative, because they are made from molecules that have been used by Sanofi. Chris Viehbacher, Director General of the sixth world laboratory, then put on activities other than drugs from traditional research.

Among the pillars of growth: emerging markets, animal health, self-medication, vaccines or diabetes.All areas which have contributed in 2010 more than half the turnover of the pharmaceutical group. Will be added in 2011, the potential of the U.S. biotech Genzyme acquired earlier this year.

Manageable or unbearable? Greek debt is the largest in the euro area relative to the size of the country. It represents almost one and a half times its gross domestic product. For the moment, Greece is on life support of the European Union (EU) and International Monetary Fund (IMF). But the aid of EUR 110 billion will be repaid from 2013.

Some, like the IMF, argued that Greece has the means to cope. However, many economists doubt the ability of the Mediterranean country to face the wall of reimbursements that will be overcome in two years. She will need to find 60.9 billion euros in 2013 and 78.4 billion next year and 85 billion in 2015, calculated the International Monetary Fund.

Privatization chain

To finance its debt, Greece has pledged to privatize public enterprises and to sell state assets to the tune of 50 billion euros by 2015. Also to ease the bill for 2015, the EU agreed to extend the duration of its loans from 3 years to 7.5 years. According to analysts at Societe Generale, it could mean that Athens has nothing to repay to the EU by 2017.

The earthquake that rocked the small Spanish town of Lorca and killed 8 people, has struck a very agricultural area and little industry. An advantage when it comes time to estimate the cost of the disaster. Insured losses (excluding public infrastructure), however, could represent "tens of millions of euros," said Baunay Yorik, director Ubyrisk and specialize in the study of natural hazards.

"The earthquake seems to have caused more damage than the information from its one magnitude 5.1 on the Richter scale, could suggest," says the consultant. "This reflects the fact that the epicenter was only 10 km from the surface." Nothing to do yet with the earthquake of 2009 that destroyed the Aquila, Italy: he had killed 308 people and cost nearly $ 2.5 billion. Nothing to do with either the earthquake and tsunami, which struck Japan in March.This disaster will cost 217 billion euros.

A region rather poor

Wednesday's quake hit a rather poor part of Spain. The Autonomous Province of Murcia, where Lorca is only in effect for only 2 no teletrack payday loans.5% of gross domestic product compared to its 3% of the population. "Beyond the human cost and trauma it caused among residents, the earthquake is unlikely to have major economic impact," said Jesus Castillo, an economist at Natixis. "But the consequences can be severe for some small local contractors whose production tool has been damaged by the disaster."

Lorca is also home to a factory in Swiss cement giant Holcim. "The 53 employees are safe," a spokesman reassured the group Thursday morning. "The site itself has undergone some very minor damage, which does not involve the production chain.Power was cut, the plant discharged and engineers currently auscultate the site. "The group does not specify how long the plant will remain shut down.

ALSO READ:

"An earthquake killed at least eight dead in Spain

"VIDEO – Lorca in shock after earthquake

"AUDIO -" As a refugee camp in the middle of town "

Second consecutive year of decline for the Nintendo group. The Japanese video game specialist has published annual results on Monday in freefall. Its net profit fell 66.1% to 77.6 billion yen (648 million). Its operating profit tumbled 52% to 171.1 billion yen (1.43 billion euros) in respect of the 2010-2011 year ending 31 March. Figures well below market expectations.

These poor results are explained by the slowdown in sales of the Wii home console blockbuster, but aging of Nintendo. The group has sold just over 15 million in 2010-2011, against 20.1 million the previous year. In addition, the launch of the new handheld 3DS relief was too late to be able to save the year of manufacturer.

The console manufacturer table for 2012 on the results up, but below analysts' forecasts.Nintendo says count on an operating profit of 175 billion yen for the year 2011-2012, against a consensus of 215.8 billion yen. "The market reaction should be bad," said Yusuke Tsunoda, a financial analyst at Tokai Tokyo Securities, quoted by Bloomberg. "Sales of Wii expected to drop as the group probably provides lower prices on the console."

"New Play"

The Japanese video game giant has tried to reassure. He announced the presentation of the successor to the Wii on June 7 at the electronics show in Los Angeles, E3. The group declined to give details, except that it will offer "a new way of playing at home," said CEO Satoru Iwata.

However, information already leaked to the press.Much more powerful than the Wii, it would be equipped with high definition, like its competitors Playstation 3 and Xbox 360. The Japanese group have also developed a new kind of controller, which is akin to a touch pad. One way to compete with smartphones that break into mobile video games. Nintendo's portable console, the DS has seen its sales plummet by 10 million units this year to 17.5 million.

