News – Business & Economi

In Berlin, the worlds of energy and finance very seriously discuss the creation of a foundation that would take over the management of German nuclear power plants to improve the investment capacity of major operators in the renewable. A nuclear power plant in Bavaria.

The revelation of the existence of a project to create a "bad bank" to manage public the twilight of the 17 German nuclear power plants causes a controversy surrounding the funding of the output of nuclear power. In its edition of Friday, October 7, the business daily Handelsblatt confirmed that it held the plans for such a project. Developed by the investment bank Lazard, it is currently under discussion between government and big energy companies.According to the newspaper, the Bad Bank would take the form of a foundation to which we would transfer the management of power plants owned by EON, RWE, Vattenfall and EnBW, the four major German operators of nuclear power. The ultimate goal would be to delegate the responsibility of dismantling the foundation to restore financial credibility of their owners and thus increase their ability to invest in renewable energy.

The dismantling will cost 28 billion

The plan, which is still called "secret", poses the problem of financing the abandonment of nuclear energy in Germany. This abandonment, which requires to increase the share of renewables in the energy mix currently 20% German and 35 in 10 years, should cost around 250 billion euros, according to estimates by the state bank KfW.In ten years, Germany will therefore have to adapt its grid to the mode of decentralized production of renewable energy. Expensive sites such as strengthening the north-south but also the construction of many regional lines to low voltage are on the program, as well as the construction of new gas power plants and cogeneration and the erection of multiple wind farms and PV. Meanwhile, companies but also individuals should invest more in equipment and housing less voracious.Moreover, the cost of phasing out nuclear power plants was assessed at least 18 billion euros, which will add at least 10 billion for reprocessing and storage of radioactive fuel not included.

The development bank KfW has provided 100 billion euros over the next 5 years to meet the needs of corporate finance. But they and their shareholders, will also participate to a large extent these investments. However, the financial position of the four major energy producers in Germany has not improved since Angela Merkel urged the country to the output of nuclear power. The cessation of all nuclear power plants by 2022 will deprive them of lucrative profits. They also will have to invest heavily in non-polluting power plants and the production of renewable energy.

A very controversial Bed Bank

The predicted fall in profitability is not made to attract investors. Already, rating agencies have downgraded to EON and RWE, which in future will have to pay more for the money. Hence the idea of ​​the foundation. In the scenario described, operators freely transfer their plants in the foundation. It would become responsible for their management and their dismantling and storage of fuel. In return, the Foundation would benefit from the income generated by the plant operating until 2022. Nearly 15 billion euros. Or 13 billion euros less than the cost of decommissioning.The difference would be borne by the state in exchange for a recognition of debts that can not be deleted if these companies are investing in renewable much higher.

This is only for the moment that the outline of an unofficial plan but some find difficult to avoid. Michael Vassiliadis, president of the powerful union IG BCE Energy, believes it will be difficult to meet the challenge of phasing out nuclear power by passing capacity of large energy companies. But Ms. Bärbel Höhn, vice president of the Bundestag parliamentary group environmentalist, does not share this view: "I have rarely seen a plan as naive and transparent.This project led to the foundation of the risks that outsourcing will return to offer a lot of money to EON and RWE, "she said by stating that the plant operators had long been provisioned as are needed to decommissioning. As for Hermann Albers, President of Federation of the main companies in the wind (Bundesverband Windenergie), it considers that these plans are outrageous because again, "they are negotiated in secret" and "it is the consumer who will costs ":" The turning point energy can do without monopolistic structures. Its interest lies in the fact that it will promote a decentralized supply and promote competition, "he said.

Financial markets, the continent of Europe to Asia, are still affected by lingering fears about the U.S. economy, and risks of contagion from the euro area. Depression continues. Dasn early trade on Wednesday, Frankfurt yielded 0.81%. European stock markets decline

European financial markets were down again Wednesday morning, before the accumulation of bad news on both sides of the Atlantic. Investors are concerned about the health of the U.S. economy and the renewed tension on the fragile economies of the area in early trade euro.Dans 9:45 (7:45 GMT), Paris and Frankfurt lost 0.81% 0.81% . While Milan fell by 1.44% and 0.22% of Madrid. The London Stock Exchange is also down sharply on Wednesday morning.By 0830 GMT, the FTSE-100 index of the core values ​​has given 53.47 points in the first exchanges, or 0.94% over the closing Tuesday at 5664.92 points.

