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IMF: Lagarde wants to continue the reforms initiated by DSK

Friday, June 24th, 2011

The oral examination lasted three hours. Christine Lagarde, the French candidate for the leadership of the International Monetary Fund (IMF) met during this period with members of the board of the organization. When he left the organization's headquarters in Washington, she said, in a brief statement to the press, its wish to be selected to continue the reforms initiated by Dominique Strauss-Kahn.

"I think we should make the Fund more responsive, more efficient and certainly more legitimate. And that really requires a lot of potential improvements, but also the continuation of reforms that were undertaken by my predecessor, "she said in English. "I believe that the Fund is a remarkable institution with an exceptional staff, and must always strive to be more responsive, more engaged, more legitimate with all of its 187 members.In any case, it would be my ambition, "she said, in French this time. "It's now up to member states to decide."

The French Minister of Economy is opposed to a Mexican candidate, the governor of the central bank Agustin Carstens, to succeed the French Dominique Strauss-Kahn, who resigned May 18 It provides, inter alia, support non-official Washington. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF."

The next step is a formal meeting of the board Tuesday to consider the two applications. The Board of Directors of the IMF must choose between her and Agustin Carstens by June 30.

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Rising prices stabilized in May in France

Wednesday, June 15th, 2011

Lull on the inflation front. The price increase was limited to 0.1% in May (+2% yoy), according to figures released Wednesday by the INSEE. "Increases and decreases balance almost note INSEE. The seasonal increase in prices of fresh produce is particularly strong this year and other food products is important for the contrary, prices of energy and transport services and communications are down. "

The food products saw prices rise by 1% in a month. Growth driven by fresh products (+3.4%).Fresh fruits such as they are down 1% year over year, recorded a jump of 8.1% in May! Other foods suffer the consequences of soaring agricultural commodities: coffee, tea and cocoa rose 2.1% (+6.2% yoy), oils and fats by +1.4% (+4, 7% a year), bread and cereals by 0.6% (+1.7% yoy) and meat by +0.6% (+2.2% yoy).

"This explains why the French have a real sense of erosion of their ability to consume: the rates of many symbolic products purchased daily and can vary abruptly, which frankly is not likely to reassure them," says Alexander Law , chief economist at Xerfi.

Decline in telecoms

For the first time in eight months, energy prices have however declined by 1.3% in May after an increase of similar magnitude in April (+11.3% yoy), following the fall in prices barrel of oil. In detail, fuels recorded a more moderate decline of this set, to -1.4% over the month. It is "both for seasonal reasons and because of different tax rates, advance INSEE.

All prices for services other stores edged up 0.1% in May while the telecommunication tariffs fell by 1.1% (-2.4% yoy). Manufacturing (automotive, furniture, clothing, …) are also down (-0.1%).

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New Aid to Greece: Berlin stands up to the ECB

Saturday, June 11th, 2011

Angela Merkel and her finance minister, Wolfgang Schäuble, returned armed with a new determination of their stay in Washington this week. The Administration of Barack Obama wants to see Germany play its leadership role in the crisis of European debt. The Chancellor and his lieutenant have closed ranks of their majority, to vote in the Bundestag the principle of a new aid to Greece. But Berlin has gone on the offensive against the European Central Bank (ECB) to try to impose a debt restructuring Greek.

Convinced Europhile, Schäuble got this Friday, the members support in principle for a new aid to Athens, after a fervent plea for the "German responsibility toward Europe.""It is we who have benefited most from the euro," insisted the minister, "and as such we have a responsibility towards Europe," and even "a responsibility to the world." After stirred a debate, members of the majority adopted a resolution supporting the principle of a new aid in Athens, under certain conditions. The text has a limited legal value, but for the government, its adoption has strong symbolic significance.

In his speech to the Bundestag, Schäuble indicated his willingness to agree with the ECB on modalities. Powered by government sources in Berlin, the German media are lashing on the ECB.

