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 Baroin then replace the one that hosted the 6th floor of Bercy, Pierre Moscovici (and Minister Benoît Hamon). The two men – who have known for many years – did not hide a certain complicity. Moscovici Baroin even familiarly, before recovering … And that's the applause that the car for what will now focus on the legislative party is.

The atmosphere was just as friendly between Valérie Pécresse – which still required to get the message that it left "no surprises" to the left on the fiscal front – and Pierre Moscovici (along with Jerome Cahuzac). The new head of the Ministry of Finance took the opportunity to tell that in the late 80s, he passed the test of Ena public finances the young woman … and that she "had the best score." Laughter in the room …

The anticoagulant Plavix, Sanofi's flagship drug, loses its patent on Thursday the United States. Although long-expected, this is a difficult stage for the championship tricolor pharmacy. The arrival of generics is usually depressing sales of an original drug by 80% within months. However, in 2011, sales of Plavix in the United States accounted for 4.8 billion euros. In accounting terms, the decline in sales will have no impact on the accounts of the champion tricolor because the marketing of its flagship product is provided by the U.S. laboratory BMS.

The benefit of Sanofi will, however, heavily impacted. In 2012, the group's net profit will suffer an impact of 1.4 billion euros, due to the loss of U.S. patents on two products, Aprovel / Avapro in March and especially Plavix May 17, announced Chris Viehbacher, CEO of Sanofi in February.

Plavix had already lost its patent protection in Europe. But its total turnover in 2011 reached 7 billion euros. This made so ephemeral, without doubt, the top-selling drug in the world, after the cholesterol-lowering Lipitor, sold by Pfizer, has lost its patent protection last November.

Clopidogrel, the active ingredient used for generic for Plavix and marketed by the French lab is fully produced Sisteron (04). However, the laboratory will manufacture other chemical molecules, which means that 500 jobs are not threatened by the loss of U.S. patent for Plavix, Sanofi sure.  

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If you want New York to live differently, then run to the Frieze Art Fair. Exciting and refreshing, this brand new contemporary art fair was modeled on its sister London that takes place in October, just before the FIAC in Paris, in Regent's Park fast payday loan no faxing. It really comes out of the box because it takes the visitor far north of Manhattan, on an unknown island, but accessible by ferry, bus or taxi.

Randall Island which hosts the Frieze Fair. Photo credits: FRIEZE ART FAIR NEW YORK

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

The principle of constant allowance

The allocation is a constant option contract of life insurance. This smooths market fluctuations by defining a distribution of amounts paid life insurance contract between the different media that he is leaning. The allocation principle thus applies to contracts linked life insurance.

Namely: in some cases, the allocation is also called constant distribution constant.

The operation of the constant allocation

The insured must determine its profile management, in deciding to assign to each holder a percentage of total capital. Thus, when losses are recognized following a stock movement, arbitration is automatically performed to rebalance the distribution of capital of the insured.

For example, suppose a contract of life insurance of € 10,000 allocated to fund 50% in euros and 50% unit-linked shares. After a year, the accounting units have experienced a gain of 10% and the euro fund a 3% gain. The contract contains so now € 5,500 units of account and funds in euros € 5,150 or € 10,650 in total. It is distributed to 52% unit-linked funds and 48% in euros.

The initial distribution intended by the insured is no longer respected: the contract is more exposed than expected stock market risk. The difference can of course get bigger every year. The option allows you to return to the desired proportion, 50% / 50%, to maintain the desired level of risk low interest rate personal loans.

Subscribe constant allowance

When subscribing to a multichannel contract, the insured may request an allowance optional subscription constant. It is however also possible for an insured to apply for the allocation constant during the contract. Therefore, it must determine its management profile based on several parameters:

-The frequency of rebalancing,

-The media involved in the arbitration,

-The threshold at which the arbitration takes place.

Note: often give rise to arbitrage costs. The constant allocation option is no exception to the rule.

Advantages and disadvantages of the constant allocation

The main advantage of the constant allocation is that it allows management to determine automatically matched to a profile. But it also helps secure the capital gains generated on the stock market by assigning them to more stable carriers.

The main drawback remains the systematic allocation constant, in the event of significant market fluctuations, can generate a lot of arbitration costs.  