The U.S. concern. "For now, the American compromise avoids the worst, but provides only partial answers, which will cause an end was difficult," said Francois Duhen of CM-CIC Securities in a note . Now that Congress passed the plan Tuesday to raise the U.S. debt ceiling, the concerns of investors should refer again to the strength of the U.S. recovery. In the wake of the agreement, the rating agency Moody's has matched the note of the United States of a "negative outlook", which means that the country could lose its triple A medium-term, best possible rating, which allows the country to borrow at very low rates.Investors are also very wary especially as the very important U.S. indicators will be published in the afternoon across the Atlantic, including the ADP employment figures in the private sector and the ISM index of activity in services in July. Friday, figures for U.S. growth in the first half, very disappointing, have been a chilling effect on investors that some even fear a recession in the world's largest economy in the second half.

Side the euro area, the fears persist. In the eurozone, are increasing fears of contagion.Italy and Spain are again under pressure from the markets and their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries.

Asian stock markets down

Asian financial markets have again unscrewed Wednesday, worried about the prospects for the global economy, despite the adoption of a text to the United States to avoid a default. The Tokyo Stock Exchange closed sharply down, Nikkei 225 yielding 2.11%. Instead of Seoul also fell sharply, the benchmark index dropping 2.59%. That of Sydney has lost 2.27%. Around 7:20 GMT, Hong Kong, for its part gave up 2.21%, 1.18% Bombay and Shanghai remained almost stable.

EADS confirmed Friday its objectives, driven by the commercial success of its subsidiary Airbus which he now expected more than 1,000 gross orders this year.

The European Group on Aerospace and Defense, Airbus' parent company, reiterated a target for 2011 growth in turnover and operating profit (EBIT) before special items compared to the stable level of 1.3 billion euros 2010, again on the basis of one euro to 1.35 dollar.

In the second quarter, EADS generated adjusted EBIT of 371 million euros in the second quarter, net profit of 121 million and a turnover of 12.082 million.

Analysts on average expected for the second quarter an adjusted EBIT of 317 million euros, a net profit of 160 million and a turnover of 11.598 million, according to the Thomson Reuters consensus I / B / E / S.

Airbus reached an adjusted EBIT of 87 million euros and a turnover of 8.299 million, respectively, against 144 million and 7.986 million expected.

The government could raise the debt ceiling by decree, sell gold, favor some creditors … Treasury Secretary of the United States, Timothy Geithner.

The U.S. government could resort to constitutional and legal means to prevent the United States are found in default in case of persistent political deadlock on the issue of raising the ceiling of public debt after August 2.

The U.S. Treasury keeps saying that beyond that date, he has "exhausted" all the special measures taken since May to allow the country to continue to borrow without exceeding the legal limit of debt (14,294 billion).However, Treasury Secretary Timothy Geithner said the stubbornness of the Republicans not to give their assent to an increase in the maximum debt in exchange for deep cuts in public spending was doomed to failure. He said late May by reading a little-known clause of the 14th Amendment to the Constitution of the United States that "the validity of the debt of the United States [...] shall not be questioned ".

The ability to use a passage of the Constitution has surfaced these days. A user requesting a Wednesday if he would "take a presidential decree to raise the debt ceiling in accordance with paragraph 4 of the 14th Amendment," U.S. President Barack Obama said: "I think we should not even reach the constitutional question.It is the responsibility of Congress to ensure that we deal with our bills. "

While disagreements persist between Democrats and Republicans, this evasive response casts doubt on the government's intentions. Especially since the Supreme Court has already had to rule on the paragraph in question in 1935 and had then saw "no reason not to consider" it applies to "all matters relating to all obligations of the state ".

Explanation of Neil Buchanan, a law professor at George Washington University in an article published Thursday, "If Congress passed laws that create obligations for the state, these obligations must be honored," regardless of "arbitrary limits" set by itself.

The Treasury stirred risk of default with devastating consequences for the country if the impasse continues beyond the 2 August.A spokeswoman for the Treasury has reiterated Thursday told AFP that "the only way to avoid a crisis of non-payment" was to raise the debt ceiling "on time". Publicly, Mr.Geithner repeated that his ministry can not favor some creditors over others.

However, in response to a question by the Treasury on this particular point in similar circumstances, the U.S. Court of Auditors (GAO) estimated in 1985: "The Treasury is free to perform its obligations in the order that it deems most consistent with the interests of the United States. "

So, as to the government it is in the best interests of the United States to avoid a default, even partially, the State may well choose to defer payment of certain invoices and assign priority to tax revenue payments related to debt management.

Bob Eisenbeis, economist at the financial consulting firm Cumberland Advisors, said as the state has a number of other ways, such as selling gold.For him, the Treasury waving a red rag to rush an agreement so that it could take "several months".

Foster's on Tuesday rejected a cash offer of SABMiller in the amount of 9.5 billion Australian dollars (7.0 billion), considering the premium low.

The group based in Australia said it had received an offer of 4.90 Australian dollars per share. Monday, the title was closed at 4.53 Australian dollars.

SABMiller said Monday will continue its offensive, considering its attractive offer for shareholders of the target.

