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Biotechs: France is trying to catch up

The Stock Exchange? Biotechs believe more than ever. The Lyon Adocia, revisiting existing drugs in order to increase efficiency, was introduced Feb. 20 on the stock market. It was followed by specialists in medical imaging, Eos Imaging, which lifted the passage 38 million, and Intrasense. DBV, focused on food allergies, will jump on March 29.

The biotechnology sector health (drugs created from living organisms) and medtechs (innovative medical devices) is still dreaming investors despite stock route more or less convincing. Carmat has not implemented its first artificial human heart but it is worth 490 million euros, up over 400% from its initial listing in 2010. Genfit, which is developing a diabetes drug can be marketed in 2019, took over 57% since January 1.

Less than 25 biotech companies listed in Paris

Less than 25 biotech and medtechs are listed in Paris. It's a bit more than in the creation of the Next Biotech Index in 2008. But their market capitalization weighs only 2.2 billion euros, far from the 4.7 billion euros at the time. The French biotechnology remains microscopic facing a global industry that weighs nearly 270 billion and the stock market rose nearly 15% in one year. A universe dominated by real heavyweights. Amgen, the American champion, worth 54 billion, Genzyme was acquired last year by Sanofi for $ 20 billion.

"France has completely missed the turn biotech thirty years ago. She gradually recovers from five to eight years, "says a pharmaceutical boss. No large company has, for now, emerged from French soil. But "the Hexagon biotech together weigh as heavy as the largest laboratories," said Andre Choulika, President of France Biotech. Nearly 280 biotech and medtechs use from 5000 to 6000 employees in the Hexagon. They develop over 270 products, primarily for human health, divided almost equally between drugs, diagnostic products and innovative medical devices.

But how many medicines will emerge? Fifteen products are already from the French biotech today, says France Biotech. The mucoadhesive buccal tablet Loramyc BioAlliance is. Cationorm for the symptoms of dry eye is another example. It is produced by Novagali, a biotech acquired in September 2011 by the Japanese Santen. But the vast majority of these companies still sells no products. The total turnover of some 20 listed biotech and active in health averaged just 112 million euros in 2010. The prize goes to BioAlliance, with 22.5 million sales. Yet medtechs fared rather better than biotech. Gestation of innovative medical equipment is often shorter and less random than drugs.

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Electric cars are trying to convince customers

For the second consecutive year, the price of the car of the year was awarded by a jury of European journalists in an electric car: the Chevrolet Volt, after the Nissan Leaf in 2011. The least we can say is that these awards recognize technology more than economic success. In the U.S., General Motors will suspend production for five weeks of its Volt. The U.S. has not elapsed in 7700 as last year, missing its target of 10,000 sales. Furthermore prohibitively expensive ($ 41,000 less $ 7,500 of assistance), the application has been hampered by a government investigation, while fires were reported several weeks after collisions. For its part, Nissan, whose activity has, indeed, was disrupted by the Japanese disaster, has sold only 22,000 Leaf in 2011 (including 2,000 in Europe). Figures he intends to double this year.

A drop of water compared to a global production

With tens of thousands of copies last year, this solution is a drop compared with a world production of 80 million cars. In France, only 2,630 electric cars were registered to individuals last year, representing 0.12% of the market.

After the electric Kangoo and Fluence, especially designed for professional fleets, Renault is launching his Twizy quadricycle, and fall, the Zoe, the spearhead of its range. The French put on the price of this car to democratize power: it will be offered at 15,700 euros (including the government bonus of 5,000 euros), which will be added monthly rental of the battery for 79 euros. 150,000 copies per year will be manufactured at Flins.

The group, which provides a market share of 10% for electricity in 2020, appears now more cautious about starting on a difficult European market. "We'll have to show persistence, even quiet. We do not know if the request will happen as quickly as desired. One thing is certain, the price of gasoline will continue to rise and, at a time, each billboard service station will become an advertisement for the electric vehicle, "predicted Carlos Tavares, head of Renault operational flexcheck cash advance.

