This operation removes a thorn from Technicolor. The group disposes of an activity that consumed about 50 million euros in cash per year. An economy, certainly, but not a bargain.Firstly, to pass the baby, Technicolor begin by Francisco Partners to transfer 20 million euros in cash for the operation of the business. Then, the investment fund will pay its acquisition in 2016. It issues a promissory note for 80 million euros due six years, but bearing interest at 5% per year. In other words, by 2016, Technicolor will affect only 4 million euros per year. Finally, in 2010, Technicolor will take a loss in its accounts related to the difference between the value of the sale ($ 100 million) and the value of this activity at the balance sheet. Already in 2009, Technicolor had depreciated its assets transferred 379 million euros, of which a large part due to Grass Valley.

Accordingly, this assignment s gonna in no financial position of Technicolor. Frederic Rose, Chief Executive since September 2008, had warned.It is not easy to sell assets when they lose money and the seller is pressed. The important thing is to stop the bleeding. Since early this year, the new boss has renegotiated the debt with creditors, reducing it from 2.8 billion euros to 1.4 billion, and he raised 350,000,000 euros of fresh money. Its mission today is to cut off the rotten branches. He still has to sell the two other activities of Grass Valley and the advertising company Screenvision.

The world of microprocessors has announced the results he describes himself as "historic". In the second quarter, the company posted a net profit of 2.887 billion dollars and an increase in turnover of 34% to 10.765 billion dollars.

Tokyo euphoric

In Tokyo, the Nikkei, which opened up 1.79%, continued to rise throughout the session to finally close on a leap of 2.71% to 9795.24 points.The Topix ended up 1.91% to 870.73 points. The activity has yet been moderately strong, with 2.3 billion shares traded on the primary market.

The performance of Intel supported Japanese stocks in the technology sector as the supplier of semiconductor Tokyo Electron and the semiconductor manufacturer Advantest, which respectively surged 4.07% and 5.67%. The early solid quarterly publications U.S. has generally allowed large groups of exporters rise sharply Wednesday. Automakers Toyota Motor Corp., Honda Motor, and the specialist digital cameras and Canon gained 3.47 to 4%.

Please note that Toyota enjoyed an article in the U.S. claiming that drivers who complained about the unintended acceleration in their Toyota had mistakenly pressed the accelerator instead of the brake.

The region follows the oil and also

In China, stock markets in Hong Kong and Shanghai respectively earn 20,640 points to 1.03% and 0.56% at 2463 points.

The Korean Kosdaq is 0.53%, the S & P Australia 1.62% and 0.47%, Sensex India.

Moreover, crude prices are mounted on Wednesday morning trade, the price of light sweet crude for August delivery gained 2 cents to 77.17 dollars a barrel, while Brent North Sea due identical, took 27 cents to 76.92 dollars.

The Paris stock exchange following the pulse of Wall Street on Wednesday, finished on a second consecutive increase of almost 3%, driven by the banking sector. This morning, Asian markets were also all in green.

Other European stock markets followed the same route: the London FTSE gains 1.42% to 5086.04 points in early trade.

The German Dax, meanwhile, gained 0.54% to 6025.32 points.In Germany, the operators were a bit chilled by the announcement, before opening a trade surplus in weaker growth than expected in May. Exports accounted for, adjusted for seasonal variations, 80.8 billion euros (+9.2%), while imports rose 14.8% to 70.3 billion euros. The trade surplus stood at 10.6 billion euros against 12.8 billion in April and 13.5 billion expected. The current account surplus has, for its part, in May represented 2.2 billion euros against 11.3 billion the previous month.

Investors now await the publication Thursday in the U.S., inscriptions weekly unemployment. Before that, the ECB should communicate their rates in the euro area.

The banking sector monitored

The banks have managed to bring the key index in Paris on Wednesday.On Thursday, they stay the course and top the charts. BNP Paribas (2.87%), Societe Generale (2.77%), Credit Agricole (+0.55%) are among the 91 banks submitted to stress tests (stress tests) whose European list been notified Wednesday by regulators. Investors are also relieved that tests the strength of the European banks will not include sovereign debt discount on German and French loans that could also potentially be delisted.

Faurecia (3.57% to 14.95 euros) announced Wednesday it had signed a strategic alliance with China Geely and Limin to develop, produce and deliver systems within the body and the marks of Geely.

More generally, the industry is likely to move throughout the session.After Peugeot (1.13% to 22.45 euros) is the turn of Renault (1.39% to 32.79 euros) to publish its first half trading results this Thursday. Given the success of the Dacia its competitor, Peugeot would also consider launching a low cost car in Europe.

GDF Suez (+0.08% at 24.61 euros) Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.

Carrefour (1.07% to 34.56 euros) announced Wednesday that he did not buy certain products in paper group in Indonesia Asia Pulp and Paper (APP), for environmental issues.