The brewing industry is facing rising commodity prices and a slowing growth in mature markets that pushes its players to seek new growth drivers.

The offer raises the price of its shares by nearly 13% at the opening of the Sydney Stock Exchange.It closed at 5.14 Australian dollars, an increase of 13.47%.

"It is certainly a first phase. SABMiller is a large group at international level and has significant margin over its competitors," said Jason Beddowle CEO of Argo Investments.

Foster was the target of several takeover bids since the announcement last year of its proposed sale of its wine production, which forced her to spend nearly $ 3 billion Australian dollars in expenses during the years.

In addition to its flagship brand, Foster's has the Victoria Bitter, Carlton Draught and the Cascade.

European car registrations rose 7.1% in May over one year, announced Friday the Association of European Automobile Manufacturers (ACEA).

Over the period from January to May, sales were down but 0.8% over the same period in 2010.

Germany, Italy and France recorded increases, but the Spanish market fell by 23.3% and the UK, sales were down 1.7%.

The number one European car Volkswagen shows an increase of 15.8% of sales in May, while the number two European, French PSA Peugeot Citroën sees his increase of 4.4%.

Renault, which has had supply problems, saw a decline of 8%.

Oursel Luke, CEO of Areva, is the favorite to replace Anne Lauvergeon head of French nuclear specialist, reports the newspaper La Tribune.

According to a forthcoming article in the Thursday edition of business daily, Nicolas Sarkozy would have sliced ​​and decided not to renew Lauvergeon the end of his second term as chief executive of Areva, which ends June 30

An announcement should be made by Friday, the newspaper reported without citing its sources.

Several names have circulated in the press as potential successors to Anne Lauvergeon, including Marwan Lahoud, Chief Strategy Officer of EADS and of Laurent Collet-Billon, Delegate General for Armaments, income insistently in recent weeks.

But it would ultimately an internal candidate who would hold the rope, according to the Tribune, which has Oursel Luke, one of four members of the Executive Board of Areva, as a "favorite".

Mines graduate, he joined the nuclear giant in 2007 after working in several departments including the functions exercised at Schneider or Geodis.

Areva declined to respond.Asked late Wednesday, the Elysee Palace declined to refute or confirm the report and declined comment.

A member of the supervisory board of the French group told Reuters he was not informed of the possible appointment of Luke Oursel.

Supposed to endorse the choice of the Elysee, the council has not yet been convened, "he added.

The principle of this aid must be maintained, according to two MPs. However, they recommend a reform of the management device.

Often subject of controversy, the principle of the State Medical Assistance (EMA) for undocumented immigrants with limited resources must be maintained even if it is necessary to reform the management of this device, said Thursday a parliamentary report. Claude Goasguen (UMP) and Christophe SIRUGUE (SRC), the two co-rapporteurs to assess the device, advocate, in their joint recommendations, the need to preserve the soul and make management changes.

The device, created in 2000 to provide free medical care to undocumented migrants who have few resources, has benefited 227,000 people in 2011. The amount of benefits guaranteed by the state health insurance has been budgeted for 588 million euros in 2011 (against 75 million in Budget 2000).Rejecting accusations of some extreme-right, or even a part of the line, the report notes that there is no "explosion" of medical consumption or "outright fraud". "We made the report to allay rumors," said Claude Goasguen told reporters. "Far from being a fraud problem, the MEA has a management problem," he said stressing that the two factors that explain the increase in expenditure is the change in the number of beneficiaries (+185% since 2000 ) and the conditions of hospital billing.

Twisting the neck to popular belief, the two members stressed that the 227,000 beneficiaries, 81% were single and less than 5% have two or more rights holders. At the last Finance Act, MPs voted to right an entrance fee of 30 euros, a measure denounced by associations defending the rights of foreigners.

If Claude Goasguen approves this measure "symbol" which "shows that everyone involved in the health of all," Christopher SIRUGUE is hostile "because it is a barrier to accessing care." Both members have highlighted that the rest of the establishment of this "stamp duty" might be more expensive than it would bring. In their report submitted to the Committee for evaluation and control of public policy, MEPs stressed that "humanitarian considerations, as the imperatives of public health policy, require continued access to care." They note that the cost of the MEA, "although increasing," "not enough to motivate a deletion whose health and financial consequences could be cons-productive".

For 2011, expenditures of the AME forecast at 640 million euros and two MPs called for "a proper budgeting.The bulk of the expenditure is made up of hospital spending "focused on a small number of people." The report notes a strong geographic concentration of beneficiaries and expenditure: especially in Paris, Seine-St-Denis, Val-de-Marne and Guyana. Among the common recommendations, the two MPs want the implementation of preventive medical examinations at the entrance of the device.

