Posts Tagged ‘pecuniary’

Europe's stock markets fell back after surge

September 28, 2011 - 9:35 pm Comments Off

European shares fell back Wednesday morning, after surging the previous day as investors await details of the measures under consideration to address the crisis of debt in the euro area.

At 10:27, the CAC 40 was down 1.24%, passing below 3,000 points to 2,985.96, having surged 5.75% Tuesday and 8.7% over the last three sessions.

"The market was excited about the ongoing discussions on the European financial stability," said Andrea Williams, at Royal London Asset Management. "But we are still far from agreement (…) We are underweight the banks for three months and we will not change our position."

Other major European markets, London and Frankfurt yield 0.8% 1.2%.Milan lost 0.99%.

The index of pan-European Euro Stoxx 50 was down 1.25%.

Chancellor Angela Merkel suggested Tuesday that the donors of Greece could change the second part rescue plan reached in July.

According to the Financial Times, differences have emerged regarding the agreement. Citing European officials, the newspaper understands that seven countries would like the private holders of Greek bonds spend more provisions.

Cyclical stocks and banks weigh on the trend, after leading the rebound yesterday. The banking index lost 3% in Europe and the auto index 1.9%.

In Paris, BNP Paribas dropped 4% and Societe Generale 4.8%.Credit Agricole sells 3.3% against a backdrop of speculation of imminent announcement.

Analysts expect a reduction in the bank's balance sheet.

The performance of the German government bond (Bund) and 10 years down to 1.93% and the euro is recovering slightly to 1.3610 dollars around.

France ready for "tough decisions" on the banks

September 27, 2011 - 7:55 am Comments Off

According to a "government source" quoted by AFP, the French government is considering "tough decisions" on aid to Greece and banks … but after the passage of the bailout by Germany. An encrypted connection that will boost the rumors.

There is something to speculate. While the French government Monday strongly denied any plan to bail out banks hexagonal, a government source quoted by AFP said Tuesday that the executive intends to take "tough decisions" for banks and assistance to Greece. Remains to be seen what these "tough decisions" and what the banks concerned.

"We must make tough decisions on Greece and the banks but we can not do it before that Germany has adopted Thursday the rescue plan," sources said the same source.The German parliament is to decide Thursday on expanding the envelope and skills of EFSF, the support fund for the euro area set up last year. German lawmakers should give the green light. Remains to be seen what would those "tough decisions" that can not be formally discussed before the decisive vote.

The vote of Germany, Europe's largest economy and biggest contributor to the fund with 200 billion euros of guarantees, should give a decisive impetus. While the implementation of this mechanism requires the approval of the rescue 17 members of the euro area and that some countries, like Slovakia, are still praying.

Madeira Island Portugal stopping accounts

September 16, 2011 - 9:35 pm Comments Off

The small archipelago in the Atlantic Ocean would have hidden more than 1.67 billion euros of debt since 2008. This discovery increases the Portuguese public debt by 0.3 percentage points of GDP. View of Madeira Island off the coast of Portugal

Portuguese statistical authorities announced Friday they had discovered undeclared debts of the Autonomous Region of Madeira that increase the government deficit in Portugal to 1.11 billion euros from 2008 to 2010, and that of the 568 million année.Selon a Joint Statement of the Bank of Portugal (OTP) and the National Statistics Institute (INE), this is a "serious omission of information" detected after a report of the Court of Auditors the finances of this small archipelago in the Atlantic Ocean.

These debts represent an impact on the public debt estimated at 0.3 percentage points of GDP and involves an upward revision of the deficit in 2008 (+0.08) 2009 (0.03 points) and 2010 (+ 0.53 points), stated the Ine and OTP. According to latest official figures, the debt was late 2010 to 93% of GDP and the deficit to 9.1% of GDP. Debts for the current year had already been detected in the first quarterly assessment conducted by representatives of the European Union and International Monetary Fund as part of the aid plan of 78 billion euros granted in Portugal May

The Portuguese government had then decided to resort to extraordinary income in order to correct a skid overall budget of about EUR 2 billion and meet the deficit target to 5.9% of GDP this year."The evidence released today reveal a serious deficiency," responded the Ministry of Finance, pointing out that it is an "isolated case" and noting that the regional government of Madeira has already asked the Lisbon helps to develop its own financial recovery program.

Lower U.S. growth announced

August 26, 2011 - 7:35 pm Comments Off

The U.S. economy in the second quarter growth initially announced lower, weighed down by business inventories and exports despite the upward revision to consumer spending.