Accused of "Badbank"

Supposed to protect the euro by a foolproof financial orthodoxy in the German spirit, it has always been suspected by Berlin to maintain a "stability culture" doubtful.Here it is accused of playing the role of "badbank" because it takes as collateral assets degraded and Greek bonds bought on the market by threatening bankruptcy.

The debt restructuring Greek, considered indispensable by Schäuble, it would pose significant risk. Therefore she would have objected. The chief economist of the ECB, Germany's Juergen Stark, has protested against these accusations, this Friday, and defended the reputation of the monetary institution. "It is clear that the ECB and the Eurosystem took additional risks on their balance sheets," he conceded. He added: "It is misleading the public that the only point of balance sheet of the ECB, because monetary policy is conducted with the national central banks. We have monitoring bodies, we tightened our requirements for collateral accepted.We are neither naive nor ignorant of the risks. "Pushed by deputies and a disgruntled public, Schäuble is not ready to drop his arm wrestling.

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60 billion new aid for Greece

Saturday, June 4th, 2011

Horizon Financial Greece cleared with the finalization of a new rescue plan, estimated at between 60 and 65 billion euros by 2014, involving the eurozone, the IMF, Greece and banks. Following a meeting with Greek Prime Minister, Luxembourg, the head of the Eurogroup Jean-Claude Juncker, announced Friday, "an additional funding of Greece, in exchange for strict conditions."

For their part, the emissaries of the "troika" (EU, IMF and ECB) gave the green light Friday to pay "probably early July," the fifth installment of the loan of 110 billion made last year or 12 billion euros. Troika calls in return an "acceleration of structural reforms and budget."

Details of the new support plan for Greece were not disclosed, but the broad outlines are known.Half of the envelope will come from new loans in the euro area (20 billion) and IMF (10 billion). A quarter of the effort will fall to Greece. The rest will be borne by the private sector "on a voluntary basis," said Jean-Claude Juncker Friday.

Clearly, banks will, as requested by Germany, commit to maintain their exposure to the country's debt, probably by buying securities with the maturity of their loans. The financial effort required for the private sector will not be minor. It should be about 15 to 20 billion euros, according to European sources.

Expected new sacrifices in Greece

"On this basis, it is clear that there will be no exit from Greece to the euro area, there will be no default," assured the head of the Eurogroup.On Friday, the markets welcomed the news: Greek bond yields were down sharply, the Athens Stock Exchange hit a record high at over 4.42% in the afternoon, while the euro climbed to $ 1.46, the highest since the beginning of the year.

Financiers, however, remain cautious, particularly about the involvement of banks forced march. "It is unclear what kind of incentives will persuade investors to buy debt Greek long-term interest rate close to that of Greece itself does not," note analysts at Capital Economics . Friday, Jean-Claude Juncker has ensured that Greece was ready to create a privatization fund, which should give lenders insurance on collateral.

Greek side, the counterparty to the new rescue plan is far from painless. The state has undertaken to save 6.4 billion euros more by the end of 2011.These include new sacrifices, among others, greater downsizing in the public service cuts on wages, hardening the fight against tax evasion, the VAT increase from 13 to 23%.

If the government breathing, public opinion, she continues to cry out his despair. "New loan means more rigor" resumed Yannis Panagopoulos, the union president of the private (GSEE). "We sell the country's heritage and we bled the people is a crime. And this is only the beginning. The consequences will be terrible "carried away there. Several thousand people are expected in the streets of Athens on Saturday.

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Bertrand Puech: "We are subject to constant attacks"

Monday, May 30th, 2011

Hermes is Monday night in Paris the first general meeting of shareholders since its entry in October 2010, the capital of LVMH (with 20% today). The heirs, who hold 72% stake, hoping to get the green light in September the Court of Appeal of Paris to their proposed freezing holding a majority of shares, to defend against a raid by Bernard Arnault. Bertrand Puech, president of Émile Hermès family (sole general partner of the listed company Hermes International), a member of the fifth generation of heirs, is against the proliferation of litigation against the project, including those of the Association for the Defence of Minority Shareholders chaired by Colette Neuville.

