Operators should not be inspired by the close-hearted Wall Street yesterday, nor one in the red, the Asian market this morning guaranteed online payday loans. They should also take time to digest the advertisements of the leading finance ministers of the euro zone, Jean-Claude Juncker, made in Tuesday night. The latter has warned that the Financial Assistance Fund (EFSF) would reach "probably not" the one trillion euros, as had been promised after the crisis summit last October.

Italian bond yields to six months jumped to 6.504% against 3.535% in a similar operation on October 26 while rates at two years have soared to 7.814% against 4.628%, unheard of since the creation of the euro area. These levels are considered unsustainable over time to the peninsula awash in a huge debt representing approximately 120% of its GDP.

The Treasury, however, managed to raise as planned EUR 10 billion with a demand remains strong make quick cash.

At the head of the country for less than two weeks, Mario Monti said on Thursday during a mini-summit in Strasbourg to the French President Nicolas Sarkozy and German Chancellor Angela Merkel, that Italy would "do its homework "and take the objective of a balanced budget in 2013. A goal that will require the rapid adoption of new austerity measures.

Tackle pension reform

The draconian austerity plans adopted in July and September will indeed not sufficient when the latest statistics (consumption, industrial production) fuel fears of a recession into the third largest economy in the euro area.

Ten days after a summit of the European Union has offered a new and generous aid package (130 billion of soft loans and additional deletion of 50% of its bank debt), Greece has still failed to respond positively to its European partners. The ongoing political chicanery in Athens are now exasperated the northern Europeans. Former German Chancellor Gerhard Schröder has just said out loud what they think almost all of his compatriots: "Greece should never have been back in the euro area! ".

Four days after returning from Brussels summit, Greek Prime Minister George Papandreou announced unexpectedly that he would submit to a referendum history of the Europe Agreement on October 27.In his speech before the vote, Prime Minister pledged to work towards forming a national unity government, which would then be able to obtain approval from the European level by a qualified majority of the Greek Parliament.

Saturday at midday, Papandreou has therefore gone to the President of the Hellenic Republic (with powers more symbolic than real, like the presidents German or Italian), asking him to convene the party leaders in for the formation of a grand coalition. But Antonis Samaras, the leader of opposition party New Democracy (center right) then stated publicly that he demanded the resignation prior Papandreou, in his eyes too discredited claim to form such a government of national unity.

Sheila lives in Los Angeles, but that it is today came Torrance consult the job offers. "I might have better luck here," she sighed half-heartedly.At about twenty miles west of downtown, Torrance is home to the headquarters of U.S. automakers Toyota and Honda, companies that only hire certainly not now, but around which created an economy of small merchants , restaurants, etc..

Degreasing the chain

Eighth global economy, California stands today especially the second worst unemployment rate in the country (12.1%) after the Nevada (13.4%). Only the San Francisco area, the heart of high-tech industries and the Internet is more or less spared thanks to companies like Twitter and Facebook continue to recruit qualified personnel. The rest of the state bogged down. Building on education, the downsizing continues as roads and school performance deteriorated.In the center, in the San Joaquin Valley, the unemployment rate reached 40% in some towns. To the south, near the Mexican border, it rises to 26% in the Greater El Centro.

Alarmed by stagnant growth, stock market rout and a nagging housing crisis, employers in California have eliminated 8,400 jobs in August (after having created 98,500 since the beginning of the year). 3600 of them were eliminated in the public sector. The teacher Cindy Cheritan is one of the many victims of these cuts. She found herself obliged to accept a job as a nurse throughout the summer, paid $ 50 per day, because the City of Downey, where she works, can no longer afford to offer the remedial courses that summer allow teachers to make ends meet during their two months of unpaid leave."I've mostly replacements, says Cindy, because it is currently impossible to get tenure."

Three hundred applicants for every job

Cindy's case is emblematic. She returned several times the path to college for a career change. Having obtained a real estate license at the beginning of the real estate crisis of 1997, she was forced to abandon this activity almost immediately. "At the time, there was a shortage of teachers. So I opted for this profession. "Struck by bad luck, she became a teacher at age 45, after five years of study, just when education authorities began to fire teachers. Cindy is now for the group 16.3% of Californians living below the poverty line.At 50, she returned also live with her parents.

"We see a lot of engineers, says Christina Haggins, the job center of Redondo Beach as the aerospace industry, a strong presence here, has eliminated thousands of jobs. Recently we even had a judge have been unemployed for several months. We tried to help him, but he still has not found anything. "

According to the California Labor Department, about 300 candidates apply for each job. As was recently the case in a holistic care center for pets. "They were looking for a receptionist. We were 250 to introduce ourselves, "said Julie, unemployed for two years.

California and have any interest in adopting the employment plan recently presented by Barack Obama.The $ 3.9 billion allocated to infrastructure renewal of the state could create 51,500 jobs, 37,000 teachers could find the way to school. Finally, about 710,000 SMEs would receive tax cuts and social security. "We absolutely must get out of the economic hole we have fallen," calls the director of the Institute for Research and Development of the use of UCLA, Chris Tilly. "People need to get back on their spending and businesses to hire."

