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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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IMF: India does not undertake on behalf of Christine Lagarde

Tuesday, June 7th, 2011

From our correspondent in India.

The French Minister of Economy, Finance and Industry met Pranab Mukherjee, his counterpart of Finance in India, and on Tuesday she will meet with Prime Minister Manmohan Singh. It should also see Montek Singh Ahluwalia, Deputy Chairman of the Commission Plan. It is no coincidence. There are a few more days, Ahluwalia had been presented as a potential candidate from India. And why not, BRICS, the bloc of emerging economies that account Brazil, Russia, India, China and South Africa. Then the rumors were silenced. Officially, Montek Singh Ahluwalia would have exceeded the age limit for a candidate.In fact, Delhi has decided not to enter the race.

"The selection of the Chief of the IMF or the World Bank should be on the basis of merit, competence and transparently," Pranab Mukherjee launched after receiving Christine Lagarde. "Since the World Bank president has always been an American and a European director of the IMF, it would be logical to try to persuade the fund to elect now a candidate from a developing country, whose influence on the global economy is growing, "protested Anant Goenka, an economics professor. Continuing: "Why this silence (from India) while China, Brazil and South Africa are on the frontlines demand a change?"

Paradoxically, New Delhi does not seem interested in carrying the "Battle of the IMF."Defeatist, India? "You can say so, but the silence of Delhi shows that Indians are particularly realistic in this matter," says BL Pandit, director of the Delhi School of Economics. It is not a democratic election, the contribution of India to the IMF's reserves is not very high, and finally, everyone here thinks that games are made and, again, the position go to a European cash advance loan no fax. " He acknowledged however that "things are changing rapidly" and that growth is changing latitudes, "it might be that the leaders of the Western world are considering share positions in international forums."

The Mexican candidate is expected Friday in India

At the last summit of BRICS in China last April, India had not been left to demand a reform of the Bretton Woods for emerging countries.In late May, when Dominique Strauss-Kahn had resigned, Manmohan Singh, who was visiting Addis Ababa, had stormed: "Reform of the Bretton-Woods is a priority for developing countries." He has since changed his tune. On the occasion of the visit of German Chancellor Angela Merkel in late May, the leader of the Indian government said: "A prestigious position must go to the best candidate, regardless of nationality."

Friday, it was the turn of the Mexican candidate, Augustin Carstens, to come "courting" the Indians. The Governor of the Central Bank of Mexico would have already secured the support of Brazil. As for Christine Lagarde, she will travel to China. Beijing would be willing to support the French if they receive in return, the post of Deputy Director of the Fund at the end of the year.BRICS speak anyway no one voice since, the last G8 summit, Russia has already row behind Christine Lagarde.

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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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Bin Laden, a fortune dedicated to terrorism

Monday, May 2nd, 2011

Difficult to assess the fortunes of Osama bin Laden, as the opacity of its funding sources has always prevailed. Before the attacks of September 11, 2001, the financial empire's founder and leader of al-Qaida announced until his death last night, was estimated between 30 and … $ 300 million. Only certainty, the first pillar of the wealth of terrorism based on the legacy of his father.

Mohammed bin Laden, Osama's father, made his fortune in construction and public works. At the latter's death in 1967, the leader of al-Qaeda share the inheritance with her 54 brothers and sisters. In all, Osama Bin Laden "received between 12 and 15 million dollars" between 1974 and 1994, according to Yeslam bin Laden, one of his half-brothers.

Present in 35 countries

Some of the funding received has been reinvested in other companies in Saudi Arabia or Sudan, thereby making a profit.Osama bin Laden had created a parent company, Wadi al Aqiz, head of a network of numerous legal societies and implanted in nearly thirty-five countries.

The Ladin International Company, an import and export, Taba Investment and Hijra Construction Company, specializing in construction are among the largest subsidiaries of the businessman terrorist. But these companies also served as cover for militants of al-Qaida. They fund training camps or buying weapons and receive "gifts" from Islamic banks branched through accounts and offshore tax havens.

From multinationals to SMEs

With the end of the first Gulf War in 1991, and the installation of U.S. bases on Saudi soil, Bin Laden decided to conduct a holy war against the United States. Replica of Washington and its alies: its funds are now tracked.Bin Laden fled to Sudan from 1994 to 1996. He bought land, invested in small business. Like the international financial network created in the 1980s, these companies often have two facets. Peanut farm houses a terrorist training site.

Managed well, business does not rotate at best. Bin Laden is forced to lower wages and to sell certain subsidiaries. No matter: "Terrorism is a low cost business," writes the Wall Street Journal in September 2001. If the September 11 attack has cost 400,000 to 500,000 dollars, the 1993 bombing against the World Trade Center would need $ 10,000.

