These are the first quarterly figures for Mariano Rajoy, and they mark new records. 24.44% of the Spanish working population is unemployed, according to the survey of the National Statistics Institute (INE), the most comprehensive report on the subject. To find such a high percentage, we must go back to 1994. As for the number of unemployed, 5,639,500, it is unprecedented.

The detailed figures are even more dramatic. Youth unemployment has surpassed the psychological half: 52.01% of those under age 25 seeking employment. More than 1, 7 million households survive without one family member has a job. A disturbing figure, in a country where family solidarity is one of the few buoys that are still resisting the crisis.

Degradation of S & P

The increase in the unemployment rate from 22.85 to 24.44% coincides with the entry into force on 12 February, the reform of labor law prepared by the Conservative government. A set of measures that flexibilisent working conditions facilitating dismissals on behalf of … the fight against unemployment.

The deteriorating labor market could lead to further abuses. "Having one in four unemployed will increase our deficit and debt," warns Alberto Pastor, professor of economics at IESE Business School. And conversely, "the achievement of deficit targets necessarily require additional austerity measures likely to deepen the recession and therefore further deteriorate the labor market," says Jesús Castillo, Natixis. A downward spiral.

Standard & Poor's, meanwhile, did not wait for the unemployment figures to punish Spain. By Thursday evening, the agency lowered its rating two notches, from A to BBB +. A decision justified by three reasons: the economic downturn, the difficulties in reducing deficits and fears about the fragility of Spanish banks.

For despite a process of concentration and recapitalization, financial sector remains a concern. Most Spanish economists exclude the possibility of a global rescue plan. They did not rule on the other hand a refinance outside banks. "Some will be forced to appeal to European funds," and believes Santiago Nino Becerra know, professor of economics at the Ramon Llull University in Barcelona.

On Wednesday, the Minister of Economy, Luis de Guindos, admitted that Spain was "perhaps one of the hardest moments for its economy." The government does provide an out of recession next year, a return to growth in 2014 and the balance of public accounts in 2016.

The Italian Treasury has borrowed this Friday 5.95 billion euros in the medium and long term testing at an auction. The operation went well. Borrowing costs are still rising at 5.84% to 4.86% and ten years to five years, but the offer has been fully covered. "The numbers are correct. At least, there is no bad news, "said Michael Leister, rate strategist for DZ Bank. Borrowing costs in Italy have averaged 5.61% since the beginning of the year.

Secondary market, the yield spread between ten-year Italian paper and paper German reference widened by only one point e basis, to 4.08%.

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Medel, its official name Lucmagn, is a quiet village of 435 souls nestled at 1332 meters altitude, in the heart of the Alps, in the region of the Lukmanierpass (Grisons). Its inhabitants were just as quiet on their heights until a Swiss mining company, a subsidiary of Canadian Gold NV, may disturb their idyll. Under their feet, in fact hides a gold mine. That company then proposed to exploit this in exchange for 40 million Swiss francs, or about 33 million euros. Against all odds, the villagers declined the offer to two-thirds of the population, after a referendum held in early April.

According to Business Insider, the mine in question, located in a vast pine forest in the snowy peaks and valley Medel, to contain about 1.2 billion dollars of precious metals. The U.S. site information reports that the history of the mine clearly divided the inhabitants of the valley. Some would see a tremendous opportunity in the economic deficient, while others – mostly – highlight their concerns about the environmental impact such a project would succeed.

For its part, NV Gold in talks with the mayor of the small town, more than ever determined to steal the treasure buried by the villagers jealously refractory.

The gavel to jackhammer … Business leaders now dare to push the door of auctions. They never are all equipped at an auction conducted by volunteer auctioneers. The amount of auctions of industrial sales (excluding used vehicles) is still marginal, although they jumped 19% to 93 million euros in 2011. "The attraction already noticeable in recent years has increased as a result of the crisis," says Thierry Savy, Secretary General of the Council of voluntary sales. These, which still account for only 4% auction in France, grew two times faster than the market.