ALSO READ:

"Nintendo is preparing to replace the Wii

LE FIGARO. – Why disengage from discount stores, then you had taken over Dia upon arrival at the head of the group in January 2009?

Lars Olofsson. – This project was not born yesterday. Today is the right time to achieve. For two years the situation has improved significantly Dia, and the sign is on a growth path to grow independently. I now want to focus on operational performance of the Carrefour brand.The group enters a new phase, with two new growth drivers, in addition to the emerging markets: the concept of Planet Carrefour Hypermarket and Carrefour our product offering, we will magnify and extend mainly in textiles, home and cosmetics.

Yet you found synergies between Carrefour and Dia …

Even if my ambition was to seek synergies between Carrefour and Dia, there are now very few. We found mainly in shopping for our products and brands Dia Carrefour Discount for 45 million euros. The two companies will continue to work for them.

With 25% of Carrefour Property Exchange, what you offer to minority shareholders?

It is the culmination of careful thought.Carrefour Carrefour Property sign of long-term leases (71 to 80 years) and will pay the lease payments indexed to the index of retail rents, traded for twelve years and renewable. This system is reassuring for Carrefour, which retains control of a strategic asset. This project will bring benefits to Carrefour and Carrefour Property. Carrefour, with Planet, will increase sales and improve the attractiveness of its sites. Carrefour Property will use this leverage to bring other galleries around our hypermarkets.

This year, tariff negotiations were very difficult. Why?

We have partnerships with 25 of our major food suppliers. With this, their sales increased by 8 percentage points higher than other brands. But this is not because we are one partner is allowed to make in negotiations.I asked my buyers to ensure that price increases are justified. Large groups should at least pass on higher raw materials that SMEs and farmers because they can compensate more easily through productivity gains and changes in revenue. We made 910 million euros in savings last year, our suppliers can do the same. Negotiations are tougher, but it is in the interest of consumers.

How much your rates of purchasing have increased on average?

While industrialists demanded an increase of 5 to 6% at the beginning of the negotiations we have with an increase of about 2%. But I do not rule out further increases in the year.With rising raw material, it will adjust.

Will you pass on any rate increase in your price range or, as some competitors take part in your care?

The prices on our shelves will increase by 2% on average over the period March-April, even a little more, and we remain very vigilant on prices. Last year we provided 330 million euros in savings on our purchases in Europe in the price for our customers. This year, we remain very competitive.

How do you manage the impatience of your major shareholders, who are expecting a rebound in share price?

Finally, head Crossroads? It is the customer! All I do is for the customer to be served. It is he who will grow our sales, and the market will recognize.We do our best job possible with a concept attractive, Carrefour Planet, and a range of products Carrefour booming. That's how we create value for our shareholders. The board of directors, major shareholders and I share the same strategy.

You seem to still be under their pressure. What mood are you?

If I did not handle the pressure, I was not in this position. My mindset has not changed: I am confident in the future of Crossroads. Admittedly, I had some real disappointments last year with Brazil, the profitability targets that we have missed some of the disappointing sales in France at the start of school and year-end, and finally what written negative about Crossroads Planet. We sometimes poorly communicated or poorly understood, following our comments on the results of the Hyper Ecully.But five out of six successful test stores, it's amazing! In fact, I am comforted by the success of Carrefour Planet and growth in emerging countries. The two spin-off projects should allow us to go further. We will fully develop the potential of our brand. I feel the momentum is what makes me get up in the morning.

"Accelerating the pace of store openings in China"

In China, Carrefour has been accused of cheating on prices and pressure on suppliers … Your relationship with the authorities are they degraded?

In a context of inflation, Chinese authorities have checked Wal-Mart and Carrefour. It's ransom and be a leader in the spotlight. We strive to be exemplary.We have a close and transparent relationship with the Chinese government.

The administration blames you also closing some underperforming stores …

I prefer to close some underperforming stores now rather than wait ten years, as in Belgium. We have a very healthy relationship and want to open hypermarkets profitable, what is good for Carrefour and China. We never open as many stores as last year, 30 in total. And our ambition is to accelerate the pace of openings.

Xavier Thouvenin, lawyer Michel Balthazar, was confirmed earlier this evening that his client, one of three executives at Renaultsoupçonnés spying, received Saturday morning by his employer a letter of dismissal for gross misconduct. "We're going to tribunal. However we decided to take a few days of reflection before deciding whether further proceedings, made a point Xavier Thouvenin.