Afghan exile

Expelled from Sudan in 1996 under pressure from the Americans, bin Laden returned to Afghanistan. The Sudanese government expropriated the terrorist during flight, according to the report of the American Committee of Inquiry on September 11.This second exile seems to coincide with increased financial difficulties on the ground. The branch of al-Qaida in London would have experienced problems paying their phone bills. For many decades, "Bin Laden has engaged in activities that eat money, but do not create," says the Saudi dissident Muhammad al-Massari, quoted by the Wall Street Journal.

Still, bin Laden also benefits from the charity to Muslims around the world, but that they know so far that their donations would be used to finance terrorism. According to a diplomatic report from 2009 revealed by Wikileaks, the Americans suspect of private foundations in Saudi Arabia, Kuwait and Qatar to finance terrorism without limit. The villa in which Bin Laden has spent his last days, near Islamabad, is estimated at nearly one million dollars.

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The majors of the black gold reconnect with the super-

Friday, April 29th, 2011

It's a good week ending for large oil companies. Alternately, the ExxonMobil, Shell and BP have announced excellent quarterly results, driven by inflation of a barrel. Friday, Total and Chevron have completed this list of "super-" the French group has a net profit of 3.9 billion euros. Enough to power once more controversy when fuel prices are stealing record after record. Currently, a liter of super unleaded costs an average of 95 € 1.53 in France. And Christophe de Margerie, Total's chief executive, has incurred the wrath of the Elysee Palace after stating that the milestone of 2 euros was in the order of things.

Click on image to enlarge.

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Air France would be renewed Gourgeon

Monday, April 18th, 2011

These last two years have not been easy for the CEO of Air France-KLM. This old company, which has assisted Jean-Cyril Spinetta at Air France for fifteen years, was confronted with poor financial performance, and the disaster of flight from Rio to Paris, which has tainted the image of Air France . But according to Liberation on Monday, the appointment of Pierre-Henri Gourgeon, head of the company since 1 January 2009, will probably renewed in July. His name would be formally raised in May. Then, shareholders will be asked to vote at the general meeting on the proposed extension or a renewal for two years only, half a term.

In this case, two deputies: one for Air France and KLM to another, according to one close to Nicolas Sarkozy, says Liberation. Thus, a successor would emerge that could take the reins of the company thereafter.This, in mid-2013, when Jean-Cyril Spinetta, the chairman of Air France-KLM, will reach the age of 70, who is a limit to the exercise of such functions.

Favorite of the government, supported by the company

It should be noted that the position of president of the airline is coveted. Several names have often been quoted by the press as potential successors to Pierre-Henri Gourgeon. There was the former Secretary of State for Foreign Trade, Anne-Marie Idrac, the former boss of Accor Gilles Pelisson, chief of staff Christine Lagarde Juniac Alexander, and Anne Lauvergeon, who was head of Areva.

Pierre-Henri Gourgeon has the support of the employee shareholders of Air France-KLM, and especially that of Jean-Cyril Spinetta. But the chairman of the board of directors of Air France-KLM is very influential to its directors, but also to the Elysee.Also chairman of the supervisory board of Areva, Anne Lauvergeon he would have supported its retention at the head of Areva, but not for Air France, told Liberation source familiar with the matter.

The Elysee Palace would consider the idea of ​​appointing someone new in the field of air transport would be dangerous for the company, says the daily. The candidacy of the current CEO should satisfy the state shareholder. The president Nicolas Sarkozy has indicated that one of the main qualities of Jean-Cyril Spinetta had been "choosing Pierre-Henri Gourgeon to replace him," according to La Tribune.

In this case, the role of the state has often been emphasized, because even if it only holds 15% stake in Air France-KLM, he remains the majority shareholder.In case of renewal effective, Pierre-Henri Gourgeon would include the mission, according to one executive of Air France-KLM parLibération city, "to conduct necessary reforms and unpopular," before retiring.

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Fuel: a gesture of 115 million euros

Monday, April 11th, 2011

Producers, refiners and distributors of French petroleum fund to the tune of 115 million euros increase in tax deductions related to fuel costs, a "drain" on their profits that will benefit six million of taxpayers.

This measure implements the contribution of the sector with measures that would cushion the blow of soaring pump prices, which reignited the debate on fuel taxes and the state's capacity to curb the soaring costs of household energy, accounting for about 8% of their budget.

"This morning, the oil industry players have agreed to contribute to reducing the oil bill of the French," said Christine Lagarde, Minister of Economy, during a press conference at the end of a meeting with industrialists.Specifically, they will fund the cost of upgrading from 4.6% of the fee structure of fuels that employees and independent workers can elect to deduct from their taxable income. This measure is expected to reach five million workers, 500,000 people in professional and 500,000 merchants and craftsmen, "said Frédéric Lefebvre, Secretary of State for Trade.