LE FIGARO. – What will you announce to the general meeting of Hermes on Monday night?

Bertrand Puech.- We will announce, as we know already that 2010 was one of the finest, if not the best year, Hermes has lived for 174 years. The results were extraordinary in an economic context that was not favorable. This allows us to pay a dividend of 1.50 euro increased significantly compared to normal.

LVMH will he represented and he can enjoy his voting rights? Are you afraid of possible obstructions of the meeting?

The shareholders are all invited no teletrek payday advance. LVMH said it would. He always said, if his friendship, in any case his pacifism. I am not chairman of the meeting but things should happen normally, as usual.

What do you think of recent legal actions taken by minority shareholders against the proposed family holding Hermes?

I do not understand.It's very sad and painful for members of a family committed to an ethic of openness and honesty for generations to be scratched before the courts, then we're just defending the values ​​of quality. You should know that Ms. Neuville is a minority shareholder, who owns a single share, which represents only herself. She can not speak for the association which is not approved by the AMF. And it is wrong to fight. If she wanted to play a role in defense of minority, why does she not be interested in the fact that one shareholder said suddenly have 17% of our capital, purchased since 2008 without making it to the markets? I think she has given way to a big bad wolf.

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Reduce immigration, a red herring for economists

Friday, May 27th, 2011

In recent weeks the government has repeatedly expressed its willingness to reduce migration flows. In April, the Interior Minister, Claude Gueant, promised "to bring down the volume of legal immigration." This week, the immigration of work he begins work. "Contrary to legend, France did not need the skills of immigrant, said the minister. It has the resources necessary "to fill its vacancies and" did not need bricklayers nor servers restaurants. "It is common sense," outbid Tuesday Budget Minister Baroin. A sense that still leaves many economists skeptical.

"On paper, it may be tempting to put face to face and unemployed immigrants," said Patrick Simon, a demographer at INED.If the French labor market was free of immigrants, it would make it not even more vacancies for indigenous peoples whose unemployment rate is one of the main concerns? "They forget that these two categories of people are not interchangeable," said Patrick Simon. Clearly, natives and immigrants do not occupy the same types of jobs, and make little competition. "They would rather complementary. And in this regard, there is a relative consensus, says Xavier Chojnicki, economist at CEPII and University of Lille 2. Most studies find indeed a very small impact of immigration on unemployment. "

"In France and Europe, the labor market is very segmented," he says. Immigrants often occupy low-skilled jobs, low wages, difficult working conditions.Areas of restoration, construction and personal services for example, still struggling to fill jobs that natives consider insufficiently attractive. According to the latest survey on the needs of labor performed by employment center, 61% of the offers of aid to home and pose difficulties for recruitment. "If the stream of immigration had to be reduced, this would create further difficulties in recruitment of these areas," said Xavier Chojnicki. With a probable consequence of a sharp rise in the black.

20,000 people per year

"In addition, try to reduce labor migration is surprising because it includes more migrants selected," Patrick says Simon.These 20,000 people a year who come to work in France at the request of business owners do in fact represent a small fraction of the 200,000 immigrants who settle there each year, including family reunification or humanitarian grounds. "Employers expect an easing of the rules because they need the foreign labor," he says.