Christian Charriere-Bournazel, a lawyer Bert Rochette, also suspected of espionage, means, in turn, make an action for defamation direct quote non-public proceedings before the police court on Monday."I want to force the Renault company to give us what they consider their evidence," Le Figaro said Mr Charriere-Bournazel.

It is possible that Michel Balthazard also calls a procedure to the extent that the letter he received is very similar to that of his colleague. "In his letter, the manufacturer says that my client received money from foreign sources leading Renault to be satisfied, in exchange for money, as Michel Balthazard gave strategic information to the company, said Xavier Thouvenin . The company offers no real proof and serious. She has only one conviction. That Renault made the deduction. I find it very light. It looks like a rush job. "

Another point emphasized by counsel, the change in qualifying action.The letter speaks of strategic counsel notes, while Patrick Pelata, deputy CEO of Renault, said, a week ago in an interview with Le Monde, no "nugget technology strategic plan Innovation has been filtered out of the business, including nearly 200 patents issued or pending filing.

Travel in China

In this case, Michel Balthazar, 56, a member of the steering committee, was nominally appointed by the anonymous informant. According to sources familiar with the matter, a number of trips to China within a family have been recorded as part of investigations by the manufacturer.

Michel Balthazard visited frequently in the country just to visit his son who worked there, says his lawyer.It was during trips to Korea and Japan, two countries where the manufacturer has subsidiaries, Samsung Renault and Nissan, as Michel Balthazard was organized to spend a few days in China, not really hide it in Since its tickets were booked by the travel agency of Renault. "He went one last time in China in November 2007, before her son parte settle in the United States," added Xavier Thouvenin. It was three years ago.

ALSO READ:

"Renault: a preliminary inquiry entrusted to the cons-espionage

Accor, which still holds 49% stake in Lucien Barriere, the casino operator's IPO which had failed in early October, is about to sell all of this participation which he wishes to separate for several months. The acquirer would, according to information from Wansquare, the financial services group Fimalac, also parent company of Fitch Ratings.

Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris. Indeed, the record Lucien Barriere had suffered a setback three months ago, when Accor had canceled its debut on the Paris Stock Exchange the day before the expected date of listing. The shares were offered for sale at a price between EUR 16.10 and EUR 19.60.

Following this failure, due to a lack of investor appetite for the operation casinotier them are not popular-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

For Accor, it is always about to emerge from such participation "nonstrategic" which enters its extensive program of asset disposals.

Accor should be applauded

For now, neither Fimalac or Accor, nor Lucien Barriere commented on that information. The press recently evoked potential buyers as CVC Capital or by a fund of Goldman Sachs payday loans with no fax.

"Lucien Barrière is valued between 500 and 700 million euros," Gilles Pelisson had estimated in early 2010, when he was still president of Accor.Retaining only 49% of Accor's participation would amount to around 300 million euros. "If the sale price is between 280 million and 300 million euros, the market should still applaud this agreement," commented one Paris trader Friday.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

The largest French companies are not necessarily those that relate most to the state coffers. According to a survey published this weekend in the Journal du Dimanche, a CAC 40 company in four would not pay tax (CIT) last year. Danone, Suez Environment, Total, Saint Gobain, Schneider or completely escape such levy. Half of the CAC 40 companies chose not to respond to questions from the newspaper, but "if they say nothing is that they do not pay much," says in his columns a tax lawyer. As already noted a report by the mandatory withdrawals last October, the CAC 40 companies are taxed at an average height of 8% of their profits, against 33% normally. SMEs, less able to exploit various tax loopholes, by transferring an average of 22%.

Because it is under the tax code that the contribution of big business reached a level so low. Despite the high rate of corporation tax in France, many tax provisions, such as unlimited carryover of losses, the research tax credit or the deductibility of loan interest, they can indeed reduce their payments. According to the Council of compulsory levies, the cost to the state of the various loopholes in the tax and social benefit to companies reached 172 billion euros in 2010 no fax cash advance. Danone, for example, taxes deducted from the borrowing for the acquisition of Numico in 2007, says the JDD. And if other businesses, such Total or PSA, revertants do anything this year for being in the red, they may also limit their payments in subsequent years, with unlimited carry-over losses deplored during the crisis.

Finally, as a result of these multiple devices, the product of the corporate tax is reduced gradually. Hence the idea, supported by the Elysée, an overhaul of the device for more convergence with other European states, particularly Germany. Pressure without success on Ireland to raise its IS – the lowest in Europe at 12.5% – said the crucial for France and Germany at the tax variable. If the establishment of a single rate for all European countries seems unlikely, France and Germany would lead, at least, to fix a similar attitude. The European Commission should make proposals in March.