Meanwhile, Zoe will reassure consumers that they are not likely to fail. For if this car has a range of 210 km certified, in real driving, it comes down to the summer and 150 km to 100 km in winter, with heating. This is why Renault is targeting commuters or provincial equipped with a garage, making every day from 40 to 50 km. The group considers that from 12,000 km per year over three years, it is more advantageous financially to own a Clio diesel Zoe.

Low self

Another obstacle, "in France, there is only one thousand charging points around, as he ought to have ten times more," said Thierry Koskas, director of Renault's electric cars.

Moreover, the Volt arrives this year in Europe as the Opel Ampera. "It will be interesting to see whether demand will be greater in Europe. But make no mistake, this is the first generation of the vehicle, we will need a second generation to continue to reduce its cost, "said Steve Girsky, vice president of General Motors.

Most other manufacturers are skeptical about the power. Toyota continues to focus on the hybrid, expanding its offering. "In 2011, we achieved 10% of our European volumes with hybrid versions. We expect this share to rise 14% this year, "said Didier Leroy, who started a small hybrid Yaris.

For its part, PSA Peugeot Citroën has invested on the hybrid diesel engine to power 3008, 508, DS5 and RXH. Only problem: these vehicles cost an average of 2500 euros more than the diesel version, including bonus of 2000 euros.

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Greece: Europe completes a historical

After twelve hours of marathon, the countries of the euro in the early morning concluded their negotiations on a solid support in Athens, to save him once again the bankruptcy. Assistance, debt forgiveness and contributions combined, Greece will have cost twenty months more than 350 billion euros to the EU, banks and international institutions. As much as the debt that the country continues to grow as Sisyphus his rock.

EU assistance in the night discussed by finance ministers, an amount of at least 130 billion euros, displayed more modest ambitions than the first 110 billion plan presented in May 2010 as a panacea. The 2012 version covers the next eight years, but eventually it no longer guarantees for certain relief initially hoped the debt burden (120% of GDP in 2020). It does not fill a growing distrust between Greece, is said bled dry, and creditors like Germany believe that it can never do enough.

In the calendar, the distress of Athens as important as the progress of complex financial dealings with governments, private banks, the IMF and the ECB. Under penalty of default, the government should realize Papademos an agreement with its creditors before March 20, deadline by which 14.5 billion of government bonds mature. "We must conclude today, because time is running out," said the president of the Eurogroup, Jean-Claude Juncker.

Continuous monitoring of the accounts of Athens

Faced with the enormity of the amounts, the sense of urgency was far from being shared across the currency area. North, capitals such as Berlin, The Hague and Helsinki took advantage of last hours to demand concessions maximum of Athens by suggesting, as the German Wolfgang Schäuble, a Greek bankruptcy would be manageable after all. To the south, others were alarmed instead of a possible contagion of bankruptcies in Portugal, Spain and even Italy, in the midst of a European recession saving account payday loan.

In the early hours of the morning, the agreement was tied on two parallel negotiations in Brussels. First erase the unprecedented 107-billion of private debt, accepted in principle by the banks but stumbled on an extra effort required by the euro area. "It's done and we have a good agreement," confided to 4:30 French banker Jean Lemierre at Figaro. Then a bailout of at least 130 billion euros financed by creditors themselves. It is this second part, agreed by governments, the IMF, the ECB and other central banks of the euro which validated the entire plan.

To reassure investors, and despite the anger of the street, the government is preparing to slash Papademos 3.3 billion more in its budget deficits through the envelopes of health insurance, minimum wage and defense . He also accepted a permanent monitoring of the EU and the IMF on its accounts. "The Greek people have made considerable efforts, it is now for others to do the same," let go a Christine Lagarde yet mindful of the IMF funds.

Politically, Athens refuses any loud and European tutelage and just show the vitriolic exchanges with Berlin. But in practice, Greece has made a surrender of sovereignty unique setting up a budget account blocked, intended to guarantee the repayment of debt and interest payments. The mechanism, suggested as a sign of confidence by Berlin and Paris, is to serve the foreign creditors before committing a penny of national public expenditure. Athens won an unmatched support after the night, but it will probably remain the Greeks the bitter taste of a potion imposed from outside

.