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Elior not lose your appetite. Sales of the French group, number three European restaurants, jumped 10.4% during the year ended in late September, to 4.2 billion euros. The increase in trading profit was faster: + 14% to 254 million.

Bulimic, Elior completed in March fourteenth acquisition since leaving the Stock Exchange in 2006, swallowing Ansamble, based in Vannes, for an undisclosed sum. The group becomes co-leader, elbow to elbow with Sodexo, the catering in France, where he made last year 56% of its activity. Already number one in Spain, until its second market, Elior will become the leader in Italy with the acquisition of Gemeaz, which allows him to double its turnover. "We now have our three leading markets in Europe, and we can enter a new stage of our development," says Robert Zolade, chairman of the supervisory board and a 25% shareholder group.

The priority is to develop the catering concession (in airports, train stations, highways or parks …), which represented the third year of activity. Elior has won contracts Autogrill face of the Motorway of Poitou-Charentes (A10), one of the largest in France, and the Gare de Lyon in Paris. There he intends to set up signs and Costa Coffee Red Hippo, who will begin their free development. "We are the only operator present in both the catering and concession. We can install in the canteens of corners Paul, Exki and Bert's, "said Gilles Petit, the director general.

The sale of 75% held by Charterhouse easier

This is especially the United States that the group intends to develop its activity in concession. He has just picked up the management of its U.S. subsidiary Areas (600 million euros of turnover). "We now have a truly global hub catering concessions which will represent half of our business," says Gilles Petit, determined to win market share.

Elior is not abandoned, however, catering, more resistant to shocks in the economy. "In France we have a development potential in the areas of administration and education," says Robert Zolade. After winning the tender to manage the restoration of central Fleury-Merogis, Elior holds 20% market share of prisons in France.

For the current fiscal year, the group seeks organic growth of its business catering from 2 to 2.3%. For catering concession, "everything will be played this summer," says Gilles Petit.

Moreover, Elior has renegotiated the repayment of its debt (1.8 billion euros to 31 September), pushing 2013 to June 2017 the next major milestone. "We have no constraint in the implementation of our strategic plan," says Robert Zolade. This will allow the transition to English investment fund Charterhouse, a shareholder since 2006, to more easily find a possible buyer for its 75%.

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Condemned worldwide, the coup of Cristina Kirchner in Repsol has not affected the Argentine government. Quite the contrary. According to survey, 6 out of 10 Argentines approve the expropriation of the oil company Repsol by the government on April 16, the operation was brutal.

To believe the latest details, disclosed by the press, President Cristina Kirchner had not finished his speech on Repsol, broadcast live on television that a delegation led by Minister of Planning Julio De Vido and vice Minister of Economy Axel Kicillof suddenly landed at the head of YPF in Puerto Madero, the business district of the capital.

Argentine officials have scarcely left time for the Spanish leaders in shock, to take their belongings and leave. "They have not even had time to finish their lunch!" Says an industry leader offended. Some company executives subsequently undergo intense interrogation by the police.

While Spain, Europe and the U.S. protest against the nationalization of another age, questions remain: how did we get here? Why the expropriation?

In Argentina, the wild rumors circulating in the oil industry. Some saying it would be the fear that the Chinese buy YPF (groups Sinopec and CNOOC are already present in Argentina) and Argentina over the oil that would have prompted the government to act, with the blessing of the United States.

Seriously, Repsol, we are persuaded that the discovery of huge deposits of oil and gas shale Vaca Muerta, in the province of Neuquen (South West) was the trigger operations. This discovery, announced in November by the CEO of Repsol, could propel Argentina's third largest reserves of oil shale, behind China and the United States.

Resources would be estimated at 22.8 billion barrels. What the future of Argentines, although this scenario not totally convinced the experts. "The existence of these deposits has been known since 1984! The only difference is that today the technology exists to exploit them, but it takes a lot of capital that the government alone is not able to provide, "said oil consultant Eduardo Barreiro.

Energy deficit

Another scenario, more credible reports of negotiations for several months with the Spanish government to finance part of the country's fuel bill, up 110% in 2011 to 7 billion euros instant credit report. For the first time in years, the Argentine energy balance is in deficit of 2.27 billion euros, beating down the accounts of the nation.