CGG Veritas (1.63% to 15.63 euros) announced Thursday that the overall availability of its vessels was 92% in the second quarter 2010, against 90% in the first and 89% in the second quarter of 2009.

Total (1.87% to 37.90 euros) enjoys a higher recommendation by UBS.The broker passes the purchase cons "neutral" before.

Reacting on RTL, the health minister, Roselyne Bachelot, said Sunday it would propose an increase in tobacco taxes to counter the move by the industry when considering the budget bill. The minister, who denounced a "blow to public health", said she was "absolutely shocked".

Recalling that tobacco was responsible for 60,000 deaths a year, more than half due to cancer of the airways, Roselyne Bachelot said she heard "get cigarettes at a price deterrent.""Do not our mobilization efforts on public health is undermined by the initiative of industry," commented the minister.

"A health scandal"

The public health associations have criticized the approach on their side of tobacco. According to Bertrand Dautzenberg, pulmonologist, president of the French Office for the Prevention of smoking, the decline in the price of tobacco is "a marketing offensive aimed at attracting new smokers, particularly youth and women" instant payday loan.

"Variations on the price of tobacco, which are the only effective lever for reducing consumption, are now in the hands of industrialists," he laments."This is a health scandal since this will automatically translate into increased consumption," adds Yves Martinet, president of the National Committee against Smoking (NCTC), which campaigns for "a new tax policy."

There are currently 29% of daily smokers and occasional 5% among French people aged 18-75 years. According to the French Observatory for Drugs and Drug Addiction (OFDT), the daily smoking for 28% of girls and 30% of boys and 17 years.

"And all indicators are now red," according to Professor Albert Hirsch, vice president of the National League against Cancer.The latest results from the annual survey conducted by the association without tobacco Paris, in partnership with the rector of Paris and the Fund's primary health insurance, and have recently shown a tendency to relapse to smoking among adolescents Paris, while the latter had given up smoking massively in the wake of the cancer plan.

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According to our records, Casino is also covered by this assignment, as distributor caps Gold. However, neither Carrefour or Leclerc or Auchan, which also sell, have received blue paper. Nestle has obviously wanted to spare its main customers in France.

In fact, the Swiss Casino attacks because it sells, in addition to pods Gold, its own brand caps, also compatible with Nespresso machines.Available for less than one month, they were designed by CSC, a company founded by a former boss of Nespresso, which claims to have found a way around the patents by the Swiss group. The best advertising we could do that Nestle would drag us to court, "repeated John Paul Gaillard, head of CSC. The latter will have to wait to see if it will receive such a boost from his former employer.

1700 patents

Nestlé experts (engineers, mechanics, lawyers), which took ten weeks to complete their technical analysis of the capsules, however, have not yet completed its review of those Casino."This assignment is a clever shot pool with three bands, according to a avocat.Casino will prepare his defense for Gold, while avoiding having to contradict itself in any future case."

Nestle has taken the risk of him a (bad) publicity to defend its brand and its margins."We welcome fair competition, the company said, but we will take all appropriate measures to defend our intellectual property rights."

With the Nespresso coffee machines tailored to accept (in theory) that caps his coffee house and sold exclusively in a distribution network owned, Nestle has a nugget that was made last year a number of business by 1.94 billion euros (up 22%) and whose profitability, kept secret, is close to levels recorded in the luxury industry.

The 1700 patent cover both Nespresso pods, machines, and the mechanism that provides the link between the two. The assignment of Sara Lee would focus on these last two points, not the pods themselves. While those of Nespresso, aluminum, are completely sealed, those of Gold, plastic, are already holes.The panel discussion promises to be tricky. Pending the outcome of the proceedings, which could take 12-18 months (unless an agreement was reached earlier), provides Nespresso not have noticed the slowdown in its rate of growth since the arrival of new competitors. Sara Lee and sell between 1.1 and 1.5 million capsules of coffee … ten to twenty times less than Nescafe.

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French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "priority measures to reduce expenses."

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.

The final version of the bill will be known in a week.But a first draft will be unveiled Tuesday, Wednesday or later (it could have been Tuesday but the government wants to avoid being accused of incitement, while FP calls a strike on the issue of pensions that day … ). Meanwhile, the government will collect the reactions of unions. And perhaps he let go a little ground …

A quarter per year

There remain a few days to make the final arbitration. It is Nicolas Sarkozy himself who will decide, probably during the weekend, surrounded by the prime minister, Francois Fillon, Minister of Labour, Eric Woerth and Budget and Public Accounts, Baroin, and rare employees, including the social adviser at the Elysee Raymond Soubie. For now, nothing is decided. Not even the most expected: the decline of legal age. 62, 63 years? Only the pace of recovery seems likely: one quarter per year.Some – MEDEF in mind – still grow for a semester, but as Woerth Soubie consider this rate too fast to be acceptable.