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Growth: more efforts

The government calls it a "false flat". And is careful to avoid complacency. But simply slowing growth announced Wednesday morning by INSEE (0.2% in the fourth quarter of 2011, after +0.3% in the third quarter) is a pleasant surprise. At least, France does she not in recession! In its latest memo on the economy, in December, the statistics institute saw no improvement emerge this winter and announced a negative fourth quarter.

If the first comments from Bercy Wednesday morning play sobriety, it is because the executive is well aware that neither the economic equation in 2012, nor the budget equation – let alone the political equation – only became simple in one day.  

In the wake of European difficulties, a GDP contraction is expected in the first quarter of this year (0.1%), before a small growth spurt (also 0.1%) in the second quarter, according to forecasts INSEE. Under these assumptions, the growth overhang at mid-year would be almost nil. Suffice to say that although the government has revised down its growth forecast for 2012 (0.5% against 1%), nothing is won yet. To accommodate this new lens, a 0 no fax payday loans.6% increase in GDP per quarter during the second half of the year is necessary. But we must go back well before the crisis, in late 2006 and early 2007 to see similar growth rate. Today, the French economy is far from out of his convalescence.

The government has repeatedly said he had put enough money in reserve to hold its trajectory to reduce public deficits without resorting to additional austerity measures. He welcomed the results better than expected on the forehead of public finances in 2011 gives him a little oxygen for 2012. "We are in the right direction, but we can not relax," said the Minister of Economy, Baroin, a few days ago. Almost sluggish growth this year would considerably complicate a fragile situation. Half a point less growth, it is about 5 billion more to find. It will take somewhere, have clearly in mind the French.

Anyway, Paris is committed to its partners in Brussels to bring back the deficit to 4.5% of GDP at end 2012. This objective is "intangible", regularly repeats the Prime Minister Francois Fillon. Election year or not.

Wall Street finished sharply lower on Wednesday. At the close, the Dow Jones yields 3.18% to 11,783.59 points, the Nasdaq 3.88% to 2621.65 loose points and the S & P 500 was down 3.67% to 1229.12 points.

The rates of Italian government bonds soar

Announced the resignation of Silvio Berlusconi has clearly not been enough to reassure long-term markets. In Europe, stock markets, which had initially welcomed the news quickly made an about face. The distrust of the Italian public debt continues to grow, in fact. The Italian 10-year rate rose to over 7%, a new record level and a completely untenable for the country, given the weight of its debt. For its part, Brussels ruled that the Italian situation was "very worrying". At the same time, the spread between government bonds and German to French reached a new peak at 1.47%.

In Greece, things also accelerating.Greek Prime Minister George Papandreou announced his resignation but did not mention the name of his successor will not be announced until Thursday. A further meeting of party leaders was convened by the President.

On the macroeconomic front, crude oil inventories fell 1.4 million barrels to 338.1 million barrels during the week ended Nov. 4. Analysts polled by Dow Jones Newswires had forecast a rise rather 700,000 barrels.

On the foreign exchange market, the euro fell sharply against the dollar on Wednesday. The euro was worth 1.3552 dollars against 1.3836 dollars late Tuesday. Oil prices ended down more than 1% in New York tonight. On the Nymex, the December contract on West Texas Intermediate (WTI) ended on a loss of $ 1.06, or 1.1%, to 95.74 dollars a barrel. Meanwhile, Brent yielded 2.23%, or 2.56 dollars to 112.48 dollars.

The world is concerned about the European blocking

The gap is struggling to fill. France and Germany continue to tear publicly on the best "firewall" to oppose the euro crisis, watched dumbfounded from their European partners, but also the United States and China. On the first day of a series of ministerial appointments and European Summits crucial for the common currency, Paris has once again pushed the idea of ​​using the ECB "because it has the firepower necessary "to contain the contagion, they say the French side. Angela Merkel has hammered his refusal, when approaching a new crisis meeting with Nicolas Sarkozy in Brussels tonight. "The road is closed to appeal to the ECB to ease liquidity problems" in Europe, said the Chancellor before its elected coalition in Berlin.

