International News

Corroborating sources, the board of directors of French pharmaceutical group has voted the principle of an offer to repurchase the U.S. Genzyme. Management has the green light to offer up to $ 70 per share in the specialist biotechnology, which would be valued 18.7 billion dollars.

Currently, Genzyme is worth 18 billion dollars in stock. The stock has climbed nearly 26% in one week, supported by an initial informal approach from Sanofi-Aventis, rejected by Genzyme, and the interest of many suitors, as the U.S. investor Carl Icahn. The Reuters news agency says that Genzyme shareholders are willing to accept a redemption price of between 70 and 80 dollars per share.

Sanofi-Aventis, which must publish its results today, pay heed to potential targets across the Atlantic to develop after the expiration of several patents on several key drugs payday loans for bad credit. The laboratory has notably warned its results last week, after U.S. approval of its generic anti-coagulant Lovenox star. The anti-cancer Eloxin has already been impacted by the launch of generics in the United States. The patent on Taxotere, which must fall to fall across the Atlantic could bring down the sales of that other anti-cancer Sanofi-Aventis. To cope with this increased competition, the group renews its strategy and multiplied redemptions.

Reaction monitored Exchange

At the Paris Stock Exchange on Thursday, as investors judge this new proposed acquisition of Sanofi-Aventis that its interim results to be published before the market opening. The title of the group fell by nearly 25% since the beginning of the year.

What the cash advance is designed for is to cover temporary financial difficulties without damaging your credit score.

Marc-Philippe Daubresse the new Minister of Youth and Active Solidarity, presented Tuesday 10 measures' technical and structural "simplifying and improving the RSA enjoyed by 1.78 million households. The goal? To better inform potential recipients of RSA (base and activity) to accelerate the build-up of these two devices created by Martin Hirsch 13 months ago. "Many individuals do not use the RSA of ignorance, complex procedures or for fear of being thought of welfare," said Marc-Philippe Daubresse justified.

To improve access for audiences to information, the minister will send a letter in September to eight million of housing "simply explaining the scheme and encouraging them to do a simulation" of rights on websites of CNAF or MSA.The application forms for entitlement to the RSA will be simplified by the end of October to make them more understandable. Leaves quarterly reporting resources will be reduced to one page and syringes "on the model of the tax return.

A "checkbook services"

The Minister will also launch in September a committee comprising all stakeholders of the RSA and "to examine the changes made to the mechanism in terms of practices, but also legally."A second referee RSA will also be appointed within each agency employment center to link with their counterparts in the general councils to strengthen coordination between the two institutions.

Good practices to facilitate the payment of the allowance of personal re-employment (APRE) – which aims to take over all or part of the costs incurred by a beneficiary when an activity begins or resumes – will be broadcast on the throughout. A "checkbook services" – composed of good standard in exchange for a service – designed to accompany the resumption of employment will be created."The establishment of this checkbook will be appraised in September and proposed gradually, as needed, to departments wishing to use them," said Marc-Philippe Daubresse.

The government also proposes to organize in each department a day devoted to the development of integration pacts "which in particular define the modalities for coordination of actions undertaken by different actors to promote social and professional integration of beneficiaries the RSA. The first day will be held in December 2010.

Decisive day for the mobilization against the pension reform. The objective of unions is clear: to gather more demonstrators than previous events, which led to another since the beginning of the year. On 27 May, between 395,000 and one million people (according to the police and unions respectively) took to the streets.

Since then, times have changed. The government has announced plans for pension reform last week. A text that unions have unanimously considered "unfair." Guests this Thursday on RTL, the secretary general of the CFDT, Francois Chérèque, regretted "being faced with a country that is willing to change, but change in the wrong direction." Therefore, he hopes an "exceptional mobilization" for this inter-action day.

"The hope was to surpass the one million demonstrators.I think that this figure will be exceeded is obvious, "said François Chérèque, saying that" perhaps two million people "will demonstrate this Thursday. And this, especially since "more than 200 gatherings" are already planned across France. And calls for strikes in the business (as in Saint-Gobain, Michelin, Total, Airbus, BNP Paribas, L'Oreal, France Telecom, La Poste …) have followed since the beginning of the week.

At the Post, some 19.86% of staff were on strike Thursday morning, said the Directorate in a statement against 12.80% last May 27. For its part, the direction of the station has recorded 39.8% of strikers among the railway workers in mid-morning, against 23.2% during the last day of action interprofessional.

The teachers were 31.9% to strike Thursday in schools and 10.3% in secondary schools (including 18.7% in colleges), according to figures from the Ministry of Education published in mid-morning. The schools were little affected, the degree requires organization. On the day of 23 March, the mobilization in the primary had reached 29.8% of strikers, the ministry said.

