International News

Since one week, the controversy raged in Britain about treatment against multiple sclerosis. The British health authority had signed an agreement in 2002 stipulating that if the drugs did not provide patients with the expected effects, manufacturers undertook to lower its price. Seven years later, the products are much less effective announced … but no reduction in tariff has been applied.

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.

During the past several months, discussions on financial reform should be completed June 26 The Senate and House of Representatives have each passed a different version of the text. Elected officials from each chamber are now trying to work on a common version. Congress hopes to be ready for the G20, to be held on 26 and 27 June in Toronto, where regulation of the financial sector will be a central theme. The final text could be adopted just before the recess of parliament in early July. It will then be submitted to President Barack Obama for enactment.

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.

Pressed by the markets which seem to question the reality of the support plan for Greece, the central bankers in the euro zone agreed Sunday on the financial terms of emergency loans to Athens. "An agreement has been reached" at a meeting of experts in Brussels, assured on Friday, several European sources. "A very important decision has been taken," said Sunday Greek Finance Minister George Papaconstantinou on television.It can be triggered at any time if Greece requests.

Any aid to Greece based on bilateral loans of at least 30 billion euros, which would be made at a rate of about 5%.

"For loans up to three years, the rate of special drawing rights (SDR) plus 300 basis points plus 50 basis points of service charge, claimed Friday from European sources.

Under discussion for ten days, the interest rate was a crucial point of the plan, anxiously awaited by investors. Germany insisted that loans be granted to Greece "no subsidy" that is to say, the market price, while France and Italy were ready to make a flower in Greece.

Berlin was right partners, obtaining successful even in the smallest details."A premium of 350 basis points above the SDR rate – the benchmark for the IMF – is the average for the market this week," said Dominique Barbet, head of market research at BNP Paribas. "For a country of the euro area is very expensive," he adds. "But at least Greece is attached to his fate," said the economist.

What interest could she Greece to seek EU aid, if the price of loans is not less than the market? "In the markets, lenders are not obliged to lend, even if the price is attractive: it is all the difference," said Dominique Barbet low rate payday loans.If Greece asks EU aid, she knows she will obtain a price fixed in advance, which will never be below the market price, because the latter will naturally.

Spectrum of banking crisis

For now, Athens has not seen fit to seek the help of the euro area and the IMF, even if the markets will grow, calling for a rate of 7% for loans to ten years, or surcharge of 4% compared to Germany.

Although the markets have calmed down a bit Friday, Greece is at the foot of the wall. It may not only failure refinancing at its next bond issue, but also a banking crisis. Fearing bankruptcy, the Greeks have already withdrawn 10 billion euros of deposits and place them in foreign banks.

On Friday, ratings agency Fitch lowered the debt by two notches to BBB-Greece, citing "budgetary challenges" growing."The sharp rise in interest rates will make it harder for the government to achieve its goal of reducing the budget deficit to 8.7% this year," says the rating agency. Fitch is particularly heard it was the first to degrade Greece December 8, 2009, giving the signal for the Greek financial crisis.

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LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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On only two months of the year, the Greeks withdrew from their bank accounts around 4.5% of the total money in the country's banking system, according to the Central Bank of Greece.

The four largest Greek banks – National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank – bemoan the evaporation of about 10 billion euros of bank deposits, and implore the government to help, the Financial Times in its Thursday edition.

George Papaconstantinou, the finance minister said Wednesday that all banks had asked for the remaining 28 billion euros of financial support plan provided by the state banks at the height of the crisis in 2008.

Yields never achieved

These calls for help comes as Greek interest rates hitting record highs this week.Wednesday afternoon, the yield (rate) of the Greek requirement to 10 years reached 7.176%. Greek and yields move away from the benchmark, the German Bund, the gap between the two are digging more than 400 basis points (4 points).

Markets reacted to the ruling of Athens, that the measures proposed by the IMF are too severe. "This is one reason, but there are others, as investors are forced to sell because interest rates are now too high," said Jean-Francois Robin, an analyst at Natixis bad credit payday loans .

Some are forced to unwind their positions in part because of the Basel II regulations."The number of potential investors has reduced and the purchase is," said Ciaran O'Hagan, of Societe Generale.

The National Bank of Greece will be "heavily impacted"

As a market leader in deposits, the National Bank of Greece "could be greatly impacted by the movement of outflows affecting Greece since the early beginning of the year," noted analysts at Natixis in a note published Thursday morning, which degrades the value to "ease" cons "before buying" and lowers its price target from 19 to 15 euros.

According to the broker, bank, however, is "the best equipped to deal with the crisis with a Greek core tier 1 ratio (reserve ratio) by 9.4%, and high exposure to Turkey, whose performance in 2010 should offset the slowdown in Greece.

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European consumers should avoid this year's gas war, which traditionally opposes Russia to Ukraine. However, last week, the European Union monitors to close another front – this time oil – which is taken to Moscow and its close neighbor, Belarus.

It is populated by the republic of 10 million inhabitants, formerly subservient to the Soviet government, which handles a significant part of Russian oil destined for Europe. Now, Moscow intends to Minsk taxing exports of black gold, which should account for this small country a net loss of about 1.8 billion euros. In tough negotiations are taking place in the Russian capital, with the fear still present, the Russian government abruptly interrupted deliveries of oil.

Flowing through the Druzhba pipeline, the oil supplies to refineries in the Czech Republic, Slovakia, Hungary and Lithuania. Further downstream, 15% of oil consumed in Germany goes through this famous pipe, a proportion which reaches 75 in Poland! "We remain very attentive to the changing situation, said Thursday the spokesperson of European Commissioner for Energy, Andries Piebalgs. Brussels has negotiated with Moscow the introduction of an early warning system, designed to prevent energy crises.