In Argentina, more than elsewhere, the external deficit is problematic as it is to be financed without recourse to foreign capital, the debt markets are closed to the country since its bankruptcy in 2001. Accusing Spaniards of being responsible for this deficit, for not having enough invested in oil production, the Argentine government did not hesitate to ask Repsol to use its profits to finance energy imports rather than repatriate dividends in Europe.

Already forced the government to sell its oil at half price in the Argentine market – 42 dollars a barrel – Repsol would have raised an objection of inadmissibility to this formal request. "Repsol YPF, which held 60% of deposits in the country rejected the government's terms, and it has broken down the bridges," says the lawyer for a U.S. oil company established in the country.

According to former Secretary of Energy Emilio Apud, the takeover of YPF may represent "a very good deal for the government who will have access to a" cash "equivalent to more than 11 billion euros in turnover business year, "to finance its oil imports.

Buenos Aires seems to also want to seek help from new investors to boost oil production nationally. Pending the adoption of the bill of expropriation by Congress, the Planning Minister Julio de Vido, interim head of YPF, met executives of Conoco Phillips, Chevron and Exxon. He met with Vice President of Total America, the second largest gas producer in Argentina. On leaving the meeting, he announced an agreement on an increase in production on two million cubic meters in the deposits of Neuquen (South West). Evidence that the government does not get angry with everyone.

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The revolution of the gas in the U.S. is running. By midweek, the price of natural gas in New York reached a record low, at less than $ 2 million BTUs (British thermal unit) – the international measure equivalent to 28 m3 of gas. Not since ten years ago to find such a price. The particularly mild climate this winter and falling demand support this decline in prices, but they do not explain everything.

"There are six to seven years, the magnitude of the reserves of shale gas across the Atlantic was largely unknown. Today, operators have mastered better and better their production and extract larger quantities with less drilling, exposes Olivier Rech, cofounder of investment consultant Energy Funds Advisors. Meanwhile, even when they go out of oil, they get associated gas. Under these conditions, the abundance of supply weighs on prices. "

This new situation gives ideas to operators. GDF Suez for example, could invest in the downstream side of the Atlantic, that is to say to provide gas, liquefy it and send it to other markets. However, an investment directly in the production in the U.S. is not on the agenda, warned Jean-Marie Dauger, Executive Vice President of the GDF Suez, in charge of Global Gas and LNG (LNG).

Concentration for

In general, the French group makes it clear that a gas supply in North America is based primarily on a prospective scenario. Understood: the market test medium-term guide strategic choices.

In Asia, Mitsubishi Corporation is also exploring several alternatives. After acquiring 40% in February from a field of shale gas in Canada Encana, the Japanese company is considering a giant project (€ 10 billion investment about) LNG production in British Columbia, the west. Several partners are in discussions, including Shell and Korean Korea Gas – who buys every year 30 million tons of LNG.

This situation of depressed gas prices in North America Will it continue permanently? "Above all, this situation is abnormal. In most regions in the U.S., gas prices are now below production costs. Under these conditions, many are fragile and gas operators in the two to three years ahead, there could be a phenomenon of concentration, says Olivier Rech. The revolution of the gas in the United States will therefore damage among companies.

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It would have been a shame to keep the good news to yourself! With two months ahead of the traditional Accounts Committee of Social Security, the government announced Tuesday that the results "still provisional" general scheme for 2011. The deficit reached 17.4 billion euros, 3.5 billion less than budgeted and $ 600 million better than expected in the fall. This "hole" remains the third highest in the history of Social Security, according to records from 2009 and 2010 mainly due to the crisis. The improvement should continue in 2012.

The relatively good surprise of 2011 comes from the health insurance. Its revenues were higher than expected and expenditures lower. "This is essentially care city," said its director for Voices. For Frederic Van Roekeghem although welfare is "slightly under-funded," balance the books "is within reach, without embarking on reforms brutal." A whiff of optimism that the two favorites for the presidential does not contradict probably because of brutal reform, there is no question in their programs.