Since 2006 and until recently, Nicolas Sarkozy also advocated for a "selective immigration", encouraging the arrival of candidates selected according to their professional profile. "Since then, labor migration has increased from 10,000 to 20,000 per year," said Patrick Simon. A marginal number compared to 500,000 job vacancies currently unfilled in France. "In total, this is not much either compared to the total migratory flow," J. demographer.Because France, like most European countries, is struggling to bring immigrants into its territory the most attractive. As such, Canada, Australia or the United States doing well ahead of the game their best

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The debate about replacing DSK IMF opens

Thursday, May 19th, 2011

The U.S. government has dropped Dominique Strauss-Kahn. The United States, largest shareholder in the International Monetary Fund (IMF), followed by China, have been opened wide debate replacing the selection of the head of the monetary institution. "Obviously Dominique Strauss-Kahn is unable to manage the IMF," said Tim Geithner on Tuesday night. It was the first public comment from the U.S. Treasury Secretary on the individual circumstances of DSK. "It is important that the Board of Directors of the IMF should establish a formal ANYONE who acts as General Manager for an interim period," added Tim Geithner knows very well that the IMF for having been one of its Senior from 2001 to 2003.

A few hours earlier, the question of succession had already been given to the public by European leaders.Including Angela Merkel, then by the finance ministers of Austria and Spain. Some did not wait to know whether Dominique Strauss-Kahn would be prosecuted for speaking openly about his replacement.

John Lipsky, IMF number two just became number one acting. Photo credits: Haraz N. Ghanbari / AP

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Sanofi starts against Crohn's disease

Monday, May 16th, 2011

While the French laboratory had to pay $ 20.1 billion two months ago to put (last) hands on the giant American biotechnology Genzyme, renewal of product portfolio does not seem finished.

Certainly, this large acquisition Sanofi offered the double advantage to gain strength in biotechnology, a field in which he accused some delay, and the muscles of the profile of its development pipeline. But it does not completely solve the problem of loss of its main patent medicines, a loss that threatens almost 30% of sales of Sanofi between 2008 and 2013.

Hence the willingness of management to continue to develop other partnerships in research and development, like the one unveiled this morning by the French laboratory.In a statement, Sanofi announcement that he will spend 50 million dollars to obtain from the French subsidiary of Glenmark India, exclusive marketing rights in North America, Europe, Japan, Mexico, Argentina, Chile and Uruguay from GBR 500. This monoclonal antibody, currently in phase I clinical trial is developed for the treatment of chronic autoimmune disorders. The license acquired by Sanofi on the product concerned in particular the treatment of Crohn's disease (chronic inflammatory gastrointestinal) and other chronic autoimmune diseases.

If it came on the market, the product would otherwise be co-marketed by both groups in Brazil, Russia, Australia and New Zealand. This horizon remains distant, the GBR 500 being still in early stages of development (determination of the optimal dose and safety profile).Then remains to determine the safety profile and effectiveness, on a limited number of patients and more extended. Tests that require several more years.

Second agreement between Sanofi and Glenmark

Under the agreement, Glenmark will receive an initial payment of $ 25 million at the close of the transaction, then a second payment of $ 25 million contingent on the positive assessment by Sanofi, some data provided by Glenmark. The latter will also receive milestone payments based on the development, registration and marketing of the product. Finally, Glenmark will receive double digit royalties on net sales of marketed products.

This is not the first time the two groups work hand in hand.A year ago, Glenmark and Sanofi had in fact already announced a similar agreement (upfront payment, milestones and royalties) of up to $ 325 million for the development and commercialization of new molecules, including GRC 15300. This molecule is in Phase I clinical trials in the treatment of diabetic neuropathic pain and osteoarthritic pain.

With this new license agreement, Sanofi like to continue on a policy to acquire new products, while sharing the risks inherent in medical research. If successful, it would allow Sanofi to expand in Crohn's disease, a condition in which the need for therapeutic innovation is important. Indeed, current treatments do not allow patients to cure the disease but simply to control and limit the debilitating symptoms associated with it.In France, this disease affects about 1 in 1000, approximately 60,000 patients potentially affected. The young biotech company Neovacs also working on this disease, and is currently conducting a clinical phase I / II drug candidate TNF Kinoid. Biotech has introduced about a year ago on Alternext to find the funds needed to develop its product.