"Aspiration"

The funding provided by the manufacturers take the form of a tax allowance for price increases passed in the 2010 accounts. It will weigh up to 60% on producers and refiners "in particular the Total group," said Christine Lagarde, and 40% on distributors, who declined an invitation to the meeting of Bercy."It's a real drain on the refining and marketing French," late Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), explaining that rising crude oil mainly benefiting producers and not processors. "Crude prices are high, it's true, but on the refining and distribution, ie those who process, the situation is not good," he said.

The 115 million financed by the sector represents 1.1% of annual earnings released by the only group Total in February. The government also gave good marks to manufacturers on compliance with the regulation of pricing in gas stations. In 4008 retail outlets controlled only 37 minutes have been prepared, a violation rate of only 0.7%, says Bercy.

Christine Lagarde has again ruled out any change, even if only temporary, the regime of TIPP, the domestic tax on petroleum products, primary levy on fuel online payday loans. "This is a tax that is not based on the value but is based on the volumes. So the state today is not a kitty under the TIPP, "said the minister. "The solution TIPP is not a solution."

No checks for fuel

She also rejected the idea, advocated by some consumer groups for a "check fuel" on the principle of the meal ticket. "It was never discussed," she said. Before signing the agreement with oil companies has been criticized Monday by Jean-Claude Mailly, secretary general of the Workers Force union, which regretted the look "complicated" of his application."It means that it is a tax deduction on income, so must still pay tax on income. I recall that nearly 50% of households do not pay because they are below the threshold, "he said on RTL.

"It's still a bit of a side gas plant. The easiest thing is that it appears one way or another on the payroll, "he added.

A barrel of Brent oil trading at nearly 126 dollars on Monday, against less than $ 75 in late August and less than $ 40 in late 2008. This increase was driven among others by social and political tensions in the Middle East and the prospect of increased Japanese demand after the nuclear accident in Fukushima.Prices at the pump in France are relayed back to the highs set in 2008, the liter of diesel than EUR 1.36 and the super unleaded 98 1.54 euros.

Christine Lagarde, who reported only 0.7% of crimes with penalties of 4,000 inspections carried out by the Directorate General for Consumer, Competition and Repression of Fraud (DGCCRF), assured that the service stations in compliance regulations on the pricing of fuel and that "The evolution of margins in the sector has followed so exactly corollary increases or decreases (…) of commodity prices."She added that sanctions were taken against the offenders.

(With agencies)

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"Japan is doomed to have slow growth"

Saturday, March 26th, 2011

Lefigaro.fr / jdf.com – The Japanese government assessed the damage of the earthquake and tsunami to 217 billion euros, or about four percentage points of gross domestic product of Japan. Is there a risk of recession for the country?

Arnaud Raymond – In the short term, yes. Taking the example of the earthquake that struck the city of Kobe in 1995, the impact of this new natural disaster should be strong in the first quarter, slightly weaker in the second. Expected contraction of GDP from 0.25% to 1% in the first quarter and from 0% to 0.25% in the second quarter. Sectors related to the automotive, electronics and to a lesser extent in refining will be affected. Just missing a technical component to the activity in these sectors is paralyzed.

What should we expect the second half?

By the third quarter, economic activity should pick up and longer term due to reconstruction efforts. Sectors such as public works or industrial equipment should enjoy. But they will not, however, significantly boost economic activity in Japan.

Why?

Because of its low birthrate, the country is doomed to have slow growth. However if we take into consideration the gross domestic product (GDP) per capita, one realizes that he can grow between 1% and 2% per year, ie at levels similar to those of other developed countries. But this brake population necessarily implies a lack of dynamism in the domestic market.

So, salvation can only come from Japan and exports.Certainly, the country will benefit less because of the Asian economic downturn and especially China, but these markets still show strong growth, even decline (China expects 7% to 8% growth in 2011 against 10.3% in 2010, Ed).

For the first time since 2000, the G7 has intervened in concert to counter soaring yen. Is this a good measure?

This is an excellent measure and a strong signal to financial markets. It can not appeasing tensions that we observed on the yen, due to speculative excess in the massive repatriation of funds held abroad to finance compensation to victims of disaster.

The Japanese currency was overvalued. A weaker yen is necessarily beneficial to succeeding in the reconstruction after the earthquake and for Japanese exports.Financial markets have been pleasantly surprised by the fact that this intervention was concerted. No risk of inflation is to be feared such a measure, the country is in near-deflation and the Japanese asset prices are not ready to get excited.

The cost of construction is not likely he not impair the solvency of Japan?