The impasse before a double peak of the euro Wednesday and Sunday, beginning to worry the rest of the world."The impact is disastrous outside (…) We do not really an example of leadership that works," commented the head of the Eurogroup Jean-Claude Juncker, before presiding over a first camera finance ministers on Friday afternoon.

Chinese and American impatience

Washington and Beijing in particular sounding the alarm. The Chinese leadership did not like the cancellation of a summit Tuesday in Tianjin with European leaders, due to repeated conclaves in Brussels. Premier Wen Jiabao has called on the EU "fundamental reform" of its finances and fiscal policy, the agency official New China. "This requires political courage and determination unparalleled," he added, as if he doubted it.

The U.S. government, intervened with the Europeans at every turn of the crisis, also expressed his impatience check cash advance.Barack Obama spoke by video conference with Nicolas Sarkozy, Angela Merkel and British Prime Minister David Cameron on the night of Thursday to Friday. According to the White House, Bush insists that a European response to the crisis is effectively implemented before the next G20 summit in Cannes, November 3.

Franco-German dispute

Multiply the firepower of EFSF, the bailout fund for countries in difficulty, is the key weapon in the euro area to raise her two other challenges: reducing the burden of crushing debt on the shoulders of 11 million Greeks and persuade banks to beef up their capital in order to overcome the market turmoil. Nicolas Sarkozy and Angela Merkel agree on the diagnosis.But France, worried about its budget deficit and a valuable "triple AAA" prefer tap into the existing European funds, starting with the ECB.

Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe. Friday, Paris and Berlin were still camped "in very different positions," lamented one European official. The inflexibility of Angela Merkel, attested as early as Wednesday during a one-on-one with Nicolas Sarkozy in Frankfurt, had its effect. The European Commission and many of the countries of the euro is already a cross on a direct involvement of the ECB together with the EFSF. To work around the obstacle, the European experts worked Friday to a "new palette" of instruments, including greater use of IMF already applied at each stage of the crisis.

Optimism in the Paris Bourse

Monday's rebound continues Tuesday in the Paris Bourse. The CAC 40 has started on a flying then accelerated pace. Mid-session, he climbed 3.55% to 2960 points. Elsewhere in Europe, the Frankfurt Stock Exchange is 3.36%, London and Milan 2.22% 2.79% while the pan-European Euro Stoxx 50 index 3.09% wins.

Since the beginning of the week, investors won over by a wave of optimism about the outcome of the debt crisis in the eurozone. The spokesperson of European Commissioner for Economic Affairs Olli Rehn Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble said that Europeans had "no intention of bailing out" the EFSF.

The Spanish Minister of Economy Elena Salgado also said Tuesday that an increase of two thousand billion euros in the capacity of the European Support Fund "was not on the table." Political leaders are clearly divided on the concrete responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

More good news, the constraint on bank lending is beginning to loosen.The private sector credit grew by 2.6% year on year in August in the euro zone, against 2.4% in July. Loans to households grew by 3% in August, while consumer loans to individuals have declined only 1.6% against 2% last month according to figures released Tuesday by the European Central Bank (ECB) . Moreover, housing starts for new homes in France, climbing 8.1% year on year for the period from June to August. However, they mark a slowdown from earlier this year: the pace of growth in the first quarter was still 35.5%. The number of building permits for new homes has increased its share by 9.8% year on year for the same period.

The euro was weakening on Tuesday to below $ 1.35. At midday, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1 paydayloans.3363 dollars, its lowest level since mid-January, prior to recover. As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions.

Values ​​follow:

The banking sector is driven by rumors of recapitalization.BNP Paribas advance of 9.25%, largest increase in the CAC 40 7.46% Credit Agricole and Societe Generale 8.55%.

Total (2.97% to 32.25 euros) reduced the number of banks in which it deposits funds for fear of a credit crunch in the euro zone, but remains confident in the French settlements, said its chief financial officer the agency Dow Jones and The Wall Street Journal.