At the Paris Bourse, the announcement of Sanofi has been rather well received, clinching the title 0.41%, to nearly 54 euros in a bear market. Since the beginning of the action of the pharmaceutical company rose 12.85%.

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Saab divorce Hawt

Thursday, May 12th, 2011

It was an ideal solution to address the financial situation of Saab, whose factories are shut down since the beginning of April. Under the agreement signed in Beijing on May 3 last year, the Chinese carmaker Hawt should be made to the Swedish brand, owned by Dutch Spyker, the 150 million euros needed to boost its production and pay suppliers.

But the agreement was canceled Thursday Spyker said in a statement. "Since Hawt was unable to obtain necessary consents from its shareholders, both parties are obliged to cancel the agreement," said the document, noting that the two companies will lead discussions for possible cooperation "without being exclusive."

The spokesman for Saab Gunilla Gustavs, gave no details about the role of the report of the Embassy of Sweden, published on May 5 in the cancellation of the agreement between the Swedish brand and the Chinese producer. "Work continues to ensure funding in the short term and medium term," she said in comment on the decision of Spyker. "No deadline has been set for the discussions, but to reach an agreement remains our top priority easy payday loans."

Another Chinese group in the partnership

Hawt Motors automotive group was surprised by the decision of rupture. According to statements obtained by Xinhua, the marriage between Saab and Hawt was taken too Quickly.

But while Saab would not be lost. A partnership between the Swedish manufacturer, Hawt Beijing BAIC and the producer would be considered.According to a press Hawt, "it goes beyond a simple strategic partnership, promoting a common technology, which could further develop the production." For its part, Reuters says that the Chinese automaker Great Wall would still be interested in investing in Saab.

Following the cancellation of the agreement, analysts in the automotive sector, concerned about the future of the Saab brand. Tom Muller, an analyst Theodoor Glissen, announced that during the first three months of 2011, Spyker has spent nearly 70 million euros to keep the brand afloat. "The group lives on a daily basis, and not because he has no funds to meet future orders. It is already making money from its suppliers.

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ICL sees its transition to free

Saturday, May 7th, 2011

LCI she will soon be a free DTT channel? The matter is under study in TF1 wants to preserve one of its jewels. The first group of private television has quietly begun consulting the public to know under what conditions this could be changing.

The proposed solution is the demand in good and due form the High Council of Audiovisual (CSA) changes of the Convention on LCI pay channel free channel. What embarrasses the regulator, because the operation is not without risk and "give rise to litigation," promises an expert of the file.

TF1 pleads for the public interest and diversity of information in television. But critics denounce them, "a substantial modification if it completely changes the LCI media landscape." And everybody will go before the State Council.Government side, we observe with interest the maneuver. The State has to settle the sensitive issue of bonus channels, the passage of free LCI could be a good way to calm the war between TF1, M6 and Canal + since it unveiled its draft Canal20 free channel. In exchange for the rescue of LCI, TF1 calm his opposition to the arrival of new competitors.

Finding new advertising revenue

Canal + has been very clear make quick cash. This is not about to pay 15 million euros per year for LCI is only CanalSat. Bertrand Meheut, CEO of Canal + 'the info is now free. " Canal + in fact no longer wants to put money on the table to distribute news channel competing with its own channel i-Tele. According to observers, Canal + could just pay 2 million euros per year. This will leave a hole in the finances of LCI.Especially as Numericable is preparing, in turn, reduce by half the fee of 5 million. Consequently, LCI, which is already losing 5.8 million euros for a turnover of 42.7 million must find the money. The news channel is currently negotiating distribution for all IPTV operators but this is not enough to offset the loss of the amount of Canal +.

If LCI chooses to stay free, we must find twenty million of additional advertising revenue to balance its accounts. But the market is crowded by BFM TV which has a total turnover of 34.5 million euros and i-Tele.

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