"We must be aggressive on price"

Between D and management system of family man, the stakes were driven by familiarity with this process through Internet sales, but largely through the efforts of new players such qu'AVE Auctions, Second Market or the Ritchie Bros. Canada. This group, world leader in the specialty, recorded a turnover of 42 million euros in France last year, against 29 million in 2010. "Customers are attracted to our policy of no reserve price," says Cedric Jandet, marketing director for the Eastern Europe, Ritchie Bros.

"To win public sector contracts, we must be aggressive on price, while protecting our production costs, says Florent Martoia, Martoia construction manager. We can not act on either the cost of labor nor materials. This leaves the equipment. On average, the gain at auction is 25%, but sometimes the prices vary from simple to double. "

Brokers also

And companies want more. "There are more and more participants to sales, says Xavier Godrucheau, president of XXL Auctions, however, prices do not soar." Means buyers are limited and the development of second-hand market is hampered by Banks that do not like finance material more difficult to resell. "We are witnessing a terrible credit crunch since last summer, said Eric Leprince, CEO of Agora Financial and Vice President of CGPME in Paris. Banks resort to litigation, and suddenly chains are organized. "

The world of opportunity is not just auction. Sites such as brokers or Webenchères Agriaffaires appeared on the Internet. "As the sales sites for individuals, we simply buyers and sellers together," said Arnaud Comyn, owner of Ocazoo. CEO Site interencheres.com for auctioneers, Dominique The Coent claims an annual increase of 20% of the audience and 17 million page views per month. "Given the interest of the customer, the auctioneers have understood the need to communicate," says he.

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"Choose well, choose Goal!" The old slogan of the number three of the furniture it always goes well. The company creates envy and indeed could, as revealed yesterday, Les Echos, soon change hands.

Reportedly, no less than five French investment funds have indeed shown interest in the brand of furniture from the current owners, Goldman Sachs and Colony Capital funds and OpCapita (former Merchant Equity Partners). Paragraph (Auchan group) looked at the file, but refrained. The name of the Austrian Lutz teaches that attempts since 2008 to enter France, is also advanced.

Officially, however, the group is not for sale. "No process was launched. Goldman Sachs and Colony Capital, which each hold 48.5% stake in Aim, rather sought a refinancing solution, "says a source close to the two actors, who adds:" They received expressions of interest, among others of Axa Private Equity and PAI, but they will refuse the offers if they are insufficient. "

Develop and design the kitchen

The three shareholders hope to sell Aim for 450 or 500 million euros, valuing the company at about six times its Ebitda (80 million euros in 2011). This is less than what was paid for Conforama Steinhoff – nearly seven times Ebitda – but the amount is close to that that the three had paid Kesa (Darty parent) in March 2008, ie 550 million euros.

Under the leadership of a new CEO, Regis Schultz Purpose managed to change course. The brand is losing its image with cheesy a thorough review of its range. More modern, but also more focused on the shelves carriers, such as decorating and cooking business card. And especially to lower prices, more in line with those of its competitors, thanks to tremendous work on own brands and supplies. Particular aim was to ally Cafom (Habitat-unique.com sale …) and joined the Central Purchasing SELECTIS to buy at cheaper prices.

The fleet of approximately 200 stores, almost unchanged for three years, was renovated. Purpose and City, a store designed for smaller and larger cities where the supply of appliances is only available on the terminals, was born in late 2010.

A nice improvement

The efforts are paying. Last year, sales grew 4.2 Goal% (LFL), reaching 1.8 billion euros. The company gained market share for the third consecutive year, from 9.2% in 2008 to 10.3%, despite the loss of eight franchised stores. But Goal acquired almost as many (five) since the beginning of the year, thanks to 200 million euros released by the sale of the walls of twenty-five stores last November. An operation orchestrated by Colony Capital, as he did at Buffalo Grill and encouraged at Accor. "Certainly, Goal has almost no debt and the bride looks very nice. But, with higher rents, its profitability will be even more difficult, "says one industry expert. Especially since prospects are rather gloomy furniture. In 2011, the market had grown by only 1.5%. "Goal should instead focus a competitor, French or European, who can achieve economies of scale in procurement," says this source.

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Public hospitals are not so bad, that is the situation of their banks might damage. That, in broad strokes, the picture painted in its annual rating … by Dexia Credit Local, former first sector bank being dismantled.