Ranked by the Financial Times as the worst finance minister in Europe, Brian Lenihan presented Tuesday before the Irish Parliament – the Dail – the budget the strictest in the history of the island, imposed by the EU European and International Monetary Fund (IMF) in exchange for a loan of 85 billion euros.

Submitted to a vote of MPs in three stages, the 2011 budget provides for 6 billion euros in savings (4% of GDP), including 4 billion cuts in public spending to 2 billion euros in taxes. The sacrifice budget is equal to that imposed on Greece. It aims at reducing the public deficit of 32% of GDP today to 11.6% in 2011, and 3% of GDP in 2014.

The unpopularity of the government of Brian Cowen, under strong pressure from the street and the media, makes the outcome of the vote uncertain, which does not fail to worry the bond markets.Investors fear a crash with Irish impact on the rest of the eurozone.

Aware of risk, "Taoisoach" promised early elections once the budget is voted in early 2011. The financial survival depends Ireland. For loan of 85 billion euros from the EU and IMF will be paid once the 2011 budget adopted.

A first vote on the revenue side of the Finance Bill was expected Tuesday night. A second on the expenditure side will speak Thursday. A third of the overall effort is planned for early 2011.

Experts expect the Irish Parliament, ultimately, a green light for MPs, who fear bankruptcy if the rescue was delayed.But this vote will not be easy, evidenced by the actions of party leaders on Tuesday in the Dail.

Banks accused

While the center-right government presented the sacrifices required to be "balanced", highlighting the wage cuts of Prime Minister (14 000 euros per year), ministers (10 000) and senior officials, the parliamentary opposition J. burden "unfairly distributed" and "too brutal" for the middle class.

Members deem excessive price to pay for the banks, while the state has spent 30 billion euros to recapitalize them and taken responsibility for all debts of banks. This is the rescue of the banking sector that has exploded the deficit to 32% of GDP, creating panic in the markets of the State debt.Some 35 billion euro rescue plan will go to repay creditors of Irish banks, including British banks. To lighten the burden of Ireland, the IMF supported a restructuring of part of the debt of banks on the island. One option firmly rejected by the ECB and the euro area.

ALSO READ:

"SPECIAL – States face bankruptcy

G20 Seoul (South Korea) has given birth to a mouse. But should we be surprised? This summit confirmed that international cooperation that all economic, political and financial had called for at the time of the 2008 financial crisis frays. And after China, who criticized the developed countries to let its currency at low levels, it is now the United States who are the target of all criticism.

Asia-Pacific region under high voltage

So he has to go to Yokohama to attend the Asia-Pacific (APEC), against a background of rivalry between China and the United States, U.S. President, Barack Obama was quick to defend his economic policy. Objective: To revive global growth.

"As the world's largest economy and engine for global growth is particularly important," he said.He added: "That's why we have adopted an economic plan that led to five consecutive quarters of growth and development of ten consecutive months of private employment. That is why we have adopted and are implementing the most drastic financial reform since the Great Depression, something that our partners in the G20 should also urgently. And that is why we are cutting spending on what is fundamental to face significant fiscal challenges. "

Chinese President to Washington in January

Many countries, including China and Germany, major world exporters, have criticized the recent decision by Seoul to the U.S. central bank to inject $ 600 billion in the U.S. financial system payday loan.For them, this announcement is seen as a means of weakening the dollar and thus boost U.S. exports, thus threatening the global equilibrium. Conversely, the United States accuse the Chinese and the Germans do not quite reduce their exports. On the issue of the yuan, the Obama administration hopes that by January and the visit of Chinese President Hu Jintao in Washington, China has kept its promise to let its currency appreciate.

"It will take two, three or four G20"

The Director General of the International Monetary Fund, Dominique Strauss-Kahn (DSK), warns the U.S. against this "alone". Where G20 expecting a collective work, they had, he said, the impression that the Obama administration arrived with a definitive statement. "The United States went too fast at a time when the foundation of cooperation is not as strong," said DSK.But, for the sake of balance, it also calls on China to implement "as quickly as possible" its business model more focused toward internal demand and European countries to "make efforts to modify their own deficits. If he is pleased to see that the countries have realized that "there is no individual output, we must work together," he knows that respect for the global equilibrium is far from settled. "It will take two, three or four G20 to recreate this feeling that there is a collective work," says DSK.

ALSO READ:

"Sarkozy inherits a difficult G20