"Bringing the country in the right way"

As usual in energy, trade dispute that combines economic and political considerations. Moscow wants to change the preferential treatment that allows today to Belarus, as a former Soviet republic, to pay no duty on the oil it imports from Russia.

The unspoken goal of the Russian government is to "bring in the right way" Belarussian President Alexander Lukashenko, who is attempting a rapprochement with the EU. Oil, which constitutes 37% of Belarusian exports, is easy ammunition. Meanwhile, Moscow and Minsk – allies in Astana, the capital of Kazakhstan – three negotiating the creation of a customs union, hardly compatible with the flirtation European Belarus. Between the Russian oil and Brussels, Alexander Lukashenko will probably choose.

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The Paris Bourse started the week higher, recovering some lost ground over the last two sessions last week (-1.16% to close Thursday and Friday -0.95%). Around 13 hours, the CAC 40 was up 0.95% at 3830.61 points, including increased growth of the beautiful side of U.S. markets. In an exchange volume down (barely 875 million euros at mid-session), the famous rally Year-end "appears to be a good reason for investors to" play "on the rise.

No statistics are expected today, which should contribute to the sluggish trade.On the rest of the week (end of quotes provided 13 hours Thursday and closing of the Exchange Friday), the third estimate of U.S. GDP for the third quarter and the sales figures in the real estate professional in the U.S. will be watched.

Thomson negotiates

This is Thomson, which holds the top of the display values of the SBF 120, displaying a great increase of 7.81% to 0.94 euro. The restructuring of debt of Thomson, which must be approved by two thirds of its creditors, has already been accepted on Monday by two of the three committees of creditors who must decide, said the French group said in a statement.

Other important information on Monday and welcomed by the market: a joint venture of Safran (+3.56%) and General Electric was selected in the manufacture of aircraft engines by China to equip future aircraft have to compete A320.

In the ACC, Total wins 1.93%, to 43.4 euros after winning a license contract in Algeria for gas fields of Ahnet.

According Wansquare, Jacques Lenormand, deputy CEO, responsible for driving strategic financial and Credit Agricole (just 1%), going from the facility in a few weeks.

The group involved in banking, in an interview with the daily Le Soir, Pierre Mariani, the CEO of Dexia (3.18%), higher up the leading index in Paris) says it plans to show a fourth quarter in the green.

The action Natixis, it takes 2.51%, to 3.35 euros. The Exchange welcomes the restructuring of the BFI and Jean-Marc Moriani will leave office.

In an interview with Le Figaro, CEO and founder of Iliad (+0.33%), the parent of Free, Xavier Niel puts the figure at 2.8 billion euros by 2012 for its surplus of operation.

NicOx (-0.97%) lifted about 100 million euros in its capital increase.

Sanofi-Aventis coward 1.04%, to 54.13 euros. The group announced the discontinuation of development of two products, one in the treatment of insomnia and the other in the atrial fibrillation.

CNP Assurances (+0.12%) has exercised the option to sell part of its 11.34% stake in Natixis Global Asset Management.

Exxon Mobil launched a massive operation. The Texan oil giant announced Monday in a statement putting his hand on XTO Energy, a specialist in exploration and production gas field unconventional. The stock transaction is valued at 41 billion dollars (28 billion euros). An amount that includes 10 billion debt to XTO. The news that investors react. On Wall Street, the action XTO recorded a jump of 16.65% to 48.38 dollars, while Exxon Mobil abandoned as 2.99% to 70.65 dollars.

Through this transaction, expected Exxon 0.7098 new share issue by XTO title. This is equivalent to a 25% premium for shareholders of XTO, compared to the closing price on Friday, December 11, which served as basis for agreement. The deal should be finalized in the second quarter 2010 after the green light by shareholders of XTO and regulators.After the merger, Exxon plans to establish in Texas a new organization to manage development and resources that will bring him XTO Energy.

The exploration and production of unconventional gas represents a potential size of the United States. For Rex W. Tillerson, executive director of Exxon Mobil, this acquisition will be an opportunity to increase investment and create new jobs in the U.S. economy.

Malaise in the drafting of TF1 and LCI. During these two days, a petition full of anxiety concerning the working conditions of editorial running in the first group of television. The fear expressed is that of seeing down the "information quality" of the first media of France, given the new organization that is gradually established. This should lead eventually to a complete merger of the newsrooms of the two channels.

In this document signed by all the trades the group's information, the signatories say loud and efforts on behalf of the savings plan of the chain. Nonce Paolini, CEO of the group, has promised to market savings of some 70 million euros to spare no one. Thus, the wording has already recorded a score of departures on its total to 330 journalists. Or 200 and TF1 and LCI 130.But it is also the organization of work teams worried: less time to subjects, and especially fewer people to make reports.

"Standing"

TF1 teams are restricted to two instead of three. Pell-mell added demands on the growing intensity of the pace of work and wages deemed insufficient and that some classes require to upgrade. "We do not BFMTV, whispers it in Backstage. TF1 has a luxury it must keep. The restrictions must not impair the antenna. "

A position that is far from denying Catherine Nayler, director of information of the first string of France: "This document from an Inter-five organizations including the apparent desire to maintain the quality of work. It is a concern that I share too.As a major general news channel, TF1 must absolutely and always respond to this need and keep its label. No reform will be to the detriment of the quality of the newspaper, "says she. "The questions that arise so concentrated in this text today, we talk every day together. We are facing a double challenge: that of an economic crisis affecting all media, forcing them to reorganize and that of the pooling of resources between the two antennas.The organization of TF1 was frozen for twenty years, I understand evolve is not clear. "Not to mention that November 25 will be holding elections to appoint professional staff delegates.

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