The deficit in French hospitals reached 220 million euros in 2010. That sounds a lot but the amount represents only 0.3% of their budgets. Excluding appendices generally accounts surplus – long stay, retirement homes, nursing schools, real estate … – care, "heart-to" hospitals, loses 470 million (0.8% of budget). A stable amount of improvement after two years. 2011 should be in the same waters: a somewhat wider scope, including both private non-profit institutions, the government announced an initial estimate of 504 million deficit, against 508 million in 2010.

These figures make it unlikely that the return to balance this year, wanted by Nicolas Sarkozy. However, they reflect "the efforts by hospitals to control their staff costs," says Claire Bouinot, Dexia Credit Local. Because their revenues have increased by only 2% in 2010, the lowest increase for over ten years. Moreover, 300 hospitals "only" are in deficit (-600 million euros), others are in balance or in surplus (380 million).

The year 2010 also marks a break: after a decade of growth, investment by hospitals fell almost 5%, to $ 6.5 billion. They are expected to decline again in 2011 and slightly more strongly in 2012 payday loan. The 2007 Hospital Plan which, in "looping" financial arrangements with state subsidies, led to the partial solution to the obsolescence of French institutions, has expired. It "does not appear in the same volumes relayed by the Hospital Plan 2012", Claire Bouinot analysis.

But above all, co-financing of investments by banks, which was almost closed eyes until 2008, has become extremely difficult. Not that the banks fear increased risk: 24.1 billion, the debt reached "6.2 years of cash flow, a normal level," says Andrew Baker, director of studies of Dexia Credit Local.

But Dexia, precisely, which gave almost half of the loans to hospitals, this activity has slowed since 2008 and early 2012 has completely frozen, waiting to know his fate. And "among our competitors in the public sector, foreign banks have disappeared, savings bank, Credit Mutuel, Crédit Agricole and Societe Generale reduce the wing," says Andre Boulanger. Standards requiring them to strengthen their balance sheets and low earnings generated by public clients explain this decline.

Nothing serious immediate for most hospitals, which merely postpone investments. But much more worrying a small minority of them, including fifty hospitals "in a particularly difficult situation, where the operation consumes cash instead of generating," pointed to by Claire Bouinot.

]]> http://naturalandbest.com/hospitals-drop-their-investment/feed/ 0 http://naturalandbest.com/to-a-decline-in-sales-of-medicines/ http://naturalandbest.com/to-a-decline-in-sales-of-medicines/#comments Fri, 30 Mar 2012 08:12:04 +0000 admin http://naturalandbest.com/to-a-decline-in-sales-of-medicines/  

Bad news for laboratories and pharmacies. "In 2012, for the first time, the French market for reimbursable drugs sold in pharmacies will be in recession. After four years of stagnation, it will show a 2% drop in value, "Robert said Thursday Chu, president of research firm IMS Health France. A setback due in part to price cuts and delisting imposed by governments, but also to "a failure of innovation."

Other mature markets will not show very strong growth. By 2015, the pharmaceutical market will grow by +2% to +5% in Japan. It will gain +1% to +4% per year in the United States and other developed countries, IMS provides. "The other European markets are affected but the timing is different," explains Claude Le Pen, an economics professor at Paris-Dauphine and France consultant IMS Health no teletrek payday advance. In Germany, for example, the policy of price reduction was initiated before that of the Hexagon.

Profitability deteriorated

The expiry of patents that protect the original drugs is another factor, important for the retraction of the pharmaceutical market. The peak of these patent losses will be achieved in 2012 with $ 48 billion of revenue at risk of generic competition. In practice this means that four fifths of those sales (about $ 40 billion) will not occur. Generics, legal copies sold of 15% to 70% cheaper by country (55% in France), take place.