The CEO of Renault (4.20% to 25.30 euros), Carlos Ghosn, said on Monday to Reuters that he saw no sign of slowdown in global demand despite the debt crisis in Europe and economic uncertainties in the United States.He expects an increase in car sales in the United States in 2012.

The title of the French automotive supplier Aries (18.64% to 7 euros), specialized in the production of aluminum parts, flew Tuesday in the Paris Bourse, with a net income higher than expected in the first half (6.7 million euros, up 31.3%).

Thales (2.08% to 24.58 euros) for its part plans to sell part of its services activities, according to Les Echos on Tuesday. The division, which last year made 81 million euros in sales, employs approximately 500 people. Logica names and GFI Informatique circulating among potential buyers.

Dexia (6.09% to 1.48 euros) is facing a complaint from the town of Rosny-sur-Seine (Yvelines), which has borrowed toxic.The mayor filed a complaint for "organized fraud" and "deception" with a civil court of first instance of Versailles against Dexia Credit Local.

Ipsen (3.56% 22.57 euros) was acquired from the Norwegian pharmaceutical company Photocure marketing rights of Hexvix, its flagship product for the diagnosis of bladder cancer.

The retailer Casino (2.29% to 57.13 euros) saw its price target reduced from 81 to 74 euros by HSBC. Land areas (4.54% to 50.73 euros) for his part saw the recommendation on its title upgraded to "buy" against "hold" earlier by ING.

Neopost (4.05% to 57.23 euros) will release its results for the first half after market.

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Markets relapse, the CAC 40 lost 3% to 2940 points

The Greek crisis can not stop producing its adverse effects on the markets. Monday, the Paris Bourse had another session black. The CAC 40 has raised the red flag at the opening. He then widened its losses for most of the session. At the finish, he loses 3% to 2940 points.

Even gloomy atmosphere on other European financial centers. In Frankfurt, the Dax lost 2.83% and the FTSE in London has sold 2.03%. The ill wind has also blown on Wall Street. Sitting in the Dow Jones fell by 1.93% and the Nasdaq 2.06%.

Last week, European markets had experienced a brief respite, hoping significant progress on the issue of Greek debt. But the meeting of European finance ministers on Friday and Saturday in Poland ended in failure.They have postponed any decision on the October installment of a new tranche of 8 billion euros to Greece, which desperately needs the money.

Banks on the front line

The markets welcomed the news calmly. "Despite the need for action, European leaders continue to show slow and have not yet ratified the measures promised July 21," observe the experts Saxo Bank guaranteed high risk personal loans. But for the strategists of Aurel BGC, the markets will continue to brood, "as investors will not feel that a lasting solution was found for Greece."

Trying once again to reassure the French Minister of Economy Baroin said that the issue of a default of Greece, feared by some observers was "not a working hypothesis" in the zone euro.Investor caution was also reinforced by the expectation of two important deadlines in the afternoon. A teleconference between the Greek Finance Minister Evangelos Venizelos and the Troika, "between the European Commission, the ECB and the IMF. In the U.S., investors sifting through the intervention of President Barack Obama, who introduced new measures to reduce the deficit amounting to 3 trillion dollars. Bank stocks were again at the forefront. BNP Paribas lost 5.48% and 6.70% Societe Generale.

Bank: call to order de Lagarde

Declarations of Christine Lagarde at the Jackson Hole conference in the U.S. have caused confusion. Concerned about the deteriorating global economy, the executive director of the International Monetary Fund said before the central bankers that European banks' need urgent recapitalization. " The former economy minister added: "This is the key to cut the chain of contagion."

Thus, for the IMF, "the most efficient would be a substantial recapitalization mandatory European banks with private funds in the first place but also of public funds if necessary." Christine Lagarde has called for research by the policies of a common vision for the future of the continent.

But the executive director of the IMF gave no indication about how to get there.Thus, Sebastian Bartholomew, credit analyst for Louis Capital Markets believes that the statements of Christine Lagarde is "a call to order IMF but do not provide concrete solutions." The specialist also wondered what private funds would be inclined to give money to banks, "who wants to bring money to the banks unless the States?" Support from private funds, wanted by the former tenant Bercy seems to be excluded.