The second estimate published Friday by the Commerce Department, the gross domestic product (GDP) of the United States rose by 1.0% over the period April to June, against 1.3% in preliminary data.

Analysts had expected a growth rate revised to 1.1%.

"This is entirely consistent with what we expected and the slowdown was observed during the first half of the year.We expect some downward revision, which reflects the headwinds that the recovery is facing, "Judge Paul Ballew, Nationwide Insurance.

This figure revised down is mainly due to lower inventory accumulation by firms estimated initially. Companies saw their stocks increased $ 40.6 billion, against 49.6 billion according to preliminary figures, subtracting 0.23 percentage point growth rate.

GDP was also impacted by lower exports announced, with an increase of 3.1% against 6.0% in the first estimate.Imports rose 1.9% (revised from 1.3%), which has almost wiped out the contribution of foreign trade to growth, previously amounted to 0.58 percentage point.

"Net exports and stocks seem to be the big piece of this downward revision.Overall it's still consistent with a recovery very soft so these figures do not generate optimism. "

The bad news, however, have been offset by consumer spending, which reflected an increase of 0.4% (revised from 0.1%).

Final sales rose 1.2% against 1.1% in the first estimate and consensus of 1.0%, while business spending were revised up to 9.9% as against 6 3%.

The PCE price index rose 3.2% over the quarter (revised from 3.1%) after 3.9% in the first quarter. Economists surveyed had forecast 3.1% between April and JuneAs for the price index of basic ("core"), which excludes volatile items and is followed closely by the Federal Reserve, it reflects a slight lull on the inflation front with an increase of 2 , 1% (revised from 2.2%).

First hurdle for the agreement on U.S. debt

August 2, 2011 - 1:55 am Comments Off

The agreement on raising the U.S. debt ceiling was adopted Monday by the House of Representatives by 269 votes against 161 and will now be considered by the Senate.

The compromise negotiated in extremis by the Republicans and Democrats and announced Sunday evening by President Barack Obama plans to reduce the U.S. deficit of 2.400 billion in 10 years and should allow the world's largest economy to avoid being in default payment.

The Senate should vote to turn in the day Tuesday, the day the U.S. Treasury warned that it would no longer be able to pay bills unless an agreement.

Harry Reid, leader of the Democratic majority in the Senate, announced that the vote would take place at noon (1600 GMT).The text must obtain the votes of at least 60 of the 100 senators, he said.

If senators mimic representatives, the U.S. debt ceiling, currently set at 14,300 billion will be raised and the United States will escape a situation of default, which would have had any impact on the global economic system.

In the hours before the vote in the House, uncertainty still hangs over the attitude of the parliamentary basis, both right and left.

In the ranks of the Republican Party majority in the House of Representatives, elected officials close to the Tea Party had raised objections to the compromise negotiated over the weekend in Washington.

In the ranks of the Democratic Party, the left wing complained that the text does not provide immediate tax increases for the wealthiest households and corporations.

"We are very concerned that the text is to make all these cuts but does not include any contribution of the richest people of our country, no income. It's disconcerting," said Nancy Pelosi, Democratic minority leader of the House, before rallying in the final compromise.

Monday night, 174 Republicans voted in favor of the agreement, against 66 who opposed it. The group has divided Democrats, voting for 95 elected, 95 elected voting against.

The image tarnished the political class

With the vote of the representatives, a first hurdle has been crossed.But concerns remain about a possible deterioration in the sovereign rating of the United States, the Triple A allowing them to obtain financing at favorable rates.

If the world's largest economy was losing the "signature" would increase credit costs in the United States and threaten the fragile economic recovery, with implications for the global economy.

The compromise provides for drastic reductions in public spending over ten years but does not affect taxation.It also creates a bipartisan parliamentary committee responsible for defining the end of November a new plan to reduce the federal deficit.

The Congressional Budget Office (CBO), non-partisan, confirmed that the compromise would reduce the deficit of at least 2100 billion over ten years.

On a political level, hard to say who should win this long and tortuous process.

Barack Obama, who is running in a second term in November 2012, accepted cuts in public spending of a magnitude greater than what he wanted and will have to convince the electorate as he had left no other choice.

However, the Democratic president could garner points among moderate voters and "independent".

"This process was long and messy and, as with any compromise, the outcome is far from satisfactory," he said in a video message released by his campaign. "But he also launched an important debate on how we address the challenges that lie ahead."

Right, John Boehner, the chairman of the House of Representatives, won the cuts he sought and avoided an immediate increase in taxes. But it could emerge from this crisis with a tarnished image, that of a leader under the influence of too sharp Tea Party, the conservative movement that has developed in recent years on the fringes of the Republican Party.

