For the first time, players of Champagne, accustomed to hear only a few days before the first shots of secateurs, have chosen to define rules in the middle of summer. "We wanted to send a sign of serenity," said Ghislain de Montgolfier, the president of Champagne houses.It was harder last year. "At that time, negotiations had resulted in a stormy painful compromise, after which the harvest made possible the production of only 277 million bottles, or 30% less than 2008.

The Champagne was going through a major crisis and was with a stock of 1.2 billion bottles on the arms, well above the sector's needs. The crisis was finally serious than feared months: after falling by 5% in 2008, sales declined 9% in volume last year … and 16.6% in value.

Since then, sales leave. In the first five months of the year, they rose 20% in volume. "The market was very well presented in recent months, and the tendency of June confirms May's figures," says Le Figaro Ghislain de Montgolfier cheap credit report.Sales rose 9% in France, 25% in the European Union, and even 69% in the rest of the world.

However, compared to a year, higher volumes is still only 2.7%. The end of the year represents the bulk of the activity. For all of 2010, the Interprofessional Committee for Wine of Champagne (CIVC) said that sales will reach 315 million bottles, representing an increase of 8% compared to 2009. Some players even think that sales will recover their level two years ago.

Optimism not shared

"We're out of the hollow, recognizes Ghislain de Montgolfier. Our only problem is to anticipate the year-end sales. Everything will depend on the general level of consumption, particularly in Europe. In case of decline, we might have to suffer. "

In Champagne, everyone does not share the optimism of some."Sales volumes remain below those of 2008, and there will be loss of value, fears Dominique Pierre, CEO of Champagne Nicolas Feuillatte. There are still a lot of sales of champagne, entry-level or on promotion. We can not talk about the crisis. With the economic austerity policies in Western Europe must be realistic. "

ALSO READ:

"Global warming worries Champagne

Fourth and last major bank in the Chinese state to be listed, it is worse than those rivals who had recorded double-digit growth, along with Industrial and Commercial Bank of China (ICBC), whose title was took 15% on the first day, in 2006. The current value of the title of the Agricultural Bank is 1.65 times book value, placing it above the other major Chinese banks.

The IPO of the Chinese establishment would go down in history, with an amount of 22.1 billion dollars.But it will only be achieved if the over-allotment option is exercised. The humble beginnings of the track gradually away this possibility for Agricultural Bank, which has so far raised only $ 19.3 billion. The record for the largest IPO would then remain at his counterpart ICBC, which raised 21.9 billion dollars in 2006.

ALSO READ:

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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.

ALSO READ:

"SPECIAL – Retirement, issues of reform

"Retirement: officials could contribute more

"Pensions Woerth confirms postponement of the age

"Staff retirement: advanced with measured steps

"Woerth:" The hardship must be proven "

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.

Ambitions intact

The Government does not intend to revisit all his ambitions downwards coincidence, Fran?ois Fillon returned Wednesday by the Council of Ministers launched the operational program for future investments – 35 billion that will go into teaching Higher education, research, industrial clusters and SMEs, sustainable development and digital.

The Prime Minister announced the holding of an interdepartmental committee before the end of April, "after which will be signed the first agreements between the State and operators responsible for the granting of funds" (OSEO, National Agency for Research Fund deposits …).

These agreements specify the selection process of projects – they will catch up to France, while creating wealth and jobs – and the arrangements for monitoring investments. They make it possible to launch "within weeks" of the first calls for projects for their selection as 2010.

The first would involve investment in high speed, "a subject on which we want to go fast," said a government source.

Moreover, the list of international juries who must select the campus of excellence is almost ready and their choices, investment monitoring, should be done quickly.In the field of nuclear research, the government also wants early investments occur this year.

Other actions, which do not require the launch of calls for projects, will lead "to finance faster," says Matignon. This applies for example to strengthen the core of OSEO to 1.5 billion euros, the granting of "green loans" subsidized industrial enterprises and aid for thermal renovation of housing for households with low incomes.

The Commissioner General for investment, Rene Ricol, has his eye on a single euro spent … What reassure Brussels?

U.S. operators will choose to pocket a share of the gains made last week by caution before a salvo of indicators in the coming days. Especially since the main stock index hit a "low point" there is exactly one year, March 9, 2009. Since the S & P 500 has started the largest rally in history. In one year, the U.S. index has increased by almost 70%!

The next U.S. statistics are expected tomorrow with the traditional weekly report on unemployment. Weekly Market in the United States, will then be placed under the sign consumer.The two major economic indicators this week, published Friday, will be the sales details for the month of February and the preliminary estimate of consumer confidence.

The euro continued its decline against the dollar Tuesday, settling below $ 1.36, penalized by renewed concerns about Greece and the risk of contagion within the euro area, while the market remains cautious vis -?-vis a possible European Monetary Fund. At the opening of the NYSE, the euro bought 1.3562 dollars (-0.42%) against 1.3631 dollars late Monday teletrek no payday advance .Net earnings per share is reduced to 93 cents, against 96 cents previously.

Last November, Hewlett-Packard unveiled a decline in net income of 8% annually to 7.7 billion, although the last quarter it was up 14% yoy to 2.4 billion dollars. At this time, Dell has introduced quarterly profit falls by 54% and a revenue and earnings per share below expectations.

In May 2008, HP had offered the number two global services company EDS for $ 13.9 billion.

ALSO READ:

"Hewlett Packard: return to growth expected for 2010

"The PC sales cross a historic peak

"Acer, Apple and Google score points

»May 2008: HP offers rivals EDS and IBM in services

It seems that support the day by the Central Bank of UAE, which has decided to provide creditors with more cash, has not reassured investors. The Exchange has unscrewed from 8.31% in Abu Dhabi and Dubai lost 7.3%. "The security of the Central Bank is limited to banks to avoid a systemic effect.But this does not solve the crisis, "notes Pascal Devaux, economist at BNP Paribas.

Duba?otes authorities have not made this Monday in response to a specific exit strategy. The only communication came through the Ministry of Finance, who said that the emirate would not assume the liabilities of the conglomerate. "It is for creditors to assume their own responsibility in the decision to lend to businesses," said Abdulrahman Al Saleh, director general of the ministry on the television channel Dubai TV. "The creditors believe that Dubai World is part of the state, which is incorrect.The State owns the company, but since its creation, it is determined that the company is not guaranteed by the state, "he added.

Lack of transparency

By disconnecting and Dubai World, a huge conglomerate that has a dozen subsidiaries and displays 59 billion in debt, including 25 billion for real estate division Nakheel, the emirate is likely to worsen the climate of uncertainty and lack of investor confidence. Just as many experts criticized the lack of transparency and communication, particularly on economic issues in the emirate.

The target for Dubai is to prevent contagion to the entire economy of the region. "He actually tries to distinguish the business risk of sovereign risk," says economist of BNP Paribas.This to avoid that risk assessment has a negative impact not only on the sovereign risk of Dubai but also in its larger neighbor Abu Dhabi. For, while suggesting that the rescue medium term can only come from the oil revenues of big brother.

Besides this solution, Dubai has little alternative to overcome the crisis. Either the conglomerate renegotiate its debt with the risk of a higher price if the markets continue to fall. The other option is to sell off its property assets that have lost much value with the crisis. If this seems impossible at this time, Dubai will not be shy of a restructuring.

Finally, one thing is certain: by the agency Moody's, the impact of the crisis "could be disastrous" for the confidence of investors by pushing interest rates upward.What curb heat recovery of an economy still recovering and setting appropriations for the restart.

"In town, ruined speculators cross workers unemployed