A tax on CO2 emissions

Logically, Nicolas Sarkozy proposes the continuation of actions taken. Down drug prices and volumes consumed, rationalization of the hospital with the development of ambulatory care homes nearby emergencies to relieve these …: these measures should help contain rising health care costs in rates historically low of 2.5% per year. Faced with medical deserts, the president candidate wants to multiply nursing homes and assist in the installation in rural areas or the suburbs – an ineffective way to date – without seeing the freedom of settlement. Against the excess fees excessive, he put on the new system of government (voluntary physicians to limit the excess and reimbursement by complementary), which does not yet meet the main question.

Nothing fundamental about the pension reform after Woerth – only promise to pay the basic pension from the first of the month, instead of 8. Finally, funding side, social VAT will alleviate employers' contributions, so the cost of labor.

Francois Hollande,, cancel account this increase in VAT if it comes at the Elysee. He announced an increase of one billion euros per year pension contributions to fund its only specific promise in retirement: the possibility of retiring at 60 for employees who worked continuously for 41 years. But he also outlined on Tuesday lexpress.fr other avenues for funding Social Security is no longer based "solely on the work", "go further" in the financing of Medicare by the CSG in particular. This time it would reduce employee contributions – a measure of purchasing power rather than competitiveness, without maturity displayed. The socialist candidate also evokes a tax on CO2 emissions it would be at the European level, said his entourage. Responsible for the "social hub" of the Holland team, Marisol Touraine also promises to abolish social niches, beginning with the overtime.

What Safely restore the balance "on the five-year", with an increase in health spending of 3% per year. This envelope would enable hospitals to escape the alignment of their tariffs with those clinics, lower. Holland is also focusing on third-party payer in town doctors to limit the use of hospital emergency rooms. And to reduce the amounts paid out of pocket by patients, without increasing spending Safely, Marisol Touraine threat to frame the excess fees by law in the fall, except that physicians accept by there limits through negotiation. As for medical deserts, it envisages the partial transposition of the device begins to bear fruit in nursing: to ban fees for doctors free to settle where they are already many.

Friday, teams of Deutsche Bahn and SNCF, already associated with the Paris-Frankfurt, will celebrate the opening of a common line between Frankfurt and Marseille – bypassing Paris – via the new Rhine-Rhone. An opportunity to show the harmony that exists today between the two companies.

Because the prospect of greater competition in Europe has clearly brought the views of the two incumbents, long time rivals. Rüdiger Grube, CEO of the German group, pointed out Tuesday in Paris to a gathering of journalists. "There are still a year I would not have thought that we would Guillaume Pepy (SNCF's CEO, Ed) and I agree on all issues!" "We support all the necessary standardization of equipment, the market opening, the creation of a European regulator's rail …, "he says.  

An ally against Brussels

What has happened, then that could heal the scratches between the two competitors? One and one can actually help in their fight on the organization of competition in their respective markets. In France, Guillaume Pepy wants to emulate the French system of railways on that of the Rhine. And what better lawyer than Rüdiger Grube, CEO of Deutsche Bahn up as a model, could he find to plead this cause? SNCF had the starring role: it umbrella in a joint holding company, the infrastructure manager – in this case Réseau Ferré de France which is among other guarantor of opening the network to new entrants – and the commercial exploitation . The French government, following the Focus on the railway have explored ways to put right a French model of breath last November, expects copies of various stakeholders at the end of this month payday loan lenders.

And on the other side of the Rhine, Rüdiger Grube has also found an ally in France to defend his case in Brussels. For the German model does not satisfy the European Commission. It believes that a pooling group manager of infrastructure and operational activities does not guarantee a fair treatment in respect of competing rail companies of the DB. Last year, the Commission has even raided the headquarters of the DB to investigate possible abuse of dominant position in the supply of electricity to private operators.

Views on Thalys

The discussion between SNCF and DB go beyond the single issue of governance of the rail. For Rüdiger Grube, they could also be extended on the ground and running. Deutsche Bahn admitted and have designs on Thalys, TGV serving Belgium, Holland and Germany, which he holds 10% interest alongside the SNCF (62%) and Belgian railways (28%). "Staying at 10% does not suit us. We're in discussions internally about whether we should go out or go for a 50/50, "said Grube. And beyond in coming decades, the CEO of DB, well imagine a merger of the two groups. "Right now, it's too early but when liberalization has advanced. In twenty or thirty years … "

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