BioAlliance wants to create a commercial structure for selling online in Europe's drugs against rare forms of cancer while continuing its strategy of licensing agreement for its specialty products.

Judith Greciet, the future CEO of the biotechnology company, plans to strengthen the next three to five years the portfolio of drugs called "orphan" against these rare forms of cancer, which currently has three clinical stage.

The most advanced, Livatag in liver cancer, should be commercialized around 2015 while the back of clonidine Lauriad (cancer of the head and neck) should be filed "in the coming weeks" with American and European agencies to obtain the orphan drug status.

"The idea is to build a structure to market these orphan drugs. We would like to enhance this portfolio with other candidates at a later stage of their development and this is where the external growth," she said biotechnology at a forum organized by Reuters.

The company is looking for products that it could complete the development and ensure the registration and commercialization.This quest for acquisition is "active" but not advanced enough to talk, says Judith Greciet.

FUNDING FOR STUDY

The goal is to build a portfolio that allows "to generate sufficient sales to recoup a commercial structure in Europe that has about forty people," she adds.

The income provided by a direct marketing would reduce dependence vis-à-vis the current partners of the company.

The first drug of BioAlliance, Loramyc (treatment of oral fungal infections in patients with cancer or AIDS) is marketed by Therabel in Europe, In Pharmaceuticals in the U.S. and Japanese Sosei in the archipelago.

In the group's portfolio also included Aciclovir Lauriad (Sitavir), for the treatment of herpes labialis, which obtained positive results of phase III. Judith Greciet said that the dossier will be tabled for approval in the third quarter 2011 in Europe and fourth in the United States.

Discussions are under way "to find a partner to commercialize this treatment whose potential is estimated by BioAlliance between 150 and 250 million euros.

"We have contacts with European companies, U.S..Everything is open, "she said, hoping to conclude with one of them" as quickly as possible. "

Judith Greciet, currently Director General, will replace Dominique Costantini, co-founder of BioAlliance, as Director General after the general meeting on June 29

2011, YEAR HINGE

Previously she worked at Wyeth Pharmaceuticals France (now Pfizer), Pharmacia and Zeneca in 2007 before joining the Laboratory Eisai France, where she was the president.

She believes that her "vision market very, very businesslike" and "path on all commercial business" will be beneficial to a company which today has "a very R & D profile.

In 2010, the company reported operating income of $ 2.6 million after a loss of 15.5 million, on revenue of $ 22.5 million against 7.5 million.

31 March 2011, its consolidated cash was $ 16.2 million, an amount that ensures the company a year of operation

Introduced in December 2005 to 13.30 euros, the share of the company was trading at € 6.36 (2.75%) Wednesday to 11.00, after the publication of this interview.

The title of the company, whose market capitalization is $ 86.4 million, grew by 15.6%, after rising 13.40% in 2010.

The floating capital of BioAlliance totals more than 60%, the rest being in the hands of venture capital companies and banks (AGF, ING Financial Mountain, CDC).

Because Europe is the leading global economic player through its wealth creation, says Jean-Dominique Giuliani, president of the Robert Schuman Foundation. The French Economy Minister Christine Lagarde (here at a conference in Brazil May 30, 2011), is a candidate to succeed Dominique Strauss-Kahn to head the IMF. Many people have condemned the grip of Europe on the presidency of the IMF. You, however, defend a European Presidency. Why?

Because for now, if growth is in Asia, South America or Africa, wealth is still the United States and Europe, two continents that dominate the world economy. That is why these two areas hold more than 50% of assessments of the IMF. The European Union will account for 32%, the countries of the Euro for 24%, the United States to 18.These are the equilibria of the global economy, as measured by GDP, the openness of the economy, growth and currency reserves. This is not a problem in Europe who wants to keep its privileges, it is the first continent by the rich who only hear and legitimately weigh the true measure of its weight.

Candidates from emerging countries do not seem most appropriate to lead the IMF?

But Si is probably Europe who can best claim the spirit of an indispensable institution, which began its successful deployment and must be continued resolutely. Because it is the only true and exemplary collective political project face problems created by unusually rapid transformation, it is a peaceful entity, freedoms and accepted rules. The emerging challenge this superiority because of their recent development.But they are not yet able to convince. It has dictatorships, the most violent societies and a thinly veiled challenge to democratic principles. They want a place that would justify their weight, even limited, in the global economy (15% of global GDP for the BRICs – Brazil, Russia, India and China – and South Africa) but that still does not qualify as undemocratic their diets, their companies not stabilized, their lack of openness, or their vision too limited an international community to be more organized, calm, cooperative, respectful of the human person and his environment, that is ie modern.Yet one lesson of the current crisis is that the proper functioning of the global economy is not confined to financial equations and is only possible with a project of civilization based on freedom , regulation, solidarity, that is to say, designed for humans.