Another sector to have mobilized public broadcasting had a strong participation in the strike on Thursday. Several television and radio have been deleted throughout the morning. The directions of France Televisions and Radio France, however, had not reported figures to the mid-day. Finally, the publication of several regional newspapers has been disrupted. To major national newspapers will not seem morrow Fridays.

For the secretary general of the CGT, Bernard Thibault, the one million demonstrators should be passed this afternoon. "If that's not enough, we have the sequence of ideas, this is not the end of a cycle, only the announcement of a bill," he warned in a interview with the newspaper 20 Minutes. "I've seen governments fall as safe as this one, particularly on the subject of pensions, has finally found the union leader.

If Nicolas Sarkozy pledged on Tuesday to be "tuned" during discussions with the unions this summer, and it spoke of "possible developments" of the reform bill late last week, some key points text does not change as raising the legal age to 62 years in 2018. And, whatever the mobilization this Thursday."The mobilization will certainly strong, we expect, we do not fear," warned the Labour Minister, Eric Woerth.

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AIG will not access the request of Prudential. While the British insurer claimed a decrease of 10% of the purchase price under pressure from its shareholders, AIG said Tuesday in a statement it will not alter the terms of the proposed sale of its Asian subsidiary AIA UK Prudential, whose price is set at 35.5 billion dollars (nearly 29 billion euros).

Prudential acknowledges and will respond "in due course"

In another statement, Prudential said take note of the decision of AIG and said he will make a statement in "due course". He confirmed that he proposed a reduction in price and said that his new proposal is 30.38 billion dollars (24.7 billion euros).This represents a decrease of 14.4% of the purchase price, not 10% as first announced by the prospective acquirer.

To partially finance this acquisition, Prudential would need a capital increase of 21 billion dollars (about 17 billion dollars). What worried shareholders, who must decide on the draft on June 7

Prudential and AIG have resumed negotiations last week to save this agreement, several shareholders of the British insurer has estimated that the price offered to become the dominant player in Asia's life insurance was too high.

After this new twist, we expect that the shareholders of Prudential eagerly await the response that Prudential will this announcement.Prudential Will he finally pay $ 35.5 billion and will reach there to give AIG? Unless the proposed acquisition would not be abandoned.

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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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The wheel turns for Volvo Cars. In the early 1990s, the flagship of the Swedish car industry had snubbed a merger with Renault before finally being bought by the American manufacturer Ford in 1999. Sunday, Volvo has fallen into the hands of rival China Geely.

A good deal for the Chinese, who will spend 1.8 billion dollars (1.34 billion), four times less than the $ 6.4 billion paid by Ford in 1999. This acquisition, the largest made by a Chinese group in the sector, marks a turning point. She spends the rise of China in the global automotive industry.

Virtually unknown in Europe, Geely began decades ago as a supplier of parts for refrigerators, before becoming the first private carmaker in China.His boss, Li Shufu, an engineer who founded the group in 1986, is 123rd Chinese capital, with one billion dollars. Employing 12 000 people of which 1 600 engineers in China, Geely manages six assembly plants, has 500 dealers and 600 service stations across the country. With approximately 300 000 cars sold last year, Geely number ten is the sector in China.

With its success, Geely intends to leave its borders. According to Volvo, the group also covets the black taxis in London.It is in talks to take control of Manganese Bronze, the company that manufactures the famous 'black cabs' London, which already owns 20%.

Continuing plants inEurope

While Volvo employs 19,650 employees worldwide, the jobs are threatened in Europe? Li Shufu has already notified its intention to build a factory in Beijing which will be manufactured 300000Volvo per year for the Chinese market no teletrack payday loan . But the group also said it intends to continue operating plants in Europe, the main ones being located in Torslanda (Sweden) and Ghent (Belgium).

"I see Volvo as a tiger, on Sunday launched Li Shufu at Volvo headquarters in Sweden, where the Chinese flag was hoisted. The tiger belongs to the forest, it can not be put in a zoo in a small enclosure. We must free the tiger.The heart of the tiger is in Sweden and Belgium, but its power must be projected around the world. I see China as a market where Volvo has shown its ability to release the horses. "

A reluctant time, unions have seemed reassured and have supported the acquisition. "I will not go into details but we got an answer to our questions," said Glenn Magnusson, president of the union LEDARNA. In reality, neither Volvo or its owner, Ford, had a genuine choice.Specializes in sedans and station wagons upscale, Volvo, founded in 1927, saw its sales plunge because of the economic crisis that has benefited small affordable models

As for Ford, the second American manufacturer and the only one not to have resorted to using the federal government during the recession, the agreement with Geely will enable it to reduce its balance sheet and focus its marketing efforts on Ford brand.

By selling Volvo, Ford, however, puts an end to its ambitions in the high end, having sold the luxury brands Aston Martin, Jaguar and Land Rover a few years after their acquisition price.