Must we also announce today a further lengthening of the contribution period for a full pension? Everything depends on the horizon set. Aim Is there balance in 2020, 2025, 2030? The government will in any case to demonstrate that all of its reform can indeed balance financial accounts. This is the only way to justify the early use of a resource that is not sustainable – the Pension Reserve Fund – which now seems inevitable no faxing pay day loans. The seesaw in the medium term, a portion of unemployment contributions to pension funds, also participate in financial closure.

Pan "public" also remains to be determined.If this government has argued in favor of aligning the rate of pension pay of civil servants (7.85%) with that of private sector employees (10.55%), the head of state does not forget he was elected on the subject of purchasing power. If it was baneberry, the measure would be very gradual. She could not even apply to future employees, if this does not pose a constitutional problem of having two officers of equal status, the same post with the same gross pay but not clean … The same doubt remains maintenance of the famous method of calculating the pensions of officers for the last six months of salary. However the possibility of retiring after 15 years of service for mothers of 3 children, should not exist.

Restricted bonuses

The ages at which some officers may retire (50 years for police officers, 55 firefighters …) should be addressed alongside the legal age. And the improvements will be very limited (for example military, only time spent in theaters of operations will result in dangerous quarters "available", while yet an assessment year is given "free" every five years after 15 year career). In return, employees are entitled to the same measures of compensation for hardship than other employees.

These measures will in any case not be decided separately.The social and political acceptability of reform can be gauged as a whole.

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This type of program has nonetheless increased in the UK, Italy and in many other countries. In the case of the cancer drug Velcade, marketed by Janssen-Cilag Laboratory, the contract goes to the reimbursement of drugs to the UK for each patient whose health is not improving.

In the U.S., Sanofi-Aventis has proposed another novel mechanism to health insurers.If patients who use the drug cons Actonel osteoporosis fracture a bone, the laboratory shall reimburse the costs of fracture care insurers.

France is rather "timid face systems of risk sharing," said Vincent Genet, director of health business of the firm Alcimed. The Economic Committee for Health Products (CEPS) has played the game two or three times. He then granted a high price for drugs, hoping they would be more effective than was thought studies. One program, designed for type 2 diabetes, resulted in failure. Under the agreements, the laboratory (whose name is a closely held secret) then had to repay Social Security.Anyway, "the use of this method should not be necessary if the drugs have been developed properly," says Noel Renaudin, president of CEPS.

Reluctant to bet on the effectiveness of treatment, health authorities prefer to play the Hexagon on the terms of dosage and volumes online pay day loans. In hypertension, where the proper dosage may be unknown initially, and agreements set out in advance the cost of treatment … and provide for rate adjustments if it appears that the doses required are higher is believed ."More than sharing, this is to remove the risk", welcomes Christmas Renaudin.

250 million euros returned by the labs

For highly innovative products that provide a real therapeutic progress, pharmaceutical companies get selling prices relatively high, generally calibrated on prices in Britain and Germany, under certain conditions. They should be consistent with volume commitments. It follows that, if the number of boxes of medicines sold is higher than expected, laboratories pay rebates to Social Security. On average, 250 million euros and are returned annually by laboratories to Social Security.A little more even if we take into account the penalty (53 million last year) that all pharmaceutical companies must pay back if the growth in drug spending is higher than expected validated each year by Parliament.

Practices are changing slowly but surely. Laboratories justify increasingly high prices of their new products by the care savings generated. "These arguments are valid for medical devices, but rarely based on medicines," grade Christmas Renaudin. The CEPS boss finds that "if the antiulcer emptied gastrochirurgie services, they did not generate savings, by dint of being prescribed en masse. CEPS ready yet to give a high price for a drug that has demonstrated, once will not hurt, it reduces significantly the number of hospital days.

Proposals expected in Europe in a few weeks

A desire to succeed which is felt also in Europe.On Wednesday, the President of the Republic, Nicolas Sarkozy and German Chancellor Angela Merkel, have co-signed a letter to José Manuel Barroso, President of the European Commission, urging the agency to "accelerate its work" on "enhanced supervision" of financial markets. They attract attention of the European Commission on the issue of regulation of swaps and CDS. The naked short selling could be banned in the entire European Union.The two leaders also stressed the need for greater transparency in the global markets, that there trading stocks or bonds, sovereign bonds according to their benefit as soon as attention particular.

Proposals of measures could be presented in a few weeks.

A "circuit breaker" on Monday in the U.S.

In the U.S., initial development of markets will be set up incessantly. In its effort regulation of the financial sphere, the system of "circuit breaker" required by the Securities and Exchange Commission (SEC) could indeed come into force next Monday. It provides for a suspension of trade in a way which would fluctuate more than 10% in less than five minutes on the market.With this rule, the Constable of financial markets hoping to avoid the stock market panic like that of May 6.

The SEC is considering extending these fuses, which concern the companies currently listed in the Standard Poor's 500, over a thousand companies.