After opening up 1.21%, the benchmark index of the Paris Bourse is pressed into the red in the morning before showing a slight increase of 0.54% to 3062.14 points. Sign that markets are not completely reassured by the decision of the central bankers of the richest countries to mobilize to prevent the drying up of banks' liquidity in dollars. "There is no particular news. The market is perhaps a little profit after rising in recent days, "says Dov Adjedj, vendor shares at Aurel BGC.

In turn, other European financial centers are currently in the green: the Footsie-100 from the London Stock Exchange rose 0.84% ​​to 5382.27 points, the Dax in Frankfurt in 5570 to 1.14% , 82 points, but the Madrid Ibex-35 yields 0.17% at 8323.7 points while the FTSE Milan Mib rose 0.82% to 14,763.22 points.

Thursday night, the European Central Bank (ECB), the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan reopened their facilities dollar loans to European institutions to three months, at their request . The decision was hailed by leading international institutions including the IMF, through its President Christine Lagarde: "This is a clear indication from the two largest euro area members of a economic point of view that Future of Greece is truly in the euro area.This appears to be strongly rooted in them both, "she said Thursday, referring to the Franco-German tandem. The same applies to the ECB: "We're all very closely 'united in one purpose'," said Thursday Jean-Claude Trichet, president of the ECB.

A meeting of finance ministers in Poland

Still, brokers are concerned that this improvement was not part of the time. "The coordinated central bank takes the market on Friday," noted Toshiyuki Kanayama, broker at Monex, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "And for him to echo, the Austrian Minister of Finance, Maria Fekter, has not ruled on Friday that a failure of Greece is a better alternative to a bailout too expensive."We should consider this alternative," she started.

Suddenly, all eyes have turned to Wroclaw in Poland, where there is a meeting of EU finance ministers on Greece. It should last two days and overcome the remaining obstacles to the implementation of the second aid plan in Athens decided July 21 to avoid a bankruptcy of the country. Note that Timothy Geithneir, the U.S. Treasury Secretary, will attend the round table. Two press conferences are scheduled this Friday at 24:00 and 17:30.

On the foreign exchange market, the euro bought 1.3798 dollars, down 0.61%. Similarly, oil prices down slightly popped, a barrel of "light sweet crude" earned 5 cents to 89.33 dollars."This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

On the macroeconomic front, the euro area recorded an external trade surplus 4.3 billion euros in July against 4.7 billion a year earlier, according to first estimates released Friday by the EU statistics office Eurostat .

In France, business start-ups in France rebounded in August after two months of decline. A total of 41,697 companies were created last month, according to Insee, a figure up 7.5% from July, which was the worst month for a year and a half.

In Germany, German Chancellor Angela Merkel said today that German GDP growth would be "closer to 3% than 2.5%" this year.This statement comes as concerns about the impact of cooling of the global economy on the German economy, heavily dependent on exports, are more vivid.

United States, the net capital flows and the index of consumer confidence from the University of Michigan will be published early in the afternoon.

Values ​​to follow

Banking

After the decision by central banks to help European banks, the banks were moving in a disorganized mid-session: Societe Generale (2.40% to 18.77 euros), Credit Agricole (-0.05% to 5 , 52 euros) and BNP Paribas (-1.61% to 30.01 euros)

Air France-KLM (1.39% to 6.14 euros) and EADS (-0.88 to 22.06 euros)

The manufacturer will control 50 devices equally between European manufacturers Airbus and Boeing, for a total of $ 11.3 billion (8.1 billion euros) to ensure the renewal of its fleet, say Les Echos to be published Friday.

Hermes (-7.10% to 249.25 euros)

Resumption of trading on Friday for the title of the luxury group, which was suspended the day pending the decision of the Court of Appeal in Paris on speculation about the fate of its capital due to a possible takeover bid by LVMH.

Areva (-1.62% to 20.66 euros)

The group has suspended two months for the production of two French factories processing of uranium due to the decline in demand for nuclear power plants in Japan after the disaster in Fukushima, officials said Thursday from the French nuclear group.

EDF (3.34% to 21.33 euros)

Group and Electrical Delmi A2A and its majority shareholder, who jointly control Edison, announced the extension of their shareholder agreement until October 31 at number two in the Italian electricity.

The reform provides for the extension of the tax credit for sustainable development – given to households who install a heat pump or insulate their roof … – Until 31 December 2015. The credit will be enhanced even when the fireplace combine the installation of multiple devices. The Department of Ecology has also provided several scenarios in which the tax benefit may be increased to 50% instead of 13% to 45% today awarded based on the equipment installed.For roof insulation, for example, the owner will add those walls and piping fast cash advance loan.

The return of accumulated tax credit – eco-PTZ

Canceled earlier this year, the cumulative tax credit and an eco-interest loan will become possible, under certain conditions. The government plans an income ceiling set at 30,000 euros annually. In addition, households will still opt for the tax credit or the interest-free loan. The repayment period of the latter will also be extended to 15 years instead of 10 now.

In against part of the aid extended, the government will however reduce the benefits to other work. The list of eligible acts will be tightened, and a movement of the plane of 10% will be applied to the current subsidy rate.

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.

Main challenge, launched in 2007, the current ForTwo, which "is in the middle of its life cycle has not been renewed recently, the boss says Le Figaro Smart. Since the shutdown of the Roadster (end 2005) and the Forfour (2006), this small two-seater declined in coupe and convertible is the only model in the range.

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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