]]> http://naturalandbest.com/to-a-decline-in-sales-of-medicines/feed/ 0 http://naturalandbest.com/auto-battle-of-the-ultra-low-cost-is-launched/ http://naturalandbest.com/auto-battle-of-the-ultra-low-cost-is-launched/#comments Sun, 25 Mar 2012 14:00:13 +0000 admin http://naturalandbest.com/auto-battle-of-the-ultra-low-cost-is-launched/  

Projects are multiplying in the ultra-low-cost, became a major issue for the automobile. For proof, German Volkswagen, which earns huge sums yet with its premium brand Audi, does not intend to abandon this segment to rival Renault-Nissan. "The group has a portfolio of cars down to the Up! We lead a discussion to develop a vehicle that would be located below. It would not be proposed under the Volkswagen brand, but would a new name, "confirmed Thursday Martin Winterkorn, CEO of Volkswagen, during a press conference in Paris. The goal is to get off rates lie between EUR 5000 and EUR 7000 to meet demand in some markets. "In India and China, there is undoubtedly a potential market for cars located below the Up!" Says the boss of VW. For now, the cheapest car sold by VW Polo in India is at about 7000 euros, which is expensive for local consumers. The German previously banked on its partnership with Japan's Suzuki, leader of the Indian market – which it owns 20% – to develop an appropriate offer, but relations between the two groups became execrable.

For its part, Nissan, Renault's ally, announced Tuesday it would rise again from 2014 Datsun brand, abandoned in the 1980s. With this new brand, whose prices will be "affordable" (around 500,000 yen, euro 4600, according to Japanese press), the Japanese initially target India, Russia and Indonesia.

"Today, our entry into the Indian market, it is the Micra", sold around 6,000 euros, "or, below that price, it remains more than 40% of the market. It is necessary that we can offer something to those customers "who can not spend more, recently emphasized Gilles Normand, Nissan's vice president, referring to the creation of a true" product line " instant credit report.

For its part, Renault launched the project of a car ultra-low-cost, which aims to compete with the cheapest models in the Indian market, as the Tata Nano to 2,500 euros. Internally, we talk a car from 3500 euros, to be launched by 2016.

Logan too expensive

Renault certainly has its Logan platform, sold under the brand low-cost Dacia in Europe. She pulls the international growth, particularly in Brazil and Russia, thanks to models like the small Sandero or 4 × 4 Duster (which are not considered in these markets as low-cost). But "for countries like India," this platform is "too expensive", "therefore, we will look for cheaper platforms", called ultra-low-cost, explained last month, Carlos Ghosn, the Renault boss Nissan. This new platform will also serve to Africa or South America.

While sales are declining in Europe, the ultra-low-cost has become a vital gateway to the volume in some markets up sharply. The Indian market, which reached 2 million cars last year, could double or even triple in the coming years, according to Renault-Nissan

Indonesia (900,000 sales last year), where Nissan will more than double its production capacity to increase it to 250,000 cars per year by 2014, also represents a market full of promise.

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Jerome Chartier is UMP, a member of the Finance Committee.

LE FIGARO. – You've looked at the cost of the quinquennium. What is your assessment of this work?

Jerome Chartier. – We have a collective duty: a constant reminder that the expenses that shall be implemented after the presidential election will still have a fiscal impact after fifty years. Nicolas Sarkozy has not inherited a country virgin 30 years of debt! For example, we still have not finished paying the bill for 150,000 additional officers hired by Francois Mitterrand in 1981 and will continue to assume in the budget settlement of their pension for many years yet. A majority of the degradation of our deficit since 2007 is related to the consequences of decisions taken ten years or thirty years ago, and nobody can deny. Today, when Francois Hollande speaks to hire 60,000 more teachers, it is not an expense for five years only, to 2.5 billion euros as encrypted in its assessment. They would be hired for forty-two years, and it will then pay for their retirement. It is actually 120 billion euros of financial liabilities would weigh substantially on warrants after 2017. That's what a discourse of truth budget. And the deafening silence of Francois Hollande on this reality weighs heavily in his campaign.

Ultimately, what is the cost of this five year period?

In a book dependent, two journalists were obviously looking for a slogan, a five-year 500 billion-and then tried to justify it. This method of working alone demonstrates the total lack of seriousness with which we entered this debate. This hoax has fizzled. The Court of Auditors, in particular, has brought back to reality, which recalls that sum more than half (52%) of the current deficit is a direct legacy of past decisions. She also said that the crisis explains almost 40% of our deficit, to the extent that it has reduced our revenues sharply by almost 50 billion euros in 2009. It has spawned at the same time, like all European countries, the exceptional increase our spending in 2009 and 2010 from 46 billion to protect the French and preserve their jobs guaranteed approval cash loans.