Regulators want details

Thus, fearing that such a disadvantage about the banking sector already affected by the stroke of tobacco stock this summer, some regulators would consider asking the IMF chief to clarify his remarks, reports the Financial Times.Indeed, while Europe is mobilizing to try to reassure investors on the health of major institutions of the old continent, reports Christine Lagarde could undermine their efforts credit reports free. The stress tests were particularly aimed at reassuring the financial community. French Banking Federation (FBF) was also stressed that French banks "have passed the stress tests in July European and ACP, the national supervisor, performs regular checks to ensure the smooth operation of banks' .

As such, the FBF reiterated this morning that the French system has full confidence. The Federation reiterated, like what she wrote on August 19, that 'capital levels are well above regulatory requirements and programs for refinancing in the medium and long term are conducted under conditions quite satisfactory. "

And the banks themselves have reiterated they do not need to raise new money. In early August, to mark the publication of its results, Societe Generale has reiterated that it has strengthened its financial strength, and for BNP Paribas. August 25, Crédit Agricole has also sought to reassure. The bank, whose accounts the second quarter suffered a heavy burden to Greece, said it had to end in July of more than 120 billion of liquid reserves immediately available. Jean-Paul Chifflet, general manager of the bank, had also told the BBC: "We have no difficulty in funding us."

In exchange, banking stocks are holding up well CAC40.Credit Agricole advance of 1.1%, 1.3% BNP Paribas, Natixis and Societe Generale 1.7% against an increase of 1.3% for the CAC 40.

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Free attack frequencies 4G mobile

Back from holiday, the State Council will settle a sensitive issue: that of 4G mobile radio frequencies, auctioned by the government. The decree, signed June 1 by Eric Besson, Minister of Industry, is already the subject of three appeals to the supreme court, each time for different reasons.

According to our information, took the Free State Council on the grounds of discrimination arising from immediate payment of licenses. Clearly, the group founded by Xavier Niel challenges the accepted methods of payment, which would contribute to groups with deep pockets compared to smaller players. A hearing is scheduled for Free August 30. Contacted, the operator declined to comment.

The union CFE-CGC Orange contests, too, this decree, as Le Figaro had revealed early June.He has since joined the union in its approach national telecom SNT-CGC, representing employees of private operators SFR, Bouygues Telecom and Free, but the federation of metallurgy CFE-CGC, representing employees of suppliers such as Alcatel or Sagem. Their common folder was filed Aug. 16 in the litigation section.

Interference of DTT

The angle of attack is different unions accuse the bidding, among others, of not taking sufficient account of the criterion of employment and require a location clause jobs in France. The appeal challenges the "non-compliance with employment goals assigned by law to the Minister and Arcep and discriminatory treatment under the DOM in violation of constitutional principles of equality of citizens and uniqueness of territory, "said their lawyer Anne-Solène Gay YGMA cabinet flexcheck cash advance.The third appeal was, himself, was filed in early July by Bouygues Telecom, this time on the grounds that the 4G does cause harmful interference and blur the TNT television in 20% of households. "This interference will have a major impact: TVs will not work, it will be black screen. TV makers should take into account now. That the State to determine precisely the measures to be taken ", had explained to Le Figaro Roussat Olivier, CEO of Bouygues Telecom. The bill to address the problem arising between 500 million and 1.7 billion euros, according to Bouygues Telecom. Asked yesterday, the group, which seized the State Council on June 24, had not received any feedback yet.

This file is a sensitive issue for the government, which has removed the minimum frequency of 2.5 billion euros for the state budget.For Eric Besson, the tender is "balanced", encourages competition and land use, while promoting the best heritage of the state.

New stage of the digital revolution, these frequencies are strategic for 4G operators. 4G should help relieve the current mobile networks and provide new services by multiplying by 50 the flow of the mobile Internet. Deadlines are tight now, because the operators must first submit their application before September 15.

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