"The process works.It may be ugly, but it works, "Boehner said after the vote.

Finally, the American political establishment as a whole could suffer from these weeks of negotiations, that public opinion could be interpreted as political maneuvering at a time when Washington expects it effective remedies to boost growth and reduce unemployment, which remains at over 9% of the workforce.

"The real loser in this exercise is Washington," said Scott Reed, Republican elections.

Tele2 exceeds the consensus, in line with expectations Teliasonera

July 20, 2011 - 9:55 am Comments Off

Scandinavian telecommunications group Tele2 has released Wednesday a net profit slightly above expectations for the second quarter.

The EBITDA (EBITDA) rose to 2.7 billion Swedish kronor (293 million euros) over the three months April, May and June

Consensus means established by Reuters was 2.6 billion crowns.

Tele2 has raised its targets for its activities in Russia, where he now has to increase its EBITDA margin to 38-40%, against a previous target of 36-39%.

Rival TeliaSonera, the Scandinavian telecommunications leader, has also published the results slightly above expectations and maintained its objectives.

The EBITDA before special items rose to 9.1 billion kronor (988 million), against an average wait of 9.0 billion and 9.2 billion the previous year.

TeliaSonera plans for this year increased its net sales by approximately 3% in local currencies, and also banking on a gross operating margin higher than in 2010.

Parliament adopted the golden rule of fiscal

July 13, 2011 - 7:55 am Comments Off

But the vote may be wasted … The law will only take effect if Congress's vote to 3/5e. Which requires the votes of the PS.

The Parliament adopted Wednesday during a final vote in the Assembly the "golden rule" of balancing public finances, which will enter into force, however, in the constitution that if Nicolas Sarkozy convenes both houses in Congress, where the majority of 3/5e is required.

The bill "provides for the establishment of framework laws to balance public finances, with the objective to provide over several years, the balance of government accounts."

To date, no date has been set for the convening of Parliament in Congress. The opposition doubts that the executive take the risk to convene parliament without being sure of getting the required majority.Read about the interview with Michel Sapin, the Socialist Party national secretary for the economy: "Nicolas Sarkozy is a pyromaniac firefighter who claims".

BioAlliance wants to sell its live orphan drugs

June 8, 2011 - 7:55 am Comments Off

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).

German growth maddens counters

May 14, 2011 - 7:55 am Comments Off

With GDP up 1.5% in the first quarter, Germany has erased the crisis and returns to its levels of GDP in early 2008. She did better than its main European partners.

Gross Domestic Product (GDP) in Germany rose by 1.5% in the first quarter, an increase well above the expectations reflecting strong momentum in domestic demand and catch-up effect.

The growth in fourth quarter 2010 (0.4%) had been hampered by the weather, which "had a positive impact on first quarter 2011," said in a statement the Federal Office of Statistics, which published this figure seasonally adjusted.

While relying on a good start to the year, analysts were not nearly as optimistic. Those surveyed by Dow Jones Newswires had forecast a GDP increase of 0.9% only.

In the first quarter of Europe's largest economy in good shape, has returned to its level of early 2008, before the crisis in financial markets and economy, says the Office. There are less than two years, politicians and economists do not see Germany return to its pre-crisis level until 2013. The country continues to outperform its main European partners. Growth was 1% in France in the quarter, to 0.5% only in the United Kingdom.

Obviously the dynamic of 2010, when growth was 3.6%, placing Germany in the European leaders, continues despite the increased risks on the international scene, the crisis debt in the euro zone to the disaster Japanese through fluctuations in commodity prices.However, Germany has managed to make its economy less dependent on these factors by reducing its dependence on foreign trade. Between January and March, "the positive impulses came primarily from domestic demand," said Office, and particularly business investment in equipment and in construction.

After the strong first quarter, the official forecast of growth of government for this year (2.6%) appears prudent. More and more economists believe growth of 3% or more this year.

Unexpected decline in industrial production in the euro area

May 12, 2011 - 9:35 pm Comments Off

Industrial production fell unexpectedly in March against the euro area, mainly because of reduced production of capital goods and production of energy and consumables.

According to data released Thursday by Eurostat, industrial production fell 0.2% in March compared with February. In one year, the increase is 5.3%.

Economists had expected an average of respectively +0.3% and +6.2%.

Shortly before, the British Office for National Statistics has reported an increase well below the expectations of industrial production in Great Britain for the same month of March.

It came out in 0.3% increase – after declining 1.2% in February – against a consensus of +0.8%.