The question of the solvency of Japan in fact arises. The cost of the natural disaster will be borne by insurers and by the country. Certainly, as I said earlier, this will generate additional growth, but this will further increase the debt of Japan, whose share in GDP is higher today than 200%.

Suddenly, there is a risk that the debt rating of Japan is still down.Now, unlike a country like Greece whose debt is held by more than 50% by foreign countries, Japan's is 98% owned by institutions or individuals in Japan. In other words, while individuals and other institutions have confidence in their country, Japan will not be in danger.

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Bonduelle will least in her pea salad

Saturday, March 12th, 2011

There will be less of peas in the salad vegetables Bonduelle. And more green beans. "We adjust the components of our products based on crops," says Daniel Vielfaure, Managing Director of Bonduelle. Of industrial crops (peas, corn, mushrooms …) suffered last year in fires and floods in Eastern Europe. "We expect pressure on the stocks of many vegetables," says Daniel Vielfaure. The group will also ease off on promotions, which represent 50% of volumes, and slow sales. At the risk of not being able to fulfill orders from distributors. "Planting now beginning. We will play on soils and varieties of vegetables to be a campaign earlier this year.We will then arrange the plants to fill up stocks, "says CEO Bonduelle.

Products Active Kids

The group hopes to finally turn the page of weather events that have seriously affected its profitability. In the first half (July to December 2010) of its 2010-2011 fiscal year, the rising cost of production due to bad weather and lower prices – due to high inventories of 2009 – contributed to a decline of 38.5 % of net income. This deterioration in profitability, particularly marked in Europe, is expected to accelerate in the second half. "We expect a rebound in 2011-2012 due to higher prices at the best loading of factories and the recovery of consumption in highly profitable areas such as North America and Central and Eastern Europe," states Christopher Bonduelle, CEO of the group, including 54% sales comes from cans credit report.

In France, Bonduelle has signed with signs of rate increases of 8.5%. On the front of labels (MDD), which represent 43% of group production, the rate increases could be even higher. In France, the Group strengthened its presence (19.2% market share) through the acquisition last year of France and the mushroom growth in its premium brand Cassegrain (+0.5 point). As for the Bonduelle brand, which has stagnated for a year, she should enjoy the success of canned steamed vegetables (2010) and good health found in the deli.

Leading brand in salads, Bonduelle has invested last month with his vegetables segment of trendy "box" previously monopolized by the pasta (Sodeb'O, Fleury Michon, Lustucru …).Popular with young professionals, this segment – which accounts for 60% of the growth of individual dishes – should see its volumes double this year.

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The euro may rise again before the ECB meeting

Wednesday, March 2nd, 2011

The exacerbation of tensions in Arab countries pushes oil to new highs. What a coup to restore stress for investors who seek shelter in safe haven: gold, this metal is sought at all costs in case of uncertainties and anxieties in the markets has reached a historical peak in 1435 dollars over the last few hours. The Swiss franc, the same type of safe investment, appreciated against the greenback, which is worth 0.9280 Swiss francs, as against the European currency, which now trades 1.2785 against Swiss franc.

Regarding the dollar, the situation is different. The greenback seems, for several weeks, losing its safe haven status. Even if Ben Bernanke speaks, and says that the global economy is in danger, the dollar reacted positively.This was the case last night for the Fed chief, "a steady rise in prices of raw materials is clearly a drag on economic growth and relatively stable prices." The dollar has appreciated.

Aside from these moments become quite exceptional, the dollar is generally oriented on a downward trend. The dollar lost ground against all major currencies (except the New Zealand dollar) since January 24, the start of the revolution in Egypt. Particular factors, recent spikes in crude prices, which is denominated in dollars.

The euro as a safe haven

Would that the euro would become suddenly reserve currency? Not really. In reality, they are rather reasons behind the European rise of the currency.The ECB (European Central Bank) is tipped to raise its interest rates faster than the Fed (Federal Reserve), which suggests that the inflation risk is "low" in the United States. Indeed, price increases on the Old Continent, them, increase (+2.4% in February). Now the guardian of the euro due to inflation below 2%, its sole objective. And to stop it, we must adopt a tight monetary policy, that is to say interest rates higher.

Thus, around 11 am on Wednesday, the euro was trading near $ 1.38. The highest yearly 1.3862 is near a strong resistance level, which could be broken at the approach of the ECB meeting tomorrow afternoon. If rates at 1% since May 2009, should not be increased this time, they could be by this summer, analysts said.Only the tone of Jean-Claude Trichet may harden, which would have good reasons for investors to buy the euro.

However, if the euro resitant still rising, it could also be abused again in the coming days or weeks as the crisis in Europe sovereign always lurking. Portuguese bond rates remain close to ten years of 7.50%, a bar that had passed for the first time on 24 February and which is its recent record high.

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