The government's choice to do so would contribute 10% to deterioration

.

The reality is that ever a term of five years had produced so few new unfunded expenses. The economist Henry Sterdyniak, department director at the OFCE, says the same thing. A study just published it is very clear in late 2006 to late 2012, the French public debt would increase by 620 billion euros. It breaks up this way: 275 billion from interest payments, 310 billion from the economic crisis, including 30 billion stimulus policies implemented in 2009-2010, and 60 billion of tax reduction policies some of which are directly related to the crisis. He adds, and it is rare to be said, that the restrictive policies of public spending (fewer officials, non-revaluation of wages, rigorous management of social benefits …) allowed the other hand save 55 billion euros. Conclusion-and it's not me saying it-the responsibility of head of state and government in creating the deficit is greatly reduced at best to 35 billion euros. For the record, it was exactly the estimated cost of the program of the candidate in 2007! And no one can suspect of belonging to Henry Sterdyniak the campaign team of Nicolas Sarkozy.

How do you respond to those who tell you that it is 35 billion too?

35 billion that is exactly the amount of large loan, which finances the structure of French growth in the future, and promises of jobs that go with. Rarely has a presidential term has been provided the opportunity to invest in the future: higher education, research, attractiveness for industrial relocation with the removal of business tax, pension reform … Many of the decisions taken were not included in the 2007 program and the direct result of the crisis. The French now believe that they are healthy decisions for the future of France.

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Premiere in prime time. Sunday night on TF1, between the news of Claire Chazal and the film Asterix, the display advertising will be fully reserved for a movie three and a half minutes, signed Cartier. There is no question of a campaign for a classic perfume, a ring or a watch. The short film, called The Odyssey and devoid of any slogan, many references to the history of Cartier and its flagship products. Starting from the Grand Palais in Paris, a panther toured the world, gliding sleigh on the frozen Neva at the foot of the Hermitage Museum, St. Petersburg, from the Chinese wall in the palace of a Maharajah India, jumping on the "14 bis" of the aviator Alberto Santos-Dumont, before returning to the Place Vendome. Two years of work were needed for this film, a budget of 4 million euros.

"No question of resting on its laurels"

Flagship of the South African group Richemont, the world number two luxury (Van Cleef, Piaget, Montblanc, Lancel, Dunhill …), Cartier the jeweler is certainly already the world's most popular and favorite luxury brand of the Chinese. But no question of resting on its laurels. "We always want to go further, do better, we stand out from other luxury brands and the desirability of maintaining the highest Cartier for eternity," says Bernard Fornas, CEO of the company, to justify the first institutional campaign this magnitude in the luxury sector. This will be deployed in 29 countries around the world.

"With this film, we wanted to strongly reaffirm the myth Cartier, make a mural that film foregrounds its history, its values ​​of creativity, elegance and refinement, his inspirations, his artistic dimension and universal, continues the boss payday loans in one hour. We want to show that this house is the opposite of fashion, fleeting. We are located on the side of the timeless. When they create, develop and manufacture, our teams are not even thinking. Our products are designed for life, not for a few seasons. "

History of jewelery

The Odyssey is an allegory of the history of Cartier. The muse of the film is a panther, icon of the jeweler since 1904, rather than a woman. The house designs are present on some shots, "but only in a subliminal way, says Bernard Fornas. The Odyssey is a way to reassert the French genius of Cartier style. We were the first to the Art Deco style we invented the Tutti Frutti and garlands. With 1300 pieces of Cartier private collection, one can tell the story of jewelery. "No question, of course, that this campaign replaces ads for classic perfumes, and jewelry Cartier rings. "This is an umbrella campaign on the brand, designed to create dreams," says Bernard Fornas. Cartier still spend 5 to 10% of its budget worldwide media buying with different versions of this film. The film will be released in the cinema, a 45-second version will follow on TV, and the Publicis agency will organize relay on YouTube, Facebook and Twitter. One way to Cartier, instantly find global relay and multiply the effectiveness of traditional media campaign.

"We set the bar high for other luxury homes that would highlight their" legend ", if indeed they have one in," says Bernard Fornas.

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