Investors began to doubt when the morale of U.S. households showed slightly degraded. Americans are less optimistic about employment prospects. The index of consumer sentiment fell to 72.5 in March against 73.6 in February.

The effect on U.S. markets was immediate. While in the early exchanges, they open up, already after three consecutive sessions in green, Dow Jones, Nasdaq and S & P 500 are passed into the red.

Around 16:30, they retreat respectively of 0.06%, 0.34% and 0.19%.

This Friday at 14:30, retail sales in the United States have resisted to the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. For specialists Barclays Exchange, "it is a pleasant surprise to the extent that economists were expecting a deficit of 41 billion dollars."Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week.

Oil prices rose Friday in the opening exchanges in New York on a more optimistic market demand after the new forecast of the International Atomic Energy. The barrel of light sweet crude for April delivery was trading at the opening at 82.97 dollars, up 86 cents from the previous day.

On Wall Street will be sitting under the sign consumer with the publication of sales information for the month of February and the preliminary estimate of consumer confidence.Business inventories for the month of January will be published in late afternoon.

Citigroup rose 20% in 4 sessions

On the side of values, the CEO of Citigroup has pledged a return to profitability of the bank. The state could get rid of all of its shares within twelve months. The title of Citigroup rose 30% since the beginning of the month and by 20% since the stock market Monday. Friday, the shares resumed their breath, down from 0.7% to $ 4.15.

For several sessions throughout the banking sector enjoys a renewed interest from investors. On Thursday, he was also concerned by the failure of talks in the U.S. Senate to reform the financial system.After several months of effort, Senator Dodd, chairman of the Senate Banking Committee, failed to reach an agreement between Republicans and Democrats on this bill to reform the banking system.

In the energy sector, Devon Energy (0.51%, to 72.41 dollars), the specialist production of oil will sell at BP Plc for seven billion dollars of assets located in Brazil, Azerbaijan and Gulf of Mexico.

Note also the manufacturer of semiconductor National Semiconductor announced after the close of the NYSE, a profit of 53.2 million, or 22 cents a share against 18 cents expected by analysts' consensus. Turnover was 361.9 million against 348.6 million expected by analysts. Titles rise of 0.63%, to 14.44 dollars.

Polls difficult cases and poorly negotiated since the fall does not undermine the morale Elysian. Nicolas Sarkozy sees the ordinary burden of a president in mid-term and continues to relativize the scope, particularly in comparing himself to his predecessors. Since the Christmas holidays, he has also given much time to calibrate the outline of its strategy for the second half of the quinquennium. On the form, we have seen since early January that this strategy was through the reaffirmation of listening skills. On the merits, the head of state will play its trump card after the regional. After undergoing controversy that was not planned, it will take a debate front of which he knows by heart the social and political risks. But he also sees the benefits it will reap vis-?-vis the electorate.It is, of course, the pension reform.

The results of regional elections should have little impact on this strategy. The Elysee to environmental stresses that "the majority can not be further sanctioned in 2004, where she could keep only two regions. With this diagnosis, Nicolas Sarkozy has already said he would take the election results, but should still maintain its current balances in the government team, headed by Fran?ois Fillon.

However, he can thank Martine Aubry. By declaring in the first instance, supported a postponement of the age of retirement at age 62, the first secretary of the PS opened the debate much earlier than expected, and it gave credibility to the government's position.Polls in support, the Elysee is now convinced that the French are ripe.

The time has come for the act

Nicolas Sarkozy wants to move quickly on this issue. No way to let the unions take to the streets in October to protest against a proposed reform dashed again. Everyone remembers the November 1995 strikes against pension reform remains the worst memory of the line for fifteen years. Sarkozy wants then arbitrate on the reform of pensions as early as June And to pass a law "in the month of July," confirmed by several sources. He then turned to a mixed solution, combining the lengthening of the contribution period and delaying the legal retirement age.Symbolically, the change of the legal age of retirement would impact tenfold, and it seems that even the Elysee Raymond Soubie, the great clockmaker of social relations which advises the president, is convinced that the time has come proceed to act. Elysian source, a special session of Parliament in July appears to have "acquired" given the workload of the two assemblies.

Of course, the government expects a tough clash with the social partners. For now, the waters unions are barely wrinkled a few ripples. But beware of "the calm before the storm," warns a minister concerned about the mobilization of the month of May According to someone close to Nicolas Sarkozy, these events present at least the advantage of reform credibility with voters."Plus there will be parades, plus French will credit him for having the courage to decide on this matter," smiled one of his friends. Another adviser very point that "nobody has noticed the reform of universities because there were no strikes at the time." In addition to the mobilization of spring, the Elysee is also expected to fall very volatile. "There will be upward pressure on wages as the recovery will be felt," admits an advisor, providing an inflow of association necessarily muscular. It's time that Sarkozy chose to discuss other reforms in 2010, including the legal proceedings or fifth risk Social Security.

But he also intends to take this year-end 2010 to return in force on the international stage. "He will chair the G20 in the month of November 2010, and until summer 2011, said his entourage.The president wants to play again when the partition that had been so successful during the presidency of the European Union in late 2008. The regional elections, hopefully it will be so far.

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The latest figures of U.S. employment for the month of January seem paradoxical. The unemployment rate fell to 9.7%, against 10% in December. Better than expected. But most companies have dismissed that hiring, the net destruction of reaching the 20,000 jobs over the month. Analysts had expected between 5,000 and 15,000 new jobs.

These two contradictory figures in fact derived from two studies of the U.S. Department of Labor, based on two different methods.The difference in trend indicates that employees are more numerous in January than in December, but they are less likely to occupy several positions simultaneously.

"If unemployment remains a serious problem, today's figures contain some encouraging signs for a resumption of gradual labor market," said the White House.

The U.S. administration has estimated that the employment situation has therefore remained "almost unchanged". In detail, the building was destroyed 75 payday loans for bad credit .000 Jobs, while industry and services have created respectively 11,000 and 48,000 positions.

Economists agree, though, that unemployment has peaked."The pace of job losses still slows significantly and the return of job creation in services and industry is good news," said John Thomas, for example, economist at Natixis.

The strong upward revisions in the number of job destruction in 2009, however, may worry. The December figure was revised sharply upward from 75% to 150,000 against 85,000 initially. At 12 months, are shedding 600,000 jobs that were added following the revisions of the statistics. This is does not affect the positive trend, according to Inna Mufteeva, economist at Natixis' share is only a point of reversal highest previously believed.

Air Problems

Air traffic may experience some disruption on Wednesday and Thursday. An Inter-CGT-CGC-FO Unsa air traffic controllers said it was maintaining its notice to strike despite a meeting with Transport Minister Dominique Bussereau. Twelve thousand agents are concerned. They deal in particular security and air traffic management. The airlines will then induced to delay or cancel their flights. "We expect a fairly important to strike then strong enough disruption to our services. We warned these companies of significant disturbance to predict, "warns the Directorate General of Civil Aviation (DGCA). This should provide future traffic forecasts. Travelers are advised to check their flights before going on site. Several airports, such as Lille or Brest Britain, are already experiencing delays.Trade union sources suggest even the possibility of "Operation Snail" on access to airports.

Reason: the Inter asks the Government to reconsider its policy of non-renewal of retirement on two, or 400 job cuts in two years. The unions also fear a dismantling of the Directorate General of Civil Aviation (DGCA) in favor of a merger of services under the FABEC (block functional space common to Germany, Benelux and Switzerland) .

Officials should stop work

They are asked to raise next January 21 by the CGT, FSU, Solidaires, the NMS-CFDT and UNSA-Education.

Reason: they demand an immediate halt job cuts. According to them, in 2010, the State and public services will suffer their worst year in the budget with 30,000 job cuts.Since 2007, this will total more than 100,000 jobs have been eliminated. "Education is very particularly hard hit with more than 16,000 job cuts, totaling more than 40,000 jobs," said a statement of the UNSA-Education. A common departure is planned in Paris, Place de la Republique and 14h. "This movement must be sustainable, unions warn.

The maritime transport of goods affected

In continuation of the strike on January 4, a social movement paralyzes the major French ports since the beginning of the week. The mobilization could still continue. Monday, at the invitation of the National Federation of Ports and Docks CGT workers stopped work in Marseille, Dunkerque, Nantes-Saint Nazaire, Rouen, Bordeaux, La Rochelle and Le Havre. In the Normandy ports, they were almost 90% to strike. In Marseilles and Fos, fifteen vessels were affected.At Havre, the container terminals were very disturbed.

Reason: after the port reform, the CGT claimed the government guarantees employment, including the arduous, and investment. The union wants the expansion of the national collective agreement to river ports and fishing ports and want more information on the transfer of personnel handling to the private sector. The seven autonomous ports French in 2008 employed nearly 31,700 people. However, their market share relative to their European competitors continues to decline.

Mobilization to the Court of Appeal of Amiens

The unions and leftist parties called the 1120 employees of the factory Continental Clairoix to demonstrate to the Court of Appeal of Amiens on Wednesday.

Reason: the first trial court had sentenced heavily Compiegne six demonstrators protesting against the closure of their factory.The objective of the Inter is to obtain the release of six persons convicted of "looting" of the sub-prefecture of Compiegne April 21 last. That day, nearly 200 employees occupy the factory sub-prefecture, after learning they were rejected by the justice of their demand to cancel the procedure of closure. The trial will take place at 13:30.

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